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: 

- To spread the Gospel of the Lord Jesus Christ especially in Europe and the UK. 

- To establish resident teams of Christian missionaries to assist existing churches and establish new ones. 

- To stimulate missionary vision, particularly by providing opportunities for short-term participation in missionary projects. 

- To provide facilities for training those wishing to be actively involved in missionary work. 

- To engage in the production, sale and distribution of Christian literature both in service to the Christian church and as a means of evangelism. 

- To establish centres of Christian witness and community involvement where people can find help and encouragement. 

## The charity’s core values are: 

- Dependence on God: Believing prayer and the Word of God are of central importance. 

- Partnership and Accountability: As partners in service, we believe in team work and accountability of team members to each other, to the local church and the commending church. 

- Integrity: In our relationships with each other and in our use of finance and other resources, integrity is of fundamental importance. Unity of purpose and vision: We seek to encourage innovation and the development of personal gifts within a commitment to a common vision. 

- Pastoral care: An essential feature will be pastoral care by all in leadership and care of each other. 

- Training: At all levels of work we seek for excellence and are committed to seeking and providing training and develop personal and united effectiveness. 

## **Principal Activities** 

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

- Support of our Resident Missionaries throughout Europe; 

- Facilitating Short-term Mission opportunities throughout Europe and beyond; 

- Running a small residential Bible College with various extension training courses; and 

- Operation of a Christian Bookshop and Coffee Shop. 

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: 

- Continue to help GLO missionaries receive adequate financial and pastoral support for our resident mission teams throughout Europe. 

- Recruit 100 team members to join in the short-term mission teams. 

- Consolidate programme delivery and improve recruitment patterns to maximise intake to Tilsley College in Sept 2025. 

## _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: 

- Direction and forward planning of the charity 

- Business ministries operation 

- Control of charity assets 

- Disaster recovery 

- Personnel 

- Financial controls 

- Faith based charity 

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: 

- Continue to help GLO missionaries receive adequate financial and pastoral support for our resident mission teams throughout Europe. 

- Recruit 120 team members to join in the short term mission teams. 

- Consolidate programme delivery and improve recruitment patterns to maximise intake in Sept 2026. 

## **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: 

- Dependence on God 

- Awareness of the work of the charity 

- Agreement to the charity's main aims and objectives 

- Able to bring a particular knowledge or experience that would be of benefit to the charity. 

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. 

- By meeting regularly with our missionaries and assessing their needs through verbal and written reports, we will ensure that our missionaries are well supported. 

- By having members of the public sign up to be part of a short term mission team and ensuring feedback is received on each team. 

- By having members of the public sign up the join the courses on offer at the Bible School and ensuring that accredited courses run to an agreed standard. 

- By ensuring both Bookshop and Coffee Shop are run appropriately and are not loss making areas of the charity. 

Page 5 



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: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the applicable Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

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: 

- give a true and fair view of the state of the charity’s affairs as at 31 December 2025, and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. 

## **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: 

- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or 

- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. 

## **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: 

- the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- proper accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records; or 

- we have not received all the information and explanations we require for our audit. 

## **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: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

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 identified the laws and regulations applicable to the charity through discussions with Trustees and other management, and from our wider knowledge and experience of the charity sector; 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities SORP FRS 102, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and obtaining legal confirmations; and 

- identified laws and regulations were communicated to all members of the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and 

- 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: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested a sample of journal entries to identify unusual transactions based on pre-defined risk criteria identified as part of our risk assessment; 

- assessed through planned audit procedures, such as recalculation, whether judgements and assumptions made in determining the accounting estimates set out in Note 1 were indicative of potential bias; and 

- investigated the rationale and validity of significant or unusual transactions. 

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

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; and 

- requesting correspondence with HMRC, OSCR and the legal advisors of the charity. 

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**<br>**Funds**<br>**£**<br>**Income**<br>Donations and Legacies<br>**4**<br>250,442<br>Charitable Activities<br>**5**<br>312,559<br>Other Trading Activities<br>**6**<br>223,905<br>Investments<br>**7**<br>1,619<br>**Total Income**<br>**788,525**<br>**Expenditure**<br>Raising Funds<br>**8**<br>197,972<br>Charitable Activities<br>**8**<br>522,130<br>**Total Expenditure**<br>**720,102**<br>68,423<br>**Transfers between funds**<br>**20**<br>(144,553)<br>**Net Movement in Funds**<br>(76,130)<br>**Reconciliation of Funds**<br>**Total Funds Brought Forward**<br>274,481<br>**Total Funds Carried Forward**<br>**19**<br>**198,351**<br>**Net income/(expenditure) before**<br>**transfers**|**Note Unrestricted**<br>**Funds**<br>**£**<br>**Income**<br>Donations and Legacies<br>**4**<br>250,442<br>Charitable Activities<br>**5**<br>312,559<br>Other Trading Activities<br>**6**<br>223,905<br>Investments<br>**7**<br>1,619<br>**Total Income**<br>**788,525**<br>**Expenditure**<br>Raising Funds<br>**8**<br>197,972<br>Charitable Activities<br>**8**<br>522,130<br>**Total Expenditure**<br>**720,102**<br>68,423<br>**Transfers between funds**<br>**20**<br>(144,553)<br>**Net Movement in Funds**<br>(76,130)<br>**Reconciliation of Funds**<br>**Total Funds Brought Forward**<br>274,481<br>**Total Funds Carried Forward**<br>**19**<br>**198,351**<br>**Net income/(expenditure) before**<br>**transfers**|**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>493,980<br>-<br>-<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>744,422<br>312,559<br>223,905<br>1,619<br>**1,282,505**<br>197,972<br>1,184,877<br>**1,382,849**<br>(100,344)<br>-<br>(100,344)<br>886,204<br>**785,860**|**Total**<br>**Funds**<br>**2024**<br>**£**<br>736,709<br>318,124<br>203,385<br>-|
|---|---|---|---|---|---|
||**788,525**|**-**|**493,980**||**1,258,218**|
|||-<br>168,252|-<br>494,495||175,127<br>1,182,262|
||**720,102**|**168,252**|**494,495**||**1,357,389**|
|||(168,252)<br>151,033|(515)<br>(6,480)||(99,171)<br>-|
||(76,130)<br>274,481|(17,219)<br>523,168|(6,995)<br>88,555||(99,171)<br>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**<br>**Funds**<br>**£**<br>**Fixed Assets**<br>Tangible assets<br>**14**<br>-<br>**Total Fixed Assets**<br>**-**<br>**Current Assets**<br>Stock<br>89,602<br>Debtors<br>**15**<br>13,596<br>Cash at Bank and in Hand<br>138,775<br>**Total Current Assets**<br>**241,973**<br>**Liabilities**<br>**16**<br>43,622<br>**Net Current Assets/(Liabilities)**<br>**198,351**<br>**Total Assets less Current Liabilities**<br>**198,351**<br>**Net Assets**<br>**198,351**<br>**The Funds of the Charity**<br>Restricted Income Funds<br>-<br>Designated Funds<br>-<br>Unrestricted Funds<br>198,351<br>**Total Charity Funds**<br>**19**<br>**198,351**<br>Creditors falling due within one<br>year|**Note Unrestricted**<br>**Funds**<br>**£**<br>**Fixed Assets**<br>Tangible assets<br>**14**<br>-<br>**Total Fixed Assets**<br>**-**<br>**Current Assets**<br>Stock<br>89,602<br>Debtors<br>**15**<br>13,596<br>Cash at Bank and in Hand<br>138,775<br>**Total Current Assets**<br>**241,973**<br>**Liabilities**<br>**16**<br>43,622<br>**Net Current Assets/(Liabilities)**<br>**198,351**<br>**Total Assets less Current Liabilities**<br>**198,351**<br>**Net Assets**<br>**198,351**<br>**The Funds of the Charity**<br>Restricted Income Funds<br>-<br>Designated Funds<br>-<br>Unrestricted Funds<br>198,351<br>**Total Charity Funds**<br>**19**<br>**198,351**<br>Creditors falling due within one<br>year|**Designated**<br>**Funds**<br>**£**<br>473,564|**Restricted**<br>**Funds**<br>**£**<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>473,564<br>**473,564**<br>89,602<br>15,612<br>316,358<br>**421,572**<br>109,276<br>**312,296**<br>**785,860**<br>**785,860**<br>81,560<br>505,949<br>198,351<br>**785,860**|**Total**<br>**Funds**<br>**2024**<br>**£**<br>490,783|
|---|---|---|---|---|---|
||**-**|**473,564**|**-**||**490,783**|
|||-<br>-<br>32,385|-<br>2,016<br>145,198||89,864<br>30,786<br>376,522|
||**241,973**<br>43,622|**32,385**<br>-|**147,214**<br>65,654||**497,172**<br>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**|
||-<br>-<br>198,351|-<br>505,949<br>-|81,560<br>-<br>-||88,555<br>523,168<br>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**<br>**Adjustments for:**<br>Investment income recognised in Statement of Financial Activities<br>Depreciation charges<br>Loss on disposal of tangible fixed assets<br>Impairment<br>(Increase)/Decrease in stocks<br>(Increase)/Decrease in debtors<br>Increase/(Decrease) in creditors<br>**Net cash provided by operating activities**<br>**Cash flows from investing activities:**<br>Purchase of tangible fixed assets<br>Investment income received<br>**Net cash used by investing activities**<br>**Change in cash and cash equivalents in the year**<br>**Cash and equivalents brought forward**<br>**Cash and cash equivalents carried forward**|**Total**<br>**Funds**<br>**2025**<br>**£**<br>(100,344)<br>(1,619)<br>19,942<br>270<br>-<br>262<br>15,174<br>7,525<br>**(58,790)**<br>(2,993)<br>1,619<br>**(1,374)**<br>(60,164)<br>376,522<br>**316,358**|**Total**<br>**Funds**<br>**2024**<br>**£**<br>(99,171)<br>-<br>18,542<br>315<br>(13,699)<br>(960)<br>(19,545)<br>30,700|
|---|---|---|
|||**(83,818)**|
|||(3,629)<br>-|
|||**(3,629)**|
|||(87,447)<br>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. 

Page 15 



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

## **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. 

Page 16 



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**<br>**Unrestricted**<br>**Designated**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**Income**<br>Donations and Legacies<br>253,417<br>-<br>Charitable Activities<br>318,124<br>-<br>Other Trading Activities<br>203,385<br>-<br>**Total Income**<br>**774,926**<br>**-**<br>**Expenditure**<br>Raising Funds<br>175,127<br>-<br>Charitable Activities<br>515,589<br>166,812<br>**Total Expenditure**<br>**690,716**<br>**166,812**<br>84,210<br>(166,812)<br>**Transfers between funds**<br>(188,890)<br>197,669<br>**Net Movement in Funds**<br>(104,680)<br>30,857<br>**Reconciliation of Funds**<br>**Total Funds Brought Forward**<br>379,161<br>492,311<br>**Total Funds Carried Forward**<br>**274,481**<br>**523,168**<br>**4. Donations and Legacies**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>250,442<br>-<br>493,980<br>**250,442**<br>**-**<br>**493,980**<br>**Donations and Legacies - Comparatives**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>253,417<br>-<br>483,292<br>**253,417**<br>**-**<br>**483,292**<br>**5. Charitable Activities**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Bookshop Sales<br>258,032<br>-<br>-<br>College fees - ministry & administration<br>54,527<br>-<br>-<br>**312,559**<br>**-**<br>**-**<br>**Net income/(expenditure) before transfers**|**3. Statement of Financial Activities for the year ended 31 December 2024**<br>**Unrestricted**<br>**Designated**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**Income**<br>Donations and Legacies<br>253,417<br>-<br>Charitable Activities<br>318,124<br>-<br>Other Trading Activities<br>203,385<br>-<br>**Total Income**<br>**774,926**<br>**-**<br>**Expenditure**<br>Raising Funds<br>175,127<br>-<br>Charitable Activities<br>515,589<br>166,812<br>**Total Expenditure**<br>**690,716**<br>**166,812**<br>84,210<br>(166,812)<br>**Transfers between funds**<br>(188,890)<br>197,669<br>**Net Movement in Funds**<br>(104,680)<br>30,857<br>**Reconciliation of Funds**<br>**Total Funds Brought Forward**<br>379,161<br>492,311<br>**Total Funds Carried Forward**<br>**274,481**<br>**523,168**<br>**4. Donations and Legacies**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>250,442<br>-<br>493,980<br>**250,442**<br>**-**<br>**493,980**<br>**Donations and Legacies - Comparatives**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>253,417<br>-<br>483,292<br>**253,417**<br>**-**<br>**483,292**<br>**5. Charitable Activities**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Bookshop Sales<br>258,032<br>-<br>-<br>College fees - ministry & administration<br>54,527<br>-<br>-<br>**312,559**<br>**-**<br>**-**<br>**Net income/(expenditure) before transfers**|**3. Statement of Financial Activities for the year ended 31 December 2024**<br>**Unrestricted**<br>**Designated**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**Income**<br>Donations and Legacies<br>253,417<br>-<br>Charitable Activities<br>318,124<br>-<br>Other Trading Activities<br>203,385<br>-<br>**Total Income**<br>**774,926**<br>**-**<br>**Expenditure**<br>Raising Funds<br>175,127<br>-<br>Charitable Activities<br>515,589<br>166,812<br>**Total Expenditure**<br>**690,716**<br>**166,812**<br>84,210<br>(166,812)<br>**Transfers between funds**<br>(188,890)<br>197,669<br>**Net Movement in Funds**<br>(104,680)<br>30,857<br>**Reconciliation of Funds**<br>**Total Funds Brought Forward**<br>379,161<br>492,311<br>**Total Funds Carried Forward**<br>**274,481**<br>**523,168**<br>**4. Donations and Legacies**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>250,442<br>-<br>493,980<br>**250,442**<br>**-**<br>**493,980**<br>**Donations and Legacies - Comparatives**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>253,417<br>-<br>483,292<br>**253,417**<br>**-**<br>**483,292**<br>**5. Charitable Activities**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Bookshop Sales<br>258,032<br>-<br>-<br>College fees - ministry & administration<br>54,527<br>-<br>-<br>**312,559**<br>**-**<br>**-**<br>**Net income/(expenditure) before transfers**|**3. Statement of Financial Activities for the year ended 31 December 2024**<br>**Unrestricted**<br>**Designated**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**Income**<br>Donations and Legacies<br>253,417<br>-<br>Charitable Activities<br>318,124<br>-<br>Other Trading Activities<br>203,385<br>-<br>**Total Income**<br>**774,926**<br>**-**<br>**Expenditure**<br>Raising Funds<br>175,127<br>-<br>Charitable Activities<br>515,589<br>166,812<br>**Total Expenditure**<br>**690,716**<br>**166,812**<br>84,210<br>(166,812)<br>**Transfers between funds**<br>(188,890)<br>197,669<br>**Net Movement in Funds**<br>(104,680)<br>30,857<br>**Reconciliation of Funds**<br>**Total Funds Brought Forward**<br>379,161<br>492,311<br>**Total Funds Carried Forward**<br>**274,481**<br>**523,168**<br>**4. Donations and Legacies**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>250,442<br>-<br>493,980<br>**250,442**<br>**-**<br>**493,980**<br>**Donations and Legacies - Comparatives**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Donations and gifts<br>253,417<br>-<br>483,292<br>**253,417**<br>**-**<br>**483,292**<br>**5. Charitable Activities**<br>**Unrestricted**<br>**Designated**<br>**Restricted**<br>**Funds**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>**£**<br>Bookshop Sales<br>258,032<br>-<br>-<br>College fees - ministry & administration<br>54,527<br>-<br>-<br>**312,559**<br>**-**<br>**-**<br>**Net income/(expenditure) before transfers**|**Restricted**<br>**Funds**<br>**£**<br>483,292<br>-<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>736,709<br>318,124<br>203,385|
|---|---|---|---|---|---|
|||**774,926**|**-**|**483,292 **|**1,258,218**|
|||175,127<br>515,589|-<br>166,812|-<br>499,861|175,127<br>1,182,262|
|||**690,716**|**166,812**|**499,861**|**1,357,389**|
|||84,210<br>(188,890)|(166,812)<br>197,669|(16,569)<br>(8,779)|(99,171)<br>-|
|||(104,680)<br>379,161|30,857<br>492,311|(25,348)<br>113,903|(99,171)<br>985,375|
|||**274,481**|**523,168**|**88,555**|**886,204**|
|||**Designated**<br>**Funds**<br>**£**<br>-|**Restricted**<br>**Funds**<br>**£**<br>493,980|**Total**<br>**Funds**<br>**2025**<br>**£**<br>744,422|**Total**<br>**Funds**<br>**2024**<br>**£**<br>736,709|
||**250,442**|**-**|**493,980**|**744,422**|**736,709**|
|||**Designated**<br>**Funds**<br>**£**<br>-|**Restricted**<br>**Funds**<br>**£**<br>483,292|**Total**<br>**Funds**<br>**2024**<br>**£**<br>736,709|**Total**<br>**Funds**<br>**2024**<br>**£**<br>265,114<br>53,010|
||**253,417**|**-**|**483,292**|**736,709**||
||**Unrestricted**<br>**Funds**<br>**£**<br>258,032<br>54,527|**Designated**<br>**Funds**<br>**£**<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>258,032<br>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**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Bookshop Sales<br>265,114<br>College fees - ministry & administration<br>53,010<br>**318,124**<br>**6. Other Trading Activities**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Coffee shop sales<br>163,588<br>Hire of facilities<br>60,317<br>**223,905**<br>**Other Trading Activities - Comparatives**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Coffee shop sales<br>158,195<br>Hire of facilities<br>45,190<br>**203,385**<br>**7. Investments**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Interest received<br>1,619<br>**1,619**<br>**Investments - Comparatives**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Interest received<br>-<br>**-**|**5. Charitable Activities (Continued) - Comparatives**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Bookshop Sales<br>265,114<br>College fees - ministry & administration<br>53,010<br>**318,124**<br>**6. Other Trading Activities**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Coffee shop sales<br>163,588<br>Hire of facilities<br>60,317<br>**223,905**<br>**Other Trading Activities - Comparatives**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Coffee shop sales<br>158,195<br>Hire of facilities<br>45,190<br>**203,385**<br>**7. Investments**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Interest received<br>1,619<br>**1,619**<br>**Investments - Comparatives**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Interest received<br>-<br>**-**|**Designated**<br>**Funds**<br>**£**<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>265,114<br>53,010|**Total**<br>**Funds**<br>**2024**<br>**£**<br>158,195<br>45,190|
|---|---|---|---|---|---|
||**318,124**|**-**|**-**|**318,124**||
||**Unrestricted**<br>**Funds**<br>**£**<br>163,588<br>60,317|**Designated**<br>**Funds**<br>**£**<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>163,588<br>60,317||
||**223,905**|**-**|**-**|**223,905**|**203,385**|
|||**Designated**<br>**Funds**<br>**£**<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>158,195<br>45,190|**Total**<br>**Funds**<br>**2024**<br>**£**<br>-|
||**203,385**|**-**|**-**|**203,385**||
||**Unrestricted**<br>**Funds**<br>**£**<br>1,619|**Designated**<br>**Funds**<br>**£**<br>-|**Restricted**<br>**Funds**<br>**£**<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>1,619||
||**1,619**|**-**|**-**|**1,619**|**-**|
||**Unrestricted**<br>**Funds**<br>**£**<br>-|**Designated**<br>**Funds**<br>**£**<br>-|**Restricted**<br>**Funds**<br>**£**<br>-|**Total**<br>**Funds**<br>**2024**<br>**£**<br>-||
||**-**|**-**|**-**|**-**||



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**<br>**Note Unrestricted**<br>**Funds**<br>**£**<br>**Raising Funds**<br>Coffee shop purchases<br>56,564<br>Wages and salaries<br>**12**<br>117,290<br>Rates<br>2,867<br>Heat and Light<br>11,826<br>Cleaning<br>1,930<br>Repairs and maintenance<br>1,596<br>Printing, Postage and Stationery<br>24<br>Telephone<br>12<br>Insurance<br>-<br>Canteen<br>3,960<br>General expenses<br>1,903<br>**197,972 **<br>**Charitable Expenditure**<br>Wages and salaries<br>**12**<br>124,432<br>Ministry Projects<br>193,576<br>Grants Payable<br>**9**<br>331<br>Premises Costs<br>49,698<br>Running costs<br>115,751<br>Motor and travel costs<br>18,175<br>Interest & Finance Charges<br>4,510<br>Governance Costs<br>15,657<br>Depreciation<br>-<br>Impairment<br>-<br>Loss on disposal of assets<br>-<br>**522,130**<br>**Total**<br>**720,102 **|**8. Analysis of Expenditure**<br>**Note Unrestricted**<br>**Funds**<br>**£**<br>**Raising Funds**<br>Coffee shop purchases<br>56,564<br>Wages and salaries<br>**12**<br>117,290<br>Rates<br>2,867<br>Heat and Light<br>11,826<br>Cleaning<br>1,930<br>Repairs and maintenance<br>1,596<br>Printing, Postage and Stationery<br>24<br>Telephone<br>12<br>Insurance<br>-<br>Canteen<br>3,960<br>General expenses<br>1,903<br>**197,972 **<br>**Charitable Expenditure**<br>Wages and salaries<br>**12**<br>124,432<br>Ministry Projects<br>193,576<br>Grants Payable<br>**9**<br>331<br>Premises Costs<br>49,698<br>Running costs<br>115,751<br>Motor and travel costs<br>18,175<br>Interest & Finance Charges<br>4,510<br>Governance Costs<br>15,657<br>Depreciation<br>-<br>Impairment<br>-<br>Loss on disposal of assets<br>-<br>**522,130**<br>**Total**<br>**720,102 **|**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Total**<br>**Funds**<br>**2025**<br>**£**<br>56,564<br>117,290<br>2,867<br>11,826<br>1,930<br>1,596<br>24<br>12<br>-<br>3,960<br>1,903|**Total**<br>**Funds**<br>**2024**<br>**£**<br>52,474<br>96,751<br>3,520<br>10,613<br>2,084<br>2,230<br>26<br>24<br>300<br>3,960<br>3,145|
|---|---|---|---|---|---|
||**197,972 **|**-**|**-**|**197,972 **|**175,127**|
|||-<br>-<br>148,040<br>-<br>-<br>-<br>-<br>-<br>19,942<br>-<br>270|-<br>5,000<br>489,075<br>-<br>420<br>-<br>-<br>-<br>-<br>-<br>-|124,432<br>198,576<br>637,446<br>49,698<br>116,171<br>18,175<br>4,510<br>15,657<br>19,942<br>-<br>270|114,959<br>202,925<br>625,243<br>49,395<br>148,069<br>18,746<br>3,738<br>14,029<br>18,542<br>(13,699)<br>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.**<br>**Analysis of Expenditure (Continued) - Comparatives**<br>**Unrestricted**<br>**Funds**<br>**£**<br>**Raising Funds**<br>Coffee shop purchases<br>52,474<br>Wages and salaries<br>**12**<br>96,751<br>Rates<br>3,520<br>Heat and Light<br>10,613<br>Cleaning<br>2,084<br>Repairs and maintenance<br>2,230<br>Printing, Postage and Stationery<br>26<br>Telephone<br>24<br>Insurance<br>300<br>Canteen<br>3,960<br>General expenses<br>3,145<br>**175,127**<br>**Charitable Expenditure**<br>Wages and salaries<br>**12**<br>114,959<br>Ministry Projects<br>189,920<br>Grants Payable<br>**9**<br>500<br>Premises costs<br>49,395<br>Running costs<br>124,301<br>Motor and travel costs<br>18,746<br>Interest & Finance Charges<br>3,738<br>Governance Costs<br>14,029<br>Depreciation<br>-<br>Impairment<br>Loss on disposal of assets<br>1<br>**515,589**<br>**Total**<br>**690,716**|**8.**<br>**Analysis of Expenditure (Continued) - Comparatives**<br>**Unrestricted**<br>**Funds**<br>**£**<br>**Raising Funds**<br>Coffee shop purchases<br>52,474<br>Wages and salaries<br>**12**<br>96,751<br>Rates<br>3,520<br>Heat and Light<br>10,613<br>Cleaning<br>2,084<br>Repairs and maintenance<br>2,230<br>Printing, Postage and Stationery<br>26<br>Telephone<br>24<br>Insurance<br>300<br>Canteen<br>3,960<br>General expenses<br>3,145<br>**175,127**<br>**Charitable Expenditure**<br>Wages and salaries<br>**12**<br>114,959<br>Ministry Projects<br>189,920<br>Grants Payable<br>**9**<br>500<br>Premises costs<br>49,395<br>Running costs<br>124,301<br>Motor and travel costs<br>18,746<br>Interest & Finance Charges<br>3,738<br>Governance Costs<br>14,029<br>Depreciation<br>-<br>Impairment<br>Loss on disposal of assets<br>1<br>**515,589**<br>**Total**<br>**690,716**|**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-|**Funds**<br>**2024**<br>**£**<br>52,474<br>96,751<br>3,520<br>10,613<br>2,084<br>2,230<br>26<br>24<br>300<br>3,960<br>3,145|
|---|---|---|---|---|
||**175,127**|**-**|**-**|**175,127**|
|||-<br>-<br>144,089<br>-<br>17,566<br>-<br>-<br>-<br>18,542<br>(13,699)<br>314|-<br>13,005<br>480,654<br>-<br>6,202<br>-<br>-<br>-<br>-<br>-<br>-|114,959<br>202,925<br>625,243<br>49,395<br>148,069<br>18,746<br>3,738<br>14,029<br>18,542<br>(13,699)<br>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**<br>Grants to GLO unpaid missionaries/freelance workers from:<br>Fellowship Fund (Unrestricted Designated)<br>Various Restricted Funds - note 19<br>International support (Unrestricted General Fund)|**Total**<br>**Funds**<br>**2025**<br>**£**<br>148,040<br>489,075<br>331|**Total**<br>**Funds**<br>**2024**<br>**£**<br>144,089<br>480,654<br>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**<br>**Other direct**<br>**costs**<br>**costs**<br>**£**<br>**£**<br>Activity or Programme<br>Ministry and Administration<br>12,345<br>692,717<br>Bookshop<br>79,204<br>144,567<br>Coffee Shop<br>-<br>287<br>Tilsley College<br>32,883<br>19,329<br>Tilsley College Bursaries<br>-<br>5,207<br>124,432<br>862,107<br>**Analysis of charitable expenditure by activity - Comparatives**<br>**Staff**<br>**costs**<br>**£**<br>Activity or Programme<br>Ministry and Administration<br>2,827<br>Bookshop<br>83,348<br>Coffee Shop<br>-<br>Tilsley College<br>28,784<br>Tilsley College Bursaries<br>-<br>114,959|**Staff**<br>**costs**<br>**£**<br>12,345<br>79,204<br>-<br>32,883<br>-|**Other direct**<br>**costs**<br>**£**<br>692,717<br>144,567<br>287<br>19,329<br>5,207|**Support**<br>**costs**<br>**£**<br>108,455<br>34,884<br>770<br>54,229<br>-|**Total**<br>**2025**<br>**£**<br>813,517<br>258,655<br>1,057<br>106,441<br>5,207|**Total**<br>**2024**<br>**£**<br>805,298<br>260,587<br>956<br>102,416<br>13,005|
|---|---|---|---|---|---|
||124,432|862,107|198,338|1,184,877|1,182,262|
||||**Other direct**<br>**costs**<br>**£**<br>663,784<br>143,766<br>274<br>13,436<br>13,005|**Support**<br>**costs**<br>**£**<br>138,687<br>33,473<br>682<br>60,196<br>-|**Total**<br>**2024**<br>**£**<br>805,298<br>260,587<br>956<br>102,416<br>13,005|
|||114,959|834,265|233,038|1,182,262|



## **11. Analysis of support costs by charitable activity** 

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



## **Analysis of support costs by charitable activity - Comparatives** 

|Ministry and Administration<br>Bookshop<br>Coffee Shop<br>Tilsley College|**Premises**<br>**costs**<br>**£**<br>24,105<br>6,989<br>-<br>18,301|**Running**<br>**costs**<br>**£**<br>94,486<br>25,900<br>-<br>26,373|**Motor &**<br>**Travel**<br>**£**<br>4,972<br>483<br>-<br>12,887|**Depreciation**<br>**£**<br>15,124<br>101<br>682<br>2,635|**Total**<br>**2024**<br>**£**<br>138,687<br>33,473<br>682<br>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**<br>Salaries and wages<br>Social security costs<br>Other pension costs<br>Average number of employees:<br>Bookshop<br>Coffee Shop<br>Cleaning<br>Admin|**Total**<br>**2025**<br>**£**<br>231,234<br>7,550<br>2,938|**Total**<br>**2024**<br>**£**<br>204,521<br>4,312<br>2,877|
|---|---|---|---|
|||**241,722**|**211,710**|
|||**Total**<br>**2025**<br>**Number**<br>6<br>10<br>1<br>4|**Total**<br>**2024**<br>**Number**<br>6<br>9<br>1<br>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<br>Gifts to Missionaries Fund<br>Reimbursement of Expenses|**2025**<br>**£**<br>15,600<br>40,325<br>222|**2024**<br>**£**<br>16,050<br>32,591<br>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**<br>**Heritable**<br>**£**<br>**Cost**<br>As at 1 January 2025<br>663,174<br>Additions<br>-<br>Disposals<br>-<br>**As at 31 December 2025**<br>**663,174 **<br>**Depreciation**<br>As at 1 January 2025<br>185,682<br>Charge for the year<br>13,263<br>Eliminated on Disposal<br>-<br>**As at 31 December 2025**<br>**198,945**<br>**Net Book Value**<br>As at 31 December 2024<br>477,492<br>**As at 31 December 2025**<br>**464,229**<br>**15. Analysis of Debtors**<br>**Unrestricted**<br>**Funds**<br>**£**<br>Trade Debtors<br>5,267<br>Prepayments and accrued income<br>8,118<br>Other debtors<br>211<br>**13,596**<br>**16. Analysis of current labilities and long term creditors**<br>**Note Unrestricted**<br>**Funds**<br>**£**<br>**Due within 1 year**<br>Trade creditors<br>4,107<br>Accruals and deferred income<br>**17**<br>17,403<br>Taxation and Social Security<br>14,197<br>Other Creditors<br>7,915<br>**43,622**<br>**17. Deferred income**<br>**Grants**<br>Tilsley College fees paid in advance|**Heritable**<br>**£**<br>663,174<br>-<br>-|**£**<br>-<br>-<br>-<br>**Leasehold**<br>**land and**<br>**buildings**|**£**<br>45,452<br>1,991<br>-<br>**Plant and**<br>**Machinery**|**£**<br>250,060<br>1,002<br>(5,898)<br>**Fixtures,**<br>**fittings and**<br>**equipment**|**£**<br>958,686<br>2,993<br>(5,898)<br>**Total**|
|---|---|---|---|---|---|
||**663,174 **|**-**|**47,443**|**245,164 **|**955,781 **|
||185,682<br>13,263<br>-|-<br>-<br>-|42,165<br>2,282<br>-|240,056<br>4,397<br>(5,628)|467,903<br>19,942<br>(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**<br>**Funds**<br>**£**<br>5,267<br>8,118<br>211|**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>2,016|**Total**<br>**Funds**<br>**2025**<br>**£**<br>5,267<br>8,118<br>2,227|**Total**<br>**Funds**<br>**2024**<br>**£**<br>5,183<br>4,412<br>21,191|
||**13,596**|**-**|**2,016**|**15,612**|**30,786**|
|||**Designated**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>-<br>65,654|**Total**<br>**Funds**<br>**2025**<br>**£**<br>4,107<br>17,403<br>14,197<br>73,569|**Total**<br>**Funds**<br>**2024**<br>**£**<br>6,205<br>16,660<br>7,038<br>71,848|
||**43,622**|**-**|**65,654 **|**109,276**|**101,751 **|
|||**01.01.2025**<br>3,429|**Received**<br>**in year**<br>57,956|**Released**<br>**in year**<br>(55,760)|**31.12.2025**<br>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**<br>Fixed Assets<br>Current Assets<br>Current Liabilities<br>**Net Assets as at 31 December 2025**<br>**Analysis of Net Assets Among Funds**<br>Fixed Assets<br>Current Assets<br>Current Liabilities<br>**Net Assets as at 31 December 2024**|**Unrestricted**<br>**Funds**<br>**£**<br>-<br>241,973<br>(43,622)|**Designated**<br>**Funds**<br>**£**<br>473,564<br>32,385<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>147,214<br>(65,654)|**Total**<br>**Funds**<br>**2025**<br>**£**<br>473,564<br>421,572<br>(109,276)|
|---|---|---|---|---|
||**198,351 **|**505,949**|**81,560**|**785,860**|
||**Unrestricted**<br>**Funds**<br>**£**<br>-<br>312,531<br>(38,050)|**Designated**<br>**Funds**<br>**£**<br>490,783<br>32,385<br>-|**Restricted**<br>**Funds**<br>**£**<br>-<br>152,256<br>(63,701)|**Total**<br>**Funds**<br>**2024**<br>**£**<br>490,783<br>497,172<br>(101,751)|
||**274,481 **|**523,168**|**88,555**|**886,204 **|



|**19. **|**Movement in Funds**<br>**Restricted Funds**<br>Church Planting UK Fund<br>Tilsley College Bursary Fund<br>Gifts to Named Missionaries<br>Gifts for GLO Projects<br>Gifts for Other Missionary Work<br>**Unrestricted Funds**<br>General Fund<br>Designated Funds<br>Fellowship Fund<br>Designated Building Fund<br>Designated Asset Fund<br>**Total Funds**|**As at**<br>**01.01.2025**<br>**£**<br>47,734<br>1,965<br>-<br>35,510<br>3,346|**Incoming**<br>**Resources**<br>**£**<br>10,000<br>5,000<br>413,818<br>51,994<br>13,168|**Outgoing**<br>**Resources**<br>**£**<br>(213)<br>(5,207)<br>(413,818)<br>(58,743)<br>(16,514)|**Transfers**<br>**£**<br>(6,480)<br>-<br>-<br>-<br>-|**As at**<br>**31.12.2025**<br>**£**<br>51,041<br>1,758<br>-<br>28,761<br>-|
|---|---|---|---|---|---|---|
|||**88,555**|**493,980**|**(494,495)**|**(6,480)**|**81,560**|
|||274,481<br>-<br>32,385<br>490,783|788,525<br>-<br>-<br>-|(720,102)<br>(148,040)<br>-<br>(20,212)|(144,553)<br>148,040<br>-<br>2,993|198,351<br>-<br>32,385<br>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**<br>Glo Building Fund<br>Church Planting UK Fund<br>Tilsley College Bursary Fund<br>Gifts to Named Missionaries<br>Gifts for GLO Projects<br>Gifts for Other Missionary Work<br>**Unrestricted Funds**<br>General Fund<br>Designated Funds<br>Fellowship Fund<br>Designated Building Fund<br>Designated Asset Fund<br>**Total Funds**|**As at**<br>**01.01.2024**<br>**£**<br>5,650<br>44,936<br>12,970<br>3,129<br>31,798<br>15,420|**Incoming**<br>**Resources**<br>**£**<br>-<br>9,000<br>2,000<br>409,006<br>35,095<br>28,191|**Outgoing**<br>**Resources**<br>**£**<br>-<br>(6,202)<br>(13,005)<br>(409,006)<br>(31,383)<br>(40,265)|**Transfers**<br>**£**<br>(5,650)<br>-<br>-<br>(3,129)<br>-<br>-|**As at**<br>**31.12.2024**<br>**£**<br>-<br>47,734<br>1,965<br>-<br>35,510<br>3,346|
|---|---|---|---|---|---|
||**113,903**|**483,292 **|**(499,861)**|**(8,779)**|**88,555**|
||379,161<br>-<br>-<br>492,311|774,926<br>-<br>-<br>-|(690,716)<br>(144,089)<br>(17,566)<br>(5,157)|(188,890)<br>144,089<br>49,951<br>3,629|274,481<br>-<br>32,385<br>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**<br>General Fund to Fixed Asset Fund<br>**1**<br>General Fund to Fellowship Fund<br>**2**<br>Church Plant Fund to Fellowship fund<br>**3**|**Unrestricted**<br>**Funds**<br>**£**<br>(2,993)<br>(141,560)<br>-|**Designated**<br>**Funds**<br>**£**<br>2,993<br>141,560<br>6,480|**Restricted**<br>**Funds**<br>**£**<br>-<br>-<br>(6,480)|**Funds**<br>**2025**<br>**£**<br>-<br>-<br>-|
|---|---|---|---|---|
||**(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**<br>**£**<br>-|**2024**<br>**£**<br>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. 

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