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2024-12-30-accounts

Scottish Charity Number: SC049681

GLO EUROPE

Trustees report and financial statements For the year ended 31 December 2024

GLO EUROPE Contents

Page
Legal and Administrative Information 1
Report of the Trustees 2
Report of the Independent Auditor 9
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Financial Statement 16

GLO EUROPE

Legal and Administrative Information

Trustees:

Principal Office:
Website address:
Charity Number:
Auditors:
Bankers:
Solicitors:		 78 Muir Street
Motherwell
ML1 1BN
www.glo-europe.org
SC049681
Innes & Partners Limited
Chartered Certified Accountants and Statutory Auditors
9 Ardross Street
Inverness
IV3 5NN
Bank of Scotland
32 Brandon Parade South
Motherwell
ML1 1UW
BBM Solicitors
1st Floor, 27 George Street
Edinburgh
EH2 2PA

Page 1

GLO EUROPE

Report of the Trustees for the year ended 31 December 2024

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

GLO Europe, a Scottish Incorporated Organisation (SCIO), was registered on 24th October 2019, with the charity number SC049681. This replaced the previous registered charity Gospel Literature Outreach Trust Scotland (SC00735).

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Objectives and Activities

GLO is an autonomous Christian charity committed to the furtherance of the Christian Gospel. The main objectives of the charity are as follows:

The charity’s core values are:

Principal Activities

The charity's principal activities in meeting the above objectives are:

Page 2

GLO EUROPE

Report of the Trustees for the year ended 31 December 2024

Resident missionaries

In 2024, the charity had a total of 74 commended missionaries — 37 working overseas in Albania, France, Italy, Romania and the Republic of Ireland and 37 based in the UK. The charity contributes to the expenses of the evangelistic work of each Resident Missionary in accordance with an annual budget and available funds.

Short Term Mission Teams

In 2024 we ran a number of short-term mission teams in Europe which were all successful.

Tilsley Training Bible College

September 2024 saw ten students enrolled in the Certificate of Higher Education in Biblical Studies and Christian Ministry programme. Two other students joined us in September 2024 for the FirstServe gapyear programme and six students enrolled for the ADVANCE compact course on Bible and Missions that was to be run in February 2024. Our online JOSHUA evening class programme continues to be popular with students enrolling from across Europe – they are largely drawn from our wider network as part of GLO Europe.

Bookshop and Coffee Shop

The charity operates a large Christian Bookshop and Coffee Shop at its premises in Motherwell, Lanarkshire. Its function is to provide quality Christian literature and also to provide a service for the local community. Funds generated from the Bookshop and Coffee Shop help support the charity’s principal activities mentioned above.

Grant Making Policy and awards

The charity makes grants from its gift income to GLO's unpaid missionaries and to International projects. The beneficiaries are involved in activities or ministries compatible with the charity's objectives and for the particular Christian Mission work engaged in by the recipients. Further details can be found in note 9.

Volunteers

The charity is dependent on the services of volunteers to carry out its objectives. The volunteers give up their time free of charge and it is not possible to quantify the benefit arising to the Charity. The Trustees wish to express their deep gratitude to those who serve in this way.

Achievements and Performance

Achievements and performance 2024 was a very busy, demanding year across all of the charity's activities.

At the beginning of the year, the following key objectives were identified:

Page 3

GLO EUROPE

Report of the Trustees for the year ended 31 December 2024

Achievements and Performance (continued)

Support of our Resident Missionaries throughout Europe

£37,000 was budgeted for mission teams at the beginning of 2024. At the beginning of the year, the Missions Co-ordinator was able to make visits to resident mission teams in France, Spain, Italy and the UK as travel restrictions allowed. Communication was also maintained through zoom video calls, e- mails and telephone calls to the team leaders giving encouragement, advice and support as appropriate.

Facilitating Short-term Mission opportunities throughout Europe and beyond

Recruitment of team members for the short term mission teams was primarily done online and via social media. Some teams were small and others were over subscribed but all were very profitable and successful.

Tilsley College

Recruitment of students for the College's full-time and part-time programmes is done through the website, Facebook page, staff contact and circulation of a college brochure. Copies of the brochure are distributed at events and conferences throughout the UK and Europe.

This resulted in 8/10 students entering the College. We have continued to develop our online training provision and carried out within the year several events where over 100 students / attendees have benefited from this training. We continue to improve and consolidate our plans to ensure we have procedures in place to maximise student intake from one year to the next.

Provide financial assistance to GLO International projects

During 2024, a total of £1,200 (2023: £1,000) was allocated to assist GLO International Projects in Zambia.

Financial Review

The Statement of Financial Activities on page 13 reflects Net Expenditure (i.e. a Deficit) for the year of £99,171 (2023: Deficit £10,657) and total funds of £886,204 at 31 December 2024 (2023: £985,375) of which £490,783 (2023: £492,311) was tied up in fixed assets, £32,385 was designated for building purposes by the trustees, whilst £88,555 (2023: £113,903) related to Restricted Funds.

Principal funding sources

The charity's main income sources are donations from individuals, Trusts and churches and gifts for unpaid missionaries in addition to income from Bookshop and Coffee Shop, College fees and hire of facilities.

Reserves Policy

It is the policy of the charity to maintain Unrestricted General Funds, i.e. funds not committed or invested in Fixed Assets, at a level which equates to approximately three months of unrestricted expenditure. This allows sufficient funds to cover operational, administration and support costs for a period in the event of a reduction in income.

At the year end date, unrestricted general funds amounted to £274,481 (2023: £379,161) which was considered by the Trustees to be appropriate to the charity's circumstances.

The Trustees are confident that all ongoing needs of the ministry will continue to be met. The reserves policy is reviewed on a regular basis by the Trustees

Page 4

GLO EUROPE

Report of the Trustees for the year ended 31 December 2024

Risk Management

The Trustees continually review and assess the major strategic, operational and financial risks to which the charity is exposed. The main risks that have been identified in this review are:

For each of these risks, procedures have been put in place to mitigate and reduce the associated risk.

Future plans

The Trustees intend to continue their good work in meeting the charity's objectives and in support of their missions throughout Europe. For the year ahead (2025), the following key objectives have been identified:

Structure, Governance and Management

Governing Document

GLO Europe was granted status as a Scottish Charitable Incorporated Organisation (SCIO) by the Office of the Scottish Charity Regulator (“OSCR”) and registered as a new Scottish Charity (No. SC049681) on 24 October 2019. It is governed by it's Constitution.

The Trustees who served during the year and up to the date of signature of the financial statements were:

Page 5

GLO EUROPE

Report of the Trustees for the year ended 31 December 2024

Appointment of Trustees

New Trustees are appointed as and when required by the charity's needs. Appointment is through a process of strict criteria that has been agreed upon by the current Trustees. Criteria that would need to be met in the individual are:

Role of Trustees

The Trustees meet regularly to discuss the ongoing function and aim of the charity and they put in place suitable and appropriate actions to ensure that the aims and objectives are carried out with feedback and accountability systems in place.

Organisational Structure

The Trustees are responsible for the overall direction of the charity and for all operational policy and strategy matters. The charity also has a small number of Executive Committees to handle finance, training and mission. The day-to-day operations are overseen by the charity’s missionaries from the Head Office in Motherwell, Scotland. The missionaries are not paid by the charity but raise their own finance to support the charity in the furtherance of its aims. The key individuals are:

Title deeds to the properties owned by the Charity are held in the name of the Charity.

Page 6

GLO EUROPE

Report of the Trustees for the year ended 31 December 2024

Key Management Personnel Remuneration

The Trustees consider themselves along with the senior members of staff as the charity’s key management personnel in charge of directing and controlling the charity as well as running and operating the charity on a day to day basis.

All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustees' expenses and related party transactions are disclosed in note 13 to the financial statements.

Trustees are required to disclose all relevant interests and register them with the General Director and, in accordance with the Charities policy, withdraw from decisions where a conflict of interest arises.

Related parties

The charity has a number of related parties, details of which are disclosed in note 13 of the financial statements.

Auditor

Innes & Partners Limited were appointed as the Charity’s auditors during the year and have expressed their willingness to continue in that capacity.

Page 7

GLO EUROPE

Report of the Trustees for the year ended 31 December 2024

Trustees’ Responsibilities in relation to the Financial Statements

The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charity Accounts (Scotland) Regulations 2006 (as amended), and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the trustees on 9 September 2025 and signed on their behalf by:

Page 8

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2024

Opinion

We have audited the financial statements of GLO Europe (the ‘charity’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available to small entities, in the circumstances set out in note 24 to the financial statements and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 9

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2024

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 7, the trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 10

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2024

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.

Page 11

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2024

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Senior Statutory Auditor

for and behalf of Innes & Partners Limited, Statutory Auditor

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006. 9 Ardross Street Inverness IV3 5NN

Date: 9 September 2025

Page 12

GLO EUROPE

Statement of Financial Activities for the year ended 31 December 2024

Note Unrestricted
Income
Funds
£
Donations and Legacies
4
253,417
Charitable Activities
5
318,124
Other Trading Activities
6
203,385
Investments
7
-
Total Income
774,926
Expenditure
Raising Funds
8
175,127
Charitable Activities
8
515,589
Total Expenditure
690,716
Net income/(expenditure) before
transfers
84,210
Transfers between funds
20
(188,890)
(104,680)
Net Movement in Funds
(104,680)
Reconciliation of Funds
Total Funds Brought Forward
379,161
Total Funds Carried Forward
19
274,481		 Unrestricted
Funds
£

253,417

318,124

203,385

-		 Designated
Funds
£
-
-
-
-		 Restricted
Funds
£
483,292
-
-
-		 Total
Funds
2024
£
736,709
318,124
203,385
-

1,258,218
175,127
1,182,262
1,357,389
(99,171)
-
(99,171)
(99,171)
985,375
886,204		 Total
Funds
2023
£
876,007
709,852
176,825
249
774,926
-		 483,292 1,762,933
-
166,812		 -
499,861		 140,130
1,633,460
690,716 166,812 499,861 1,773,590
(166,812)
197,669		 (16,569)
(8,779)		 (10,657)
-
(104,680) 30,857 (25,348) (10,657)
(104,680)
379,161		 30,857
492,311		 (25,348)
113,903		 (10,657)
996,032
523,168 88,555 985,375

All income and expenditure derive from continuing activities.

The notes on pages 16 to 31 form part of these financial statements.

Page 13

GLO EUROPE Balance Sheet a5 at 31 Decenlber 2024 TotAI Total Fwids llote ITnrests'lcted Funds Deslgn&ted Funds Reststrted Funds 2024 2023 Tan8ible assets Tolal Fixtd Asstts 14 490.783 490.783 492.312 CwTent Assets stock 89.861 29.275 193.392 89,8fA 30.786 376.522 88.901 11.241 463.969 15 Cash at BaDk alld Elalld 32.385 150.745 Totgl Current Assets 312 531 32085 152256 497,172 564,114 Llabllltles Creditor5 fal]Jn8 due ￿￿tb]ll one 16 38.050 63.701 101.751 71.051 Net CurreDt AssetsllLtsbllllles) 274A81 32085 493,063 TotAI Assets le$$ Current Llgbllllles 274A81 523.168 88.555 886,204 985J75 Net Assets 274,481 88,555 88@204 985J75 Tknt FuDd$ or the Cbarity Restrieted lllcome FI￿(￿ 88.555 88.555 113.903 492.311 379.161 Designated Funds Ullrestricted Fiwlts 523.108 523,168 274.481 274.481 Total Charih. Funds 19 274.481 88,555 88@204 985J75 The fjnallciaL statemellts on pa8es 13 to 31 were approved by the ttustees on 9 September 2025 and on Iheir bclialf liv.. The notes on pages 16 to 31 fo￿ part of these fillalleial 5tOtements. Pase 14

GLO EUROPE

Statement of Cash Flows as at 31 December 2024

Note
Net cash provided by operating activities
22
Cash flows from investing activities:
Purchase of tangible fixed assets
Investment income received
Net cash used by investing activities
Change in cash and cash equivalents in the year
Cash and equivalents brought forward
Cash and cash equivalents carried forward		 Total
Funds
2024
£
(83,818)
(3,629)
-
(3,629)
(87,447)
463,969
376,522		 Total
Funds
2023
£
30,744
(4,177)
249
(3,928)
26,816
437,153
463,969

Page 15

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

1. Accounting Policies

Charity information

GLO Europe , a Scottish Incorporated Charitable Organisation (SCIO), was registered on 24th October 2019, with the charity number SC049681. This replaced the previous registered charity Gospel Literature Outreach Trust Scotland (SC00735).

1.1 Accounting Convention

The financial statements have been prepared in accordance with the charity's constitution, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” issued in October 2019. The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant Notes to these financial statements.

1.2 Going concern

When preparing the financial statements, the Trustees are obliged to consider the appropriateness of the going concern assumption taking into account all matters which may impact on the charity’s ability to continue to operate for the foreseeable future. Although the impact of the Covid-19 pandemic continues to recede, the Trustees have considered its impact on the charity’s finances and ability to continue as a going concern for a period of at least 12 months from the date on which the financial statements were signed.

The Trustees believe that there are no material uncertainties affecting the charity’s ability to continue as a going concern and, accordingly, the financial statements are prepared on a going concern basis.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Page 16

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised when the charity has evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. Entitlement usually arises immediately upon receipt, however, in the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Legacy gifts must be recognised when it is probable that it will be received. This is normally following the granting of confirmation, when the administrator/executor of the estate has communicated in writing both the amount and the settlement date and any conditions attached to the legacy are either within the control of the charity or have been met. In the event that the gift is in the form of an asset other than cash or a financial asset on a recognised stock exchange, recognition is subject to the value of the gift being reliably measured with a degree of reasonable accuracy and the title to the asset having been transferred to the charity

Gift Aid

Income tax recoverable on Gift Aid donations is recognised when the respective donation has been recognised and the recoverable amount of income tax can be measured reliably; this is normally when the donor has completed the relevant Gift Aid declaration form. Income tax recoverable on Gift Aid donations is allocated to the same fund as the respective donation unless specified by the donor.

Income from Charitable Activities

Income from charitable activities includes income earned both from the supply of goods or services under contractual arrangements and from performance-related grants which have conditions that specify the provision of particular goods or services to be provided by the charity. Income from charitable activities is recognised as earned (as the related goods or services are provided).

Deferred income

Deferred income represents income received for services not yet provided. Income is released upon provision of the services.

Other trading activities

Income from other trading activities includes income earned from both trading activities to raise funds for the charity and income from fundraising events and is recognised when the charity has entitlement to the funds, it is probable that these will be received and the amounts can be measured reliably

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Other income

Other income represents income that cannot be reported under the other analysis headings provided within the Statement of Financial Activities and is recognised when the charity is entitled to the income, it is probable that it will be received and the amount can be measured reliably by the charity.

Page 17

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

1.5 Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured or estimated reliably.

Liabilities are measured on recognition at historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date. The exception is that certain financial instruments must be adjusted to their present value; these include financial liabilities where settlement is deferred for more than 12 months after the reporting date.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Raising funds

Expenditure on raising funds includes all expenditure incurred by a charity to raise funds for its charitable purposes.

Charitable activities

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. The costs of charitable activities presented in the Statement of Financial Activities includes the costs of both direct service provision and the payments of grant awards if applicable.

Support costs

Support costs are incurred supporting the charity's activities and include expenditure associated with administrative and finance functions, business support, HR, IT and governance. These support functions are shared across the charity's activities and are apportioned across those activities in order to arrive at the full cost for each reported activity. The method of apportionment adopted by the charity is outlined in the notes to the financial statements.

Volunteers

General volunteer time is not recognised. Reference should be made to the Trustees' Report for more information about their contribution

Governance costs

Governance costs (which are included as a component of support costs in accordance with the SORP) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to constitutional and statutory requirements, external scrutiny (audit or independent examination), strategic management, and other legal and professional fees.

Grant expenditure

Grants payable are made to third parties in the furtherance of the charitable objects. The award is recognised as a liability only when the criteria for a constructive obligation are met, payment is probable, it can be measured reliably and there are no conditions attaching to its payment that limit recognition.

Page 18

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

1.6 Tangible fixed assets

Tangible fixed assets are stated at costs less accumulated depreciation. The costs of minor additions or those costing below £100 are not capitalised.

Depreciation provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

Heritable property Straight line over 50 years Leasehold land and buildings Not depreciated Plant and machinery 20% straight line Fixtures, fittings and equipment 20% straight line

1.7 Impairment of fixed assets

At each reporting end date, the Trustees review the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Page 19

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement Benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2. Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Page 20

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

3. Statement of Financial Activities for the year ended 31 December 2023
Total
Unrestricted
Designated
Restricted
Funds
Funds
Funds
Funds
2023
£
£
£
£
Income
Donations and Legacies
337,020
-
538,987
876,007
Charitable Activities
319,579
-
390,273
709,852
Other Trading Activities
176,825
-
-
176,825
Investments
249
-
-
249
Total Income
833,673
-
929,260
1,762,933
Expenditure
Raising Funds
140,130
-
-
140,130
Charitable Activities
464,224
196,132
973,104
1,633,460
Total Expenditure
604,354
196,132
973,104
1,773,590
Net income/(expenditure) before transfers
229,319
(196,132)
(43,844)
(10,657)
Transfers between funds
(146,718)
146,718
-
-
Net Movement in Funds
82,601
(49,414)
(43,844)
(10,657)
Reconciliation of Funds
Total Funds Brought Forward
296,560
541,725
157,747
996,032
Total Funds Carried Forward
379,161
492,311
113,903
985,375
4. Donations and Legacies
Unrestricted
Designated
Restricted
Total
Funds
Total
Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
Donations and gifts
253,417
-
483,292
736,709
876,007
253,417
-
483,292
736,709
876,007
Donations and Legacies - Comparatives
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
Funds
2023
£
£
£
£
Donations and gifts
337,020
-
538,987
876,007
337,020
-
538,987
876,007
5. Charitable Activities
Unrestricted
Designated
Restricted
Total
Funds
Total
Funds
Bookshop Sales
Funds
£
265,114
Funds
£
-
Funds
£
-
2024
£
265,114
2023
£
261,742
College fees - ministry & administration
53,010
-
-
53,010
57,837
Partnership delivery
-
-
-
-
390,273
318,124
-
-
318,124
709,852		 3. Statement of Financial Activities for the year ended 31 December 2023
Total
Unrestricted
Designated
Restricted
Funds
Funds
Funds
Funds
2023
£
£
£
£
Income
Donations and Legacies
337,020
-
538,987
876,007
Charitable Activities
319,579
-
390,273
709,852
Other Trading Activities
176,825
-
-
176,825
Investments
249
-
-
249
Total Income
833,673
-
929,260
1,762,933
Expenditure
Raising Funds
140,130
-
-
140,130
Charitable Activities
464,224
196,132
973,104
1,633,460
Total Expenditure
604,354
196,132
973,104
1,773,590
Net income/(expenditure) before transfers
229,319
(196,132)
(43,844)
(10,657)
Transfers between funds
(146,718)
146,718
-
-
Net Movement in Funds
82,601
(49,414)
(43,844)
(10,657)
Reconciliation of Funds
Total Funds Brought Forward
296,560
541,725
157,747
996,032
Total Funds Carried Forward
379,161
492,311
113,903
985,375
4. Donations and Legacies
Unrestricted
Designated
Restricted
Total
Funds
Total
Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
Donations and gifts
253,417
-
483,292
736,709
876,007
253,417
-
483,292
736,709
876,007
Donations and Legacies - Comparatives
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
Funds
2023
£
£
£
£
Donations and gifts
337,020
-
538,987
876,007
337,020
-
538,987
876,007
5. Charitable Activities
Unrestricted
Designated
Restricted
Total
Funds
Total
Funds
Bookshop Sales
Funds
£
265,114
Funds
£
-
Funds
£
-
2024
£
265,114
2023
£
261,742
College fees - ministry & administration
53,010
-
-
53,010
57,837
Partnership delivery
-
-
-
-
390,273
318,124
-
-
318,124
709,852		 3. Statement of Financial Activities for the year ended 31 December 2023
Total
Unrestricted
Designated
Restricted
Funds
Funds
Funds
Funds
2023
£
£
£
£
Income
Donations and Legacies
337,020
-
538,987
876,007
Charitable Activities
319,579
-
390,273
709,852
Other Trading Activities
176,825
-
-
176,825
Investments
249
-
-
249
Total Income
833,673
-
929,260
1,762,933
Expenditure
Raising Funds
140,130
-
-
140,130
Charitable Activities
464,224
196,132
973,104
1,633,460
Total Expenditure
604,354
196,132
973,104
1,773,590
Net income/(expenditure) before transfers
229,319
(196,132)
(43,844)
(10,657)
Transfers between funds
(146,718)
146,718
-
-
Net Movement in Funds
82,601
(49,414)
(43,844)
(10,657)
Reconciliation of Funds
Total Funds Brought Forward
296,560
541,725
157,747
996,032
Total Funds Carried Forward
379,161
492,311
113,903
985,375
4. Donations and Legacies
Unrestricted
Designated
Restricted
Total
Funds
Total
Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
Donations and gifts
253,417
-
483,292
736,709
876,007
253,417
-
483,292
736,709
876,007
Donations and Legacies - Comparatives
Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
Funds
2023
£
£
£
£
Donations and gifts
337,020
-
538,987
876,007
337,020
-
538,987
876,007
5. Charitable Activities
Unrestricted
Designated
Restricted
Total
Funds
Total
Funds
Bookshop Sales
Funds
£
265,114
Funds
£
-
Funds
£
-
2024
£
265,114
2023
£
261,742
College fees - ministry & administration
53,010
-
-
53,010
57,837
Partnership delivery
-
-
-
-
390,273
318,124
-
-
318,124
709,852
833,673
-
929,260
1,762,933
140,130
-
-
140,130
464,224
196,132
973,104
1,633,460
604,354
196,132
973,104
1,773,590
229,319
(196,132)
(43,844)
(10,657)
(146,718)
146,718
-
-
82,601
(49,414)
(43,844)
(10,657)
296,560
541,725
157,747
996,032
379,161
492,311
113,903
985,375
Designated
Restricted
Total
Funds
Total
Funds
Funds
Funds
2024
2023
£
£
£
£
-
483,292
736,709
876,007
253,417

Unrestricted
Funds
£
337,020		 -
483,292
736,709
876,007
Designated
Restricted
Total
Funds
Funds
Funds
2023
£
£
£
-
538,987
876,007
-
538,987
876,007
Designated
Restricted
Total
Funds
Total
Funds
Funds
£
-
Funds
£
-
2024
£
265,114
2023
£
261,742
-
-
53,010
57,837
-
-
-
390,273
337,020
Unrestricted
Funds
£
265,114
53,010
-
318,124
-
-
318,124
709,852

Page 21

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

5. Charitable Activities (Continued) - Comparatives
5. Charitable Activities (Continued) - Com
Bookshop Sales
College fees - ministry & administration
Partnership Delivery		 paratives
Unrestricted
Funds
£
261,742
57,837
-		 Designated
Restricted
Total
Funds
Funds
£
-
Funds
£
-
2023
£
261,742
-
-
57,837
-
390,273
390,273
-
390,273
709,852
Designated
Restricted
Total
Funds
Funds
£
-
Funds
£
-
2024
£
158,195
-
-
45,190		 Total
Funds
2023
£
137,522
39,303
319,579
6. Other Trading Activities
Unrestricted
Coffee shop sales
Funds
£
158,195
Hire of facilities
45,190
203,385
Other Trading Activities - Comparatives
Unrestricted
Funds
£
Coffee shop sales
137,522
Hire of facilities
39,303		 319,579
Unrestricted
Funds
£
158,195
45,190
203,385 -
-
203,385		 176,825
Designated
Restricted
Total
Funds
Funds
£
-
Funds
£
-
2023
£
137,522
-
-
39,303
-
-
176,825
Designated
Restricted
Total
Funds
Funds
£
-
Funds
£
-
2024
£
-		 Total
Funds
2023
£
249
7. Investments
Interest received
Investments - Comparatives
Interest received		 176,825
Unrestricted
Funds
£
-
- -
-
-		 249
Unrestricted
Funds
£
249		 Designated
Restricted
Total
Funds
Funds
£
-
Funds
£
-
2023
£
249
-
-
249
249

Page 22

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

8. Analysis of Expenditure
Note Unrestricted
Funds
£
Raising Funds
Coffee shop purchases
52,474
Wages and salaries
12
96,751
Rates
3,520
Heat and Light
10,613
Cleaning
2,084
Repairs and maintenance
2,230
Printing, Postage and Stationery
26
Telephone
24
Insurance
300
Canteen
3,960
General expenses
3,145
175,127
Charitable Expenditure
Wages and salaries
12
114,959
Ministry Projects
189,920
Grants Payable
9
500
Premises Costs
49,395
Running costs
124,301
Motor and travel costs
18,746
Interest & Finance Charges
3,738
Governance Costs
14,029
Depreciation
-
Impairment
-
Loss on disposal of assets
1
Partnership Delivery
-
515,589
Total
690,716		 8. Analysis of Expenditure
Note Unrestricted
Funds
£
Raising Funds
Coffee shop purchases
52,474
Wages and salaries
12
96,751
Rates
3,520
Heat and Light
10,613
Cleaning
2,084
Repairs and maintenance
2,230
Printing, Postage and Stationery
26
Telephone
24
Insurance
300
Canteen
3,960
General expenses
3,145
175,127
Charitable Expenditure
Wages and salaries
12
114,959
Ministry Projects
189,920
Grants Payable
9
500
Premises Costs
49,395
Running costs
124,301
Motor and travel costs
18,746
Interest & Finance Charges
3,738
Governance Costs
14,029
Depreciation
-
Impairment
-
Loss on disposal of assets
1
Partnership Delivery
-
515,589
Total
690,716		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2024
£
52,474
96,751
3,520
10,613
2,084
2,230
26
24
300
3,960
3,145		 Total
Funds
2023
£
49,964
67,755
1,419
8,656
1,798
1,316
27
18
300
3,960
4,917
175,127
-		 - 175,127 140,130
-
-
144,089
-
17,566
-
-
-
18,542
(13,699)
314
-		 -
13,005
480,654
-
6,202
-
-
-
-
-
-
-		 114,959
202,925
625,243
49,395
148,069
18,746
3,738
14,029
18,542
(13,699)
315
-		 106,531
218,375
702,706
40,578
120,281
15,041
4,811
11,660
23,204
-
-
390,273
515,589
166,812
499,861
1,182,262
1,633,460
690,716
166,812
499,861
1,357,389
1,773,590

Page 23

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

8. Analysis of Expenditure (Continued) - Comparatives

Unrestricted Designated Restricted Funds
Funds Funds Funds 2023
£ £ £ £
Raising Funds
Coffee shop purchases 49,964 - - 49,964
Wages and salaries 12 67,755 - - 67,755
Rates 1,419 - - 1,419
Heat and Light 8,656 - - 8,656
Cleaning 1,798 - - 1,798
Repairs and maintenance 1,316 - - 1,316
Printing, Postage and Stationery 27 - - 27
Telephone 18 - - 18
Insurance 300 - - 300
Canteen 3,960 - - 3,960
General expenses 4,917 - - 4,917
140,130 - - 140,130
Charitable Expenditure
Wages and salaries 12 106,531 - - 106,531
Ministry Projects 204,823 - 13,552 218,375
Grants Payable 9
1,010		 138,491 563,205 702,706
Premises costs 40,578 - - 40,578
Running costs 79,770 34,437 6,074 120,281
Motor and travel costs 15,041 - - 15,041
Interest & Finance Charges 4,811 - - 4,811
Governance Costs 11,660 - - 11,660
Depreciation & Impairment - 23,204 - 23,204
Partnership Delivery - - 390,273 390,273
464,224 196,132 973,104 1,633,460
Total 604,354 196,132 973,104 1,773,590

Support cost have not been separately identified as the trustees consider that there is only one charitable activity. Therefore support costs relate wholly to that activity and have not been separately identified.

9. Analysis of Grants and Donations

Analysis of Grants and Donations
Grants to GLO unpaid missionaries from:
Fellowship Fund (Unrestricted Designated)
Various Restricted Funds - note 19
International support (Unrestricted General Fund)		 Total
Funds
2024
£
144,089
480,654
500		 Total
Funds
2023
£
138,491
563,205
1,010
625,243 702,706

Page 24

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

10. Analysis of charitable expenditure by activity

Activity or Programme
Ministry and Administration
Bookshop
Coffee Shop
Partnership Delivery
Tilsley College
Tilsley College Bursaries		 Staff
Other direct
Support
Total
Total
costs
costs
costs
2024
2023
£
£
£
£
£
2,827
663,784
138,687
805,298
851,340
83,348
143,766
33,473
260,587
230,914
-
274
682
956
249
-
-
-
-
390,273
28,784
13,436
60,196
102,416
147,132
-
13,005
-
13,005
13,552
114,959
834,265
233,038
1,182,262
1,633,460

Analysis of charitable expenditure by activity - Comparatives

Staff
costs
£
Activity or Programme
Ministry and Administration
11,728
Bookshop
66,532
Coffee Shop
-
Partnership Delivery
-
Tilsley College
28,271
Tilsley College Bursaries
-
106,531		 Other direct
Support
Total
costs
costs
2023
£
£
£
721,789
117,823
851,340
141,202
23,180
230,914
-
249
249
390,273
-
390,273
77,886
40,975
147,132
13,552
-
13,552
1,344,702
182,227
1,633,460

11. Analysis of support costs by charitable activity

Analysis of support costs by charitable activity
Premises Running Motor & Total
costs costs Travel Depreciation 2024
£ £ £ £ £
Ministry and Administration
24,105		 94,486 4,972 15,124 138,687
Bookshop
6,989		 25,900 483 101 33,473
Coffee Shop
-		 - - 682 682
Tilsley College
18,301		 26,373 12,887 2,635 60,196
49,395 146,759 18,342 18,542 233,038
Analysis of support costs by charitable activity - Comparatives
Premises Running Motor & Total
costs costs Travel Depreciation 2023
£ £ £ £ £
Ministry and Administration
64,435		 35,169 2,703 15,516 117,823
Bookshop
7,474		 15,359 247 100 23,180
Coffee Shop
-		 - - 249 249
Tilsley College
18,620		 7,954 6,813 7,588 40,975
90,529 58,482 9,763 23,453 182,227

Page 25

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

12. Analysis of Staff Costs

Analysis of Staff Costs
Salaries and wages
Social security costs
Other pension costs
Average number of employees:
Bookshop
Coffee Shop
Cleaning
Admin		 Total
2024
£
204,521
4,312
2,877		 Total
2023
£
168,831
3,146
2,309
211,710
174,286
Total
2024
Number
6
9
1
3		 Total
2023
Number
5
7
1
3
19
16

No employee had employee benefits in excess of £60,000 (2023: nil).

No remuneration was paid to key management personnel during the year (2023: £nil).

The charge to the Statement of Financial Activities in respect of defined contribution schemes was £2,877 (2023: £2,309)

13. Transactions with Trustees and Related Parties

Trustees do not receive remuneration for their services to the charity. However, two Trustees ( ) received discretionary gifts from the Fellowship Fund and Gifts to Missionaries Fund in their capacity as full-time GLO missionaries. , Trustee, received discretionary gifts from the Gifts to Missionaries Fund only. In addition, two Trustees were reimbursed travelling and out of pocket expenses. Analysis as follows:

Fellowship Fund
Gifts to Missionaries Fund
Reimbursement of Expenses		 2024
£
2023
£
16,050
16,400
32,591
39,056
1,305
959
49,946
56,415

Gifts to Trustees from the above Funds are based on the same criteria used for gifts to other GLO missionaries.

Other than noted above, the Trustees give freely of their time and expertise without any form of remuneration or other benefit in cash or kind.

During the year a relative of a Trustee was employed as a part time Kitchen Assistant and received gross earnings of £8,259 (2023: £8,694) and pension contributions of £82 (2023: £nil). During the year a relative of a Trustee was employed as a part time Kitchen Assistant and received gross earnings of £5,748 (2023: £nil) and pension contributions of £nil (2023: £nil). During the year a relative of a Trustee received a gift of £nil (2023: £4,100) from the Fellowship Fund for unpaid work on behalf of the charity.

Donations

The aggregate value of unconditional donations made by Trustees and related parties was £2,810 (2023: £2,008) and the value of conditional donations was £nil (2023: £100).

Related Party Transactions

During the year payments of £218 (2023: £nil) were made to Counties, a charity in which and is a Trustee.

Page 26

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

14. Tangible Fixed Assets
Heritable
Cost
£
As at 1 January 2024
663,174
Additions
-
Disposals
-
Impairment
-
As at 31 December 2024
663,174
Depreciation
As at 1 January 2024
172,419
Charge for the year
13,263
Eliminated on Disposal
-
Impairment
-
As at 31 December 2024
185,682
Net Book Value
As at 31 December 2023
490,755
As at 31 December 2024
477,492
15. Analysis of Debtors
Unrestricted
Trade Debtors
Funds
£
5,183
Prepayments and accrued income
4,412
Other debtors
19,680
29,275
16. Analysis of current labilities and long term creditors
Note Unrestricted
Funds
£
Due within 1 year
Trade creditors
6,205
Accruals and deferred income
16,660
Taxation and Social Security
7,038
Other Creditors
8,147
38,050
17. Deferred income
Grants
Tilsley College fees paid in advance		 Heritable
£
663,174
-
-
-		 Leasehold
Fixtures,
land and
buildings
Plant and
Machinery
fittings and
equipment
Total
£
£
£
£
1
46,041
241,560
950,776
-
545
3,084
3,629
(1)
-
(1,771)
(1,772)
-
(1,134)
7,187
6,053
663,174 -
45,452
250,060
958,686
172,419
13,263
-
-		 -
45,757
240,288
458,464
-
1,726
3,553
18,542
-
-
(1,457)
(1,457)
-
(5,318)
(2,328)
(7,646)
185,682 -
42,165
240,056
467,903
490,755 1
284
1,272
492,312
477,492 -
3,287
10,004
490,783
Unrestricted
Funds
£
5,183
4,412
19,680		 Designated
Restricted
Total
Funds
Total
Funds
Funds
£
-
Funds
£
-
2024
£
5,183
2023
£
4,627
-
-
4,412
4,271
-
1,511
21,191
2,343
29,275 -
1,511
30,786
11,241
Designated
Restricted
Total
Funds
Total
Funds
Funds
Funds
2024
2023
£
£
£
£
-
-
6,205
3,982
-
-
16,660
13,616
-
-
7,038
7,225
-
63,701
71,848
46,228
38,050 -
63,701
101,751
71,051
Received
Released
01.01.2024
in year
in year
31.12.2024
23,252
56,439
(76,262)
3,429
23,252
56,439
(76,262)
3,429

Page 27

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

18. Analysis of Net Assets Among Funds

18.
19.		 Analysis of Net Assets Among Funds
Fixed Assets
Current Assets
Current Liabilities
Net Assets as at 31 December 2024
Analysis of Net Assets Among Funds
Fixed Assets
Current Assets
Current Liabilities
Net Assets as at 31 December 2023
Movement in Funds
Restricted Funds
Glo Building Fund
Church Planting UK Fund
Tilsley College Bursary Fund
Gifts to Named Missionaries
Gifts for GLO Projects
Gifts for Other Missionary Work
Unrestricted Funds
General Fund
Designated Funds
Fellowship Fund
Designated Building Fund
Designated Asset Fund
Total Funds		 Total
Unrestricted
Designated
Restricted
Funds
Funds
£
Funds
£
Funds
£
2024
£
-
490,783
-
490,783
312,531
32,385
152,256
497,172
(38,050)
-
(63,701)
(101,751)
274,481
523,168
88,555
886,204
Unrestricted
Designated
Restricted
Total
Funds
Funds
£
Funds
£
Funds
£
2023
£
1
492,311
-
492,312
450,211
-
113,903
564,114
(71,051)
-
-
(71,051)
379,161
492,311
113,903
985,375
As at
Incoming
Outgoing
As at
01.01.2024
£
Resources
£
Resources
£
Transfers
£
31.12.2024
£
5,650
-
-
(5,650)
-
44,936
9,000
(6,202)
-
47,734
12,970
2,000
(13,005)
-
1,965
3,129
409,006
(409,006)
(3,129)
-
31,798
35,095
(31,383)
-
35,510
15,420
28,191
(40,265)
-
3,346
113,903
483,292
(499,861)
(8,779)
88,555
379,161
774,926
(690,716)
(188,890)
274,481
-
-
(144,089)
144,089
-
-
-
(17,566)
49,951
32,385
492,311
-
(5,157)
3,629
490,783
492,311
-
(166,812)
8,779
523,168
871,472
774,926
(857,528)
-
797,649
985,375
1,258,218
(1,357,389)
-
886,204

Page 28

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

19. Movement in Funds (Continued) - Comparatives

Restricted Funds
Partnership work IBCM
Glo Building Fund
Church Planting UK Fund
Tilsley College Bursary Fund
Gifts to Named Missionaries
Gifts for GLO Projects
Gifts for Other Missionary Work
Unrestricted Funds
General Fund
Designated Funds
Fellowship Fund
Designated Building Fund
Designated Asset Fund
Total Funds
Fund Purposes:
Restricted funds:		 As at
Incoming
Outgoing
As at
01.01.2023
Resources
Resources
Transfers
31.12.2023
£
£
£
£
£
-
390,273
(390,273)
-
-
5,650
-
-
-
5,650
40,510
10,500
(6,074)
-
44,936
26,522
-
(13,552)
-
12,970
3,129
304,894
(304,894)
-
3,129
62,328
156,768
(187,298)
-
31,798
19,608
66,825
(71,013)
-
15,420
157,747
929,260
(973,104)
-
113,903
296,561
833,673
(604,354)
(146,719)
379,161
-
-
(138,491)
138,491
-
30,386
-
(34,437)
4,051
-
511,338
-
(23,204)
4,177
492,311
541,724
-
(196,132)
146,719
492,311
838,285
833,673
(800,486)
-
871,472
996,032
1,762,933
(1,773,590)
-
985,375

Partnership work with IBCM - During the previous year GLO Europe worked in partnership with IBCM (International Bible Churches for Mission) (Charity Commission No. 1182514) in helping organise worldwide conference in Malaysia in June 23. These conferences are held every 4 years. Around 1200 delegates attended with around 100 from GLO worldwide. All incomes received for the conference were used to pay delegate fees and expenses for the conference.

Glo Building Fund - This fund represents funds set aside and spent by the Trustees on repairs and maintenance work on the building.

Church Planting UK Fund - The Church Planting Fund represents donations received from individuals, churches and Trusts to finance church planting in the UK. The church plants need to be linked with the work of GLO, either because they involve GLO personnel or because GLO is supervising and offering mentoring and training to the church planters. Any allocation from this Fund is at the request of the General Director and allocated by the Finance Director .

Tilsley College Bursary Fund - This Fund is used to help students in financial need to meet fees and expenses and is disbursed at the discretion of the Training Committee.

Gifts to named Missionaries Fund - This Fund handles gifts which are specifically received for individual workers. As amounts are received for onwards remittance to named individuals, a creditor is included for amounts which are not yet paid out by the year end, but which represent liabilities to the named individuals at the year end date.

A total of £409,006 was received for the missionary work of named individuals during 2024.

462 payments ranging in value from £25 to £12,000 were paid out to GLO individuals during the year.

These were made to a total of 55 named beneficiaries (or couples) with the total to each individual (or couple) over the course of this financial year ranging from £37.50 to £33,771.

A balance of £60,715 is held by GLO to be remitted onwards and is included in other creditors at the year end date.

In the previous year: 459 payments ranging in value from £25 to £16,000 were paid to GLO named individuals during 2023. A balance of £21,122 was held by GLO at 31 December 2023 for onwards remittance and was included in other creditors at the year end date.

Page 29

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

19. Movement in Funds (Continued) - Comparatives Fund Purposes Restricted Funds:

Gifts for GLO Projects - This Fund handles gifts which are specifically received for named projects identified by GLO Europe. In this and the previous year this has included GLO Ireland, GLO Albania and Ukraine. A balance on this restricted fund may arise as a result of a timing difference between received donations and then onward transmission or funding or project work.

52 grants totalling £31,383 and ranging in value from £156 to £3,000 were paid out from this fund during the financial year. In the previous year: 48 grants totalling £187,298 and ranging in value from £74 to £67,000 were paid out.

Gifts for other Missionary work - The Fund handles gifts which are received to gift to individuals or projects as an when the funds are required. A balance on this restricted fund may arise as a result of a timing difference between receiving a gift and its onward transmission or funding of work.

56 grants totalling £40,265 and ranging in value from £50 to £15,000 were paid out from this fund during the year. In the previous year: 53 grants totalling £71,013 and ranging in value from £25 to £13,119 were paid out.

Unrestricted funds:

General Fund - This fund represents all income and expenditure relating to the primary activities of the charity, other than those for which funding is restricted.

Designated Fellowship Fund - Income is received through this Fund by way of the Trustees' annual designation of a sum of money from the General Fund for the support of GLO's unpaid missionaries. Gifts from the Fellowship Fund are allocated to GLO missionaries taking into account each individuals circumstances.

84 grants totalling £144,089 and ranging in value from £80 to £7,795 were paid to GLO missionaries during the year. The Fund was disbursed by two members of the Board, neither of whom is a GLO missionary. In the previous year: 98 grants totalling £138,491 and ranging in value from £275 to £7,480 were paid to GLO missionaries.

The transfer during the year ended 31 December 2024 of £144,089 (2023: £138,491) reflected income designated to the Fellowship Fund as financed by the General Fund (Unrestricted).

Designated Building Fund - This Fund represents funds set aside by the Trustees to be used for repairing and maintaining work on the building.

Designated Assets Fund - This Fund represents the net book value of the charity's fixed assets which would not be readily convertible into cash. Transfers represents capital purchases in the year. Expenditure reflects depreciation on assets.

20. Fund Transfers

Note
General Fund to Fixed Asset Fund
1
General Fund to Building Fund
2
General Fund to Fellowship Fund
3
GLO Building Fund to General Fund
4
Gifts to Named Missionaries to General
Fund
5		 Unrestricted
Funds
£
(3,629)
(49,951)
(144,089)
5,650
3,129		 Designated
Funds
£
3,629
49,951
144,089
-
-		 Restricted
Funds
£
-
-
-
(5,650)
(3,129)		 Funds
2024
£
-
-
-
-
-
-
(188,890)
197,669
(8,779)
-

Fund Transfer notes

1. This transfer represents the movement in fixed asset additions during the year.

2. This transfer represents funds designated by the Trustees for future repair work on the building.

3. This transfer is to cover funds designated for the Fellowship Fund as financed by the General fund.

4. This transfer is to cover previous year costs that have been allocated to the general fund.

5. This transfer is to cover funds previously paid from the general fund.

Page 30

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2024

21. Operating lease commitments

At the reporting end date the charity has outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
22. Cash generated from operations
Net movement in funds for the reporting period
Adjustments for:
Investment income recognised in Statement of Financial Activities
Depreciation charges
Loss on disposal of tangible fixed assets
Impairment
(Increase)/Decrease in stocks
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
Net cash provided by operating activities		 2024
£
1,197
-		 2023
£
1,915
3,352
1,197 5,267
2024
£
(99,171)
-
18,542
315
(13,699)
(960)
(19,545)
30,700		 2023
£
(10,657)
(249)
23,204
-
-
(2,918)
4,821
16,543
(83,818) 30,744

23. Auditor's Remuneration

The fees paid to Innes & Partners Limited amounts to accountancy fees of £2,500 (2023: £nil) and audit fees of £10,000 (2023: £nil). The fees paid to Alexander Sloan amounts to audit and accountancy fees of £nil (2023: £10,000).

24. FRC Ethical Standard - Provisions available for small entities

In common with many other businesses of our size and nature we use our auditors to assist with the preparation of the financial statements and prepare and submit returns to the tax authorities.

Page 31