Charity No. 1001420
# **Money for Madagascar Report and Audited Financial Statements**
**30 September 2025**
## **Money for Madagascar**
## **Reference and administrative details**
|**For the year ended 30**|**September 2025**||
|---|---|---|
|**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**|7-2-9 Cameron House||
||White Cross Business Park||
||South Road||
||Lancaster||
||LA1 4XQ||
|**Trustees**|David Pottinger|Interim Chair|
||Vao Brown||
||Eifion Griffiths|Treasurer|
||Theresa Haine||
||Felicity Jones|Resigned1June 2026|
||Bernadette King||
||Timothy King||
||Jan Kirby|Resigned 1 April 2025|
||Simon Kirby||
||Jerry Langford||
||Micheline Ravolonarisoa||
||Stephen Wilkinson|Resigned 26 May 2026|
|**Senior Management**|Lova Rasoalinoro||
||Tovo Rasolofoharivelo|Resigned 30 June 2025|
||Llynn Minakium||
||Louise Such|Resigned 23 January 2025|
||Tabitha Middleton||
|**Bankers**|National Westminster Bank|Plc|
||23 Uplands Crescent||
||Swansea||
||SA2 0NY||
|**Investment managers**|Succession Wealth Management||
||Derriford Business Park||
||Plymouth||
||PL6 5FL||
|**Auditors**|Godfrey Wilson Limited||
||Chartered accountants and|statutory auditors|
||2nd Floor - South||
||One Castle Park||
||Tower Hill||
||Bristol||
||BS2 0JA||
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**Money for Madagascar**
**For the year ended 30 September 2025**
## **Report of the trustees**
## **Trustees Serving at the Report Date and During the Period**
The 2024/5 reporting year marked the second year of MfM’s registration in Madagascar as part of its transition to becoming a Malagasy-led organisation consistent with our current 10-year strategy. During this period, the organisation operated with its headquarters in Madagascar, supported by a single global team led by a Malagasy Chief Executive Officer (CEO) and a unified Senior Management Team mobilising global expertise in service of locally defined priorities. MfM has taken a deliberate decision to operate with a single global Board of Trustees and has begun a longer-term transition towards a more representative governance model.
During 2024/5, the CEO initiated one-to-one meetings with the Chair and individual Trustees to support the development of strong, trust-based working relationships and to gain deeper insight into trustees’ priorities and perspectives. These conversations supported mutual alignment of expectations, strengthened trustee engagement, and informed ongoing board development by identifying current and future skill requirements in the context of the organisation’s strategic direction and transition.
During the year, MfM also sought advice from legal experts to inform a transition to a Charitable Incorporated Organisation (CIO), in line with the organisation’s growth trajectory and governance needs.
One long-serving Trustee resigned during the reporting period, and another Trustee temporarily paused Board participation from 1 July 2024 due to personal circumstances through to the end of the reporting period. Active recruitment of new Trustees was not undertaken during the year and will instead form part of a broader governance transition and succession planning process scheduled for 2025/6 including transition to a CIO..
A revised structure of Board sub-committees, reporting to the Board, and advisory groups has been operationalised to strengthen governance oversight and support management. Advisory groups include Board representation based on expertise alongside additional external expertise, particularly in relation to programmes, fundraising and communications. We are grateful to those who have served in this capacity supporting our Portfolio Managers to shape the strategic direction of all our programming.
The organisation continues to explore the increased use of French and Malagasy in staff and Board meetings, while valuing the existing linguistic diversity of the Board. This includes Trustees with experience of operating in bilingual and multilingual professional environments, as well as Welshspeaking Trustees, which supports inclusive participation and effective governance across contexts.
The Board and senior management would like to recognise and thank Trustees, staff, consultants and all volunteers for their agility, commitment and mutual support during a year characterised by significant and intentional organisational change. These strengthened foundations support MfM’s strategic objective of being structurally and operationally Malagasy-led and provide a stable platform from which to further develop partnership-led, community-driven approaches in line with the organisation’s strategic plan.
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
|**Board Member**|**Finance and General**
**Purposes Committee**
**(Committee of the**
**Board)**|**HR and Well**
**Being**
**Committee**
**(Committee of**
**the Board)**|**Programmes**
**Advisory Group**
**(Board**
**representation)**|**Fundraising**
**& Comms**
**Advisory**
**Group (Board**
**representation)**|
|---|---|---|---|---|
|Felicity Jones (Chair) (British citizen,
based UK) (English, French, basic
Welsh, learning Malagasy)|X|X|X|X|
|Eifion Griffiths
(British citizen, based UK) (English,
Welsh)|X (Chair)|||X|
|Jerry Langford
(British citizen, based UK) (English,
basic Welsh|X|X (Chair)|X||
|Micheline
Ravololonarisoa (British and Malagasy
citizen, based UK)
(Malagasy, French, English)|||X||
|David Pottinger (British citizen,
based UK) (English, French)|X||||
|Theresa Haine
(British citizen, based UK) (English, French,
Malagasy, Welsh)||X|||
|Vao Brown (British and Malagasy
citizen, based UK) (Malagasy, French,
English)||X
(Safeguarding Lead)|||
|Simon Kirby (British citizen, based UK)
(English, French, Malagasy)|X||||
|Jan Kirby (Resigned 1/4/25)
(British citizen, based UK) (English,
French)||X|||
|Sir Timothy King (British citizen, based
UK)
(English)|X||||
|Bernadette Goodman (British
citizen, based UK) (English)|X||||
|Steve Wilkinson (Active board
participation halted during 2024/5 due
to ill-health).
(British citizen, based UK)
(English, French, Malagasy)||X|||
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Senior management personnel Serving at the Report Date and During the Period**
|**Senior management personnel**|**Serving at the report date**|**Serving during the period**|
|---|---|---|
|Lova Rasoalinoro
(Malagasy citizen, Based Madagascar)
(Malagasy, French, English)|X (CEO)|X (CEO)|
|Tovo Rasolofoharivelo
(Malagasy citizen, Based Madagascar)
(Malagasy, French, English)||X (Head of Operations to
30/6/25) (Member of
SMT)|
|Llynn Minakium (South African citizen,
based South Africa)
(English, experience working in French
speaking environments and multiple
African languages).|X (finance consultant) sitting at
SMT|X (finance consultant) sitting
at SMT|
|Louise Such (British citizen, based UK)
(English)||X (Interim Head of
Fundraising to 23/1/25)
(Member of
SMT)|
|Tabitha Middleton (British citizen, based
UK) (English, French)|Institutional & Partnerships
Fundraising Manager
from 1/11/25(not an SMTposition)|X Acting Head of Fundraising
(from 1/4/25 to 31/10/25)
inputtingto SMT|
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Our Vision:**
For all communities in Madagascar to live with dignity, free from poverty, in harmony with the environment.
## **Our Mission:**
To invest in Malagasy-led solutions and people to reduce poverty and protect the environment.
## **Our Values:**
- DIGNITY: we value the dignity of the people we work with and ensure they feel respected, in control, valued, confident, comfortable and able to make decisions for themselves.
- INTEGRITY: represents honesty and strong moral principles.
- EMPATHY: we listen to the ideas and opinions of those we serve with compassion
- EQUITY: we demand fair and equitable access to natural resources.
- SOLIDARITY: we stand behind and with the people of Madagascar.
- SUSTAINABILITY: we aim to achieve long-term, positive impact through sustainable technologies, agriculture practices and use of resources
- ACCOUNTABILITY: we promote a culture of responsibility between ourselves, our partners and the communities we serve.
## **Objectives and activities**
Money for Madagascar (MfM) was founded in 1986, emerging first from a concern raised at the Swansea Quaker meeting by Friends with deep experience of volunteering in Madagascar from the late 1960s onwards. The concern they expressed was the impact of development challenges on Malagasy communities and the lack of focus on directing resources to them (or indeed Madagascar at all) within larger international organisations. Their solution was a lean and transparent structure, embodying mutual trust and respect, and embedding the principles and resources for equitable decision making in Malagasy communities.
From the outset this has been our focus and continues to be a fundamental strategic pillar – supporting Malagasy communities as peers and friends, when asked advocating for and directing resource to them as much as possible in an unrestricted format and always determined by community priorities. In 1986, this started with a group of individuals committing monthly sums to provide unrestricted income to Malagasy-led community groups and emerging organisations. By 1989, this had grown into an independent organisation funded by continued individual donations and funding from trusts and the UK government. At this point, MfM created a Board of Trustees in the UK, and for over 20 years operated on a volunteer basis, including annual visitors meeting with organisations and communities in Madagascar. Our growth from that point has been supported by alignment with organisations and individuals (in the UK – especially Wales, Madagascar, and globally).
As we look ahead to 2026, when we are marking our 40th anniversary, we are taking stock of the values that have shaped our work since inception and are working with our partners to be led by their vision of future collaboration. This has been our first full year operating with a Malagasy national, Madagascar-based
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**Money for Madagascar**
**Report of the trustees**
## **For the year ended 30 September 2025**
CEO. Our commitment to deep listening, mutual trust and long-term relationships continues to guide how we operate and how we make decisions and our SMT have prioritised this in terms of allocation of time and sequencing of decision-making to be informed by partner priorities and timelines. We have increasingly throughout this year focused on our role as an equitable intermediary.
This period also provides an opportunity to reflect on the significant organisational transitions initiated last year, including the move to a single global structure and the establishment of MfM’s registration in Madagascar. These changes reinforce a strategic shift that remains both necessary and urgent: ensuring that Madagascar and Malagasy communities are central to global decisions on development priorities and resource allocation. We are conscious of the responsibility that accompanies this trust and remain committed to fulfilling this role in ways defined by, and accountable to, the communities we serve.
## _**Why Madagascar?**_
Madagascar is consistently ranked as one of the world’s poorest countries. While different methodologies result is slightly different rankings, the most recent World Bank assessment of the percentage of population living in poverty puts Madagascar as the third poorest country in the world with only South Sudan and Equatorial Guinea ranking more poorly. Madagascar ranks 183 out of 193 countries on the Human Development Index.
Developing countries including Madagascar are the hardest hit by the confluence of crises the world is facing, which, in turn, further exacerbates their vulnerability. This is the case for Madagascar, one of the world’s most vulnerable countries, whose vulnerability is multifaceted and interdependent, with causes including food insecurity, climate change, fragile ecosystems and communities, and political instability and weak governance infrastructure.
The most recent development review of Madagascar by the UK government July 2023) outlined both this intense development and climate vulnerability, and the potential for Malagasy communities, funded and supported through climate finance, to deliver community, national and global priorities in development and especially on climate and biodiversity. It also highlights the potential for Madagascar as one of the top ten countries in the world for nature-based solutions. It is within this context and our consistent commitment to supporting communities to be resourced equitably and at scale that our current strategy for 2022-32 was developed and is being implemented.
_“_ _**Madagascar is among the most climate vulnerable countries** . Climate change is producing more frequent and worsening cyclones, floods and chronic drought which together exacerbate food insecurity. The fourth largest island in the world is critical for biodiversity, home to tens of thousands of unique, endemic species of animals and plants. Yet Madagascar’s biodiversity is the most threatened in Africa – and as such Madagascar is important to achieving the global outcomes agreed at COP15._
_The Government of Madagascar is formally committed to stopping deforestation and protecting biodiversity, but implementation is weak. The main challenge is finding funds to enable effective management of protected areas, with climate funding a potential game-changer_ _**Madagascar is one of the top ten countries in the world in terms of its potential to deliver nature-based solutions to climate change.** ”_
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
MfM's work is focused on effectively contributing to building the resilience of Malagasy communities and people, by addressing inequality’s root causes and establishing strong foundations for genuinely sustainable development. Our team is now made up of Malagasy and UK based colleagues, supported by others in South Africa and Switzerland – working across Malagasy, French and English - advocating for systemic change and amplifying the voices of Malagasy communities and people at national and global levels. Collaborating closely with grassroots partner organisations, national and international NonGovernmental Organisations (NGOs), universities, government bodies, local leaders, and community groups, we work to remove barriers that prevent Malagasy communities from taking on the roles of custodians of their communities and environment.
Central to that is funding and supporting our partners to receive the support they need on equitable terms through MfM and directly.
Our Strategic Goals (2022-2032) were:
1. MfM to be fully led from Madagascar with support from the UK by 2025. (Achieved during this reporting period)
2. Our three existing programmes to be strengthened and consolidated and to be proving the WHEELS model by 2026. (Achieved during this reporting period, with appointment of Portfolio Managers, interal collaboration, and Programme Advsiory Group).
3. Our 15 existing partners to be strengthened and have met MfM's self-reliance model by 2028. (In progress)
4. To be investing in at least 10 new Malagasy-led organisations by 2032. (In discussion with existing partners and with others who work in similar fashion as equitable intermediary globally).
5. A framework to identify and support indigenous talent and innovation to be created by 2025 and implemented by 2032. (To follow 2026 40[th] anniversary celebrations and deep engagement with partners). 6. To have a scalable, replicable, evidenced-based model to advocate to others, by 2027. (In progress).
## _**Integrated Approach: WHEELS**_
At MfM, our strategy is guided by an integrated approach, WHEELS. This stands for Water, Health, Education and social care, Environment, Livelihoods, and Sanitation. We ensure we address these six interconnected priorities while advancing sustainable development solutions across Madagascar to create lasting impact for Malagasy people and their environment. This also enables us to have a visualisation of the integrated approach within Malagasy communities, referencing the wheels on the traditional (and still much-used) zebu cart and the different elements and efforts required to propel this forward.
Our approach recognizes that addressing any one of the six alone won’t bring about the comprehensive change that Madagascar needs. By working in all these key areas, we promote development that is resilient to challenges such as climate change, ensuring Malagasy communities are better prepared for future disasters.
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## _**Integrated Approach: Ways of Working**_
Our strategy is underpinned by four main pillars:
- **Direct Delivery** : Implementing relevant and adapted programmes designed from rigorous community needs assessment.
- **Partnering with Local Organisations** : Providing grants to Malagasy-led, Community-Based Organisations (CBOs) so they can deliver their own innovative activities.
- **Advocacy** : Promoting systemic change at local, national, and international levels to ensure Malagasy voices are heard and amplified.
- **Capacity building** : Strengthening the know-how of Malagasy partners and leaders through capacity-building support, to grow, learn and adapt together.
From the outset, MfM has been genuinely rooted in communities, not only community-based but community-led. We listen to and engage with Malagasy communities at every stage of programme design and implementation, ensuring that solutions are not imposed, but co-created with those we serve. This locally-driven approach is supported by our journey towards becoming fully Malagasy-led by the end of 2025, amplifying Malagasy voices and leadership at all levels of our organisation.
This approach and commitment is the base of our ten-year organisational strategy which was agreed in 2022 and which puts front and centre the transition in structural terms to being a Malagasy-registered and led organisation, centring the leadership of Malagasy communities. Much of the activity this second year of our registration in Madagascar has focused on refining and adapting those structural, staffing and cultural shifts by setting solid foundations and building a robust model within the organisation and developing new strategic partnerships to maximise the positive impact of our work. This final area has been generously support by Lancaster University who funded a second internship in Strategic Partnership development in summer 2025.
## _**Integrated Approach: Programmes to Portfolios**_
MfM’s work in Madagascar has been grounded in long-term partnerships with grassroots organisations for 40 years now. In the past decade, these partnerships have been organised into three programme areas, reflecting long-standing priorities in our work with children, education, nature and livelihoods.
Each programme is led by a Portfolio Manager responsible for supporting Malagasy partners and facilitating the flow of resources to priority interventions. All three are Malagasy nationals. Christiane Randrianarisoa, Donald Tsaramanana & Riana Andrisoa, the Portfolio Managers are responsible for identifying areas of commonality and sharing learning across programme priorities. Further detail on the impact achieved within each programme area during the 2024/5 reporting year is set out in the programmatic delivery section below.
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
- **Children for the Future:** Before 2025, Money for Madagascar implemented the Protecting and Enabling Vulnerable Children programme, which aimed to restore the dignity of children in situations of extreme vulnerability – including destitute children, orphans, victims of abuse, and children in conflict with the law. This programme was based on a comprehensive care model delivered through specialised centres, ensuring access to essential needs such as safe accommodation, food, healthcare, education, training, and psychosocial support. Grounded in the conviction that every child has the right to a safe, caring, and protective environment, the interventions went beyond addressing immediate needs to tackle the structural causes of vulnerability, with the objective of building sustainable life pathways for children and their families.
Building on this foundation, and in response to emerging needs and long-term priorities, Money for Madagascar has progressively transitioned this programme into Children for the Future. From June 2025 onwards, the Children for the Future programme marks a major strategic evolution, reflecting a shift from an approach primarily focused on emergency response towards a long-term vision centred on children’s wellbeing and rights. This evolution is underpinned by an integrated approach focused on sustainability, inclusion, and the holistic development of the child. The programme is structured around four strategic pillars: child protection, social inclusion, an integrated approach linking protection, education, health and empowerment, and the strengthening of resilience among children, families, and communities. Together, these pillars form the foundation of a sustained commitment to enabling the most vulnerable children to rebuild their lives, realise their full potential, and become active agents of their own future. The development and operationalisation of the Children for the Future programme remain ongoing, with systems and approaches continuing to be strengthened over time.
Children for the Future has benefitted from the generous support of a number of experts who have supported strategic decision making in this area. We would especially like to thank:
· Felicity Jones: Chair of MfM, an international fundraising specialist with over 20 years of experience in international development who has secured major funding for universities and NGOs working on inequality, human rights, and community resilience. Her strategic expertise in partnerships, philanthropy, and institutional fundraising is a key asset in shaping the long-term funding and development strategy of the CfF programme.
· Fiona Burtt: an international consultant and a recognised leader in early childhood development, parenting support, and the design of innovative policies and programmes for the child development sector. With extensive experience working with governments, civil society, multilateral organisations and donors, her expertise provides valuable strategic guidance to the Children for the Future (CfF) Programme, particularly in strengthening approaches related to child protection, family support, and long-term child development outcomes.
· Cath Butlin: a key contributor to the Family Based Care Association in Madagascar (FAMadagascar), an organisation dedicated to strengthening child protection and promoting familybased care as an alternative to institutionalisation. Through her engagement in initiatives aimed at transforming the child protection system, her experience provides valuable insights to the Children for the Future (CfF) Programme, particularly in advancing approaches that prioritise family reintegration, alternative care, and child-centred protection strategies.
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**Money for Madagascar**
**Report of the trustees**
## **For the year ended 30 September 2025**
· Lanto Robivelo: the National Director of FAMadagascar and a leading advocate for child protection and family-based care in Madagascar. Through his work promoting foster care as an alternative to institutional care and his collaboration with government and international partners, he brings critical expertise to the Children for the Future (CfF) Programme.
· Fara Andriamampianina: President of the Technical Committee of the Akany Avoko Ambohidratrimo Centre, with several years of experience in the social sector, particularly in child protection. Through her work as a consultant and trainer on child care practices and children’s rights, she brings valuable practical expertise to the Children for the Future (CfF) Programme, supporting the strengthening of child protection standards and quality of care within the centres.
· Theresa Haine: Theresa Haine is a long-standing humanitarian advocate and trustee of Money for Madagascar (MfM), with decades of commitment to supporting development initiatives in Madagascar. As one of the early contributors to the organisation’s establishment and a former director for sixteen years, she has played a key role in shaping MfM’s vision and programmes. Her deep institutional knowledge and continuedengagement provide important guidance and support to the Children for the Future (CfF) Programme.
· Vao Brown: Vao Brown is a poet and artist who also works in the field of children’s education. As a member of the Board of Trustees of Money for Madagascar (MfM), she contributes to the vision and development of initiatives supporting vulnerable children. Her engagement brings valuable perspective to the Children for the Future (CfF) Programme, particularly in promoting education and the holistic development of children.
· Irénée Rajaona-Horne has extensive experience in the field of child protection and has previously managed a centre for vulnerable children in Madagascar. With strong expertise in programme implementation and donor relations related to child protection initiatives, she brings valuable practical and strategic insight to the Children for the Future (CfF) Programme, supporting the strengthening of care systems and partnerships that benefit vulnerable children.
· Tabitha Middleton: plays a key role in fundraising, strategic communication, and supporting Malagasy partners through programme development as well as monitoring, evaluation and learning systems. Her expertise contributes directly to strengthening CfF Programme, particularly by enhancing resource mobilisation, programme oversight, and impact monitoring.
· Donald Tsaramanana: the Portfolio Manager for the Education for Life programme at MfM, with over 10 years of professional experience in education policy and sustainable development. Specialised in education system modernisation, teacher capacity building, and digital learning innovation, he has contributed to major education reforms and EdTech initiatives in Madagascar. His expertise provides valuable support to the CfF Programme, particularly in strengthening educational support, learning opportunities, and pathways for the long-term development of vulnerable children.
· Christiane Randrianarisoa: the Portfolio Manager for Resilient Forests and Livelihoods at Money for Madagascar, with over 30 years of experience in rural development and programme management. Through close collaboration between portfolios within MfM, her experience in programme coordination, community engagement, and resource mobilisation contributes to the broader strategic development and sustainability of the CfF Programme.
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
· Riana Hary Andrisoa: the Portfolio Manager of the Children for the Future (CfF) Programme at Money for Madagascar and is also responsible for Monitoring, Evaluation, Accountability and Learning (MEAL). She works closely with the programme’s partners to strengthen programme management, monitoring systems, and organisational capacity. Through her leadership and coordination role, she plays a key role in the development, implementation, and continuous improvement of the CfF Programme.
- **Education for Life:** Education for Life is founded on the belief that education is the key to providing a better future for children in Madagascar. Our Education for Life programme aims to equip children and young adults with the skills, knowledge and opportunities they need to escape poverty and lead fulfilling and successful lives. Together, we work to improve learning experiences and educational outcomes, life skills and resilience among children and communities in rural Madagascar. Education in Madagascar faces many challenges, ranging from chronic underfunding of schools to shortages of resources and qualified teachers. We invest in both formal and nonformal education to ensure that all children have access to quality learning. We support all levels of education, from primary schooling to vocational training. By providing school supplies, scholarships and teacher training, we help create stimulating learning environments in which children can thrive.
Since 2022, Money for Madagascar (MfM) has been working with two other Malagasy NGOs, a Malagasy social enterprise and the international NGO Solar Aid to address the lack of access to clean, renewable energy in rural Madagascar. This lack of energy affects educational practices, learning resources and outcomes, as well as livelihoods and health. Currently, with ongoing funding from the Aeonian Foundation, we are working together to deliver affordable solar energy initially produced by and for schools, and then extended to the wider community to improve health, safety and education outcomes for Malagasy communities and to support national development. MfM’s CEO is part of the Consortium’s leadership team and continues to work closely with counterparts from Feedback Madagascar, SEED, Jiro-Ve and Solar Aid on the implementation of the SUM project, the strengthening of the SUM programme and the mobilisation of additional funding. During the 2024–2025 period, the Consortium continued to expand its activities, further rolling out Solar Aid’s Light Libraries model, the Digital Learning programme in which MfM’s Education for Life programme has played a key role and additional applications, including innovations in solar cooking, as well as the development of solarpowered digital learning technologies and materials.
In Madagascar, access to safe drinking water remains a major challenge, particularly in rural and peri-urban areas. The presence of a functional and secure water point within a school or a centre for vulnerable children is essential for children’s health, education, protection and wellbeing, as well as for the wider educational community. During the 2024–2025 period, MfM and its implementing partners continued water point construction activities through funding provided by ADSUM.
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
- **Resilient Forests and Livelihoods** Resilient Forests & Livelihoods (RFL) is a multi-year programme enabling communities to protect and restore Madagascar’s unique forests while strengthening their economic, social well-being resilience. Working across multiple priority landscapes, the programme responds to the interconnected challenges of deforestation, rural poverty, climate vulnerability, and exclusion, especially for women and youth. Through four Malagasy civil society partners, RFL supports community-led forest restoration and conservation, sustainable agriculture, innovative agroforestry, and inclusive livelihood initiatives such as a community savings and finance. These interventions enable households to diversify income, reduce pressure on forests, and build resilience to economic and climatic shocks. The programme combines ecosystem conservation with genderresponsive livelihood development, youth leadership, improved community governance, and longterm landscape stewardship. RFL affirms a simple systemic truth: conservation outcomes are limited by the vulnerability of local communities. When livelihoods are insecure, forests become safety nets. By tackling the socioeconomic drivers of degradation through inclusive livelihoods, finance, and empowerment, RFL creates the conditions for conservation to succeed.
- Money for Madagascar maintains a **Disaster Resilience Fund** to support rapid and coordinated responses to immediate and emerging crises. Madagascar remains highly exposed to natural hazards, particularly cyclones, which occur almost every year. In recent years, the increasing frequency and intensity of these events, largely driven by climate change, have further exacerbated existing vulnerabilities and heightened the risk of recurrent crises.
In 2025, the Disaster Resilience Fund continued to support emergency response efforts while progressively evolving towards a more structured and forward-looking approach. While the programme is still under review, several important improvements were implemented during the year. These included strengthening communication systems to improve the timely sharing of information during emergencies, enabling partners, donors, and stakeholders to respond more effectively and in a coordinated manner.
Following the fire at the Bevalala centre, an ad hoc steering committee bringing together key donors, including Money for Madagascar, was established to facilitate rapid decision-making and the immediate mobilisation of resources. This approach improved coordination, clarified roles and responsibilities, and supported a timely and effective response.
At the same time, Money for Madagascar continues to refine the Disaster Resilience Fund as part of a longer-term resilience strategy. Ongoing priorities include, supporting partners and communities to better identify and anticipate emerging risks, and strengthening partner capacities in disaster risk management, including incident reporting and documentation, exploring partnerships with emerging models such as insurance mechanisms. Together, these efforts aim to ensure that communities are not only supported in times of crisis, but are also better prepared, better coordinated, and more resilient in the face of future shocks.
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**Money for Madagascar**
## **Report of the trustees**
**For the year ended 30 September 2025**
## _**Delivering the Sustainable Development Goals**_
These strategic priorities enable us to further several Sustainable Development Goals (SDGs) as the central goals of our work. These include SDG 1 (No Poverty: End poverty in all its forms everywhere), SDG 2 (Zero Hunger: End hunger, achieve food security and improved nutrition and promote sustainable agriculture), SDG 3 (Good Health and Wellbeing: Ensure healthy lives and promote well-being for all at all ages) SDG 4 (Quality Education: Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all), SDG 5 (Gender Equality: Achieve gender equality and empower all women and girls), SDG 6 (Clean Water and Sanitation: Ensure availability and sustainable management of water and sanitation for all), SDG 7 (Affordable and Clean Energy: Ensure access to affordable, reliable, sustainable and modern energy for all), SDG 10 (Reduced Inequalities: Reduce Inequality within and among countries), SDG 12 Responsible Consumption and Production: Ensure sustainable consumption and production patterns), SDG 13 (Climate Action: Take urgent action to combat climate change and its impacts), SDG 15 (Life on Land: Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss), and SDG 17 (Partnerships for the Goals: Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development).
## **Investment policy and performance**
As an organisation whose work is rooted in global solidarity, equitable partnership, and ensuring the flow of resources to Malagasy communities, we are currently reviewing our investment policy in line with recent Charity Commission guidance to ensure that we are providing active direction to our investment manager in terms of positive ethical investment and potential disinvestment from companies and programmes that directly and indirectly create negative impacts on the communities we exist to serve, support and resource.
We have selected our investment management support based on their ethical alignment and their experience supporting the charitable sector and other purpose-driven sectors. We will be reviewing all aspects of this in the 2025/6 reporting year as part of our transition to a CIO and forthcoming Charity Commission Code revisions and guidance to Trustees.
MfM was founded in 1986 from within the Quaker community and while it is no longer a Quaker organisation, we retain close alignment with the community and particularly its approaches to ethical finance. We will be reviewing Quaker meeting decisions on this and will review at Board level along with input from the wider ethical investment community.
The Charity maintains a Balanced Risk Approach to its investments to ensure that our Investment Funds managed by Succession Wealth Limited (part of the Aviva Group) maintains its capital value in real terms whilst yielding a modest contribution to our Unrestricted funds.
During the year in question the capital value of our investments increased to £208,304 after dividend income of £2,315.
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**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
We use the TOTAL RETURN approach to investing which allows us to meet our spending needs without relying solely on portfolio yield. Our Investment Advisers, on our instructions only invest in stocks which have a strong ESI bias in line with our Social, Environmental and Humanitarian principles.
An annual review is held annually with a senior representative of Succession Wealth Limited to ensure that our criteria for investments remain appropriate to the Charity's needs.
## **Investment policy and performance**
As an organisation whose work is rooted in global solidarity, equitable partnership, and ensuring the flow of resources to Malagasy communities, we are currently reviewing our investment policy in line with recent Charity Commission guidance to ensure that we are providing active direction to our investment manager in terms of positive ethical investment and potential disinvestment from companies and programmes that directly and indirectly create negative impacts on the communities we exist to serve, support and resource.
We have selected our investment management support based on their ethical alignment and their experience supporting the charitable sector and other purpose-driven sectors. We will be reviewing all aspects of this in the 2025/6 reporting year as part of our transition to a CIO and forthcoming Charity Commission Code revisions and guidance to Trustees.
MfM was founded in 1986 from within the Quaker community and while it is no longer a Quaker organisation, we retain close alignment with the community and particularly its approaches to ethical finance. We will be reviewing Quaker meeting decisions on this and will review at Board level along with input from the wider ethical investment community.
The Charity maintains a Balanced Risk Approach to its investments to ensure that our Investment Funds managed by Succession Wealth Limited (part of the Aviva Group) maintains its capital value in real terms whilst yielding a modest contribution to our Unrestricted funds.
During the year in question the capital value of our investments increased to £208,304 after dividend income of £2,315.
We use the TOTAL RETURN approach to investing which allows us to meet our spending needs without relying solely on portfolio yield. Our Investment Advisers, on our instructions only invest in stocks which have a strong ESI bias in line with our Social, Environmental and Humanitarian principles.
An annual review is held annually with a senior representative of Succession Wealth Limited to ensure that our criteria for investments remain appropriate to the Charity's needs.
14
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Grant Making Policy**
Since its foundation in 1986, MfM has had a core charitable function of making grants to Malagasy communities and Malagasy organisations in furtherance of its charitable objects. Wherever possible, funding is directed to locally-based organisations and community groups in Madagascar, with an emphasis on enabling those closest to the issues to define priorities and approaches. Our grant partners include grassroots community-based associations, children’s centres and established national NGOs. We define our role as that of an equitable intermediary.
MfM provides flexible funding as a first option, supporting both programme activities and essential organisational costs as outlined by partners. This approach is intended to strengthen organisational sustainability and maximise public benefit by enabling partners to respond effectively to local needs and opportunities while also building an evidence base to receive direct grants from others.
In line with our commitment to equity, Malagasy leadership and effective stewardship of charitable resources, and in response to changes in the global development funding landscape, MfM regularly reviews and refines its grant-making approach and deep listening to our partners has been a major strategic focus for this reporting period. This has included active engagement with peer organisations that have implemented similar models, and the application of recognised good practice in equitable grant-making, including learning drawn from organisations such as Planet Indonesia. These insights inform how MfM fulfils its role as an intermediary, ensuring that grant-making arrangements are appropriate, proportionate and aligned with our charitable purposes.
MfM’s grant-making is designed to move beyond transactional funding arrangements and to support longterm, trust-based partnerships that are underpinned by clear expectations, shared accountability and robust governance. In collaboration with our community-based organisation partners, we have co-developed a set of partnership principles that guide how grants are made, managed and reviewed. These include an emphasis on shared decision-making, collaborative programme design, ongoing reflection and learning, and approaches that are context-specific, strengths-based and community-led.
MfM seeks to ensure that its grant-making processes are proportionate, accessible and inclusive, recognising the diversity of organisational forms among its partners. Reporting and monitoring requirements are tailored to the size, capacity and risk profile of each grant, avoiding a one-size-fits-all approach while ensuring appropriate oversight. Monitoring and evaluation frameworks are agreed jointly with partners and focus on learning, outcomes and public benefit, alongside financial accountability.
In addition to financial grants, MfM also provides non-financial support where this contributes to the effective use of charitable funds and the delivery of public benefit. This may include capacity strengthening, peer learning opportunities and access to networks. Through this approach, MfM aims to act as a responsible, learning-oriented grant-maker and a collaborative partner, supporting locally led, sustainable change in Madagascar in line with its charitable objects. We also prioritise sharing partner communications and priorities across all our channels.
15
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Public benefit**
Money for Madagascar delivers public benefit by advancing its charitable purposes through grant-making, partnerships and programmatic support that address the needs and priorities of vulnerable communities in Madagascar. Public benefit is achieved by enabling locally led organisations to design and deliver contextappropriate responses that contribute to improved outcomes for children, education, nature and livelihoods.
In carrying out their duties, the trustees have had due regard to the Charity Commission’s guidance on public benefit. They ensure that the organisation’s activities, including its grant-making and partnership approaches, are consistent with its charitable objects and are directed towards delivering identifiable and sustainable benefits to the communities it exists to serve.
The trustees oversee the effective use of charitable funds through proportionate monitoring, evaluation and learning processes, and through regular review of the organisation’s strategy, activities and outcomes. This enables MfM to assess impact, manage risk and adapt its approach where necessary in order to maximise public benefit.
## **Structure, Governance and Management**
## _**Embedding and strengthening the foundations**_
During the year October 2024 to September 2025, MfM focused on embedding and strengthening the structural, governance and management foundations established in the previous year. This period marked the first full year of operating as a single global organisation, with all staff members employed directly by MfM from January 1 2025 and working within an integrated global staffing and reporting structure.
This shift enabled the organisation to operate, for the first time, as a single legal and operational entity, with clear lines of accountability and an organisational structure centred in Madagascar and led by a Malagasy CEO. In addition, each of the Portfolio Manager roles is held by a Malagasy national, with additional roles across Madagascar, the UK and for this period South Africa and Switzerland. An organisational chart reflecting this unified structure was established and used during discussions with each staff member during the transition, which was supported by HR professionals in the UK and Madagascar. This has been used as a practical tool to support clarity of roles, responsibilities and decision-making during this year of settling into a new model of which we are very proud.
Throughout the year, the structure was intentionally treated as iterative rather than fixed. Trustees and senior management regularly reviewed and tested arrangements to ensure that the organisational design remained fit for purpose, responsive to operational realities and aligned with financial affordability. This approach reflects the trustees’ responsibility to ensure that resources are used efficiently and in a way that maximises public benefit, while maintaining appropriate capacity, oversight and resilience.
The collaborative approach between trustees and staff, which characterised the initial transition, remained central during 2024/5. Trustees continued to contribute time, expertise and strategic oversight beyond formal governance responsibilities, and staff members also provided significant in-kind contributions in support of organisational development and delivery. The organisation recognises and values this collective
16
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
effort, alongside the wider contribution of volunteers, and remains mindful of the need to balance reliance on goodwill with sustainable and well-governed systems and ways of working.
## **Volunteer Contributions**
|**Name**|**Total Hours (Oct 24– Sept 25)**|
|---|---|
|Maggie Lackey|4|
|Maggie Bremner|6|
|Jean Sadler|15|
|Hildy Wild|89|
|Lara|200|
|Anna Cassie|30|
|Alastair Cassie|15|
|Asimina|10|
|Helen Cullen-Williams|10|
|Lancaster Quakers|15|
|Carol Backhouse|4|
|Joyce Lynch|8|
|Blandine Filc|8|
|George Jacob|10|
|Gregg Smith|15|
|Dylan Iorweth|30|
|40th birthday planning teams|90|
|Archives project|20|
|Jane Mote, Beachtobeech - film production
advice|12|
|Prog Dev Advisory Group guest experts:|20|
|Legacy interviews-9 interviewees.|40|
|Laura Feinberg|20|
|Our Lady's School, Lancaster,Work Experience|
60|
|Elinor Wyn Reynolds|30|
|Julian Cooke|2|
|Katharine Harding & Angela Newport & Sally
Jacob|50|
|Miara Rabearisoa|10|
|Chris Sewell|40|
|Anglo-malagasy society|5|
|Friends of Madagascar|20|
|**TOTAL**|**888**|
17
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Trustees' Estimated Time Contributions**
|**Trustee**|**Time**
**Contribution**|**Breakdown**|
|---|---|---|
|Felicity Jones Chair of trustees|**Average of 1-**
**2 days per**
**week during**
**period plus**
**extended**
**periods of**
**travel and**
**engagement**
**(700 hours)**|Preparing Board meeting agenda and materials
(including number of additional ad hoc meetings
required during period)
Additional line management of Irenee Rajaona-
Horne in secondment capacity (from July 2024)
Mentoring line management of Lova
Rosaolinoro as CEO (from July 2024)
Fundraising Advisory to Lou Such and Tabitha
Middleton
Extensive HR and Legal meetings with advisors
in UK and Madagascar on staff matters and
transition to CIO.
Interviews with transitioning staff to single MfM
structure with CEO (autumn 2024).
Attendance and presentations at Global Staff
Meetings to support transition.
Attending donor meetings in the UK as
requested by SMT and donors.
Planning and recording interviews with former
Trustees and supporters in Wales (April 2025 –
7 days)
Attendance at key sector events including The
Sidebar during Skoll Week in Oxford (3 days)
Recruitment Advisory
Attendance at Solar United Madagascar summit
(2 days)
Pro-bono support on fundraising pipeline
management systems in addition to paid
consultancy from Kit Abramson to minimise
expenditure in this area.|
|Jerry Langford
HR & Well Being subcommittee
chair|**72 hours**(actual
contribution
much more)|
- Attendance at Board, FGP and H&W committee
meetings
- Reading papers and e-mails etc
- Meetings with CEO, Chair and HR consultants
relating to HR functions
- Disciplinary investigation in April/May
- Some recruitment interviewing and one exit
interview with notes write up
- Some reading and feedback on other specific
documents or tasks|
|David Pottinger|**90 hours**|Board meeting attendance. FGP committee
attendance, ad hoc meetings, communications
with CEO. Reading. Preparation, research|
18
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
|Eifion Griffiths
FGP sub committee chair|**156 hours**|- Bank Account Management 52 hours,
- FGP meeting and prep 16 hours,
- Board meeting and prep 14 hours,
- Bi-monthly Finance meeting 12 hours,
- Audit matters 10 hours,
- Other matters 52 hours (including strategy &
Investment meeting)|
|---|---|---|
|Theresa Haine|**40 hours**|-Board & HR committee meetings
- Packing and posting 158 calendars
- Authorising payments set up by Nduka
-Direct support to communications and
fundraising teams and liaison with Welsh
volunteer translation.
- Selling crafts|
|Micheline
Ravololonarisoa|**17 hours**|- Board & HR committee meetings|
|Vao Brown|**17 hours**|- Safeguarding & HR|
|Simon Kirby|**40 hours**|- 4x trustees meetings (including reading time)
Out of cycle trustee meetings during period of
heightened board intervention.|
|Sir Timothy King|**30 hours**|- Attendance at Board meetings and FGP with the
associated preparation time|
|Bernadette Goodman|**15 hours**|- Attendance at Board meetings and associated
preparation time|
|Steve Wilkinson|Active board participation halted during 2024/5 due to ill-health||
|**TOTAL**|**1,177 hours**
**(roughly 157 days FTE)**||
## **Staff In-kind Contributions**
|**Staff**|**Position**|**In-kind Contributions (Hours)**|
|---|---|---|
|Lova Rasoalinoro|CEO|245.25|
|Irenée Rajaona-Horne|Strategic Partnerships and Legacy
project|100|
|Llynn Minakium|Consultant (Head of Finance)|96|
|Tabitha Middleton|Institutional & Partnership
Fundraising Manager|128|
|Rory O’Keeffe|Consultant (Communications
Partner)|208|
|**TOTAL**||777.25|
19
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## _**Organisational Structure, Decision Making and Delegation**_
Our organisational structure is designed to centre Malagasy leadership and expertise while enabling effective global support. A Madagascar-based team of Malagasy professionals works across three programmatic areas, led by our Malagasy CEO and Head of Operations, both appointed in 2023/24. This is complemented by a global team providing specialist capacity in finance, fundraising, communications and strategic partnerships.
This structure reflects our commitment to a model of programmatic support and aggregation rather than direct delivery. With MfM now in its second year of formal registration in Madagascar, we have established a locally employed team and a lean institutional platform. Together, these enable us to listen to, respond to and amplify community-defined priorities while remaining flexible and accountable in a rapidly changing development context.
As our accord de siege is granted for an initial period of two years, Association Miarintsoa’ president, William Randriamiarina continues to serve as our formal country representative in Madagascar until the renewal period in January 2026 where we are in a position to name our Malagasy CEO to formally represent MfM. We are extremely grateful for AMI’s support and partnership during this period of growth and transition.
## _**Board of Trustees**_
The Board of Trustees holds ultimate legal and strategic accountability for the organisation. Trustees are responsible for governance, policy approval and the organisation’s long-term strategic direction. They work closely with the CEO and the Senior Management Team (SMT) to oversee delivery of MfM’s charitable purposes.
During the reporting period, the Board Chair has line managed two members of staff: the CEO and the Strategic Partnerships and Legacy Lead. The latter arrangement is exceptional and reflects the time-limited nature of this role, which is a secondment focused on MfM’s 40th anniversary in 2026 with an initial appointment period of 18 months.
The Board of Trustees usually meets three times per year and met formally four times during the 2024/5 reporting year, with additional agenda-specific meetings held as required. The Board delegates day-to-day operational responsibility to the CEO and the SMT through agreed mandates, sub-committees and reporting structures. The Board may also delegate specific powers to the Chair and, where necessary, establish sub-committees to address urgent or thematic matters. All delegations are reviewed annually.
20
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## _**Senior Leadership**_
## • **Chief Executive Officer (CEO) – Lova Rasoalinoro**
During the reporting period (October 2024 to September 2025), Lova Rasoalinoro has served as our single CEO and has overall responsibility for leading the transition to a single global organisation that is structurally and culturally Malagasy-led and grounded in principles of community-led development. The role includes oversight of organisational strategy, operational delivery, external representation and strategic development, supported by the Board and external expertise over an 18-month period. The CEO is responsible for operationalising the SMT structure and line-managing direct reports, including the Head of Operations, with input from Programme, Strategic Partnerships and Legacy, Finance and HR functions.
## • **Strategic Partnerships and Legacy Lead - Irenée Rajaona-Horne**
During the reporting period, Irenee Rajaona-Horne has served in her seconded non-SMT role of Strategic Partnerships and Legacy Lead, reporting directly to the Chair of the Board. In this role, she leads the development of strategic partnerships with academic institutions, NGOs and Malagasy community-based organisations, and directs MfM’s 40th anniversary programme for 2026. She also provides strategic input to the SMT, fundraising activity and relevant Board sub-committees.
## _**Senior Management Team (SMT): roles and responsibilities**_
## • **Head of Operations – Tovo Rasolofoharivelo** _(to 30 June 2025)_
The Head of Operations was the first role to be contracted directly in Madagascar (in March 2024) by MfM and is a member of the SMT. The role is responsible for organisational operations, including systems and processes, knowledge management, finance oversight and budgeting, human resources, risk management, safeguarding and internal policy development. The Head of Operations leads crossfunctional coordination across programme delivery, compliance and partner support, and provides support to two Board committees.
• **Senior Finance Consultant (SMT-equivalent responsibility) – Llynn Minakium** The Finance Consultant provides financial oversight and analysis, leads on budgeting and statutory reporting, and supports financial governance. The role works closely with the Treasurer and programme teams in both the UK and Madagascar.
- **Interim Head of Fundraising – Louise Such** _(to January 2025)_ **; Tabitha Middleton** _(from April 2025)_
This interim role was established in April 2024 to lead fundraising strategy and donor stewardship. Responsibilities include managing appeals and grants, representing MfM to funding partners and institutional donors, and coordinating supporter communications and sponsorship programmes. Louise Such left the organization at the end of the interim role and Tabitha Middleton has served as acting Head of Fundraising from April 2025.
We ended the year reviewing and revising the foundational priorities, moving on from the fundraising, operations and strategic partnership roles as they were initially defined last year. A new department of Fundraising and Communications has been shaped whereas the Head of Operations role has been temporarily halted to prioritise investment in the new Fundraising and Communications department for 2025/6. We will be regularly reviewing the structure of individual and collective leadership models.
21
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## _**Governance and organisational oversight**_
## _Constitution and Governing Document_
Money for Madagascar is constituted under a Trust Deed dated 10 November 1990. This governing document sets out the charity’s charitable purposes, including the promotion of education and the relief of poverty in Madagascar and beyond, as well as the advancement of public understanding of Madagascar’s ecology, economy, and social context. The Trust Deed confers powers on the Board of Trustees to raise funds, employ staff, and work in partnership with other organisations in furtherance of these aims.
In addition to its UK governing document, Money for Madagascar operates in Madagascar under an accord de siège, which provides the legal framework for its presence and activities in-country and is renewed every two years. This operational status supports the delivery of the charity’s charitable purposes in Madagascar and sits alongside, but does not replace, the Trust Deed as the charity’s governing document.
## _Trustee Recruitment and development_
Trustees are appointed for an initial term of three years and may be reappointed for subsequent terms. We have a number of exceptionally long-serving Trustees who have agreed to continue in role and we have reviewed Trustee membership of Board committees and advisory groups following interviews between the CEO and Chair and each current Trustee. This has also been supported by the 40[th] anniversary interviews with former Trustees. Recruitment, when undertaken, involves an open process including the submission of an expression of interest and curriculum vitae, followed by a formal interview with current Trustees. This can be in Malagasy, French or English – and we have some Welsh language capacity, Opportunities are advertised through social media and professional networks, with materials made available in Malagasy, French, English and Welsh.
Trustee selection is based on alignment with the charity’s values, relevant skills and experience, and the ability to contribute effectively to the organisation’s strategic direction and oversight. The Board maintains and regularly reviews a skills matrix, which has been refreshed in light of the current strategic plan, to ensure that the composition of the Board remains appropriate to the organisation’s evolving needs.
All new Trustees receive a structured induction, including access to key governance documents such as the Trust Deed, the most recent financial accounts and the Governance Handbook, to support their understanding of the organisation’s responsibilities, risks and operating context. The charity seeks to maintain a Board of at least eight Trustees and places particular emphasis on achieving a balanced mix of skills, backgrounds and lived experience, including representation from Madagascar.
During the 2024/5 reporting year, the Board prioritised trustee development rather than recruitment, recognising the additional demands placed on trustees during a period of significant organisational transition. Individual development conversations with existing Trustees were initiated as part of this process, providing an opportunity to reflect on roles, contributions and future skill requirements in the context of MfM’s transition towards a Malagasy-led organisation.
Active recruitment of new Trustees was not undertaken during the year. Instead, the Board has agreed to incorporate trustee recruitment and succession planning into a broader governance transition and development plan scheduled for 2025/6. This approach is intended to ensure that future recruitment is well
22
**Money for Madagascar**
**Report of the trustees**
## **For the year ended 30 September 2025**
aligned with the organisation’s strategic direction, governance needs and capacity, while recognising the substantial voluntary and in-kind contributions made by Trustees during the year under review.
## _Remuneration Policy_
The remuneration of key personnel is reviewed and agreed by the Board of Trustees, with due regard to the Charity Commission’s guidance and the charity’s responsibility to ensure the effective stewardship of charitable funds. Decisions are informed by benchmarking data from comparable organisations, the scale and complexity of the charity’s operations, and available resources.
During 2023/4, the charity undertook a comprehensive benchmarking exercise, supported by external expertise, to inform both public recruitment processes and internal contracting arrangements. This work was undertaken in the context of the organisation’s transition towards a single global staffing structure and the integration of Madagascar-based staff into Money for Madagascar’s employment framework.
In 2024/5, the Board oversaw the application of this benchmarking to the new unified global team, ensuring that remuneration arrangements remained fair, proportionate, and appropriate to local contexts, while supporting the recruitment and retention of suitably qualified staff. This approach supports organisational sustainability and consistency during a period of significant structural change.
Trustees do not receive remuneration for their governance roles.
## _Networks and external engagement_
MfM maintains active engagement with a range of networks, including Madagascar-focused NGOs, UK aid platforms, and international consortia in the fields of education and conservation. These affiliations facilitate shared learning, collaborative advocacy, and the strengthening of programme delivery. Our membership in the Solar United Madagascar consortium is one example of this.
## **Programmatic and Portfolio Delivery**
## _**Education for Life**_
- _Access to education and family empowerment_
The Access to Education and Back-to-School initiative supported 16 public primary schools, targeting students most at risk of dropping out. In total, 351 students from 180 vulnerable households received direct support for school enrolment and the payment of school fees, while a wide range of school supplies was distributed to improve learning conditions. In addition, 591 students in examination classes received school kits, eight school benches were delivered to EPP Ambohibary I, and the initiative reached 1,275 students and 180 parents, thereby strengthening school retention and the effective resumption of learning.
• _Improving teaching quality and academic performance_ The interventions significantly strengthened teaching quality and student performance, notably through pedagogical training for 98 teachers across 14 schools, with a high participation rate of 94%, and the establishment of 14 school libraries equipped with 1,267 books, jointly managed by teachers and parents. Results show that 82% of teachers effectively apply the improved teaching methods, contributing to encouraging academic progress, with 70% of students promoted to the next grade and a CEPE pass rate of 76%, including three schools achieving a 100% success rate, demonstrating the positive and lasting impact of the interventions on learning quality.
23
**Money for Madagascar**
**Report of the trustees**
## **For the year ended 30 September 2025**
• _Sustainable agriculture, school canteens, and nutrition_
Actions implemented in the areas of sustainable agriculture, nutrition, and the environment generated very positive results by strengthening food security, practical learning, and community resilience. Through vermicomposting, school gardens, and school canteens, thousands of beneficiaries’ students, teachers, and parents were trained and actively engaged, enabling the establishment of 10 school gardens, the installation of 55 vermicomposting units, and the regular operation of 10 school canteens benefiting 2,917 students, particularly during the lean season. The distribution of 16,772 kg of rice, supplemented by vegetables from school gardens, along with environmental education and reforestation activities involving 537 trees planted and 280 fruit trees distributed to parents, contributed to lasting improvements in nutrition, food self-sufficiency, and environmental protection within school communities.
• _Water, hygiene, and sanitation (WASH)_ Interventions in Water, Hygiene, and Sanitation (WASH) produced highly encouraging results through the distribution of appropriate equipment and the training of 3,719 people in good hygiene practices. These actions led to a marked improvement in the school environment, resulting in a significant reduction in absenteeism (from 6.82% to 4%) and school dropout rates (from 3.98% to 2.28%), as well as improved inter-grade and CEPE examination success rates, thereby sustainably strengthening learning conditions and student achievement.
• _Literacy and income-generating activities_ Literacy and income-generating activities (IGA) initiatives strengthened family capacities and economic autonomy, with 144 illiterate parents trained in eight schools, 64% of whom were women. The uptake of skills is evident, as 175 parents now practice vermicomposting at home and 115 parents apply the gardening techniques learned, generating tangible economic benefits. The preparation of graduation and certification ceremonies, combined with planned IGA support, consolidates achievements and promotes the long-term sustainability of impacts within beneficiary communities.
Overall, the interventions provided students with improved access to education, better learning conditions, higher-quality teaching, and regular school meals in a healthy environment, leading to a notable reduction in absenteeism and dropout rates and a significant improvement in academic outcomes, particularly in examinations. Parents strengthened their capacities through literacy, income-generating activities, and sustainable agriculture skills, enabling them to better support their children’s education while sustainably improving household economic autonomy. Communities, in turn, benefited from increased engagement around schools and lasting progress in nutrition, hygiene, and environmental protection, contributing to stronger community resilience and inclusive, sustainable local development.
## ➢ **Solar United Madagascar**
Madagascar is among the poorest countries in the world, with very limited access to electricity, particularly in rural areas where fewer than 11% of households are connected. As a result, most rural families rely on polluting and unsafe lighting sources. Despite significant international support for renewable energy, the most remote rural communities remain largely excluded from existing programs due to logistical and economic constraints. It is within this context that Solar United Madagascar (SUM) developed an innovative approach based on solar kiosks installed in schools and managed by local entrepreneurs, with the ambition of scaling up this model to ensure equitable access to clean and affordable energy nationwide. Accordingly, since 2022, Money for Madagascar (MfM) has partnered with Feedback Madagascar, SEED Madagascar, the Malagasy social enterprise Jiro-ve, and the international NGO SolarAid to establish the Solar United Madagascar (SUM) consortium.
24
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
This initiative initially focuses on schools, educational resources, and teacher training, while also expanding access to clean energy for surrounding communities. It aligns fully with Madagascar’s national priorities, as well as those of the African Union and global development goals. SUM provides solar energy and skills to Malagasy communities, with a strong emphasis on improving student learning outcomes (SDG 4 – Quality Education) through access to off-grid energy in isolated and hard-to-reach rural areas. Solar panels installed in schools support digital learning during the day, while external batteries are rented at affordable prices for evening use. Community members are thus able to replace harmful and costly candles and kerosene lamps with clean solar energy to light their homes, significantly transforming study conditions and family life. Franchise systems and beneficiary households also gain new income-generating opportunities, while local communities ensure the management and ownership of the infrastructure.
During community consultations on the introduction of Light Libraries (LL) in Madagascar, it emerged that 90% of residents had no access to electricity and relied exclusively on kerosene lamps and candles. For many Malagasy communities, SUM represents their first experience with solar lighting, producing a major impact on daily life. Professional, educational, and household activities can now continue safely after dark, and parent-teacher or community meetings can be held in the evening thanks to the availability of lighting. By the end of September 2024, SUM had deployed a total of 66 Light Libraries, one solar cooker to support a school feeding program, and two pilot Digital Learning (DL) schools equipped with Raspberry Pi computers, tablets, and solar-powered projectors, facilitating access to digital learning an innovative approach initially tested by MfM. During the 2024–2025 period, implementation has continued thanks to recurring funding from the Aeonian Foundation, aimed at providing off-grid solar energy to rural communities in Madagascar.
At consortium level, the program has expanded significantly: Digital Learning sites increased from two pilot schools in 2024 to 13 schools in 2025, while Light Library sites grew from 66 schools in 2024 to 79 schools in 2025, illustrating a well-managed scale-up and strengthened educational coverage. The deployment of Light Library (LL) and Digital Learning (DL) sites has generated significant positive impacts on student learning outcomes, on the pedagogical performance and professional practices of 113 teachers, and on the financial sustainability of beneficiary schools (79 LL schools and 15 DL schools within the Consortium). These results have contributed to improved school operations and enhanced overall quality of education. This year, the consortium conducted two impact studies (baseline and endline) covering the two SUM subprograms (LL and DL). The Light Library impact analysis demonstrated that the program has a real and measurable impact, although its effectiveness remains influenced by the poverty levels of beneficiary households. It represents a promising model that merits further strengthening and adaptation through targeted support in order to contribute sustainably to access to energy, education, and community development in Madagascar’s most vulnerable rural areas. In contrast, the results of the Digital Learning impact study will only be available at the end of June 2026.
With regard to MfM specifically, during the 2024–2025 period SUM reached approximately 34 Light Library schools, benefiting 8,111 students and an average of 8,000 households per month. Out of the 8,111 students, 908 sat the CEPE examination, of whom 791 passed, representing an overall success rate of 87.11%, considered highly satisfactory in relation to the objectives set. Notably, 15 out of the 34 schools achieved a 100% pass rate, reflecting a particularly high level of performance. Despite lower results in a limited number of schools, the overall data analysis confirms the positive effect of the Light Library program on learning outcomes and the strong overall performance of schools supported by MfM.
In addition, MfM currently operates six Digital Learning sites, four of which were newly established in 2025,
25
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
benefiting a total of 1,264 students and 43 teachers. Of these 1,264 students, 141 sat the CEPE examination and 126 passed, corresponding to an overall success rate of 89.36%. Four schools achieved a 100% pass rate, confirming the very positive overall performance of the DL sites and demonstrating the effectiveness of the model based on the results achieved.
## ➢ **WASH Construction**
During the 2024–2025 period, as part of its collaboration with ADSUM and the Miarintsoa Association, MfM implemented activities to provide water points in several schools in order to meet the drinking water needs of school communities. In total, nine public primary schools across five regions (Vakinankaratra, Analamanga, Bongolava, Itasy, and Alaotra Mangoro) were equipped with functional WASH infrastructure, directly benefiting 1,524 students, 51 teachers, and 800 members of the FEFFI. Each school now has an operational water point, featuring a reliable pumping system supplying a 0.40 m³ concrete tank, as well as a handwashing facility with four taps and appropriate wastewater management, installed in line with sanitation standards. Routine maintenance training, together with the establishment and training of WASH committees, ensures the sustainable management of the facilities and contributes to lasting improvements in hygiene, health, and learning conditions within the beneficiary schools.
## _**Resilient Forests and Livelihoods**_
## _**How MfM, through RFL, is aligned with international patterns**_
- _Conservation increasingly linked to community well-being_ : Global dialog recognises that conservation cannot be sustained where surrounding households remain economically fragile. (IUCN World Conservation Congress updates/2025 — coverage emphasised community leadership and livelihood integration in Madagascar’s forest landscapes. Alliancemagazine.org blog on Madagascar’s conservation moment/March 2025).This mirrors RFL’s core logic: resilience at household level reinforces resilience at ecosystem level.
- _Forest finance instruments now reward “nature + people” models_ : Forests are being reframed as climate assets requiring both biodiversity protection and socio-economic dividends. (COP30 (Belém)/Oct–Nov 2025 — forests highlighted as central to climate negotiations and finance. BIOFIN discussions/UNDP BIOFIN Madagascar updates/2025). RFL operationalises this by promoting community stewardship through agroforestry, non-timber forest products value chains, community savings/finance.
- _Community-led restoration emerges as adaptation strategy_ : Restoration is not just ecological; it is a vehicle for economic inclusion and adaptation for vulnerable households. (International Organization for Migration (IOM) Storytelling platform (Menabe)/2025 — “climate migrants become forest guardians” piece showing displaced families restoring degraded forests for livelihoods). RFL applies this through nurseries, watershed restoration, mangroves, agroforestry and beekeeping.
- _Community empowerment framed as non-optional for conservation success_ : Global institutions now treat community participation, rights, decision-making and benefit sharing as prerequisites for durable conservation. (COP30 Madagascar delegation statements/2025 — explicitly linking climate vulnerability, poverty and conservation. UNDP BIOFIN Madagascar policy briefs/ 2024–2025). This reflects RFL’s empowerment focus via women and youth leadership, VSLAs, governance, and Local Change Agents/Relay Farmers structures.
26
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
- _Shift from “protection” to “stewardship” in policy and practice_ (Post-Kunming Biodiversity Framework implementation discussions/2024–2025. Madagascar protected areas & local governance dialogues in IUCN and BIOFIN forums/2025): RFL’s model is not just about reducing deforestation; it nurtures community capacity to steward land, forests and watersheds over time. This is consistent with emerging co-management governance models globally.
## _**Implications for MfM strategy**_
MfM is on the right track: global actors now converge on livelihood and conservation integration. MfM’s approach, particularly through community stewardship, climate adaptation mechanisms and resilient livelihoods, opens windows for future funding.
Community organisations such as the VSLAs, gender and youth inclusion is no longer optional, both become central stakeholders: women, youth and local organisations are now recognised as essential drivers of durable conservation outcomes, validating RFL’s focus on community-based organisations empowerment.
MfM has now the ability to inform national policies and influence how community stewardship is understood and supported in Madagascar.
This Fiscal Year 2024-2025 the end of the 3-year pilot phase, RFL and the four partners achieved promising results:
- 54 new Villages Savings and Loans Associations (VSLAs), increasing at 192 the total of active VSLAs, the 4,070 members (62% women), representing 1,748 rural households. Their savings capital range from MGA 60 / £5K (WTDM) to MGA 152 M / £27K (SAF/FJKM Melaky).
- VSLAs now go beyond savings: they manage individual lending to run income generating activities, and reinvest in small enterprises (honey, weaving, compost, poultry, livestock) and in conducting forest patrols (community-based organisations cases)
- 66 hectares of Dynamic Agroforestry (DAF) transforming reforestation into a productive, community-owned farming system that regenerates land and provide permanent foods for 481 households. DAF has evolved from a technical experiment into a recognised local practice.
- From the reforestation of 102 hectares, communities now perceive tree planting not as a project obligation, but as a productive farming method that improves food security, regenerates soil, and protects watersheds.
- A total of 119 women and youth have been equipped to be agents of change, providing proximity rural services such as relay farmers, village vaccinators, tree nurseries.
## _**Children for the Future**_
Over the course of the year, programme activities reached more than 1,695 children and young people, of whom 61% were girls and 39% boys, across eight partner centres: Akany Avoko Ambohidratrimo (AAA), Akany Avoko Bevalala (AAB), Akany Avoko Faravohitra (AAF), Akany Hasina (AH), Ankizy Gasy (AG), Sisters of the Good Shepherd (SOGS), Topaza, and Tsinjohasina. Among these centres, five received direct grants, and six out of eight were supported through the school feeding programme during the year.
27
**Money for Madagascar**
**Report of the trustees**
## **For the year ended 30 September 2025**
Between October 2024 and September 2025, more than 320,000 meals were served to children and young people supported in the centres, making a significant contribution to their food security and daily wellbeing. Of this total, 132,402 meals were provided through the partnership with Mary’s Meals (the school feeding programme). Alongside activities implemented within the centres, this
partnership also generated substantial impact in partner schools. In total, 31 schools and six centres benefited from the school feeding programme during the year. Through this mechanism, 4,101 children—including 1,972 boys and 2,129 girls—received one hot meal on every school day, strengthening school attendance, concentration in class, and overall educational outcomes. In addition to these 31 schools, two further primary schools in eastern Madagascar also benefited from school feeding support, reaching 158 pupils.
Beyond food assistance, 1,477 vulnerable children and young people accessed education or training tailored to their needs and potential. This support, made possible through the contribution of Money for Madagascar alongside other financial partners of the centres, enhanced social inclusion and laid the foundations for sustainable autonomy. In parallel with academic support, a range of complementary activities were implemented to support children’s personal development, broaden their horizons, and guide their educational and career pathways.
The year was also marked by structural achievements demonstrating the programme’s capacity to respond effectively to crises, strengthen child support systems over the long term, and increase the visibility and influence of partner centres.
The reconstruction of the boys’ dormitory at Akany Avoko Bevalala (AAB) stands out as a flagship achievement of the year.
In parallel, the launch and operationalisation of the new Mentoring Centre in Ambohidratrimo, implemented by Ankizy Gasy, marked an important step forward in strengthening institutional capacity and the sustainability of the Children for the Future programme. The centre now provides a structured space for mentoring, youth guidance, and training in IT and languages, while also benefiting from reliable access to electricity following the completion of the solar electrification project. Developed through close collaboration between Money for Madagascar and Ankizy Gasy, this initiative is based on joint planning and strong community engagement, ensuring continuity of activities while integrating an environmentally responsible approach.
Finally, the celebration of the Month of the Child in June 2025 represented a major milestone in terms of visibility and mobilisation. Through the organisation of a career orientation forum, a child rights carnival, and a series of awareness-raising events, partner centres welcomed representatives from national authorities (notably the Ministries responsible for Justice and Population), partner organisations, and professionals from a wide range of sectors. These activities, jointly coordinated by the centres, Money for Madagascar, and other partners, strengthened the institutional recognition of the centres and conveyed strong advocacy messages in support of children’s rights. They also led to tangible advocacy outcomes, including the Government’s commitment to cover part of the child care costs for children supported at the AAA-B and AAF centres.
28
**Money for Madagascar**
**Report of the trustees**
## **For the year ended 30 September 2025**
The year also marked a period of transition for several key programme partnerships. In particular, the partnership with Mary’s Meals will come to an end in January 2026, in line with their global strategy. Following this transition, support to the school feeding programme will be maintained in partner schools as well as in two centres.
In this context, Money for Madagascar is pursuing a number of strategic priorities aimed at strengthening the long-term sustainability of the Children for the Future programme and its partner centres. A key focus is the strengthening of income-generating activities within centres, with the objective of reducing dependency on external funding and improving financial autonomy over the medium to long term.
At the same time, significant emphasis is being placed on capacity strengthening, both at programme level and within partner centres. The Programme team has participated in leadership and change-focused initiatives, including the Training for Transformation, supporting the development of skills in governance, facilitation, strategic thinking, and change management. In parallel, centre teams continue to benefit from ongoing training aimed at improving quality of care, organisational management. The programme also continues to reinforce capacities related to child safeguarding. This is complemented by the implementation of staff integrity and vetting procedures, contributing to the creation and maintenance of safe, ethical, and protective environments for children and young people.
In addition, Money for Madagascar actively encourages partner centres to explore and develop new partnerships. Strengthening child safety infrastructure across centres has also been identified as a priority from this year onwards.
At a broader level, the organisation is working to increase the visibility and influence of its programmes, including Children for the Future, through engagement with international platforms and networks such as the Global Schools Forum and Population–Health–Environment networks. These platforms support peer learning, knowledge exchange, and strategic positioning.
29
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## _**Disaster resilience**_
Strengthening disaster resilience remains a central pillar of Money for Madagascar’s approach, with increasing emphasis placed on preparedness, coordination, and risk prevention. While no large-scale emergency response was required during 2025, several localised incidents continued to highlight the exposure of partner centres to climatic hazards, reinforcing the importance of sustained vigilance and preparedness.
Building on the lessons learned from past crises, 2025 was also marked by the consolidation of recovery efforts following the fire that occurred in 2024. The reconstruction of the boys’ dormitory at Akany Avoko Bevalala restored safe and dignified living conditions for at least 34 boys, while standing as a symbol of the centre’s resilience and the effectiveness of the coordination mechanisms put in place. Money for Madagascar played a central role by coordinating negotiations among multiple institutions and partners. The process was characterised by rapid mobilisation, rigorous technical oversight, and transparent communication with donors, strengthening trust between MfM, local partners, and funders, and reaffirming MfM’s leadership in managing complex crisis recovery processes.
More recently, one centre issued an emergency appeal following strong winds that caused significant damage, including the loss of roofing on two buildings and the partial collapse of walls in accommodation used by an educator. Thanks to the strengthened communication mechanisms now in place, information was shared rapidly, enabling swift mobilisation by partner organisations, associations, and individual supporters. The funds required to address immediate needs were raised promptly, meaning that direct financial intervention by Money for Madagascar was not required in this instance.
Overall, 2025 marked a clear shift from an emergency response-oriented approach towards a phase of consolidation and preparedness, strengthening the foundations of partner centres and communities to better anticipate, withstand, and recover from increasingly unpredictable climatic and environmental risks.
30
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Financial Review**
Despite the challenging environment MfM has seen its income increased slightly to £1,167,788 (2024/25 £1,113,705). We are extremely grateful to our committed donors, both personal and institutional. They, like us, recognise the significant challenges that the people of Madagascar face on a daily basis. Our transformation to a largely Malagasy based Charity is now substantially complete and we are already seeing the benefits of better integration and stronger management of our resources.
Being recognised as having a strong base and infrastructure in Madagascar under the “Accord de Siege” status granted to us by the Government of Madagascar will enable us to enhance our collaboration with donors, including Overseas Aid organisations and allow us to broaden our funding sources. Traditional funding sources through Country Aid support organisations (e.g.USAid, UK Foreign Aid) have become less available in the past few years and we will need to innovate to gain the support of High-Net-Worth individuals, their Foundations and Commercial entities.
To meet these ongoing challenges the Trustees have made some significant changes to our fundraising department and to improve our communications structure, not only to inform but as an essential element of our relationship with our friends, supporters and the wider public. Our improved website and other appropriate social media platforms will be key, as will our long-standing personal relationship with our donors and friends.
We have again seen steady progress during the first half of 2025/26 and we fully expect to see a reduction of our fundraising costs which accounted for 21.6% of our income (2024/25 10.7%). This was mainly due to the employment of additional staff which should not re-occur in 2025/26.
The Trustees remain optimistic for the continued growth of the Charity and to continue our fundraising momentum, which has nearly tripled our income since 2021 (£443,857). There are no uncertainties about our ability to continue as a going concern, nor do we have any materially deficient funds or subsidiaries. We are focused on mitigating risks by strengthening our financial and operational frameworks, ensuring that we can effectively manage and utilise our resources to maximise our impact in Madagascar.
## **Reserves Policy:**
The Trustees recognise the importance of maintaining sufficient reserves to ensure stability and the continuity of our operations in the UK and Madagascar. Our Reserves Policy is designed to provide this financial security so that we can meet our obligations and deal with any unexpected challenges that may arise.
Our Current policy stipulates that we maintain unrestricted liquid assets equal to:
- 90 days UK Administrative Expenses (£35,715)
- 365 days Madagascar Support Costs (£134,775)
At the end of the reporting period, we held unrestricted assets amounting to £226,007 so we are fully aligned with our policy. This figure is reviewed on an annual basis so that we continually assess and where necessary adjust our strategy to meet the evolving needs of the Charity
Our reserves Policy, therefore, as approved by the Board remains appropriate
31
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Risk Statement**
We recognise the importance of identifying, assessing, and managing risks that may impact our ability to serve our beneficiaries and fulfil our charitable objectives. These risks may include governance, operational, financial, external, and compliance with law and regulation risks.
The charity is committed to the ongoing identification and monitoring of these and other emerging risks, and to taking proactive steps to mitigate their potential impact. During the reporting period, risk management was further strengthened by making risks and incidents standing agenda items for all Board meetings, ensuring collective oversight and shared accountability by the full Board of Trustees.
Detailed risk monitoring and mitigation planning continues to be supported through the Finance and General Purposes Committee, which reviews the risk register and associated mitigation actions on a quarterly basis and reports to the Board. This layered approach supports effective governance, transparency, and the sustainable delivery of our mission and impact.
## **Fundraising Statement**
During the 2024–25 financial year, MfM continued to raise funds in support of sustainable, community led initiatives that enable Malagasy people to reduce poverty, strengthen livelihoods, and protect their unique environment.
## **Fundraising Approach**
The majority of MfM’s fundraising activities were carried out by our dedicated staff team, supported where necessary by partner organisations and volunteers including Board members and additional consultancy on pipeline development and management. These partnerships were governed by formal written agreements that clearly set out all parties’ responsibilities and ensured full adherence to our ethical standards, including the protection of vulnerable individuals.
MfM continued to draw significant income from trusts, foundations, and corporate supporters, supplemented by donations from individual supporters through online giving, community fundraising, and regular donation schemes. These income streams support the work of our core programmes: Education for Live, Children for the Future and Resilient Forests and Livelihoods, as well as ensuring organisational development and sustainability.
## **Regulatory Compliance and Oversight**
The charity remained fully compliant with all applicable fundraising regulations and adhered to the Fundraising Regulator’s Code of Fundraising Practice. Trustees maintained oversight of fundraising activity through regular monitoring and reporting to the board of trustees and the Finance and General Purposes subcommittee, and consistent with MfM’s wider governance and reporting obligations.
MfM received no complaints about its fundraising activities during the year and had no instances of non-compliance with relevant legislation or guidance.
32
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
## **Supporter Care and Ethical Practice**
MfM only contacted members of the public who had consented to hearing from us. Supporters were free to amend their communication preferences at any time. The charity did not undertake telephone fundraising, door to door fundraising, or street collections during the reporting period, and maintained a proportionate, respectful approach to all donor engagement.
## **Fundraising Income**
2024–25 marks the third consecutive year in which MfM’s income has exceeded £1 million, reflecting the generosity of our supporters and the strength of our partnerships. This achievement demonstrates continued confidence in the charity’s work and impact.
## **Looking Ahead**
As MfM approaches its 40th anniversary, we remain committed to reviewing and strengthening our fundraising approach to ensure it remains aligned with our values, supports organisational effectiveness, and enables the mobilisation of resources at the scale required. Growing engagement with local and international partners continues to enhance our visibility and attract new potential donors, positioning the charity to deliver sustainable, equitable, and scalable benefits for communities across Madagascar.
## **Future Plans**
As MfM continues to implement its long-term strategic vision to 2032, the organisation remains committed to ongoing organisational development, embedding its ethos and values into practice, and strengthening the collaborative and distributive leadership model that underpins our work. These commitments are reflected not only in how we operate internally, but also in how we support and work alongside our Malagasy partner organisations.
The reporting year marked the first full year of operating under a new single global organisational structure. At the end of the period, we undertook a reflective review of this structure, drawing on learning from its initial implementation. As a result, the Board has agreed to invest in the establishment of a dedicated Fundraising and Communications function in 2025/6, with additional roles to strengthen our fundraising strategy, organisational positioning, and communications materials, in support of long-term sustainability and effective stewardship of resources.
Looking ahead to 2025/6, the Board will initiate a governance transition plan, including work towards a more representative governance model that reflects MfM’s identity as a Malagasy-led organisation. This work will build on the governance and board development activity undertaken during the reporting period. In parallel, MfM will continue to strengthen its foundations through the development of fit-for-purpose systems and processes, including knowledge management, to support effective decision-making, learning, and accountability across a global, remotely-based team.
MfM’s 40th anniversary in 2026 remains a significant milestone and an opportunity for deep listening, reflection, and learning with partners, communities, supporters, and other stakeholders. This process will help us understand our purpose in the past and shape our direction for the future.
33
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
Throughout this next phase, deep listening, trust, and long-standing partnership will remain central to MfM’s organisational identity. These principles will guide the consolidation and strengthening of our existing programme areas, ensuring they continue to reflect the priorities of our Malagasy partners and the communities we serve. This community-led approach has shaped MfM since its founding in 1986 and continues to define our purpose and way of working.
## **Statement of responsibilities of 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and accounting estimates that are reasonable and prudent;
- 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
- 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.
34
**Money for Madagascar**
## **Report of the trustees**
## **For the year ended 30 September 2025**
The trustees who served during the year and up to the date of this report are listed on page 1.
## **Auditors**
Godfrey Wilson Limited were re-appointed as auditors to the charity during the year and have expressed their willingness to continue in that capacity.
Approved by the trustees on 7 July 2026 and signed on their behalf by:
Eifion Griffiths – Treasurer
David Pottinger – Interim Chair
35
## **Independent auditors' report**
## **To the trustees of**
## **Money for Madagascar**
## **Opinion**
We have audited the financial statements of Money for Madagascar (the 'charity') for the year ended 30 September 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
## In our opinion, the financial statements:
- give a true and fair view of the state of the charity's affairs as at 30 September 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 6 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
36
## **Independent auditors' report**
## **To the trustees of**
## **Money for Madagascar**
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the trustees’ report is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
37
## **Independent auditors' report**
## **To the trustees of**
## **Money for Madagascar**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:
(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.
(2) We reviewed the charity’s policies and procedures in relation to:
- Identifying, evaluating and complying with laws and regulations, and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risk of fraud, and whether they were aware of any actual, suspected or alleged fraud; and
- Designing and implementing internal controls to mitigate the risk of non-compliance with laws and regulations, including fraud.
(3) We inspected the minutes of trustee meetings.
(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.
(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.
(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.
(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:
▪Testing the appropriateness of journal entries;
▪Assessing judgements and accounting estimates for potential bias;
- ▪Reviewing related party transactions; and
▪Testing transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
38
## **Independent auditors' report**
## **To the trustees of**
## **Money for Madagascar**
## **Use of our report**
This report is made solely to the charityʼs trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charityʼs trustees those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charityʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## Godfrey Wilson Limited
Date: 7 July 2026
## **GODFREY WILSON LIMITED**
Chartered accountants and statutory auditors 2nd Floor - South One Castle Park Tower Hill Bristol BS2 0JA
Godfrey Wilson Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
39
## **Money for Madagascar**
## **Statement of financial activities**
## **For the year ended 30 September 2025**
|Note
**Income from:**
Donations and legacies
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**
4
Net gains on investments
10
6
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**
**Net income / (expenditure)**
**and net movement in funds**|Restricted Unrestricted
£
£
822,144
342,120
-
1,209
-
2,315
822,144
345,644
-
182,791
348,890
95,028
108,360
32,504
234,821
-
1,000
5,629
693,071
315,952
-
7,885
129,073
37,577
199,215
188,430
**328,288**
**226,007**|**2025**
**Total**
**£**
**1,164,264**
**1,209**
**2,315**
**1,167,788**
**182,791**
**443,918**
**140,864**
**234,821**
**6,629**
**1,009,023**
**7,885**
**166,650**
**387,645**
**554,295**|2024
Total
£
1,103,470
3,211
7,024|
|---|---|---|---|
||||1,113,705|
||||85,851
551,138
252,214
509,259
40,059|
||||1,438,521|
||||18,218|
||||(306,598)
694,243|
||||387,645|
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.
40
## **Money for Madagascar**
## **Balance sheet**
## **As at 30 September 2025**
|Note
**Fixed assets**
Tangible assets
9
Investments
10
**Current assets**
Stock
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**|**£**
**780**
**61,239**
**311,301**
**373,320**
**27,595**|**2025**
**£**
**266**
**208,304**
**208,570**
**345,725**
**554,295**
**328,288**
**226,007**
**554,295**|2024
£
755
202,634|
|---|---|---|---|
||||203,389
-
29,981
213,474|
||||243,455
59,199|
||||184,256|
||||387,645|
||||199,215
188,430|
||||387,645|
Approved by the trustees on 7 July 2026 and signed on their behalf by:
Eifion Griffiths - Treasurer
David Pottinger - Interim Chair
41
## **Money for Madagascar**
## **Statement of cash flows**
## **For the year ended 30 September 2025**
|**Cash used in operating activities:**
Net movement in funds
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interest and rents from investments
Decrease / (increase) in stock
(Increase) / decrease in debtors
Increase / (decrease) in creditors
**Net cash provided by operating activities**
**Cash flows from investing activities:**
Dividends, interest and rents from investments
Purchase of investments
Proceeds from the sale of investments
**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**
**Analysis of cash and cash equivalents**
Cash held in current accounts
Cash held in investment portfolio|**2025**
**£**
**166,650**
**489**
**(7,885)**
**(2,315)**
**(780)**
**(31,258)**
**(31,604)**
**93,297**
**2,315**
**(44,634)**
**47,129**
**4,810**
**98,107**
**219,846**
**317,953**
**311,301**
**6,652**
**317,953**|2024
£
(306,598)
398
(18,218)
(7,024)
-
32,387
46,458|
|---|---|---|
|||(252,597)|
|||7,024
(56,864)
54,453|
|||4,613|
|||(247,984)
467,830|
|||219,846|
|||213,474
6,372|
|||219,846|
The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.
42
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **1. Accounting policies a) General information and basis of preparation**
Money for Madagascar is an unincorporated charity registered in England and Wales. The registered office address is Halton Mill Cooperative, Mill Lane, Halton, Lancaster, LA2 6ND.
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 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. Although the charity held unrestricted net current assets of £17,437 as at 30 September 2025, the trustees consider this sufficiently mitigated by the availability of investments valued at £208,304 as at 30 September 2025 which could be drawn down to support cash flow. 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.
## **e) Fund 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. It is the charity's policy that circa 10-15% of restricted income is allocated to cover the charity's core costs, wherever possible.
43
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **1. Accounting policies (continued)**
## **f) Expenditure**
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.
## **g) Irrecoverable VAT**
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **h) 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.
||**2025**|**2025**|2024|2024|
|---|---|---|---|---|
||**£**|**%**|£|%|
|Total expenditure|**1,009,023**||1,438,521||
|Total expenditure on support and|||||
|governance costs|**218,719**||152,854||
|Proportion of total expenditure|||||
|spent on support and governance:||**21.7%**||10.6%|
|_Allocation of support and governance costs:_|||||
|Raising funds|**118,217**|**54.0%**|33,593|22.0%|
|Charitable activities|||||
|Education for life|**59,464**|**27.2%**|52,629|34.4%|
|Forests and livelihoods|**26,484**|**12.1%**|32,400|21.2%|
|Vulnerable children|**11,532**|**5.3%**|23,737|15.5%|
|Emergency response|**3,022**|**1.4%**|10,495|6.9%|
44
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **1. Accounting policies (continued)**
## **i) 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.
Grants payable are recognised in the year in which they are authorised by the trustees and the grant is formally communicated to the recipient, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled.
## **j) 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.
## **k) 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.
## **l) Stock**
Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.
## **m) 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.
## **n) 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.
## **o) 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.
45
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
**1. Accounting policies (continued)**
## **p) 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.
## **q) 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.
## **r) 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.
## **s) 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.
46
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
**2. Prior period comparatives: statement of financial activities**
|**Income from:**
Donations and legacies
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**|£
£
791,715
311,755
-
3,211
-
7,024
791,715
321,990
-
85,851
413,870
137,268
157,471
94,743
378,857
130,402
18,489
21,570
968,687
469,834
-
18,218
(176,972)
(129,626)
6,711
(6,711)
(170,261)
(136,337)
Unrestricted
Restricted|2024
Total
£
1,103,470
3,211
7,024|
|---|---|---|
|||1,113,705|
|||85,851
551,138
252,214
509,259
40,059|
|||1,438,521|
|||18,218|
|||(306,598)
-|
|||(306,598)|
47
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **3. Income from donations and legacies**
|_Grants > £45k_
Aeonian Foundation
The Balcombe Charitable Trust
Mary's Meals
VegFam
Grants < £45k
Legacies
Individuals
Gift Aid
Other donations
**Total donations and legacies**
**Prior period comparative**
_Grants > £45k_
Adsum Foundation
Aeonian Foundation
The Balcombe Charitable Trust
Mary's Meals
VegFam
Grants < £45k
Legacies
Individuals
Gift Aid
Other donations
**Total donations and legacies**|Restricted
£
£
322,487
87,500
56,375
4,137
108,903
440
23,107
-
137,339
63,620
-
70,000
61,310
88,698
7,043
23,696
105,580
4,029
**822,144**
**342,120**
Restricted
£
£
30,883
-
266,400
52,250
46,380
-
130,255
-
60,000
-
166,376
73,905
-
62,895
68,567
92,768
9,489
17,686
13,365
12,251
791,715
311,755
Unrestricted
Unrestricted|**2025 Total**
**£**
**409,987**
**60,512**
**109,343**
**23,107**
**200,959**
**70,000**
**150,008**
**30,739**
**109,609**|
|---|---|---|
|||**1,164,264**|
|||2024 Total
£
30,883
318,650
46,380
130,255
60,000
240,281
62,895
161,335
27,175
25,616|
|||1,103,470|
48
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **4. Total expenditure**
|**Grants to partners (note 5)**
**Programme support in Madagascar (note 5)**
**UK staff costs (note 7)**
Monitoring and evaluation
Programme development
Education and awareness raising
Donor support and fundraising
Support and governance
**Fundraising costs:**
Donation platform fees
Fundraising costs
Investment manager costs
**Other support costs:**
Office costs
Travel and subsistence
Accountancy
Professional fees
Depreciation
Sub-total
Allocation of support and governance costs
**Total expenditure**|Raising
funds
£
-
-
-
-
-
50,165
-
1,674
9,745
2,990
-
-
-
-
-
64,574
118,217
**182,791**||Charitable|activities||
|---|---|---|---|---|---|
|||Education for
life
£
204,975
155,591
914
2,741
457
19,776
-
-
-
-
-
-
-
-
-
384,454
59,464
**443,918**|£
66,756
36,985
457
2,741
-
7,441
-
-
-
-
-
-
-
-
-
114,380
26,484
**140,864**
Forests and
livelihoods|£
188,050
33,280
-
-
-
1,959
-
-
-
-
-
-
-
-
-
223,289
11,532
**234,821**
Vulnerable
children||
Total governance costs are £10,800 (2024: £9,600).
49
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
|**4.**
**Total expenditure (continued)**
**Prior year comparative**
**Grants to partners (note 5)**
**Programme support in Madagascar (note 5)**
**UK staff costs (note 7)**
Monitoring and evaluation
Programme development
Education and awareness raising
Donor support and fundraising
Support and governance
**Fundraising costs:**
Donation platform fees
Fundraising costs
Investment manager costs
**Other support costs:**
Office costs
Travel and subsistence
Accountancy
Professional fees
Depreciation
Sub-total
Allocation of support and governance costs
**Total expenditure**|Raising
funds
£
-
-
-
-
-
22,542
-
2,122
24,722
2,872
-
-
-
-
-
52,258
33,593
85,851||||Emergency
response
£
18,489
4,033
1,769
1,327
885
1,734
1,327
-
-
-
-
-
-
-
-
29,564
10,495
40,059|£
-
-
1,267
-
-
-
52,507
-
-
-
16,282
7,811
14,518
60,071
398
152,854
(152,854)
-
Support and
governance
costs|2024 Total
£
914,520
238,861
24,913
8,787
3,962
60,425
58,257
2,122
24,722
2,872
16,282
7,811
14,518
60,071
398|
|---|---|---|---|---|---|---|---|
||||Charitable|activities||||
|||Education for
life
£
344,445
118,749
8,284
3,056
1,307
21,341
1,327
-
-
-
-
-
-
-
-
498,509
52,629
551,138|£
155,759
42,313
7,400
2,192
885
9,938
1,327
-
-
-
-
-
-
-
-
219,814
32,400
252,214
Forests and
livelihoods|£
395,827
73,766
6,193
2,212
885
4,870
1,769
-
-
-
-
-
-
-
-
485,522
23,737
509,259
Vulnerable
children||||
||||||||1,438,521
-|
||||||||1,438,521|
50
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **5. Grants payable**
|**Grants to institutions:**
Akany Avoko Ambohidratimo
Akany Avoko Faravohitra
Akany Hasina
Ankizy Gasy
Association AVM
Association Miarintsoa
Association Mitsinjo
Jiro-Ve
Sadabe NGO
SAF - Maintirano
The Sisters of the Good Shepherd
Solar United Project
Education for All - Lead Partners
Mad Dog Initiative Partners
RFL project
WTDM - Resilient Sustainable Livelihoods
Sub-total
Grants to individuals:
**Total grants payable**|**2025**
**Total**
**£**
**48,078**
**6,349**
**-**
**41,798**
**65,141**
**198,016**
**22,624**
**38,159**
**15,757**
**12,206**
**-**
**27,039**
**1,023**
**8,188**
**6,549**
**13,948**
**504,875**
**-**
**504,875**|2024
Total
£
57,251
13,144
7,260
143,910
127,643
324,768
46,740
115,625
42,706
9,406
7,454
-
-
-
-
18,113|
|---|---|---|
|||914,020
500|
|||914,520|
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. All grants payable pertain to restricted funds.
## **Overseas staff costs**
In addition to making grants to the Malagasy NGOs listed above, MfM also retain overseas staff. This year MfM spent £168,686 on overseas staff costs (2024: £nil). These costs are included under the heading Programme support in Madagascar on note 4.
## **Amounts paid to Association Miarintsoa (AMI) who represent MfM in Madagascar:**
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 £107,508 (2024: £238,861) on these services. The detail can be found in note 4 of the accounts, under the heading Programme support in Madagascar.
51
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
|**6.**|**Net movement in funds**|||
|---|---|---|---|
||This is stated after charging:|**2025**|2024|
|||**£**|£|
||Depreciation|**489**|398|
||Trustees' reimbursed expenses|**517**|800|
||Trustees' remuneration|**Nil**|Nil|
||Auditor's remuneration (excluding VAT):|||
||Audit|**9,000**|8,000|
||Under provision in the prior year|**-**|2,860|
||Other services|**86**|526|
Trustees' reimbursed expenses represent payments to 3 trustees for travel and subsistence costs and other incidental costs relating directly to the charity.
In common with other charities of our size and nature we use our auditors to assist with the preparation of the financial statements and to provide outsourced payroll services.
**7. Staff costs and numbers** Staff costs were as follows:
|Salaries and wages
Social security costs
Pension contributions
Overseas staff costs|**2025**
**£**
**130,002**
**14,454**
**2,263**
**168,686**
**315,405**|2024
£
146,244
8,087
2,013
-|
|---|---|---|
|||156,344|
No employee earned more than £60,000 during the year.
The key management personnel of the charity comprise the trustees and the senior management. The total employee benefits (salary and pension contributions) received by the charity's key management personnel in the period were £103,677 (2024: £69,264).
|Average UK staff head count
Average overseas staff head count|**2025**
**No.**
**4**
**11**|2024
No.
5|
|---|---|---|
|||-|
## **8. Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
52
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
|**9.**
**Tangible fixed assets**
**Cost**
At 1 October 2024
Additions
At 30 September 2025
**Depreciation**
At 1 October 2024
Charge for the year
At 30 September 2025
**Net book value**
**At 30 September 2025**
At 30 September 2024
**10. Investments**
Market value at 1 October 2024
Additions
Disposal proceeds
Net gains on investments
Market value at 30 September 2025
Cash held within portfolio
**Total investments**
**11. Debtors**
Gift aid recoverable
Prepayments|**2025**
**£**
**196,262**
**44,634**
**(47,129)**
**7,885**
**201,652**
**6,652**
**208,304**
**2025**
**£**
**57,420**
**3,819**
**61,239**
**Computer**|**£**
6,244
-
**equipment**|
|---|---|---|
|||6,244|
|||5,489
489|
|||5,978|
|||**266**|
|||755|
|||2024
£
175,633
56,864
(54,453)
18,218|
|||196,262
6,372|
|||202,634|
|||2024
£
26,681
3,300|
|||29,981|
53
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **12. Creditors: amounts due within 1 year**
|**Creditors: amounts due within 1 year**|||
|---|---|---|
|Trade creditors
Accruals
Other creditors|**2025**
**£**
**7,567**
**11,581**
**8,447**
**27,595**|2024
£
766
53,973
4,460|
|||59,199|
## **13. Analysis of net assets between funds**
|Tangible fixed assets
Investments
Net current assets
**Net assets at 30 September 2025**
**Prior period comparative**
Tangible fixed assets
Investments
Net current assets / (liabilities)
**Net assets at 30 September 2024**|£
£
-
266
-
208,304
328,288
17,437
**328,288**
**226,007**
£
£
-
755
-
202,634
199,215
(14,959)
199,215
188,430
Restricted
funds
Unrestricted
funds
Unrestricted
funds
Restricted
funds|**Total**
**funds**
**£**
**266**
**208,304**
**345,725**|
|---|---|---|
|||**554,295**|
|||Total
funds
£
755
202,634
184,256|
|||387,645|
54
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **14. 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
2024
£
187,075
1,763
10,377
-
199,215
188,430
188,430
**387,645**|Income
£
412,151
178,454
230,539
1,000
822,144
345,644
345,644
**1,167,788**|£
(348,890)
(108,360)
(234,821)
(1,000)
(693,071)
(315,952)
(315,952)
**(1,009,023)**
Expenditure|£
-
-
-
-
-
7,885
7,885
**7,885**
Gains on
investments|Transfers
between
funds
£
-
-
-
-
-
-
-
**-**|**£**
**250,336**
**71,857**
**6,095**
**-**
**At 30**
**September**
**2025**|
|---|---|---|---|---|---|---|
|||||||**328,288**|
|||||||**226,007**|
|||||||**226,007**|
|||||||**554,295**|
55
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **14. 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
2023
£
261,693
23,300
74,586
9,897
369,476
324,767
324,767
694,243|Income
£
339,252
135,934
314,648
1,881
791,715
321,990
321,990
1,113,705|£
(413,870)
(157,471)
(378,857)
(18,489)
(968,687)
(469,834)
(469,834)
(1,438,521)
Expenditure|£
-
-
-
-
-
18,218
18,218
18,218
Gains on
investments|Transfers
between
funds
£
-
-
-
6,711
6,711
(6,711)
(6,711)
-|£
187,075
1,763
10,377
-
At 30
September
2024|
|---|---|---|---|---|---|---|
|||||||199,215|
|||||||188,430|
|||||||188,430|
|||||||387,645|
56
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **14. 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:
Youth for Lemurs
The Youth for Lemurs project, implemented in partnership with local conservation organisations, government ministries, and private sector partners, strengthened youth livelihoods while promoting environmental conservation. The project supported youth groups to develop sustainable income-generating opportunities through the production and marketing of aromatic and medicinal plants. Participants received training in business development, cooperative management, and conservation practices, leading to the establishment of youth cooperatives, the development of business and conservation plans, and improved market access through private sector partnerships. By linking economic empowerment with natural resource stewardship, the project contributed to both sustainable livelihoods and the protection of forest ecosystems.
Critical Ecosystem Partnership (CEPF)
Through support from the Critical Ecosystem Partnership Fund (CEPF), the project strengthened the capacity of young people and community-based conservation groups to sustainably manage natural resources. The initiative promoted financial inclusion through village savings and loan associations (VSLAs), improved community participation in conservation, and enhanced the financial sustainability of local conservation organisations by strengthening their ability to generate and manage resources for conservation activities.
SAF - Maintirano
This project strengthened the capacity of women to lead climate change awareness and resilience initiatives within their communities. The programme also promoted financial inclusion by establishing community-based village savings and loan associations (VSLAs), enabling participants to mobilise local savings, access microfinance, and invest in sustainable incomegenerating activities that improve household livelihoods and community resilience.
57
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **14. Movements in funds (continued) Purposes of restricted funds (continued) Forests and livelihoods (continued)**
- Association Mitsinjo
- **Association Mitsinjo** restored 75 hectares of indigenous forest and strengthened 258 households in adopting climate-smart agriculture techniques livelihoods in the AndasibeMantadia area and in the protected humid zone of Torotorofotsy.
Sadabe NGO
- Sadabe NGO, supported by Rainforest Trust and Conservation Allies as well, delivered 5 hectares of restored forest and 60 hectares of tree planting in the Tsinjoarivo-Ambalaomby new protected areas. 200 remote rural households have been supported in improving their livelihoods through adhering to 23 VSLAs and practicing Dynamic Agroforestry on 9 hectares.
Tree Planting & Maintenance
- Through its Tree Planting & Maintenance focused campaign, MfM and the partners of the 3 Programmes planted 1000 trees.
WDTM
WTDM (Working Together for the Development of Madagascar) promoted 17 VSLAs, which help 250 women from the farming community of the peripheral villages of Antananarivo. These communities implemented 22 hectares of dynamic agroforestry 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 residential care centre that supports around 150 vulnerable children and young people aged 0 to 21, predominantly girls and boys between 0 and 8 years old, who are affected by a range of social challenges. The centre provides comprehensive care, including safe accommodation, food, healthcare, education, psychosocial support, and guidance, with the aim of ensuring protection, wellbeing, and the holistic development of the children and young people in its care.
Akany Avoko Bevalala
A residential home for around 50 disadvantaged boys aged 9 to 18. Formerly operating as a branch of Akany Avoko Ambohidratrimo, the centre has had a separate management structure since 2025, while continuing to work in close coordination and partnership with AAA to ensure continuity of care and aligned programme delivery.
58
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **14. Movements in funds (continued) Purposes of restricted funds (continued) Vulnerable children (continued)**
- Akany Avoko Faravohitra
A home care centre for girls aged 0 to 18, placed following decisions by the Juvenile Courts. The centre provides residential care, protection, and education for vulnerable children. Funding supports the centre’s general running costs, the delivery of vocational training programmes for older girls, and the provision of solar energy equipment to improve the sustainability of the facility.
Akany Hasina
A non-residential after-school programme supporting around 80 children. It provides homework support alongside environmental and cultural education, including traditional Malagasy music and dance, as well as language lessons, contributing to children’s educational progress, cultural identity, and personal development.
Ankizy Gasy
A non-residential centre that provides educational sponsorship, mentoring, and training to approximately 1,050 children and young adults from disadvantaged backgrounds. AG operates a dedicated Mentoring Centre, which delivers a range of activities focused on mentoring, skills training, personal development, and career guidance. In addition, Ankizy Gasy implements Money for Madagascar’s “Education for Life” programme in schools located around Ambohidratrimo, near the capital, supporting children to develop essential life skills and pathways towards future opportunities.
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 including Akany Avoko Ambohidratrimo, Akany Avoko Bevalala, Akany Avoko Faravohitra, Sisters of the Good Shepherd, Topaza and Tsinjohasina 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.
59
## **Money for Madagascar**
## **Notes to the financial statements**
## **For the year ended 30 September 2025**
## **14. Movements in funds (continued) Purposes of restricted funds (continued) Vulnerable children (continued)**
Mada Dog Initiative The Mada Dog Initiative is an organisation that promotes wildlife conservation, animal welfare, and human health in Madagascar. Within the framework of the Children for the Future (CfF) programme, its contribution focuses specifically on school feeding support, providing assistance to two public schools in Andasibe. Through this support, the initiative helps improve children’s nutrition, school attendance, and learning conditions in vulnerable communities.
## **Emergency response**
This programme is for specific responses to major appeals. In previous years, appeals have been necessary to respond to other relief needs e.g. famine, cyclones.
## **15. Related party transactions**
Irenee Rajaona-Horne, a staff member of MfM, who is the daughter-in-law of Stephen Wilkinson, Trustee, received a gross salary in the year of £40,051 (2024: £40,645).
In the prior year Money for Madagascar used office space in the home of Irenee Rajaona-Horne and as such makes a contribution to services of this space. During the year the contribution to office services cost was £nil (2024: £2,657). There were no amounts outstanding at the year end.
## **16. Financial instruments**
|Financial assets measured at fair value|**2025**
**£**
**201,652**|2024
£
196,262|
|---|---|---|
Financial assets measured at fair value comprise listed investments.
## **17. Contingent assets**
In the current year, the charity has been notified of one legacy for which the timeline and proceeds are uncertain at the date of signing the accounts for the year ended 30 September 2025, and therefore no amounts have been recognised in the accounts.
60