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2023-12-31-accounts

THE HOVERAID TRUST

(A company limited by guarantee)

Report and Financial Statements

31 December 2023

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

Contents

Page
Reference and administration details 3
Trustees' annual report 4
Directors' Responsibilities Statement 11
Independent examiner's report 12
Statement of financial activities 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16

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

P. Deludet

N.G. Davies-Scourfield

N. Greenham

A. Nye

COMPANY SECRETARY

A. Nye

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

HoverAid Trustees' Annual Report 2023

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 2023.

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:

P. Deludet

N.G. Davies-Scourfield

N. Greenham

A. Nye

H. Pomeroy

G. Thomson resigned 21[st] November 2023

Dr A. Bunting

R. Hawkins appointed 13[th] June 2023

The Trust's objective is to provide medical care, community health programmes, and emergency relief to isolated communities using hovercraft and other means.

Achievements and Performance

During the year ended 31 December 2023 The Hoveraid Trust (commonly known as HoverAid in the UK) has continued to work in Madagascar.

Madagascar

HoverAid spent £216k in Madagascar to enable strategic medical and humanitarian programmes, emergency/flood relief and community rebuilding primarily in remote areas, and engineering and maintenance on hovercraft and other vehicles. This amount increased by 14.2% on the previous year (2022: £ 1 8 9 k ).

The predominant focus of HoverAid’s work in Madagascar is the Madagascar Medical Safari (MMS) programme, 60% of which are run in collaboration with Mission Aviation Fellowship Madagascar (MAF ) as the only access is by air to many locations. This deploys teams of fully trained volunteer doctors and healthcare professionals to remote communities along the main river systems. The teams provide medical care to the general population irrespective of race, tribal group, gender, religion, or sexuality.

In 2023 the number of MMSs increased to 12 (vs 11 in 2022). This year, the MMS programme provided care for 6 , 97 1 patients (vs 5 , 2 1 6 in 2022), including 1 , 21 1 dental extractions, 3 8 7 surgeries, 1 , 2 7 1 ultrasound scans, and 4 5 0 eye tests. These consultations took place in e i g h t different locations, which are, physically, extremely difficult to reach and provided the only viable trained healthcare option for those attending.

Three new schools were built in the Boeny region, alongside water supply and sanitation facilities. These were needed following the destruction of previous buildings by storms.

Local income in Madagascar via the garage enterprise, and third party collaborations using Hoveraid logistics and transport capabilities reduced from £38,776 (2022) to £14,203 (2023) due in part to the departure of the RTM business from the main HoverAid base.

UK

In the UK, efforts focused on building the supporter base, developing the team, resources, structure and communications between countries, and fundraising, delivering income from UK sources of £285k (vs £235k in 2022). This increased predominantly due to higher donations from individuals, churches, and institutional grants. Specialist technical and pro-bono support from business partners RICARDO, GEP, CERES and OnShape contributed significantly to HoverAid’s work, for which we are most grateful.

We now have 1,075 “live” Mailchimp contacts, including 921 committed subscribers to Email communications; Significant growth in Facebook (1,800 followers) and LinkedIn (409 followers);

The project to build a new RiverRover hovercraft continued, with detailed specification and procurement of parts and assembly of the craft in our Sussex workshop under the guidance of an experienced engineering project manager. This has taken longer than originally planned due to greater number of necessary design improvements, limited manpower, and the need to capture the complete design on CAD. The craft is due to be completed, tested, and shipped to Madagascar in 2024.

HoverAid Trust CEO John Greaves was able to visit Madagascar for 2 weeks in October, joining an MMS, participating in the handover ceremonies of the three new schools, and meeting with key third party partners.

Partnerships

The most significant new partnership established in 2023 was that with Deichmann Foundation , based on the provision from them of two fully equipped 44 truck-based mobile clinics* to extend the reach of MMS work to more remote areas and increase the flexibility of the medical teams around the MMS locations. These clinics will be (following completion in mid-2024) owned by Hoveraid and will also be available for third party deployment, in conjunction with HoverAid’s logistics capabilities. This partnership also involves MHM-Hilfe (specialist medical training and equipment support) and is governed by a Memorandum of Understanding signed by all parties. Deichmann are also providing the funding for preparation, shipping and deployment of the mobile clinics, two support Toyota Landcruiser vehicles, and financial support to cover associated HoverAid staff and management effort over an extended multi-year period.

Strategic collaborations with third parties, all governed by Memoranda of Understanding, have been expanded and formalised with MAF, Medair, and Bushproof, and discussions progressed with others. HoverAid has joined the PHE consortium to coordinate emergency response work in Madagascar.

In the UK an informal CSR partnership with GlobalExpatPay (GEP) was established, enabling joint fundraising, pro-bono support, and publicity. It is hoped to secure further such partnerships in 2024 and beyond. There are now 12 churches who have variously adopted Hoveraid as a mission partner, including two new ones in 2023.

People

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).

Jon Edney remains as Finance Officer, and GEP staff Siri Sweet (website) and Jemima Walsh (social media and grant submissions) p r o v i d e d pro-bonosupport, although both have now left GEP in 2024. Fundraising consultant Lorraine Patch provided expertise in identifying new grant sources and in grant submissions. John Hociej departed from the UK Operations & IT role and is yet to be replaced.

Chris Evans continued to oversee the new hovercraft project up to September 2023. The project was also supported by a team of engineering graduates from RICARDO as part of their training programme, summer intern Jakub Mickech from Cambridge University, and a loyal band of volunteers.

HoverAid Madagascar country director Doreen Mutoni has established a formal management team and implemented more robust contracts, procedures and practices for all staff. The working environment at the main Tana base has been significantly improved inside and out to make it a place where the team are proud to work. Previous country director Peter van Buuren and the RTM business left the base to set up in a separate location in April.

Financial Review

The net movement in funds for the year was an inflow of £22,928 (2022: outflow of £12,522). Overall income of £358,677 (vs £339,978 in 2022) came from the donations of UK individuals and organisations, and institutional grants, together with donations and grants via HoverAid Netherlands (£55,991), and income from work carried out in Madagascar / use of Tana base capabilities (£14,203). The income in Madagascar and Netherlands were both reduced vs previous year by £24k and £13k respectively, but this was more than offset by growth in UK income. Overall expenditure was £335,750 (vs £352,500 in 2022).

Income

Key elements of income:

103 grant applications were submitted, with 19 “wins” totalling £62k. The main grants received in 2023 were from:

Source
Value(£)
Purpose		 Source
Value(£)
Purpose		 Source
Value(£)
Purpose
Archer Trust
3000
MMS
Beatrice LaingTrust
4500
MMS
Britland CharitableTrust
500
General
Carmella and Ronni Pignatelli Foundation
2500
MMS
CB &HH Taylor1984Trust
1000
General
Chalk Cliff Trust
5000
MMS
Christadelphian Samaritan Fund
500
General
Donald Forrester Trust
5000
General
FarthingTrust
5000
General
Grace Trust
500
General
James Tudor Foundation
3000
MMS
MaryBrown Memorial Trust
10000
General
MaryRuttle Charitable Trust
1254
General
Scott Thomson Charitable Trust
4000
General
Seedfield Trust
3000
MMS
SMB Trust
1500
MMS
St Barnabas church Cambridge
500
General
StichtingRespons Africa
8700
Hovercraft
TBF & KL Thompson Trust 3000 MMS

In addition 4 institutional grants were secured by partner entity HoverAid Netherlands and provided to The Hoveraid Trust for work in Madagascar, totalling £19,233

Expenditure

Key elements of expenditure are shown below:

Balance Sheet

As at 31[st ] December 2023, the Trust's net current assets were £38,286 in unrestricted & designated funds (December 31[st ] 2022: £46,491), and £10,759 of restricted funds (December 31st 2022: £4,506).

The Trust's policy is to aim to hold free reserves to the value of the committed expenditure during the subsequent three months. This figure was deemed retrospectively to be £28,500 taking the average of regular UK operating costs from 2021. This was achieved throughout the year except for the period August - November. This “dip” had no impact on operational activities, other than an increased prudence on expenditure and close monitoring of the cash flow. During that period increased efforts were made to grow income with a campaign of grant submissions and supporter funding appeals.

It is anticipated that this threshold will increase from 2024 in line with increased costs in UK and commitments to HoverAid Madagascar. 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. Gillian Thomson resigned from the board in November 2023. It is intended that the board should have five members at all times as a minimum. With the two new Trustees appointed in 2023 (Rebecca Jones, Robert Hawkins) we now have eight. The board meets via online Zoom call on a bi-monthly basis at a fixed time currently on the second Thursday of the month. The agenda for Board meetings includes formal reports submitted in advance and discussion of:

It is hoped to hold at least one face-to-face Board Meeting per year. In 2023 this took place in February.

The federated model for HoverAid operations remains in place under the overarching HoverAid International group. The group, chaired by HoverAid Netherlands chair Dick Loendersloot, met twice in 2023, including one face-to-face meeting in the UK in August.

No new country entities were established in 2023, and HoverAid France was “paused”, due to the departure of the lead representative there. It is unlikely that there will be any new entities in 2024. 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 others.

Risks and Uncertainties

Trust Income: In the financial climate prevalent in the UK, more cautious individual attitudes to charitable giving, and the narrowed focus of grants from Trusts and Foundations 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: Grant applications focus on Trusts and Foundations already known to HoverAid, and/or who have previously supported us. We continually seek to grow and refresh our supporter base including via increased use of social media channels and direct communications via Mailchimp, media opportunities, direct appeals for specific projects and needs, and targeted advertising, as well as a programme of fundraising events. We also engaged a professional grant fundraising consultant to augment a campaign of submissions to Trusts and Foundations

Affordability of UK and Madagascar staff costs: UK costs are difficult to reduce without damage to core activities, 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. Madagascar staff costs have grown considerably due to increased Country Director salary, inflation, and additional staff members, with local income reduced following the departure of RTM from the Tana base.

Mitigation: We are seeking to grow general funds as well as specific "asks" for project funding, from trusts, foundations, organisations, and individuals. Project funding requests increasingly incorporate a proportion for administration and management support. Lower cost options such as part time leadership, and temporary contracts, are under consideration if necessary.

In Madagascar increased efforts are being made to build new collaborations with all HoverAid costs and any additional staffing needs fully funded.

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 new RiverRover hovercraft is close to compleiton, with the design captured to enable build of further craft by any engineering organisation with the relevant competencies. A regular programme of maintenance, problem solving, and development for reliability is also in place, as well as clear strategic decisions on which of the current craft are likely to be serviceable in the medium term, and the costs involved.

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 trust aims to ensure compliance with the advisory Hovercraft Code, published by the Maritime and Coastguard Agency 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

Future Plans

The Hoveraid Trust (including HoverAid Madagascar) planned contribution to the achievement of the agreed 2021-2025 overall HoverAid International strategic plan in 2024 is shown below:

Strategic Focus I: Enlarge access of communities to life-changing interventions

By the end of 2025, a total of 50,000 people living in remote areas have gained access to basic services like health care, water, sanitation and education and to improved livelihood opportunities since 2006. For comparison: By the end of 2020 HoverAid’s aid and services have been put at the disposal of about 30,000 people in western Madagascar.

Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024
I.1 Increased operational
capacity of hovercraft and
logistic equipment and
staff providing safe &
secure logistics services to
relief & development
providers reaching out to
remote communities.		 capacity of hovercraft and
secure logistics services to
UK:
Secure funding to enable completion of the new hovercraft incl. shipping,
commissioning and deployment. Target £60k
 Complete, ship, and commission our new hovercraft to further extend our
ability to get to isolated communities
 Support the completion, shipment and commissioning of MMCs, including
securing Deichmann funding for all related HoverAid costs
MADA:
 Test, commission and deploy new RiverRover hovercraft and two mobile
clinics on development work
 Get Vortex 5 and G375 hovercraft fully functioning
 Resolve future use of other hovercraft; dependingon repair costs
I.2
Increased number of
people reached by other
development
organisations using
logistic services provided
by HA.
UK:
Progress discussions with other development organisations as they arise, and
establish links to them with HA MADA
MADA:
 Establish MoUs, training, and resources to provide mobile clinics and
hovercraft for use by 3rdparties
 Deliver collaborationprogramme with IMPACT Madagascar		 I.2
Increased number of
people reached by other
development
organisations using
logistic services provided
by HA.
UK:
Progress discussions with other development organisations as they arise, and
establish links to them with HA MADA
MADA:
 Establish MoUs, training, and resources to provide mobile clinics and
hovercraft for use by 3rdparties
 Deliver collaborationprogramme with IMPACT Madagascar		 I.2
Increased number of
people reached by other
development
organisations using
logistic services provided
by HA.
UK:
Progress discussions with other development organisations as they arise, and
establish links to them with HA MADA
MADA:
 Establish MoUs, training, and resources to provide mobile clinics and
hovercraft for use by 3rdparties
 Deliver collaborationprogramme with IMPACT Madagascar
I.3
Increased number of
people reached with basic
social services provided
by HoverAid, where no
other development
partners are present (yet).
UK:
 Raise sufficient funding for HA MADA to provide the majority of funds
needed to sustain HA MADA team and facilities, deliver 12+ MMSs,
maintain hovercraft & MMCs. Target £94k
 Raise additional funding (mainly via specific funding appeals to supporters)
to cover emergencies, medical supplies and equipment. Target £20k estd.
MADA:
 Deliver programme of up to 12 MMSs within agreed budgets, providing
direct care for 7000+ people; including up to 6 using Mobile Clinics, and at
least one with hovercraft
 Deliver WASH BioSand filter project in Beroroha
 Scope Community health programme(s) in remote areas – depending on
funding
Emergency response UK:
 Maintain seed fund for initial responses to emergencies (e.g surveys); Make
specific funding appeals for agreed emergency aid, recovery and rebuilding
projects
MADA:
 Respond to disasters as needed, including initial surveys, emergency
provision and recovery, rebuilding
 Active involvement in PHE n/w and emergency response work
 Continue MEDNET Evasan collaboration with MAF,Nehemiah

Strategic Focus II: Expand the supporter base

By the end of 2025, the HoverAid federation has established a brand as an organisation for and with 12,500 committed ‘young and dynamic’ world citizens, and has a proven approach to connect them with unreached communities.

Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024
II Enlarged support portfolio
via four HoverAid member
organisations, being
sufficient to support planned
life-changing programs to be
implemented by HoverAid
and for logistics services
using hovercraft		 UK:
 Build up our support base from the current 1000 subscribers; share the
HoverAid story and mission with new church and community groups;
 Deliver successful (new income & supporter growth) events
 Inspire supporters to take on challenges and spread the word on
HoverAid in their communities and networks
 Find new sources of funding - institutional grants; new donors; churches;
businesses; challenges
MADA:
 Support European supporter communications via capturing video, photo
and narratives of front-line work for supporter dissemination
 Continue to establish contacts and profile of HoverAid in MADA for
support,funding,use of HoverAid services,and collaborations

Strategic Focus III: Further develop institutional strengths

By the end of 2025, HoverAid in UK, France (Note: HA France is currently dormant pending identification and appointment of a new country director), Netherlands, and Madagascar, together present a blend of organisations with distinct roles and strengths that operate from one unity of vision, mission and strategic direction, with purposeful guidance by HoverAid International.

Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024
III All HoverAid members have
further strengthened their
institutional structure and
systems, balanced with personal
and collective engagement based
on the HoverAid vision and
values.		 systems, balanced with personal
and collective engagement based
UK:
 Build up reserves to target £50,000 in Unrestricted funds

Build up the capacity of our UK team, and find the right people keen
to join us and deploy their skills in events, admin, operations and
supporter engagement

Confirm and implement integrated website approach and domain
ownership / protocols across HA Intl entities

Define and establish resources needed for hovercraft fleet
management and maintenance following new hovercraft build
MADA:
 Increase HA MADA reserves to at least £10,000 through local income
generation, and prudent cost management
 Re-establish local NGO Eladrano as a functioning entity
 Recruit for key positions (garage, projects)
 Implement modern finance system that will provide required reports
and controls and link with HoverAid Trust system
 Develop remote Beroroha base to be habitable and usable for extended
programmes

Strategic Focus IV: Engage in partnerships with complementary organisations

By the end of 2025, HoverAid is working in cooperation with five organisations which have complementary mission and services adding value to the mission of HoverAid in serving remote communities.

Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024		 Goal
Description
Plans for 2024
IV Established country programme
partnerships with three
operational organisations
providing complementary
services in two country
programmes (Madagascar and a
second country).		 UK:
 Further develop links with key partners in UK to work together in
common cause via networks and contacts
 Cement the long term link with Deichmann including secured funds,
fully operational MMC’s
MADA:

Further develop collaborations in Madagascar with MAF, SALFA,
Nehemia, IMPACT Madagascar, WFP, UN, PSI-USAid, Mercy
Ships, Medair, YWAM, Southern Baptists …

Establishpartnerships for use of MMC’s with 3rdparties(MHM..)

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. We are targeting “higher net worth individuals” likely to be able to donate significant amounts (>£1,000), through personal connections. The Trust believes that there is more money available via institutions and is targeting an increase in grant funding (23% in 2023). We will continue to pursue corporate partnerships and funding, legacies, as well as run public events, and participate in challenges and third-party events. An “acceptance of donations” policy guiding on acceptable sources of donations has been approved by the Board.

The board is satisfied that the charitable aims of the organisation 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.

Directors' Responsibilities Statement

Company law requires the directors 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:

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 2023 to 31[st] December 2023 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

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 2023 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 12.

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 Charter 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:

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.

Allen Swann ACA (ICAEW membership number: 9293632) Cambridge, United Kingdom

Date:

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

Statement of Financial Activities

Year ended 31 December 2023

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
funds
Designated
funds
Restricted
funds
Year ended
Unrestricted
funds
Designated
funds
Restricted
funds
Year ended
2023
2023
2023
31-Dec-23
2022
2022
2022
31-Dec-22
4
271,980
68,858
340,838
184,337
--
115,331
299,668
4
2,702
500
3,202
559
--
--
559
4
11,531
--
11,531
1,332
--
13,134
14,467
4
3,106
--
3,106
25,284
--
--
25,284
289,319
69,358
358,677
211,513
--
128,465
339,978
5
27,853
481
28,334
22,350
--
10,340
32,690
5
251,085
27,577
278,661
145,200
999
126,596
272,795
5
28,169
585
28,754
42,533
--
4,482
47,015
307,107
28,643
335,750
210,083
999
141,418
352,500
(17,788)
--
40,715
22,928
1,430
(999)
(12,953)
(12,522)
3,000
3,000
--
--
--
(3,000)
(3,000)
--
--
--
(20,788)
3,000
40,715
22,928
1,430
(999)
(12,953)
(12,522)
77,957
8,643
37,494
124,094
76,527
9,642
50,447
136,616
57,169
11,643
78,209
147,021
77,957
8,643
37,494
124,094

The statement of financial activities includes all gains and losses in the year. All activities are derived from continuing operations

Balance Sheet

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

Year ended 31 December 2023

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
General fund
Designated fund
Restricted Funds
Funds of the charity		 Notes
Unrestricted
funds
Designated
funds
Restricted
funds
Year ended
Unrestricted
funds
Designated
funds
Restricted
funds
Year ended
2023
2023
2023
31-Dec-23
2022
2022
2022
31-Dec-22
2,9
30,527
--
67,450
97,977
40,109
--
32,987
73,097
2
6,777
--
--
6,777
3,490
--
--
3,490
2
28,668
11,643
10,759
51,071
35,775
8,643
4,506
48,924
2
(8,803)
--
--
(8,803)
(1,417)
--
--
(1,417)
26,642
11,643
10,759
49,044
37,847
8,643
4,506
50,997
57,169
11,643
78,209
147,021
77,957
8,643
37,493
124,093
3
57,169
--
--
57,169
77,957
--
--
87,423
3
--
11,643
--
11,643
--
8,643
--
--
3
--
--
78,209
78,209
--
--
37,493
36,670
3
57,169
11,643
78,209
147,021
77,957
8,643
37,493
124,093

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 board of directors and authorised for issue on the date shown below. Signed on behalf of the trustees

Gwyn Davies-Scourfield, Trustee Date:

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

Statement of Cash Flows

Year ended 31 December 2023

Cash flows from operating activities:
Cash used in operating activities
Net Cash used in operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash (used in) provided by investing activities
Cash flows from financing activities:
Cash inflows from new borrowing
Net cash provided by financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents at the end of the reporting period		 Notes
Year ended
31-Dec-23
6
36,296
36,296
313
(34,462)
(34,149)
--
--
2,147
48,924
--
51,071		 Year ended
31-Dec-22
(7,533)
(7,533)
9
(26,635)
(26,626)
--
--
(34,158)
83,082
--
48,924

Notes to the Financial Statements

Year ended 31 December 2023

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:

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:

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.

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.

Notes to the Financial Statements - continued

Year ended 31 December 2023

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:

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

2. Statement of assets and liabilities

Year ended 31 December 2023

Fixed assets
Assets under construction
Vehicles - general cost
Engines - general cost
Office & IT equipment
MADA-based motor vehicles cost
Medical equipment cost
Current assets
Cash - treasurers account
Cash - business account
Cash - debit card account
Cash - business 32Day notice
Cash - Paypal
Petty Cash
HA MADA cash and bank account
Prepayments
Accounts receivable
VAT receivable
Undeposited funds
Gift Aid Claimable
HA MADA Accounts receivable
Liabilities
Payroll Liabilities
Accounts payable within one year
Net Current Assets
Net Assets		 Unrestricted
Designated
Restricted
Year ended
Unrestricted
Designated
Restricted
Year ended
2023
2023
2023
31-Dec-23
2022
2022
2022
31-Dec-22
67,450
67,450
--
--
32,987
32,987
2,217
--
2,217
2,977
--
--
2,977
7,372
--
7,372
9,831
--
--
9,831
--
--
--
19,251
--
19,251
23,928
--
--
23,928
1,687
--
1,687
3,374
--
--
3,374
30,527
--
67,450
97,977
40,109
--
32,987
73,097

1,215
11,643
7,770
20,628
15,027
8,643
4,506
28,177

--
--
2,989
2,989
17,911
--
--
17,911

689
689
994
994

15,198
15,198
3
--
--
3
102
--
--
102
114
114
11,326
--
--
11,326
1,576
--
--
1,576
510
--
--
510
448
--
--
448
656
--
--
656
328
--
--
328
1,569
--
--
1,569
910
--
--
910
125
--
--
125
165
--
--
165
4,042
--
--
4,042
1,804
--
--
1,804
--
--
--
--
--
--
--
--
35,446
11,643
10,759
57,848
39,265
8,643
4,506
52,414
(840)
--
--
(840)
(571)
--
--
(571)

(7,964)
--
--
(7,964)
(795)
--
--
(795)
(8,803)
--
--
(8,803)
(1,417)
--
--
(1,417)
26,643
11,643
10,759
49,045
37,847
8,643
4,506
50,997
57,170
11,643
78,209
147,022
77,957
8,643
37,493
124,094

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

3. Fund Movement by Type

Year ended 31 December 2023

3. Fund Movement by Type
Year ended 31 December 2023		 Charity
At 31 Dec At 31 Dec
2022 Incoming Outgoing Transfers 2023
Restricted funds
Grants from Hoveraid Intl -- -- -- --
Community Health Prog (Gen) 3,886 1,851 4,341 -- 1,396
Emergency Relief – Cyclone 25 11,921 9,488 -- 2,458
G1500 Refurb & Maintenance 481 269 481 -- 269
Events 50 500 550 -- --
New Hovercratf RR4B 32,988 66,511 26,531 72,968
Medical Equip 64 1,054 -- 1,118
Designated
Reserves
ER-Contingency		 37,493
8,524
119		 82,107
--		 41,392
--		 --
3,000		 78,209
8,524
3,119
Unrestricted
General fund		 8,643
77,957		 289,319 --
307,107		 3,000
(3,000)		 11,643
57,169
77,957 289,319 307,107 (3,000) 57,169

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

3. Fund Movement by Type PriorYear

Year ended 31 December 2022

Year ended 31 December 2022
At 31 Dec At 31 Dec
2021 Incoming Outgoing Transfers 2022
Restricted funds
Grants from Hoveraid Intl -- 64,387 64,387 --
Mada income for MMS -- 13,134 13,134 --
Community Health Prog (Gen) 6,251 842 3,207 -- 3,886
Emergency Relief – Cyclone 8,257 9,013 17,245 -- 25
G1500 Refurb & Maintenance 3,269 369 3,156 -- 481
Events 7,184 5,000 12,134 -- 50
New Hovercratf RR4B 19,296 33,265 19,573 32,988
Medical Equip -- 2,456 2,392 -- 64
A.Mayo overseas work support 2,805 -- 2,805 -- --
Volunteer support fund 3,385 -- 3,385 -- --
Designated
Reserves
ER-Contingency		 50,446
8,524
1,118		 128,465
--
--		 141,418
--
999		 --
--
--		 37,493
8,524
119
Unrestricted
General fund		 9,642
76,527		 --
211,513		 999
210,083		 --
--		 8,643
77,957
76,527 211,513 210,083 -- 77,957

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

3. Fund Movement by Type continued

Year ended 31 December 2023

Community Health Programme funds were used to support the Community Health Programme (CHP) in Madagascar Emergency Relief - Cyclone fund was used to fund relief work relating to communities affected by cyclones and other emergencies

The Griffon 1500 fund was for work on the Griffon 1500 hovercraft in the UK. The original donor has agreed that funds can be used for other hovercraft costs The Events fund was used to support fundraising events during 2023

The New Hovercraft fund was established to hold money donated towards construction of the RR4B hovercraft.

The Medical Equipment fnd was established for donations towards equipment needed in medical missions.

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

4. Analysis of income

Year ended 31 December 2023

Income from donations, grants and legacies
Donations Businesses
Donations Legacies
Donations Individuals:
Regular
One off
Gift Aid
Donations Churches
Donations Community
Grants: Trusts and Foundation
Grants from Hovercraft International
Grants - Government
Sub-total
Other fundraising activities
Events
Sub-total
Income from charitable activities
Income from HA MADA clients
Income from MMS project
Sub-total
Other income
HA MADA other income
Other income (UK)
Sub-total
TOTAL INCOME		 Unrestricted
Designated
Restricted
Year ended
Unrestricted
Designated
Restricted
Year ended
2023
2023
2023
31-Dec-23
2022
2022
2022
31-Dec-22
6,483
--
2,000
8,483
6,386
--
--
6,386
519
--
--
519
6,069
--
--
6,069
43,141
--
11,936
55,077
46,872
--
744
47,616
78,402
--
34,699
113,101
77,995
--
26,779
104,774
26,549
--
3,396
29,945
24,860
--
2,083
26,943
11,694
--
--
11,694
9,910
--
2,000
11,910
--
--
49,201
--
16,827
66,029
12,245
--
19,338
31,583
55,991
--
--
55,991
--
--
64,387
64,387
--
--
--
--
--
--
271,980
--
68,858
340,838
184,337
--
115,331
299,668
2,702
--
500
3,202
559
--
--
559
2,702
--
500
3,202
559
--
--
559
5,275
--
--
5,275
1,332
--
--
1,332
6,256
--
--
6,256
--
--
13,134
13,134
11,531
--
--
11,531
1,332
--
13,134
14,467
2,672
--
--
2,672
24,309
--
--
24,309
434
--
--
434
975
--
--
975
3,106
--
--
3,106
25,284
--
--
25,284
289,319
--
69,358
358,677
211,513
--
128,465
339,978

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

5. Analysis of expenditure
Year ended 31 December 2023 Unrestricted Designated Restricted Year ended Unrestricted Designated Restricted Year ended
2023 2023 2023 31-Dec-23 2022 2022 2022 31-Dec-22
Expenditure on Raising Funds
Direct Costs
UK Staff		 6,153
21,700		 --
--		 481
--		 6,634
21,700		 2,712
19,638		 --
--		 10,340
--		 13,052
19,638
Sub-total
Expenditure on Charitable activities (UK)
UK Support Staff
Travel
Outside services
Engineering Costs
Premises
Vehicle Costs
Vehicle Depreciation
Engine Depreciation
Office costs		 27,853
32,550
5,824
3,626
471
8,238
1,163
760
1,880
2,365		 --
--
--
--
--
--
--
--
--
--		 481
--
1,018
2,155
--
1,573
543
--
579
69		 28,334
32,550
6,842
5,781
471
9,812
1,706
760
2,459
2,434		 22,350
32,729
3,687
2,843
8,393
1,037
760
166
1,421		 --
--
--
--
--
--
--
--
--
--		 10,340
13,491
6,188
1,553
2,047
761
1,860
--
2,459
8		 32,690
46,219
9,874
1,553
4,890
9,154
2,897
760
2,625
1,429
Sub-total
Expenditure on Charitable activities in Madagascar
Staff
Office Expenses
Project Expenses
Vehicle Expenses
Mada Depreciation		 56,878
14,637
92,572
68,742
11,892
6,364		 --
--
--
--
--
--		 5,938
--
12
21,627
--
--		 62,816
14,637
92,584
90,369
11,892
6,364		 55,190
--
46,117
15,387
4,154		 --
--
--
--
--
--		 28,367
--
46,062
81,673
--		 83,556
--
92,179
81,673
15,387
4,154
Sub-total
Expenditure on Other Activities
Trustee/Director fees, training & Dev
UK Staff
Travel
Outside services
Finance costs & fees
Legal & Professional
Bad Debt		 194,206
--
16,329
--
--
10,406
1,433		 --
--
--
--
--
--
--		 21,639
--
98
--
--
487
--		 215,846
--
16,427
--
--
10,893
1,433		 61,504
--
26,184
572
--
12,282
3,495		 --
--
--
--
--
--
--		 127,735
--
--
3,172
--
1,310
--		 189,239
--
26,184
3,744
--
13,592
3,495
Sub-total 28,169 -- 585 28,754 42,533 -- 4,482 47,015
TOTAL EXPENDITURE 307,106 -- 28,643 335,749 181,577 -- 170,923 352,500

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

6. Reconciliation of net income/(expenditure) to net cash flow from operating activities Year ended 31 December 2023

Year ended Year ended
31-Dec-23 31-Dec-22
Net income/(expenditure) for the year (as per the statement of financial activities) 22,928 (12,522)
Adjustments for:
Grants received in kind as fixed assets -- --
Interest Receivable (313) (9)
Depreciation charges 9,583 7,373
Decrease/(Increase) in debtors (3,287) 1,588
Increase/(Decrease) in creditors 7,386 (3,962)
Net cash used in operating activities 36,296 (7,533)
Analysis of cash and cash equivalents
Cash in hand 50,947 48,759
Adjustments 125 165
Total cash and cash equivalents 51,072 48,924

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

7. Information regarding trustees and employees Year ended 31 December 2023

Average number of persons employed including trustees:

----- Start of picture text -----
Year ended Year ended
31-Dec-23 31-Dec-22
Goverance 8 6
Administration/ Fundraising/Charitable activities 23 24
Total Persons 31 30
----- End of picture text -----

No emoluments or expenses were paid to trustees during the year (2021: £nil). There were two employees of the charity in UK during the year (2021: one), other than the trustees. The other employees are in HA Madagascar

In 2022 employer pension contributions totalled £1084 (2021: £786)

During the year the charity utilised three contractors (2021: four)

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Year ended|Unrestricted|Designated|Restricted|Year ended| |2023|2023|2023|31-Dec-23|2022|2022|2022|31-Dec-22| |Employee Salary| |--|--|--|--|--|--| |Fundraising|4,638|4,638| |Charitable Activities|5,000|--|21,627|26,627|18,629|--|13,491|32,119| |Administration|7,268|--|--|7,268|10,100|--|--|10,100| |--| |Contractor fees|--| |--|--|--|--| |Fundraising|30,600|30,600|23,788|23,788| |Charitable Activities|13,500|--|--|13,500|11,184|--|1,553|12,737| |Administration|13,500|--|--|13,500|27,000|--|--|27,000| |Total|69,868|--|21,627|91,495|95,339|--|15,044|110,382|

----- End of picture text -----

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

8. Net income/outgoing resources

Year ended 31 December 2023

Net incoming/outgoing resources is stated after charging:

Unrestricted Designated Restricted Year ended Unrestricted Designated Restricted Year ended
2023 2023 2023 31-Dec-23 2022 2022 2022 31-Dec-22
Depreciation on tangible
fixed assets 9,003 -- 579 9,583 7,373 -- -- 7,373
Independent examiners -- -- -- -- -- -- -- --
fees
TOTAL Charges 9,583 7,373
9. Fixed Assets Vehicles Engines MADA Vehicles Medical Equipment Under
Construction		 TOTAL
Cost
At 31 Dec 2022
Additions		 8,755
--		 24,585
--		 29,909
--		 5,672
--		 32,987
34,463		 101,908
34,463
Cost at 31 Dec 2023
Depreciation
At 31 Dec 2022
Charge for the year		 5,778
760
8,755		 14,754
2,459
24,585		 4,677
5,981
29,909		 5,672
2,298
1,687		 67,450
--
--		 136,371
28,812
9,583
Depreciation as at 31 Dec 2023 6,538 17,213 10,658 3,985 -- 38,394
Net book value
At 31 Dec 2022 2,977 9,831 23,928 3,374 32,987 73,097
At 31 Dec 2023 2,217 7,372 19,251 1,687 67,450 97,977

The Hoveraid Trust Company Registration No. 02661888 Charity Registration No. 1005977

Year ended 31 December 2023

10. 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.

11. Ultimate controlling party

In the opinion of the trustees, the charity has no ultimate controlling party.

12. 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.