Charity r•yi$tration nwnbgr 1148427 {England and Wal) Cornpany r•gbstratlon numbor 08107614 THE GLOBAL FUND FOR FORGOThEN PEOPLE, ORDER OF MALTA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ R A Frfzalan Howard Esq. LVO Mrs L S-C Simpson Pglgr Lammer Esq. Charity number (England and Wale$l 1148427 Company number 08107614 Reglst•rod offl 30 Upper High Slreèl Thame OxfoTdshire OX9 3EZ Audltor Ri¢h8rdson$ 30 Upper High Str8&t Tharne Oxfordshire OX9 3EZ 8ankern C. Hoare & Co. 37 Fleet Street London EC4P 4DQ Sollcltors Stone lQng LLP 91 Charterhouse Street London ECIM 6HR Investment advl¥ors Cazenove Capitsl Management Ltd. 1 London Wall Place London EC2Y SAU
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA CONTENTS Page Tru8tee8' report Statement of Iruslees, reswnsibilthes Independenl auditofs report Statement of ffinanckgl activthes Summary IncMe arKI exFendilure 8ccount Balance sheet Ststement of $h flows Notes lo the finandal statements 10-20
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The tru$lg8$ presont their rep1 and financlal statements forthe year ended 31 Dember 2024. The accounts have been prepared in accordance with the accounting policies set oui in note 1 to the accounts and o)mply with the Fund's Memorandum and Articles, the Compani6$ Act 2006 and "A¢untIng and Reporting by Charities.. Slalernent of RecLJmmended Practice applicable lo charits'es preparing thèir accounts in accordance with the FInarla1 Reportiro Standard applicable in the UK and Republlc of Ireland IFRS 102)" {as amended for accLJunling Feriods Cornmenng from 1 January 20161 Oblectlves and actlvltl•s The objects of the charity llhe Fund") are such purposes for the ben&fil of the public as shall be exdusively charrtabje as the trustees from time to time may determine. to include in pgrtioJlar (but wrthout prejudice to the generality of the foregoing the following).. The prevention or relief of poverty.. The advancernent of education.. The advancernent of heahh or the saving ol INes", The relief of thosg In n99d bo¢8use of youth, age, ill health. disabilty, finanaal hardshlp or other disadvantage., Purposes incidental 8nd gncSllary lo these object8. Having ceased nomial oper8tion$ In 2023, the Global Fund for Forgotten People Ilhe Fund'l continued through 2024 in a transitional state. The Fund and the Order of Malt8 reached an agreement on Jsjne 10th, 2024. 0(rtlining speafic requirements for both parties to ensure that the Permanent Endowment would maintain its slru(*ure and purpose beyond the Funds gxlst&n¢e. and setting out the pro¢e88 by which the Fund woukl be dosed. Throughout Ihe remainder of 2024, the Fund fvlfilled 811 of 118 obligations under the agreement, inclL¥Jing'. allocating the rem8initvJ rèstrieted assols for the MedKine8 for Lebarbjn proiect in a manner thal se¢ured their conlinueil use for the 8pecifi&il inilialive,. and 8ddresslng the remaining restricted a8sets for the Vision 2050 Project through a combln81ion of d restrlOn and r&lum lo the original donor, in attordan with their specific instnjctions. No fvrKlr8i$ing activities wer• [Kluce during this per. The Fund's revenue consistèd prlmarily of interest eamed on the Pemanent Endowment. an unrestricted donation received upon the dissolution of thè US ¢h8rty Ihe Glob81 Fund for Forgotten Ptrople Ordei of Malta Inc.. and minor corbtributions received prior to the dea¢Aivation of its online donation platfomi. Thè Fund endad 2024 with sufficient Lrnreslri(aed resources lo maintain its exISter unts'l the comp1911on of the final terms in tho 8greement, assuming dosure of the Fund duriro 2025. Public benefit The trLtstees have paid due regard Io guidan¢0 issued by the Charity Commission in deciding vthat actNrfl&s th& Fund should undertake. Cos8atlon of operatlon& In 2023 The Fund ¢e8sed 811 normal operations in 2023. In June 2024. in agreement wilh the Ordar of Malta, the Fund began taking Ihe final sieps knvards closure, expected in 2025. Reserve8 poIIcy In view of the cessafjon of operations, the previou8 reserves poli was deemed no longer 8ppropriale. The investment portfolio is held in ¢a$h. Thi$ includes the Permanent Endowment of EUR 1,200,000. As of 31 Deeemkr 2024 the Ftsnd 8lso h8d unr¥slrid&d 388ets of USD 197,209 allowing rt to continue meeting ils l$go1 and regulatory obligations until rt dosès.
THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2024
Rlsk opproa¢
Tho Irustyos have 8 duty to kI.fy and rovkA thg rfsks to the Fuml 1$ •xpo3#d and trj •n$& appmprtate
controls S in FAa(% to provule reas(M)abte assurance against fraud and •t¥or. The trustees ConTrn thal they hav
i¢Jent(d rjsks tow1h tha Fund is èxp)8ed and tswt the sy8lwns are irl 8c8 to manag& those Tlsks.
Structur•. govèrnanc• and minagomnt
The Global FUTKI kn Forgotten Paople, Or(kr ol Malta i& A ratered ttorlty and 8 drItal company Ilmltod by
guarantee nol having B shart c8ptal. chariivs govem#ig dmjmenl 1$ its Memorandum and Mide5 dat 16
June 2012. Js amondod 28 2023.
Thp trusteey, who are elso the directors for purFose of company IBW. and vthD swed during ygw Bnd up to
the dote of&gnatLwe ofthe fitwrsc3al st8tements were".
RAfitzaJaft HOW# Eiq. LVO
Mrs L S-C Simpson
Pol&r LarM)&r Esq.
Tru8t••s and MaThag•m•nt
Day.torflay man•geTh¥Jnl of tho Fund ss ¥ted to ITrK• Chigf ExUl¢ve. a ¥c4untsry n¢JTrr•mthwrated Ju$tin
Shmpson to vp Mor¢h 2022.Tho CtKof Ex8Ve fePOrt$ fomally an b84s as
roquired lo the t#)d ol trSle09.
TAJstees sed( r•qulr¢¢l from yrfesoional c
THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees, who are also the dire¢Xofs of The Global Fund for Forwtten P•e, Order of Malta for the purpose of company law, are responsiblè for preparing the Trvslees. Report and the accounts in accordan with applirxble law and United Kingdom Accounting Standards (United Kingdom Generally AcLWted Accounting Practicè). Company Law requires thè trustèès to prepare aCvts for each financAal year whtch give a truè and fair view of the stat8 of affairs of the Fund and of the inc4)ming resources and application of resources, induding the ino)me and expenditure, of th& charitable rnpanY for that year. In kyeparing thesè ac¢x•unts, the trustees are rewired to.. - Selè 8Uftable acCntIj policies and then apply them consistendy,. - observe the methods and principles in the Charities SORP.. - make judgements estimates that are reasonabta and prudent, slate whether applicable UK Accounting Standard$ have been followed, subjed to any material d8p8rbJre$ disclosed and explained in the accounts; and prepare the acrDunts on the going cOrM basis unless it is inappropriato to presume that the Fund wll continue in OFeration. The trustees are responsible for keeping adequate accounting rets)rd8 th81 disdose with reasonable accuiaey at any time the ffinanaal position of the Fund and enable them lo ensure that the accounts compty wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Fund arKI hence for taking reasonabl¥ 51oPS for the preven'on and deteclion of fraud and other irregularities. Company18w requires the Irustees to ppare finanryal statements for each finanaal year whid) gN• 8 true and fair view of the state ol affair$ of the Fund and of the incoming resources and applicatson of Tesourees, induding thè income and expenditufe. of tho ¢h¥ritae company for that year. In praparing thos8 financial $18lemenls, the Iru8lees are required to.. - selèct svrt8blè 8¢¢ounling politye8 and then apply them consistently-, - observe the method$ and prinorles in tho Ch8rf(ies SORP., - make judgements 8nd èstim8les th are reasonable and prudent., state whether appliixble UK Accounting Standards have been followed. subject to any m8tetl81 departures disclosèd and axplainèd in thè finan¢>al slalemenls.. and prepare the fin8nual statements on the going GOnrn basis unless it is inappropriate to presumè that Ihe Fund will continue in opecalicxi. The Iruslees 8rg responsible for keeping adequate acuntIng records that discfv)se with rea80n8ble accuracy at any time th* finana81 position of the Fund and enable them lo ensure that the financaal ststement$ wnply with the Companies Ad 20[. They 8re also responsible for safeguarding the assets of the Fund and htsn for takiThJ reasonablè steps for thè pr$v¢ntiffi and detection of fraud and other irregulaflties.
THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA Oplnlon We have audited the accounts of The Global Fund for Forgotten People. Order of Maha (rhe 'Fund'l for the year ended 31 December 2024 which o)mpri5e the Statement of Financial ACtiVrts. the Balance Sh•8t, the Stslemenl of Cash Flows and the notes to the accounts, including a summary of sign¢ficant accounting poli¢ie8. The financial reporting framework that has been applied in their preparalion is applicable law and Unrt¢d Kin9dom Accounting Stsndards, including Finanaal Repo.ng Standard 102 The Financi81 Repoffjng Standaftl ap1¢ble m the UK and RepublK of Ireland (United Kingdom Generally AcLepted AcLountmg Practs'¢e). In our opinion, the financial statements.. give a true and fair view of the state of the tharitable companys affairs as al 31 Decmber 2024 and of its incoming resources and applution of resour$, for the yea¥ then èndgd". have proFrty prepared in a¢cordanc6 with United Kingdom Generalty Accepted Accounllng Pr8Ctie*'. have been Prepared in accordance wth the r8quir8mènts of the Companies Act 2CQ6. B•sl$ for oplnlon We conducted our audit in accordance vAth Intemational Standard$ on Audillng {UKI IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditols rèsptsnsibililies for the audit of the aco)unts section of our report. We a independent of The Fund in a¢¢ord8nce with the ethical iequirements that are relevant to our audit of the accounts in the UK, including the FRC'S Elhi¢al Stsndard, and we have fulfilbed our other ethical responsibilities in accoidance with these requirements. believe that the audit evidence we have obtained is sufficient and appropriate to pwd9 a ba$ls fly our opinion. Concluslons relatlng to golng concern In auditing the )Inancial ststernents, we have ryjnduded that Ihe trustees, use of the 9olng ¢on¢em basis of accounting in the preparation of the financAal ststements is appropriate. Based on the work we have performed, we have not identified any materigl uncert8inli88 relating to events or conditions that, individually or collectively, may cast significant doubt on the Fund's abilty to ¢onlinue a5 a going concem for a period of at least hvelve months from when the finanaal statements ar& authorised for i3sue. Although the charitable activities have ceased, the charity has Sulent unrestricted reseN¥$ lo fvndion for the nexE 12 monlhs. Our responsibilities and the responsibilities of the trustees with re$pe¢t to going concem are describ&J in the retevanl sections of this report. Other InforniatSon The othei infomalion MpriSeS the infom8tion included in the annual report other than the finanaal ststements and our audito¢s rèport ther•on. Thè tru5te85 8rè responsible for the olher inforniation contained within the annual F)Ort. Our opinion on the fin8nci81 $181emenls does not ¢over the other infomation and we do not express any fom of 8ssui8n¢e wnclusion Ihgieon. Our responsibility is lo read the other inforniation and, in doing so, consider whether the other information is m8terially ints)n$istonl with the finanrial ststements or our knowledge obtained in the course of thè audit, or olhemse appears lo be materially misstated. If we identify SLth rnaterial inconsisten¢les or apparent malerial misstatements, we 8re required to determine whether this gives rise to a material misstatemènt in the financial statements Ihems$lves. If, based on the work we have performed. we condude that there 1$ a material migstatament of this other infomation, w8 arè r8quired lo report that fact. We have nothing to report in this regard.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GLOBAL FUND FOR FORGorrEN PEOPLE. ORDER OF MALTA att•rn on whlch w• ar• r•quir•d to r•port by exceptlon We have nothing to report in spect of the followlng matters in relation lo whith the Charities (Accounts 8nd Reports) Regulations 2CQ8 requires us to report to you rf. in wr opinion= the information given in the financial statements is inconsistent in any m8tgri81 respect with the Trustees, R?rt,. OT suffi¢ienl a(AIntIng records have not been kept.. or the finanaal statements are not in agreement with the accounting rewrds,. or we have not recewed all the inf0mtIOn and explanations we require for our audit. Responsibilities of trusts•s As ¥xplained rnore fvlly in the Statement of Trustees. Responsibllrfles, the tnjstegs, who 8ffj also the directors of The Fund for the purpose of rnpanY law, afe responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control 8$ the directors detemine is necessary lo ¢n8bl• the preparation of acwunls that are free from material misstatement, vA)èthèi due lo fraud or error. In pr•p8ring the accounts, the Iru8lees are responsible assessing thg Funds abilty to continue as a going ¢on¢em, disdosing. as applicable, matters related to going concem and using the going concem basis of a¢n11n9 unless the Iruslees either inlend to liquidate the company or to cease operations, or have no realistic ernative but lo do so. Auditor's re8ponslbll1tl for th• audlt of thè flnan¢i•l stst¢m•nts have been aptxjinled as auditor under section 144 of the Charille$ Act 2011 and report in ac£ordance with the Act and relevant regu181ions made OT having effect thereunder. Our obiefAwes are to obtain reasonable assurance about whether the finan¢kg1 stslemtrnts a3 a whole ale free from maleri81 rnisslalement, whether due lo fraud or efror, and to Issuè an aud0$ report that includes our opinion. Reason8bl# assuran is a high level of assurance but is not a guarantee that an audit cK•nducted in accordance with ISAS IUKI will always deteci a material misstatement when k exi$ls. Misslalements can arise from fraud or •rror and are nsIdered material rf, individually or in the aggregate, they couhj raasonably be expected lo influence 1he economic deusions of useT3 taken on the basis ofthese ffinancial statemonts. lThegularilies, including fraud, are inslances of non-compliance wrfh laws and regulations. We design procedures in 'ne with our responsibilities. outlined above, to detect material misstslemenls in respect of irregularities, including fraud. The extent to wh¢ch our procedures are capable of detecting irtegularilies, including fraud, is detailod bèlow. Enquiry of management and those charged wilh govèmance around 8du81 and potential liligatn and claims. Enquiry of the company's staff in tax and compliance functions to i¢Jentify 8ny instances of nonacornpliance with laws and regulations. Rwewing minules of meetings of those tharged wth govemance. Reviewing finan(ial Statement disdosures and testing to Supportlng documentstion to ass&86 compliance with applicable laws and regulations. Auditing the risk of m8nagement override of c4Jntrols, induding through testing joumal entries and other adjuslmenls for approprialenes6, and evalualing the business ralionalg of significant transactions outside the nom81 (x)ur8e of business. A fuTlher de3cription of OUT iesponsibilities is availab on the Financial Raporting Council's website at.. https'.11 www.frc.org.uk18udilor8responsibilities. This de8C¥iPtion forms part ol our audito¢s report. This pOrt is made solety to the charitys trusttts. 8$ a body, in accordance with Part 4 of 1he Chaiibas {Ac¢ounl8 and Reports) Regulations 2008. Our audit work has beèn undertaken so that we might state to the charty's trustee3 those matters we are required to statè to them in an aud(ior's report and for no other purpose. To the fijllesl extent permrtied by law, we do not accept or assume sponSIbl1ty to anyone other than the charity and thè th8rtys trustees as a body. for our audit work. for thi$ ieport. or for the opinions we have formed.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA Jwnlma Klng IS•nlor Statutory Audltor) For and on behalf of Richardsons, StatLrtory Auditor Chartered Accountsnts 30 Upper HKJh Streol Thame Oxfordshire OX9 3EZ Datg'..3..1.4..2¢2S Rithard80n8 is eligib for appo¥)tment 88 auditor of Ihe Fund by virtue of its eligibilty for appointsment as auditor of rKJrnpany urKler sedion 1212 ofthe Companies Act 2OJ6.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlct•d R•strletsd Endowm¢nt funds funds funds 2024 2024 2024 Total Tolal 2024 2023 Income and endovmients from: Donations and legac Investments other income 37,066 50,258 {41,2101 14,1441 50.258 174,356 80,392 28,175 Total Income 87,324 141,2101 46,114 282,923 Exp•nditur• on: Raisin funds Fundraising and PL¢blicity In$tnI m8n8gem&nl 66.175 6.831 73.OC6 harit8ble adNities Charrtable activities 58,802 73.641 132.443 1,388,846 Totsl expenditure 58,802 73,641 132,443 1.461.852 Net gainslllossesl on investm¥nts 13 113,590) 174,4*1 188,0861 79,923 N•t incomellexpenditurel 28,522 (114,851} 188.3291 17,198,929> Net movement in funds 10 14.932 (114,851} I74,4) 1174,41SI 11,119,006) Reconclllatlon of funds.. Fund balances at 1 January 2024 182.277 114,851 1,324,388 1.621. 2,740,502 Fund balances at 31 D•e•mbèr 2024 197,209 1,249.872 1,447,081 1,62t,498
THE GLOBAL FUND FOR FORGOThEN PEOPLE, ORDER OF MALTA BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Flx•d us•ts Tawble a$8Èt$ 15 732 1.777 Currartauet• ifj 13.750 1.648.283 Cash 8t bank and In 1.458,940 1,458,910 1.662.033 Ct•dltors: •mt)unts lalllng due oft• year 17 (12,5911 142,3141 N•t ¢unwkt as8•1s 1,448.349 1,619.719 Total a88•181os¥ ¢uff•nt HablllU•• 1.447.1 l.W21.496 Th• fun+ts of th• Fund Endowment funds R&stri¢lod Irwmg UnrBstrirtod funds 18 19 1.249.872 1,324.368 114,851 782.277 197.209 1.447.081 1,621.496 Tho 0)broary is to the Bxwnplth fTQrn tho audit ¥eqremnI t18#d in s•¢bw 477 of ihe Ccmpgni&gkn1 2006, for th¢ y¢ar ended 31 Do¢mÈér 2024. 01though an sudil has boen carried out Ndor s¢cUon 144 of lh& ch1tACl 2011. The dffectors ed[no8J0 thelr re5pon$lbililip¥ lor Clynplnj with the rewlfemerts of Ihp CcfflFonb¥ Ael 2006 wilh re8poc1.to a¢couni4ng IOrdS and Ith• ktrepar•tirJn of ftnancial 8tattmMIs. The membors have not TequYe¢J the company to obtaln an audlt of Its flIne¢1 Staents under lh& reqLllreTnts ol the Companiss A¢t 2008. Tr y¢8r in question In accordan wilh s¢th"oD 476. Those statofflents have bogn prepared in aclordance witrb the PTthi5KJn5 8pplicptAe to cmwlss sub1 to the small compwEpy regim¢. Th• financ4a 8tatem¥nts approv•J tythe trusteès fj................. .. Ifa RA Filzan Howard Esq. LVO Trtt•• CoThwy wl$trats)n IWT¥thr 08107614 lE4arnI and Wales)
THE GLOBAL FUND FOR FORGOTTEN PEOPLE. ORDER OF MALTA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notss Cash flows from op•ratlng aetlvlt Cash absorbed by operations 23 {150,76n {1.986,502) Invastlng actlvltl8s Proceeds from disposal of tangiblè fixad assets Revaluation lin¢luding CLwrency movernentsl Profrt w loss on foreign exchange Proceeds from disposal ol investments Interest receNed 320 <88,0861 17481 1.$32,Cf)8 50,258 Net cash {used InVg•n•ratsd from Inve8tlng actlvltl 138.5761 1,532,388 N*1 ¢ash usfyd In flnan¢ing a¢tivltles Net decrease in Gash and cash •qulvalènts 1189,3431 1454,1141 Cash and cash equivalents at beginning of ytrar 1,648.283 2,102,397 Cash and eash ¢quiv•l•nts #t end of year 1,458.940 1.648.283
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting Wict Charity Infonnation The Global Fund for Forgotten Peop, Order of Maha is a private company Ilmw by guarantee ino)rpoTated in England and Wales. The registered office is 30 Upper High Streel. Tham¢, Oxford8hire, OX9 3EZ. 1.1 Accounting conventlon The accounts have been prepared in accordance wth the Fund's Memorandum and Arlicles, the Companies Act 2C and 'Accounting and Reportir4J by Charthes.. Statement of Rmmertded Pr8CtiCE applicable to chaiilies preparing their accounts in accordance with the Finanaal Rèporting Standard aPIcable in the UK and Republic of Ireland IFRS 1021° las amended for accounting PelKMJs wmmencAng from 1 JanLFary 20191. The Fund is a Publ¢c Benefit Entty as defined by FRS 102. The accounts are prepared in US dollars. whkl) Is th& functional Irrenry of the Fld. Monetary 8mounl$ in these finanaal statemènts are roun¢Jed lo the neaml $. The finanaal stst8menl$ hav& been prepareil under the historical cLJsl convention. The prfndp818¢ciiunting poli$ adopt ar $et out below. 1.2 Going eoncèrn At the lime of approving the finanaal stslemenls. even though the the charitable activities havè ceased, the charity had suffiaent unrestrided reserves to furKtion for the next 12 rnonlhs. Therefore, the going ¢oncem basi$ of a¢counllng h8$ boen 8dopteil in preparing the financial statements. 1.3 Charftable funds Unrestricted funds are available for use at the discretion of the trustees in furtheran of their chantable obie¢tives. Restred funds are sublecl lo spe¢itlc conditions by donors or grantors as lo how they may bè used. The purposes and uses of the fe51rided fvnds are sel out in the rte$ lo the finanaal statements. EndrywrrEnt funds are subject to specific condIOn$ by donors that the c8pi181 must be maintained by th& Fund. The income is available to support the ongoing activitias of thè Fund. 1.4 In¢om• IncDme is recognised when the Fund is legally &ntlded to il after any perf0rrnar conditions have been met, the amounts can be measured reliably, and li 1$ probable that income will be Ceived. Cash donations are (a)gnised on receipt. Other donations are r•cogni$8d oncg the Fund has been notified of the donation, unle33 performancE condrtions requi deferral of the amount. I[rne tax recoverable in reblion lo donations received under GiftAid or deeds of covenant is recognlsed al the lime of the donation. Legacies are fecognlsed on ¥ecelpl or othe18t rf the Fund has been nolified of an impending distribution, the amount is known. and r1p1 is exp8¢led. If the amounl is not known, the legacy is tr&atad 8s a contingent Asset. 10-
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclos Icontlnuedl 1.5 Expendltwe Liabilities are recognised as expenditure as soon as thor 1$ a le981 or con31ruthve ObligaOn cKJmmitbng tho charity to that expenditure, it is probable that a transfer of economic tenefits will be required in settlement 8nd the amount of the oblvJation can be measured reliabty. Expenditure is accxjunled for on an accruals basis and has been dassified under headings th8t aggregate 811 co81 related lo the category. Where costs cannot be directly attributed to partiCLtlar headiros Ihgy have allocated lo activit on a basis consislenl with tho use of resources. Grants payab are chargèd in Ihg year when the offer is made except in those ca$e$ whwe U)e ohr is ¢ondition81, such grants being recognised as expendrture when the conditions attaching are fuffilled Grants ofler¢d subj¢¢t lo wndilions which have not been met at the year end are noted as a contingent liability. but not a¢uued a$ expgndrture. 1.6 Tanglblo flxod ass•ts Tangible fixed assets are initially Measured at cost and subsequently measure(l at cost or valuation. net of deweckqlion and any impairmenl10&8es. Depreciation is rw)gnised $0 a$ to write off the o)sl or valuation of assets less their resldual value8 over their useful lives on the followng b88e$= Computeis 250h Str8ighl line basis The gain or loss arising on Ihe disposal of an asset is determined os the drfferenc befvleen the sale preedS and the carrying value of the asset. and is recognised in tha statèment of finan81 activities. 1.7 Impalmi•nt ol flx¥d assets At each reporting end date, the Fund revlews the ¢8rrylng amounts of ils tangible assets to detemilnè whther there is any indicatson that those assets have suffèred an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo detemine Ihe extent of the impaim)ent loss Irf 8nyl. 1.8 Cash and ¢a¥h equivalents Cash and cash equNabnts indudè cash in hand, deposits held at call with banks, other Short-lemi liquid investments with original maturities of three months or I, and bank overdrafts. Bank overdrafts are shown withtn borrowings in current liabilitw. 1.9 Flnanclal Instrumènts The Fund has elected to appty the provislons of Secllon 11 'B8sic Finanual Instruments, and SeCtn 12 'Olher Finanaal Instruments Issues, of FRS 102 to all of its finanoal instruments. Fin8nck81 instwmenls are rec4Jgnised in the Fund's balance $hg01 when the Fund becomes party to the corthctual provisions of the instrument. Fin8nciBI assets and liabilrties are offset, wth the net amounts prèssnled in the finanaal statements. when thece 1$ 8 leg811y enforceable right to set off the recognised amounts and there is an inlenti¢)n lo settle on a net basis or lo r881ise the asset and settle the liability simultaneously. BaBl¢ financial assets Basic finanoal assets, which indude debtors and cash and bank balances, are inthally measur&J at transaclion price including transaction costs and are sub5equenlty carried al amortised cost usin9 the effective interest method unless the 8rrangemenl ¢on81itules a finanang transaction, where the transadion is rneasured at the present value of the fvturg receipts discounted 41 a market rate of interest. Finand81 assets da$$rf as receivable within one year are not 8mortised.
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policiej Icontinugdl Baslc flnanclal Ilabilities Basic finanfial liabilities, induding creditors and bank loans are initially recognised at trans8cion pr unl&8S lh& arrangement constilules a finanung transactK•n, where the debt instrumenl 1$ measured at the present V8lue of the ftJIU payrnenls discounted at a market rate of interest. Finanaal liabilits&s d83sffied as payable within one year are not amth'sed. Debt instruments are subsequently carri&J at amorbsed 1, uslng the effe(aive interest rale method. Trade credf(ors are obligations to pay for goods or setvics that have been swu11 in the ordinary course of operations from suppliers. Amounts payable are classifieil 8s currènt liabilities rf payment is due within one year or less. If not. they are presented as non-curreftt liabilities. Trade creditors are reo)gnised InallY al transaction and subsequently measured at 8morti88<1 eosl using the effectNe interest method. Derecognltlon of flnanclal Ilabllltl Finanrial lialIe8 are dereo)gnised when the Fund's contradual obligations expire or are discharged or cancelled. 1.10 Employee benefft8 The o)st of any unused holiday entitlement is reco9nised in thè in which the employee's services are received. Termination benefits are reo)gnised immediately as an expense when the Fund is dèmonstrabty committed to terminate the employment of an employee or to provide tamiinatK)n t4ntrfits. 1.11 Retlroment benefbts Payrnents lo defir o)nlribuiion retirement benefit schemes afe charggd 8S 8n expense as they fall due. C¢11 ac¢ountlng e&tlmates and judgements In the application of the Fund's accounling poliues, the trustees arè quired to make judgements, estimates and assumptions about the carrying amount of assets and liabilrfiès that arg not readity apparent from other sources. The estimates and associated assumptions are based on historicAI experierrk and other faclors that are txjnsidered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimatè 1$ rgvi$ed whore the revision affects only that period, or in the period of the revisM)n and luture periods whore the revision affects both c#Jrrent and futura periods. Income from donations and legacle8 Unrestrictsd R•strletsd funds fundB 2024 2024 Tot•1 Total 2024 2023 Donations and gifts {see also Note 191 37,066 141,2101 14,144} 174,356 Unre51ricted Fund income is made up of $26,932 - donati¢)n of funds from the Funds US entity Ido$lng balance) and $10,134- being Viston 2050 funds unrestrict8d as Fer donors instructions. 12
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from investments Unrestricted Unrestr5cted fvnd¥ funds 2024 2023 Other income Interest receivable 23,583 50,258 50,258 eKI,392 Othgr Income Unre8trlct•d Unrnstri¢t fundB funds 2024 2023 Amounts recharged to other enb'ty 28,175 Exp8ndlture on rnising funds Unrestrfctsd Unrnstricted funds funds 2024 2023 Fundraising and publlclty Support costs 86.175 Investment management 6,831 Totsl costs 73,CQ6 13-
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendiiur• on charitsble activities Charitab aetSvltl 2024 Charitsble actlvities 2023 Grant funding of a¢awities {see note 81 73.641 1,117.683 Share of support and gav•man¢• $ts note 9) Support Goveman¢¥ 152,411 118,752 132,443 1.388.846 Analy818 by fund Unreslri¢teil funds Restrided funds 58,802 73,641 817,523 571,323 132,443 1,388,846 Grants pay¥ble Charftable actlvltles 2024 Charltsbl• aetlvitl 2023 Grants to Instltutlons.. Medicines for Lebanon Romanian Relief Servi Albanlan Rglief Serv Lithuanian Relief Service Lafvian Relief Service Slovakian Relief Service Other 71,010 80.895 174,058 153,399 60,000 44,400 80,OCQ 524,931 2.631 73,641 1,117.683 14-
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 Support ¢ts allocated to activiti Total 2024 Totsl 2023 Staff costs Depreryation Communications Travel Sundry expenses Offiee eosl8 US rocharge Exchange {gainslAosses 129.232 1.270 4.857 11,532 1.665 40,939 21.330 7.780 17461 218.585 2024 2023 Governance costs comprtse: Staff costs {see note 121 Audit fees Accountancy Legal and professional Shale of sijpport costs 5,210 7,886 40,809 9.167 1,119 42,291 25,366 24,206 18,304 58,506 118.752 10 N•t moY•m•nt in fund8 2024 2023 The net movement in ftjnds is stated after chargingllcreditiThJ}: Fees payable for the audit of the charitys finanaal st¥tsm¥nts Depreciation of Nned tangible fixed asseis 7,885 1,044 9.167 1.270 11 Trustè•S None of the Iruslees lor any persons connected with them) receiv •ny fymuneralion or reimbursed exFenses during the year.12023- none of the trustees received any remuner81ion or reimbursed expenses). 12 Employo•s The average rnonthty number of employegs during the year wa8: 2024 Nnber 2023 Number 15-
THE GLOBAL FUND FOR FORGOThEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employ• IConUnuedl Employment Cagts 2024 2023 W39os and $818ri&$ Soual security costs Other pension cLJsts 24.861 120.3951 745 158,137 8.009 3.896 5,211 170,042 The Chief Execubve is an unrernunerated. voluntary role. Th¢ totsl Temuntrr81ion induding ernploymeni benefrts of the other key management personnel were 11 {2023: $50,653). In 2024, no efflployee reNed total remuneration in the band GBP 60.000- 70,IJ)012023.. none). "Social serItY cnsts. is showing as a nègatNè du& lo gmploymenl allance being claimed for the 4 prfor tax years. 13 Gains and losses on investments1Sncludlng currency movements) Unrestrfcted Endowmènt funds funds 2024 2024 Totsl UnTestricted Endo*rynent funds fvnds 2023 2023 Total 2024 2023 Gainslllosses) arising on: Revaluation of investments S81tr of investments {13.5901 174,496} 166.086) 19,5811 89,X 19,S811 89,504 {13,5901 174,496} 188,086) 79,923 79,923 14 Taxation The charity is exempt from tsxalion on its a¢tivitie$ because all its irKome 15 applied for charitable purposes. 16-
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tangible fixed assets Cost At 1 January 2024 4,849 At 31 December 2024 4,849 Dgpreciation and impalrment At 1 January 2024 Depreciat#)n charggd #i Ihg year 3,072 1,044 At 31 December 2024 4.116 Carrylng amount At 31 December 2024 733 At 31 December 2023 1,777 16 Debtors 2024 2023 Amounts lalllng du• wkthin one year: Bad debt provisons Other debtors {162,044} 162,044 1162.0441 175,794 13,750 The bad debt provision relates to 8 drawdown of 8 iestrictèd donation, requested by the Fund in October 2022, but which has not yet been reived. Th1$ donatK)n was made lo the Grand Magisty (the central b of the Order of Maltal, with the express restriction th81 it should be drawn down by the Fund ovèr sevèr81 years for projects working with °Forgoltèn Children. Howevtsi, ft)Ilowing a change of govemment at the Grand Magistry, these lunds had not been recèivèd at the rerKHting dale, in contradiction to don wishes arKI the practi for eight previous draw4owns. Th$ triJste8s Ih&re18 nsider it PTudenl to iecognise a b8d ¢Jebl provision against unreslricled rèsourcès. 17 Cr8dltors'. amounts falllng due wlthin on• yo*r 2024 2023 Other taxation and social security Trade creditors A¢uuals and deferred income {1031 826 11,868 613 41,701 12,591 42,314 17
THE GLOBAL FUND FOR FORGOTTEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Endowm•nt funds Endowment funds represent a88ets whith must be held pem78nently by the FuThl. Income 8ri$ing on the endowment fvnd$ ¢xn be vsed in ardance wlh the objects of Ihe Fund and is indudgd as unrestricted In¢ome. The endowment is managed on a total retum basis. The transfers are in r¥lalion lo the revaluation frorn EUR to USD. The underfying EUR 1.2m remains uncharKJed. At 1 January Revaluations 2024 tos At31 Doe•mber 2024 Pemianent endovmients 1,324.368 174,496) 1,249,872 Prevlou8 yoar. At 1 January Rovaluatlon• 2023 to$ At31 Docember 2023 Pern)anent endowmonts 1,280.988 43,380 1,324.368 19 Restricted funds Th¢ rèstridèd funds of the charity comprise the unexpended balances of donations and grants held on trust suyed lo cond06 by donors as to how they may be used. The 1$10,13418djustmenl relates to a donation that has been rg¢Lqssified to unrestrict&Y based on donor wshes. The1$31.0761 relates to a donation that has been retumed to the donor, at the donorfs request. At 1 January 2024 Incoming resourG•8 Resources Adlu$tr)•nt •xpandod G•ins and At31 loss Docembgr 2024 Medicines for Lebanon Vishm 2050 71.010 43.841 (71.0101 12,6311 {31.076) 110,1341 114.851 {31.076) 173,6411 110,1341 18-
THE GLOBAL FUND FOR FORGOThEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restricted funds IContinu¢dl Prevltjus year: At 1 January 2023 Incoming Resource resource¥ expended Adlu8trnent Galns and los At31 December 2023 Prison mlni$ty fund Medicines for Lebanon Vision 2050 Ukrainè Roma people Other restricted fvnd8 243,956 (243,9581 128,409 79,964 50,063 4.158 161,55n 136,1431 168,6911 {137,8161 71,010 43,841 18,608 137.818 17,155 6.005 123,1601 519,$87 166,587 (571,3231 114,651 Unrestrfcted funds The unr•slricted funds of tho tharity comprise the Urxpended balances ofdonation$ and grants which are not subject to speufic conditions by donors and grantors as to how they may be used. Th8s8 include designated funds whith have been sel aside out of unrestrlcted fijnds by the trustees for speiific PUFpose$. At 1 J4nu•ry 2024 Incoming resource Resources expended TrnMf•rs Galn$ and loss•$ At31 Dember 2024 General funds 182,277 87,324 158,8021 113,5901 197,209 Prwlou$ year: At 1 January 2023 Incomlng rosources Resourc Tr8nsl¢r¥ èxpènd•d G4lnB and 106SOS At31 D•e•mbar 2023 General fvnd8 939,W27 96,336 1890,5291 143,3801 79,923 182,277 21 Anatyst8 of net a¥•ets belwe•n fund• Unr¢$tri¢t•d funds 2024 R••tricted Endowment funds furKI¥ 2024 2024 Totsl 2024 At 31 Decemb•r 2024: Tangible assets Current assetsllliabllhies) 732 196,477 732 1,446.349 1,249.872 197,2CKd 1,249.872 1,447,081 19
THE GLOBAL FUND FOR FORGorrEN PEOPLE, ORDER OF MALTA NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 AMIy8i8 of net as$ bgtween fund• IC¢ntinuedl Unrestricted funds 2023 Restricted Endowment funds funds 2023 2023 Total 2023 At 31 December 2023: T8ngiblg 8$sel$ Current assetsl(liabilitie$) 1,777 180,500 1,777 1,619,719 114,851 1,324,368 182,277 114,851 1.324,368 1,621,498 22 Related Party Transactlons There was a central relationship befv4een the Fund 8nd the Order of Malla. The Fund made grants to charitable projects of the Order of Malta across Ihtr wd which catered for those people who would olherwise be forgotten. As at 31 December 2024. all three trustees ofthe Fund were members of the Order ol Malta. No tiustees have been diredty involved in any of th¥ ¢haritabltr projects that have been awarded grants by the Fund in 2024 (2023.. none). The Fund. up until 2023, worked dosety wrth The Glob81 Fund for Forgotten People Inc., a USA-incorporated 501 Icl3 (the US Fund), a charity which also rais8(I funds foT 8nd made grants to projects that wothed wtth people who would otherwise be forgottén. The organizalions were separate and independent. bul benefrted from shared objectives, prot%sse$ 8nd administralwe fvnctions. AdministratNe and Overhead expenses were re-charged betweèn the two entities on 8 recurring basis. The expenses incurred by the Fund on behaw of the US Fund werè $nil {2(T23.. $28,175} for the year ended 31 Dember 2024. The expenses incurred by the US Fund on behalf of the Fund were $nil 12023.. $15,032) for the year ended 31 December 224. The US Fund owed $nil12023.. $13,143) lo the FurKI a8 of 31 December 2024. 23 Cash g•n•ratsd from 0rationS 2024 2023 Defiat for the year (174,415) 11.119.ocfj) Adjustments for.. Inve$lmenl inrne recxjgnised in statement of finala1 acIN1tS Gain on disposal of investments Fair value gains and losses on investments Depreoation and impaimenl of tsngible fixed assets IrNestrnent manager fees 150,258) {80,3921 189.5041 1 $4,$52 1.270 6,831 88,834 Movements in working capital.. De¢re8se in debtors (Decrease) in creditors 13.751 306,338 129,723) {1.186,5911 Cash absothd by op•ration$ (150,76n 11,986,502)