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• l￿fig LLP 91 Chart0rh(M￿9 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 a￿J110￿$ rowrt Statement of finan¢i81 adivitSe8 Bala￿8 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 o￿t 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 PraCt￿e applicable lo charilFes p￿parIng their 8ccounis In aceor(lance ￿1h the Financial Ropotlln9 Standard ap￿1¢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(y￿1ngl. 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$ès itxidantsl 8nd ancillary to ihese objecls. Public bantfft The trusteès have paid due regard to guidance issued by the Charity Commlssion in decKlirng what ach"vth"e5 the Fund should undertakè. The tnjslees confim) that thèy h8¥è h8d regard lo the Charlly Commission's publishèd g￿￿ence on publtc L7enefil. The truslees awarded grgnls worth USD 1.117.68312022.. USD 3,232.8051 during Ihe year and ¢onsid¢r that the FurTrd fLt11y mee15 the public bgn¢lil reouiremenls for the Charities Act 2021 las amendgdl. Grants are made only to regislerecs Charit￿$, ¢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. cessa￿On 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, wh￿h 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 $urric*nl reserves lo ¢onisnue meetsng ils legal and regulalory obl￿atiOnS until li finally c105¢5. In June 2024, in ag￿emen[ with V)e Order of M311a. tho FLTrnd began taking ltte fin81 steps towards closufe. expecied In 2025. Re$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$oned l May 20231 IRe51gn8d l May 20231 IRessgnod l May 20231 IAppoinled 1 May 20231 Tru5tgrsS The FuThl has ttl￿e tru5toes, each of whorn has eX#en￿Ve eyrience in toth the volunlary sedor and the Charitable aclivilies ol thè Order of Malta. whose projects are the prlncipal beneficiaries ol any grant making and C8PaClty building undertaken by the Fund. Thè trustees Bre appointed lor an indèfinite term. Cri￿ria for tru•te&s - Knowledgo and exporience of the voluntary seuor - MeTnber5hip a￿dIOr knowledge of the Order ol Malta - Ai least one trustee musl b8 a Brrtish Cityzen andlor resident in the UK Oay-lo-day management of the Fund Is dekgated lo the Chi81 Executive, a voluntary role_ Justin Simpson took up Ih15 positi￿ in March 2022. the role previously havi￿ beon fulfillod by one nf tho Irusleos (also in a voluntary caparityl. The Chief ExeC￿￿'ve reports I(￿rnalIY to the tx)ard ol trustees via bi-annual Ituslee rn9elings and on an ad- ho¢ ba￿5 as required, Tfuslees sèek a(fvic8 as required from pxofeBslonal consul￿nts, laW￿rS. auditor$, 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$op19 was sel up as a global tharilab￿ lund io brfng logeiher support for Ihe Order ol Malta's existing charitable works, ift aid ol peorAe Ihal have beeo lorgollvn and left behind.11 Is separate Irtsm aThJ operated indepondonuy of th8 Ordèr of Ktslla, bul ¢dlaborated closely with rt to provhde funding to Ihe (>defs projects across the globo. Th& Fund 8180 worked closety with the legally separ916 indepen￿ent US enllty Glob81 Fund for Forgotten People. Ocder of Malt3 Inc.. a US501 Icll31 which also rai$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 Operat￿n$ 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.. s8￿Ct 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 COn￿r￿ 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 reasona￿e 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 account￿ry 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 &hnd*rd 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 al￿111n9 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 col*tiv￿y. 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 sect￿rIS ol this roporl Other Informatlon Tho otheT inlorm81ion tompri5ts5 th¥ Snformalion ir￿1￿￿*￿ 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• I*qLtireiJ 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 requI￿d 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•8ponsI￿llt1•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 p￿paratiOn 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 p￿paratIon 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