Registered number: 07186340 Charity number: 1137815
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| 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 Financial Statements | 30 - 49 |
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Joseph Cerrell, Trustee |
|---|---|
| Craig Cohon, Trustee | |
| Sabrina Elba, Chair | |
| Hannah Pawlby, Trustee | |
| Philippe Vogeleer, Trustee (resigned 24 April 2024) | |
| Sawsan Chebli, Trustee | |
| Guido Schmidt-Traub, Trustee (appointed 31 January 2024) | |
| Rosalind McKenna, Trustee (appointed 31 January 2024) | |
| Kjell Stefan Löfven, Trustee | |
| Company registered number 07186340 Charity registered number 1137815 Registered office 1 Pancras Square London N1C 4AG Independent auditors Accendo Consulting Ltd Chartered Certified Accountants & Statutory Auditors 128 City Road London EC1V 2NX Bankers HSBC Bank Plc Southwark London SE1 1YB Citibank Europe Ltd Rueterweg 16 Frankfurt 60323 |
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the audited financial statements of the Charity for the 1 January 2024 to 31 December 2024. 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 (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
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 (trading as Global Citizen) is a movement of engaged citizens who are using their collective voice to end extreme poverty now.
Global Citizen’s vision is a world free from extreme poverty 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 at a side event of the UN High Level Summit in New York in 2008 and launched in the UK in February 2010.
Global Poverty Project UK Limited is part of a group of charities working together to achieve the aims and objectives. At this time the UK charity is best placed 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 activities undertaken by the charity are for the benefit of the public at large. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
b. Strategies for achieving objectives
On our platform, Global Citizens learn about the systemic causes of extreme poverty, take action on those issues, and earn 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 platforms and in new markets.
Partnerships with NGOs, businesses, governments, artists, multilateral organisations, philanthropic foundations, individuals and others are key to our success. Thanks to our partners, we are able to drive forward our public campaigning alongside others inside and outside the NGO sector. We are able to influence governments, key businesses and individuals to 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 to achieving our objectives. We hold ourselves to the highest standards of transparency and accountability, reporting back to Global Citizens and partners about the impact of our work.
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
c. Main activities undertaken to further the Charity's purposes for 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 to the Charities Commission’s general guidance on public benefit. Where appropriate and relevant, particular reference has been made in this report to specific instances 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 performance in 2024
Global Citizen NOW and the Global Citizen Prize Ceremony.
The Global Citizen NOW thought leadership summit driving action to end extreme poverty took place in New York on May 1-2, 2024. Leaders from politics, media, entertainment, philanthropy, advocacy and the private sector came together for two dynamic days to take immediate action for a better future.
The 2024 edition of the summit focused on urgent solutions for a world where everyone's basic needs are met - including access to food, energy, healthcare and education. It also discussed actions to protect our planet, particularly by promoting climate finance and phasing out fossil fuels. Another key theme was economic development, access to finance, innovation and job creation to enable a more equitable future for all people and nations.
Global Citizen NOW's co-chairs included long-time supporters of the initiative such as well-known personalities Anitta, Danai Gurira, Hugh Jackman, Dakota Johnson and Michelle Yeoh. High-level political leaders also chaired the summit, including Paul Kagame (President of Rwanda), Mokgweetsi Masisi (President of Botswana), Gaston Browne (Prime Minister of Antigua and Barbuda), Philip Davis (Prime Minister of the Bahamas), Stefan Löfven (former Prime Minister of Sweden) and Erna Solberg (former Prime Minister of Norway).
With its high-profile line-up and clear focus on concrete actions to combat global poverty and the climate crisis, the Global Citizen NOW Summit 2024 set important impulses for a more sustainable and just world.
Awards ceremony and musical highlights
A highlight of the summit was the awarding of the Global Citizen Prize 2024, moderated by Vladimir Duthiers, national correspondent for CBS News. Musical highlights were provided by four-time Grammy-nominated country star Mickey Guyton and violinist and composer Ezinma. Latin American superstar and Grammynominated artist Rauw Alejandro also performed.
Global Citizen Festival
On September 28, the Global Citizen Festival took place, with 60,000 Global Citizens gathering in New York's Central Park. During the Global Citizen Festival 2024 campaign to end extreme poverty, $1 billion has already been pledged. In addition, FIFA and Global Citizen announced a partnership ahead of the 2026 FIFA World Cup™. The European Commission committed more than $500 million to vaccination programs and humanitarian aid. In addition, Denmark, the United Kingdom and Spain are increasing their support for the world's 77 poorest countries and calling on other governments to join them. Brazil, Micronesia and Colombia committed to better protect oceans and forests. In total, Global Citizens have taken action against poverty, defended the planet and demanded more justice with a record 3.4 million actions worldwide.
In the months leading up to the Global Citizen Festival, Global Citizens around the world took 3.4 million actions to demand change - the highest number of actions at a New York festival in over a decade, with many targeting European politicians.
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
Economic Development Assembly
The Economic Development Assembly in Abidjan, Côte d'Ivoire in October 2024 brought together leading CEOs, politicians and artists to advance urgent investments in Africa's future. More than 100 leading organizations and individuals, including Intel, Cisco, Lawrence H. Summers, Mary Robinson, Nomzamo Mbatha and Stonebwoy, signed the Abidjan Accord calling for $120 billion for the International Development Association (IDA).
This gathering brought together African leaders and the private sector to advocate for G20 investment in replenishment of the World Bank's IDA21 funds. The event was presented by Global Citizen and Bridgewater Associates, in partnership with the Government of Côte d'Ivoire and Harith General Partners.
COP29 and G20 Summit
In the lead-up to the UN Climate Change Conference COP29 and the G20 Summit, Global Citizen conducted both background discussions and high-profile campaigns. This included sending letters to political leaders and finance and climate ministers, meeting with the G20 Sherpa teams and mobilizing through our channels, calling on our Global Citizens to advocate for fairer taxation of the super-rich and other key issues.
Our team was on site at both COP29 in Baku and the G20 Summit in Rio de Janeiro to follow the negotiations, gather information, analyze policy documents and draft statements in collaboration with our global network. During COP29, we actively engaged with government officials, philanthropic partners and civil society organizations (CSOs) to promote a better New Quantified Goal on Climate Finance and highlight the importance of adaptation action.
With high agility and rapid response times, we analyzed policy documents and drafts from the negotiations. In addition, Global Citizen spokespeople gave media interviews and published our analysis and reactive statements in real time on the negotiation dynamics and the final statements. Our press releases were distributed in three languages - English, French and German - to media houses and international news agencies.
In total, we achieved over 2,000 global media coverage. Of particular note is an interview with Michael Sheldrick, which was widely distributed via AFP, including Daily Mail Online, Die Welt, The Hindu, Le Telegramme, FranceInfo. Also an interview with Friederike Röder, which was picked up by Radio France International, France 24, blick.ch, and a publication on the Brazilian news platform Opera Mundi. Our reactions were also included in leading media such as the Guardian and Le Monde.
During COP29, we carried out live monitoring of the speeches of heads of state and government and the negotiations and shared the latest information with our partners and media representatives. We also provided journalists and decision-makers with a concise overview of innovative financing options to scale climate finance. The data contained in it was used intensively by journalists during and after the summit to advance the discussion on climate finance.
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
Global Citizen NOW: Rio
Global Citizen NOW: Rio in the run-up to the G20 summit in Rio de Janeiro featured leading politicians such as Cyril Ramaphosa, President of the Republic of South Africa, Ursula von der Leyen, President of the European Commission, Justin Trudeau, Prime Minister of Canada, and Jonas Gahr Støre, Prime Minister of Norway.
The event saw the launch of the new “Power Our Planet” climate action campaign, which will culminate in the “Global Citizen Festival: Amazonia” in Belém during COP30. This year-long campaign aims to halt global deforestation, accelerate a just energy transition and support communities on the frontlines of climate change. Global Citizen NOW: Rio de Janeiro also saw the launch of Global Citizen’s “Scaling up Renewables in Africa” campaign, co-led by European Commission President Ursula von der Leyen and South African President Cyril Ramaphosa, with support from the International Energy Agency (IEA) as a strategic partner.
The 12-month campaign builds on several key milestones and will culminate with a pledging conference around the G20 summit in Johannesburg in November. The aim is to mobilise new investment in renewable energy, particularly in Africa, where over 600 million people still live without access to electricity. The campaign aims to gain commitments from governments, the private sector, multilateral development banks and philanthropic organisations.
The campaign was officially launched during a panel with the two presidents and Hugh Evans, highlighting the opportunities for investing in renewable energy and the importance of this agenda for South Africa's upcoming G20 presidency.
European-wide activities and impact
UK Activities
• A pril 24-30 - World Immunization Week : Collaboration with Oxford University, Jenner Institute showcasing UK’s science and innovation leadership
• 15 May - Gender in Development : Global Citizen co-hosted a panel highlighting the critical issue of period poverty at UK Parliament in partnership with the office of MP Helen Grant, the Prime Minister’s Special Envoy for Girls’ Education. Ahead of CHOGM, hosted in Samoa in October 2024, we were lucky to be joined by key Commonwealth officials to raise visibility for this important issue at the nexus of girls education and health. Commonwealth Secretary-General Baroness Scotland reiterated how investing in girls’ health paves the way for resilient communities, Samoa High Commissioner Francella Strickland gave touching remarks on how education gave her access to the world, while a panel discussion moderated by Former Prime Minister of Norway Erna Solberg highlighted the work of key practitioners in this space
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July - Election : Labour elected to power with landslide victory over Conservative Party, leading to
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GC public actions outlining priority areas for renewed UK leadership
• July - New Government Engagement : Both direct and joint civil society advocacy letters sent to key government stakeholders, welcoming them to post, and highlighting core GC priorities, notably Gavi, IDA, and UK ODA. These included:
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Prime Minister, Keir Starmer
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Foreign Secretary, David Lammy
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Development Minister. Anneliese Dodds
• September 2024 - Parliamentary Event on Global Health: collaboration with CSO partners to host an event in Parliament highlighting the work of Gavi and the Global Fund in support of UK leadership on Global Health
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
• September 2024 - Labour Party Conference: collaboration with CSO partners to host an event at Labour Party Conference in Liverpool highlighting the UK’s history of leadership in Global Health, and priorities for the Labour government going forward
• September 2024 - GC NOW New York: UK Development Minister, Anneliese Dodds joined us at GC NOW, where she reiterated support for IDA and confirmed an upcoming increase in the UK’s pledge. The Minister also outlined the UK’s priorities as they relate to global financial architecture reform. During this event, we also organised a hand in of welcome messages from Global Citizens to Minister Dodds, outlining their priorities for UK ODA
• September - Global Citizen Festival: at GC festival, we received a video from Minister Dodds, re-committing the UK to an ambitious IDA pledge, and encouraging other countries to also step up and play their part in ensuring this year’s replenishment becomes the most successful yet.
• August to December - Government Engagement: in this period, we undertook direct and joint civil society meetings with key government officials - from FCDO, Treasury and DESNEZ
• September to October - Budget Campaign: support for joint civil society efforts to protect 0.7 ODA in UK budget, notably press comments, Global Citizen public actions, and co-signed advocacy letters
• October - World Polio Day 2024: we reached out to over a dozen UK parliamentarians, and secured support on social media. We created a social toolkit to make it easy for them to do so.
• November - COP29: advocacy and campaigning both in advance of - and on the ground at - COP29 in Baku, with a particular focus on securing an ambitious NDC from the UK, as well as encouraging the UK to take a leadership role in the NCQG negotiations. This included direct government advocacy, support for joint civil society efforts, public actions from Global Citizens, and on the ground meetings, analysis and media engagement in Baku.
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GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
Major Outcomes
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UK IDA Contribution - the UK Government put forward £1.98bn in funding over three years for IDA ahead of
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the replenishment conference, an increase of about 40% on the government’s previous pledge
• UK NDC - the UK government announced an early, 1.5 degree aligned NDC at COP29, including a commitment to cut emissions by 81% by 2035, one of the most ambitious plans worldwide, and played a key role in securing the agreed upon NCQG in Baku
• Maritime and Aviation Levies - at UNGA 2024, Keir Starmer announced UK support for a maritime levy, while in the latest Budget, Chancellor Rachel Reeves increased passengers levies for travelling by private jets by 50%
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UK Climate Finance - the new Labour government committed to deliver on previous governments £11.6bn
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climate finance goal
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Emergency Aid to Sudan - UK announced in November a doubling of emergency aid to Sudan and
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neighbouring countries in response to the ongoing crisis in the region.
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GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
Additional Germany Activities
In addition to our Global Moments, we have run a number of important local campaigns in Germany. At the end of 2024, 150,000 Global Citizens were registered in Germany. Our total reach was and we could increase the number of actions per user on average. Global Citizens in Germany ran actions last year.
ODA Campaign
An important part of our work in Germany in 2024 was also our Overseas Development Assistance (ODA) campaign, which aims to ensure that annual spending on development cooperation and humanitarian aid is at least 0.7 percent of Germany's gross national income.
In January 2024, the Bundestag passed the federal budget for 2024, which included significant cuts to ODA funding of almost €2 billion. In response, we intensified our existing campaign, which campaigned with the slogan "Germany must think globally" and addressed the government with our expectations but also encouraged it to keep its promises. Our demand: That Germany adheres to its global commitments and shows international solidarity. The aim was to secure funding for international cooperation and to prevent the dramatic consequences of cuts on the most vulnerable communities worldwide. To prevent the cuts, we mobilized our Global Citizens through actions and explanatory content.
We also pushed our ODA campaigns on our German social media channels and with creative social media activities - with a strong focus on the planned cuts for multilateral organizations and their impacts.
On the political side, we coordinated several advocacy letters over the year, which we often sent to decisionmakers together with our partners in Germany. These addressed the planned cuts of over 1 billion euros in the BMZ budget for 2025 and led to several advocacy meetings with high-level decision-makers. In April, we published a statement against the declining ODA ratio in relation to GDP and took part in advocacy meetings on the sidelines of the World Bank and IMF spring meetings. Our central demand was to strengthen grant financing for climate protection and development needs. In addition, we hosted a high-profile reception attended by representatives of the German government and the Bundestag to underline the importance of ODA funding. In May, the Development Ministry presented a budget proposal that was significantly higher than the cuts demanded by the Finance Ministry - an important step that we supported with a press release and mobilization actions.
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GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
Shortly before the publication of the draft budget, we took part in a photo stunt with a meter-high red pen under the slogan "Today's cuts are tomorrow's crises" in Berlin's government district with another 25 organizations from the field of development cooperation and humanitarian aid to protest against the planned cuts in international cooperation and humanitarian aid. We also published a post with a video and calls for mobilization on our channels.
At the Global Citizen Festival 2024 in September, Germany underlined its role as a pioneer of feminist development policy. Development Minister Svenja Schulze announced that Germany is joining the Alliance for Feminist Movements and will provide 15 million euros to support local feminist civil society organizations in Africa. This commitment was presented in a video by Minister Schulze that was shown during the event in New York. The video was also part of the global broadcast and was recorded by the press.
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GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
After the political summer break, we intensified our campaign and increasingly addressed members of the Bundestag. In October, we organized a parliamentary breakfast in the Bundestag, where Ajay Banga, President of the World Bank, and members of parliament discussed the future of the International Development Association (IDA).
On World Polio Day, we implemented a social media campaign together with members of the German Bundestag to campaign against the planned cuts to the Global Initiative to Eradicate Polio.
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Objectives and activities (continued)
As part of our ODA campaign, we also specifically relied on influencer support to increase our reach and raise awareness of the planned budget cuts. For example, influencer Stefanie Giesinger shared our messages with her 5 million followers on her social media channels. There was a particular focus on the impact of the cuts on multilateral organizations and their importance for women and girls worldwi
In November 2024, the political landscape was dramatically changed by the end of the governing coalition and the announcement of new elections in 2025. We launched the campaign “Now more than ever #GlobalAct”. With the help of editorial contributions and targeted social media activities, we drew attention to the relevance of ODA and called for potential new governing parties to firmly anchor ODA in coalition agreements and political programs. In this way, we want to ensure that Germany continues to play a leading role in global sustainable development.
Staff
A the end of 2024 we had a staff base of 12 people working in the London office, 2 staff members based in the Berlin office and 1 member employed in France.
Achievements and performance
Financial review
a. Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence 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.
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
b. Financial review
Overall income for the period was £1,502,136 (UK Global Poverty Project £1,098,831 Global Citizen Deutschland £408,305) (2023: £1,444,309 (UK Global Poverty Project £1,110,245 Global Citizen Deutschland £334,064)). 99.9% of this came from the US charity with very little from other sources.
Expenditure for the period was £1,463,642 (Global Poverty Project UK £1,086,082 and Global Citizen Deutschland £377,560) (2023: £1,417,207 (Global Poverty Project UK £1,097,458 and Global Citizen Deutschland £319,749)). The UK office works alongside other Global Citizen offices to achieve global goals so expenses and income can shift annually between offices depending on staff skill sets and the activities undertaken, and this is reflected in the results in 2024. The cost of generating funds accounted for 7% of the total (9% Global Poverty Project UK and 0% for Global Citizen Deutschland) and relates to UK staff building partnerships which generated income into Global Poverty Project Inc. Income received into Global Poverty Project Inc was used to fund the UK and German charities.
Support costs in 2024 accounted for 9% of expenditure (11% of expenditure for Global Poverty Project UK and 5% Global Citizen Deutschland). The UK charity provides management and administration support for all Europe operations including Global Citizen Deutschland the 100% owned subsidiary of Global Poverty Project UK Ltd and provides management support to other international GC offices in Canada, Australia, Nigeria and South Africa. Governance costs accounted for 3% (3% GPP UK and 1% GC DE) leaving 81% for direct charitable activities (76% Global poverty Project UK and 95% Global Citizen Deutschland). Additional Charitable expenditure in Europe occurred directly through Global Poverty Project Inc.
On the balance sheet unrestricted reserves stand at £623,276 at the end of the year and restricted funds at £0.
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GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
c. Reserves policy
The trustees reviewed the reserve policy at the end of 2024 to ensure that it continued to reflect the needs of the charity.
The trustees consider that there is a balance between spending funds received in a prompt and appropriate manner, with the need to have enough reserves to ensure uninterrupted operations and to manage cash fluctuations. The trustees consider that the minimum unrestricted reserves that need to be held are those needed to ensure an orderly wind down in the event of Global Poverty Project UK and Global Citizen Deutschland ceasing their operations. This has been estimated at £328k being approximately three months of direct current core costs and a modest contingency to cover all wind up costs and unforeseen expenses. The maximum unrestricted reserves should be the amount needed to continue its regular operations for the following 3 months and manage short term cash flow fluctuations. At the end of 2024 that was calculated at £481k based on 2024 average expenditure with an inflationary uplift.
The UK has the full support of the global company (Global Poverty Project INC) which is registered and based in New York, USA. The global company is the UK’s only member.
At the end of 2024 the amount of readily available reserves stood at £622k. The charity actively reduced its reserves in 2022 following a restructuring, so that they sat within the above policy, but during 2023 and 2024 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 tightening donor reporting requirements has meant that more expenses are handled directly by the US company. The trustees will continue to review levels of expenditure and reserves, and if expenditure is expected to remain low, then reserves will be further reduced in 2025. 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.
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
d. Principal risks and uncertainties
The UK charity is reliant on Global Poverty Project Inc for resources, support, direction and income and has confirmed it will continue this support for the foreseeable future. In 2024 less than 1% of the UK charity’s income came from other sources, which is similar to 2023, 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 and/or 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 the last few years, caused by the Ukraine war, the pandemic, the energy crisis, global recession and high inflation has many widespread consequences. The levels of poverty continue to increase, making our mission to end extreme poverty harder but more urgent, while Governments cut aid spending. Global Poverty UK has proved to be agile and adaptable, and had a successful year despite the challenges, continuing to challenge Governments to work towards global equitable solutions. Many of GC’s sponsors have reduced levels of income to use for charitable purposes so GC has restructured to reduce its core costs and reduce its vulnerability.
In 2023 hybrid working was introduced with staff expected to work in the office 3 days per week. Not all staff have found the transition back to the office easy and as a result GC has taken the decision to move to remote working for all Europe staff from January 2025. There are various mental health support options available to staff to support this.
The high profile GC enjoys, our large scale and prestigious activities, the support we receive from both headline stars and royalty and our worldwide 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 to 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 across Europe, a polarisation of US politics and the aftermath of Brexit in the UK could impact the ability of the charity to achieve its mission. The registration of a separate charitable company in Germany is complete, which is a subsidiary of the UK charity. Legal advice has been sought to mitigate any further organisational risks and these have been reflected in our strategy for 2025.
e. Principal funding
Global Poverty Project Inc is the primary funder of Global Poverty 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 (via Global Poverty Project Inc), as well as the European Climate Foundation, IFAD, Education Cannot Wait, the International Labor Organisation and the European Climate Foundation.
Structure, governance and management
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (continued)
a. Constitution
Global Poverty Project UK is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
The charity is constituted under a Memorandum of Association and is a registered charity (number 1137815). 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 Löfven Ms H Pawlby Guido Schmidt-Traub (appointed 31 January 2024) Rosalind McKenna (appointed 31 January 2024) Mr P J R Vogeleer (resigned 24 April 2024).
The principal object of the charity is for the public charitable 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 as an addition to the current trustees, so far as it does not contravene its governing documents.
In 2021 the charity undertook a significant review of its board using an external consultant. 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 trustees oversee this process and its implementation in close consultation with the Vice President for Global Advocacy and other staff working across Europe (UK, Germany, France). Global Poverty Project Inc, (GPP inc) a company registered in the USA, is the sole member of the charity which gives it the right to appoint and remove the charity’s trustees.
None of the trustees have any beneficial interest in the charitable company and the group.
c. Organisational 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 must be approved by the trustees in accordance with the Articles of The Charity.
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GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Structure, governance and management (continued)
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 Poverty Project Inc with the support of the VP of Global Advocacy.
The board members receive relevant documents (current global and regional business plan/strategy: accounts; audit; articles of association; dates of board meetings over the next year). They also meet and are briefed on their obligations by Simon Moss/Liza Henshaw/Michael 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 to 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. Staff performance and pay reviews are undertaken twice annually across the organisation. During 2024 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 party transactions with Global Poverty 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 £1,496,903, (Global Poverty Project UK £1,090,659 Global Citizen Deutschland £406,244) (2023 £1,438,241, (Global Poverty Project UK £1,106,061 and Global Citizen Deutschland £332,180)).
The Europe office benefited from grant funding from the Bill and Melinda Gates Foundation, which is also the employer of trustee Joe Cerrell.
Global Citizen rents a desk from Systemiq in Paris for one of its employees, at fair market rent. Guido SchmidTraub, a board member since January 2024, is a director of Systemiq.
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 satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Page 17
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Plans for future periods
In Germany, in the first half of 2025, we will focus our work entirely campaigning around on the federal election, the coalition negotiations and the upcoming formation of a government. This will include reaching out to candidates, influencing party programmes and the coalition treaty as such as well as onboarding new members of parliament with our issues. Given that the new government will draft and pass the 2025 and the 2026 budget, much of our work will be focused on defending ODA. While the 2025 budget will pass through parliament by June, the second half of 2025 will be focused on the 2026 budget and the respective campaigning to achieve our goal of 0.7% of GNI being spent on development cooperation and humanitarian aid.
In the UK, our plans will focus primarily on fighting the recently announced cuts to the aid budget, while concurrently making the case for continued investment in Gavi and GPEI despite the challenging fiscal environment. Core elements of this will be mobilising Global Citizens to show there are supporters of aid in key UK constituencies, working in partnership with the UK CSO community to raise awareness and build pressure on key decision makers, mobilising voices from the private sector and African Continent in support of UK aid, and undertaking direct advocacy with government departments. We will also continue to advocate for the UK to take a leadership role in global climate action ahead of COP30, leveraging its ambitious NDC, and its position as a convener of the Global Clean Power Alliance, to encourage others to step up in 2025.
Members' liability
The Member of the charity (Global Poverty Project Inc) guarantees 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 2024 or 2023.
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 at all levels is paramount. Robust and detailed plans are put 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 to consult and discuss with employees, at meetings, matters likely to affect employees' interests. Information of matters of concern to 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 performance.
The charity does not routinely use volunteers, and did not use any volunteers during 2024.
Key management staff at 31 December 2024 were:
Martin Forsyth Vice President, International Projects Friederike Meister Senior Advocacy Director Wendy Courtenay Financial Controller. Company Secretary for Global Poverty Project UK and Geschäftsführung for Global Citizen Deutschland
Page 18
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements 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 (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 at 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.
Disclosure of information to auditors
Each of the persons who are Trustees at 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 to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Auditors
The auditors, Accendo Consulting Ltd, have indicated their willingness to 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 Date: 28 April 2025
Page 19
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK
Opinion
We have audited the financial statements of Global Poverty Project UK (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance 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 Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements 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 evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 20
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK (CONTINUED)
Other information
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 to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have 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 which we are required to report by exception
We have nothing to 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 inconsistent 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 Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Page 21
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 of the Charities 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 misstatement, whether due to fraud or error, and to 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 (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Explanation as to what extent the audit was considered capable of detecting irregularities, including 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 to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
Identifying and assessing potential risks related to irregularities:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance 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 to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to 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 matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Page 22
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBAL POVERTY PROJECT UK (CONTINUED)
-
enquiring of management, concerning actual and potential litigation and claims;
-
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-
obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of tax 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 estimates 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 to any indications of fraud or noncompliance 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 misstatement 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 to 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 at: www.frc.org.uk/auditorsresponsibilities. 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 state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Accendo Consulting Ltd
Chartered Certified Accountants & Statutory Auditors
Date:
Accendo Consulting Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 23
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Donations and legacies 4 Charitable activities 5 Investments 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 105,185 - - 105,185 - 105,185 105,185 - - - - |
Unrestricted funds 2024 £ 1,310,483 82,367 4,101 1,396,951 99,370 1,259,087 1,358,457 38,494 584,782 38,494 623,276 |
Total funds 2024 £ 1,415,668 82,367 4,101 1,502,136 99,370 1,364,272 1,463,642 38,494 584,782 38,494 623,276 |
Total funds 2023 £ 1,398,529 40,065 5,715 |
|---|---|---|---|---|
| 1,444,309 | ||||
| 86,013 1,331,194 |
||||
| 1,417,207 | ||||
| 27,102 | ||||
| 557,680 27,102 |
||||
| 584,782 |
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 30 to 49 form part of these financial statements.
Page 24
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee) REGISTERED NUMBER: 07186340
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 13 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds |
308,912 371,982 680,894 (60,782) |
2024 £ 3,164 3,164 620,112 623,276 623,276 623,276 - 623,276 623,276 |
292,147 344,743 636,890 (59,457) |
2023 £ 7,349 |
|---|---|---|---|---|
| 7,349 577,433 |
||||
| 584,782 | ||||
| 584,782 | ||||
| 584,782 | ||||
| - 584,782 |
||||
| 584,782 |
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to 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 entities 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
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee) REGISTERED NUMBER: 07186340
CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
................................................
Sabrina Elba
Chair of Trustees Date: 28 April 2025
The notes on pages 30 to 49 form part of these financial statements.
Page 26
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee) REGISTERED NUMBER: 07186340
CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds |
294,304 312,729 607,033 (51,358) |
2024 £ 3,164 21,742 24,906 555,675 580,581 580,581 580,581 - 580,581 580,581 |
292,797 296,542 589,339 (45,598) |
2023 £ 7,349 21,742 |
|---|---|---|---|---|
| 29,091 543,741 |
||||
| 572,832 | ||||
| 572,832 | ||||
| 572,832 | ||||
| - 572,832 |
||||
| 572,832 |
The Charity's net movement in funds for the year was £ 7,749 (2023 - £12,787) .
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to 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 entities subject to the small companies regime.
Page 27
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee) REGISTERED NUMBER: 07186340
CHARITY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
Sabrina Elba
Chair of Trustees Date: 28 April 2025
The notes on pages 30 to 49 form part of these financial statements.
Page 28
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 30 to 49 form part of these financial statements |
2024 £ 29,452 385 (2,598) (2,213) - 27,239 344,743 371,982 |
2023 £ 63,652 - (4,837) (4,837) - 58,815 285,928 344,743 |
|---|---|---|
Page 29
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
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 office address which is also its principal place of business is:
1 Pancras Square, London, England, N1C 4AG.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 stated in the relevant accounting policy.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its 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 its own Statement of Financial Activities in these financial statements.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it 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 balance 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 tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Page 30
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 activity. 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 to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to 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 to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly 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 receivable
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 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible 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 straight-line method.
Depreciation is provided on the following basis:
| Fixtures and fittings | - | 20% |
|---|---|---|
| Computer equipment | - | 33% |
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Page 31
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at 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 date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to 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 Statement of Financial Activities as a finance cost.
2.10 Financial 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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Operating leases
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.
2.12 Pensions
2.13 Fund accounting
General funds are unrestricted 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 restrictions 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 to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 32
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations 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 significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
4. Income from donations and legacies
| Donations Grants Total 2024 Donations Grants Total 2023 |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 163 105,185 1,310,320 105,185 1,310,483 Restricted funds 2023 Unrestricted funds 2023 £ £ - 353 107,875 1,290,301 107,875 1,290,654 |
Total funds 2024 £ 163 1,415,505 |
|---|---|---|
| 1,415,668 | ||
| Total funds 2023 £ 353 1,398,176 |
||
| 1,398,529 |
Page 33
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. Income from charitable activities
| Unrestricted funds 2024 £ Income from charitable activities - Campaigns UK 969 Income from charitable activities - Campaigns Global 81,398 Total 2024 82,367 Unrestricted funds 2023 £ Income from charitable activities - Campaigns Global 40,065 |
Total funds 2024 £ 969 81,398 |
|---|---|
| 82,367 | |
| Total funds 2023 £ 40,065 |
6. Investment income
| Unrestricted funds 2024 £ Investment income 4,101 Unrestricted funds 2023 £ Investment income 5,715 |
Total funds 2024 £ 4,101 |
|---|---|
| Total funds 2023 £ 5,715 |
Page 34
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted funds 2024 £ Costs of raising voluntary income - wages and salaries 97,233 Costs of raising voluntary income - pension costs 2,137 Total 2024 99,370 |
Total funds 2024 £ 97,233 2,137 |
|---|---|
| 99,370 |
Page 35
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. Expenditure on raising funds (continued)
Costs of raising voluntary income (continued)
| Costs of raising voluntary income - wages and salaries Costs of raising voluntary income - pension costs Total 2023 |
Unrestricted funds 2023 £ 84,231 1,782 86,013 |
Total funds 2023 £ 84,231 1,782 |
|---|---|---|
| 86,013 |
8. Analysis of expenditure on charitable activities
Summary by fund type
| Campaigns UK Campaigns Europe Campaigns Global Special events |
Restricted funds 2024 Unrestricted funds 2024 £ £ - 91,545 105,185 196,444 - 567,656 - 403,442 105,185 1,259,087 |
Total 2024 £ 91,545 301,629 567,656 403,442 |
|---|---|---|
| 1,364,272 |
Page 36
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Analysis of expenditure on charitable activities (continued)
Summary by fund type (continued)
| Campaigns UK Campaigns Europe Campaigns Global Special events |
Restricted funds 2023 £ - 107,875 - - 107,875 |
Unrestricted funds 2023 £ 100,540 161,656 558,052 403,071 1,223,319 |
Total 2023 £ 100,540 269,531 558,052 403,071 |
|---|---|---|---|
| 1,331,194 |
9. Analysis of expenditure by activities
| Campaigns UK Campaigns Europe Campaigns Global Special events |
Activities undertaken directly 2024 £ 72,486 271,639 482,515 356,911 1,183,551 |
Support costs 2024 £ 19,059 29,990 85,141 46,531 180,721 |
Total funds 2024 £ 91,545 301,629 567,656 403,442 |
|---|---|---|---|
| 1,364,272 |
Page 37
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. Analysis of expenditure by activities (continued)
| Campaigns UK Campaigns Europe Campaigns Global Special events |
Activities undertaken directly 2023 £ 79,683 225,933 470,475 364,998 1,141,089 |
Support costs 2023 £ 20,857 43,598 87,577 38,073 190,105 |
Total funds 2023 £ 100,540 269,531 558,052 403,071 |
|---|---|---|---|
| 1,331,194 |
Analysis of direct costs
| Staff costs Depreciation Other Charitable Expenditure Staff costs Depreciation Other Charitable Expenditure |
Campaigns UK 2024 £ 58,541 463 13,482 72,486 Campaigns UK 2023 £ 61,995 630 17,058 79,683 |
Campaigns Europe 2024 £ 70,374 502 200,763 271,639 Campaigns Europe 2023 £ 51,404 1,356 173,173 225,933 |
Campaigns Global 2024 £ 419,802 1,802 60,911 482,515 Campaigns Global 2023 £ 412,903 2,557 55,015 470,475 |
Special events 2024 £ 317,085 1,069 38,757 356,911 Special events 2023 £ 303,645 1,202 60,151 364,998 |
Total funds 2024 £ 865,802 3,836 313,913 |
|---|---|---|---|---|---|
| 1,183,551 | |||||
| Total funds 2023 £ 829,947 5,745 305,397 |
|||||
| 1,141,089 |
Page 38
GLOBAL POVERTY PROJECT UK (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Campaign expenses Governance costs Staff costs Campaign expenses Governance costs |
Campaigns UK 2024 £ 12,004 2,496 4,559 19,059 Campaigns UK 2023 £ 12,161 1,140 7,556 20,857 |
Campaigns Europe 2024 £ 15,906 8,302 5,782 29,990 Campaigns Europe 2023 £ 28,903 4,907 9,788 43,598 |
Campaigns Global 2024 £ 50,893 15,290 18,958 85,141 Campaigns Global 2023 £ 54,504 14,649 18,424 87,577 |
Special events 2024 £ 28,592 7,157 10,782 46,531 Special events 2023 £ 25,525 3,899 8,649 38,073 |
Total funds 2024 £ 107,395 33,245 40,081 |
|---|---|---|---|---|---|
| 180,721 | |||||
| Total funds 2023 £ 121,093 24,595 44,417 |
|||||
| 190,105 |
10. Auditors' remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 4,900 | 4,700 |
Page 39
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Group 2024 £ 927,986 157,195 19,041 1,104,222 |
Group 2023 £ 925,361 129,058 19,955 1,074,374 |
Charity 2024 £ 787,678 125,645 19,041 932,364 |
Charity 2023 £ 798,979 101,865 19,955 |
|---|---|---|---|---|
| 920,799 |
During the year the Company made termination and ex gratia payments of £Nil (2023: £Nil).
The average number of persons employed by the Charity during the year was as follows:
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| No. | No. | No. | No. | |
| Administration and management | 17 | 16 | 13 | 13 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| No. | No. | |
| In the band £60,001 - £70,000 | 1 | 2 |
| In the band £70,001 - £80,000 | - | 1 |
| In the band £80,001 - £90,000 | 3 | 1 |
| In the band £90,001 - £100,000 | - | 2 |
| In the band £100,001 - £110,000 | 2 | - |
Total remuneration paid to key management personnel was £370k (2023: £321k).
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 40
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
13. Tangible fixed assets
Group and Charity
| Cost or valuation At 1 January 2024 Additions Disposals At 31 December 2024 Depreciation At 1 January 2024 Charge for the year On disposals At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 14. Fixed asset investments Charity Cost or valuation At 1 January 2024 At 31 December 2024 |
Fixtures and fittings £ 32,271 - (5,004) 27,267 30,491 43 (3,360) 27,174 93 1,780 |
Computer equipment £ 23,540 2,598 (4,044) 22,094 17,971 3,793 (2,741) 19,023 3,071 5,569 |
Total £ 55,811 2,598 (9,048) 49,361 48,462 3,836 (6,101) 46,197 3,164 7,349 Investments in subsidiary companies £ 21,742 21,742 |
|---|---|---|---|
Page 41
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. Fixed asset investments (continued)
Net book value
| At 31 December 2024 At 31 December 2023 |
21,742 |
|---|---|
| 21,742 |
15. Debtors
| Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income |
Group 2024 £ 263,185 - 30,996 14,731 308,912 |
Group 2023 £ 258,949 - 29,455 3,743 292,147 |
Charity 2024 £ 245,589 4,889 30,127 13,699 294,304 |
Charity 2023 £ 257,731 1,868 29,455 3,743 292,797 |
|---|---|---|---|---|
16. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income |
Group 2024 £ 7,827 23,049 5,108 24,798 60,782 |
Group 2023 £ 7,434 23,655 4,662 23,706 59,457 |
Charity 2024 £ 2,851 23,049 5,108 20,350 51,358 |
Charity 2023 £ 2,681 23,655 4,662 14,600 |
|---|---|---|---|---|
| 45,598 |
Page 42
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. Financial instruments
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Financial assets | ||||
| Financial assets measured at fair value | ||||
| through income and expenditure | 371,982 | 344,743 | 312,729 | 296,542 |
Page 43
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 18. Statement of funds Statement of funds - current year Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 January 2024 £ 584,782 - 584,782 |
Income £ 1,396,951 105,185 1,502,136 |
Expenditure £ (1,358,457) (105,185) (1,463,642) |
Balance at 31 December 2024 £ 623,276 |
|---|---|---|---|---|
| - | ||||
| 623,276 |
Page 44
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds 19. Summary of funds Summary of funds - current year General funds Restricted funds |
Balance at 1 January 2023 £ 557,680 - 557,680 Balance at 1 January 2024 £ 584,782 - 584,782 |
Income £ 1,336,434 107,875 1,444,309 Income £ 1,396,951 105,185 1,502,136 |
Expenditure £ (1,309,332) (107,875) (1,417,207) Expenditure £ (1,358,457) (105,185) (1,463,642) |
Balance at 31 December 2023 £ 584,782 |
|---|---|---|---|---|
| - | ||||
| 584,782 | ||||
| Balance at 31 December 2024 £ 623,276 - |
||||
| 623,276 |
Page 45
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
19. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 January 2023 £ 557,680 - 557,680 |
Income £ 1,336,434 107,875 1,444,309 |
Expenditure £ (1,309,332) (107,875) (1,417,207) |
Balance at 31 December 2023 £ 584,782 - |
|---|---|---|---|---|
| 584,782 |
20. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 3,164 Current assets 680,894 Creditors due within one year (60,782) Total 623,276 Analysis of net assets between funds - prior period Unrestricted funds 2023 £ Tangible fixed assets 7,349 Current assets 636,890 Creditors due within one year (59,457) Total 584,782 |
Total funds 2024 £ 3,164 680,894 (60,782) |
|---|---|
| 623,276 | |
| Total funds 2023 £ 7,349 636,890 (59,457) |
|
| 584,782 |
Page 46
(A Company Limited by Guarantee)
GLOBAL POVERTY PROJECT UK
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
21. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Loss on the sale of fixed assets Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by operating activities 22. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 23. Analysis of changes in net debt At 1 January 2024 £ Cash at bank and in hand 344,743 344,743 |
Group 2024 £ 38,494 3,836 2,668 (19,786) 4,240 29,452 Group 2024 £ 371,982 371,982 Cash flows £ 27,239 27,239 |
Group 2023 £ 27,102 5,745 - 60,013 (29,208) 63,652 Group 2023 £ 344,743 344,743 At 31 December 2024 £ 371,982 371,982 |
|---|---|---|
24. Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £19,042 (2023: £19,954). Contributions totaling £5,108 (2023: £4,661) were payable to the fund at the balance sheet date.
Page 47
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
24. Pension commitments (continued)
25. Operating lease commitments
At 31 December 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Group | Group | Charity | Charity | |||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Not later than | 1 | year | - | 11,483 | - | 11,483 |
The following lease payments have been recognised as an expense in the Statement of Financial Activities:
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Operating lease rentals | 72,712 | 72,031 | 72,712 | 72,031 |
| - | - | - | - |
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 he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
27. Related party transactions
Global Poverty Project Inc. (GPP USA), a company incorporated in the USA, is a sole member of Global Poverty Project UK (the charity). During the year the Group received a total income of £1.49m (Global Poverty Project UK £1.1m Global Citizen Deutschland £406k) (2023: £1.4m). At the year end, the balance owed to the charity was £246k.
The Europe office benefited from grant funding from the Bill and Melinda Gates Foundation, which is also the employer of trustee Joe Cerrell.
Global Citizen rents a desk from Systemiq in Paris for one of its employees, at fair market rent. Guido Schmid-Traub, a board member since January 2024, is a director of Systemiq.
Page 48
GLOBAL POVERTY PROJECT UK
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
28. Ultimate parent undertaking and controlling party
The charity is under control of its sole corporate member Global Poverty Project Inc, USA (GPP, Inc) 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 it 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. Principal subsidiaries
The following was a subsidiary undertaking of the Charity:
| Name | Company | Registered office or principal | Principal activity | ||
|---|---|---|---|---|---|
| number | place of business | ||||
| Global Citizen Deutschland | R003229 | Ackerstraße 29, 10115 Berlin | Charity | ||
| gGmbH | |||||
| Class of | Holding | Included in | |||
| shares | consolidation | ||||
| Ordinary | 100% | Yes |
The financial results of the subsidiary for the year were:
| Name | Income | Expenditure | Profit/(Loss) | Net assets |
|---|---|---|---|---|
| £ | £ | / Surplus/ | £ | |
| (Deficit) for | ||||
| the year | ||||
| £ | ||||
| Global Citizen Deutschland gGmbH | 408,305 | (378,410) | 29,895 | 63,594 |
Page 49
Electronic Record of Contracts
This document was generated as a record of certain contracts created, accepted and stored electronically.
Summary of Contracts
This document contains the following contracts.
Title ID Internal Signature Requests (Docs Already Approved) (Global Citizen / Global 30bd0bbe-0363-48bc-9cb4-4678e92f9519 Poverty Project UK Financial Statements and Global Citizen)
Contracts signed by:
Sabrina Elba Signer ID: a196cbb0-f927-48e1-8027-1a1513ea097a Email: sabrina@ie7.uk Date / Time: Apr 28, 2025 at 4:38 PM EDT IP Address: 92.236.115.186 Mozilla/5.0 (iPhone; CPU iPhone OS 18_1 like Mac OS X) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/18.1 User Agent: Mobile/15E148 Safari/604.1
Asif Rafique Signer ID: 0fc57a03-39a5-4bfe-b62e-e1d21596afd3 Email: asif.rafique@accendoca.co.uk
Date / Time: Apr 28, 2025 at 5:17 PM EDT IP Address: 188.29.95.76 Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/135.0.0.0 Safari/537.36 User Agent: Edg/135.0.0.0