Charity No. 1001420
Money for Madagascar Report and Unaudited Financial Statements
30 September 2022
Money for Madagascar
Reference and administrative details
For the year ended 30 September 2022
| Status | The organisation is a registered charity, registered on 7 January 1991. | 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 | retired March 2022 |
| Vao Brown | ||
| Eifion Griffiths - Treasurer | ||
| Theresa Haine | ||
| Felicity Jones - Chair | appointed November 2021 | |
| Bernadette King | ||
| Timothy King | ||
| Jan Kirby | ||
| Simon Kirby | ||
| Jerry Langford | ||
| David Pottinger | ||
| Miara Rabearisoa | retired March 2022 | |
| Micheline Ravolonarisoa | ||
| Thelma Stenning | retired March 2022 | |
| 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 |
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
The trustees present their report and the unaudited financial statements for the year ended 30 September 2022.
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 at 30 September 2022 by a UKbased team of two full-time staff and two part-time staff who are the director, the administrator, the fundraiser and the bookkeeper. Additional volunteers contribute about 500 hours a year to the charity, particularly in fundraising and communications, as well as in translation and other professional services.
The UK team of staff and volunteers works closely with our Malagasy-based partner organisation AMI which is responsible for the country office for the UK registered charity in Madagascar. This is staffed by a small team who are responsible for monitoring evaluation and learning, 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. One of the key developments in the year has been greater programmatic leadership from the Madagascar country office and the interaction of UK and Malagasy staff in programme development, resource mobilisation, monitoring evaluation and learning, and in the development of MfM’s new 10 year strategic plan which was agreed in September 2022.
As we continue to hand over more responsibility to our colleagues in Madagascar we will continue to update the terms of reference of our UK operations to make sure they are keeping in step. We will ask the FGP to focus on this after the approval of the strategy as a priority for 2022/23. In the summer of 2022 for example, we identified the need to introduce parallel safeguarding processes and remits and we have now updated the UK staff and trustee responsibilities implementing the same structure as in Madagascar.
Trustees meet at least three times a year for full board meetings. In the year ended 30 September 2022, these were conducted as a hybrid of online and in-person to allow for greater participation – including from Madagascar-based staff and to minimise the environmental impact of travel. 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 two 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 including fundraising.
Trustees are recruited either through personal recommendation or by open recruitment, taking into account relevant skills and knowledge of Madagascar. During this year, MfM recruited a new chair through open recruitment and the support of sector communities. The chair had no previous connection with MfM but a strong affinity with its ethos and experience in international development.
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.
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
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.
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, Malagasy-driven development. We believe in the vital role of local NGOs and work to strengthen them so they can deliver appropriate community-based development and impact.
Our new 10-year strategy approved in 2022 prioritises:
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A programme based approach based on global strategic development goals where delivery partners are linked through commitment to these shared targets and methodologies;
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Programme support and development arrangements where the majority of interaction with delivery partners is carried out by a staff team in Madagascar based at AMI; and
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▪ A commitment to a participatory methodology at all levels of MfM where the voices and empowerment of beneficiaries is central at all stages of delivery.
We have developed this as a continuation of MfM’s commitment to Malagasy-led solutions and the role of MfM as a UK registered charity to function as a global ally and advocate for this approach.
In shaping this strategy, we have been acutely aware of the continued impact of extreme climatedriven crises in Madagascar and the need for systemic thinking, advocacy and partnership building, and resource mobilisation to build resilience in the face of these. Our programming reflects this context and approach.
In this context, our trustees’ annual report looks back over the strategic and programmatic developments achieved by MfM and AMI in 2022.
Context and visibility of Madagascar
Following the August 2021 coverage of droughts and related famine in Madagascar as ‘the first climate emergency triggered famine’ according to the UN, Madagascar continued to feature strongly in international coverage particularly around the COP 26 meeting held in Glasgow (OctoberNovember 2021).
The director was invited to attend and represent the work of MfM and Malagasy partners during COP 26. This included playing an important role in supporting the Malagasy delegation and advocating for Malagasy voices in understanding the impact of the climate emergency.
In the days before COP 26, Madagascar’s President Andry Nirina Rajoelina made it clear that poorer nations like Madagascar were “bearing the weight of climate change which they did not participate in creating”.
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
Madagascar’s Minister of Environment, Bamiavotse Vahinala Raharinirina attended COP 26 and in her speech and press engagement detailed how climate-caused migration from the south of Madagascar to the east has begun to occur. The minister also explained that richer nations need to take more accountability for their contribution to the climate crisis through actionable response and finance.
This contributed to visibility of the work of MfM and donations to the Big Give (outlined below) and other donations to emergency and programmatic activity. In the year we launched new partnerships with, amongst others, The DEFRA funded ‘Darwin Initiative’, Madagasikara Voakajy, The Scottish Charity ‘Mary’s Meals’ and a new UK-Madagascar consortium ‘Solar United’, funded by the Aeonian Foundation.
We are conscious though that the background to this is the deepening of existing challenges in Madagascar for our partners and the communities where we work together.
At our trustees meeting in July 2022 for example, both staff and trustees with connections to Madagascar reported on growing instability. By this point, and with costs of food also impacted by global factors such as the Russian invasion of Ukraine, our colleagues, partners and the communities they work with were witnessing extraordinary upheaval from both an economic and political perspective due to the significant increase in cost of living, and an increasingly volatile political situation. Compounded by rising food and fuel costs, instability of electricity supply, and rising transport costs, this instability is a ongoing context for the MfM team and trustees to be strongly aware of. From a positive perspective the situation is driving increased political engagement and mobilisation. We have asked for this update from AMI and others to now be the first agenda item of every trustees’ meeting.
As noted and outlined in more detail in the finance report, this also resulted in increased donor approaches to MfM wishing to donate directly to Malagasy communities. MfM continued to be identified as a trusted and transparent transmitter of that funding directly to the impacted communities and we are conscious that this increase flow of funding also requires a proportionate increase in the administrative and support capacity in the UK. This has been a focus for the trustees in 2021/22 and the director and chair have worked closely together on outlining this resource requirement and assessing the balance and complementarity between UK and Madagascar staffing.
The year has also seen the further strengthening of strategic and operational collaboration between the AMI team in Madagascar and the MfM team in the UK, including joint planning and review meetings, collaborative work on fundraising and the production of communications and fundraising assets.
Fundraising
As outlined in more detail below, in 2022 we secured income to sustain and grow our programming, increasing resources raised by over 70% compared with the previous year. This increase in income allowed us to increase total spend on our programmes from £341K to £625K, with spend on resilient forests and livelihoods and vulnerable children doubling, and spend on both education for life and disaster resilience increasing by a third.
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
This increase in income and increased spend in Madagascar means we are helping more people in Madagascar. The team has worked hard to decrease the proportion spent on support and governance from 8.6% in 2020/21 to 5.8% in 2021/22. MfM is committed to sending the maximum of funds raised to fund Malagasy people to drive their own conservation and development. We do recognise though that MfM in the UK needs to invest in specific administrative, communications and fundraising capacity to be able to continue to drive this momentum and the board authorised the FGP to allocate funds from our reserves to deliver this in 2021/22 (with external surge capacity) and in 2022/23 with new appointments.
Programmatic developments and highlights
MfM takes an integrated approach to protecting the environment, tackling poverty and raising dignity amongst the poorest communities in Madagascar. We have done this since our beginnings and this approach has remained at our core throughout 2021/22 despite the challenges of our operating environments. It also remains the foundation for our strategic plan for 2022-2032.
Our W.H.E.E.L.S. approach addresses the interconnected needs of our beneficiaries through integrated activities: Water, Health, Education, Environment, Livelihoods and Sanitation.
The work of MfM is clustered into three geographic areas where we have strong community support: the East, West and Central regions of Madagascar.
We continue to deepen our four programmatic areas which work holistically within our integrated approach. These are:
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Resilient forests and livelihoods;
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Education for life;
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Vulnerable children; and
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Disaster resilience.
The most significant expansion in our programme to support vulnerable children has been the launch of our partnership with Mary’s Meals. Since January 2022, MfM has a contract with the Scottish charity Mary’s Meals, to provide nearly 4,000 nutritious daily lunches to children in places of education. We feed all the children who attend 31 primary schools in Miarinarivo 1 and all the children who are cared for at 6 centres for vulnerable children, which MfM supports, in and around the capital city. This is a long-term commitment to support the health and education of the children in these 37 communities. Over time we plan to expand the number of communities reached with Mary’s Meals.
The launch of the new Solar United Coalition between MfM, Solar Aid, Feedback Madagascar and SEED, with funding from the Aeonian Foundation is a significant addition to our reach and collaborative approach. This coalition aims to improve health and education of children and their families across Madagascar , with a particular emphasis on solar solutions. Initially focussing on 20 pilot sites, the coalition aims to reach hundreds of school communities in the next 3-5 years.
The launch of our new ‘Youth for Lemurs’ rainforest project was funded by DEFRA’s Darwin Initiative. This is a new partnership between MfM, Madagasikara Voakajy, Association Mitsinjo and Madagascar Biodiversity Partnership to protect Madagascar’s eastern rainforests by engaging the youth to be conservation-focussed entrepreneurs.
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
The development of our new resilient forests and livelihoods (RFL) programme drawing on over 30 year's of MfM learning as well as consultations with forest communities and a range of conservation and development experts is accelerating. With programme design complete, we are making a start with two new pilot sites with communities who are adapting climate smart agricultural techniques to particular forest locations. As these two new sites get underway we will be fundraising to launch the large scale RFL programme.
As part of the development of MfM’s resilient forests and livelihoods programme we have identified 2 additional priority conservation locations where we are starting new community-led projects to build resilience of both people and forests. These projects are an opportunity to show case the best practice, combining tried and tested methods with newer climate-smart techniques like dynamic agroforestry. The first of the two new locations is the Tsinjoarivo forest. We will be working with Sadabe NGO on our new conservation and livelihoods project in this area. We are consulting with the Rainforest Trust and national agencies to select the second location, which should be confirmed imminently.
As part of MfM’s resilient forests and livelihoods programme, WTDM (Working Together for the Development of Madagascar) is building on the success of its 4-year resilient livelihoods project, with a new community savings scheme to help women from the farming community to build the income, food security and resilience of their families.
We also increased the resource in Madagascar allocated to managing and developing the education for life programme. Phase four started in October 2021 and from October 2022 we anticipated at least fourteen more schools to start. We produced a 30-minute film in English and Malagasy about the distinctiveness of the programme to support on fundraising and raising awareness about this significant piece of MfM’s programme. The film is available here: https://www.youtube.com/watch?v=LcUVCLvSUNg. Further, we have also added in parental literacy and business skills into the new programme design supporting the whole household as well as the pupils in school.
Looking forward we are focusing on developing our vulnerable children programme. One key catalyst for this is the new mentoring centre in partnership with Ankizy Gasy and with funding from the Aeonian Foundation, Small Steps for Africa and others.
MfM continues to occupy a distinctive position in the landscape of international NGOs working in Madagascar - while small, we are trusted by both Malagasy partners and communities and by global donors. As a result, we were again the choice of many to assist communities with emergency aid and recovery packages by new and existing donors who wanted to direct their crisis and programmatic funding through MfM.
Internally and externally we have clarified this as a programmatic area in recognition that Madagascar is already facing repeated emergencies and that unfortunately the scale of the climate emergency and its impact on the country means this can only be expected to continue and to grow in both frequency and impact. As a result, we have reframed this area as emergency response and appeals focusing on how we can build resilience within and alongside this response.
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
Supporting MfM to scale as a Malagasy-led organisation
We now have 8 core members of our Madagascar AMI team, plus a further 12 recruited to deliver our Mary’s Meals canteens. Programme management, programme development and leadership are increasingly being undertaken by our extremely capable Malagasy colleagues. We are proud to have such a committed and high calibre team, who are boosting our efficacy and reputation and who are increasing our capacity to deliver high quality work at a larger scale.
With the support of Fair Development Collective – a UK consultancy firm founded by a team experienced in supporting smaller international development charities and with an ethos to build capacity and support ‘localisation’ in development practice – MfM has been developing fundraising and communications assets to articulate the organisation clearly. The team has worked collegially with the MfM team in the UK and the AMI team in Madagascar to create a shared presentation for each programme area and for MfM overall.
Fair Development have also been providing support on other key organisational areas, including impact assessment, budgeting, and internal communications – all connecting the UK and Madagascar teams.
This co-design approach is consistent in all our areas of internal operation and the basis for the expansion of our collaborative programming. We are conscious for example of the necessity to now roll-out our resilient forest and livelihoods programme in a country where up to 80% of livelihoods in some locations are based on eco-tourism. The lack of resilience in this model especially with the impact of Covid-19 has resulted in unemployment and poverty which in turn puts further pressure on natural resources, for example increasing the incidence of bush fires.
During 2021/22 MfM has put in place the foundations for our continued development as a trusted and effective partner, adding our energies and resources to the directions determined by the Malagasy communities that we serve. To build resilience we need collaboration and a collective purpose, rooted in equity. As we look towards 2022/23 – and to 2030 and beyond – the MfM model is entirely focused on forming that equitable and sustainable future together.
Financial review
MfM has had another successful year with our income at £766K, £195K ahead of budget and our expenditure in Madagascar at £625K against a budget of £498K. Despite the impact of Covid-19, we have seen a steady increase in our income which pre Covid-19 stood at £364K enabling the charity to make a greater impact with our partners in Madagascar.
Following a strategic review in 2020/21 the trustees decided to make a further investment in our fundraising capacity as they recognised the continual and increasing need to fund our mission on the island. This strategy is already bearing fruit with a substantial increase in funding being budgeted for in 2022/23, with MfM projected to cross the financial and organisation threshold of raising in excess of £1million. With investment and partnerships in place, we confidently predict that it will continue at this level, into the future, albeit probably growing more modestly.
In last year’s report we reported a significant increase in our personal donor base, which has been maintained and we are very grateful to everybody for their continuing support and generosity which has made much of the progress outlined above possible.
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
The majority of our income currently comes from the UK but being seen as a Madagascar based organisation, as well as a UK entity, should in the future enable us to raise funds from Madagascarbased funders as well as international NGOs and agencies. We are beginning to see the results of local Madagascar based fundraising. This is expected to grow in importance to MfM, although it will not be reflected in our UK-based accounts as funds will be directed directly to our Malagasy partners. MfM’s investment in this local, Malagasy resource mobilisation is a key part of expanding our conservation and development impact in Madagascar. It enables us to expand MfM’s direct programme activities and also strengthens the capacity of our Malagasy partners to expand their work to reach more beneficiaries. We continue to work to achieve our “Accord de Siege” status which will assist further.
Reserves policy
MfM has a very stable financial base, and despite a fall in the value of our investment by approximately £47K, our reserve levels are in line with our policy of funding 365 days of our UK expenditure and/or 90 days of our total expenditure in Madagascar. This level has been assessed as £200K. This is reviewed on an annual basis to ensure compliance and adjusted to reflect our increased activity. Despite a difficult global outlook with high inflation, lower economic activity and reduction in overseas aid, we are optimistic that we can continue to expand our programmes in Madagascar.
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).
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and accounting estimates that are reasonable and prudent;
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▪ state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
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Money for Madagascar
Report of the trustees
For the year ended 30 September 2022
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 11 March 2023 and signed on their behalf by:
Felicity Jones
Felicity Jones - Chair
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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 2022, which are set out on pages 11 to 32.
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 payroll 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:
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(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; (2) the accounts do not accord with those records; or
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(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
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.
Alison Godfrey
Date: 11 March 2023
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
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Money for Madagascar
Statement of financial activities
For the year ended 30 September 2022
| Note Income from: Donations 3 Other trading activities Investments Total income Expenditure on: Raising funds Charitable activities Education for life Forests and livelihoods Vulnerable children Emergency response Total expenditure 5 Net gains / (losses) on investments 11 Net income / (expenditure) Transfers between funds Net movement in funds 7 Reconciliation of funds Total funds brought forward Total funds carried forward |
Restricted Unrestricted £ £ 544,568 214,715 - 3,610 - 2,943 544,568 221,268 - 64,725 104,807 25,741 91,121 109,820 238,638 20,131 84,112 6,330 518,678 226,747 - (47,196) 25,890 (52,675) 34,480 (34,480) 60,370 (87,155) 77,646 323,440 138,016 236,285 |
2022 Total £ 759,283 3,610 2,943 765,836 64,725 130,548 200,941 258,769 90,442 745,425 (47,196) (26,785) - (26,785) 401,086 374,301 |
2021 Total £ 436,894 4,213 2,750 |
|---|---|---|---|
| 443,857 | |||
| 42,392 91,538 112,844 130,248 73,206 |
|||
| 450,228 | |||
| 25,486 | |||
| 19,115 - |
|||
| 19,115 381,971 |
|||
| 401,086 |
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 15 to the financial statements.
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Money for Madagascar
Balance sheet
As at 30 September 2022
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand Current liabilities Creditors: amounts falling due within 1 year 13 Net current assets Net assets 14 Funds 15 Restricted funds Unrestricted funds: General funds Total funds |
£ 63,678 179,721 243,399 44,900 |
2022 £ 474 175,328 175,802 198,499 374,301 138,016 236,285 374,301 |
2021 £ - 225,287 |
|---|---|---|---|
| 225,287 26,613 192,144 |
|||
| 218,757 42,958 |
|||
| 175,799 | |||
| 401,086 | |||
| 77,646 323,440 |
|||
| 401,086 |
Approved by the trustees on 11 March 2023 and signed on their behalf by:
Felicity Jones
Felicity Jones - Chair
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Money for Madagascar
Statement of cash flows
For the year ended 30 September 2022
| Cash used in operating activities: Net movement in funds Adjustments for: Depreciation charges (Gains) / losses on investments Dividends, interest and rents from investments Increase in debtors Increase in creditors Net cash provided by / (used in) operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of tangible fixed assets Proceeds from the sale of investments Movement in investment cash Net cash provided by investing activities Increase / (decrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2022 £ (26,785) 125 47,196 (2,943) (37,065) 1,942 (17,530) 2,943 (599) 2,830 (67) 5,107 (12,423) 192,144 179,721 |
2021 £ 19,115 151 (25,486) (2,750) (5,632) 35,687 |
|---|---|---|
| 21,085 | ||
| 2,750 - 2,879 (67) |
||
| 5,562 | ||
| 26,647 165,497 |
||
| 192,144 |
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
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Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
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
Post Covid-19, despite many uncertainties, the financial position of the charity has strengthened with a 73% increase in donations distributed across individual, trust and government agencies. This has enabled the charity to increase contributions to our partners in Madagascar. The charity has also taken the opportunity to invest in our fundraising capacity and the budget for 2022/23 indicates another substantial increase in income, much of it already achieved after the balance sheet date. Despite a reduction in the value of our investments of £47,196 the charity holds unrestricted balance sheet reserves of £236,285, including £179,721 in cash. The trustees consider that the charity has sufficient unrestricted reserves and cashflow 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 these reasons the accounts have been prepared on a 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.
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Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
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. Akany Avoko Bevalala 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. One exception is the 2021/22 Mary's Meals fund where a fixed contribution of £3,600 is made.
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 support and governance costs have been allocated between the cost of raising funds and expenditure on charitable activities as set out below, 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.
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Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
1. Accounting policies (continued) g) Allocation of support and governance costs (continued)
| 2022 | 2022 | 2021 | 2021 | |
|---|---|---|---|---|
| £ | % | £ | % | |
| Total expenditure | 745,425 | 450,228 | ||
| Total expenditure on support and | ||||
| governance costs | 43,016 | 38,652 | ||
| Proportion of total expenditure | ||||
| spent on support and governance: | 5.8% | 8.6% | ||
| Allocation of support and governance | costs: | |||
| Raising funds | 19,508 | 45.4% | 12,267 | 31.7% |
| Charitable activities | ||||
| Education for life | 7,387 | 17.2% | 7,196 | 18.6% |
| Forests and livelihoods | 6,399 | 14.9% | 9,985 | 25.8% |
| Vulnerable children | 4,841 | 11.2% | 4,352 | 11.3% |
| Emergency response | 4,881 | 11.3% | 4,852 | 12.6% |
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 and the projects are subject to the same monitoring as other MfM grants.
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.
16
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
1. Accounting policies (continued) 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 charity 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.
q) Accounting estimates and key judgements
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 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.
There are no sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.
17
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
2. Prior period comparatives: statement of financial activities
| Income from: Donations Other trading activities Investments Total income Expenditure on: Raising funds Charitable activities Education for life Forests and livelihoods Vulnerable children Emergency response Total expenditure Net gains on investments Net income / (expenditure) Transfers between funds Net movement in funds 3. Income from donations Trusts and foundations Individuals Gift aid income Companies Churches and Quakers Schools and small groups Other donations Total donations |
Restricted £ £ 260,335 176,559 182 4,031 - 2,750 260,517 183,340 - 42,392 75,396 16,142 81,285 31,559 119,185 11,063 57,751 15,455 333,617 116,611 - 25,486 (73,100) 92,215 35,696 (35,696) (37,404) 56,519 Restricted £ £ 339,710 75,547 154,817 112,642 24,413 12,073 15,634 1,983 3,302 7,728 6,692 473 - 4,269 544,568 214,715 Unrestricted Unrestricted |
2021 Total £ 436,894 4,213 2,750 |
|---|---|---|
| 443,857 | ||
| 42,392 91,538 112,844 130,248 73,206 |
||
| 450,228 | ||
| 25,486 | ||
| 19,115 - |
||
| 19,115 | ||
| 2022 Total £ 415,257 267,459 36,486 17,617 11,030 7,165 4,269 |
||
| 759,283 |
18
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
3. Income from donations (continued) Prior period comparative:
| Income from donations (continued) | ||
|---|---|---|
| Prior period comparative: Individuals Trusts and foundations Gift aid income Companies Other donations Churches and Quakers Coronavirus Job Retention Scheme grant Schools and small groups Total donations |
Restricted £ £ 90,263 106,472 135,483 48,257 12,290 11,419 16,961 818 - 5,560 4,038 - - 4,003 1,300 30 260,335 176,559 Unrestricted |
2021 Total £ 196,735 183,740 23,709 17,779 5,560 4,038 4,003 1,330 |
| 436,894 |
4. Government grants
The charity received government support under the Coronavirus Job Retention Scheme to fund charitable activities. The total value of such grants in the period ending 30 September 2022 was £Nil (2021: £4,003). There are no unfulfilled conditions or contingencies attaching to this grant.
19
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
5. Total expenditure
| Raising funds £ Grants to partners (note 6) - Programme support in Madagascar (note 6) - UK staff costs (note 8) Monitoring and evaluation - Programme development - Education and awareness raising - Donor support and fundraising 26,934 Support and governance - Fundraising costs: Donation platform fees 4,256 Fundraising costs 11,196 Investment manager costs 2,831 Other support costs: Office costs - Accountancy - Professional fees - Depreciation - Sub-total 45,217 Allocation of support and governance costs 19,508 Total expenditure 64,725 Total governance costs are £3,900 (2021: £3,780). |
Charitable activities - education for life £ 85,676 27,287 6,410 1,849 897 - 1,042 - - - - - - - 123,161 7,387 130,548 |
£ 103,000 82,708 4,738 1,581 1,437 - 1,078 - - - - - - - 194,542 6,399 200,941 Charitable activities - forests and livelihoods |
£ 228,089 19,155 3,252 1,437 719 - 1,276 - - - - - - - 253,928 4,841 258,769 Charitable activities - vulnerable children |
Charitable activities - emergency response £ 73,198 5,625 2,875 1,509 1,078 - 1,276 - - - - - - - 85,561 4,881 90,442 |
Support and governance costs £ - - 536 54 54 - 24,801 - - - 8,092 3,900 5,454 125 43,016 (43,016) - |
2022 Total £ 489,963 134,775 17,811 6,430 4,185 26,934 29,473 4,256 11,196 2,831 8,092 3,900 5,454 125 |
|---|---|---|---|---|---|---|
| 745,425 - |
||||||
| 745,425 | ||||||
20
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
5. Total expenditure (continued)
| Prior year comparative Grants to partners (note 6) Programme support in Madagascar (note 6) UK staff costs (note 8) Monitoring and evaluation Programme development Education and awareness raising Donor support and fundraising Support and governance Fundraising costs: Donation platform fees Investment manager costs Other support costs: Office costs Accountancy Professional fees Depreciation Sub-total Allocation of support and governance costs Total expenditure |
Raising funds £ - - - - - 19,024 - 8,222 2,879 - - - - 30,125 12,267 42,392 |
Charitable activities - education for life £ 63,944 9,238 6,083 2,515 1,103 - 1,459 - - - - - - 84,342 7,196 91,538 |
£ 78,136 9,238 7,149 3,971 1,984 - 2,381 - - - - - - 102,859 9,985 112,844 Charitable activities - forests and livelihoods |
£ 109,908 9,238 2,556 1,763 882 - 1,549 - - - - - - 125,896 4,352 130,248 Charitable activities - vulnerable children |
Charitable activities - emergency response £ 57,751 3,078 3,314 1,763 970 - 1,478 - - - - - - 68,354 4,852 73,206 |
Support and governance costs £ - - - - - - 27,793 - - 6,304 3,780 624 151 38,652 (38,652) - |
2021 Total £ 309,739 30,792 19,102 10,012 4,939 19,024 34,660 8,222 2,879 6,304 3,780 624 151 |
|---|---|---|---|---|---|---|---|
| 450,228 - |
|||||||
| 450,228 |
21
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
6. Grants payable
| Grants payable | ||
|---|---|---|
| Grants to institutions: Akany Avoko Ambohidratimo Akany Avoko Faravohitra Akany Avoko Bevalala Akany Hasina Ankizy Gasy Andry-Lalana-Tohana Association AVM Association Miarintsoa Association Mitsinjo Ivato Theological College MD Initiative Ny Taninsika SAF - Betampona SAF - Maintirano SAF - Toamasina Saffifa Helivao - Gilpin Centre The Sisters of the Good Shepherd Topaza FJKM Children's Centre Voakajy WTDM - Resilient Sustainable Livelihoods Sub-total Grants to individuals: Total grants payable |
Restricted Unrestricted £ £ 42,629 - 21,414 - 1,035 - 5,636 - 16,563 5,708 35,872 - 59,467 - 151,194 - 41,887 - 7,369 - 10,679 - 2,500 - 8,338 - 10,745 - - 16,768 1,441 - 6,790 - 3,568 - 22,906 - 16,595 - 466,628 22,476 859 - 467,487 22,476 |
2022 Total £ 42,629 21,414 1,035 5,636 22,271 35,872 59,467 151,194 41,887 7,369 10,679 2,500 8,338 10,745 16,768 1,441 6,790 3,568 22,906 16,595 |
| 489,104 859 |
||
| 489,963 |
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.
Amounts paid to Association Miarintsoa (AMI) who represent MfM in Madagascar:
In addition to making grants to the Malagasy NGOs listed above, MfM also has a direct contract with Association Miarintsoa (AMI) to represent MfM in Madagascar. AMI is contracted by MfM to provide services which fulfil our mission of ‘strengthening Malagasy NGOs’. To do this AMI provides a package of training, capacity building, programme development and monitoring and evaluation services. This year MfM spent £134,775 (2021: £30,792) on these services. The details can be found in note 5 of the accounts, under the heading Programme support in Madagascar.
22
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
6. Grants payable (continued) Prior year comparative:
| Grants to institutions: Akany Avoko Ambohidratimo Akany Avoko Faravohitra Akany Avoko Bevalala Akany Hasina Ankizy Gasy Andry-Lalana-Tohana Association AVM Association Miarintsoa Association Mitsinjo College Sewell Ivato Theological College 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 Sub-total Grants payable to individuals Total grants payable 7. Net movement in funds This is stated after charging: Depreciation Independent examiner's remuneration: Independent examination (incl VAT) Other services (incl VAT) Trustees' remuneration Trustees' indemnity insurance Trustees' reimbursed expenses |
Restricted Unrestricted £ £ 33,240 - 28,612 - 2,181 - 3,257 - 15,230 - 50,612 - 48,580 - 4,408 - 23,846 - 384 - 20,148 - 13,271 - 13,900 - 16,124 - 6,971 - 5,902 - 6,987 - 7,358 - 8,128 - 309,139 - 600 - 309,739 - 2022 £ 125 Nil 289 Nil 3,900 406 |
2021 Total £ 33,240 28,612 2,181 3,257 15,230 50,612 48,580 4,408 23,846 384 20,148 13,271 13,900 16,124 6,971 5,902 6,987 7,358 8,128 |
|---|---|---|
| 309,139 600 |
||
| 309,739 | ||
| 2021 £ 151 Nil Nil Nil 3,780 264 |
Trustees' reimbursed expenses represent payments to 1 trustee for travel and subsistence costs and other incidental costs relating directly to the charity. There were no reimbursed trustee expenses in the prior year as travel was restricted and meetings were held online.
23
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
8. Staff costs
Staff costs were as follows:
| Salaries and wages Social security costs Pension contributions |
2022 £ 80,267 2,879 1,687 84,833 |
2021 £ 82,954 3,536 1,247 |
|---|---|---|
| 87,737 |
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 and pension contributions) received by the charity's key management personnel in the period were £38,057 (2021: £37,811).
| Average staff head count | 2022 No. 4.00 |
2021 No. 4.00 |
|---|---|---|
9. Taxation
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
10. Tangible fixed assets
| Tangible fixed assets | |
|---|---|
| Furniture and | |
| computer equipment | |
| £ | |
| Cost | |
| At 1 October 2021 | 4,650 |
| Additions | 599 |
| At 30 September 2022 | 5,249 |
| Depreciation | |
| At 1 October 2021 | 4,650 |
| Charge for the year | 125 |
| At 30 September 2022 | 4,775 |
| Net book value | |
| At 30 September 2022 | 474 |
| At 30 September 2021 | - |
24
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
11. Investments
| Market value at 1 October 2021 Disposal proceeds Unrealised gains / (losses) Realised gains / (losses) Movement in cash balance Market value at 30 September 2022 Historical cost at 30 September 2022 12. Debtors Gift aid recoverable Prepayments Other debtors 13. Creditors : amounts due within 1 year Trade creditors Accruals Other creditors |
2022 £ 225,287 (2,830) (47,038) (158) 67 175,328 160,411 2022 £ 60,070 3,416 192 63,678 2022 £ 37,692 5,523 1,685 44,900 |
2021 £ 202,613 (2,879) 25,325 161 67 |
|---|---|---|
| 225,287 | ||
| 162,400 | ||
| 2021 £ 23,584 2,237 792 |
||
| 26,613 | ||
| 2021 £ 35,679 5,700 1,579 |
||
| 42,958 |
25
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
14. Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Tangible fixed assets Investments Net current assets Net assets at 30 September 2022 Prior period comparatives Investments Net current assets Net assets at 30 September 2021 |
£ £ - 474 - 175,328 138,016 60,483 138,016 236,285 £ £ - 225,287 77,646 98,153 77,646 323,440 Restricted funds Unrestricted funds Unrestricted funds Restricted funds |
Total funds £ 474 175,328 198,499 |
| 374,301 | ||
| Total funds £ 225,287 175,799 |
||
| 401,086 |
26
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
15. Movements in funds
| Movements in funds | |||||
|---|---|---|---|---|---|
| Restricted funds Education for life Forests and livelihoods Vulnerable children Emergency response Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds |
At 1 October 2021 £ - 16,838 55,370 5,438 77,646 323,440 323,440 401,086 |
Income £ 133,961 68,697 232,771 109,139 544,568 221,268 221,268 765,836 |
£ £ (104,807) - (91,121) - (238,638) - (84,112) - (518,678) - (226,747) (47,196) (226,747) (47,196) (745,425) (47,196) Expenditure Gains / (losses) on investments |
Transfers between funds £ 6,952 26,087 1,441 - 34,480 (34,480) (34,480) - |
£ 36,106 20,501 50,944 30,465 At 30 September 2022 |
| 138,016 | |||||
| 236,285 | |||||
| 236,285 | |||||
| 374,301 |
27
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
15. Movements in funds (continued)
| Prior year comparative Restricted funds Education for life Forests and livelihoods Vulnerable children Emergency response Total restricted funds Unrestricted funds General funds Total unrestricted funds Total funds |
At 1 October 2020 £ - 32,000 83,050 - 115,050 266,921 266,921 381,971 |
Income £ 75,396 38,646 83,286 63,189 260,517 183,340 183,340 443,857 |
£ £ (75,396) - (81,285) - (119,185) - (57,751) - (333,617) - (116,611) 25,486 (116,611) 25,486 (450,228) 25,486 Expenditure Gains / (losses) on investments |
Transfers between funds £ - 27,477 8,219 - 35,696 (35,696) (35,696) - |
£ - 16,838 55,370 5,438 At 30 September 2021 |
|---|---|---|---|---|---|
| 77,646 | |||||
| 323,440 | |||||
| 323,440 | |||||
| 401,086 |
28
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
15. Movements in funds (continued) Purposes of restricted funds
Education for life
This programme is working to improve education in Madagascar’s remote rural primary schools through an integrated programme that provides: water, sanitation, books, teacher-training, environmental education, kitchen gardens, school canteens, solar power and parental literacy and livelihoods courses.
Forests and 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. Mitsinjo Forest Working with Association Mitsinjo to restore indigenous forest and strengthen livelihoods in the Andasibe-Mantadia area.
New Pilot Project MfM’s ‘Resilient Forests and Livelihoods Programme’ is expanding to new priority conservation sites. These projects will showcase best practice, combining tried and tested methods with newer climate-smart techniques like Dynamic AgroForestry. The first new location is Tsinjoarivo forest in partnership with Sadabe NGO and Nature Fund.
SAF - Betampona After more than 30 years of supporting conservation and resilient livelihoods in one hundred villages surrounding the Betampona Special Reserve, the project leader is retiring and MfM is winding up it’s grant support for this project. However, we remain very interested in the conservation of this unique forest and are open to new opportunities to support conservation and livelihoods initiatives in this fragile Eastern rainforest.
SAF – Melaky (Maintirano) Working with women’s cooperatives in the far west to plant trees and set up income generating activities for low-income families.
- Tree Planting & Maintenance A focused campaign to strengthen the reforestation and tree planting activities across our whole programme.
29
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
15. Movements in funds (continued) Purposes of restricted funds (continued)
Madagasikara Voakajy (Youth MfM is working in partnership with Madagasikara Voakajy to for Lemurs project) deliver a conservation and livelihoods project. This ‘Youth for Lemurs’ project enables young people to lead lemur conservation in eastern Madagascar. MfM, in partnership with MaVoa, has raised a 3-year £285,000 grant from the Darwin Initiative, which is paid directly to the Malagasy NGO partners, without going through the MfM UK accounts. MfM also raises additional funds for this project from individuals and trusts, which are donated to MfM and transferred to MaVoa to further strengthen this project. The project aims to equip 200 youths to be conservation leaders.
WDTM As part of MfM’s Resilient Forests and Livelihoods Programme, WTDM (Working Together for the Development of Madagascar) is building on the success of it’s 4-year Resilient Livelihoods project, with a new community savings scheme to help women from the farming community to build the income, food security and resilience of their families.
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, sanitation and loving care. The programme supports the following partners and projects:
Akany Avoko Ambohidratrimo A home providing care for 185 vulnerable children aged 0-21. Akany Avoko Bevalala A home for 50 destitute boys aged 10-18. This is a subsidiary of Akany Avoko Ambohidratrimo. Akany Avoko Faravohitra A home providing residential care, education and vocational Training for the Vulnerable training for children, mostly teenaged girls. Akany Hasina A non-residential after-school club providing homework support, environmental and cultural education including music, dance and language lessons. Ankizy Gasy Provides educational sponsorship, mentoring and training to children and young adults from disadvantaged backgrounds. Also delivers MfM’s Education for Life programme in schools around Ambohidratrimo, near the capital.
30
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
15. Movements in funds (continued) Purposes of restricted funds (continued)
Mary's Meals
Since January 2022 Money for Madagascar has an agreement with the Scottish charity Mary’s Meals, to provide nearly 4,000 nutritious daily lunches to children in places of education. We feed all the children who attend 31 primary schools in Miarinarivo and all the children who are cared for at 6 centres for vulnerable children, which MfM supports, in and around the capital city. This is a long-term commitment to support the health and education of the children in these 37 communities. Over time we plan to expand the number of communities reached with Mary’s Meals.
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 Centre for orphans and vulnerable children run by the Centre protestant church. This grant from the Union of Welsh Independents bi-centenary appeal improves food security through a sustainable farm project. Vulnerable Children and Various small projects supporting children and families and Families – Other Projects schools.
Emergency response
This programme is for specific responses to major appeals. In 2020/21 this was the Covid-19 pandemic and the famine in the south of Madagascar. In previous years, appeals have been necessary to respond to other relief needs e.g. cyclone.
31
Money for Madagascar
Notes to the financial statements
For the year ended 30 September 2022
15. Movements in funds (continued)
Transfers between funds
Transfers between funds represent contributions to grants payable made by the charity's unrestricted general reserves.
16. 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 £38,057 (2021: £37,811).
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 2022, the contribution to office services cost was £2,301 (2021: £1,800). No amounts were outstanding at the year end.
17. Financial instruments
| Financial instruments | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Financial assets measured at fair value | 175,328 | 225,287 |
Financial assets measured at fair value comprise listed investments.
32