Charlty r•yl8tr&tlon number 1148427 Company r•glitratlon numb•r 08107614 IEnglaMI Ind W•l••l THE GLOBAL FUND FOR FORGorrEN PEOPLE. ORDER OF MALTA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA LEGAL AND ADMINISTRATIVE INFORMATION RA Fltzalan Howard E$q. LVO Mr$ L S.C &mpson Dr P Lgmmei (Appolntsd l May 20231 Ch•rlty numb•r 1148427 Cryany number 08107614 R•gl•t•r•d +)ffl¢• 30 Upper klgh Stroet Thame Oxftsrdshirti OX9 3EZ Audltor Ri¢harfsons 30 Uppgr High Street Oxfordshwe Oxg 3EZ Bank•r• C. Hoarn & Co. 37 Fleet Street London EC4P 40Q Sollcltorn Ston• lfig LLP 91 Chart0rh(M9 Street Lon(Jon EC1M 6HR Inv•stm•nt •dvlior• C•z6novt Capltsl Managomenl Ltd. 1 London Wall Pbaco London EC2Y SAU
THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA CONTENTS Pag• Trustw, rewt Stalement ol trustsE8' responsibililleB Independ8nt aJ110$ rowrt Statement of finan¢i81 adivitSe8 Bala8 sheet Statem8nt of cash Ilxs Note$ th8 Ilnandal slat¥ments 10.22
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA TRUSTEES, REPORT IINCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Irusle8s preseni their report and frnanaal sialèm&n¢s for the yèar 8ftded 31 December 2023. The accounts have been prepared In accordancè with the accounting poliues set ot in nole 1 1 to the accounts and cornply wilh the Fund's Memorandum and Arlicle5. the Companies Act 2006 and -Accounting and Reporti¢YJ by Charili&s' Slalemenl of Recommended PraCte applicable lo charilFes pparIng their 8ccounis In aceor(lance 1h the Financial Ropotlln9 Standard ap1¢able in Ihe UK and Republ1¥ ol Ireland IFRS 1021. las amended for aca)untlng poriod5 crynmeqcinG from 1 Janvary 20161 Oblecllwes and aetlvitles Tho objocts of Ihe charity I'the Fund'l aro such purposes fty tho be[11 ol Ihc public as shall bo cxclusivoly charitabl& as the trustees frorn time lo Iirne may d8termine, to Include in particJlar Ibul without preiudice lo th& generallty ol the ltsTegoing the fOt1(y1ngl. The prevenlion or reli¢1 ol povarty., The ad¥an¢emenl ol educaliun., Thc advancement ol hoallh or the saving ol lives.. The relief of those In ne6d beGause ol youth. sg9, ill he81th. d15abillly. financaal h4Td5hip or other disadvantage.. Purpo$ès itxidantsl 8nd ancillary to ihese objecls. Public bantfft The trusteès have paid due regard to guidance issued by the Charity Commlssion in decKlirng what ach"vth"e5 the Fund should undertakè. The tnjslees confim) that thèy h8¥è h8d regard lo the Charlly Commission's publishèd gence on publtc L7enefil. The truslees awarded grgnls worth USD 1.117.68312022.. USD 3,232.8051 during Ihe year and ¢onsid¢r that the FurTrd fLt11y mee15 the public bgn¢lil reouiremenls for the Charities Act 2021 las amendgdl. Grants are made only to regislerecs Charit$, ¢harilie5 Wlth officlally r8cogni5ed charitabla stsiu5 in their country Ix organt58tws with exempl l excepted 5tstus, which th&rnselvos must meet 8 public ben&lit reouir8mÉni. cessaOn of operations In 2023 After charoes of govemmenl ol th& Order ol M8lla Seplember 2022 and January 2023. the working rolalionship betwBen Ihe Order and the Fund, whh had been cenlral lo the Fund'5 mission. could nDI continue 35 before. Thè FurKS therefore completed the 2023 Sl John's Day gF8nt cyck and ceased 811 further lund-ralsin9. communications and grant rTk4king Iwith ihe exception ol a few grants from remaining restricied 855elsl. As 0131 December 2023 1he Fursd liad ceased 811 normal operalions bLtI LaIned $urric*nl reserves lo ¢onisnue meetsng ils legal and regulalory oblatiOnS until li finally c105¢5. In June 2024, in agemen[ with V)e Order of M311a. tho FLTrnd began taking ltte fin81 steps towards closufe. expecied In 2025. Re$orvfr$ pollcy In view ol the ce5salion ol opeTallons. the prgviou5 reseryes pollGy w35 cleemed no Ion9eT appropriate. Duriry 2023. the Inveslrnent portfolio was Iiquidat8d. and has subsequently been held in cash. This Includes the Permanani En(Iwmenl ol EVR 1.200.000. As 0131 Décember 2023 thè Fund 3150 had unrestricted nel assets ol USD 182,277, allowing il lo continue meebng Ils legal and r8gulalory obll9alions until it ch)ses. Risk approach The Iruslees have a duly lo i¢Jenlify and rèvlew the risks lo whith the Fund Is exposed and le ensure approt)rtale controls aro in place lo provid6 re3s01iable assurance a9Jinsi ir4u4 and orror. The trusl¢e$ confirm Ihal they have Idefjlified I major risks to which tho Fund is exposed and that the 3y5tgms are place to mangge th058 rlsks, Structure. govemance and managemént Tho Global Fund lor Forootlon People. Order of Malla 15 a regislerod charty and a ¢harrtablo cornpany Ilmiiod by guaranlee not having a share capltal. The challty's governing éocument Is ils Mèrnorandurn anol Articles dated 15 June 2012. as amended 28 March 2023.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The truslees. who ar& alÈo the difeclors for Ihe purpc6e ol company law. and vkno seyved durti)g Ih? year and up to the dale ol signalure ol tho financial statements w8re'. R A filz818n Howard Esq. LVO Baron A G Frejherr Von 80gsela9er Courlt M L W F K Henckel Von Donnorsmarck Mrs L S.C Simpson Prlnr¢ D L G J M de La Rochefwcauld.Monlbel Dr P Lammer IRe$oned l May 20231 IRe51gn8d l May 20231 IRessgnod l May 20231 IAppoinled 1 May 20231 Tru5tgrsS The FuThl has ttle tru5toes, each of whorn has eX#enVe eyrience in toth the volunlary sedor and the Charitable aclivilies ol thè Order of Malta. whose projects are the prlncipal beneficiaries ol any grant making and C8PaClty building undertaken by the Fund. Thè trustees Bre appointed lor an indèfinite term. Criria for tru•te&s - Knowledgo and exporience of the voluntary seuor - MeTnber5hip adIOr knowledge of the Order ol Malta - Ai least one trustee musl b8 a Brrtish Cityzen andlor resident in the UK Oay-lo-day management of the Fund Is dekgated lo the Chi81 Executive, a voluntary role_ Justin Simpson took up Ih15 positi in March 2022. the role previously havi beon fulfillod by one nf tho Irusleos (also in a voluntary caparityl. The Chief ExeC've reports I(rnalIY to the tx)ard ol trustees via bi-annual Ituslee rn9elings and on an ad- ho¢ ba5 as required, Tfuslees sèek a(fvic8 as required from pxofeBslonal consulnts, laWrS. auditor$, and Investment managers. Tht Irustoes are 811 experfence4J and do not nee*ssarrfy re¢&e ongolng training. The Irusiees are not remuneraled. Organlsadonal stru¢lure The Global Fund for Forgoiien P$op19 was sel up as a global tharilab lund io brfng logeiher support for Ihe Order ol Malta's existing charitable works, ift aid ol peorAe Ihal have beeo lorgollvn and left behind.11 Is separate Irtsm aThJ operated indepondonuy of th8 Ordèr of Ktslla, bul ¢dlaborated closely with rt to provhde funding to Ihe (>defs projects across the globo. Th& Fund 8180 worked closety with the legally separ916 indepenent US enllty Glob81 Fund for Forgotten People. Ocder of Malt3 Inc.. a US501 Icll31 which also rai$ed funds for and made grants lo ¢harilable works ol the Ordor af Matta. As of dale ol thi5 report. thi$ US enkn'ty had fumy ceaseos Operatn$ affld had shul dtswn. Audltor ThB auth'lin. Richttrdsons, 11 be proposed lor rè-apwinlmont al Iho forth¢omin9Annual Genwal MeeUn9. Th¢ Trusieos, Report was approv&Y by the board ol trustees. R A Fitt¥l8n Fknvard Esq. LVO Trustee Oate..
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees, who are also the directors OF Th& Global Fund lor Forgollen People. Order ol Malla for the purposè ol company law, are sPonSible lor prepaitng Ihe Trustees. Report arid Ihe (Ic¢ounls in accordanctr vdilh applicable low and Unlled Kingdom Accounting Slandard8 IUnilEd Kingdom GenorallyAccepled Ac¢ounlin9 Pri[ clicel Cornpany L8w requires the twstees to wgpare accounts for each Ilnancial y9ar which give a true And lal¥ view ol thè stale of affairs of the Fund and ol Ihe incoming resour and application of resources. including thè Income and expendSlurè. ()f ¢harilable o)mpany for Ihal y&ar. In prepanng thèsè gKount¥. Ihe Irusiees am requlred to.. s8Ct suitable accounting policlas and th8n apply them consist6n1ty,' - observe Ihtr rr*llods and pKin(iVes In the Charilies SORP.. make ludgernents and eslim8les that afe reasonable and prudenl.. slate whelher applicabl& UK AccountiThJ Stsnd8rds ha teen followed. subjecl 10 any rnaterial departurè5 dtsclosed and explain&l in the accounts., and prepr7re Ihe accounls on tho golrsg COnr bo515 Unless it is inappTupri8le to prosijre Ihal tho Fund will ¢oDllnue in operation The trusla89 arè rèsponsib for keeping adequate accounting records that disdose wllh r8ason8t%e accuracy at any lime the financial position ol the FUTKI and enable them lo ensure thal the accounts comply wilh the Con7panies Acl 2006. They are also responsibl¢ lor saleguarding the assets of the Fiind and hence lor laking reasonae steps ror the Fffovonllon and dotec11 ol Iraud and plher irregularÉlies.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA Opln5on We have audlted the accounts of The Global Fund for Forgollers People, Ordèr ol Malta ITho 'Fund'l for the year ended 31 DeTrrnbei 2023 which cornprtse the Slat8tnent ol Financial Activities. the Balance Sheet, the Statemeni ol Cash Flows and the notes lo Ihe accounts. includin9 a summary ol significant accountry policies. The financial reporting framework Ihal has been applied in thpir preparaljon 18 appliG3ble law anit United KingLSom Accwnling Standards. iftLluding Financial Reporting Slandord 102 The Financi31 Reporting &hndrd appliGablo in I1. UK ènd Ropublic ollroland Iunilod KirMJdorn GonorallyAccepted Accounting Praclic£l. In our opinion. Ihe financial slalT)nienls.' give a true and falr view of the slate of lh& charilatAe comparny's ffalr5 a5 at 31 Decerntspr 2023 stnd of its Incorning resources and applK3tion of resources. lor the year then ended.. have Leen wopedy prepared in accordAnce yrith United Kingdom Generally Accepled AccounlirrfJ Practice. nd have been prepared in accordance with the requlremènt5 01 the Companie5 Act 2006. Ba$1$ for oplnion We conducled our audll In accordance wlh Intemational Standards on Auditing IUKI IISA5 IUKII and applTrcpble law. Our responsibilities under those 51Bndards a lurth8r described in thè Audilorfs resFon5ibilits'es lor the audit of the accounts s&cb'ot) ol our report. We are indépendent ol Thè Fund in accordance with the ethical requirements that are relevanl lo our audil of the 8ccounls In Ihe VK, including th¢ FRC-S Ethleal Slandaid. and we have luifilled our Olher eihical SPOnsIbl¥ll1eS in accordance wllh these requirernenls. We bellevè thai the audil eI41Jen¢e we have obtained is sufficlenl aTYJ approprialc to provido a basis for our opinlon Conelu$lons relatln9 to uolng eon¢ern In al111n9 th¢ fltlancial stalomenls. wo have conduded that Ihe tru5teos' ol tho going wncem basis ol 8ccounlir¢g in the preparalK)n ol the finaTrclal sialements is appropnale. Basod on Ihe work we have performed. we have not Id8ntified any malerial uncertainties rdaling lo events Of ¢ondilions Ihèi, ¢ndlvidually (x coltivy. may casl signifi¢anl dtsubl on the Fund's ability lo conlinue as 8 goir concern fDr a perk)d of al luasl Iw¥Wve rnonth3 from Iho financial slalemenls are aulhon5ed lor issue. Alihough th8 charitable activiles havè ce85ed. the charity h85 sufficient unrestricted r8s8Ne5 to fvnction for the next 12 month5. Our respon&bilities and the responsibiliti ol iho trustees wSlb respect lo going concem are desGribod in th¢ relevanl sectrIS ol this roporl Other Informatlon Tho otheT inlorm81ion tompri5ts5 th¥ Snformalion ir1 in Ihe annual rgport olher than the financi81 statements and our auditor5 Teport Ihereon The trustees a respon51ble for Ihe other inforrnalion contained wthin Ihe annual report. Our opinioll orn the financAal stalernents does oot COV8f the other Inlormabon ané we do not express any form of assurance conclusion thereon. Our fesponsibility is lo read the Dlher inlormatton and, in doing $0. considèr whelhei the other infomalion is maieiially Incor&istÈnl with the findnual slalem¢nts or our KnO¢d9$ obtsined in Ihe r5e of the audit, or otherwise appeals lo be male.rially misslalod. If wo identify such malenttl in¢onsislen¢4e$ or apparent matedal mi5slatements. WÈ ar• IqLtireiJ lo detormine whelh*i Ihi5 gives rise to a mal¢Tral mis5taternenl in the financial statements themselves. 11, ba58iJ on the work we have performed, we conclud8 that there is material misstatement ol this other inlormation, w& are requId to r8POrt that lacl. Wè havè thIng lo report In this r¢9ard.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE TRUSTEES OF THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA matt& on which w¢ arg foquired to report by ¢xe¢ption We have nothing 10 port In resp8u of the lollvwing matter5 In re18ti1)n to which Ihe Chanlles (Accounts Bnd Reports) Regulath?ns 2008 require us lo rèport to you if. In OUT opinion.. tlie information glven in Ihe rtnancial slatemenls i% inconsisient In any rn8leri81 resped the Truslees, Roptyi., or sufficient accounling record5 have not been kept." or the finanoal slalemenls atè not In agr88ment with Ihe accounllng records., or h8ve nol received all Iho infomialion and expl4nalKins require lor our audit. R•8ponsIllt1•S of trustè•S As oxplained more fully in the Stal8rneni of Tru3tees' Fle5POn5ibilities. the trusieos. who Bre 8lso the diredor5 01 The Fund for the purpose of company law, are responsible lor the pparatiOn of ihe account5 and lor boing sabslièd Ihat they give 3 Irue and lair view, and lor such Iniem81 control as the diiectors delemine is necessary to enable ihe pparatIon of accounts that are Iree from maleiial mis5tst&menl, whelher due lo fraud or eTror. In preparirvJ Ihe accounts, the Irusitres are responsible assessifig tho Fund's sbllily to conlinue as • going concom. disclosing. as aptdicable, mallers relalcd to going Goncem arKI using tho goiTrJ concern basis 01 accounting unle55 the truslees either intend to liquidate the company or lo cease operations. or have no re&listic 8llem8hve but lo do so. Auditorfs respoEtsibililios for thg audlt of th• financial stat•mgntS We h8ve been appointed as audilof undèr sEciior 144 of the Charities Acl 2011 and rèw)rt in accordance vlth the Ad and rdgv8nl regu18tions made or having effect therèunder. Ow objectives are to obtain reasonable assurance aboLrt whether the financial Statements as a whole are free from maièrial ffl15sla18tnènt. whether due to fraud or erfor. and to issue an auclrtor's report Ihal Includès OUT opinion. Reasonable assur2nce is a high level of 8ssurance bul is not a guaralllee thal an audit conducted in accordance with ISAS IUKI will always deieei a materi11 mlsslalernenl when Il exists M15slal¢ments can orise from fraud or error and are Con[jOred maicrial if. iniliYKlually or in Ihe aggregaio. they rx)ukJ reasonably be oxpocled lo influonco the economic decislons ol users lèken on the bJ5i5 01 these financial statèmgnl5. I¥Tegularities. including fr8E. are instances Ol non-thnpliance wlih lawq and regulaiions We design proceLlures in lino with our rospwsibililies. oulljnetj above. to del¢rt malcrial mi5slaletncn15 In rcspocl of irrcgvlarilie5. includ If8. The extent lo which our procedur95 arB capable of detecling irregularities. in¢lwJin9 fr8ud, is detailed below. Enquiry of rnanagement and Ihose charged th govémanc8 around aclual 8nd potenb.al litigation and clairns. Enquiry of the tompany'$ staff In tax and compliance functions 10 Identity any instan$ ol non<omplianca wil Imws and regulab'ffis. Reviewing ffl¢nulos ol rneolings ol Ihose Charged with gov¢rnonrE. RÈviewing financial 51alemeTrt disc105ures teslino to supporting docurnentation lo assèss com18nCe with applicablè laws and regulations. Audiiing the fisk ol managèmént o¥èrride of controls. includin9 Ihrough testing Journal enlrias and other 8djuslmenls for appropriateness, and èvaluating Ihe business ralifffiale of si9nificgni Iransadtons oulside Ihè normal course of bu&ness. A lurther description of our responsibilities Is available on tho Financial Rep)rting CouncAI's website al.. hltpsJl www.Irc.org.vklaudilorsresponsitx"lilies. This descrlplion forms part ol our audilorfs report. This feporl ts Made solely lo the ¢ompany's m&mr$. as a body, ift awx)Fdan¢e with section 391 of the Companles Act 2014. Our audit work has boon underiakon so thal we might 51alc to tho Company 5 tcbOrS those mallets w re required to 5tEJte lo ihem in an zuditor'5 feport and lor no olhgr purpose. To the fvllest oxlenl porrnilte(I by law. w8 do not accept or assume responsibillty 10 8nyone other than the comp8tTry 8nd the company's m8mbers a3 a body, lor our aLtdit Mfjfk, for this rèport, or lor the opinions we hava lormed.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA Rlchard••n• 28 Au.9.USt 2024 Chartgr•d A¢¢ountsnts StaiutoryAudltor 30 Upper HtrJh Street Qxfordsh OX9 3EZ RKhardsons 15 eligible for appolnlment as audilly of Fund by virtue of ¢Sglbllily for apOnlm•nl as audilw ol a cornpany under seclion 1212 ofthe Companies A¢t 2008.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unre5tricled R•8trfet•d Endowrnent fvnds funds funds 2023 2023 2023 Total Total 2023 2022 Notss Incc+m• and ndowrnents Irom: Donations 8nd legacies Inveslmenls Other incotne 7,769 60,392 28,175 166.587 174.356 60.392 28,175 3.396,015 33.222 75.919 Total Income 96.336 166,587 262,923 3,50S.158 Expendilurt on.. Fundraising and pUltitY Inve51rnenl m¥An89omenl 66.175 6.831 66.175 6,831 132.602 13.719 73.IJ06 73.006 146.321 Charitatsle activib8S Charitable activiliss 817.523 571.323 1.388,846 3.687.798 Total expenditsj 890,529 571,323 1,461,852 3,834.119 Nel gainslllossesl on inv05tmonls 13 79,923 79,923 1445.5381 Not expendlture [794.1931 1404,7361 11,198.9291 1328,9631 Transters between fund5 143.3801 43,380 Net movgment In futKI8 10 1757.6501 1404.7361 43,380 I1,119,0(l 1774.4991 Reconclllatlon of funds.. Fur balance5 at 1 January 2023 939,927 S79.587 1,280.988 2,740.502 3,515.001 Fund balanee$ at 31 Dg¢ernbgr 2023 182.277 114,851 1,324.368 1,621,49fj 2,740,502
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible a8sels Investments 15 16 1.777 3.180 1,543.742 1.777 1,546.922 Current asséts Dèbtors Csh al bank and In han 17 13.750 1.648,283 320.088 2.102.397 1.662.033 2.422.485 Creditors.. amounts fa114ng due within year 18 {42.3141 11.228.9051 N•t cvrront 888ets 1,619,719 1,193,580 Total assets less current Ilabolltlès 1,621,496 2,740,502 Net as9ets excluding pension Ilablllty 1,621,496 2,740.502 Th¢ ILtrnds of thè Fund Enllowment funds R8strtrcted incorrte knrKIs Unreslricled funds 19 20 1,324,368 114.651 182.2TI 1,280,988 519.587 939,927 1,621.496 2,740.502 The company 55 enlilled to Ihe exemption Iroffl audit requirement contained in secbon 477 01 the Cornpani8sAcl 2006. lor Ihe year endod 31 Dmtser 2023, alllK)ugh an attdil has beén CArrl8d out under secllon 144 of the ChariliesAct 2011. The directors acknowledge their reSponsIlIti*$ for cornrlying with the requlr&m&nts of tt)è CompaThes Act 2006 with respecl to accounlng records and the preparation c4 fin8ncial slatemenls. The mernbers have not fequired tho company to obtairn an Budit ol its linanual statoments undef the requirernents ol the Companies Act 2006, lor the year in quesbon In ac¢ranCe with seciion 476. These financial statements have been proparad in accordance with the proS1onS appl to cornpanie5 subJ8Ct to Ihe small companies regirve. The financial slal8ments were approved by the truste85 on ....., ]LLa R A Fttalan Howard Esq. LVO rrust•e Company r8glstration numbèr 08107614 IEngland and VVal8sI
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 C•sh flows from oprntlng tEIk• Cash absorbed by opgrabcffls 25 11.986.5021 1841.7641 Inv•stlng aetlvlti Purchase of tarKJible fixed 8sstrts Proceed8 from disposal of tangible Ied o$sels Interp51 reaeved ProcA8ds Irom di¥o5al of Investrnents 11.6291 320 185 14.810 1.532,068 N•t cash g•nora1 from In¥tIn0 actwiti•s 1,532.388 13,386 N•1 •h us•d In fln•n¢lng I1¥1119* N•t d•er•u¢ In M•h •nd u•h •qulval•nts 1454.1141 1828,3981 Cash and cash eoufvAl8nts at lnirj of year 2,102.397 2,930.795 C•sh •nd u¥h •quival•nt• at •nd of y••r 1,648,283 2,102,397
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 Accourttsng poll¢l•$ Charlty Information The Global Fund for Forgallen Pe¢)ple, Order of Malla Is 8 private company limi18d by guarantee w)corwraled in England #nd Wale$. The regisl(3red orricè is W Upr Hsgh Streel. Thame, Oxlord5hire, OX9 3EZ. 1.1 Aecounttng convénlton The accoijnis have been prepared In acc¢)rdante with the Funij's Memtyrandvrn and Articles, th& CompanSe5 Acl 2006 and 'ACUntIng and Reporting by Ch3ritie5.' Slaternenl tsf Rocommonded Practico thpplicablo lo charities preparinq their accounts in accordance with Ihe FinaTrclal RepOng Standard applicable in Ihe UK and R6publi¢ ol Ifelafid IFRS 1021" las amended lor accounl'ng periods comm6nung ITOrn 1 January 20191. The Fund is a Public Beer11 Enlity as defined by FRS 102. The accounts ar8 PTepared In US tjollars. wttich Is Ihe funGtional currency ol the FuThY. Monet8ry arnounls In these financial slalements are rounded io the nearest S. The financial statements havo been propared unojer the historkal co$1 ry)Thvonlion. Tho princip81 accovnting policies 8¢opted are sel OLt below. 1.2 Golng eoneèrn At the time ol approvirJ the financlal statements. even though the the chaF118b acliwlies have Geased. the ch8rrty had suffioenl unrestricted reserves to lunrtion lor the next 12 morsths. Therefore. ihe going conce basis of accouTrling has been adopted In preparing Ihe linan¢i81 slakmenls. 1.3 Charltable funds Unreslrirlgd lunds arp Jvailable for u5v at Iho dI$¢tIon ol the Irustees In fvrtheivrrx of the£r cFwriiable objectives. Restrpcted fttnds are sub4.ect lo spacifi'c CondtK)rIS by donors or grantors as to h(Iw Ihey may be usèd The purposas And u8es of tre reslricted lunds a set out in the notes lo the linancial staternents. Endowment funds a subject to spec+fic condlb'ons by donors that thè capital musl te malnlalnad by the Fund. The income Is availab to suppori the ongosng 8divtties of the Fund. 1.4 Incom• Income 15 recognised when tho Fund 15 l&gally entitled toll after any performjnce condillons *ave bopn mel. the amounls can be me3sumd reliably. aThY It is probable that income will bè rèceived. Cash donatsons are recognised on receipt. Other donations arè recognised once the Fund ha5 been nolrfi£d of the donation. unless performaiice conditions require delettal ol ihe amount. Income lax 0Verable In reLglion lo donalions received uThJer Gift or deeds ol covenant is recognlsed at Ihe lim& ol Ihe donation. Legaae% are rè¢o9nisod on roceipl or oiherwtse if Ihe Fund has been tir1ed of an Impèndlng distribution. Ihe ampuni is known, and receipl is expected. If the èmtrvnl is rp)t known, the logacy Is treated as a conts'ng8Tr1 asstrt.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ountlng poll¢le• (Continuedl 1.5 EypondStur• Liabilities are recogni5ed as expenditure as 500n as Ihere Is a legEd or con51niclive obligation ccrfnmiltino the ch2Thty to that expendrture. it 15 probable that a transfer ol economic benefrts will be required in settlement and thè amount of the obligation can be maasured reltably. Expendilufe Is accounted for on an a¢cruals basis and has been classified under headings thal aggregaie all cosl re131ed lo the caleoory Where cnsls eannol be directly altribultd 10 part1¥r headirYJs they have bpen allrjtated to activities on a basis cortsislpni with th¢ se of re50urce5. In 2023. support costs were 811ocaied out in the fOloWIng proportlons." 24°k Cost ol generating volUnry intorne 24D/D Governance 52¥4 ChaThlable ar.livilies Grants payaNe aro charge¢$ in the year when the offer Is rnade except in those cases wherè the offer 15 conditional. such grants bein9 recognised as expenditur& wh8n the conditions attaching are fuffilled. Grant5 offered subject to conditions whh have not been mel al the yèar ènd are noled as 3 tingent liability. but nol accrued as eXndItre. 1.6 Tanglble fi¥ed a8$0ts Tangible Iix8d a55ets aTE initially Tnea5ured at COs18nd subs8quendy mèasured al cost or valualion, net ol depreaalion and any lrnpaifmenl losses Depreciation is recognised so as to write off the cost or valuation of assets18ss thair resldval values over their useful lives on the [loWIng bases.. C¢rnpLfiers 259/0 Straight Ilne bas$ The gain loss arising on th8 disposal ol an asset is deiermingd as the diNereiice between the sale wocèds the carrying valtse ol Ihe 8ssel, and $5 re¢Dgnised In Ihe slatemenl ol financial acllvitles. 1.7 Fixed as58t inve5tmentS Fixed asset in¥eslrnents are initi'ally rnea5ud al transaction price excluding Ir8nsactL)n costs. and are subsequendy me8sured at lair v8lue 81 e8ch reporting ¢Sale. Chan98s in fair v8lug ar8 reoogni8ed in net incom81lèxpenditurel lor lh¢ yèar. TransaC.an cosls are expensed as Incurrod. 1.8 Impalrm•nt of flxod a$sets Al each reportlng end dale. th9 Fund reviews Ihe carrying arnounts of its langible 85set5 to determine whelhef there is any indic81ion that those assets have suffered an irnpairment loss. 11 any such indicalron exists. Ihe re¢overablè amount ol the assét Is 8S[imad In Drd8r to determine the extent ol thè Impairment loss lif any). 1.9 Cash and cash equlvalents Cash and cash #quivalenls includ$ cash in hand, deKM)sils held al call with banks, other shorl-lorm li1 Illveslrnonls wilh onginal matunlies ol Ihrev rnonihs or less. and bank overdraft5. Bank overdraft5 ure shown thin L¥Jrtowing5 in currgnt Iiabilibes.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Aecountlng pollcles Icontlnuedl 1.10 Flnanelal Instruments The Fund has elected lo apply the Fffovlsios 01 SOCI 11 '8asic FinancTal Insiruments. and Section 12 'Other Financial In5trurnenls I$e5, 01 FRS 102 to all ol Its financial Instrurnents. Financial Instruments are r8cognised in ihe Fund's balance she8t when the Fund bscomes party lo the ¢oniratluil provi8ion8 of the inslrumenl. Financial assets and lbilItIeS are offset. wth Ihe nel amounts pr65enled In the f1nancial st8lemen15. when there is a legally enforceable ri9ht to set off the recognised amounts and there Is an tnlention to Settle on a nel basis or lo alIse the asset and the liability Simultanes1y. Basic financlal assets 83sic financial assets. which include debiors and cash and bank balances. 8re initially meagJr6d al lfansacb.on pr+ce irtdudiiig Irai)saciion costs and are subsequently carrsad al amoitj'sed cost using the eltective inierpst melhud unless the arrangcmonl conslilut¢s a finanuny tr4iisacl?on. where the 1r0o5actlon Is measurod at tho presonl value ol tho fulure rocoipts discountod c?1 a market rale of intorest Financial assets clasSifd as TecelvaNe wlthin one year a amortlsed. Basle fln?nclal Ilabllltlè$ Basic financ1 liabilities. indLtding creditors and bank loans ale Inltially wognlsed at transaction pnce unle55 the arrangement conslilules a financing transacliDn. where the debt instrument is rnea5ureLI at Ihe presenl value ol the future paynnts discovnlad at a market rale ol InlerasL FinancL31 liabilities dassified as payable wrlhin ono year are not amort15¥d. Debt instMmeDls are subspquenlly carried al 3ri[s0 c05t, vsng Ihe effeclivg Sntgrgst rate method. Trgd& credltors ar& obllg8I'ons 10 pay for goods or servicas th8t have b&eri acquired in Ihe ordinary course ol operalions from suppliers_ Amounts Pay8ble are ¢la5wfied as currenl Iiabililies il payment is due wilhift one year or Itss. 11 not, they Pre presenl&d as non-currenl liabiltlies. Trade creditors are recognised initially ai IransaclDD price and s(Jbsequonlly moasurod al amort150d cost using the effeclivo Inioresl method. Derecogftltlon of Ilnanejal Ilabllltles Financial liabilitios are derEcQ9ned when th@ Fund's ronlraclual obligalions explro or are discharged or canGelled. 1.11 Employee ben•tits The cost ol any uTrUs hdiday entilernenl 15 COgnIsed In Iho period in which the employee's seNice5 Bre ceived. T¢rminalion benofits afe recognjsed immediatèly as 8n expènse when Ihe Fund is demnslrabty commitled lo lerminale the mploymenl of an empk)yee or Io txovKJe lemiinalion nefItS. 1.12 Rètlrement benefits Payn*nts io defined ¢oniribulion relirémenl benefll schemes arv ch8rged as an expensts as they lall due.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crttlcal aecountlng estlmates and ludgèmènl& In the apiCatiOn ol the Fun¢J's acc(xJnting policies. the twslees are required to mak8 judgements. estimates 8nd 8ssumptions al)out Ihe carrying amount ol assets and liabilib.es al are not readjly apparent from olher sourcès. The e%lim3tes and associalpd a88umplions ar& based on hislori¢al experience and tslher factors that re con5idored lo be relgvanl. Aclval resulls may diffei from IFSe ostim?I le$. The èstsmates and und@rfng a58UmPtion5 are rewewed on an DngoirrtJ ba515. Revisions to accounting estimates are recognised in Ihe period in which the estimate Is revised where the rev1sion affects only th81 perioij. or In the periott of the reWSrn and futuiè periods where the rewswi aftacls both current 8nd futur8 periixls. Income from donatlons and ga¢e6 Unr•$trlctèd R•strleled fund5 funds 2023 2023 Tot•1 2023 2022 Donations and gilts 7.769 166,587 174,3 3,396,015 Incoma from Inve8trnents Unrestrfcted Unrostrlcted funds funds 2023 2022 Inveslrn¢ni incom& Intest receivable 23,583 38,809 18.412 14,810 60,392 33.222 Othèf Incom$ Unrestrlcttd Unrestrleled funds funds 2023 2022 Amounts recharged lo olher entities 28.175 75.919
THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA NOTes TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Exp•ndttur• on ralslno funds Unre•trlctsd Unrestrlct•d lund• lund$ 2023 2022 Fundralslng and publlclty Support eo$ts e6.17S 132.602 Inv•stmenl manJg•m•nl 8,831 13,719 Tolal cosls 73,¢K6 146.321 EXp•ndIt1O on ¢harltsbl• a¢llvltles Charltabk Charftabl• a¢tivitles 2022 2023 ant lunding of è¢tivlties {$88 no 81 1,117,683 3,232.805 sh of IPP ond govèrnane• ¢osts (1 not• 9) Support Gov•m8rKe 152.411 118.752 302.580 152.413 1.388.848 3,687,799 Analysls ty Ivnd Unreslricted funds Rosthctad funds 817,523 671.323 998.892 2.688.906 1.388.846 3,687,798
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OECEM8ER 2023 fjranis payabl Ch¥rliable acttvities Chafltgbl activitSes 2022 2023 Grants to Institutll5 Lèbènese Assotiatiorv MedK•nes for Lebatyj) Romaf ian Relief Sorvico banian Reli81 se8 BT3zilian A$socialion Lilhuanian Rel1 Service Holy Family Hospital, Palests"ne LaiMNn Reliel Servir The Nehemiab Project IBASMOMI South AlrKan Relief SeThice French Asso¢iatson Malteser Inlemalionol Germarv Mexican ASS}3{10 Polish Assocation Embassy to Morocco British Associ81ion IBASMOMI Ukranian ROlf Serwcè Forgolten Childr8n Isee nol8 171 Slovakian Relief Service El S81vadorA$8ociatsOn Othgr 80.895 174,058 153,399 224,663 520,844 303.297 65,900 200,665 20.976 125,270 71.820 54,168 1,006,108 100.343 77,590 59.838 2S.000 25.685 137.480 145.840 80.OC4) 44,400 243.958 10,197 174,058 80,OtK) 30.000 66,720 67.317 1.117.683 3,232,804 Support costs allocated to acttvitiey Tot?1 2023 Total 2022 Staff costs Dèpreciation CommunliatlOll5 Tr8vel Sundry expenses Office costs 8ad debts US r¢ch8rge Exchange19ainsVbss 129.232 1,270 4,857 11.532 1.fj65 40.939 245.141 1,731 7,129 21,663 2,394 86,402 16.260 57,178 12,7161 21.330 7,7eo 218,585 435,182
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs allocated lo acttvitl88 (Continued) 2023 2022 Govem¥nce coyls comprise: Stall costs Audit fees Accountancy Legal and professional Sharo ol sprt costs 40.809 9.167 1.119 42,291 25.366 77,413 11.614 3,278 4.919 55.189 118,752 152,413 10 Net movomont in fund5 2023 2022 The net movemenl in funds is slated after chargryllcredilingl". Fees paYats to the charity's 8uditor'. lor the au¢Yil ol the cliarity's finanaal slal8m8n¢s for othor financial seNIcos Depreciation ol own8d tangible lixad assèts 9.167 11,614 3.278 1,731 1.270 11 Trust905 of the trustee5 lor any porsons connociod with them) roceri•d any rernUneratn or reimbursed expenses during Ine year. 12022- none ol the tru5tee5 received any remunèration or reimLursed expenses). 12 EmptOy•gS Thtr average monlhty nurnbèr of èmployees during lh8 yéar w38.. 2023 Number 2022 Numb•r Employm•nt Costs 2023 2022 Wagos and salorie5 Social security costs Oiher pénsion Costs 158.137 8.009 3,896 288.762 26,832 6.959 170,042 322,554
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Employee8 IConUnued} The Chief Ex¢¢uli¥e is an vnromuneralèd, volunlary rolè. The lolal remuneration In¢lUdI empbyrnènl bcnofi15 Qr the othe¥ key rnanagcmcnt pcr50nnel wero $50.653 12022.. $145.1411 In 2023, no ernployoc rece¢d lotal remungralion in Ihe band GBP 60,000 ren7unerabon In thB band GBP 60.000- 70.0001. 70,0 12022.. one employoo r8cewed lot&1 13 Gains and lossès on Investmet)ts Unrgstricted Unr•striclod funds funds 2023 2022 Gainsll105s6sI ad5Jng on.. Re¥aluolTun of fnVilS1rThIS Sale ol Investments 19,5811 89,504 1549.635 104.099 79,923 1445.5361 14 Taxation The charily is &xeTrpt rf¢xn laxatlon on 6t$ actlvilles becau8& all Ils Income 18 applied lor eharilable purwses. 15 Tanglble flxed ass•t$ ¢omputOfS Cost At 1 January 2023 Dtsposals 8.110 13.2611 Al 31 December 2023 4,849 Depr•clatEon and Impalmi•nt At 1 January 2023 Dewecsation th8rged In the year Eliminaled in respect ol disposals 4.743 1.270 12.9411 At 31 December 2023 3.072 CaY19 amount At 31 Oecember 2023 1.777 At 31 Drnber 2022 3.180
THE GLOBAL FUND FOR FORGOTTEN PEOPLE. ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Flx&d a$s8t IrtV8Stm•nls Llsted Inv851mgnts Cost or valuatlon Al 1 Janiiary 2023 Additions Valualion changes LDS5 on foreign exthange Disposals 1.543.742 141,015 179.000 173.689 11,532.068 At 31 December 2023 Carrylng arnount At 31 December 2023 Al 31 December 2022 1,543,742 17 Debtors 2023 2022 Amounls falllng due withlrn one year.. Bad debl provisons Oiher debla Prepayments and accrued incomo 1162.0441 175.794 1162,0441 466.040 16.092 13.750 320,088 The bad (Jebl provlsion relates io A drawdrywn of a reslricted donalion. requested by ihe Fund In Oclober 2022. bui which has not yel bven recoived. This donation was tnado lo Ihe Grand Magistry Ilhe cefiiral body ot the Order ol Maltal, with the exp5 restriction that rt should be drBwn down by rhe Fund ovèr several years for projects Worki wilh"Forgotten Chiren. However, following a change of governrnenl al the Grand Maglstry. these funos had not been receivèd al the reporting dale, in contradiction lo dorvJr wishes and the pr3¢1iw for eKJhl pr8viDUS draw-downs. The Iruslee$ therefore congder il prudent lo recognise a bad debl provision againsl unreslricled resources. 18 Cr•dltor$: amounts falllng due wlthln on• yèar 2023 2022 Olhor laxaiion ond socol security Oth•f credilOIS Accru815 and deferred income 613 10,760 1,198.405 19.740 41,701 42.314 1.228.905
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Endowfftenl funds EndowfflerEt funds represent ass8ts whh musl bè h&id p?MnentlY by the Fund. Incotne ansing on th8 en¢Jowmenl lund5 C8n be used in accordance with the object5 of Ihe Fund and is indudod as unrestricled Income. Thft endowfflenl Is managed on a lola1 return basis. The Iransler$ 8r8 in relaticm to the revaluation frolr EUR lo USD. Tho underlyi EUR 1.2m rernalns unchanged, At l January Revaluations 2023 to$ At31 D¢¢ombor 2023 P¥mn9n1 •ndowmgnts 1,280.988 43.380 1,324.368 Prevlous ypar: At 1 January R•v?lualions 2022 Étos At31 Decèmber 2022 Permanent endowmen19 1.358.880 IT7.8921 1,280,988 20 RgStTSctod fund$ Thè rèslricled lunds ol thé charlly comprlse Ihe unexpended balances ol doriat5ons and orants héld on trust subjecl lo spe¢ific ¢dItIonS by donors as io how Ih8y rnay be usud. At 1 January 2023 Incomlng resources Resources èxpended Adjustment Gains and losses A131 December 2023 Prison rninislry IufKI Medicines lor Lebanc Vlsion 2050 Ukraine Roma peopje Other restrict¢d lunds 243,956 1243.9561 128,409 79,984 50.083 4,158 IC1.5571 136.1431 168,6911 1137,8161 71,010 43.841 18,608 137,816 17,155 6,005 123.1601 519.587 166,587 1571,3231 114,851
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 20 Restrlcted funds IContinu•dl Provlous ygar: At 1 January 2022 Incomlng r•$ourcg5 Rèsour¢o$ Xpgnded Adlustmont G&lns at)d At31 egmbor 2022 Priryon m¥nistry fund Soual and humanitarian Eltjerly pe¢)p lund Forgo11811 children ILtnd Medicires lor Lebanon Olher restritled lunds Vlsion 2050 Ukraine 216.620 171.8201 99.156 243.958 195 1,373,203 11,373.3981 122.793 297.000 1419.7931 389,427 1389.4271 104.08T 44,368 120.0461 126.409 6,207 19.130 61.692 125.309 446.462 150.7441 164.4541 1398.3791 17.155 79.985 50.083 469.032 2.73D,461 12,788,061) 420,432 21 Unreslrfcted funds The unrosliiclod fund5 of tho charity oomprisc thc unoxponded balances of donalioF15 Bnd grant5 which are not subject to speoific conditrons by donor5 grantors as to how they rnay be usgd. These irclud8 de5ignaled funds which have been set aslde out ol unresiricted funds by the Iruslees lor specific purpos99. At l January 2023 Incoming r•sour¢g8 Rèsource$ expènded TTan$fgrs Galns and losses A131 Decsmber 2023 Geneial fvnds 939.927 96.326 1890.5291 143.3801 79.923 182.277 Provlous year: At 1 January 2Q22 Incomlng resourees Resources expended Transfors Gaing and losses At31 December 2022 General funds 1.687.089 765.895 11,145.2131 77.892 1445.5361 939.927
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (COKfiNueD) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Anal1¥ of n•1 *#b•t• bfjtwn fvnd• UnlgotrlOd lunds 2023 R•strl¢t•d Endowm•nl fund• nd8 2023 2023 Totsl 2023 At 310•c•mb•r 2023: Tanglblè assèts Current BSS8ts1lliabilits'esl 1.777 180.500 1,777 1,619.719 114,851 1.324.388 182,277 114.851 1.324.388 1,621.496 Unr••lrl¢t•d R1Cld Endowm•nt fund$ funds 2022 2022 Total 2022 2022 At 31 D•camts•r 2022". Tonglble asstls Inv8stmonts Curr8nl ass9wll1abtS0s} 3,180 262,754 673.993 3.180 1,543.742 1,193.580 1.280.988 519.587 939.927 519.587 1,280,988 2,740.502 23 CtyvalFng l¥se LYJmmitsmMts L•88 Al th& r•portivJ eThY dale th¢ Fund had ovlSl8ndlng Cornmiimenis lor fuluffj mlnlmum Iw¢ poym8nl$ under non.¢an¢¢llat4e cwating leas•s. vthich fall due as follows.. 2023 2022 Wtthin ono year 9,597
THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Rolated Party Transacllons There was 8 ceniral relalionship beh¥een the Fund and the Order ol Malla, TltÈ Fijnd made grants to charitable pr(4ecls of the Order ol Malla across the wortd which catered loi Ih05e peoplè who would othemse be forgotien. As 8131 Deeember 2023. all Ihree Iruslaes ol the Fund were rnèmbers ol the Ordgr of Malla. No Irusloe5 have been directly iDvolved In any of thfr charilatAo projects Ihal havo been awarded grants by tho Fund in 202312022.. none). FurKI workecs closèly with The Global Fund lor Forgollèn People Inc.. a USA-inworalett 501lcl3 (the US Fundl, a ch8rily whiLh also raised lunds lor arid rriade gr4nls lo prtsi¢cls thal worked wilh people whu would Olherwibe be forgollon, The two 019aniralions We sèparale and indtrpendenl, bvl benefile(I from shared obioGtive5. procosso5 and adrninfjflralive ftsndions Adminislralive and overhoai5 oxpenses were re- h8rgett beiweer¥ Ihe two entities on a recijrnng basis. The expense5 incurred by Ihe Fund on behalf of the US Fund w6re S28.175 12022." $76.3771 loi the year anded December 31. 2023. rhe expenses IrKurred by e US Fund on behzll ol the Fund were S15.03212022. $23,447) for the year ended Decetnber 31. 2023. The US Fund owpd S13,14312022.. $52,930110 the Fund 3$ 01 December 31, 2023. A8 of May 2023. Justin Simpstsn Ilho v(Aunloer CEO) was rho solo director of Iho US Fund Ilho US Fund ha5 now ¢10sodl. 25 Cash generated from operatlons 2023 2022 Defjcil lor the year 11,119.0(*l 1774,4991 Adjustment5 1(r. Investhent inc(xne recogned in statement ol finanal acb"vilte8 Gain on disposal of inve5trnonls Fair value gains and losses on Investments DetKecialion and impairrnent of tangib ffxèd asse nveslment managor fee5 160.3921 189.5041 154.5S2 1,270 8.831 133.222 1104.099) 424.474 1.731 13,719 Movem8nl$ in workino ¢apilal." Dorxeasellinfjroasol in dcbiot5 IDecreasel in creditors 306.338 11,186.5911 1271,1451 198,7231 Cash abgorbed by operations 11,986.gJ21 1841.7641