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← Mission Aviation Fellowship International

2024-12-31-accounts

MISSION AVIATION FELLOWSHIP INTERNATIONAL

(Company limited by guarantee and not having a share capital)

Company Number 3144199 Registered Charity Number 1058226

Financial Statements for the year ended 31 December 2024

MISSION AVIATION FELLOWSHIP INTERNATIONAL CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT 2
ADMINISTRATIVE INFORMATION 17
INDEPENDENT AUDITOR’S REPORT 18
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES 21
CONSOLIDATED AND CHARITY BALANCE SHEETS 21
CONSOLIDATED STATEMENT OF CASH FLOWS 23
NOTES TO THE FINANCIAL STATEMENTS 24

1

31 December 2024.

MESSAGE FROM OUR CHAIR

Looking back on almost 80 years of MAF’s history, the Lord has been gracious to our vision “To see isolated people changed

Søren Filbert

REFLECTION BY THE CEO

Dave Fyock

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

WHO WE ARE

provided.

Our VISIO N is to see isolated people changed by the love of Christ.

Our MISSION

Our VALUES are Witness, Impact, Partnership, Excellence, Stewardship and Care.

Five Marks of Mission ’:

To proclaim the good news of the Kingdom;

To respond to human needs by loving service;

demonstrated in an integrated way.

relief and development agencies, missions, hospitals and governments to meet the most pressing of human needs.

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OUR IMPACT

ACHIEVEMENTS AND PERFORMANCE

Maintenance and Flight Training Centre in Queensland, Australia, and provided technology services in Papua New Guinea

(MATC) in the Netherlands.

2024 2023
Total hours flown 17,663 18,616
**Number of flight legs ** 25,149 26,720
Unique(1) passengers 72,251 77,841
Distance(km) 3,534,078 3,739,677
Unique(1) cargo (kg) 1,852,797 1,902,138
Fleet size(including leased aircraft) 55 59
Staff 624 589
Destinations 564 533

(1)

2024
**(hours) **		 2023
(hours)
**Faith and Hope ** 2,653 2,885
Medical and Health 2,852 2,962
Education 1,221 1,243
Development 10,937 11,525

OUR STRATEGIC PRIORITIES

Expanding our Horizons – to create opportunity for growth through strategic partnerships, institutional and corporate funding, new programmes, worldwide recruitment, capacity-building in our programme countries and new technology that stewards the environment and provides more economical transportation.

Investing in People

an engineering apprentice and intern scheme, an increase in the number of instructor pilots, and a standardised management training plan to identify and grow management throughout the organisation.

Maximising Impact

management, and establish an innovation hub that invites creative thought to better serve our customers.

EXPANDING OUR HORIZONS

Increasing strategic partnerships

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

staff and students to learn about our services. For Mercy Ships, we operated a total of 30 charter flights,

, we plan to mature our operations in Guinea by expanding our services to development donors and

medical retrieval services as well as with organisations preventing gender-based violence in remote communities.

Increasing institutional funding

International Development); and to apply for financial support to purchase an industry-leading flight simulator and infrastructure for a training base on Cairns airport.

included our development managers building local agency relationships although these will

Swiss Development Cooperation. We have received accreditation with ACFID, and the next steps are now in progress before we can apply for funding. Unfortunately, we were not successful in our application to the Queensland State Government for funding for the simulator.

, country directors and strategic development managers in Papua New Guinea, South Sudan, Liberia,

Establishing new programmes

towards setting up a remote aviation service in mountainous regions; and consideration of opportunities to expand MAF Technologies activities into Myanmar. In Arnhem Land, the plan included proposals for the provision of medevac retrieval and health outreach programs to be presented to the government in early 2024.

technologies services in early 2025, including the appointment of a launch team in December 2024. The construction of a few airstrips in mountainous areas of Nagaland has commenced.

e = During 2025 , the purchase of an amphibious aircraft will enable our ministry to expand to reach the isolated

in 2026. It is also planned that a small research team will travel to northern Kenya, Ethiopia and Somaliland to

included trialling the Ugandan pilot internship, which highlighted some regulatory and

5

MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Services in Tanzania, to serve as our maintenance provider for our incoming C208.

Being prepared for new technology

excitement for how it will enable more impact in our programmes. Securing funding for the second simulator, to

December 2025. A second simulator is planned to be installed in Australia in 2026 with fundraising and lobbying

INVESTING IN PEOPLE

AMO in East Africa, which found a single authority model unviable.

e —_During 2025 we will enable access to technical data to share institutional knowledge and facilitate its use for

the people care strategy.

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

included PATC being approved

in Uganda and South Sudan.

Korea.

The East Africa and South Africa

MAXIMISING IMPACT

Indicators.

e = During 2025 we will prioritise the extraction of operational data from systems to create tailored dashboards that

7

MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

will be used for the next 5 years. We developed a proof-of-concept (PoC) version of the Pilot App to see if it could

and improve predictability. We have developed a pipeline which shows what pilots are applying and where they are in the process.

e = During 2025, we will integrate flight training and checking within our network of systems to enhance the

more consistent and purposeful approach to themes such as brand, story-telling and impact.

e = During 2025, we will prioritise initiatives to strengthen organisational cohesion and growth. A key focus is

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES

Risks Mitigation strategies
Safeguarding:abuse or other
harm to a child or vulnerable
adult		 HR team is responsible for awareness, training, monitoring and care. We require
This is hosted on our learning management system, to ensure compliance.
We consider safeguarding to be of critical importance in all areas of operations and life.
All leaders and managers have safeguarding as part of their key responsibilities and our
biennial training as well as review and signing of our safeguarding policy for all staff.
Actual or
mission to bring help, hope
Mission drift:
perceived drift from our core
and healing through aviation.
—		 Mandate which supports how we express that mission. The impact measurement tools
Our Board ofTrustees, CEO and Executive Leadership Team (ELT) own our mission and
_are tasked with protecting the organisation from experiencing mission drift. Ourstrong
vision and mission statements allow significant discussion across the organisation
—_affirmingmany ofthe core elements ofour organisation, alongside our Mission
we have developed allow us new ways to monitor and evaluate our work.
Funding:Not able to secure a
that ensures long-term
mission
sustainable, financial model
financial stability and enables
ye
wo
the organisation to deliver its		 Our CEO and ELT engage regularly with senior management and trustee boards across
the MAF family to focus on the medium and long-term funding needs for the
our funding and build a sustainable model for the future.
organisation.
.
.
.
.
.
During 2024, the MAF International familyagreed to integrate sothatwe can deliver
°
:
;
:
.
more impact long into the future. The Integration SteeringTeam has been formed and is
working to deliver an integrated organisation, operating as One MAF International by
the end of 2026. One ofthe workstreams is focussed on fundraising and how we grow
People:
developing and retaining
suitably experienced global
talent to achieve our
Not recruiting,
objectives		 Lifecycle.
Our_Growing Leaders_programme is helping us teach and train those in management or
We have in-house initiatives such as our engineering training scheme and growth of
resourcing hubs in Africa. We also expect our integration efforts to have significant
impact into securing our pipeline of talent, with a workstream focussed on our People
leadership roles. Talent management is also now in place to identify and grow suitable
individuals for senior roles and country director positions.
Our People Care function is now in place to provide wellbeing, spiritual life, and
personal care plans for all staff.
Actual or perceived loss of
Christian distinctiveness:
our core Christian identity or
ways of working		 true to our vision. We have a statement of faith and encourage daily prayer and worship
and wider MAF family, as needed.
The Board ofTrustees, CEO and ELT are responsible for ensuring the organisation stays
practices across the organisation. Challenges to our Christian distinctiveness are
discussed regularly by the Board and ELT and guidance is given across the organisation,

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

OUR ENVIRONMENTAL IMPACT

reliant on natural elements to provide reliable food and water. Their environment is being impacted by rising temperatures,

Our global carbon footprint in 2022 was:

Category 2022
**tCO2e **		 2022
%
MAF’sown flying 7,984 80.3
International travel 1,061 10.7
Energy 348 3.5
Local travel 312 3.1
Freight 168 2.4
Total 9,873 100

strategy includes:

Minimising waste, reducing consumption and increasing the use of sustainable goods. This will include carbonefficient methodologies such as solar panels, evaluating our supply chain, monitoring the development of sustainable aviation fuels (SAF) and carefully managing travel;

with customers focussed on creation care;

Research and investment in new and future technologies including drones, electric aircraft and other carbonfriendly tools; and

Meeting or exceeding regulatory compliance in every location.

commitment and Companies Act requirements.

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STAKEHOLDER ENGAGEMENT

(a) the likely consequences of any decision in the long term,

MAF’s 100[th] anniversary in 2045. As part groups to listen carefully to concerns.

(b) the interests of the company's employees,

years, the latest being in 2023.

i.

ii.

iii.

(c)

(d)

(e)

suppliers can raise any concerns and that they are properly addressed.

(f)

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

FINANCIAL REVIEW

the year was USD 57,413,000 (2023: USD 46,639,000). 27% (2023: 33%) was generated by services provided, 70% (2023:

seconded from members) and the remaining 3% (2023: 3%) from other sources.

The net movement in resources for the year before other gains and losses was a surplus of USD 11,608,000 (2023: a surplus

USD 13,329,000 (2023: surplus of USD 5,764,000). This comprises a surplus of USD 8,214,000 on unrestricted general funds,

transfer of USD 674,000 from restricted funds to designated funds following a review of previously restricted assets in

Financial Statements (note 25), which includes a note of how the funds are expected to be used.

December 2022 exchange rate) on assets of GBP 5,241,000 at that date . In June 2022, the trustees agreed to pursue out of the scheme. A buy-in was purchased on 31 May 2023 and the buy-out was completed in November 2024. The scheme was formally wound-up on 2 May 2025.

value of the investments, there was a net asset of USD 228,000 (2023: USD 391,000). This has not been recognised in the

being USD 9,832,000 of general funds (2023: USD 1,618,000) and USD 53,335,000 of designated funds (2023: USD 63,924,000). The general funds form the charity’s base reserve.

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

the reserves did not fall below the baseline.

31 December 2024, two designated funds were held; the primary one is to support the strategic development of the

Details of the designated funds are set out in note 25.

Going concern

investments at 31 December 2024. Of this USD 8,255,000 (2023 - USD 8,333,000) is held for restricted purposes and the

concern.

Fundraising

Grants

USD 54,000) to MAF South Africa.

Other grants made are shown in note 6.

GOVERNANCE AND STRUCTURE

Trustees

agreed by the members.

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

outside experts, where appropriate. The nominated safeguarding trustee reports directly to the Board.

copy of CC3

OUR PEOPLE

comparisons with the salaries of others in the same sector in the UK. The salaries of the other members of the ELT are set by the CEO considering the country of residence of each. All ELT members receive the same cost of living rises as the

Volunteers

Safeguarding

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Employment of Disabled People

retraining of employees who have become disabled.

OUR SYSTEMS

Internal Control

The trustees have overall responsibility for ensuring that the charity has an appropriate system of internal controls. They are

the charity is operating efficiently and effectively;

its assets are safeguarded against unauthorised use or disposition;

proper records are maintained and financial information used within the charity or for publication is reliable; and the charity complies with relevant laws and regulations.

The systems of internal control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include:

a strategic plan and an annual budget approved by the trustees;

delegation of authority and segregation of duties;

minimum financial internal controls required are documented in a finance manual.

basis.

Standards, Quality and Flight Safety

authority (NAA) compliant.

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MISSION AVIATION FELLOWSHIP INTERNATIONAL REPORT OF THE TRUSTEES, INCLUDING THE STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

select suitable accounting policies and then apply them consistently;

departures disclosed and explained in the financial statements;

material departures which are explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

contained therein.

So far as each of the trustees of the charity at the date of approval of this report is aware there is no relevant audit

countries.

Søren Filbert Chair

16

MISSION AVIATION FELLOWSHIP INTERNATIONAL ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2024

TRUSTEES

Peter Curtis (Chair) (until 21 September 2024) Søren Filbert (Chair) (from 21 September 2024) Rachel Gardner-Poole Alastair Ralph Gunn Ndabaethethwa Mazabani

Stephen Osei-Mensah Dennis van der Sar Carey Vanlalmuana

COMMITTEE MEMBERS

Finance and Audit Committee:

Alastair Ralph Gunn (Chair) Carey Vanlalmuana William Watson

Governance and Risk Committee : Stephen Osei-Mensah (Chair) Peter Curtis (until 21 September 2024) Søren Filbert Ndabaethethwa Mazabani

MEMBERS

MAF Australia

MAF Finland MAF France MAF Germany MAF Italy MAF Netherlands MAF New Zealand MAF Norway MAF South Africa MAF Sweden MAF Switzerland MAF UK

PROVISIONAL MEMBERS

MAF Philippines MAF Singapore

ASSOCIATE MEMBERS

MAF Canada MAF USA

Safety and Security Committee:

Dennis van der Sar (Chair) Stephen Osei-Mensah Leighton Pittendrigh-Smith

EXECUTIVE LEADERSHIP TEAM

Registered Office, and principal place of business in UK Operations Centre, Henwood, Ashford, Kent, TN24 8DH

Independent Auditor

Chief Executive Officer

Principal Bankers

Chief Operating Officer

Chief Finance Officer and Company Secretary

Solicitors

Abraham Carel Bothma Chief Human Resources Officer

Douglas Ring Chief Information Officer

William Harding International Development Director

ACCOUNTABILITY, ACCREDITATION AND MEMBERSHIPS

MAF International is a member of a number of organisations including EU-CORD, ACCORD, ACFID, Global Connections, the UN Global Logistics Cluster, the FCDO Rapid Response Facility, the Common Humanitarian Standards (CHS) Alliance and the Global

Reduction (GNDR).

In addition, MAF International is an observer member of

in humanitarian action (ALNAP) and recognises and upholds the Sphere standards.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MISSION AVIATION FELLOWSHIP INTERNATIONAL FOR THE YEAR ENDED 31 DECEMBER 2024

OPINION

sheet, Statement of Cash flows and notes to the financial statements, including significant accounting policies. The financial

including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

preparation of the financial statements is appropriate.

a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially

misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine

performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the strategic report and directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

course of the audit, we have not identified material misstatements in the strategic report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

18

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MISSION AVIATION FELLOWSHIP INTERNATIONAL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 16, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,

the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and noncompliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: ~~www.frc.org.uk/auditorsresponsibilities~~ . This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the

these between our audit team members including internal specialists and component audit teams. We then designed and

provide a basis for our opinion.

operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were Employment Legislation, Civil Aviation Authority Regulations, Taxation Regulation and Anti-fraud, Bribery and Corruption legislation. We also considered compliance with local legislation for the group’s overseas operations.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

enquiries of management, internal audit, and the Finance and Audit Committee about their own identification and

reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from

irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF MISSION AVIATION FELLOWSHIP INTERNATIONAL (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the

those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable

Dipesh Chhatralia Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

Date: 24 June 2025

20

MISSION AVIATION FELLOWSHIP INTERNATIONAL

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Unrestricted funds Restricted Unrestricted funds Restricted
General Designated funds Total General Designated funds Total
Note USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 USD’000
Income
Donations 3 7,759 - 32,614 40,373 9,819 - 20,132 29,951
Charitable activities 4 14,644 665 - 15,309 14,665 860 - 15,525
Other 1,260 259 212 1,731 946 145 72 1,163
Total income 23,663 924 32,826 57,413 25,430 1,005 20,204 46,639
Expenditure
Raising funds 5 299 - - 299 547 - - 547
Grants made 6 1,003 285 2,169 3,457 1,002 28 1,605 2,635
Charitable activities 7 21,404 4,861 15,784 42,049 22,345 3,767 13,920 40,032
Total expenditure 22,706 5,146 17,953 45,805 23,894 3,795 15,525 43,214
Net income/(expenditure) before transfers 9 957 (4,222) 14,873 11,608 1,536 (2,790) 4,679 3,425
Transfers between funds 25,26 9,075 (8,048) (1,027) - (1,556) 3,804 (2,248) -
Net income/(expenditure) before other
recognised gains and losses 10,032 (12,270) 13,846 11,608 (20) 1,014 2,431 3,425
Net movement in revaluation reserves 25,26 - 1,676 1,858 3,534 - 2,196 899 3,095
Other losses (1,818) 5 - (1,813) (712) (9) (35) (756)
Net movement in funds 8,214 (10,589) 15,704 13,329 (732) 3,201 3,295 5,764
Balances brought forward 1,618 63,924 33,582 99,124 2,350 60,723 30,287 93,360
Balances carried forward 9,832 53,335 49,286 112,453 1,618 63,924 33,582 99,124

There were no recognised gains or losses in either year other than those included in the Statement of Financial Activities.

All income and expenditure derive from continuing activities in both years.

The notes on pages 24 to 52 form an integral part of these financial statements.

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MISSION AVIATION FELLOWSHIP INTERNATIONAL CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 DECEMBER 2024

Consolidated Consolidated Charity Charity
2024 2023 2024 2023
Note USD’000 USD’000 USD’000 USD’000
Intangible fixed assets 11 130 142 130 142
Tangible fixed assets 12 86,080 75,129 36,790 32,939
Current assets
Stocks 13 3,268 3,071 698 735
Debtors 14 5,721 7,015 3,406 4,819
Short-term deposits 15 618 3,402 - -
Cash and cash equivalents 16 26,960 20,502 22,319 17,281
36,567 33,990 26,423 22,835
Current liabilities
Creditors 17 (5,786) (6,668) (4,866) (3,950)
Provisions 19 (1,225) (1,024) (1,225) (1,024)
(7,011) (7,692) (6,091) (4,974)
Net current assets 29,556 26,298 20,332 17,861
Debtors due after more than one year 14 48 539 48 539
Total assets less current liabilities 115,814 102,108 57,300 51,481
Creditors due after more than one year 18 (1,423) (1,425) (1,423) (1,425)
Net assets excluding pension and deferred tax
liabilities 114,391 100,683 55,877 50,056
Deferred tax liability 20 (1,938) (1,559) - -
Net Assets including pension liability 112,453 99,124 55,877 50,056
Accumulated funds
Unrestricted funds
General 9,832 1,618 7,385 1,151
Designated revaluations reserves 7,132 5,635 2,533 2,152
Other designated funds 46,203 58,289 21,759 28,278
25 53,335 63,924 24,292 30,430
Total unrestricted funds 63,167 65,542 31,677 31,581
Restricted funds
Restricted revaluations reserves 3,630 1,773 1,509 558
Other restricted funds 45,656 31,809 22,691 17,917
Total restricted funds 26 49,286 33,582 24,200 18,475
Total funds 27 112,453 99,124 55,877 50,056

Søren Filbert, Chair

The notes on pages 24 to 52 form an integral part of these financial statements.

22

MISSION AVIATION FELLOWSHIP INTERNATIONAL CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Net cash from operating activities
31
Cash flow from investing activities
Purchase of tangible assets
Purchase of intangible assets
Proceeds from disposals of tangible assets
Interest received
Net cash used in investing activities
Effect of exchange rates on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at start of year
Cash and cash equivalents at the end of the year		 2024
USD’000
14,873
(11,802)
(44)
1,487
593
(9,766)
(1,433)
3,674
23,904
27,578		 2023
USD’000
2,306
(2,152)
(25)
427
283
(1,467)
(451)
388
23,516
23,904

The notes on pages 24 to 52 form an integral part of these financial statements.

23

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES

Mission Aviation Fellowship International is a charitable company limited by guarantee and registered in England and Wales, registration number 3144199, and a registered charity number 1058226. The registered office is Operations Centre, Henwood, Ashford, Kent TN24 8DH.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard

Act 2006.

MAF International meets the definition of a public benefit entity under FRS102.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

a Basis of accounting

The financial statements have been prepared on a going concern basis, under the historical cost convention, as

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires

statements are disclosed in note 2.

b Going concern

MAF International has USD 27,578,000 (2023 - USD 23,904,000) held in immediately accessible cash or short-term investments at 31 December 2024. Of this USD 8,255,000 (2023 - USD 8,333,000) is held for restricted purposes and the remaining cash is for use at the directors’ discretion which is sufficient to cover the group’s liabilities as they fall

ongoing income from MAF member groups, and therefore these financial statements have been prepared on the basis that the charity is a going concern.

c Consolidation

The Consolidated Statement of Financial Activities and the Consolidated Balance Sheet have been prepared by

exemption from presenting its unconsolidated profit and loss account under Section 408 of the Companies Act 2006. The result for the charity only for the year was a surplus of USD 5,821,000 (2023 – surplus of USD 723,000).

d Foreign currencies

The functional and presentation currency of MAF International is US dollars as the primary currency used in the aircraft industry. However, income and costs also arise in other currencies due to operating jurisdictions. Other currencies have been translated to US dollars as follows:

Current assets and liabilities – closing rate at 31 December 2024 Other amounts - rate at date of transaction

31 December 2024 31 December 2023
2024 Average 2023 Average
GBP Sterling 1.2520 1.2804 1.2732 1.2421
Australian Dollar 0.6184 0.6631 0.6805 0.6631
Papua New Guinean Kina 0.2491 0.2591 0.2683 0.2791

24

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

e Income

(ii) Donated services income comprises the estimated value to MAF International of the staff seconded for international service. The costs are borne by the seconding groups. An equal and opposite charge is recognised in charitable expenditure. In accordance with the Charities SORP (FRS 102), the time donated to MAF International by volunteers is not recognised.

(iii) Income arising from charitable activities is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of credits and discounts allowed and value added taxes. (iv) Interest on funds held on deposit is included when receivable and can be measured reliably.

f Expenditure

(i) Raising funds comprises a proportion of central overhead costs arising from staff and other costs attributable to this activity. (ii) Grants made comprises payments made to other MAF groups and similar organisations either in accordance with donor restrictions placed on the funds, or to support their development, or to enable them to fully finance the seconding of individual staff to our operations. (iii) Charitable activities comprise actual costs relating to the aircraft and other services together with local (overseas) overheads. (v) Support costs include functions that directly support the operations such as flight training, engineering, operations support and quality, safety and security. Support costs also include ���������������������������� personnel, payroll and governance costs which support the charitable activities. These costs have been allocated between cost of raising funds, grants made and charitable expenditure. The basis on which support costs have been allocated is set out in note 8.

g Employee benefits

(i) Leave benefits, including holiday pay are recognised as an expense in the period in which the service is
rendered.
(ii) Pension payments to defined contribution pension schemes are recognised as an expense when they fall
due.
(iii) MAF international holds a defined benefit pension scheme which is closed to new members and further
accrual since 2008. The amount recognised in the balance sheet at 31 December 2024 is USD Nil (2023 –
USD Nil).
(iv) Annually, an independent actuary is engaged to calculate the obligation arising under the scheme. The
present value is determined by discounting the estimated future payments using ������������������
quality corporate bonds that are denominated in sterling and that have terms approximating the estimated
������������������������������������������

The fair value of plan assets is measured in accordance with the FRS 102 fair value. This includes the use of appropriate valuation techniques. Actuarial gains and losses arising from ��������������������������� changes in actuarial assumptions are charged or credited to other comprehensive income.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss.

h Operating leases

Operating lease rentals are charged to the Statement of Financial Activities in accordance with the term of the lease.

i Deferred tax

Local legislation requires MAF to be registered as a commercial company in Papua New Guinea, which potentially gives rise to taxation on operating activities. Any taxation liabilities arising from these activities are provided at rates ruling in the relevant accounting period and deferred taxation is provided where it is predicted that a liability may arise in the foreseeable future.

j Intangible fixed assets Purchased and internally developed computer software which costs USD 3,000 or more is capitalised at cost and amortised over its estimated useful life, 5 to 10 years.

25

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES (CONTINUED)

k Tangible fixed assets

Individual fixed assets costing USD 3,000 or more are capitalised at cost.

Depreciation is calculated as follows:

(i) Aircraft

Aircraft, where externally insured, are included at their insurance values. Other aircraft are valued at directors’ valuation. Depreciation is charged to write off the expenditure over the aircraft’s estimated

Any increases in the net value are credited to expenditure to the extent that the aircraft has been previously impaired; the remaining gain is credited to the revaluation reserve within other comprehensive income. Any decreases are debited to the portion of the revaluation reserve associated to that aircraft until it is fully depleted and the remaining decrease is charged to expenditure.

When an aircraft has been purchased, and until it is brought into operational use, it is valued at the costs incurred to date. When it is planned that an aircraft will be sold, the net value of that aircraft is reduced to the expected sale proceeds.

(ii) Property Depreciation is charged to write off expenditure on leasehold property equally over the length of the lease. Depreciation on other buildings is charged to write off the cost to their residual values over their expected economic lives. This is assessed country by country and ranges from 3 to 50 years. Depreciation on leasehold land is charged to write off the expenditure over the life of the lease. For assets in the course of construction depreciation is charged from the date which that facility becomes operational. (iii) Equipment and vehicles

Depreciation is charged to write off the expenditure over an estimated useful life of 5 to 10 years.

l Stocks

m Cash

n Debtors

Trade and other debtors are initially measured at transaction value and are subsequently measured at the settlement amount due. Prepayments are valued at the amount prepaid.

o Creditors and provisions

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

p Financial instruments The organisation uses non-speculative foreign exchange contracts to reduce its exposure to foreign exchange risk, in line with the organisation’s investment policy. These do not qualify as basic financial instruments. Foreign exchange contracts are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Statement of Financial Activities.

q

Funds

comprise net accumulated surpluses. They are available for use to further the charitable

Restricted Funds

with restricted funds the restriction is deemed to be satisfied after reporting to the donor on the use of those assets ceases. Such assets are then transferred to unrestricted designated funds.

r

Related parties

In the case of some members of the senior leadership team, their spouse also has an employment or consultancy contract with the organisation. The trustees are of the opinion that these should be considered as related parties. The total remuneration paid is disclosed in note 10.

26

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

2. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY

information, assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the group:

a Donated services

The value of donated services is determined by applying the average cost of a member of seconded staff to all those staff whose services have been donated to the group during the year. The average cost is calculated from the actual staff cost data of three member groups who supplied the highest number of seconded staff during the year.

b Overhaul

Engines and propellers must be overhauled after set numbers of hours – most commonly 1,700 hours for a piston engine and up to 5,000 hours for a turbine engine. Funds are set aside in a designated fund for each hour flown for future overhaul of aircraft engines, propellers and the aircraft themselves. Actual expenditure is charged to the designated fund. For aircraft leased at USD Nil from third parties, these funds are included as a liability on the balance sheet.

c Aircraft valuations

impairment.

d Estimation of useful lives of assets

The group determines the estimated useful lives and related amortisation and depreciation charges for intangible and tangible assets. The useful lives could change significantly as a result of technical innovations or some other event. The amortisation or depreciation charge will increase where the useful lives are less than previously estimated lives. Technically obsolete assets that have been abandoned or sold are written off or written down.

e Impairment

MAF International assesses impairment of intangible and tangible assets at the end of each reporting period by evaluating conditions and events specific to the organisation that may be indicative of impairment trigger.

f Tax accruals

The group has a number of outstanding tax issues at the end of the financial year. The expected liabilities are accrued in the financial statements. Each accrual is calculated in accordance with communication from the tax authorities, local legislation and other external factors such as exchange rates. These accruals are reviewed annually and recalculated as necessary.

27

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3. INCOME FROM DONATIONS

Voluntary income comprises the amounts transferred mainly from the MAF members, together with other gift income. Restricted gifts may have been transferred directly to MAF International by a donor agency, under the direction of the national group.

Donated services
Income for housing
Institutional donors
MAF Australia
MAF Canada
����������
MAF Finland
MAF France
MAF Germany
MAF India
MAF Italy
MAF Netherlands
MAF New Zealand
MAF Norway
MAF South Africa
MAF Sweden
MAF Switzerland
MAF UK
MAF USA
Other donors		 2024
Unrestricted
Restricted
Total
USD’000
USD’000
USD’000
-
6,152
6,152
675
-
675
-
2,215
2,215
11
2,041
2,052
5
12
17
58
311
369
10
17
27
-
70
70
3
78
81
-
17
17
-
11
11
-
13,346
13,346
-
611
611
-
877
877
-
5
5
-
256
256
-
919
919
6,545
5,443
11,988
143
168
311
309
65
374
7,759
32,614
40,373		 2023
Unrestricted
Restricted
Total
USD’000
USD’000
USD’000
-
5,477
5,477
726
-
726
-
1,481
1,481
923
1,704
2,627
-
11
11
225
203
428
19
35
54
-
60
60
21
67
88
-
6
6
-
4
4
-
4,937
4,937
-
543
543
-
866
866
-
4
4
83
96
179
-
523
523
7,716
3,847
11,563
21
201
222
85
67
152
9,819
20,132
29,951

Many International Staff are paid by the MAF member or another mission agency which then seconds them to the charity. The costs of these staff are therefore borne by those groups and as a result the staff support received is generally not passed to the charity. Other International Staff are paid by the charity. As a partial contribution towards this cost, restricted income is received by the charity from their relevant sending MAF groups. The total of such amounts received by the charity and included in restricted income above was as follows:

MAF Australia
MAF Canada
MAF Germany
MAF India
MAF Netherlands
MAF South Africa
MAF Switzerland
MAF UK
MAF USA
Other donors		 2024
USD’000
1,166
10
23
17
135
3
228
583
85
34
2,284		 2023
USD’000
1,121
11
25
6
180
2
179
499
108
73
2,204

MAF International additionally collected USD 702,000 (2023 – USD 464,000) donations income on behalf of other MAF member groups or associated members. In these situations, MAF International forwards the income onto the relevant group directly and consequently the income has not been recognised in the financial statements.

28

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4. INCOME FROM CHARITABLE ACTIVITIES

The users of MAF International aircraft contribute to the costs of MAF. Similarly, �������������������������������������������������������� when providing other services, such as logistics. In Australia, we additionally have an aircraft engineering base which serves both our programmes in the regions as well as third-party customers. MAF Technologies in PNG provides radio and other communication technology services. Some programmes are also able to help third-party organisations with aircraft or vehicle maintenance.

Contributions for
Aviation services
Maintenance services
Other technologies
Other services		 2024
General
Designated
Total
USD’000
USD’000
USD’000
14,305
-
14,305
83
-
83
-
657
657
256
8
264
14,644
665
15,309		 2023
General
Designated
Total
USD’000
USD’000
USD’000
14,132
-
14,132
198
-
198
-
854
854
335
6
341
14,665
860
15,525

MAF International acts as an agent for flights operated by MAF Canada and MAF US. In 2024 it also acted as an agent for ���������������� Baptist on behalf of Airport View School in Torit. During the year, the group collected and passed on USD 8,000 (2023- USD 5,000) which has not been recognised in these financial statements.

5. EXPENDITURE ON RAISING FUNDS

Allocation of support staff and other costs

2024 2023
USD’000 USD’000
299 547

All amounts relate to unrestricted funds in both the current and prior year.

6. EXPENDITURE ON GRANTS MADE

Grants were made from restricted and unrestricted funds in 2024 as follows:

MAF Canada
MAF France
MAF Italy
MAF New Zealand
MAF Norway
MAF Philippines
MAF Singapore
MAF South Africa
MAF Sweden
MAF Switzerland
MAF USA
MATC
Bryce Wagner
Foundation
��������������������		 For
international
staff support
For ongoing operations and development
of their activities
Sub-total
Allocation
of support
costs
Total
General
General
Designated
Restricted
General
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
116
-
-
-
116
1
117
-
-
22
2
24
-
24
-
-
57
-
57
1
58
-
-
40
1
41
1
42
-
325
-
-
325
4
329
-
-
1
-
1
-
1
-
-
-
50
50
1
51
146
-
43
39
228
3
231
34
50
-
-
84
1
85
64
-
-
-
64
1
65
225
-
-
2,045
2,270
29
2,299
-
-
114
27
141
2
143
-
-
8
-
8
-
8
-
-
-
4
4
-
4
585
375
285
2,168
3,413
44
3,457

29

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

6. EXPENDITURE ON GRANTS MADE (CONTINUED)

Grants were made from restricted and unrestricted funds in 2023 as follows:

MAF Canada
MAF France
MAF Italy
MAF Netherlands
MAF Norway
MAF Philippines
MAF Singapore
MAF South Africa
MAF Sweden
MAF Switzerland
MAF USA
MATC
Mission Eine Welt		 For
international
staff support
For ongoing operations and development
of their activities
Sub-total
Allocation
of support
costs
Total
General
General
Designated
Restricted
General
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
USD’000
132
-
-
-
132
14
146
-
-
-
32
32
1
33
-
-
-
57
57
1
58
4
-
-
-
4
1
5
-
236
-
47
283
26
309
-
-
-
20
20
1
21
-
-
-
30
30
1
31
29
-
-
25
54
4
58
19
185
-
-
204
21
225
95
-
-
-
95
10
105
159
-
-
1,359
1,518
58
1,576
-
-
28
26
54
5
59
-
-
-
9
9
-
9
438
421
28
1,605
2,492
143
2,635

7. EXPENDITURE ON CHARITABLE ACTIVITIES

Direct costs of services comprise the direct costs of aviation (such as fuel, maintenance and insurance) as well as those of other technologies and of running the aviation operations and maintenance departments, excluding staff costs. The direct costs of providing other services are within other local overhead expenditure and are not material. The method of allocation of support costs is shown in note 8.

Charitable activities for 2024 were as follows:

Direct costs of services
Cost of donated services
Staff costs
Other local overhead expenditure
Depreciation, amortisation and
impairment
Loss on sale of assets		 Charitable Activities
Total
General
Designated
Restricted
USD’000
USD’000
USD’000
USD’000
3,644
1,403
3,484
8,531
-
-
6,152
6,152
14,254
280
3,422
17,956
3,506
1,170
1,781
6,457
-
1,782
945
2,727
-
226
-
226
21,404
4,861
15,784
42,049

Charitable activities for 2023 were as follows:

Direct costs of services
Cost of donated services
Staff costs
Other local overhead expenditure
Depreciation, amortisation and
impairment
(Profit) on sale of assets		 Charitable Activities
Total
General
Designated
Restricted
USD’000
USD’000
USD’000
USD’000
5,300
1,353
3,170
9,823
-
-
5,477
5,477
12,716
7
3,287
16,010
4,329
185
1,876
6,390
-
1,985
110
2,095
-
237
-
237
22,345
3,767
13,920
40,032

30

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

8. SUPPORT COSTS

Support costs have been collated according to function, which includes all staff directly attributed to that department and other associated costs. These functions are allocated to the main expenditure functions in accordance with time spent supporting that aspect of MAF International’s operations.

Support costs for 2024 were as follows:

Chief Executive and Regional Directors offices
Aviation Services including quality and safety
Finance
Human Resources
Information technology and communications
Support office costs
Depreciation of fixed assets used for support
Strategic development
Governance		 Raising funds
Grants
Charitable
Activities
USD’000
USD’000
USD’000
57
25
877
-
-
3,035
57
9
845
10
-
991
164
10
1,599
-
-
400
-
-
108
11
-
347
-
-
136
299
44
8,338		 Total
USD’000
959
3,035
911
1,001
1,773
400
108
358
136
8,681

Support costs for 2023 were as follows:

Chief Executive and Regional Directors Offices
Aviation Services including quality and safety
Finance
Human Resources
Information technology and communications
Support office costs
Depreciation of fixed assets used for support
Strategic development		 Raising funds
Grants
Charitable
Activities
USD’000
USD’000
USD’000
139
18
1,022
-
-
2,468
143
72
1,215
-
53
1,009
169
-
1,401
-
-
309
-
-
59
96
-
290
547
143
7,773		 Total
USD’000
1,179
2,468
1,430
1,062
1,570
309
59
386
8,463

9. NET INCOME BEFORE TRANSFERS

The net income before transfers between funds is stated after charging:

Auditors’ remuneration – UK audit fees
- component audit fees
Realised net loss/(gain) on currency exchange
Amortisation of intangible assets (note 11)
Depreciation of tangible assets (note 12)
Impairment/(reversal of impairment) of tangible assets (note 12)
Net loss on disposal of fixed assets
Charges under operating leases
Inventory expensed in the year		 2024
2023
USD’000
USD’000
90
74
96
68
677
278
56
39
2,485
2,602
186
(546)
226
237
1,003
1,019
1,801
1,542

31

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10. STAFF EXPENDITURE AND STAFF NUMBERS

Staff Costs
Wages and salaries, including intangible expenditure
Social security costs
Retirement and death-in-service benefits costs
Total salaries and benefits paid to Executive Leadership Team during the year
Employees that received remuneration of:
£60,000 to £69,999
£70,000 to £79,999
£80,000 to £89,999
£90,000 to £99,999
£100,000 to £109,999
Average number of employees - support offices
Average number of employees - field
Average number of seconded staff		 2024
2023
USD’000
USD’000
19,022
17,355
433
397
1,146
1,004
20,601
18,756
646
507
2024
2023
Number
Number
6
5
2
-
1
-
-
1
1
-
121
105
424
407
68
64
613
576

During the year, the charity made payments in lieu of notice for redundancy totalling $3,899 (2023: $0) from unrestricted funds, calculated on the basis of 1 month’s salary.

No remuneration is paid to the directors for their services as trustees of the Group, although expenses incurred personally in the course of their duties are reimbursed. Expenses waived by the directors for their services as trustees are negligible.

2024 2023
USD’000 USD’000
Travel expenses reimbursed to 5 directors (2023- 7). 14 28

The spouses of a number of the senior leadership team receive remuneration from the organisation for services rendered under either an employment contract or a consultancy contract.

Total remuneration paid to spouses of senior leadership team members 2024
2023
USD’000
USD’000
121
131

32

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

11. INTANGIBLE ASSETS

Analysis for the group and charity:

COST
At ���nuary 2024
Additions
Disposals
At 31 December 2024
AMORTISATION
At ���nuary 2024
Charge in the year
On Disposal
At 31 December 2024
NET BOOK VALUE
At 31 December 2023
At 31 December 2024		 USD’000
231
44
-
275
89
56
-
145
142
130

12. TANGIBLE FIXED ASSETS

Analysis for the Group:

COST OR VALUATION
��������������
Additions
Disposals
Revaluation reserve
At 31 December 2024
DEPRECIATION
��������������
Charge in year
Net Impairment
Depreciation on disposals
Revaluation Reserve write
����
At 31 December 2024
NET BOOK VALUE
At 31 December 2023
At 31 December 2024
Analysis of value between:
Used for direct charitable purposes
Used for support of field programmes,
management and administration		 Freehold
�����
Leasehold
�����
Equipment
Aircraft
Property
Property
���������
USD’000
USD’000
USD’000
USD’000
51,648
9,219
21,275
6,333
9,159
-
2,289
354
(1,720)
-
-
(71)
2,246
-
-
-
61,333
9,219
23,564
6,616
-
1,016
7,513
4,817
1,108
149
758
470
(23)
-
-
-
(7)
-
-
(71)
(1,078)
-
-
-
-
1,165
8,271
5,216
51,648
8,203
13,762
1,516
61,333
8,054
15,293
1,400
61,333
4,664
12,595
1,249
3,390
2,698
151		 Total
USD’000
88,475
11,802
(1,791)
2,246
100,732
13,346
2,485
(23)
(78)
(1,078)
14,652
75,129
86,080
79,841
6,239

33

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12.TANGIBLE FIXED ASSETS (CONTINUED)

The titles of land and buildings in Kenya are held by a corporate body, Missionary Aviation Fellowship (Kenya) Registered Trustees, on behalf of MAF International.

building of housing in PNG, which are assets in the course of construction.

The historical cost of purchasing the aircraft was USD 64,861,000 (2023 - USD 58,131,000).

34

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

12. TANGIBLE FIXED ASSETS (CONTINUED)

Analysis of the charity only:

Analysis of the charity only:
Freehold Leasehold
Land & Land & Equipment Equipment
Aircraft Property Property & Vehicles Total
USD’000 USD’000 USD’000 USD’000 USD’000 USD’000
COST OR VALUATION
At 1 January 2024 19,530 6,573 10,007 3,736 3,736 39,846
Additions and transfers 3,253 - 1,115 265 265 4,633
Disposals (810) - - (30) (30) (840)
Revaluation 906 - - - - 906
At 31 December 2024 22,879 6,573 11,122 3,971 971 44,545
DEPRECIATION
At 1 January 2024 - 845 3,145 2,917 2,917 6,907
Charge in year and transfers 379 102 527 249 249 1,257
Impairment - - - - - -
Disposals - - - (30) (30) (30)
Revaluation write back (379) - - - - (379)
At 31 December 2024 - 947 3,672 3,136 136 7,755
NET BOOK VALUE
At 31 December 2023 19,530 5,728 6,862 819 819 32,939
At 31 December 2024 22,879 5,626 7,450 835 835 36,790
13.
STOCKS
Group Group Charity
2024 2023 2024 2023
USD’000 USD’000 USD’000 USD’000
Aircraft spare parts 1,799 1,706 642 682
Fuel and other stocks 1,443 1,232 56 53
Work in progress 26 133 - -
3,268 3,071 698 735
14.
DEBTORS
Group Charity
2024 2023 2024 2023
USD '000 USD '000 USD '000 USD '000
Current Debtors
Trade and sundry debtors 2,456 4,688 1,398 3,342
Amounts due from subsidiary undertakings - - 58 -
Other debtors 799 869 404 380
Prepayments 2,466 1,458 1,546 1,097
5,721 7,015 3,406 4,819
Debtors due after more than one year
MAF Suriname 48 539 48 539

35

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

15. SHORT TERM DEPOSITS

������������
16.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents – Support offices
Cash and cash equivalents - Programmes		 Group
2024
2023
USD ����
USD ����
618
3,402
Group
2024
2023
USD ����
USD ����
22,755
17,326
4,205
3,176
26,960
20,502		 Charity
2024
2023
USD ����
USD ����
-
-
Charity
2024
2023
USD ����
USD ����
21,556
16,635
763
646
22,319
17,281

17. CREDITORS

Trade and other creditors
Taxation and social security
����������������������������������
Loans
Accrued expenses		 Group
2024
2023
USD’000
USD’000
3,562
4,015
277
281
-
-
-
327
1,947
2,045
5,786
6,668		 Charity
2024
2023
USD’000
USD’000
2,296
2,142
110
164
2,071
801
-
326
389
517
4,866
3,950

18. CREDITORS DUE AFTER MORE THAN ONE YEAR

Loans
Staff resettlement allowances		 Group
2024
2023
USD’000
USD’000
1,035
1,104
388
321
1,423
1,425		 Charity
2024
2023
USD’000
USD’000
1,035
1,104
388
321
1,423
1,425

The loans above were received from MAF Netherlands in December 2021 ����������������. They are unsecured loans to be repaid in 2027 with annual interest payable at a rate of 2% in arrears.

36

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

19. PROVISIONS

Included in creditors are the following provisions:

For overhaul of aircraft owned by 3rdparties
For taxation issues in overseas programmes		 Charity and Group
Balances 1
����������4
Provided in
the year
Utilised in the
year
Written off in
year
Balances 31
December
2024
USD’000
USD’000
USD’000
USD’000
USD’000
746
168
(31)
-
883
278
150
-
(86)
342
1,024
318
(31)
(86)
1,225

See notes 2b and 2f for further comment on these provisions.

20. DEFERRED TAX LIABILITY

�������������������
Movement in the year
Provision at 31 December		 Group
2024
2023
USD’000
USD’000
1,559
1,255
379
304
1,938
1,559		 Charity
2024
2023
USD’000
USD’000
-
-
-
-
-
-

21. OPERATING LEASES

At 31 December 2024 the group ��������������������������������������������������������-cancellable operating leases:

Payable in 1 year
Payable in 2-5 years
Payable in over 5 years		 Property
Other
2024
2024
USD’000
USD’000
312
1
291
-
636
-
1,239
1		 Property
Other
2023
2023
USD’000
USD’000
316
123
73
28
107
-
496
151

22. Forward Foreign Exchange Contracts

At 31 December 2024, the organisation was committed to pay USD 4,354,000 (2023: USD 3,980,000) in non-cancellable foreign exchange contracts to purchase USD and AUD using EUR and GBP. These commitments are stated at fair value and the USD 182,000 gain (2023: USD 5,000 loss) arising from the difference between the fair value and notional value has been recognised in the Statement of Financial Activities.

The commitments can be analysed as follows:

2024 2023
Currency Contract Contract Type Maturity Currency Contract Contract Type Maturity
Value (USD) Value (USD)
EUR 1,035,000 Fixed Forward 05/03/2025 EUR 830,469 Fixed Forward 29/11/2024
EUR 1,038,000 Fixed Forward 22/04/2025 GBP 1,577,238 Fixed Forward 22/02/2024
EUR 1,043,000 Fixed Forward 21/07/2025 GBP 945,771 Fixed Forward 29/05/2024
GBP 619,000 Fixed Forward 29/01/2025 GBP 630,739 Fixed Forward 18/03/2024
GBP 619,000 Fixed Forward 10/05/2025

23. CAPITAL COMMITMENTS

At 31 December 2024, the organisation was committed to pay a total of USD 5,752,000 under two contracts with Textron Aviation to purchase two caravans in 2025. It was also committed to pay USD 3,000,000 for a second-hand amphibious Cessna caravan and USD 1,789,000 for a Flight Simulator for training purposes. In addition, the organisation has committed to pay USD 66,000 for the completion of staff accommodation at the Kagamuga compound in PNG and USD 14,000 for the completion of the hangar in Madagascar.

24. POST BALANCE SHEET EVENTS

The winding up of the MAF Europe UK Pension Scheme was completed on 2[nd] May 2025, resulting in a surplus of USD189,000, (£146,000) being returned to the employer.

37

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

25. UNRESTRICTED DESIGNATED FUNDS

Assets fund
Revaluation reserves
Strategic Development fund
MAF Technologies (PNG)
Self-insurance fund
Designated funds – Charity only
Aircraft overhauls fund
Assets fund
Revaluation reserves
Strategic Development fund
Future assets fund
MAF Technologies (PNG)
Self-insurance fund
Tactical investment fund
Designated funds – Charity only		 Balances 1
�������
2024
USD’000
44,387
5,635
9,092
309
4,501
63,924
30,430
Balances 1
�������
2023
USD’000
3,932
44,768
3,456
3,233
1,102
352
3,679
201
60,723
29,985		 Income
Expenditure
USD’000
USD’000
-
(1,783)
-
-
122
(2,495)
670
(776)
132
(92)
924
(5,146)
3,888
(3,053)
Income
Expenditure
USD’000
USD’000
-
(1,134)
-
(458)
-
-
-
(986)
66
(166)
867
(986)
72
(59)
-
(6)
1,005
(3,795)
72
(2,540)		 Transfers
USD’000
931
(179)
(4,351)
92
(4,541)
(8,048)
(7,354)
Transfers
USD’000
(2,798)
1,507
(17)
5,424
(1,002)
76
809
(195)
3,804
2,043		 Net tangible
asset
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
(1,417)
-
-
-
1,676
-
1,417
-
-
-
-
5
-
-
-
-
1,676
5
-
381
-
Net tangible
asset
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
-
-
-
(1,430)
-
-
-
2,196
-
1,430
-
(9)
-
-
-
-
-
-
-
-
-
-
-
-
-
2,196
(9)
-
870
-		 Balances 31
December
2024
USD’000
42,118
7,132
3,785
300
-
53,335
24,292
Balances 31
December
2023
USD’000
-
44,387
5,635
9,092
-
309
4,501
-
63,924
30,430

38

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

The assets fund represents amounts set aside equivalent to the value of the aircraft, properties, equipment and vehicles used by MAF International (less relevant loans) and provision for the future replacement of some assets, both of which have been financed with transfers from unrestricted general funds.

The revaluation reserves represent the increase in value of aircraft over their original cost to carrying values where appropriate.

The assets fund and the revaluation reserves fund together ��������������������������������������������������������������������������These funds are therefore not readily available for other purposes.

MAF Technologies (PNG) represents the net assets of that entity �����������������, which will be used solely for the activities of that ministry in Papua New Guinea.

The aircraft overhauls fund is used to overhaul the engines, propellers and airframes of the aircraft. Engines and propellers must be overhauled after set numbers of hours – most

commonly 1,700 hours for a piston engine and up to 5,000 hours for a turbine engine. Funds are transferred from general funds to this designated fund for each hour flown by every aircraft.

The future assets fund was created to cover the cost of specific capital assets, including aircraft, that are essential to the operations and for which no other funding has been received, or is expected.

The tactical investment fund is used to cover the cost of �����������������������������������������������������������������������������������������������������������������������������s.

The development fund is used for the development of MAF Groups to enhance their fund raising and recruitment activities as well as to cover the cost of agreed new ventures, such as setting up operations or organisations to assist in resourcing the charity in new countries.

The self-insurance fund is available for the repair or replacement of damaged or stolen vehicles and aircraft, other than those which are externally insured. It is also used to cover other items that have not been able to be insured in some countries or where the premiums have been prohibitive.

During the 2023 year the board amalgamated the designated funds of the aircraft overhaul fund, future assets fund, tactical investment fund and development fund into one strategic development fund.

At the end of 2024, funds were transferred from the strategic development fund and self-insurance fund into unrestricted reserves to bring greater alignment with the intended purpose of the funds. This includes all funds directly related to ongoing operations, including overhaul of aircraft and self-insurance claims. The remaining funds in the strategic development fund are for strategic opportunities and development of MAF members. This includes the final two years of a three-year investment in digital transformation, and the integration programme which is expected to last for three years from 2025 to 2027.

39

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS

Restricted funds comprise the following unexpended balances of gifts and grants made for specific purposes and the net value of tangible assets bought from restricted funds. ���������������������������������������������������������������

Group
Additional and replacement aircraft
Arnhem Land, Northern Territories
Bangladesh
Central Asia
Chad
Disaster relief
Fuel
Guinea
Kenya
Liberia
Madagascar
Mareeba
MAF Technologies (PNG)
Papua New Guinea
South East Asia
South Sudan
Staff costs
Tanzania
Timor-Leste
Uganda
���������������������
�������������������������������		 Balances 1
�������
2024
USD’000
3,717
139
13
-
15
294
-
59
26
94
188
-
61
1,335
13
1,132
982
1
84
84
48
48
8,333		 Income
Expenditure
USD’000
USD’000
13,697
(92)
1,005
(969)
-
(9)
2,084
(2,084)
81
(81)
107
(50)
999
(999)
253
(157)
289
(298)
82
(117)
268
(296)
-
-
125
(65)
2,082
(1,897)
28
(2)
1,234
(1,143)
6,281
(6,578)
182
(173)
310
(275)
431
(411)
2,489
(466)
799
(847)
32,826
(17,009)		 Transfers
USD’000
-
(66)
(4)
-
4
(70)
-
(52)
(13)
(25)
(3)
5
(10)
(98)
11
(46)
(1)
-
-
-
(2)
17
(353)		 Net tangible
asset
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
(9,159)
-
-
-
-
-
-
-
-
-
-
-
(10)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(53)
-
-
-
-
-
(4)
-
-
(1,174)
-
-
-
-
-
(995)
-
-
-
-
-
-
-
-
-
-
-
(76)
-
-
-
-
-
-
-
-
(11,471)
-
-		 Balances 31
December
2024
USD’000
8,163
109
-
-
9
281
-
103
4
34
104
5
107
248
50
182
684
10
119
28
2,069
17
12,326

40

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS (CONTINUED)

Brought forward (page 40)
Net value of tangible assets:
Aircraft
Land and buildings
Equipment and vehicles
Net value of intangible assets
Total Restricted Funds		 Balances 1
�������
2024
USD’000
8,333
22,394
2,538
317
25,249
-
33,582		 Income
Expenditure
USD’000
USD’000
32,826
(17,009)
-
(778)
-
(104)
-
(62)
-
(944)
-
-
32,826
(17,953)		 Transfers
USD’000
(353)
-
(643)
(31)
(674)
-
(1,027)		 Net tangible
assets
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
(11,471)
-
-
9,159
1,858
-
2,182
-
-
130
-
-
11,471
1,858
-
-
-
-
-
1,858
-		 Balances 31
December
2024
USD’000
12,326
32,633
3,973
354
36,960
-
49,286

Following a review of previously restricted assets and in accordance with the accounting policy 1q on page 25, assets with a ���������value of USD 674,000 (2023: USD 1,403,000) have been transferred from restricted funds to unrestricted designated funds.

Other transfers of USD 352,000 (2023: USD 756,000) from restricted to unrestricted general funds represent balance transfers or reallocation of funds in line with donor’s wishes.

41

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS (CONTINUED)

Charity only
Additional and replacement aircraft
Arnhem Land, Northern Territories
Bangladesh
Central Asia
Chad
Disaster relief
Fuel
Guinea
Kenya
Liberia
Madagascar
Mareeba
MAF Technologies (PNG)
Papua New Guinea
South East Asia
South Sudan
Staff costs
Tanzania
Timor-Leste
Uganda
���������������������
�������������������������������		 Balances 1
�������
2024
USD’000
3,633
-
13
-
15
289
-
59
26
94
188
-
1
93
13
1,137
982
1
7
84
35
47
6,717		 Income
Expenditure
USD’000
USD’000
7,787
(1,530)
376
(376)
-
(9)
2,084
(2,084)
81
(81)
107
(50)
851
(851)
253
(157)
289
(298)
82
(117)
268
(296)
-
-
79
(65)
1,892
(1,911)
28
(2)
1,234
(1,143)
6,281
(6,578)
179
(170)
239
(243)
431
(411)
261
(263)
606
(653)
23,408
(17,288)		 Transfers
USD’000
-
-
(4)
-
4
(69)
-
(52)
(13)
(25)
(3)
5
(11)
(1)
11
(51)
(1)
-
-
-
(2)
17
(195)		 Net tangible
asset
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
(3,253)
-
-
-
-
-
-
-
-
-
-
-
(10)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(53)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(995)
-
-
-
-
-
-
-
-
-
-
-
(76)
-
-
-
-
-
-
-
-
(4,387)
-
-		 Balances 31
December
2024
USD’000
6,637
-
-
-
9
277
-
103
4
34
104
5
4
73
50
182
684
10
3
28
31
17
8,255

42

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS (CONTINUED)

Brought forward (page 42)
Net value of tangible assets:
Aircraft
Land and buildings
Equipment and vehicles
Total Restricted Funds		 Balances 1
�������
2024
USD’000
6,717
10,515
1,007
236
11,758
18,475		 Income
Expenditure
USD’000
USD’000
23,408
(17,288)
-
(328)
-
(103)
-
(46)
-
(477)
23,408
(17,765)		 Transfers
USD’000
(195)
-
(643)
(31)
(674)
(869)		 Net tangible
assets
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
(4,387)
-
-
3,254
951
-
1,008
-
-
125
-
-
4,387
951
-
-
951
-		 Balances 31
December
2024
USD’000
8,255
14,392
1,269
284
15,945
24,200

43

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS (CONTINUED)

Group
Additional and replacement aircraft
Arnhem Land, Northern Territories
Bangladesh
Central Asia
Chad
Disaster relief
Fuel
Guinea
Kenya
Liberia
Madagascar
MAF Technologies (PNG)
Papua New Guinea
South East Asia
South Sudan
Staff costs
Tanzania
Timor-Leste
Uganda
���������������������
�������������������������������		 Balances 1
�������
2023
USD’000
320
30
19
-
14
208
-
-
20
437
45
15
1,413
12
1,266
1,319
3
102
72
322
134
5,751		 Income
Expenditure
USD’000
USD’000
3,628
-
1,409
(1,027)
64
(70)
1,382
(1,382)
75
(74)
118
(32)
1,047
(1,047)
219
(113)
275
(272)
192
(176)
718
(229)
82
(36)
1,600
(1,099)
2
(1)
1,051
(1,248)
5,603
(5,940)
167
(169)
337
(294)
780
(663)
525
(612)
930
(931)
20,204
(15,415)		 Transfers
USD’000
(231)
(273)
-
-
-
-
-
(47)
3
79
8
-
(28)
-
86
-
-
(58)
(23)
(187)
(85)
(756)		 Net tangible
asset
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(438)
-
-
(354)
-
-
-
-
-
(516)
-
(35)
-
-
-
(23)
-
-
-
-
-
-
-
-
(3)
-
-
(82)
-
-
-
-
-
-
-
-
(1,416)
-
(35)		 Balances 31
December
2023
USD’000
3,717
139
13
-
15
294
-
59
26
94
188
61
1,335
13
1,132
982
1
84
84
48
48
8,333

44

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS (CONTINUED)

Brought forward (page 44)
Net value of tangible assets:
Aircraft
Land and buildings
Equipment and vehicles
Net value of intangible assets
Total Restricted Funds		 Balances 1
�������
2023
USD’000
5,751
21,352
2,645
427
24,424
112
30,287		 Income
Expenditure
USD’000
USD’000
20,204
(15,415)
-
143
-
(124)
-
(106)
-
(87)
-
(23)
20,204
(15,525)		 Transfers
USD’000
(756)
-
(1,150)
(253)
(1,403)
(89)
(2,248)		 Net tangible
assets
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
(1,416)
-
(35)
-
899
-
1,167
-
-
249
-
-
1,416
899
-
-
-
-
-
899
(35)		 Balances 31
December
2023
USD’000
8,333
22,394
2,538
317
25,249
-
33,582

45

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS (CONTINUED)

Charity Only
Additional and replacement aircraft
Arnhem Land, Northern Territories
Bangladesh
Central Asia
Chad
Disaster relief
Fuel
Guinea
Kenya
Liberia
Madagascar
MAF Technologies (PNG)
Papua New Guinea
South East Asia
South Sudan
Staff costs
Tanzania
Timor-Leste
Uganda
���������������������
�������������������������������		 Balances 1
�������
2023
USD’000
281
-
19
-
14
198
-
-
20
437
45
-
415
12
1,266
1,319
3
4
72
307
133
4,545		 Income
Expenditure
USD’000
USD’000
3,628
-
289
(289)
64
(70)
1,382
(1,382)
75
(74)
117
(26)
909
(909)
219
(113)
275
(272)
192
(176)
718
(229)
36
(35)
791
(1,088)
2
(1)
1,051
(1,243)
5,683
(6,020)
167
(169)
324
(275)
780
(663)
303
(388)
719
(720)
17,724
(14,142)		 Transfers
USD’000
(276)
-
-
-
-
-
-
(47)
3
79
8
-
(25)
-
86
-
-
(46)
(23)
(187)
(85)
(513)		 Net tangible
asset
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(438)
-
-
(354)
-
-
-
-
-
-
-
-
-
-
-
(23)
-
-
-
-
-
-
-
-
-
-
-
(82)
-
-
-
-
-
-
-
-
(897)
-
-		 Balances 31
December
2023
USD’000
3,633
-
13
-
15
289
-
59
26
94
188
1
93
13
1,137
982
1
7
84
35
47
6,717

46

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26. RESTRICTED FUNDS (CONTINUED)

Brought forward (page 46)
Net value of tangible assets:
Aircraft
Land and buildings
Equipment and vehicles
Net value of intangible assets
Total Restricted Funds		 Balances 1
�������
2023
USD’000
4,545
12,156
1,519
293
13,968
112
18,625		 Income
Expenditure
USD’000
USD’000
17,724
(14,142)
(2,080)
20
-
(118)
-
(68)
(2,080)
(166)
-
(23)
15,644
(14,331)		 Transfers
USD’000
(513)
188
(1,128)
(152)
(1,092)
(89)
(1,694)		 Net tangible
assets
Revaluation
Unrealised
exchange
(loss)
USD’000
USD’000
USD’000
(897)
-
-
-
231
-
734
-
-
163
-
-
897
231
-
-
-
-
-
231
-		 Balances 31
December
2023
USD’000
6,717
10,515
1,007
236
11,758
-
18,475
27.
NET ASSETS
Consolidated Group
Intangible fixed assets
Tangible fixed assets
Current assets
Long-term assets
Current liabilities
Long-term liabilities
Deferred tax liability		 Unrestricted funds
Restricted
Total
General
Designated
Funds
2024
USD’000
USD’000
USD’000
USD’000
-
130
-
130
-
49,120
36,960
86,080
20,156
4,085
12,326
36,567
48
-
-
48
(7,011)
-
-
(7,011)
(1,423)
-
-
(1,423)
(1,938)
-
-
(1,938)
9,832
53,335
49,286
112,453		 Unrestricted funds
Restricted
Total
General
Designated
Funds
2023
USD’000
USD’000
USD’000
USD’000
-
142
-
142
-
49,880
25,249
75,129
11,755
13,902
8,333
33,990
539
-
-
539
(7,692)
-
-
(7,692)
(1,425)
-
-
(1,425)
(1,559)
-
-
(1,559)
1,618
63,924
33,582
99,124

47

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

27.NET ASSETS (CONTINUED)

Charity only
Intangible fixed assets
Tangible fixed assets
Current assets
Long-term assets
Current liabilities
Long-term liabilities		 Unrestricted funds
Restricted
Total
General
Designated
Funds
2024
USD’000
USD’000
USD’000
USD’000
-
130
-
130
-
20,845
15,945
36,790
14,851
3,317
8,255
26,423
48
-
-
48
(6,091)
-
-
(6,091)
(1,423)
-
-
(1,423)
7,385
24,292
24,200
55,877		 Unrestricted funds
Restricted
Total
General
Designated
Funds
2023
USD’000
USD’000
USD’000
USD’000
-
142
-
142
-
21,181
11,758
32,939
7,011
9,107
6,717
22,835
539
-
-
539
(4,974)
-
-
(4,974)
(1,425)
-
-
(1,425)
1,151
30,430
18,475
50,056

48

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

28. DEATH-IN-SERVICE AND RETIREMENT BENEFITS

Defined benefit pension scheme

MAF International provided for pensions for UK based employees through "The MAF Europe UK Pension Scheme". This is an insured scheme, which is invested with Legal and General Investment Management. It is a defined benefit scheme based on 1/60 of final salary for each year

2007 and closed for future accrual with effect from 29 February 2008.

the scheme trustees agreed to pursue a buy-out.

valuation have been made based on the following assumptions:

2024 2023
Discount rate 5.4% 4.5%
Retail price inflation before 2030 3.4% 3.1%
Retail price inflation after 2030 3.4% 3.1%
Limited price indexation 3.2% 3.0%
Deferred pension revaluation N/A 3.1%
The mortality assumptions used were:
2024 2023
For a male aged 65 now 21.3 21.4
At 65 for a male member aged 45 now 22.6 22.6
For a female aged 65 now 23.8 23.9
At 65 for a female member aged 45 now 25.2 25.3

49

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

28.DEATH-IN-SERVICE AND RETIREMENT BENEFITS (CONTINUED)

Reconciliation of scheme assets and liabilities:

����������
Interest income/(expense)
Assets gains
Actuarial gains/ (losses)
Contributions/(expenses)
Settlements
Benefits paid
At 31 December		 2024
2024
2024
Assets
Liabilities
Total
USD’000
USD’000
USD’000
4,060
(3,669)
391
167
(151)
16
(356)
-
(356)
6
294
300
(123)
-
(123)
(2,904)
2,904
-
(90)
90
-
760
(532)
228		 2023
2023
2023
Assets
Liabilities
Total
USD’000
USD’000
USD’000
5,256
(3,224)
2,032
246
(154)
92
(1,343)
-
(1,343)
236
(375)
(139)
(251)
-
(251)
-
-
-
(84)
84
-
4,060
(3,669)
391

The scheme net asset of USD 228,000 (£182,000) was not recognised in the financial statements in accordance with FRS102, as the directors ���������������������������������� will be fully recovered.

The fair value of the plan assets is as follows:

Sterling liquid fund
Insured pensions
Cash
Total		 2024
USD’000
170
532
58
760		 2023
USD’000
167
3,613
280
4,060

Under advice, the scheme trustees disinvested the scheme from equities and bonds into a sterling liquid fund in preparation for the buyout.

Non-contributory money purchase arrangements

�����������������������������������������������������������������pension providers of choice for all UK-based employees. During the year these pension contributions to individual non-contributory pension arrangements totalled USD 248,000 (2023 - USD 230,000).

MAF International in Asia Pacific made contributions of 11.5% of annual salary for superannuation for all Australia-based employees totalling USD 637,000 (2023 - USD 554,000).

Pension and superannuation contributions for staff in other fields overseas totalled USD 261,000 (2023 - USD 219,000).

29. TRUSTEES LIABILITY INSURANCE

MAF International has arranged liability insurance for its trustees and staff at a cost for the year of USD 14,800 (2023 - USD 13,600) excluding responsibilities regarding Asia Pacific region.

MAF International Asia Pacific has arranged liability insurance for its directors and staff at a cost for the year of USD 8,300 (2023 - USD 2,300). Both are authorised in the respective Memorandum and Articles of Association.

50

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

30. SUBSIDIARY UNDERTAKINGS

The charity has a number of subsidiaries as follows:

Stichting MAF International is a foundation registered in the Netherlands, Chamber of Commerce number 74256157. It ������������������ of Mission Aviation Training Centre (MATC) in the Netherlands, principally by owning three aircraft which it leases to MATC.

Aviation Communication and Logistics Services Limited is a company registered in Uganda, whose shares are owned by the charity and two nominees. It holds the titles to parcels of land in Uganda which it has leased to MAF International for 99 years. These parcels of land �����������������������������������������������������������������������������������������hin land ���roperty in tangible fixed assets (note 12).

Although Mission Aviation Fellowship International is referred to as MAF International in these accounts, there is an Australian charitable company, MAF International, with registration number A.B.N. 32 004 260 860, referred to below as MAF International (in Australia). This company is 100% controlled by virtue of the fact that Mission Aviation Fellowship International is the sole member of MAF International. Its principal activity is the provision of air services to the Church and remote communities. This company has two subsidiaries, MAF Aviation Services Pty Ltd and MAF PNG Holding Ltd. MAF PNG Holding Ltd also has one subsidiary, MAF Papua New Guinea Ltd.

Christian Radio Missionary Fellowship Inc ��������������������������� is a not-for-profit association incorporated in Papua New Guinea, association number 5-903. It is controlled by virtue of a Memorandum of Understanding that grants responsibility for control and governance to Mission Aviation Fellowship International. Its ministry focus is in communications technology and services.

The following is a summary of the results and of the net assets of the main entities within the group.

Income
Expenditure
Other
Net movement
in funds
Net assets/
(liabilities)		 MAF
International
MAF
International
(in the
Netherlands)
MAF
International
(in Australia)
*
MAF PNG
Holding Ltd
and MAF
Papua New
Guinea Ltd
MAF
Technologies
USD’000
USD’000
USD’000
USD’000
USD’000
31,604
2,592
15,338
7,116
741
(26,478)
(575)
(10,925)
(6,777)
(1,025)
182
10
(1,043)
2,566
5		 MAF India
USD’000
17
(19)
-		 MAF
Malaysia
USD’000
5
(6)
1
-
-		 2024
Total
USD’000
57,413
(45,805)
1,721
5,308
2,027
3,370
2,905
(279)		 (2) 13,329
55,877
2,404
47,100
6,626
446		 - 112,453

*MAF International (in Australia) includes MAF Aviation Services Pty Ltd.

51

MISSION AVIATION FELLOWSHIP INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

30. SUBSIDIARY UNDERTAKINGS (CONTINUED)

The comparative results for 2023 are:

Income
Expenditure
Other
Net movement
in funds
Net Assets		 MAF
International
MAF
International
(in the
Netherlands)
MAF
International
(in Australia)*
USD’000
USD’000
USD’000
32,593
555
5,422
(23,084)
(674)
(11,214)
718
(1)
426		 MAF PNG
Holding Ltd
and MAF
Papua New
Guinea Ltd
USD’000
7,120
(7,256)
1,200		 MAF
Technologies
USD’000
943
(982)
(4)		 MAF India
USD’000
6
(4)
-
2
2		 2023
Total
USD’000
46,639
(43,214)
2,339
10,227
(120)
(5,366)		 1,064 (43) 5,764
50,208
377
44,262		 3,617 658 99,124

*MAF International (in Australia) includes MAF Aviation Services Pty Ltd.

31. NOTES TO THE CASH FLOW STATEMENT

Net income before other recognised gains and losses
Net interest income
Operating surplus
Amortisation of intangible assets
Depreciation of tangible assets
Impairment/(reversal of impairment) of tangible assets
Loss on disposal of tangible assets
�����������������������
(Increase) ��������
Decrease/(increase) in current and long-term debtors
(Decrease) in current and long-term creditors
Cash flow from operating activities		 2024
USD’000
11,608
(593)
11,015
56
2,485
186
226
(197)
1,785
(683)
14,873		 2023
USD’000
3,425
(283)
3,142
39
2,602
(546)
237
(279)
(2,221)
(668)
2,306

32. ANALYSIS OF CHANGES IN NET DEBT

Short term deposits
�������������������
Cash and cash equivalents
Loans
Total		 Balances 1
�����������
Cash Flows
Non-Cash
Balances 31
December
2024
USD’000
USD’000
USD’000
USD’000
3,402
(2,784)
-
618
20,502
6,458
-
26,960
23,904
3,674
-
27,578
(1,431)
317
79
(1,035)
22,473
3,991
79
26,543

52