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2020-09-30-accounts

Charity No. 1001420

Money for Madagascar Report and Unaudited Financial Statements

30 September 2020

Money for Madagascar

Reference and administrative details

Reference and administrative details Reference and administrative details
For theyear ended 30 September 2020
Status The organisation is a registered charity, registered on 7 January 1991
Governing document The charity is constituted under a trust deed dated 10 November 1990
Charity number 1001420
Registered office Langthwaite House
Langthwaite Road
Quernmore
Lancaster
LA2 9EB
Trustees Clare Brown
Eifion Griffiths
Theresa Haine
Bernadette King
Timothy King
Jan Kirby
Simon Kirby
David Pottinger
Miara Rabearisoa
Micheline Ravolonarisoa
Chris Sewell (resigned July 2020)
Thelma Stenning (retired November 2020)
Stephen Wilkinson
Principle staff Irenee Rajaona-Horne
Bankers National Westminster Bank Plc
23 Uplands Crescent
Swansea
SA2 0NY
Virgin Money plc
Jubilee House
Gosforth
Newcastle upon Tyne
NE3 4PL
Independent examiner Alison Godfrey FCA
Godfrey Wilson Ltd
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

The trustees present their report and the unaudited financial statements for the year ended 30 September 2020.

Structure, governance and management

Money for Madagascar (MfM) was founded in 1986 and registered with the Charity Commission, no.1001420, on 7 January 1991. It is governed by a trust deed dated 10 November 1990 and amended in February 2009.

The charity is run by 13 trustees all of whom are volunteers, and by two full-time staff and two parttime staff who are the director, the administrator, the fundraiser and the bookkeeper. Additional volunteers contribute about 500 hours a year to the charity. The UK registered charity also has a country office in Madagascar, which is staffed by a small team who are responsible for monitoring, programme development, training and capacity building for MfM’s Partners. MfM currently works with 16 Malagasy partner organisations, who are legally registered in Madagascar as NGOs or Associations.

Decisions taken at trustees' meetings are implemented by the staff and by trustees who serve as officers or who have designated roles on working groups. The officers' positions are one Chair and one Honorary Treasurer. The Board is supported by 2 standing committees, which are the Finance and General Purposes Committee (FGP) and the Programme Development Group (PDG), who meet between board meetings. Ad hoc groups are also used to work on particular tasks.

Trustees are recruited either through personal recommendation or by open recruitment, taking into account relevant skills and knowledge of Madagascar. Details of MfM’s policies as well as the roles and responsibilities of Staff, Officers, Trustees and Committees can be found in the organisation’s Staff Handbook and Governance Handbook. Likewise the organisation’s risk analysis and skills analysis can be found in the Handbook.

The trustees review possible risks on a regular basis and have put in place systems to mitigate these.

Objectives

Money for Madagascar's mission is to enable Malagasy people to reduce poverty and protect the environment through sustainable, community-led initiatives.

MfM works with trusted Malagasy Partner NGOs to deliver sustainable development. We believe in the important role of local NGOs and work to strengthen them so they can deliver appropriate community-based development.

With our Malagasy Partners we facilitate the training of young people and their families in urban settings, environmental hotspots and isolated rural communities, to increase their resilience and to reduce their vulnerability.

In setting up our programmes we have regard to the Charity Commissioners' general advice on public benefit, and the trustees always ensure that the programmes which they fund are in line with the charity's aims and objectives stated in the trust deed and outlined above.

2

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

Approach

We take an integrated approach to protecting the environment, tackling poverty and raising dignity amongst the poorest communities in Madagascar. Our W.H.E.E.L.S. approach addresses the interconnected needs of our beneficiaries through integrated activities: W ater, H ealth, E ducation, E nvironment, L ivelihoods and S anitation.

Our work focuses on four programme areas:

  1. Education for Life – Schools Development Programme 2. Protecting and Enabling Vulnerable Children

  2. Forests and Livelihoods 4. Resilience and Response to Disasters and Climate Change

The work of MfM is clustered into three geographic areas where we have strong community support: East, West and Central regions of Madagascar. In particular circumstances, such as times of emergency, we may fund one-off projects that lie outside of our core geographic area. For example, providing famine relief in the South of the Island.

It remains very difficult in Madagascar for smaller Community Based Organisations (CBOs) and Malagasy NGOs to find a voice on regional or national platforms. Local voice and wisdom can be absent from policy making and planning. In addition, it can be very difficult for small local CBOs to access funds for local development and conservation. Lack of support for local development and conservation typically results in either inappropriate and unsustainable development, or no development at all. MfM strives to reverse this trend, by facilitating Malagasy CBOs and NGOs to drive local development and conservation in their communities.

Despite our name, Money for Madagascar does not just give Money. We give support - providing a bridging function to facilitate the grass-roots organisations in playing their role on the development and conservation stage. This facilitation includes a range of services including: support with programme design, policy work, research, staff training, bid writing, fundraising, facilitating peer-topeer support, networking building, awareness-raising, policy work and Monitoring, Evaluation and Learning.

In recent years MfM has been able to provide this service of facilitation and capacity building to Malagasy organisations thanks to unrestricted grants and legacies. Now that our unrestricted funds are much more limited, we need to identify a new income stream to fund the continuation of this vital work of building civil society and enabling Malagasy people to define and deliver their own local development.

Summary of achievements 2019-20

This tough Covid year was not easy for MfM, but we rode the storm. Despite cancelled community fundraising, homeworking, and over 12 weeks of staff sickness with Covid, we stood in solidarity with our partners and beneficiaries, delivering more support than ever in Madagascar.

With support from MfM UK, our Partners quickly pivoted to adapt their work plans. Where possible regular programme activities continued with Covid secure adaptations. Where this was impossible, activities were put on hold and specific Covid relief projects were launched to help shield MfM’s 10,000 beneficiaries from the worst impact of the pandemic.

3

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

1. Education for Life (E4L)

MfM works in partnership with the Adsum Foundation to bring hope and prosperity to Madagascar's forgotten children. Children in remote schools now have a chance to succeed, thanks to our Education for Life Programme that provides: new classrooms, water, toilets, books, teacher training, environmental education, kitchen gardens, school canteens and solar power. To date over 15,000 children from 79 schools have directly benefitted from this programme. 53 schools across 4 regions of Madagascar participated in the programme in 2019-20. 15 schools joined the programme this year and a further 10 are preparing to join next year.

This year, core activities were paused in March due to lockdown. Grants, food, soap, masks and public health information were distributed to our school students and their families, especially the most vulnerable who had relied on the school canteen to feed their children. When lock-down was lifted, E4L schools were supported to reopen in a Covid-secure way with additional WASH equipment and health and hygiene training. Teachers laid off during lockdown were given financial support to help feed their families. In exchange teachers were encouraged to assist students to continue their studies in lock down through access to the E4L school libraries and homework. In some cases, it was also possible to mobilise older students to support the on-going learning of younger ones.

For two years, we have invested much time in preparing to deliver daily schools meals to 60 schools and children’s centres in partnership with the Scottish charity Mary’s Meals. We are very disappointed that the start of this project has been delayed. However we remain committed to delivering school canteens through Education for Life and are poised to partner with Mary’s Meals as soon as they are ready to start.

2. Protecting and Enabling Vulnerable Children.

This programme transforms the lives of vulnerable children in and around the capital. Orphaned, abandoned, abused, sick and homeless children receive shelter, food, healthcare, education, water and sanitation and loving care. Children receive long-term support to help them overcome the causes of their destitution. In this programme MfM supports 9 children’s projects: Akany Avoko Ambohidratrimo (AAA), Akany Bevalala (AAB), Akany Avoko Faravohitra (AAF), Ankizy Gasy, Akany Hasina, Centre Gilpin, Centre Fihavanana street kids (SOGS), and Toamasina Juvenile Prison. This year the Topaza FJKM orphanage joined MfM’s programme, with funding provided by the Union of Welsh Independents (UWI). About 650 children benefitted from MfM’s programme for Vulnerable Children this year.

Thanks to the courage and hard work of our Partners all the residential centres we support stayed open and stayed Covid-free this year. Actions to prevent Covid sickness included restrictions on the flow of people in and out of the centres combined with improved health, nutrition and hygiene measures in the centres. When schools closed due to lockdown, tuition continued in the residential Akany centres, eventually resulting in an impressive number of students passing their state exams in September. It has been an exhausting year for the centre staff who have tried valiantly to keep hundreds of children amused whilst restricted to the confines of the centres. The ending of lockdown in Madagascar was a huge relief to all. Day centres like Centre Fihavanana and Akany Hasina, were not allowed to run classes during lockdown. Seeing that lockdown was exacerbating poverty and hunger, they pivoted to hand out grants and food rations until they were allowed to resume their full range of services.

4

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

Thanks to additional grants raised, several partners have not only survived the year, but have managed to improve their facilities and services for their children. Grants from the UWI and others enabled AAF to improve hygiene and tackle period poverty, by installing new biogas toilets and training girls to make washable sanitary pads. AAF and AAA centres generated income by sewing thousands of washable facemasks for MfM to distribute to vulnerable families across all our programmes. AAB boys’ centre received a grant to renovate dorms and improve training and sports facilities. Topaza orphanage used their grant from UWI to launch a farm project to increase food security and skills by training the older children to grow vegetables and raise small livestock.

A grant from UWI has enabled MfM to extend its scope of improving the life chances of pregnant mothers and their babies by providing new ultrasound equipment and training to the SAF Centrale Medical Centre. The project is advancing well and the new facilities should be ready to provide affordable ultra-sound scans by the end of 2020.

3. Forests and Livelihoods

This programme stretches from the dry West of Madagascar to the highly endangered rainforests in the East. Through education, training and practical support we enable farmers and forest people to provide for their families, whilst protecting and restoring their fragile environment. Urgent attention is now focussed on Food Security and Resilience to Climate Change. The planet urgently needs to protect and extend its forest cover, and Madagascar has a key role to play. Drawing on decades of experience, as well as new research, we are working with our partners to blend the richness of their experience with the new demands of the climate emergency.

Thanks to the outdoor nature of the forest work, most of forest projects have been able to continue their reforestation and livelihoods activities this year. Regional variations meant that areas with low levels of Covid were able to scale up their conservation activities, whilst areas with high levels of Covid (notably in Toamasina Region affecting Betampona) endured lockdown measures, which restricted group activities and trainings for several months.

3a, In Andasible-Mantadia

Investment in strengthening the Mitsinjo team is paying off, giving us confidence to scale up our work with them. This scale up is extremely timely. Livelihoods and conservation in the Andasibe area depend largely on the eco-tourism economy. With Covid cancelling tourism MfM took swift action to scale up conservation work to create employment and reduce the devastation on families and forests. MfM projects with Mitsinjo this year included a farming livelihoods project, 20h of reforestation, the creation of a new accessible night-walk circuit specialising in frogs, a Covid public health campaign on the radio and distribution of food, soap, masks and grants to the most vulnerable. Funding is being sought from grants and from MfM’s Tree-Twins campaign to further scale up this urgent work.

3b, In Betampona

Despite Covid lockdown causing a temporary restriction on meetings, 1772 families have benefited directly and 7000 families have benefited indirectly this year from improved food security and income from this sustainable livelihoods and conservation project. 153 new families joined the project this year, setting up 8 new trees nurseries, planting over 20,000 new fruit trees and woodlots, as well as producing vegetables, fish and small livestock. By creating 15ha of new rice paddies 45ha of forest were saved from the deforestation caused by hill rice cultivation. Beneficiaries previously trained by SAF harvested timber, cash crops, fruit, veg, rice and meat to feed their families, and received followup technical advice, training and vet care.

5

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

As pressure mounts on the remaining rainforest, and climate events disrupt traditional farming, we need to reach more vulnerable farmers fast, with resilient livelihoods training and support. We are now seeking grant funding to enable us to continue and scale-up this work.

3c, In Maitirano in the Melaky Region

FIVEMI women’s cooperative is now maintaining over 150,000 trees that they have planted in over a decade. Every year they plant another 10-15,000 trees to add to their community forest. This project in the vast, barren West of Madagascar has the potential to scale up to planting hundreds of thousands of trees a year if funding can be secured.

The Livelihoods work of FIVEMI empowers hundreds of women in Maitirano. As well as being stakeholders in their own forest plantation, co-op members manage a revolving fund to enable women to invest in micro-enterprise activities to support their families. FIVEMI is now branching out to support fledgling women’s co-ops to start their own micro-enterprise schemes. They are also sharing their expertise at their drop-in centre, at the market, where they offer advice and training for vulnerable young women. FIVEMI are also pioneering campaigns to promote women’s rights and reduce domestic violence.

Young people are further empowered through SAF’s work in local schools, where dynamic students become peer-to-peer advocates on issues such as conservation, WASH, and human rights.

The inaccessibility of Maitirano was turned to its advantage this year. Cut off by road, sea and air for much of the year, SAF Melaky used grants from MfM to run major public awareness and public health campaigns at 3 major market places, to pro-actively protect the population ahead of any possible arrival of Covid.

The dynamic development and conservation approach of the Melaky team is inspiring and has great potential. Funds are urgently needed to maintain and ideally expand this work.

3d, In Alasora, in the rural outskirts of the capital

Farming families who lost everything in the drought and cyclone of 2017 are now rebuilding their lives in a more climate-smart way. Our partner WTDM has trained 10 ‘Lead Farmers’ who trained 200 ‘Follower Farmers’ in sustainable farming techniques. This project has continued well, despite Covid, with farmers working outdoors and training and support given in a socially distanced way. In addition, MfM Covid Response grants were used to spread public health advice and distribute masks, soap and medicines. The results in this 3rd and final year of the project have been impressive. Farmers have increased their yields on average by 25%. Despite the challenges of Covid depressing market prices, participating farmers significantly increased their incomes, with some earning more than double the income of an average labourer. Farmers are becoming self-sufficient in seeds, with some having a surplus of seeds to sell. Farmers are using high yields of crops to improve family nutrition and to pay for school fees, purchase cattle or solar panels and make repairs/improvements to their homes and toilets. Although this 3-year project has finished, the Model Farmers remain a source of inspiration and advice to the surrounding farmers. Given the impressive results of this project, MfM seeks funds or a collaborating partner to repeat this project to benefit other communities who need to reduce their vulnerability and build their resilience.

6

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

3e, Ivato Theological College - Farm Project

Thanks to funding from the UWI, MfM has been working with the Ivato Theological College to prepare a livelihoods project, which will start in the Autumn of 2020. The aim of the project is to train future pastors in horticulture and agronomy so they can feed their own families and train local villagers in the communities they go on to serve. This project will be delivered in collaboration with MfM’s agronomy expert partner Association Voahary Maitso (AVM).

4. Disaster and Emergency Resilience and Response

Madagascar ranks among the 20 countries most vulnerable to climate change and natural disasters. Consequently, managing risk and building resilience is an urgent priority. MfM is working with all our beneficiary communities to reduce vulnerability and build resilience. Whilst MfM prides itself in taking the long view, we also recognise the need to act fast in an emergency. This year the Covid Pandemic threatened lives and livelihoods across the planet. In March MfM moved swiftly to come to the aid of our most vulnerable beneficiaries in Madagascar. Core projects were quickly adapted to become Covid secure and some programme activities were reoriented to focus on immediate threats to health and livelihoods.

Thanks to a successful Covid Appeal, MfM was able to fund twenty Covid Response projects, to help orphans, schoolchildren, teachers, market traders, forest communities and wildlife. These MfM Covid projects have raised awareness, strengthened health, prevented infection and enabled families to feed their children in lockdown. As well as helping vulnerable people, we have also had a Covid Response for conservation - helping prevent destitution and deforestation by creating conservation and health jobs in Andasibe-Mantadia with Mitsinjo.

Financial review

Several years of investing in strengthening our systems and improving the quality of our work are starting to pay off. Income is increasing, enabling us to fund more work in Madagascar. Investing in programme design is also helping improve the quality and relevance of our work, so that key projects can be scaled up.

Despite Covid 19 having had a major influence on our activities the charity has extended its activities in Madagascar through its partnerships with UK and Malagasy organisations. Grants to Madagascar increased from £249,879 in 2018-19 to £316,205 in 2019-20.

Income has increased by 29% compared to last year to £469,176 mainly as a result of a partnership with Undeb Yr Annibynwyr Cymraeg (Union of Welsh Independents) with a donation of £157,000 for new and existing projects. A Special Covid 19 appeal also raised circa £44,000 to further support our partners and beneficiaries in Madagascar who were severely affected by the pandemic.

During the year we saw a reduction of £49,081 in our unrestricted net current assets reflecting the disruption to our fundraising efforts and additional demands on our partner services in Madagascar, both caused by the pandemic. Our net reserves (restricted and unrestricted) for the year increased to £381,971 (2019 - £361,685) reflecting the adherence to our Reserves Policy and funds retained for committed projects.

7

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

In recent years MfM has used unrestricted reserves to underwrite vital projects which don’t receive 3rd party grants such as the Forest and Livelihoods projects: SAF Betampona, SAF Melaky, SAF Toamasina and the centres for vulnerable children run by the Sisters of the Good Shepherd and SAFFIFA. We have also used unrestricted funds to invest in: programme development, training and capacity building for Malagasy NGO partners, community consultations, building collaborations and networks, research, monitoring, evaluation and learning, and raising funds.

In order to continue to support our existing projects, and to continue to invest in programme development, MfM must prioritise raising higher levels of unrestricted income as well as grants for existing core work. MfM will continue to pursue new funding opportunities and collaborations to expand our work.

Reflecting continuing uncertainties in the local and international economy, the charity is taking a cautious approach to its budgeting for 2020/21, utilising a proportion of its reserves to maintain its planned programmes in Madagascar. It is also embarking on its standard quinquennial review so that it can set its future direction.

Reserves policy

The MfM reserves policy approved in November 2018 requires MfM to hold reserves to cover 12 months of committed project costs (Madagascar) and committed support costs (Madagascar and UK).

The trustees consider that our existing policy continues to meet those objectives in that it provides a reasonable balance between our income and our spending commitments. This policy will be reviewed as part of the quinquennial review to ensure that, in the opinion of the trustees, it is sustained at a suitable level, to provide a buffer against unexpected events and changes in economic and social conditions as well as reflecting the nature and spread of its income and its forward commitments.

Our existing reserves are calculated taking into account our unrestricted net current assets plus investments. As at 30 September 2020 this stood at £266,770 (2019 - £308,069).

Plans for the future

Year on year we are committed to helping more Malagasy people to reduce poverty and protect the environment through sustainable, community-led initiatives.

Having completed the 5-year cycle of 2015-20 strategy, it is time to review and set new plans for the future. As the Malagasy proverb says, we should be like a chameleon with one eye looking to the past and one looking to the future.

Faced by major challenges, from climate change to Covid-19 and global financial recession, we must adapt our work to ensure we have a sustainable programme and stay relevant in stormy and changeable seas.

However in light of the extremely challenging financial climate we aim to use 2021 to consolidate our position and review our strategy in light of prevailing conditions. We will continue to deliver our core programmes whilst we plan a future which remains ambitious and committed to our values and objectives to enable Malagasy people to reduce poverty and protect the environment through sustainable, community-led initiatives.

8

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

Organisational priorities for this year will include:

Review - Learn from the last 5 years.

Consolidate – Prioritise key work. Secure funding for core work that currently relies on spending reserves.

Strengthen - Capacity of Malagasy partners to scale–up work and attract new grant funding.

Build - Networks and collaborations in order to increase relevance, impact, scale and sustainability of conservation and development work by Malagasy NGOs.

Envision and Plan - Identify opportunities and develop SMART plans to further improve the quality, relevance, innovation, scale and impact of MfM’s work.

Madagascar programme plans for this year include:

Education for Life (E4L)

Forests and Livelihoods

To respond to the biodiversity and climate emergency it is essential to scale up conservation and livelihoods work in Madagascar. Collaboration and co-operation are essential to face the scale of the challenge. For example we are excited to be preparing a new ‘Youth for Lemurs’ project with Madagasikara Voakajy, Association Mitsinjo, Conservation International and others, which will focus on youth-lead lemur conservation around three protected areas: Analamazaotra, Ankeniheny, and Mangabe-Ranomena-Sahasarotra. We hope this will receive funding from the Darwin Initiative to start in 2021.

9

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

We have a number of skilled and experienced partners who have potential to develop and scale up their conservation and livelihoods work. Despite their rich experience and strong community connections, few have the capacity to prepare funding proposals. This year MfM will provide training and support to assist our Malagasy NGO partners with their programme development and fundraising. Working with our partners, we hope we can secure some larger grants next year to scale up this urgent conservation work.

Vulnerable Children

As Covid continues to be a threat, it is vital to keep vulnerable children safe. MfM will continue to support our partner centres with funding for food and medication, as well as tutoring if schools are closed again. Strong WASH facilities and practices are key to all health including combatting Covid. Last year 2 grants funded major renovations to showers and toilets at AAF. This year we plan to cofund major improvements to water infrastructure at AAA and AAB centres. We also plan to install water and toilets at a number of schools and community locations.

We will continue to provide training and support to our partners and will work with project leaders who want help to develop their work further. For example, AAF may want to grow their work in empowering young women leaders and AAA may wish to grow their role as eco-ambassadors.

Youth Leadership Programme

MfM is increasingly concerned to find ways to support young people to become active citizens who take a role in leading sustainable conservation and development work. Currently this youth leadership theme is being built into the work of our existing partners and projects. It is also becoming the specific focus of new projects such as the Youth for Lemurs Project. When MfM undertakes an envisioning exercise this year, we will consider how best to build our Youth Leadership work. For example whether to build a stronger youth leadership element into our existing work, or whether to design a specific, stand-alone Youth Leadership Programme.

Collaboration with UWI

Last year we were delighted to manage 4 grants that had been raised by the Bicentenary Appeal of the Union of Welsh Independents. These four projects benefit AAF, Topaza Orphanage, Ivato Theological College and SAF Centrale Medical Dispensary. They are up and running well and MfM will continue to manage them for the next 2 years.

In the face of climate change and natural disasters, MfM will be looking to build greater resilience and disaster preparedness into all of our work.

MfM is committed to evaluating and improving our work. As we grow and develop, we are better able to tackle poverty and raise dignity amongst the poorest people of Madagascar and their fragile environment.

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with 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).

10

Money for Madagascar

Report of the trustees

For the year ended 30 September 2020

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate 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.

The trustees

The trustees who served during the year and up to the date of this report are listed on page 1.

Independent examiner

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 27 March 2021 and signed on their behalf by:

Clare Brown - Chair

11

Independent examiner's report

To the trustees of

Money for Madagascar

I report to the trustees on my examination of the accounts of Money for Madagascar (the Trust) for the year ended 30 September 2020, which are set out on pages 13 to 31.

Responsibilities and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Godfrey Wilson Limited also provide non independent examination services to the charity. I confirm that as a member of the ICAEW I am subject to the FRC’s Revised Ethical Standard 2016, which I have applied with respect to this engagement.

Independent examiner’s statement

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Date: 29 March 2021

Alison Godfrey FCA (member of ICAEW)

For and on behalf of: Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

12

Money for Madagascar

Statement of financial activities

For the year ended 30 September 2020

Note
Income from:
Donations
3
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
4
Net gains on investments
10
Net income / (expenditure)
Transfers between funds
Net movement in funds
6
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Restricted Unrestricted
£
£
324,784
135,096
-
5,852
-
3,444
324,784
144,392
-
71,193
347,356
41,091
347,356
112,284
-
10,750
(22,572)
42,858
84,308
(84,308)
61,736
(41,450)
53,314
308,371
115,050
266,921		 2020
Total
£
459,880
5,852
3,444
469,176
71,193
388,447
459,640
10,750
20,286
-
20,286
361,685
381,971		 2019
Total
£
351,172
6,572
5,714
363,458
72,369
306,379
378,748
9,206
(6,084)
-
(6,084)
367,769
361,685

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the financial statements.

13

Money for Madagascar

Balance sheet

As at 30 September 2020

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
13
Funds
14
Restricted funds
Unrestricted funds:
General funds
Total funds		 £
20,981
165,497
186,478
7,271		 2020
£
151
202,613
202,764
179,207
381,971
115,050
266,921
381,971		 2019
£
302
194,831
195,133
20,028
154,972
175,000
8,448
166,552
361,685
53,314
308,371
361,685

Approved by the trustees on 27 March 2021 and signed on their behalf by:

Clare Brown - Chair

14

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)).

Money for Madagascar meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The COVID-19 pandemic has had a profound impact on the global economy, and whilst in the short term it has not had a significant impact on our financial position the future looks more uncertain. Like most charities, MfM relies on support from a wide range of donors including Trusts and Government Agencies. Competition for these funds is likely to increase due to the combined impact of COVID 19 and the proposal by the UK Government to reduce the percentage spent on Overseas Aid from 7% to 5% of GDP. The trustees have considered the impact of these issues on the charity’s current and future financial position. The charity holds unrestricted, general reserves of £266,921, including a cash balance of £165,497. The trustees consider that the charity has sufficient unrestricted reserves and cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. For this reason, the accounts have been prepared on the going concern basis.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income from trading activities is recognised when merchandise is sold and sent to the donor.

d) Interest receivable

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.

15

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

1. Accounting policies (continued)

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. A contribution to overheads and programme support are allocated to restricted funds as follows:

Akany Avoko Ambohidratrimo Based on 15% of grants paid. Education for Life Based on 16% of income received.

All other projects that receive restricted income make a contribution of 10% of this income towards MfM core where funds are available.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis, which is an estimate of UK staff time spent on activities.

The majority of the activities of MfM are conducted by our Malagasy Partners and their staff teams in Madagascar. These Malagasy teams spend the majority of their time delivering the charitable activities of our programmes. These charitable activities are not represented in the percentages below, which refer only to UK support costs.

2020 2019
Raising funds 57.4% 62.6%
Charitable activities 43.6% 37.4%

h) Grants payable

Money For Madagascar sometimes receives money that has been raised directly for its partners in Madagascar. In these instances the money received is credited to donations income in the statement of financial activities, and the subsequent transfer to the partner is shown as a grant payable. These are not considered to be conduit funds as the trustees of Money for Madagascar retain discretion over the funds that are sent.

16

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

1. Accounting policies (continued)

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. Depreciation is charged on a straight line basis. The depreciation rate is as follows:

Furniture and equipment

25% per annum straight line

Items of equipment are capitalised where the purchase price exceeds £500.

j) Listed investments

Investments in quoted shares, traded bonds and similar investments are measured initially at cost and subsequently at fair value (their market value). The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Investment income from dividends is included in income when receivable.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

o) Pension costs

Contributions in respect of the charity's defined contribution pension scheme are charged to the statement of financial activities in the year in which they are payable to the scheme. Differences between the contributions payable and contributions actually paid during the year are shown as either accruals or prepayments at the year end.

p) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

17

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

1. Accounting policies (continued)

q) Accounting estimates and key judgements

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements is depreciation as detailed on note 1(i).

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains on investments
Net income / (expenditure)
Transfers between funds
Net movement in funds		 Restricted
£
£
215,781
135,391
505
6,067
-
5,714
216,286
147,172
-
72,369
277,453
28,926
277,453
101,295
-
9,206
(61,167)
55,083
75,225
(75,225)
14,058
(20,142)
Unrestricted		 2019
Total
£
351,172
6,572
5,714
363,458
72,369
306,379
378,748
9,206
(6,084)
-
(6,084)

18

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

3. Income from donations

Individuals
Trusts and foundations
Schools and small groups
Churches and Quakers
Companies
Other donations
Gift aid income
Total donations
Prior period comparative:
Individuals
Trusts and foundations
Schools and small groups
Churches and Quakers
Companies
Other donations
Gift aid income
Total donations		 Restricted
£
£
67,259
60,315
104,329
31,664
1,035
698
136,715
27,023
5,305
1,408
-
5,555
10,141
8,433
324,784
135,096
Restricted
£
£
64,843
58,284
128,515
50,154
1,127
3,600
2,000
5,946
10,580
2,870
-
6,451
8,716
8,086
215,781
135,391
Unrestricted
Unrestricted		 2020
Total
£
127,574
135,993
1,733
163,738
6,713
5,555
18,574
459,880
2019
Total
£
123,127
178,669
4,727
7,946
13,450
6,451
16,802
351,172

19

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

4. Expenditure

Expenditure
Grants payable to partners (note 5)
Fundraising costs
Staff costs (note 7)
Office services and room hire
Travel and subsistence
Monitoring and evaluation
Representation & programme development
Communications costs
Bank charges
Accountancy
Insurance
Professional fees
Depreciation
Miscellaneous expenses
Investment manager costs
Sub-total
Allocation of support and governance costs
Total expenditure		 £
-
9,016
25,988
-
-
-
-
-
-
-
-
-
-
-
2,632
37,636
33,557
71,193
Raising
funds		 £
£
316,205
-
-
-
19,302
44,028
-
2,239
-
2,159
8,377
-
19,658
-
-
4,634
-
1,440
-
3,120
-
271
-
288
-
151
-
132
-
-
363,542
58,462
24,905
(58,462)
388,447
-
Charitable
activities
Support
and
governance
costs		 £
316,205
9,016
89,318
2,239
2,159
8,377
19,658
4,634
1,440
3,120
271
288
151
132
2,632
2020
Total
459,640
-
459,640

Total governance costs are £3,120 (2019: £3,255).

20

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

For the year ended 30 September 2020
4.
Expenditure (continued)
Prior year comparative:
Grants payable to partners (note 5)
Fundraising costs
Staff costs (note 7)
Office services and room hire
Travel and subsistence
Monitoring and evaluation
Representation & programme development
Communications costs
Consultancy
Bank charges
Accountancy
Insurance
Professional fees
Depreciation
Miscellaneous expenses
Investment manager costs
Sub-total
Allocation of support and governance costs
Total expenditure		 £
-
5,470
36,958
-
-
-
-
-
-
-
-
-
-
-
-
2,481
44,909
27,460
72,369
Raising
funds		 £
£
249,879
-
-
-
22,107
27,906
-
2,208
-
2,656
5,024
-
12,943
-
-
3,373
-
195
-
856
-
3,060
-
261
-
1,523
-
875
-
973
-
-
289,953
43,886
16,426
(43,886)
306,379
-
Charitable
activities
Support
and
governance
costs		 £
249,879
5,470
86,971
2,208
2,656
5,024
12,943
3,373
195
856
3,060
261
1,523
875
973
2,481
2019
Total
378,748
-
378,748

21

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

5. Grants payable

Grants payable
Grants to institutions:
Akany Avoko Ambohidratimo
Akany Avoko Faravohitra
Akany Avoko Bevalala
Akany Hasina
Ankizy Gasy
Association AVM
Association Miarintsoa
Association Mitsinjo
College Sewell
SAF - Betampona
SAF - Maintirano
SAF - Medical Centres
SAF - Toamasina
Saffifa Helivao - Gilpin Centre
The Sisters of the Good Shepherd
Topaza FJKM Children's Centre
WTDM - Resilient Sustainable Livelihoods
Grants to individuals:
Laza Razafinjatovo
Total grants payable		 Restricted Unrestricted
£
£
35,700
-
48,867
-
7,325
-
4,131
-
27,686
-
36,377
-
3,500
-
25,960
-
1,000
-
13,812
-
19,732
-
13,381
-
14,294
-
8,504
-
7,243
-
19,665
-
28,296
-
732
-
316,205
-		 2020
Total
£
35,700
48,867
7,325
4,131
27,686
36,377
3,500
25,960
1,000
13,812
19,732
13,381
14,294
8,504
7,243
19,665
28,296
732
316,205

Grants payable are to institutions in Madagascar. All grants are paid to fund charitable activities, including funding to run children's homes, centres and schools, and promotion of forest regeneration and disaster resilience. The grants shown above do not include any contribution to core costs.

In addition to grants payable, to fulfil MfM’s mission of ‘strengthening Malagasy NGOS’ MfM contracts with Association Miarintsoa (AMI) to deliver a package of training, capacity building and programme development to support our Malagasy NGOS partners. This year MfM spent £28,035 (2019: £17,967) on this service. The details can be found in note 4 of the accounts, under the headings of Monitoring & Evaluation and Representation & Programme Development.

22

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

5. Grants payable (continued) Prior year comparative:

5.
Grants payable (continued)
Prior year comparative:
Restricted Unrestricted
£
£
Akany Avoko Ambohidratimo
40,716
-
Akany Avoko Faravohitra
24,105
-
Akany Hasina
3,327
-
Association ALF
8,181
-
Association Miarintsoa
196
-
Ankizy Gasy
1,039
-
Association AVM
73,003
-
Association Mitsinjo
9,336
-
College Sewell
1,005
-
Fianar Schools
549
-
SAF - Betampona
18,833
-
SAF - Maintirano
15,479
-
SAF - Toamasina
18,310
-
Saffifa Helivao - Gilpin Centre
11,185
-
The Sisters of the Good Shepherd
7,173
-
WTDM - Resilient Sustainable Livelihoods
16,942
-
Sub-total
249,379
-
Grants payable to individuals
500
-
Total grants payable
249,879
-
6.
Net movement in funds
This is stated after charging:
2020
£
Depreciation
151
Nil
792
Nil
Independent examiner's remuneration:
Accounts preparation and independent examination
3,120
Other services (payroll and consultancy)
288
Trustees' remuneration
Trustees' indemnity insurance
Trustees' reimbursed expenses		 2019
Total
£
40,716
24,105
3,327
8,181
196
1,039
73,003
9,336
1,005
549
18,833
15,479
18,310
11,185
7,173
16,942
249,379
500
249,879
2019
£
875
Nil
1,108
Nil
3,060
496

Trustees' reimbursed expenses represent payments to 9 trustees (2019: 7) for travel and subsistence costs and other incidental costs relating directly to the charity.

23

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

7. Staff costs

Staff costs were as follows:

Salaries and wages
Social security costs
Pension contributions		 2020
£
84,258
3,747
1,313
89,318		 2019
£
81,620
4,273
1,078
86,971

No employee earned more than £60,000 during the year.

The key management personnel of the charity comprise the trustees and the director. The total employee benefits (salary, employer national insurance and pension contributions) received by the charity's key management personnel in the period were £40,667 (2019: £40,502).

Average staff head count 2020
No.
4.00		 2019
No.
4.00

8. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Tangible fixed assets

Tangible fixed assets
Furniture and
computer equipment
£
Cost
At 1 October 2019 and 30 September 2020 4,650
Depreciation
At 1 October 2019 4,348
Charge for the year 151
At 30 September 2020 4,499
Net book value
At 30 September 2020 151
At 30 September 2019 302

24

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

10. Investments
Market value at 1 October 2019
Disposal proceeds
Unrealised gains
Realised gains / (losses)
Movement in cash balance
Market value at 30 September 2020
Historical cost at 30 September 2020
11. Debtors
Gift aid recoverable
Prepayments
Other debtors
12. Creditors : amounts due within 1 year
Trade creditors
Accruals
Other creditors		 2020
£
194,831
(2,630)
10,683
67
(338)
202,613
164,398
2020
£
18,575
2,126
280
20,981
2020
£
72
5,454
1,745
7,271		 2019
£
186,777
(2,535)
9,301
(95)
1,383
194,831
166,128
2019
£
16,787
1,991
1,250
20,028
2019
£
597
5,453
2,398
8,448

25

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

13. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Investments
Net current assets
Net assets at 30 September 2020
Prior period comparatives
Tangible fixed assets
Investments
Net current assets
Net assets at 30 September 2019		 £
£
-
151
-
202,613
115,050
64,157
115,050
266,921
£
£
-
302
-
194,831
53,314
113,238
53,314
308,371
Restricted Unrestricted
Unrestricted
Restricted		 Total
£
151
202,613
179,207
381,971
Total
£
302
194,831
166,552
361,685

26

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

14. Movements in funds

Movements in funds
Restricted funds
Education
Emergency Response
Forests and Sustainable Livelihoods
Vulnerable Children and Families
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds		 At 1 October
2019
£
-
-
10,654
42,660
53,314
308,371
308,371
361,685		 Income
£
42,471
44,555
48,403
189,355
324,784
144,392
144,392
469,176		 £
(63,940)
(45,439)
(70,600)
(167,377)
(347,356)
(112,284)
(112,284)
(459,640)
Expenditure		 £
-
-
-
-
-
10,750
10,750
10,750
Gains on
investments		 Transfers
between
funds
£
21,469
884
43,543
18,412
84,308
(84,308)
(84,308)
-		 £
-
-
32,000
83,050
At 30
September
2020
115,050
266,921
266,921
381,971

27

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

14. Movements in funds (continued)

Movements in funds (continued)
Prior year comparative
Restricted funds
Education
Forests and Sustainable Livelihoods
Vulnerable Children and Families
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds		 At 1 October
2018
£
-
3,510
35,746
39,256
328,513
328,513
367,769		 Income
£
97,456
25,228
93,602
216,286
147,172
147,172
363,458		 £
(101,386)
(63,025)
(113,042)
(277,453)
(101,295)
(101,295)
(378,748)
Expenditure		 £
-
-
-
-
9,206
9,206
9,206
Gains on
investments		 Transfers
between
funds
£
3,930
44,941
26,354
75,225
(75,225)
(75,225)
-		 £
-
10,654
42,660
At 30
September
2019
53,314
308,371
308,371
361,685

28

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

14. Movements in funds (continued) Purposes of restricted funds

Education

This programme is working to tackle key obstacles to educational access and attainment in Madagascar’s remote rural primary schools. Providing pedagogic training for all teachers is a key part of the programme.

Emergency Response

This programme is for specific responses to major appeals. In 2020 this was the Covid-19 pandemic. In previous years appeals have been necessary to respond to cyclone and famine needs.

Forests and Sustainable Livelihoods

Through education, training and practical support, we enable farmers and forest dwellers to provide for their families, whilst protecting and restoring their fragile environment. Urgent attention is now focussed on reforestation, sustainable food security and resilience to climate change. The programme supports the following partners and projects:

Ivato Theological College An
Environmental
Education
Programme		 for theological
students at the College.
Association Mitsinjo Working with Association Mitsinjo to restore indigenous forest in
the Andasibe-Mantadia area.
SAF - Betampona A team of agricultural and development officers work with
vulnerable farmers to develop sustainable livelihoods.
SAF – Maintirano Working with women’s cooperatives in the far west to restore
forests and set up income generating activities for low-income
families.

Vulnerable Children and Families

This programme transforms the lives of vulnerable children in and around the capital. Orphaned, abandoned, abused, sick and homeless children receive shelter, food, healthcare, education, water, sanitation and loving care. The programme supports the following partners and projects:

Akany Avoko Ambohidratrimo A home providing care for 117 vulnerable children aged 0 – 21.
Akany Avoko Bevalala A home for 33 destitute boys and a subsidiary of Akany Avoko
Ambohidratrimo.
Akany Avoko Faravohitra A home providing residential care and education for vulnerable
children (mostly girls) aged 0 – 18 and a café-craft shop which
will provide training and work experience for older girls/young
women.
Akany Hasina A non-residential after-school club providing homework support,
environmental and cultural education.

29

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

14. Movements in funds (continued) Purposes of restricted funds

Ankizy Gasy

Provides support to graduates from children’s projects with educational and living costs.

College Sewell

A secondary school named after the first Quaker missionary to Madagascar ‘Joseph Sewell’. Funds support teaching resources at the school.

Habitat 2 Sanitation

Raising funds for installation of water, toilets and wash basins for families.

Raoly's Grant Retirement support given to Laza Albertine Raoliarisoa (Raoly) by long-term supporters of Clait La Source special needs school. The school was run jointly by Raoly and Jeannot for 20 years.

SAF Medical Centres A network of pharmacies across the country providing accessible and affordable medical treatment.

Safety Net Fund Makes small grants to help people in need. Mainly aimed at helping graduates from Akany Avoko Ambohidratrimo and Akany Avoko Faravohitra but may also be used for individual children at the children’s centres in a case of particular need. These needs will typically be medical emergencies as well as training and employment opportunities.

Saffifa Helivao - Gilpin Centre Provides assistance to vulnerable children via children’s centres.

Sisters of the Good Shepherd A day centre providing education, food and medical care to young street children and vocational training to vulnerable teenage girls.

Topaza FJKM Children’s Children’s Centre supported through a major grant from Union Centre of Welsh Independents Centenary Fund providing for mini-bus facilities and general support for children sent to the Centre from the courts.

Vulnerable Children and Various small projects supporting children and families and Families – Other Projects schools.

Transfers between funds

Transfers between funds represent contributions to grants payable made by the charity's unrestricted general reserves.

30

Money for Madagascar

Notes to the financial statements

For the year ended 30 September 2020

15. Related party transactions

Irenee Rajaona-Horne, Director of MfM, who is the daughter-in-law of Stephen Wilkinson, Trustee, received a salary in the year of £40,667 (2019: £40,502).

Money for Madagascar uses office space in the home of Irenee Rajaona-Horne and as such makes a contribution to services of this space. During the year ended 30 September 2020, the contribution to office services cost was £2,239 (2019: £2,208). The amount owed at year end for the contribution to office service costs was £Nil (2019: £Nil).

16. Financial instruments

Financial assets measured at fair value 2020
£
202,613		 2019
£
194,831

Financial assets measured at fair value comprise listed investments.

31