## **THE HOVERAID TRUST** ## **(A company limited by guarantee)** ## **Report and Financial Statements** ## **31 December 2020** 1 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ||The Hov
Company Registration No
Charity Registration N| |---|---| |**Contents**|| ||**Page**| |**Reference and administration details**|**3**| |**Trustees' annual report**|**4**| |**Independent examiner's report**|**13**| |**Statement of financial activities**|**14**| |**Balance sheet**|**15**| |**Statement of cash flows**|**16**| |**Notes to the financial statements**|**17**| 2 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Reference and Administration details** ## **CHARITY NAME** _The Hoveraid Trust_ ## **COMPANY REGISTRATION NUMBER** _02661888_ ## **CHARITY REGISTRATION NUMBER** _1005977_ ## **TRUSTEES AND DIRECTORS** _D J Wiltshire RMD Bell P Deludet G Davies-Scourfield N. Greenham A. Nye_ ## **COMPANY SECRETARY** _D J Wiltshire_ ## **REGISTERED OFFICE** _Unit 2 Chalk Farm High Street Babraham Cambridge CB22 3AG_ ## **BANKERS** _Lloyds Bank plc 25 Gresham Street London EC2V 7HN_ ## **INDEPENDENT EXAMINER** _A H K Swann 61 Hemingford Road Cambridge CB1 3BY_ 3 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Trustees' Annual Report 2020** The trustees of the Hoveraid Trust ("HoverAid UK" or "the Trust") hereby present their annual report and financial statements for the year ended 31 December 2020. ## **Structure** The Trust is a private company limited by guarantee, without shareholders. The Trust is governed by the trustees in accordance with its memorandum and articles of association. Trustees are appointed by election in accordance with the Trust's articles of association. ## **Trustees and Directors** The trustees of the Trust, who are also directors of the company and served during the year and to the date of this report, were as follows: D J Wiltshire RH Mayo _resigned 1[st] March 2020_ RMD Bell P Deludet G Davies-Scourfield _appointed 13[th] February 2020_ N. Greenham A. Nye _appointed 12[th] November 2020_ The Trust's objective is to provide medical care, community health programmes, and emergency relief to isolated and remote communities using hovercraft and other means. ## **Achievements and Performance** During the year ended 31 December 2020 The Hoveraid Trust (commonly known as HoverAid in the UK) has continued to work in Madagascar. The Hoveraid Trust deployed funds of £102,827 in Madagascar to enable strategic medical and humanitarian programmes, emergency/flood relief, COVID-related health and protection work primarily in remote communities, and engineering and maintenance on hovercraft and other vehicles. This amount increased by 19% on the previous year (2019: £86,195). The predominant focus of HoverAid’s work in Madagascar is the Madagascar Medical Safari **(MMS)** programme, run in collaboration with Mission Aviation Fellowship Madagascar **(MAF** Madagascar). This deploys teams of fully trained volunteer doctors and healthcare professionals to remote communities in Beroroha, Sahekevo, Marolambo, Maevatanana, Ambatolahy, Ankavandra and Ampasinambo along the main river systems. The teams provide medical care to the general population irrespective of race, tribal group, gender, religion, or sexuality. In 2020 the number of MMSs was reduced from the planned 14 (vs 13 in 2019) to 6 by COVID outbreaks and travel restrictions, but HoverAid was able to deploy resources onto COVID-related work, and medical work amongst homeless people in Antananarivo. This year, the MMS programme provided care for 2,353 patients (vs 5,053 in 2019), including 304 dental extractions, 102 surgeries, 476 ultrasound scans, and 274 eye tests. These consultations took place in five different locations, which are, physically, extremely difficult to reach and, of note, provided the only viable trained healthcare option for those attending. ## **Marketing, Communications, and Fundraising** The revised fundraising strategy developed with the Trustees in September 2019 to grow the supporter base was implemented. The first stage involved engaging Charity fundraising experts Yeomans to investigate grant funding sources. This generated a long list of potential trusts and foundations of which 100 were contacted directly with propositions tailored to their aims. To date 11 have confirmed the provision of grants of between £400 and £5000, 18 have requested more detail or are still considering, and a further 14 being followed up. A new Customer Relationship Management system (CRM), from Salesforce, has been installed to integrate donor and supporter data from XERO (financials) and Mailchimp (Email group communications) platforms, and replace the old MemberManager (supporter data) software. 4 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 Hoveraid has 230 current individual donors of which 152 give regularly (monthly / quarterly / annually). This is a marginal increase on previous years. In addition in 2020 HoverAid had regular gifts from businesses and 10 churches, the same as 2019. The COVID pandemic curtailed the planned events programme, but we were able to hold a small “Afternoon with HoverAid” outdoor event under COVID restrictions in September 2020, with hovercraft demonstrations. Net income from the event was around £5,000 after costs. Events income in 2019 was £8,762, from 5 separate events. We also participated in the virtual UnitedBreaksOut NewWine event in July, enabling us to prepare and share marketing and communications materials for all ages with a total audience of 40,000. The Hoveraid UK website has been improved, with an automatic feed from Facebook posts, more structured and regular news updates, banner campaigns and easier donation paths. In February 2020 we brought MalosiSocial into the team as volunteer social media resource. A twice weekly facebook campaign was implemented, with alternating content for stimulating interest and support. As a result the number of regular “followers” has grown to around 1,400 (around 1000 in 2019), with individual posts / video clips reaching up to 9,160 people, generating on average 20% engagement at a cost of between zero and 12p per engagement depending on boost. We continue to use Mailchimp to send regular Emails, updates, appeal requests, and twice-yearly Newsletters to supporters. Hard copy Newsletters are sent to 500 supporters, 22 of whom distribute multiple newsletters to their churches and friends. These numbers are similar to the previous year. The signed-up subscriber base grew from 580 to 620 people in 2020. The board is satisfied that both communications, awareness and fundraising campaigns have been undertaken with due respect to the dignity and privacy of both charitable beneficiaries (in particular, vulnerable persons in rural Madagascar) and prospective supporters, donors, and volunteers in the UK. No unsolicited direct marketing has been used, and the requirements of the Data Protection Act have been adhered to throughout. HoverAid does not use any third parties to contact prospective supporters. ## **Staffing** John Greaves continues in post as CEO, responsible for the overall strategy & operations on behalf of the Board of Trustees, links with other HoverAid entities, staff and volunteer management, finances, marketing and fundraising, and supporter communications. Andy Mayo remains as Chief Development and Technical Officer (CDTO). As Development Officer, Andy is responsible for expanding the reach of the Trust to other areas of the world, leading our humanitarian development policy. As Technical Officer he has responsibility for all things technical, overseeing both IT and our hovercraft fleet. Peter van Buuren continues as HoverAid Country Director in Masdagascar. Mario Satchwell returned to the team as Technology and Information officer in June 2020. Nicola Chapman (April 2020) and Victoria Clark (September 2020) joined the core team as volunteers for accounts and bookkeeping. Peter Edwards continued as volunteer on newsletter distribution. Contractors were deployed on specific tasks for NewWine “HoverAid Experience” microsite development (Peter Kos) and newsletter layout and publishing expertise (Cassy Healey / Peter Kos). We are seeking additional resources for Event Coordinator and Donor management. ## **Hovercraft Developments 2020** The team of volunteers continued work on hovercraft RR308 via working parties at our Burchetts Farm workshop in Sussex in the early part of 2020, until COVID travel restrictions and health precautions for more vulnerable team members made this impossible. The facility was nevertheless made COVID-secure with signage, social distancing pathways, and sanitization equipment installed. Efforts focused on maintaining the craft for demonstration usage around the UK, understanding performance limiting issues, and upgrading the cooling system prior to testing and subsequent successful use throughout the “Afternoon with HoverAid” event in September. Further development on the cooling and engine management systems will continue in 2021 using the RR308 as a test-bed for design refinements to be incorporated into planned new craft. Heat management in hovercraft 5 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 in the field is a key determinant of reliability and so this work is of key strategic importance. The project to develop and build new RiverRover hovercraft, termed “RR4B”, was launched in 2020, following confirmation with HoverAid Madagascar that this is the most appropriate craft for our work. A global review of known commercially available hovercraft was carried out, which indicated that none fit HoverAid’s needs at a realistic price. The initial technical work was agreeing the design specification and performance requirements for use “in the field” and capturing the existing design as a CAD solid model. This will continue into 2021, followed by designing in a number of improvements in response to the requirements, and subsequent build, test, and development prior to deployment in Madagascar in 2022. Collaborations with Cambridge University Engineering Department (CUED) were progressed, involving 4[th] year student projects on agreed aspects of hovercraft R&D. In 2020 the work covered thrust dust analysis and testing with a view to building a parametric model for duct profiles to achieve different performance criteria. We thank student Alexa Brett and supervisor Will Graham for their great work and role in helping us establish a fruitful relationship with CUED, with more projects in the pipeline. The technology partnership with AnsysCADFEM, the leading provider of engineering analysis software provided pro bono consulting and software licences in support of the design work. Options for hovercraft build strategy, location (in house; third party site; combination) and resources were defined. Exploratory meetings were carried out with potential manufacturing / engineering partners Griffon Hoverworks, MarshallsADG and Vortex. The next stage in 2021 is to prepare a complete design package, Bill of Materials, and assembly plan for more detailed negotiation, with a view to cost and benefit sharing arrangements for supply and collaboration. Meanwhile RR308 will continue to be maintained as a demonstrator for events in 2021 Work on the larger Griffon 1500 hovercraft acquired in 2009 did not progress significantly in 2020 due to prioritisation onto the RR308. However the G1500 remains a long-term project with the intention that, once complete, it will be deployed to Madagascar or elsewhere. The Burchetts Farm site is also used for storage of the RR308 and Griffon l500, other craft and parts, and as a training location for hovercraft pilots. The building, test field, and lake continue to be made available by a private individual, a long-term supporter and volunteer with HoverAid. We make a a non-contractual nominal monthly gift, to the owner of the property in recognition of his provision of these resources. In Madagascar, the RiverRover 403 craft was refurbished and is fully operational. Unfortunately the air-brakeequipped Land Cruiser vehicle used to tow the hovercraft to remote regions for use suffered a road accident and will not be in service until Q2 2021. This is in line with projects planned for the Maevetanana and Beroroha areas where the hovercraft is essential. ## **Financial Review** The net movement in funds for the year was an inflow of £27,735 (2019: an inflow of £20,817). - Overall income of £308,636 came from the donations of UK individuals and organisations, and institutional grants, together with donations and grants from the HoverAid Netherlands and HoverAid France partner organisations (£50,859), and income from work carried out in Madagascar (£8,758) - Income in UK increased significantly to £249,012 (£120,983 restricted + £128,029 unrestricted), from £196,108 (£103,608 unrestricted + £92,500 restricted) in 2019. This was mainly due to increased grants of £106,831 (vs £17,100 in 2019), one-off individual donations of £78,223 (vs £16,736 in 2019) and increases in church support (£8,012, up 27%). This more than offset the lack of any legacy income - Overall expenditure was £280,901 (2019: £241,166), including £177,068 in Madagascar (2019: £146,169) - Expenditure in UK was £108,086 (2019: £95,001), due to increased UK salary and contractor costs with a full year’s CEO costs, and use of fundraising contractor services from Catherine Healey, Pete Kos, and Mario Satchwell 6 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Income** During 2020, the proportion of UK income from individuals (45%) increased (see Note 4) vs 26% in 2019 excluding legacies. Emergency appeals in response to the January floods in northern Madagascar, the COVID pandemic, and urgently needed medical equipment, generated an estimated £87,000, including £66,651 in grants from Deichmann (£34,060), Souter (£12,000), and ISTAT (£20,591) and individual donations of £20,440. This contrasts with 2019 when there were no emergency appeals. Grants were also received in 2020 from: **----- Start of picture text -----**
Source Amount (£) Purpose
Aidan Trust 20,000 final instalments to support CEO salary costs
South Cambs DC 10,000 COVID impact support
SMB Trust 2,000 General
Barnabas / Stewards Trust 1,600 General
River Trust 1,500 General
TBF and LKL Thompson Trust 1,500 General
Pedmore 1,000 General
Ragdon fund 1,000 General
Howard Foundation 800 Overseas volunteer support
Grace Trust 750 General
Christadelphian Samaritan Fund 400 General
**----- End of picture text -----**
Although no legacies were received in 2020, the Trust will continue to raise this as an opportunity for supporters, but we are aware that it is a very sensitive area and needs careful communication. ## **Expenditure** The Trust continued to deploy funds in Madagascar, which totaled £102,827 in the year 2020 (2019: £81,010). This included a regular monthly transfer of £3,328 rising to £3,990 in October 2020, as well as specific funding for emergency Floods Response, COVID protection and distribution, and Medical equipment. The regular monthly amount is calculated to provide a consistent level of funds over a rolling three months, whilst maintaining sufficient buffer to provide assurance of forthcoming funds for the work in Madagascar thereafter, and in line with Trustees' direction to send at least half of unrestricted income received to Madagascar. The trust is committed to maintaining regular funding for work in Madagascar to the current level of £3,990 per month if at all possible. Income already received and the ongoing level of donations makes this achievable through 2021. ## **Balance Sheet** The Trust's policy is to aim to hold free reserves to the value of the committed expenditure during the subsequent three months. During the period this figure was deemed retrospectively to be £35,784, taking the average of regular costs for 3 months in 2020. This was achieved from March 2020 onwards for the rest of the year. The Trust plans to continue to meet this policy aim through funds accessed from trusts, foundations and individuals. ## **Board and Governance** The Hoveraid Trust Board is continuing to look to add appropriate members to the board. Roger Mayo resigned from the board in March 2020. Anna Nye joined in November 2020. It is intended that the board should have five members at all times as a minimum (currently six), with a board of seven trustees being the preferred target. The board meets via online Skype call on a monthly basis at a fixed time currently on the second Thursday of the 7 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 month. The agenda for Board meetings includes formal reports submitted in advance and discussion of: Operations, programmes Financial position and forecast for HoverAid Trust Hovercraft status and developments, including Third Party collaborations Fundraising activities and plans including events Any “live” strategic issues requiring Trustees consideration In addition a face-to-face extended more informal 24 hour Board get-together was held in February 2020 to discuss the strategic plan and priorities for 2020 and 2021. It is hoped to hold at least one face-to-face Board Meeting per year in future. Implementation of the agreed outputs of the 2019 strategic review continued into 2020. This included fundraising strategy, new Trustees, and clarification / revision of team roles, particularly that of CDTO Andy Mayo. We brought in new team members for accounting / bookkeeping (Nicola Chapman and Victoria Clark, both as volunteers), social media marketing (Victoria Pailegutu - volunteer), website and IT infrastructure (Mario Satchwell – contractor). Further roles have been identified, to be filled in 2021, namely Events coordinator, Supporter Engagement officer, and Fundraising Support volunteer. New CEO John Greaves (from November 2019 onwards) visited Madagascar in January 2020 to understand the operation, build links with country director Peter Van Buuren, and agree goals for 2020 and beyond. As a result the regular reporting of activities from Madagascar was included in the monthly HoverAid UK business cycle in an agreed format. Review of the current fleet of hovercraft, and confirmation of the central role of the hovercraft in our mission to reach the unreachable, led to the launch of the project to develop and build new craft to an updated RiverRover design as the standard craft most appropriate for use in Madagascar. The new more structured approach for monthly HoverAid Trust Board calls and reporting inputs was implemented, along with individual accountabilities for overseeing hovercraft developments (Neil Greenham), Fundraising (Anna Nye), and Financials (Pierre Deludet). A regular review cycle for policies and procedures was initiated in Q4 2020 targeting sign-off of any revised documents at monthly Trustee calls. In 2020 Safeguarding, Vulnerable Beneficiaries, Diversity & Equality policies were renewed. The relationship between HoverAid Trust, HA Netherlands, and HA France has grown informally, through the HoverAid Trust CEO John Greaves building links, acting as the central point for sharing updates on activities in Madagascar and broader communications content. The federated model for HoverAid operations remains in place. The overarching HoverAid International group was re-established in 2020 to formalise and implement that as a framework across the entities. This will also ensure full alignment of vision, mission, values and activities, as well as providing mutual support. HoverAid Trust Chair David Wiltshire is leading on this and a bi-monthly meeting cycle has been implemented. No new country entities were established in 2020. It is unlikely that there will be any in 2021, although potential re-starting of work in Papua New Guinea in response to local request for support using two hovercraft already based in PNG, and the possibility of new work in Zambia have been mooted. The trustees remain of the view that prudent and careful growth of the Trust as a stand-alone entity is necessary to achieve sustainability, whilst encouraging greater links with third party NGOs and Governmental Institutions. Furthermore, the continuing collaborative endeavors of the HoverAid family of affiliated organisations provides the best framework for this growth. ## **Risks and Uncertainties** **COVID.** The virus remains prevalent in all countries where HoverAid is active. In Madagascar curfews and travel restrictions limit the delivery of ongoing work to remote areas, and in the UK social distancing and similar restrictions may apply again in future **Mitigation:** Day-to-day HoverAid activities in UK have been reorganized to be COVID-compliant, with extended home-working and business largely conducted via ZOOM and electronically. In the longer term physical “events” and their role in raising visibility, funds and the supporter base may continue to be 8 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 limited. Therefore increased efforts to communicate via technology, and raise funds through grants and directly with individual higher net worth individuals are being pursued. In Madagascar the team have been able to flex the project portfolio, to limit travel to specific areas, and focus partly on COVID-specific protection work. **Trust Income:** In the financial climate prevalent in the UK, the extended impact of COVID restrictions on individual attitudes to charitable giving, and the narrowed focus of grants from Trusts and Foundations will limit the potential for Hoveraid income growth. Accessing grants from trusts continues to be challenging; we believe this to be largely due to the increasing volume of competing needs for funding from all charities, combined with the relative lack of national exposure to both the needs of remote rural communities, and more specifically Madagascar as a nation. This further reinforces HoverAid's commitment to see advocacy as a key element of reaching the unreachable. **Mitigation:** We are working with Grant funding experts Yeomans to expand our knowledge of Trusts and Foundations whose aims match ours, together with more, and more targeted, applications for grant support. **Affordability of UK staff costs:** Aidan Trust funding partially subsidized CEO costs in 2020, linked closely to the achievement of agreed milestones. This will not be available in 2021. Also these costs will continue with no certainty of the increased income needed to cover them; most grant funding is easier to obtain for specific " projects" primarily in the field. **Mitigation:** We are seeking to grow general funds as well as specific "asks" for project funding, from trusts, foundations, organisations, and individuals. Lower cost options such as part time leadership are under consideration if necessary. **Hovercraft Reliability:** Our current craft are 20+ years old and becoming increasingly unreliable. This constrains their use in the field. Reduced use of hovercraft in the field makes the unique positioning of HoverAid less tenable. **Mitigation:** A regular programme of maintenance, problem solving, and development for reliability is needed, together with the longer term strategy for the design and build of new craft suitable for our work in Madagascar incorporating lessons learnt. **Hovercraft Safety:** Operating hovercraft entails a safety risk to the users and beneficiaries. **Mitigation:** River Rover RR308 (used for demonstration and training purposes in the UK) was designed by HoverAid personnel with appropriate Civil Aviation Authority accreditation as required at the time; the subsequent Maritime and Coastguard Agency document incorporates revised advice based on consultation with a wide range of parties with interests in hovercraft and maritime safety. Where appropriate the revised document standards will be followed. Likewise, the trust aims to ensure compliance with the advisory Hovercraft Code, published by the MCA in 2015. In order to ensure safe and satisfactory outcomes at public events involving the hovercraft (RR308) the volunteer team has developed standard operating procedures covering the dissemination of safety information and the maintenance of a safe operating environment during displays, which have proven highly effective. 9 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Going Concern** As at 31st March 2021, the Trust's net current assets were £49,551 in unrestricted & designated funds (March 31[st] 2020: £18,323), and £70,886 of restricted funds (March 31st 2020: £38,324). General giving through 2020 (£299,071) narrowly exceeded underlying operating costs, although this included two significant one-off individual donations of £10,000 and £25,000. Regular giving levels are slowly increasing (£2,832 per month in 2020; £3,047 per month in 2021 YTD), and the number of “one-off” gifts mainly from known supporters, continues to be high. Nevertheless we seek to grow additional income from existing and new donors - both institutional and individual, and projects in Madagascar and UK are specifically budgeted and monitored following agreement on priorities in line with HoverAid’s purposes. Donor management, social media, grant fundraising, and accounts _I_ bookkeeping members of the team are volunteers, and specialist work such as newsletter publication is provided via project contracts. We believe the Trust is on a sound financial footing, with confidence in the ability to fund further growth in future. To meet the ongoing funding requirements in 2021 and the longer term, the Trust continues to apply to grant funders in UK and Netherlands, for both general funds and restricted project needs. A programme of targeted events for 2021 and 2022 is planned following analysis of Return on Investment for events going back to 2011. Fund raising Appeals have been found to be the optimum way to raise money for urgent work such as response to floods, storms and COVID. We will also seek specific funds for the project to build new RiverRover hovercraft in 2021-2022. The Trust has a successful history of obtaining funding from donations and grants so the Trustees believe these measures will ensure positive cash flow for the foreseeable future. ## **Future Plans** We continue to work closely across the countries we operate in, with regular communication on MMSs, hovercraft maintenance and refurbishments, and content from Madagascar for newsletters, prayer letters, and other supporter communications. Close liaisons between the different elements of the HoverAid family, developed through the emergency responses following the January 2020 floods and ongoing COVID pandemic and related Appeals, will continue. The Trust still wishes to be identified as a Cambridge charity. This is for three primary reasons: - to capitalize on the local roots and history of HoverAid and hovercraft - to further reinforce links with Cambridge-based institutions, including Cambridge University, and businesses we seek to bring in as partners in the new hovercraft project - to build a local supporter base with a concentration of volunteers who are able to physically meet and self-identify as "HoverAid". We will continue to do this by building the core operational team based at the Babraham office, holding local fund-raising events, visiting local schools & colleges to inspire people about our work. The Hoveraid Trust would like to increase its income from all areas, grant making trusts, individual sponsors, legacies and events. This is required to enable completion of the new hovercraft build project and deliver the full range of planned projects in Madagascar. Individual donations remain the largest percentage of UK income (44.9% in 2020). We are targeting “higher net worth individuals” likely to be able to donate significant amounts (>£1,000), through personal connections. The Trust believes that, in spite of the challenges, there is more money available within the grant funding sector and would still like to see grant funding increasing considerably (42.9% in 2020); as such, we will continue to apply to trusts and grant funders. We will be pursuing corporate funding and legacies, as well as continuing to run public events, and participate in challenges and third-party events. The grant work with Yeomans is already bearing fruit with applications being submitted to over 100 targeted foundations and trusts, most of them new to HoverAid. From this effort 8 grants have been received, with 24 10 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 applications awaiting response, mainly for general funds. We plan a series of fund- and awareness-raising events in 2021-2022 and are in process of hiring a part time events coordinator, whose employment costs for the initial 12 mths are covered by a grant from Aidan Trust, confirmed in April 2021. Events will include schools days, repeats of the successful “Afternoon with HoverAid” in different venues around the UK – the next one scheduled for June 2021 - and participation in public festivals like NewWine, The Gathering, and Big Church Day Out. Engineering / Manufacturing collaboration partners are being sought for ongoing development and manufacture of the new hovercraft. Initial contacts have opened up a number of options which are being pursued following completion of the detailed design package, bill of materials, build schedule. and resource needs in early 2021. It is hoped to secure such third-party commitment by mid-2021, ideally covering technical and material capabilities, workshop space, and access to project management and apprentice-type resources. The goal remains to have one or two new RiverRover hovercraft in operational service in Madagascar in 2022. In addition we have defined new collaborative R&D projects with Cambridge University Engineering Department, and hope to confirm some of these for academic year 2021-22 ranging across research, problem solving, and strategic analyses of future needs and potential technological advances. It has been the clear intent of the board, following a strategic review in 2015, to grow the organisation to a significantly larger scale. This will require expertise, capacity and investment, and we will continue to strengthen the staff and Trustee team, bring fresh eyes, new skills and ideas to enable that expansion. At the time of compiling this report it is recognised that the continued impact of COVID in UK and especially Madagascar may delay or constrain a number of the activities outlined. The Trust will endeavour to navigate this difficult period and maintain the work of helping the beneficiaries in remote areas of Madagascar. Two MMS’s in 2021 have already been postponed, although the HA Madagascar team are hopeful that these can be rescheduled later in the year. Meanwhile they are once again responding to the pandemic with distribution of soap and food supplements, protective and cleansing equipment. Community Health programmes, and collaborative projects with IMPACTMadagacar are planned later in 2021, both using hovercraft extensively. The board is satisfied that the charitable aims of the organisation as set out in the charitable document have been met and will continue to be met. The poorest and most disadvantaged remote communities are frequently and systematically overlooked by the wider humanitarian development sector and HoverAid will continue to strive to support those in greatest need, make the voice of the powerless heard, and reach the unreachable. 11 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Directors' Responsibilities Statement** Company law requires the d irectors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. in preparing those financial statements. the directors are required to: - select suitable accounting policies and apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and Statements of Recommended Practice have been followed; and - prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Trust will continue in operations. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and which enable them to ensure that _the_ financial statements comply with the Charities Act 2011 and the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## Exemption from audit: For the period from 1[st] January 2020 to 31[st] December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. ## Directors' responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476: and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. ## Declaration The trustees declare that they have approved the trustees' report above. Signed on behalf of the Trust's trustees: Gwyn Davies-Scourfield Trustee Date: 29[th] October 2021 12 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Independent Examiner's report to the trustees of the Hoveraid Trust** I report to the trustees on my examination of the accounts of The Hoveraid Trust (charity number 1005977) (“the Trust”) for the year ended 31 December 2020 which comprise the statement of financial activities (including income and expenditure account), the balance sheet, the statement of cash flows and related notes 1 to 14. ## **Responsibilities and basis of report** As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the institute of chartered accountants of England and Wales (ICAEW). I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 29[th] October 2021 Allen Swann ACA (ICAEW membership number: 9293632) Cambridge, United Kingdom 13 G ewfewf The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Statement of Financial Activities** ## **Year ended 31 December 2020** |**Year ended 31 December 2020**|| |---|---| |**Income**
Income from:
Donations, grants and legacies
Other fundraising activities
Income from charitable activities
Other income
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
Other expenditure
**Total expenditure**
**Net income/(expenditure) before transfer**
Gross transfers between funds – in
Gross transfers between funds - out
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**Notes**
**Unrestricted**
**Designated**
**Restricted**
**Year ended**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
**_Year ended_**
**funds**
**funds**
**funds**
**31-Dec-2020**
**_funds_**
**_funds_**
**_funds_**
**31-Dec-2019**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
**_£_**
**As restated**
**(note 14)**
**As restated**
**(note 14)**
**As restated**
**(note 14)**
**As restated**
**(note 14)**
4,14
149,086
1,030
148,956
299,071
_100,510_
_175_
_114,016_
_214,701_
4,14
800
0
0
800
_2,907_
_0_
_500_
_3,407_
4,14
8,758
0
0
8,758
_43,542_
_0_
_0_
_43,542_
4,14
6
0
0
6
_16_
_0_
_0_
_16_
**158,650**
**1,030**
**148,956**
**308,636**
**146,975**
**175**
**114,516**
**261,666**
5,14
41,098
0
50
41,147
_18,390_
_0_
_2,990_
_21,378_
5,14
105,078
0
98,293
203,371
_89,743_
_11,117_
_82,066_
_182,927_
5,14
19,028
0
17,355
36,383
_24,718_
_3,500_
_8,643_
_36,861_
**165,204**
**0**
**115,697**
**280,901**
**132,850**
**14,617**
**93,699**
**241,166**| ||**-6,553**
**1,030**
**33,258**
**27,735**
**14,125**
**-14,442**
**20,817**
**20,500**
3,14
0
9,519
3,661
13,180
_0_
_17,511_
_7,500_
_25,011_
3,14
-13,180
0
0
-13,180
_-22,550_
_0_
_-2,461_
_-25,011_| ||**-19,733**
**10,548**
**36,919**
**27,735**
**-8,425**
**3,069**
**25,856**
**20,500**
77,872
3,913
44,719
126,504
_86,297_
_844_
_18,863_
_106,004_| ||**3,14**
**58,139**
**14,461**
**81,638**
**154,239**
**_77,872_**
**_3,913_**
**_44,719_**
**_126,504_**| The statement of financial activities includes all gains and losses in the year. All activities are derived from continuing operations. 14 G ewfewf The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Balance sheet at 31 December 2020** |**Fixed assets**
Tangible assets
**Current assets**
Debtors
Cash at bank and in hand
**Liabilities**
Creditors: Amounts falling due in one year
**Net current assets less current Liabilities**
**Total net assets**
**Represented by**
Unrestricted: General fund
Designated Funds
Restricted Funds
**Funds of the charity**|**Notes**
**Unrestricted**
**Designated**
**Restricted**
**Year ended**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
_Year ended_
**funds**
**funds**
**funds**
**31-Dec-20**
**_funds_**
**_funds_**
**_funds_**
_31-Dec-19_
**£**
**£**
**£**
**£**
**_£_**
**_£_**
**_£_**
**_£_**
**_as restated_**
**_(note 14)_**
**_as restated_**
**_(note 14)_**
**_as restated_**
**_(note 14)_**
**_as restated_**
**_(note 14)_**
2,10,14
50,489
0
0
50,489
_66,893_
_0_
_0_
_66,893_
2,14
3,983
18
87
4,088
_4,586_
_0_
_291_
_4,877_
2,14
7,784
14,458
81,596
103,839
_9,270_
_3,913_
_45,306_
_58,489_
2,14
-4,116
-15
-46
-4,177
_-2,877_
_0_
_-878_
_-3,755_
**7,650**
**14,461**
**81,638**
**103,750**
**10,979**
**3,913**
**44,719**
**59,611**| |---|---| ||**58,139**
**14,461**
**81,638**
**154,239**
**77,872**
**3,913**
**44,719**
**126,504**
3,14
58,139
-
-
58,139
_77,872_
-
-
_77,872_
3,14
-
14,461
-
14,461
-
_3,913_
-
_3,913_
3,14
-
-
81,638
81,638
-
-
_44,719_
_44,719_| ||**3,14**
**58,139**
**14,461**
**81,638**
**154,239**
**77,872**
**3,913**
**44,719**
**126,504**| These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. The accounts of The Hoveraid Trust (registered number 02661888) were approved by the boa rd of directors and authorised for issue on the date shown below. Signed on behalf of the trustees Gwyn Davies-Scourfield Trustee Date: 29[th] October 2021 15 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Statement of Cash Flows Year ended 31 December 2020** |||**Year ended**|
**_Year ended_**| |---|---|---|---| ||**Notes**|**31-Dec-20**|**31-Dec-19**| |||**£**|
**_£_**| ||||**_as restated_**| ||||**_(note 14)_**| |**Cash flows from operating activities:**|||| |Cash used in operating activities|7|45,344|
_11,404_| |**Net Cash used in operating activities**|**7**|**45,344**|
**_11,404_**| |**Cash flows from investing activities:**|||| |Dividends, interest and rents from investments||6|
_16_| |Purchase of property, plant and equipment||0|
_0_| |**Net cash (used in) provided by investing activities**||**6**|
**_16_**| |**Cash flows from financing activities:**|||| |Cash inflows from new borrowing||0|
_0_| |**Net cash provided by financing activities**||**0**|
**_0_**| |Change in cash and cash equivalents in the reporting period|7|**45,350**|
**_11,420_**| |Cash and cash equivalents at the beginning of the reporting period||58,489|
_47,069_| |Change in cash and cash equivalents due to exchange rate movements||0|
_0_| |**Cash and cash equivalents at the end of the reporting period**||**103,839**|
**_58,489_**| 16 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Notes to the Financial Statements** ## **Year ended 31 December 2019** ## **1. Accounting Policies** The principal accounting policies are summarised below. They have all been applied consistently throughout the period and the preceding year. ## **Basis of preparation** These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. The financial statements are prepared under the historical cost convention, in accordance with: - Charities SORP 2015, in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council; - United Kingdom accounting standards in accordance with s396 of the Companies Act 2006; and - The Charities Act 2011. ## **Going concern** The Trust has a strong history of obtaining funding from donations and grants and is currently engaged in further fundraising activities. The trustees believe that the Trust will be able to maintain positive cash flows for the foreseeable future. As a result the going concern basis of accounting has been adopted. More details are provided in Note 13. ## **Recognition of income** Income is included in the Statement of Financial Activities (SoFA) when: - the charity becomes entitled to the income; - the trustees are consider it more likely than not that they will receive the income; and - the monetary value can be measured with sufficient reliability. ## **Income with related expenditure** Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SoFA. 17 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **1. Accounting Policies (continued)** ## **Grants and donations** Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources. ## **Tax reclaims on donations and gifts** Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate. ## **Investment income** Investment income is included in the accounts when receivable. ## **Liability recognition** Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. ## **Grants issued** Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output. Grants payable without performance conditions are only recognised in the accounts when a commitment has been made and there are no conditions to be met. ## **Tangible fixed assets** Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or a reasonable value on receipt. Depreciation is charged on tangible fixed assets over the following periods which are designed to write off their costs over their estimated useful lives: - Hovercraft 10 years (straight line) - Computer equipment - Vehicles 3 years (straight line) 5-10 years (straight line) 18 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **Statement of assets and liabilities** |**Statement of assets and liabilities**|| |---|---| ||**Unrestricted**
**Designated**
**Restricted**
**31-Dec-20**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
**_31-Dec-19_**
**2020**
**2020**
**2020**
**_2019_**
**_2019_**
**_2019_**| |**Fixed assets**|**_as restated_**
**_(note 14)_**
**_as restated_**
**_(note 14)_**
**_as restated_**
**_(note 14)_**
**_as restated_**
**_(note 14)_**| |Hovercraft|-
-
-
-
_-_
_-_
_-_
_-_| |Vehicles|158
-
-
158
_712_
_-_
_-_
_712_| |Engines|14,749
-
-
14,749
_17,208_
_-_
_-_
_17,208_| |Office & IT equipment|-
-
-
-
_-_
_-_
_-_
_-_| |MADA-based motor vehicles|29,909
-
-
29,909
_32,661_
_-_
_-_
_32,661_| |Medical equipment|5,672
-
-
5,672
_7,219_
_-_
_-_
_7,219_| |Other MADAgeneral assets|-
-
-
-
_9,092_
_-_
_-_
_9,092_| ||**50,489**
**-**
**-**
**50,489**
**_66,893_**
**_-_**
**_-_**
**_66,893_**| |**Current assets**|| |Cash - treasurers account|7,106
14,458
63,724
85,288
_8,600_
_3,913_
_27,433_
_39,944_| |Cash - business account|27
-
17,873
17,900
_21_
_-_
_17,873_
_17,893_| |HA MADA cash and bank account|651
-
-
651
_651_
_-_
_-_
_651_| |Prepayments|1889
-
-
1,889
_1,641_
_-_
_-_
_1,641_| |Accounts receivable|375
-
9
384
_1,670_
_-_
_-_
_1,670_| |VAT receivable|504
18
78
600
_61_
_-_
_291_
_352_| |HA MADA Accounts receivable|1,215
-
-
1,215
_1,215_
_-_
_-_
_1,215_| ||| ||**11,767**
**14,476**
**81,684**
**107,927**
**_13,857_**
**_3,913_**
**_45,597_**
**_63,366_**| |**Liabilities**|| |Accruals|-1,643
-
-
-1,643
_-1,723_
_-_
_-_
_-1,723_| |HMRC tax & NI creditor|-2,473
-
-46
-2,519
_-648_
_-_
_-46_
_-694_| |Accounts payable within one year|-
-15
-
-15
_-505_
_-_
_-833_
_-1,338_| |Accounts payable after one year|-
-
-
0
_-_
_-_
_-_
_-_| |HA MADA current liabilities|-161
0
0
-161
_-161_
_0_
_0_
_-161_| ||**-4,116**
**-15**
**-46**
**-4,177**
**_-2,877_**
**_0_**
**_-878_**
**_-3,755_**| ||| |**Net Current assets**|**7,650**
**14,461**
**81,638**
**103,750**
**_10,980_**
**_3,913_**
**_44,719_**
**_59,611_**| ||| |**Net Assets**|**58,139**
**14,461**
**81,638**
**154,239**
**_77,873_**
**_3,913_**
**_44,719_**
**_126,504_**| 19 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **3. Fund movements by type** |**3. Fund movements by type**|||||||||| |---|---|---|---|---|---|---|---|---|---| ||**_At 1 Jan 2019_**|**_Incoming_**|**_Outgoing_**|
**_Transfers_**|**At 1 Jan 2020**|**Incoming**|**Outgoing**|**Transfers**|**At 31 Dec 2020**| ||**_£_**|**_£_**|**_£_**|
**_£_**|**£**|**£**|**£**|**£**|**£**| ||**_as restated_**|**_as restated_**|**_as restated_**|
**_as restated_**|**_as restated_**||||| |**Restricted funds**|**_(note 14)_**|**_(note 14)_**|**_(note 14)_**|
**_(note 14)_**|**_(note 14)_**||||| |A.Mayo overseas work support|_4_|_2,801_|_-_|
_-_|2,805|_-_|_-_|_-_|2,805| |CEO|_-_|_10,000_|_10,000_|
_-_|-|20,000|18,541|3,661|5,120| |Community Health Prog (Gen)|_160_|_590_|_271_|
_-_|479|41,043|22,174|_-_|19,348| |Emergency Relief – Cyclone|_1,306_|_145_|_1,343_|
_-_|108|45,413|33,736|_-_|11,785| |Fundraising Temporary re-restriction|_5,457_||_2,996_|
_-2,461_|0|99|_-_|_-_|99| |G1500 Refurb & Maintenance|_6,747_|_869_|_2,266_|
_7,500_|12,850|523|_-_|_-_|13,373| |Events|_-_|_-_|_-_|
_-_|-|2,002|487|_-_|1,514| |Hovercraft maintenance|_30_|_260_|_286_|
_-_|4|51|_-_|_-_|55| |Madagascar|_-_|_50,016_|_39,631_|
_-_|10,385|500|10,033|_-_|852| |Madagascar legacy buffer|_-_|_20,000_|_6,295_|
_-_|13,705|5,780|615|_-_|18,870| |Madagascar Volunteer Trip (2015)|_250_|_-_||_-_|250||_-_|_-_|250| |Hoveraid Netherland and France|_-_|_22,015_|_22,015_|
_-_|-|27,973|27,973|_-_|-| |Mozambique/G1500 Fixed Asset|_388_|_-_|_388_|
_-_|-|-|-|_-_|-| |Not A.Mayo / J Ruttle / M.Satchwell|_266_|_2,220_|_2,380_|
_-_|196|1,772|1,306|_-_|662| |Schools Work|_-_|_-_||_-_|-|3,000|_-_|_-_|3,000| |Souter 19|_-_|_4,000_|_3,700_|
_-_|300|_-_|_-_|_-_|300| |Volunteer support fund|_2,400_|_1,600_|_833_|
_-_|3,167|800|833|_-_|3,135| |Waterloo foundation|_500_|_-_|_500_|
_-_|-|_-_|_-_|_-_|-| |WatSan|_1,265_|_-_|_800_|
_-_|465|_-_|_-_|_-_|465| ||**_18,863_**|**_114,516_**|**_93,699_**|
**_5,039_**|**44,719**|**148,956**|**115,697**|**3,661**|**81,638**| |**Designated**|||||||||| |Annual significant|_-_|_-_|_-_|
_1,270_|1,270|_-_|_-_|3,048|4,318| |Griffon 1500 Fixed Asset|_461_|_-_|_461_|||_-_|_-_|_-_|-| |Madagascar general buffer|_-_|_-_|_12,015_|
_12,015_|-|_-_|_-_|_-_|-| |Madagascar legacy buffer|_-_|_-_|_2,142_|
_2,142_|-|_-_|_-_|_-_|-| |Reserves|_-_|_-_|_-_|
_2,084_|2,084|_-_|_-_|3,720|5,804| |Volunteer support fund|_383_|_175_|_-_|
_-_|558|_-_|_-_|_-_|558| |ER-Contingency|_-_|_-_|_-_|
_-_|_-_|1,030||2,751|3,780| ||||||||||0| |**Unrestricted**|||||||||| |General fund|_86,297_|_146,975_|_132,849_|
_-22,550_|77,873|158,650|165,204|-13,180|**58,140**| |**Total funds**|**_106,004_**|**_261,666_**|**_241,166_**|
**_-_**|**126,504**|**308,636**|**280,901**|**-**|**154,239**| 20 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **3. Fund movements by type (continued)** The A Mayo overseas work support fund is used to pay for costs associated with periods when A Mayo is working outside the UK. There were no such periods in 2020. The CEO fund was used to pay salary and associated costs incurred relating to the Chief Executive Officer. . The Community Health Programme funds were used to support the Community Health Programme (CHP) in Madagascar and in particular along the Makay river. The Emergency Relief - Cyclone fund was used to fund relief work relating to communities affected by cyclones. The Fundraising temporary re-restriction fund was created by transferring funds from the Griffon 1500 Refurb & Maintenance fund for a period of six months (ending Feb 2019) with the agreement of the Griffon 1500 Refurb & maintenance fund donor. It was not used in 2020 The Griffon 1500 fund was for refurbishment work on the Griffon 1500 hovercraft in the UK. It was not used in 2020 The Hovercraft maintenance fund was originally to maintain hovercraft belonging to The Hoveraid Trust and HoverAid Madagascar. It was not used in 2020 The Madagascar fund was used to support ongoing work in Madagascar The Madagascar Legacy buffer (restricted) was created from a single legacy only to be used in Madagascar. Money was released in 2020 for ongoing work. The Madagascar Volunteer trip fund (2015) is being held in anticipation of a future project. The Hoveraid Netherland and France fund was contributed from fellow Hoveraid charities to support activities in Madagascar and was used to fund aid and relief work in Madagascar The Mozambique/G1500 fund was for project work in that country and to raise money to purchase a hovercraft. The balance reduced to zero in 2019 as the hovercraft is now fully depreciated. The not A.Mayo fund is for activities with the exception of payments directly to A.Mayo. During the year this was used to fund administrative purchases for the Trust. _._ The not J.Ruttle fund is for activities with the exception of payments directly to J.Ruttle. During the year this was not used. The not M.Satchwell fund is for activities with the exception of payments directly to M.Satchwell. During the year this was not used. The restricted Volunteer Support Fund was established to enable UK based people to volunteer with HoverAid Madagascar. In 2020 this was used to fund one visit. The Waterloo Foundation fund is restricted to the cleaning and repair of wells in the regions HoverAid operates and associated overhead costs. This was used for this purpose in 2019, and the balance reduced to zero. The WatSan fund was to support Water and Sanitation provision projects. This was not used in 2020 A designated fund, called "Annual Significant" was created in 2019 for holding funds to pay for regular expected significant annual expenditure. The Griffon 1500 fixed asset (designated) fund was created to reflect the value retained in the G1500 fixed asset. This has reduced close to zero as the hovercraft is now fully depreciated. Madagascar "designated" buffer funds were created to hold funds from general and unrestricted legacy donations. In 2020 money was released for work in Madagascar. A designated reserve fund was created pursuant to the reserves policy The designated Volunteer Support Fund was used during the year to receive non-formally restricted funds for use alongside the restricted Volunteer Support Fund 21 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **4. Analysis of income** ## **Income from donations, grants and legacies** |Donations Businesses
Donations Legacies
Donations Individuals:
Regular
One off
Emergency Appeal
Gift Aid
Donations Churches
Donations Community Groups
Donations 3rdparty/sponsored events
Grants: Trusts and Foundation
Grants - Government
Grants from HA NL and FR
**Total Income**|**Unrestricted**
**Designated**
**Restricted**
**Year ended**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
**_Year ended_**
**2020**
**2020**
**2020**
**31-Dec-20**
**_2019_**
**_2019_**
**_2019_**
**_31-Dec-19_**
**£**
**£**
**£**
**£**
**_£_**
**_£_**
**_£_**
**_£_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
3,390
-
-
3,390
_5,744_
-
-
**_5,744_**
-
-
-
-
_31,344_
-
_70,000_
**_101,344_**
31,861
-
2,152
34,013
_30,292_
_140_
_2,190_
**_32,622_**
50,356
-
20,362
70,718
_15,452_
-
_1,284_
**_16,736_**
-
-
7,505
7,505
-
-
-
**_-_**
13,216
-
4,062
17,278
_6,740_
_35_
_127_
**_6,901_**
4,512
-
3,500
8,012
_3,528_
-
_2,801_
**_6,329_**
-
-
-
-
_450_
-
-
**_450_**
466
-
-
466
_5,460_
-
_-_
**_5,460_**
12,398
1,030
83,403
96,831
_1,500_
-
_15,600_
**_17,100_**
10,000
-
-
10,000
_-_
-
_-_
**_-_**
22,887
-
27,973
50,859
22,015
22,015| |---|---| ||**149,086**
**1,030**
**148,956**
**299,071**
**100,510**
**175**
**114,016**
**214,701**| 22 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **4. Analysis of income (continued)** ## **Income from other fundraising activities** |Events
Events - Annual Major Event
**Total Income**
**Income from charitable activities**
Income from HA MADA clients
Income from MMS project
**Total Income**
**Other income**
Other Income
**Total Income**|**Unrestricted**
**Designated**
**Restricted**
**Year ended**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
**_Year ended_**
**2020**
**2020**
**2020**
**31-Dec-20**
**_2019_**
**_2019_**
**_2019_**
**_31-Dec-19_**
**£**
**£**
**£**
**£**
**_£_**
**_£_**
**_£_**
**_£_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
800
-
-
800
_404_
_-_
_-_
_404_
-
-
-
-
_2,503_
_-_
_500_
_3,003_| |---|---| ||**800**
**0**
**0**
**800**
**2,907**
**-**
**500**
**3,407**
**Unrestricted**
**Designated**
**Restricted**
**Year ended**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
**_Year ended_**
**2020**
**2020**
**2020**
**31-Dec-20**
**_2019_**
**_2019_**
**_2019_**
**_31-Dec-19_**
**£**
**£**
**£**
**£**
**_£_**
**_£_**
**_£_**
**_£_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
6,726
-
-
6,726
41,330
-
-
41,330
2,032
-
-
2,032
2,212
-
-
2,212| ||**8,758**
**-**
**-**
**8,758**
**43,542**
-
-
**43,542**
**Unrestricted**
**Designated**
**Restricted**
**Year ended**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
**_Year ended_**
**2020**
**2020**
**2020**
**31-Dec-20**
**_2019_**
**_2019_**
**_2019_**
**_31-Dec-19_**
**£**
**£**
**£**
**£**
**_£_**
**_£_**
**_£_**
**_£_**
6
-
-
6
_16_
_-_
_-_
_16_| ||**6**
**-**
**-**
**6**
**16**
**-**
**-**
**16**| |**TOTAL INCOME**|**158,650**
**1,030**
**148,956**
**308,636**
**146,975**
**175**
**114,516**
**261,666**| 23 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **5. Analysis of expenditure** ## **Expenditure on raising funds** ||**Unrestricted**|**Designated**|**Restricted**|**Year ended**|**_Unrestricted_**|**_Designated_**|**_Restricted_**|**_Year ended_**| |---|---|---|---|---|---|---|---|---| ||**2020**|**2020**|**2020**|**31-Dec-20**|**_2019_**|**_2019_**|**_2019_**|**_31-Dec-19_**| ||**£**|**£**|**£**|**£**|**_£_**|**_£_**|**_£_**|**_£_**| ||||||**_As restated_**|**_As restated_**|**_As restated_**|**_As restated_**| ||||||**_(note 14)_**|**_(note 14)_**|**_(note 14)_**|**_(note 14)_**| |Fundraising staff - salaries, NI, Pension|8,869|—|—|
8,869|11,720|—|1,645|13,364| |Fundraising Staff – Training & Dev’t|—|—|—|
0|—|—|—|—| |Fundraising staff - non salaried staff|—|—|—|
0|—|—|—|—| |Fundraising Staff - Travel & subsist|80|—|—|
80|365|—|153|518| |Fundraising vol’teer travel/subsistence|106|—|—|
106|—|—|10|10| |Fundraising contractor services|28,368|—|—|
28,368|5,610|—|400|6,010| |Fundraising Equipment, Materials|1,134|—|—|
1,134|471|—|435|906| |Fundraising distribution of communications|519|—|—|
519|223|—|67|290| |Fundraising activities|301|—|—|
301|—|—|207|207| |Fundraising services and Advertising|1,721|—|50|1,771|—|—|72|72| |**Total Expenditure**|**41,098**|—|**50**|**41,147**|**18,389**|—|**2,990**|**21,378**| 24 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **5. Analysis of expenditure (continued)** ## **Expenditure on charitable activities** ||**Unrestricted**|**Designated**|**Restricted**|**Year ended**|**_Unrestricted_**|**_Designated_**|**_Restricted_**||**_Year ended_**| |---|---|---|---|---|---|---|---|---|---| ||**2020**|**2020**|**2020**|**31-Dec-20**|**_2019_**|**_2019_**|**_2019_**||**_31-Dec-19_**| ||**£**|**£**|**£**|**£**|**_£_**|**_£_**||**_£_**|**_£_**| ||||||**_As restated_**|**_As restated_**|**_As restated_**||**_As restated_**| ||||||**_(note 14)_**|**_(note 14)_**|**_(note_**|**_14)_**|**_(note 14)_**| |Prog Staff & Pers - Salaries|10,970|—|
35,410|46,381|2,072|10,657|46,074||58,803| |Prog Staff & Pers - Travel & Subs|17,818|—|
39,186|57,004|21,383|—|
27,955||49,338| |Prog Volunteer - travel and expenses|13|—|
0|13|66|—||0|66| |Prog Staff & Pers - Contractor services|6,584|—|
0|6,584|1,020|—||800|1,820| |Programme Workshop|2,530|—|
0|2,530|3,869|—||5|3,873| |Programme Resources|13,909|—|
22,813|36,722|21,296|—||57|21,353| |Hovercraft - General|256|—|
—|
256|614|—||13|627| |Hovercraft - RR308 specific parts|1,154|—|
—|
1,154|353|—||39|391| |Hovercraft - RR403 specific parts|1,458|—|
—|
1,458|—|
—|
|—|
—| |Hovercraft - RR501 specific parts|—|
—|
—|
0|—|
—|
|—|
—| |Hovercraft – Vortex 5 specific parts|194|—|
—|
194|—|
—|
5,185||5,185| |Hovercraft - Griffon 1500 specific|—|
—|
—|
0|—|
—||678|678| |Prog Grants in kind – materials|50|—|
883|933|—|
—|
|—|
—| |Prog Grants – Use of Burchetts farm|720|—|
—|
720|180|—|
|—|
180| |Vehicle Costs|24,774|—|
—|
24,774|13,790|—||598|14,388| |Hovercraft depreciation|—|
—|
—|
0|407|461||388|1,255| |Vehicle Depreciation|553|—|
—|
553|553|—|
|—|
553| |Engine Depreciation|2,459|—|
—|
2,459|2,459|—|
|—|
2,459| |Premises|17,086|—|
—|
17,086|16,529|—||135|16,663| |Office - Materials, consumables, memberships|1,338|—|
—|
1,338|2,278|—||103|2,380| |Office - IT and Telecomms|3,211|—|
—|
3,211|2,876|—||38|2,914| |**Total Expenditure on Charitable Activities**|**105,078**|—|**98,293**|**203,371**|**89,743**|**11,118**|**82,066**||**182,927**| 25 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **5. Analysis of expenditure (continued)** ## **Expenditure on Other Activities** ||**Unrestricted**
**Designated**
**Restricted**
**Year ended**
**_Unrestricted_**
**_Designated_**
**_Restricted_**
**_Year ended_**| |---|---| ||**2020**
**2020**
**2020**
**31-Dec-20**
**_2019_**
**_2019_**
**_2019_**
**_31-Dec-19_**| ||**£**
**£**
**£**
**£**
**_£_**
**_£_**
**_£_**
**_£_**| ||**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**
**_As restated_**
**_(note 14)_**| ||| |Trustee/Director fees, training & dev’t|60
—
—
60
4,500
3,500
5,500
13,500| |Admin Staff - Admin salary|6,544
—
15,825
22,369
16,208
—
1,287
17,495| |Admin Staff - Admin travel/sub|149
—
—
149
498
—
—
498| |Admin Staff – Training & Dev’t|0
—
—
0
83
—
—
83| |Admin staff - Contractor services|12,000
—
1,500
13,500
840
—
—
840| |Finance - bank interest paid|286
—
30
316
399
—
30
429| |Income deductions at source, 3rdparty|774
—
—
774
864
—
—
864| |Legal & Professional - legal fees|415
—
—
415
836
—
1,826
2,662| |Misc – bad debts|-1,200
—
—
-1,200
489
—
—
489| ||| |**Total Other Expenditure**|**19,028**
—
**17,355**
**36,383**
**24,718**
**3,500**
**8,643**
**36,861**| |**Total Expenditure Overall**|**165,204**
—
**115,697**
**280,901**
**132,849**
**14,618**
**93,699**
**241,166**| 26 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **7. Reconciliation of net income/(expenditure) to net cash flow from operating activities** ||**Year**|_Year_| |---|---|---| ||**ended**|_ended_| ||**31-Dec-20**|_31-Dec-19_| ||**£**|_£_| |Net income/(expenditure) for the year (as per the statement of financial activities)|
27,735|_20,500_| |Adjustments for:|_|___| |Grants received in kind as fixed assets||| |Interest Receivable|-6|_-16_| |Depreciation charges|16,403|_4,268_| |Decrease/(Increase) in debtors|791|_-271_| |Increase/(Decrease) in creditors|422|_-13,077_| |**Net cash used in operating activities**|**45,344**|**_11,404_**| |**Analysis of cash and cash equivalents**||| |Cash in hand|103,839|_58,489_| |**Total cash and cash equivalents**|**103,839**|**_58,489_**| 27 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **8. Information regarding trustees and employees** Average number of persons employed including trustees: ||**Year ended**|**_Year ended_**| |---|---|---| ||**31-Dec-20**|**_31-Dec-19_**| |Governance|6|_5_| |Administration/Fundraising/Charitable
activities|13|_13_| |**Total Persons**|**19**|**_18_**| No emoluments or expenses were paid to trustees during the year (2019: £nil). There was 1 employee of the charity in UK during the year (2019: two), other than the trustees. The other employees are in HA Madagascar In 2020 employer pension contributions totalled £714 (2019: £1,281) During the year the charity utilised 4 contractors (2019: one) ||**Unrestricted**|**Designated**|**Restricted**|**Year ended**|**_Unrestricted_**|**_Designated_**|**_Restricted_**|**_Restricted_**|**_Year ended_**|| |---|---|---|---|---|---|---|---|---|---|---| ||**2020**|**2020**|**2020**|**31-Dec-20**|**_2019_**|**_2019_**||**_2019_**|**_31-Dec-19_**|| ||**£**|**£**|**£**|**£**|**_£_**|**_£_**||**_£_**|**_£_**|| ||||||**_As restated_**|**_As restated_**|**_As restated_**||
**_As restated_**|| ||||||**_(note 14)_**|**_(note 14)_**||**_(note 14)_**|
**_(note 14)_**|| |**Employee Salary**||||||||||| |Fundraising|8,869|—|—|8,869|_11,720_|_—_||_1,645_|_13,364_|| |Charitable Activities|10,970|—|35,410|46,381|_2,072_|_—_||_46,074_|_48,146_|| |Administration|6,544|**—**|**—**|6,544|_16,208_|**_—_**||_1,287_|_17,495_|| |**Contractor fees**||||||||||| |Fundraising|28,368|**—**|2,500|30,868|_5,610_|**_—_**||_400_|_6,010_|| |Charitable Activities|6,584|**—**|500|7,084|_1,020_|**_—_**||**_800_**|_1,820_|| |Administration|12,000|—|1,500|13,500|_840_|**_—_**||**_—_**|_840_|| |**Total**|**73,336**||**39,910**|**113,246**|**_37,469_**|||**_50,206_**|**_87,675_**|| Salary totalling £23,799 (2019: £23,799) was payable to A. Mayo, who is related to R.H. Mayo, a trustee of the charity up to March 2020. Contractor fees refer primarily to self-employed contractors based at their own premises and periodically at Hoveraid Trust premises; 28 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **9. Net incoming/outgoing resources** Net incoming/outgoing resources is stated after charging: ||**Unrestricted**|**Designated**|
**Restricted**|**Year ended**|**_Unrestricted_**|
**_Designated_**|**_Restricted_**|
**_Year ended_**| |---|---|---|---|---|---|---|---|---| ||**2020**|**2020**|
**2020**|**31-Dec-20**|**_2019_**|
**_2019_**|**_2019_**|
**_31-Dec-19_**| ||**£**|**£**|
**£**|**£**|**_£_**|
**_£_**|**_£_**|
**_£_**| ||||||**_As restated_**|
**_As restated_**|**_As restated_**|
**_As restated_**| ||||||**_(note 14)_**|
**_(note 14)_**|**_(note 14)_**|
**_(note 14)_**| |Depreciation on tangible fixed
assets|16,403|-|
-|
16,403|_5,996_|
_461_|_387_|
_4,267_| |Independent examiners fees|-|
-|
-|
-|
_-_|
_-_|
_-_|
_-_| |**Total charges**|**16,403**|**-**|
**-**|**16,403**|**5,996**|
**461**|**387**|
**4,267**| ## **10. Fixed assets** |**10. Fixed assets**||||||||| |---|---|---|---|---|---|---|---|---| ||**Vehicles**|
**Engines**|**Hovercraft**|**Computers**|**MADA**
**vehicles**|**Medical**
**Equipment**|**MADA**
**General**
**Assets**|**Total**| ||**£**|
**£**|**£**|**£**|**£**|**£**|**£**|**£**| |**Cost**||||||||| |_At 31 Dec 2019_|_4,955_|
_24,585_|_54,437_|_2,254_|_30,941_|_7,219_|_19,905_|_144,296_| |Additions|-|
-|-|-|-|-|-|-| |At 31 Dec 2020|**4,955**|
**24,585**|**54,437**|**2,254**|**30,941**|**7,219**|**19,905**|**144,296**| |**Depreciation**||||||||| |At 31 Dec 2019|_4,244_|
_7,377_|_54,437_|_2,254_|-|-|_9,092_|_77,404_| |Charge for the year|553|
2,459|-|-|1,031|1,547|10,813|16,403| |At 31 Dec 2020|**4,797**|
**9,836**|**54,437**|**2,254**|**1,031**|**1,547**|**19,905**|**93,807**| |**Net book value**||||||||| |At 31 Dec 2020|**158**|
**14,749**|**-**|
**-**|
**29,909**|**5,672**|**-**|
**50,489**| |At 31 Dec 2019|_711_|
_17,208_|_-_|
_-_|
_30,941_|_7,219_|_10,813_|_66,892_| 29 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **11. Related party balances** No trustee or any other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year, other than as recorded in note 8. ## **12. Ultimate controlling party** In the opinion of the trustees, the charity has no ultimate controlling party. ## **13. Critical accounting judgments and key sources of estimation uncertainty** In application of the Trust’s accounting policies which are described in note 1, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from estimates. ## **Revenue recognition** The Trust recognises grant income to the extent it is entitled to the funds, has fulfilled the conditions set out by the grant funder and where the amount can be quantified with reasonable probability. Judgement is required to determine the point at which these conditions have been met. The Trust assesses each grant on an ongoing basis to evaluate progress against grant conditions. ## **Impairment of assets** The Trust holds substantial fixed assets, principally hovercraft used in its charitable activities. Judgement is required to assess whether these assets will continue to derive value for the organisation. The Trust impairs assets where they are no longer considered to provide benefit to the users. No impairment was recorded in the current or previous year. ## **Capital vs operating expenditure** The Trust’s activities include the refurbishment and maintenance of existing hovercraft. The Trust evaluates the nature of this spend to assess which relates to new and enhanced assets and therefore capitalised, and which is maintenance of existing assets and therefore expensed. 30 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **14. Prior Year Restatement** Subsequent to publishing the annual report and financial statements for the previous year, it was assessed that the activities of Hoveraid in Madagascar legally constituted part of The Hoveraid Trust. Accordingly the 2019 comparative accounts have been restated to include the activities, assets and liabilities of the Madagascar operations. The impact of the restatement on the statement of financial activities for the year ended 30 December 2019 was as follows: ||**_Unrestri_**
**_cted_**|**_Designa_**
**_ted_**|**_Restrict_**
**_ed_**|**_Year_**
**_ended_**|**_Unrestri_**
**_cted_**|**_Designa_**
**_ted_**|**_Restrict_**
**_ed_**|**_Year_**
**_ended_**|**_Unrestri_**
**_cted_**|**_Designa_**
**_ted_**|**_Restrict_**
**_ed_**|**_Year_**
**_ended_**| |---|---|---|---|---|---|---|---|---|---|---|---|---| ||**_funds_**|**_funds_**|**_funds_**|**_31-Dec_**
**_2019_**|**_funds_**|**_funds_**|**_funds_**|**_31-Dec_**
**_2019_**|**_funds_**|**_funds_**|**_funds_**|**_31-Dec_**
**_2019_**| ||**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**|**_£_**| |**Income**|**_---------------Previously reported--------------_**||||**_-------------Prior period restatement----------_**||||**_------------------As restated--------------------_**|||| |Income from:||||||||||||| |Donations, grants and legacies|_100,510_|_175_|_92,001_|_192,685_|_-_|_-_|_22,015_|_22,015_|_100,510_|_175_|_114,016_|_214,701_| |Other fundraising activities|_2,907_|_0_|_500_|_3,407_|_-_|_-_|_-_|_-_|_2,907_|_-_|_500_|_3,407_| |Income from charitable
activities|_0_|_0_|_0_|_0_|_43,542_|_-_|_-_|_43,542_|_43,542_|_-_|_-_|_43,542_| |Other income|_16_|_0_|_0_|_16_|_-_|_-_|_-_|_-_|_16_|_-_|_-_|_16_| |**Total income**|**_103,433_**|**_175_**|**_92,501_**|**_196,109_**|**_43,542_**|**_-_**|
**_22,015_**|**_65,557_**|**_146,975_**|**_175_**|**_114,516_**|**_261,666_**| |**Expenditure on:**||||||||||||| |Raising funds|_18,388_|_0_|_2,990_|_21,377_|_-_|_-_|_-_|_-_|_18,390_|_-_|_2,990_|_21,379_| |Charitable activities|_36,138_|_11,118_|_70,519_|_117,775_|_53,605_|_-_|_11,546_|_65,151_|_89,743_|_11,117_|_82,066_|_182,926_| |Other expenditure|_24,716_|_3,500_|_8,644_|_36,860_|_-_|_-_|_-_|_-_|_24,718_|_3,500_|_8,643_|_36,861_| |**Total expenditure**|**_79,241_**|**_14,618_**|**_82,153_**|**_176,012_**|**_53,605_**|_-_|**_11,546_**|**_65,151_**|**_132,850_**|**_14,617_**|**_93,699_**|**_241,166_**| |**Net income/(expenditure)**
**before transfer**|**_24,192_**|**_-14,443_**|**_10,348_**|**_20,096_**|**_-10,063_**|**_-_**|**_10,470_**|**_406_**|**_14,125_**|**_-14,442_**|**_20,817_**|**_20,500_**| All restricted income and expenditure related to the Hoveraid Netherland and France fund. 31 The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977 ## **14. Prior Year Restatement (continued)** The impact of the restatement on the balance sheet at 31 December 2019 was as follows: |**Fixed assets**
Tangible assets
**Current assets**
Debtors
Cash at bank and in hand
**Liabilities**
Creditors: Amounts falling due in one year
**Net current assets less current Liabilities**
**Total Net assets**|**_Year ended_**
**_Year ended_**
**_Year ended_**
**_31-Dec-19_**
**_31-Dec-19_**
**_31-Dec-19_**
**_£_**
**_£_**
**_£_**
**_Previously_**
**_reported_**
**_Prior period_**
**_restatement_**
**_As_**
**_restated_**
_17,919_
_48,974_
_66,893_
_3,662_
_1,215_
_4,877_
_57,838_
_651_
_58,489_
_-3,755_
_-_
_-3,755_
**_57,745_**
**_1,866_**
**_59,611_**| |---|---| ||**_75,664_**
**_50,840_**
**_126,504_**| The restatement of assets and liabilities all related to unrestricted reserves at 31 December 2019. 32