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2025-12-30-accounts

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

Scottish Charity Number: SC049681

GLO EUROPE Trustees report and financial statements For the year ended 31 December 2025

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Contents

Page
Legal and Administrative Information 1
Report of the Trustees 2
Report of the Independent Auditor 8
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Financial Statement 15

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Legal and Administrative Information

Trustees: Mike Packer Ian Smith Stephen McQuoid Karen Macrae James Davies Stephen Cracknell Stephen Fairfield Gordon Stewart Principal Office: 78 Muir Street Motherwell ML1 1BN Website address: www.glo-europe.org Charity Number: SC049681 Auditors: Greg Stapley BA (Hons) BFP FCA MBA Sumer Auditco Limited Saltire Centre Pentland House Glenrothes KY6 2AH Bankers: Bank of Scotland 32 Brandon Parade South Motherwell ML1 1UW Solicitors: BBM Solicitors 1st Floor, 27 George Street Edinburgh EH2 2PA

Page 1

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Trustees for the year ended 31 December 2025

The Trustees present their annual report and financial statements for the year ended 31 December 2025.

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

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Trustees for the year ended 31 December 2025

Resident missionaries

In 2025, the charity had a total of 76 commended missionaries — 39 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 2025 we once again ran a number of short-term mission teams in Europe which were all successful.

Tilsley Training Bible College

September 2025 saw nine students enrolled in the Certificate of Higher Education in Biblical Studies and Christian Ministry programme. Two other students joined us in September 2025 for the FirstServe gap-year programme. 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/freelance workers 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 - 2025 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:

Support of our Resident Missionaries throughout Europe

£37,000 was budgeted for mission teams at the beginning of 2025. 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. Communication was also maintained through zoom video calls, e-mails and telephone calls to the team leaders giving encouragement, advice and support as appropriate.

Page 3

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Trustees for the year ended 31 December 2025

Achievements and Performance (continued)

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. We have continued to develop our online training provision and carried out within the year several events where over 75 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.

Financial Review

The Statement of Financial Activities on page 12 reflects Net Expenditure (i.e. a Deficit) for the year of £100,344 (2024: Deficit £99,171) and total funds of £785,860 at 31 December 2025 (2024: £886,204) of which £473,564 (2024: £490,783) was tied up in fixed assets, £32,385 was designated for building purposes by the trustees, whilst £81,560 (2024: £88,555) 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 £198,351 (2024: £274,481) 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

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.

Page 4

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Trustees for the year ended 31 December 2025

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 (2026), 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:

Mike Packer Ian Smith Stephen McQuoid Karen Macrae James Davies Stephen Cracknell Stephen Fairfield Gordon Stewart

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:

New Trustees undergo instruction to brief them of their legal obligations under Scottish charity law.

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.

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Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Trustees for the year ended 31 December 2025

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:

Stephen McQuoid Secretary (Trustee) James Davies Chairman (Trustee) Samuel Gibson Missions Ian Smith Treasurer (Trustee) Mark Davis Training Richard Harknett UK Training Allan McKinnon Tilsley College

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

Key Management Personnel Remuneration

The Trustees consider themselves along with the senior missionaries 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 secretary 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

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

Page 6

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Trustees for the year ended 31 December 2025

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 16 June 2026 and signed on their behalf by:

Ian Smith

Treasurer/Trustee

Page 7

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2025

Opinion

We have audited the financial statements of GLO Europe (the ‘charity’) for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, 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).

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 23 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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material

Page 8

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2025

Other information (continued)

misstatement of the other information. 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 which 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:

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:

Page 9

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2025

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

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

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.

Page 10

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Report of the Independent Auditors for the year ended 31 December 2025

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.

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.

Greg Stapley BA (Hons) BFP FCA MBA Senior Statutory Auditor

for and behalf of Sumer Auditco Limited, Statutory Auditor

Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006. Sumer Auditco Limited

Saltire Centre Pentland House Glenrothes KY6 2AH

Date: 16 June 2026

Page 11

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Statement of Financial Activities for the year ended 31 December 2025

Note Unrestricted
Funds
£
Income
Donations and Legacies
4
250,442
Charitable Activities
5
312,559
Other Trading Activities
6
223,905
Investments
7
1,619
Total Income
788,525
Expenditure
Raising Funds
8
197,972
Charitable Activities
8
522,130
Total Expenditure
720,102
68,423
Transfers between funds
20
(144,553)
Net Movement in Funds
(76,130)
Reconciliation of Funds
Total Funds Brought Forward
274,481
Total Funds Carried Forward
19
198,351
Net income/(expenditure) before
transfers		 Note Unrestricted
Funds
£
Income
Donations and Legacies
4
250,442
Charitable Activities
5
312,559
Other Trading Activities
6
223,905
Investments
7
1,619
Total Income
788,525
Expenditure
Raising Funds
8
197,972
Charitable Activities
8
522,130
Total Expenditure
720,102
68,423
Transfers between funds
20
(144,553)
Net Movement in Funds
(76,130)
Reconciliation of Funds
Total Funds Brought Forward
274,481
Total Funds Carried Forward
19
198,351
Net income/(expenditure) before
transfers		 Designated
Funds
£
-
-
-
-		 Restricted
Funds
£
493,980
-
-
-		 Total
Funds
2025
£
744,422
312,559
223,905
1,619
1,282,505
197,972
1,184,877
1,382,849
(100,344)
-
(100,344)
886,204
785,860		 Total
Funds
2024
£
736,709
318,124
203,385
-
788,525 - 493,980 1,258,218
-
168,252		 -
494,495		 175,127
1,182,262
720,102 168,252 494,495 1,357,389
(168,252)
151,033		 (515)
(6,480)		 (99,171)
-
(76,130)
274,481		 (17,219)
523,168		 (6,995)
88,555		 (99,171)
985,375
505,949 81,560 886,204

All income and expenditure derive from continuing activities.

The notes on pages 15 to 30 form part of these financial statements.

Page 12

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Balance Sheet as at 31 December 2025

Note Unrestricted
Funds
£
Fixed Assets
Tangible assets
14
-
Total Fixed Assets
-
Current Assets
Stock
89,602
Debtors
15
13,596
Cash at Bank and in Hand
138,775
Total Current Assets
241,973
Liabilities
16
43,622
Net Current Assets/(Liabilities)
198,351
Total Assets less Current Liabilities
198,351
Net Assets
198,351
The Funds of the Charity
Restricted Income Funds
-
Designated Funds
-
Unrestricted Funds
198,351
Total Charity Funds
19
198,351
Creditors falling due within one
year		 Note Unrestricted
Funds
£
Fixed Assets
Tangible assets
14
-
Total Fixed Assets
-
Current Assets
Stock
89,602
Debtors
15
13,596
Cash at Bank and in Hand
138,775
Total Current Assets
241,973
Liabilities
16
43,622
Net Current Assets/(Liabilities)
198,351
Total Assets less Current Liabilities
198,351
Net Assets
198,351
The Funds of the Charity
Restricted Income Funds
-
Designated Funds
-
Unrestricted Funds
198,351
Total Charity Funds
19
198,351
Creditors falling due within one
year		 Designated
Funds
£
473,564		 Restricted
Funds
£
-		 Total
Funds
2025
£
473,564
473,564
89,602
15,612
316,358
421,572
109,276
312,296
785,860
785,860
81,560
505,949
198,351
785,860		 Total
Funds
2024
£
490,783
- 473,564 - 490,783
-
-
32,385		 -
2,016
145,198		 89,864
30,786
376,522
241,973
43,622		 32,385
-		 147,214
65,654		 497,172
101,751
198,351 32,385 81,560 395,421
198,351 505,949 81,560 886,204
198,351 505,949 81,560 886,204
-
-
198,351		 -
505,949
-		 81,560
-
-		 88,555
523,168
274,481
505,949 81,560 886,204

The financial statements on pages 12 to 30 were approved by the trustees on 16 June 2026 and signed on their behalf by:

James Davies / Trustee Ian Smith / Treasurer

The notes on pages 15 to 30 form part of these financial statements.

Page 13

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Statement of Cash Flows as at 31 December 2025

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
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
2025
£
(100,344)
(1,619)
19,942
270
-
262
15,174
7,525
(58,790)
(2,993)
1,619
(1,374)
(60,164)
376,522
316,358		 Total
Funds
2024
£
(99,171)
-
18,542
315
(13,699)
(960)
(19,545)
30,700
(83,818)
(3,629)
-
(3,629)
(87,447)
463,969
376,522

Page 14

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

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.

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GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

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.

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Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

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 17

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

1.6 Tangible fixed assets

Tangible fixed assets are stated at costs less accumulated depreciation. The costs of minor additions or those costing below £250 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 18

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

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 19

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

3. Statement of Financial Activities for the year ended 31 December 2024
Unrestricted
Designated
Funds
Funds
£
£
Income
Donations and Legacies
253,417
-
Charitable Activities
318,124
-
Other Trading Activities
203,385
-
Total Income
774,926
-
Expenditure
Raising Funds
175,127
-
Charitable Activities
515,589
166,812
Total Expenditure
690,716
166,812
84,210
(166,812)
Transfers between funds
(188,890)
197,669
Net Movement in Funds
(104,680)
30,857
Reconciliation of Funds
Total Funds Brought Forward
379,161
492,311
Total Funds Carried Forward
274,481
523,168
4. Donations and Legacies
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
250,442
-
493,980
250,442
-
493,980
Donations and Legacies - Comparatives
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
253,417
-
483,292
253,417
-
483,292
5. Charitable Activities
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Bookshop Sales
258,032
-
-
College fees - ministry & administration
54,527
-
-
312,559
-
-
Net income/(expenditure) before transfers		 3. Statement of Financial Activities for the year ended 31 December 2024
Unrestricted
Designated
Funds
Funds
£
£
Income
Donations and Legacies
253,417
-
Charitable Activities
318,124
-
Other Trading Activities
203,385
-
Total Income
774,926
-
Expenditure
Raising Funds
175,127
-
Charitable Activities
515,589
166,812
Total Expenditure
690,716
166,812
84,210
(166,812)
Transfers between funds
(188,890)
197,669
Net Movement in Funds
(104,680)
30,857
Reconciliation of Funds
Total Funds Brought Forward
379,161
492,311
Total Funds Carried Forward
274,481
523,168
4. Donations and Legacies
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
250,442
-
493,980
250,442
-
493,980
Donations and Legacies - Comparatives
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
253,417
-
483,292
253,417
-
483,292
5. Charitable Activities
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Bookshop Sales
258,032
-
-
College fees - ministry & administration
54,527
-
-
312,559
-
-
Net income/(expenditure) before transfers		 3. Statement of Financial Activities for the year ended 31 December 2024
Unrestricted
Designated
Funds
Funds
£
£
Income
Donations and Legacies
253,417
-
Charitable Activities
318,124
-
Other Trading Activities
203,385
-
Total Income
774,926
-
Expenditure
Raising Funds
175,127
-
Charitable Activities
515,589
166,812
Total Expenditure
690,716
166,812
84,210
(166,812)
Transfers between funds
(188,890)
197,669
Net Movement in Funds
(104,680)
30,857
Reconciliation of Funds
Total Funds Brought Forward
379,161
492,311
Total Funds Carried Forward
274,481
523,168
4. Donations and Legacies
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
250,442
-
493,980
250,442
-
493,980
Donations and Legacies - Comparatives
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
253,417
-
483,292
253,417
-
483,292
5. Charitable Activities
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Bookshop Sales
258,032
-
-
College fees - ministry & administration
54,527
-
-
312,559
-
-
Net income/(expenditure) before transfers		 3. Statement of Financial Activities for the year ended 31 December 2024
Unrestricted
Designated
Funds
Funds
£
£
Income
Donations and Legacies
253,417
-
Charitable Activities
318,124
-
Other Trading Activities
203,385
-
Total Income
774,926
-
Expenditure
Raising Funds
175,127
-
Charitable Activities
515,589
166,812
Total Expenditure
690,716
166,812
84,210
(166,812)
Transfers between funds
(188,890)
197,669
Net Movement in Funds
(104,680)
30,857
Reconciliation of Funds
Total Funds Brought Forward
379,161
492,311
Total Funds Carried Forward
274,481
523,168
4. Donations and Legacies
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
250,442
-
493,980
250,442
-
493,980
Donations and Legacies - Comparatives
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Donations and gifts
253,417
-
483,292
253,417
-
483,292
5. Charitable Activities
Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
Bookshop Sales
258,032
-
-
College fees - ministry & administration
54,527
-
-
312,559
-
-
Net income/(expenditure) before transfers		 Restricted
Funds
£
483,292
-
-		 Total
Funds
2024
£
736,709
318,124
203,385
774,926 - **483,292 ** 1,258,218
175,127
515,589		 -
166,812		 -
499,861		 175,127
1,182,262
690,716 166,812 499,861 1,357,389
84,210
(188,890)		 (166,812)
197,669		 (16,569)
(8,779)		 (99,171)
-
(104,680)
379,161		 30,857
492,311		 (25,348)
113,903		 (99,171)
985,375
274,481 523,168 88,555 886,204
Designated
Funds
£
-		 Restricted
Funds
£
493,980		 Total
Funds
2025
£
744,422		 Total
Funds
2024
£
736,709
250,442 - 493,980 744,422 736,709
Designated
Funds
£
-		 Restricted
Funds
£
483,292		 Total
Funds
2024
£
736,709		 Total
Funds
2024
£
265,114
53,010
253,417 - 483,292 736,709
Unrestricted
Funds
£
258,032
54,527		 Designated
Funds
£
-
-		 Restricted
Funds
£
-
-		 Total
Funds
2025
£
258,032
54,527
312,559 - - 312,559 318,124

Page 20

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

5. Charitable Activities (Continued) - Comparatives
Unrestricted
Funds
£
Bookshop Sales
265,114
College fees - ministry & administration
53,010
318,124
6. Other Trading Activities
Unrestricted
Funds
£
Coffee shop sales
163,588
Hire of facilities
60,317
223,905
Other Trading Activities - Comparatives
Unrestricted
Funds
£
Coffee shop sales
158,195
Hire of facilities
45,190
203,385
7. Investments
Unrestricted
Funds
£
Interest received
1,619
1,619
Investments - Comparatives
Unrestricted
Funds
£
Interest received
-
-		 5. Charitable Activities (Continued) - Comparatives
Unrestricted
Funds
£
Bookshop Sales
265,114
College fees - ministry & administration
53,010
318,124
6. Other Trading Activities
Unrestricted
Funds
£
Coffee shop sales
163,588
Hire of facilities
60,317
223,905
Other Trading Activities - Comparatives
Unrestricted
Funds
£
Coffee shop sales
158,195
Hire of facilities
45,190
203,385
7. Investments
Unrestricted
Funds
£
Interest received
1,619
1,619
Investments - Comparatives
Unrestricted
Funds
£
Interest received
-
-		 Designated
Funds
£
-
-		 Restricted
Funds
£
-
-		 Total
Funds
2024
£
265,114
53,010		 Total
Funds
2024
£
158,195
45,190
318,124 - - 318,124
Unrestricted
Funds
£
163,588
60,317		 Designated
Funds
£
-
-		 Restricted
Funds
£
-
-		 Total
Funds
2025
£
163,588
60,317
223,905 - - 223,905 203,385
Designated
Funds
£
-
-		 Restricted
Funds
£
-
-		 Total
Funds
2024
£
158,195
45,190		 Total
Funds
2024
£
-
203,385 - - 203,385
Unrestricted
Funds
£
1,619		 Designated
Funds
£
-		 Restricted
Funds
£
-		 Total
Funds
2025
£
1,619
1,619 - - 1,619 -
Unrestricted
Funds
£
-		 Designated
Funds
£
-		 Restricted
Funds
£
-		 Total
Funds
2024
£
-
- - - -

Page 21

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

8. Analysis of Expenditure
Note Unrestricted
Funds
£
Raising Funds
Coffee shop purchases
56,564
Wages and salaries
12
117,290
Rates
2,867
Heat and Light
11,826
Cleaning
1,930
Repairs and maintenance
1,596
Printing, Postage and Stationery
24
Telephone
12
Insurance
-
Canteen
3,960
General expenses
1,903
197,972
Charitable Expenditure
Wages and salaries
12
124,432
Ministry Projects
193,576
Grants Payable
9
331
Premises Costs
49,698
Running costs
115,751
Motor and travel costs
18,175
Interest & Finance Charges
4,510
Governance Costs
15,657
Depreciation
-
Impairment
-
Loss on disposal of assets
-
522,130
Total
**720,102 **		 8. Analysis of Expenditure
Note Unrestricted
Funds
£
Raising Funds
Coffee shop purchases
56,564
Wages and salaries
12
117,290
Rates
2,867
Heat and Light
11,826
Cleaning
1,930
Repairs and maintenance
1,596
Printing, Postage and Stationery
24
Telephone
12
Insurance
-
Canteen
3,960
General expenses
1,903
197,972
Charitable Expenditure
Wages and salaries
12
124,432
Ministry Projects
193,576
Grants Payable
9
331
Premises Costs
49,698
Running costs
115,751
Motor and travel costs
18,175
Interest & Finance Charges
4,510
Governance Costs
15,657
Depreciation
-
Impairment
-
Loss on disposal of assets
-
522,130
Total
**720,102 **		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2025
£
56,564
117,290
2,867
11,826
1,930
1,596
24
12
-
3,960
1,903		 Total
Funds
2024
£
52,474
96,751
3,520
10,613
2,084
2,230
26
24
300
3,960
3,145
**197,972 ** - - **197,972 ** 175,127
-
-
148,040
-
-
-
-
-
19,942
-
270		 -
5,000
489,075
-
420
-
-
-
-
-
-		 124,432
198,576
637,446
49,698
116,171
18,175
4,510
15,657
19,942
-
270		 114,959
202,925
625,243
49,395
148,069
18,746
3,738
14,029
18,542
(13,699)
315
522,130 **168,252 ** 494,495 1,184,877 **1,182,262 **
**720,102 ** **168,252 ** 494,495 1,382,849 1,357,389

Page 22

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

8.
Analysis of Expenditure (Continued) - Comparatives
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
515,589
Total
690,716		 8.
Analysis of Expenditure (Continued) - Comparatives
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
515,589
Total
690,716		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-		 Funds
2024
£
52,474
96,751
3,520
10,613
2,084
2,230
26
24
300
3,960
3,145
175,127 - - 175,127
-
-
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
515,589 166,812 499,861 1,182,262
690,716 166,812 499,861 1,357,389

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
Grants to GLO unpaid missionaries/freelance workers from:
Fellowship Fund (Unrestricted Designated)
Various Restricted Funds - note 19
International support (Unrestricted General Fund)		 Total
Funds
2025
£
148,040
489,075
331		 Total
Funds
2024
£
144,089
480,654
500
637,446 625,243

Page 23

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

10. Analysis of charitable expenditure by activity

Staff
Other direct
costs
costs
£
£
Activity or Programme
Ministry and Administration
12,345
692,717
Bookshop
79,204
144,567
Coffee Shop
-
287
Tilsley College
32,883
19,329
Tilsley College Bursaries
-
5,207
124,432
862,107
Analysis of charitable expenditure by activity - Comparatives
Staff
costs
£
Activity or Programme
Ministry and Administration
2,827
Bookshop
83,348
Coffee Shop
-
Tilsley College
28,784
Tilsley College Bursaries
-
114,959		 Staff
costs
£
12,345
79,204
-
32,883
-		 Other direct
costs
£
692,717
144,567
287
19,329
5,207		 Support
costs
£
108,455
34,884
770
54,229
-		 Total
2025
£
813,517
258,655
1,057
106,441
5,207		 Total
2024
£
805,298
260,587
956
102,416
13,005
124,432 862,107 198,338 1,184,877 1,182,262
Other direct
costs
£
663,784
143,766
274
13,436
13,005		 Support
costs
£
138,687
33,473
682
60,196
-		 Total
2024
£
805,298
260,587
956
102,416
13,005
114,959 834,265 233,038 1,182,262

11. Analysis of support costs by charitable activity

Ministry and Administration
Bookshop
Coffee Shop
Tilsley College		 Premises
costs
£
21,840
8,503
-
19,355		 Running
costs
£
70,246
25,830
-
18,916		 Motor &
Travel
£
1,325
551
-
11,830		 Depreciation
£
15,044
-
770
4,128		 Total
2025
£
108,455
34,884
770
54,229
49,698 114,992 13,706 19,942 198,338

Analysis of support costs by charitable activity - Comparatives

Ministry and Administration
Bookshop
Coffee Shop
Tilsley College		 Premises
costs
£
24,105
6,989
-
18,301		 Running
costs
£
94,486
25,900
-
26,373		 Motor &
Travel
£
4,972
483
-
12,887		 Depreciation
£
15,124
101
682
2,635		 Total
2024
£
138,687
33,473
682
60,196
49,395 146,759 18,342 18,542 233,038

Page 24

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

**12. ** Analysis of Staff Costs
Salaries and wages
Social security costs
Other pension costs
Average number of employees:
Bookshop
Coffee Shop
Cleaning
Admin		 Total
2025
£
231,234
7,550
2,938		 Total
2024
£
204,521
4,312
2,877
241,722 211,710
Total
2025
Number
6
10
1
4		 Total
2024
Number
6
9
1
3
21 19

No employee had employee benefits in excess of £60,000 (2024: nil).

No remuneration was paid to key management personnel during the year (2024: £nil).

The charge to the Statement of Financial Activities in respect of defined contribution schemes was £2,938 (2024: £2,877)

13. Transactions with Trustees and Related Parties

Trustees do not receive remuneration for their services to the charity. However, two Trustees (Stephen McQuoid and Ian Smith) received discretionary gifts from the Fellowship Fund and Gifts to Missionaries Fund in their capacity as full-time GLO missionaries. Mike Packer, 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		 2025
£
15,600
40,325
222		 2024
£
16,050
32,591
1,305
56,147 49,946

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 £5,791 (2024: £8,259) and pension contributions of £70 (2024: £82). During the year a relative of a Trustee was employed as a part time Kitchen Assistant and received gross earnings of £2,003 (2024: £5,748) and pension contributions of £nil (2024: £nil). During the year a relative was employed part time in the Coffee Shop and received gross earnings of £3,643 (2024: £nil) and pension contributions of £nil (2024: £nil).

Donations

The aggregate value of unconditional donations made by Trustees and related parties was £5,508 (2024: £2,810) and the value of conditional donations was £nil (2024: £nil).

Related Party Transactions

During the year payments of £23 (2024: £218) were made to Counties, a charity in which Stephen McQuoid and James Davies is a Trustee.

Page 25

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

14. Tangible Fixed Assets
Heritable
£
Cost
As at 1 January 2025
663,174
Additions
-
Disposals
-
As at 31 December 2025
663,174
Depreciation
As at 1 January 2025
185,682
Charge for the year
13,263
Eliminated on Disposal
-
As at 31 December 2025
198,945
Net Book Value
As at 31 December 2024
477,492
As at 31 December 2025
464,229
15. Analysis of Debtors
Unrestricted
Funds
£
Trade Debtors
5,267
Prepayments and accrued income
8,118
Other debtors
211
13,596
16. Analysis of current labilities and long term creditors
Note Unrestricted
Funds
£
Due within 1 year
Trade creditors
4,107
Accruals and deferred income
17
17,403
Taxation and Social Security
14,197
Other Creditors
7,915
43,622
17. Deferred income
Grants
Tilsley College fees paid in advance		 Heritable
£
663,174
-
-		 £
-
-
-
Leasehold
land and
buildings		 £
45,452
1,991
-
Plant and
Machinery		 £
250,060
1,002
(5,898)
Fixtures,
fittings and
equipment		 £
958,686
2,993
(5,898)
Total
**663,174 ** - 47,443 **245,164 ** **955,781 **
185,682
13,263
-		 -
-
-		 42,165
2,282
-		 240,056
4,397
(5,628)		 467,903
19,942
(5,628)
198,945 - 44,447 238,825 482,217
477,492 - 3,287 10,004 490,783
464,229 - 2,996 6,339 **473,564 **
Unrestricted
Funds
£
5,267
8,118
211		 Designated
Funds
£
-
-
-		 Restricted
Funds
£
-
-
2,016		 Total
Funds
2025
£
5,267
8,118
2,227		 Total
Funds
2024
£
5,183
4,412
21,191
13,596 - 2,016 15,612 30,786
Designated
Funds
£
-
-
-
-		 Restricted
Funds
£
-
-
-
65,654		 Total
Funds
2025
£
4,107
17,403
14,197
73,569		 Total
Funds
2024
£
6,205
16,660
7,038
71,848
43,622 - **65,654 ** 109,276 **101,751 **
01.01.2025
3,429		 Received
in year
57,956		 Released
in year
(55,760)		 31.12.2025
5,625
3,429 57,956 (55,760) 5,625

Page 26

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

18. Analysis of Net Assets Among Funds
Fixed Assets
Current Assets
Current Liabilities
Net Assets as at 31 December 2025
Analysis of Net Assets Among Funds
Fixed Assets
Current Assets
Current Liabilities
Net Assets as at 31 December 2024		 Unrestricted
Funds
£
-
241,973
(43,622)		 Designated
Funds
£
473,564
32,385
-		 Restricted
Funds
£
-
147,214
(65,654)		 Total
Funds
2025
£
473,564
421,572
(109,276)
**198,351 ** 505,949 81,560 785,860
Unrestricted
Funds
£
-
312,531
(38,050)		 Designated
Funds
£
490,783
32,385
-		 Restricted
Funds
£
-
152,256
(63,701)		 Total
Funds
2024
£
490,783
497,172
(101,751)
**274,481 ** 523,168 88,555 **886,204 **
**19. ** Movement in Funds
Restricted Funds
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		 As at
01.01.2025
£
47,734
1,965
-
35,510
3,346		 Incoming
Resources
£
10,000
5,000
413,818
51,994
13,168		 Outgoing
Resources
£
(213)
(5,207)
(413,818)
(58,743)
(16,514)		 Transfers
£
(6,480)
-
-
-
-		 As at
31.12.2025
£
51,041
1,758
-
28,761
-
88,555 493,980 (494,495) (6,480) 81,560
274,481
-
32,385
490,783		 788,525
-
-
-		 (720,102)
(148,040)
-
(20,212)		 (144,553)
148,040
-
2,993		 198,351
-
32,385
473,564
523,168 - (168,252) 6,480 505,949
797,649 788,525 (888,354) - 704,300
**886,204 ** 1,282,505 (1,382,849) - 785,860

Page 27

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

19. Movement in Funds (Continued) - Comparatives

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		 As at
01.01.2024
£
5,650
44,936
12,970
3,129
31,798
15,420		 Incoming
Resources
£
-
9,000
2,000
409,006
35,095
28,191		 Outgoing
Resources
£
-
(6,202)
(13,005)
(409,006)
(31,383)
(40,265)		 Transfers
£
(5,650)
-
-
(3,129)
-
-		 As at
31.12.2024
£
-
47,734
1,965
-
35,510
3,346
113,903 **483,292 ** (499,861) (8,779) 88,555
379,161
-
-
492,311		 774,926
-
-
-		 (690,716)
(144,089)
(17,566)
(5,157)		 (188,890)
144,089
49,951
3,629		 274,481
-
32,385
490,783
492,311 - (166,812) 197,669 523,168
**871,472 ** 774,926 (857,528) 8,779 797,649
985,375 1,258,218 (1,357,389) - **886,204 **

Fund Purposes: Restricted funds:

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 £413,818 was received for the missionary work of named individuals during 2025.

511 payments ranging in value from £8 to £15,000 were paid out to GLO individuals during the year.

These were made to a total of 52 named beneficiaries (or couples) with the total to each individual (or couple) over the course of this financial year ranging from £360 to £32,103.

A balance of £63,638 is held by GLO to be remitted onwards and is included in other creditors at the year end date.

In the previous year: 462 payments ranging in value from £25 to £12,000 were paid to GLO named individuals during 2024. A balance of £60,715 was held by GLO at 31 December 2024 for onwards remittance and was included in other creditors at the year end date.

Page 28

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

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.

45 grants totalling £58,743 and ranging in value from £36 to £25,000 were paid out from this fund during the financial year. In the previous year: 52 grants totalling £31,383 and ranging in value from £156 to £3,000 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.

58 grants totalling £16,514 and ranging in value from £15 to £2,000 were paid out from this fund during the year. In the previous year: 56 grants totalling £40,265 and ranging in value from £50 to £15,000 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/freelance workers. Gifts from the Fellowship Fund are allocated to GLO missionaries taking into account each individuals circumstances.

92 grants totalling £148,040 and ranging in value from £40 to £7,795 were paid to GLO missionaries during the year. The Fund was disbursed by three members of the Board, neither of whom is a GLO missionary. In the previous year: 84 grants totalling £144,089 and ranging in value from £80 to £7,795 were paid to GLO missionaries.

The transfer during the year ended 31 December 2025 of £148,040 (2024: £144,089) 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 Fellowship Fund
2
Church Plant Fund to Fellowship fund
3		 Unrestricted
Funds
£
(2,993)
(141,560)
-		 Designated
Funds
£
2,993
141,560
6,480		 Restricted
Funds
£
-
-
(6,480)		 Funds
2025
£
-
-
-
(144,553) 151,033 (6,480) -

Fund Transfer notes

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

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

3. This transfer is for costs spent by the Church Plant fund which relate to the Fellowship fund.

Page 29

Docusign Envelope ID: 4BAC6F0A-04B9-8C0A-83E4-66B7A9B0486A

GLO EUROPE

Notes to the Financial Statements for the year ended 31 December 2025

21. Operating lease commitments

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

Within one year 2025
£
-		 2024
£
1,197
- 1,197

22. Auditor's Remuneration

Accountancy fees of £2,625 (2024: £2,500) and audit fees of £11,000 (2024: £10,000) were paid during the year.

23. 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 30