## **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** 

2 



**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. 

3 



**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**<br>**(hours) **|**2023**<br>**(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** 

4 



**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. 

6 



## **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 

8 



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



9 



**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**<br>**tCO2e **|**2022**<br>**%**|
|---|---|---|
|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. 

10 



**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)_ 

11 



**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. 

12 



**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. 

13 



**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** 

14 



**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; 

- regular consideration by the trustees of financial results, variances from budgets and non-financial performance indicators; 

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. 

15 



**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. 

17 



**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: 

- give a true and fair view of the state of the group’s and the charitable company’s affairs as at 31 December 2024 and of the group’s income and expenditure, for the 31 December 2024 then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

19 



## **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. 

21 



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

- (i) Donations are recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably. 

(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<br>Income for housing<br>Institutional donors<br>MAF Australia<br>MAF Canada<br>����������<br>MAF Finland<br>MAF France<br>MAF Germany<br>MAF India<br>MAF Italy<br>MAF Netherlands<br>MAF New Zealand<br>MAF Norway<br>MAF South Africa<br>MAF Sweden<br>MAF Switzerland<br>MAF UK<br>MAF USA<br>Other donors|2024<br>Unrestricted<br>Restricted<br>Total<br>USD’000<br>USD’000<br>USD’000<br>-<br>6,152<br>6,152<br>675<br>-<br>675<br>-<br>2,215<br>2,215<br>11<br>2,041<br>2,052<br>5<br>12<br>17<br>58<br>311<br>369<br>10<br>17<br>27<br>-<br>70<br>70<br>3<br>78<br>81<br>-<br>17<br>17<br>-<br>11<br>11<br>-<br>13,346<br>13,346<br>-<br>611<br>611<br>-<br>877<br>877<br>-<br>5<br>5<br>-<br>256<br>256<br>-<br>919<br>919<br>6,545<br>5,443<br>11,988<br>143<br>168<br>311<br>309<br>65<br>374<br>7,759<br>32,614<br>40,373|2023<br>Unrestricted<br>Restricted<br>Total<br>USD’000<br>USD’000<br>USD’000<br>-<br>5,477<br>5,477<br>726<br>-<br>726<br>-<br>1,481<br>1,481<br>923<br>1,704<br>2,627<br>-<br>11<br>11<br>225<br>203<br>428<br>19<br>35<br>54<br>-<br>60<br>60<br>21<br>67<br>88<br>-<br>6<br>6<br>-<br>4<br>4<br>-<br>4,937<br>4,937<br>-<br>543<br>543<br>-<br>866<br>866<br>-<br>4<br>4<br>83<br>96<br>179<br>-<br>523<br>523<br>7,716<br>3,847<br>11,563<br>21<br>201<br>222<br>85<br>67<br>152|
|---|---|---|
|||9,819<br>20,132<br>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<br>MAF Canada<br>MAF Germany<br>MAF India<br>MAF Netherlands<br>MAF South Africa<br>MAF Switzerland<br>MAF UK<br>MAF USA<br>Other donors|2024<br>USD’000<br>1,166<br>10<br>23<br>17<br>135<br>3<br>228<br>583<br>85<br>34<br>2,284|2023<br>USD’000<br>1,121<br>11<br>25<br>6<br>180<br>2<br>179<br>499<br>108<br>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<br>Aviation services<br>Maintenance services<br>Other technologies<br>Other services|2024<br>General<br>Designated<br>Total<br>USD’000<br>USD’000<br>USD’000<br>14,305<br>-<br>14,305<br>83<br>-<br>83<br>-<br>657<br>657<br>256<br>8<br>264<br>14,644<br>665<br>15,309|2023<br>General<br>Designated<br>Total<br>USD’000<br>USD’000<br>USD’000<br>14,132<br>-<br>14,132<br>198<br>-<br>198<br>-<br>854<br>854<br>335<br>6<br>341|
|---|---|---|
|||14,665<br>860<br>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<br>MAF France<br>MAF Italy<br>MAF New Zealand<br>MAF Norway<br>MAF Philippines<br>MAF Singapore<br>MAF South Africa<br>MAF Sweden<br>MAF Switzerland<br>MAF USA<br>MATC<br>Bryce Wagner<br>Foundation<br>��������������������|For<br>international<br>staff support<br>For ongoing operations and development<br>of their activities<br>Sub-total<br>Allocation<br>of support<br>costs<br>Total<br>General<br>General<br>Designated<br>Restricted<br>General<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>116<br>-<br>-<br>-<br>116<br>1<br>117<br>-<br>-<br>22<br>2<br>24<br>-<br>24<br>-<br>-<br>57<br>-<br>57<br>1<br>58<br>-<br>-<br>40<br>1<br>41<br>1<br>42<br>-<br>325<br>-<br>-<br>325<br>4<br>329<br>-<br>-<br>1<br>-<br>1<br>-<br>1<br>-<br>-<br>-<br>50<br>50<br>1<br>51<br>146<br>-<br>43<br>39<br>228<br>3<br>231<br>34<br>50<br>-<br>-<br>84<br>1<br>85<br>64<br>-<br>-<br>-<br>64<br>1<br>65<br>225<br>-<br>-<br>2,045<br>2,270<br>29<br>2,299<br>-<br>-<br>114<br>27<br>141<br>2<br>143<br>-<br>-<br>8<br>-<br>8<br>-<br>8<br>-<br>-<br>-<br>4<br>4<br>-<br>4|
|---|---|
||585<br>375<br>285<br>2,168<br>3,413<br>44<br>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<br>MAF France<br>MAF Italy<br>MAF Netherlands<br>MAF Norway<br>MAF Philippines<br>MAF Singapore<br>MAF South Africa<br>MAF Sweden<br>MAF Switzerland<br>MAF USA<br>MATC<br>Mission Eine Welt|For<br>international<br>staff support<br>For ongoing operations and development<br>of their activities<br>Sub-total<br>Allocation<br>of support<br>costs<br>Total<br>General<br>General<br>Designated<br>Restricted<br>General<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>132<br>-<br>-<br>-<br>132<br>14<br>146<br>-<br>-<br>-<br>32<br>32<br>1<br>33<br>-<br>-<br>-<br>57<br>57<br>1<br>58<br>4<br>-<br>-<br>-<br>4<br>1<br>5<br>-<br>236<br>-<br>47<br>283<br>26<br>309<br>-<br>-<br>-<br>20<br>20<br>1<br>21<br>-<br>-<br>-<br>30<br>30<br>1<br>31<br>29<br>-<br>-<br>25<br>54<br>4<br>58<br>19<br>185<br>-<br>-<br>204<br>21<br>225<br>95<br>-<br>-<br>-<br>95<br>10<br>105<br>159<br>-<br>-<br>1,359<br>1,518<br>58<br>1,576<br>-<br>-<br>28<br>26<br>54<br>5<br>59<br>-<br>-<br>-<br>9<br>9<br>-<br>9|
|---|---|
||438<br>421<br>28<br>1,605<br>2,492<br>143<br>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<br>Cost of donated services<br>Staff costs<br>Other local overhead expenditure<br>Depreciation, amortisation and<br>impairment<br>Loss on sale of assets|Charitable Activities<br>Total<br>General<br>Designated<br>Restricted<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>3,644<br>1,403<br>3,484<br>8,531<br>-<br>-<br>6,152<br>6,152<br>14,254<br>280<br>3,422<br>17,956<br>3,506<br>1,170<br>1,781<br>6,457<br>-<br>1,782<br>945<br>2,727<br>-<br>226<br>-<br>226|
|---|---|
||21,404<br>4,861<br>15,784<br>42,049|



Charitable activities for 2023 were as follows: 

|Direct costs of services<br>Cost of donated services<br>Staff costs<br>Other local overhead expenditure<br>Depreciation, amortisation and<br>impairment<br>(Profit) on sale of assets|Charitable Activities<br>Total<br>General<br>Designated<br>Restricted<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>5,300<br>1,353<br>3,170<br>9,823<br>-<br>-<br>5,477<br>5,477<br>12,716<br>7<br>3,287<br>16,010<br>4,329<br>185<br>1,876<br>6,390<br>-<br>1,985<br>110<br>2,095<br>-<br>237<br>-<br>237|
|---|---|
||22,345<br>3,767<br>13,920<br>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<br>Aviation Services including quality and safety<br>Finance<br>Human Resources<br>Information technology and communications<br>Support office costs<br>Depreciation of fixed assets used for support<br>Strategic development<br>Governance|Raising funds<br>Grants<br>Charitable<br>Activities<br>USD’000<br>USD’000<br>USD’000<br>57<br>25<br>877<br>-<br>-<br>3,035<br>57<br>9<br>845<br>10<br>-<br>991<br>164<br>10<br>1,599<br>-<br>-<br>400<br>-<br>-<br>108<br>11<br>-<br>347<br>-<br>-<br>136<br>299<br>44<br>8,338|Total<br>USD’000<br>959<br>3,035<br>911<br>1,001<br>1,773<br>400<br>108<br>358<br>136|
|---|---|---|
|||8,681|



Support costs for 2023 were as follows: 

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



## **9. NET INCOME BEFORE TRANSFERS** 

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

|Auditors’ remuneration – UK audit fees<br>- component audit fees<br>Realised net loss/(gain) on currency exchange<br>Amortisation of intangible assets (note 11)<br>Depreciation of tangible assets (note 12)<br>Impairment/(reversal of impairment) of tangible assets (note 12)<br>Net loss on disposal of fixed assets<br>Charges under operating leases<br>Inventory expensed in the year|2024<br>2023<br>USD’000<br>USD’000<br>90<br>74<br>96<br>68|
|---|---|
||677<br>278|
||56<br>39<br>2,485<br>2,602<br>186<br>(546)<br>226<br>237|
||1,003<br>1,019|
||1,801<br>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<br>Wages and salaries, including intangible expenditure<br>Social security costs<br>Retirement and death-in-service benefits costs<br>Total salaries and benefits paid to Executive Leadership Team during the year<br>Employees that received remuneration of:<br>£60,000 to £69,999<br>£70,000 to £79,999<br>£80,000 to £89,999<br>£90,000 to £99,999<br>£100,000 to £109,999<br>Average number of employees - support offices<br>Average number of employees - field<br>Average number of seconded staff|2024<br>2023<br>USD’000<br>USD’000<br>19,022<br>17,355<br>433<br>397<br>1,146<br>1,004|
|---|---|
||20,601<br>18,756|
||646<br>507|
||2024<br>2023<br>Number<br>Number<br>6<br>5|
||2<br>-|
||1<br>-|
||-<br>1|
||1<br>-|
||121<br>105<br>424<br>407<br>68<br>64|
||613<br>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<br>2023<br>USD’000<br>USD’000<br>121<br>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**<br>At ���nuary 2024<br>Additions<br>Disposals<br>At 31 December 2024<br>**AMORTISATION**<br>At ���nuary 2024<br>Charge in the year<br>On Disposal<br>At 31 December 2024<br>**NET BOOK VALUE**<br>At 31 December 2023<br>At 31 December 2024|USD’000<br>231<br>44<br>-|
|---|---|
||275|
||89<br>56<br>-|
||145|
||142|
||130|



## **12. TANGIBLE FIXED ASSETS** 

Analysis for the Group: 

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

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



## **17. CREDITORS** 

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



## **18. CREDITORS DUE AFTER MORE THAN ONE YEAR** 

|Loans<br>Staff resettlement allowances|Group<br>2024<br>2023<br>USD’000<br>USD’000<br>1,035<br>1,104<br>388<br>321<br>1,423<br>1,425|Charity<br>2024<br>2023<br>USD’000<br>USD’000<br>1,035<br>1,104<br>388<br>321|
|---|---|---|
|||1,423<br>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<br>For taxation issues in overseas programmes|Charity and Group<br>Balances 1<br>����������4<br>Provided in<br>the year<br>Utilised in the<br>year<br>Written off in<br>year<br>Balances 31<br>December<br>2024<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>746<br>168<br>(31)<br>-<br>883<br>278<br>150<br>-<br>(86)<br>342|
|---|---|
||1,024<br>318<br>(31)<br>(86)<br>1,225|



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

## **20. DEFERRED TAX LIABILITY** 

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



## **21. OPERATING LEASES** 

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

|Payable in 1 year<br>Payable in 2-5 years<br>Payable in over 5 years|Property<br>Other<br>2024<br>2024<br>USD’000<br>USD’000<br>312<br>1<br>291<br>-<br>636<br>-<br>1,239<br>1|Property<br>Other<br>2023<br>2023<br>USD’000<br>USD’000<br>316<br>123<br>73<br>28<br>107<br>-|
|---|---|---|
|||496<br>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<br>Revaluation reserves<br>Strategic Development fund<br>MAF Technologies (PNG)<br>Self-insurance fund<br>Designated funds – Charity only<br>Aircraft overhauls fund<br>Assets fund<br>Revaluation reserves<br>Strategic Development fund<br>Future assets fund<br>MAF Technologies (PNG)<br>Self-insurance fund<br>Tactical investment fund<br>Designated funds – Charity only|Balances 1<br>�������<br>2024<br>USD’000<br>44,387<br>5,635<br>9,092<br>309<br>4,501<br>63,924<br>30,430<br>Balances 1<br>�������<br>2023<br>USD’000<br>3,932<br>44,768<br>3,456<br>3,233<br>1,102<br>352<br>3,679<br>201<br>60,723<br>29,985|Income<br>Expenditure<br>USD’000<br>USD’000<br>-<br>(1,783)<br>-<br>-<br>122<br>(2,495)<br>670<br>(776)<br>132<br>(92)<br>924<br>(5,146)<br>3,888<br>(3,053)<br>Income<br>Expenditure<br>USD’000<br>USD’000<br>-<br>(1,134)<br>-<br>(458)<br>-<br>-<br>-<br>(986)<br>66<br>(166)<br>867<br>(986)<br>72<br>(59)<br>-<br>(6)<br>1,005<br>(3,795)<br>72<br>(2,540)|Transfers<br>USD’000<br>931<br>(179)<br>(4,351)<br>92<br>(4,541)<br>(8,048)<br>(7,354)<br>Transfers<br>USD’000<br>(2,798)<br>1,507<br>(17)<br>5,424<br>(1,002)<br>76<br>809<br>(195)<br>3,804<br>2,043|Net tangible<br>asset<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>(1,417)<br>-<br>-<br>-<br>1,676<br>-<br>1,417<br>-<br>-<br>-<br>-<br>5<br>-<br>-<br>-<br>-<br>1,676<br>5<br>-<br>381<br>-<br>Net tangible<br>asset<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>-<br>-<br>-<br>(1,430)<br>-<br>-<br>-<br>2,196<br>-<br>1,430<br>-<br>(9)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2,196<br>(9)<br>-<br>870<br>-|Balances 31<br>December<br>2024<br>USD’000<br>42,118<br>7,132<br>3,785<br>300<br>-|
|---|---|---|---|---|---|
||||||53,335|
||||||24,292|
||||||Balances 31<br>December<br>2023<br>USD’000<br>-<br>44,387<br>5,635<br>9,092<br>-<br>309<br>4,501<br>-|
||||||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<br>Additional and replacement aircraft<br>Arnhem Land, Northern Territories<br>Bangladesh<br>Central Asia<br>Chad<br>Disaster relief<br>Fuel<br>Guinea<br>Kenya<br>Liberia<br>Madagascar<br>Mareeba<br>MAF Technologies (PNG)<br>Papua New Guinea<br>South East Asia<br>South Sudan<br>Staff costs<br>Tanzania<br>Timor-Leste<br>Uganda<br>���������������������<br>�������������������������������|Balances 1<br>�������<br>2024<br>USD’000<br>3,717<br>139<br>13<br>-<br>15<br>294<br>-<br>59<br>26<br>94<br>188<br>-<br>61<br>1,335<br>13<br>1,132<br>982<br>1<br>84<br>84<br>48<br>48<br>8,333|Income<br>Expenditure<br>USD’000<br>USD’000<br>13,697<br>(92)<br>1,005<br>(969)<br>-<br>(9)<br>2,084<br>(2,084)<br>81<br>(81)<br>107<br>(50)<br>999<br>(999)<br>253<br>(157)<br>289<br>(298)<br>82<br>(117)<br>268<br>(296)<br>-<br>-<br>125<br>(65)<br>2,082<br>(1,897)<br>28<br>(2)<br>1,234<br>(1,143)<br>6,281<br>(6,578)<br>182<br>(173)<br>310<br>(275)<br>431<br>(411)<br>2,489<br>(466)<br>799<br>(847)<br>32,826<br>(17,009)|Transfers<br>USD’000<br>-<br>(66)<br>(4)<br>-<br>4<br>(70)<br>-<br>(52)<br>(13)<br>(25)<br>(3)<br>5<br>(10)<br>(98)<br>11<br>(46)<br>(1)<br>-<br>-<br>-<br>(2)<br>17<br>(353)|Net tangible<br>asset<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>(9,159)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(10)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(53)<br>-<br>-<br>-<br>-<br>-<br>(4)<br>-<br>-<br>(1,174)<br>-<br>-<br>-<br>-<br>-<br>(995)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(76)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(11,471)<br>-<br>-|Balances 31<br>December<br>2024<br>USD’000<br>8,163<br>109<br>-<br>-<br>9<br>281<br>-<br>103<br>4<br>34<br>104<br>5<br>107<br>248<br>50<br>182<br>684<br>10<br>119<br>28<br>2,069<br>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)<br>Net value of tangible assets:<br>Aircraft<br>Land and buildings<br>Equipment and vehicles<br>Net value of intangible assets<br>Total Restricted Funds|Balances 1<br>�������<br>2024<br>USD’000<br>8,333<br>22,394<br>2,538<br>317<br>25,249<br>-<br>33,582|Income<br>Expenditure<br>USD’000<br>USD’000<br>32,826<br>(17,009)<br>-<br>(778)<br>-<br>(104)<br>-<br>(62)<br>-<br>(944)<br>-<br>-<br>32,826<br>(17,953)|Transfers<br>USD’000<br>(353)<br>-<br>(643)<br>(31)<br>(674)<br>-<br>(1,027)|Net tangible<br>assets<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>(11,471)<br>-<br>-<br>9,159<br>1,858<br>-<br>2,182<br>-<br>-<br>130<br>-<br>-<br>11,471<br>1,858<br>-<br>-<br>-<br>-<br>-<br>1,858<br>-|Balances 31<br>December<br>2024<br>USD’000<br>12,326|
|---|---|---|---|---|---|
||||||32,633<br>3,973<br>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<br>Additional and replacement aircraft<br>Arnhem Land, Northern Territories<br>Bangladesh<br>Central Asia<br>Chad<br>Disaster relief<br>Fuel<br>Guinea<br>Kenya<br>Liberia<br>Madagascar<br>Mareeba<br>MAF Technologies (PNG)<br>Papua New Guinea<br>South East Asia<br>South Sudan<br>Staff costs<br>Tanzania<br>Timor-Leste<br>Uganda<br>���������������������<br>�������������������������������|Balances 1<br>�������<br>2024<br>USD’000<br>3,633<br>-<br>13<br>-<br>15<br>289<br>-<br>59<br>26<br>94<br>188<br>-<br>1<br>93<br>13<br>1,137<br>982<br>1<br>7<br>84<br>35<br>47<br>6,717|Income<br>Expenditure<br>USD’000<br>USD’000<br>7,787<br>(1,530)<br>376<br>(376)<br>-<br>(9)<br>2,084<br>(2,084)<br>81<br>(81)<br>107<br>(50)<br>851<br>(851)<br>253<br>(157)<br>289<br>(298)<br>82<br>(117)<br>268<br>(296)<br>-<br>-<br>79<br>(65)<br>1,892<br>(1,911)<br>28<br>(2)<br>1,234<br>(1,143)<br>6,281<br>(6,578)<br>179<br>(170)<br>239<br>(243)<br>431<br>(411)<br>261<br>(263)<br>606<br>(653)<br>23,408<br>(17,288)|Transfers<br>USD’000<br>-<br>-<br>(4)<br>-<br>4<br>(69)<br>-<br>(52)<br>(13)<br>(25)<br>(3)<br>5<br>(11)<br>(1)<br>11<br>(51)<br>(1)<br>-<br>-<br>-<br>(2)<br>17<br>(195)|Net tangible<br>asset<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>(3,253)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(10)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(53)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(995)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(76)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(4,387)<br>-<br>-|Balances 31<br>December<br>2024<br>USD’000<br>6,637<br>-<br>-<br>-<br>9<br>277<br>-<br>103<br>4<br>34<br>104<br>5<br>4<br>73<br>50<br>182<br>684<br>10<br>3<br>28<br>31<br>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)<br>Net value of tangible assets:<br>Aircraft<br>Land and buildings<br>Equipment and vehicles<br>Total Restricted Funds|Balances 1<br>�������<br>2024<br>USD’000<br>6,717<br>10,515<br>1,007<br>236<br>11,758<br>18,475|Income<br>Expenditure<br>USD’000<br>USD’000<br>23,408<br>(17,288)<br>-<br>(328)<br>-<br>(103)<br>-<br>(46)<br>-<br>(477)<br>23,408<br>(17,765)|Transfers<br>USD’000<br>(195)<br>-<br>(643)<br>(31)<br>(674)<br>(869)|Net tangible<br>assets<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>(4,387)<br>-<br>-<br>3,254<br>951<br>-<br>1,008<br>-<br>-<br>125<br>-<br>-<br>4,387<br>951<br>-<br>-<br>951<br>-|Balances 31<br>December<br>2024<br>USD’000<br>8,255|
|---|---|---|---|---|---|
||||||14,392<br>1,269<br>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<br>Additional and replacement aircraft<br>Arnhem Land, Northern Territories<br>Bangladesh<br>Central Asia<br>Chad<br>Disaster relief<br>Fuel<br>Guinea<br>Kenya<br>Liberia<br>Madagascar<br>MAF Technologies (PNG)<br>Papua New Guinea<br>South East Asia<br>South Sudan<br>Staff costs<br>Tanzania<br>Timor-Leste<br>Uganda<br>���������������������<br>�������������������������������|Balances 1<br>�������<br>2023<br>USD’000<br>320<br>30<br>19<br>-<br>14<br>208<br>-<br>-<br>20<br>437<br>45<br>15<br>1,413<br>12<br>1,266<br>1,319<br>3<br>102<br>72<br>322<br>134<br>5,751|Income<br>Expenditure<br>USD’000<br>USD’000<br>3,628<br>-<br>1,409<br>(1,027)<br>64<br>(70)<br>1,382<br>(1,382)<br>75<br>(74)<br>118<br>(32)<br>1,047<br>(1,047)<br>219<br>(113)<br>275<br>(272)<br>192<br>(176)<br>718<br>(229)<br>82<br>(36)<br>1,600<br>(1,099)<br>2<br>(1)<br>1,051<br>(1,248)<br>5,603<br>(5,940)<br>167<br>(169)<br>337<br>(294)<br>780<br>(663)<br>525<br>(612)<br>930<br>(931)<br>20,204<br>(15,415)|Transfers<br>USD’000<br>(231)<br>(273)<br>-<br>-<br>-<br>-<br>-<br>(47)<br>3<br>79<br>8<br>-<br>(28)<br>-<br>86<br>-<br>-<br>(58)<br>(23)<br>(187)<br>(85)<br>(756)|Net tangible<br>asset<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(438)<br>-<br>-<br>(354)<br>-<br>-<br>-<br>-<br>-<br>(516)<br>-<br>(35)<br>-<br>-<br>-<br>(23)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(3)<br>-<br>-<br>(82)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(1,416)<br>-<br>(35)|Balances 31<br>December<br>2023<br>USD’000<br>3,717<br>139<br>13<br>-<br>15<br>294<br>-<br>59<br>26<br>94<br>188<br>61<br>1,335<br>13<br>1,132<br>982<br>1<br>84<br>84<br>48<br>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)<br>Net value of tangible assets:<br>Aircraft<br>Land and buildings<br>Equipment and vehicles<br>Net value of intangible assets<br>Total Restricted Funds|Balances 1<br>�������<br>2023<br>USD’000<br>5,751<br>21,352<br>2,645<br>427<br>24,424<br>112<br>30,287|Income<br>Expenditure<br>USD’000<br>USD’000<br>20,204<br>(15,415)<br>-<br>143<br>-<br>(124)<br>-<br>(106)<br>-<br>(87)<br>-<br>(23)<br>20,204<br>(15,525)|Transfers<br>USD’000<br>(756)<br>-<br>(1,150)<br>(253)<br>(1,403)<br>(89)<br>(2,248)|Net tangible<br>assets<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>(1,416)<br>-<br>(35)<br>-<br>899<br>-<br>1,167<br>-<br>-<br>249<br>-<br>-<br>1,416<br>899<br>-<br>-<br>-<br>-<br>-<br>899<br>(35)|Balances 31<br>December<br>2023<br>USD’000<br>8,333|
|---|---|---|---|---|---|
||||||22,394<br>2,538<br>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<br>Additional and replacement aircraft<br>Arnhem Land, Northern Territories<br>Bangladesh<br>Central Asia<br>Chad<br>Disaster relief<br>Fuel<br>Guinea<br>Kenya<br>Liberia<br>Madagascar<br>MAF Technologies (PNG)<br>Papua New Guinea<br>South East Asia<br>South Sudan<br>Staff costs<br>Tanzania<br>Timor-Leste<br>Uganda<br>���������������������<br>�������������������������������|Balances 1<br>�������<br>2023<br>USD’000<br>281<br>-<br>19<br>-<br>14<br>198<br>-<br>-<br>20<br>437<br>45<br>-<br>415<br>12<br>1,266<br>1,319<br>3<br>4<br>72<br>307<br>133<br>4,545|Income<br>Expenditure<br>USD’000<br>USD’000<br>3,628<br>-<br>289<br>(289)<br>64<br>(70)<br>1,382<br>(1,382)<br>75<br>(74)<br>117<br>(26)<br>909<br>(909)<br>219<br>(113)<br>275<br>(272)<br>192<br>(176)<br>718<br>(229)<br>36<br>(35)<br>791<br>(1,088)<br>2<br>(1)<br>1,051<br>(1,243)<br>5,683<br>(6,020)<br>167<br>(169)<br>324<br>(275)<br>780<br>(663)<br>303<br>(388)<br>719<br>(720)<br>17,724<br>(14,142)|Transfers<br>USD’000<br>(276)<br>-<br>-<br>-<br>-<br>-<br>-<br>(47)<br>3<br>79<br>8<br>-<br>(25)<br>-<br>86<br>-<br>-<br>(46)<br>(23)<br>(187)<br>(85)<br>(513)|Net tangible<br>asset<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(438)<br>-<br>-<br>(354)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(23)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(82)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(897)<br>-<br>-|Balances 31<br>December<br>2023<br>USD’000<br>3,633<br>-<br>13<br>-<br>15<br>289<br>-<br>59<br>26<br>94<br>188<br>1<br>93<br>13<br>1,137<br>982<br>1<br>7<br>84<br>35<br>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)<br>Net value of tangible assets:<br>Aircraft<br>Land and buildings<br>Equipment and vehicles<br>Net value of intangible assets<br>Total Restricted Funds|Balances 1<br>�������<br>2023<br>USD’000<br>4,545<br>12,156<br>1,519<br>293<br>13,968<br>112<br>18,625|Income<br>Expenditure<br>USD’000<br>USD’000<br>17,724<br>(14,142)<br>(2,080)<br>20<br>-<br>(118)<br>-<br>(68)<br>(2,080)<br>(166)<br>-<br>(23)<br>15,644<br>(14,331)|Transfers<br>USD’000<br>(513)<br>188<br>(1,128)<br>(152)<br>(1,092)<br>(89)<br>(1,694)|Net tangible<br>assets<br>Revaluation<br>Unrealised<br>exchange<br>(loss)<br>USD’000<br>USD’000<br>USD’000<br>(897)<br>-<br>-<br>-<br>231<br>-<br>734<br>-<br>-<br>163<br>-<br>-<br>897<br>231<br>-<br>-<br>-<br>-<br>-<br>231<br>-|Balances 31<br>December<br>2023<br>USD’000<br>6,717|
|---|---|---|---|---|---|
||||||10,515<br>1,007<br>236|
||||||11,758|
|||||||
||||||-|
|||||||
||||||18,475|



|**27.**<br>**NET ASSETS**<br>**Consolidated Group**<br>Intangible fixed assets<br>Tangible fixed assets<br>Current assets<br>Long-term assets<br>Current liabilities<br>Long-term liabilities<br>Deferred tax liability|Unrestricted funds<br>Restricted<br>Total<br>General<br>Designated<br>Funds<br>2024<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>-<br>130<br>-<br>130<br>-<br>49,120<br>36,960<br>86,080<br>20,156<br>4,085<br>12,326<br>36,567<br>48<br>-<br>-<br>48<br>(7,011)<br>-<br>-<br>(7,011)<br>(1,423)<br>-<br>-<br>(1,423)<br>(1,938)<br>-<br>-<br>(1,938)<br>9,832<br>53,335<br>49,286<br>112,453|Unrestricted funds<br>Restricted<br>Total<br>General<br>Designated<br>Funds<br>2023<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>-<br>142<br>-<br>142<br>-<br>49,880<br>25,249<br>75,129<br>11,755<br>13,902<br>8,333<br>33,990<br>539<br>-<br>-<br>539<br>(7,692)<br>-<br>-<br>(7,692)<br>(1,425)<br>-<br>-<br>(1,425)<br>(1,559)<br>-<br>-<br>(1,559)|
|---|---|---|
|||1,618<br>63,924<br>33,582<br>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**<br>Intangible fixed assets<br>Tangible fixed assets<br>Current assets<br>Long-term assets<br>Current liabilities<br>Long-term liabilities|Unrestricted funds<br>Restricted<br>Total<br>General<br>Designated<br>Funds<br>2024<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>-<br>130<br>-<br>130<br>-<br>20,845<br>15,945<br>36,790<br>14,851<br>3,317<br>8,255<br>26,423<br>48<br>-<br>-<br>48<br>(6,091)<br>-<br>-<br>(6,091)<br>(1,423)<br>-<br>-<br>(1,423)<br>7,385<br>24,292<br>24,200<br>55,877|Unrestricted funds<br>Restricted<br>Total<br>General<br>Designated<br>Funds<br>2023<br>USD’000<br>USD’000<br>USD’000<br>USD’000<br>-<br>142<br>-<br>142<br>-<br>21,181<br>11,758<br>32,939<br>7,011<br>9,107<br>6,717<br>22,835<br>539<br>-<br>-<br>539<br>(4,974)<br>-<br>-<br>(4,974)<br>(1,425)<br>-<br>-<br>(1,425)|
|---|---|---|
|||1,151<br>30,430<br>18,475<br>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: 

|����������<br>Interest income/(expense)<br>Assets gains<br>Actuarial gains/ (losses)<br>Contributions/(expenses)<br>Settlements<br>Benefits paid<br>At 31 December|2024<br>2024<br>2024<br>Assets<br>Liabilities<br>Total<br>USD’000<br>USD’000<br>USD’000<br>4,060<br>(3,669)<br>391<br>167<br>(151)<br>16<br>(356)<br>-<br>(356)<br>6<br>294<br>300<br>(123)<br>-<br>(123)<br>(2,904)<br>2,904<br>-<br>(90)<br>90<br>-<br>760<br>(532)<br>228|2023<br>2023<br>2023<br>Assets<br>Liabilities<br>Total<br>USD’000<br>USD’000<br>USD’000<br>5,256<br>(3,224)<br>2,032<br>246<br>(154)<br>92<br>(1,343)<br>-<br>(1,343)<br>236<br>(375)<br>(139)<br>(251)<br>-<br>(251)<br>-<br>-<br>-<br>(84)<br>84<br>-|
|---|---|---|
|||4,060<br>(3,669)<br>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<br>Insured pensions<br>Cash<br>Total|2024<br>USD’000<br>170<br>532<br>58<br>760|2023<br>USD’000<br>167<br>3,613<br>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. 

- MAF Aviation Services Pty Ltd is an Australian company, A.C.N. 004 545 108. The company’s shares are wholly owned by MAF International. MAF Aviation Services Pty Ltd has made a long-term loan to MAF PNG Holding Ltd, �������������������������ssets. It has no other activities. 

- MAF PNG Holding Ltd is a company registered in Papua New Guinea (PNG), registration number 1-22887. The company is wholly owned by MAF International. MAF PNG Holding Ltd acts as the holding company for MAF Papua New Guinea Ltd, a wholly owned subsidiary, and as such it owns and manages all the aircraft, land and buildings and other fixed assets for operations in PNG. 

- MAF Papua New Guinea Ltd is also a company registered in PNG, registration number 1-17085, and is wholly owned by MAF PNG Holding Ltd. This entity carries out �������������������������in that country through aviation. 

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



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

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## **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<br>Expenditure<br>Other<br>Net movement<br>in funds<br>Net Assets|MAF<br>International<br>MAF<br>International<br>(in the<br>Netherlands)<br>MAF<br>International<br>(in Australia)*<br>USD’000<br>USD’000<br>USD’000<br>32,593<br>555<br>5,422<br>(23,084)<br>(674)<br>(11,214)<br>718<br>(1)<br>426|MAF PNG<br>Holding Ltd<br>and MAF<br>Papua New<br>Guinea Ltd<br>USD’000<br>7,120<br>(7,256)<br>1,200|MAF<br>Technologies<br>USD’000<br>943<br>(982)<br>(4)|MAF India<br>USD’000<br>6<br>(4)<br>-<br>2<br>2|2023<br>Total<br>USD’000<br>46,639<br>(43,214)<br>2,339|
|---|---|---|---|---|---|
||10,227<br>(120)<br>(5,366)|1,064|(43)||5,764|
||50,208<br>377<br>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<br>Net interest income<br>Operating surplus<br>Amortisation of intangible assets<br>Depreciation of tangible assets<br>Impairment/(reversal of impairment) of tangible assets<br>Loss on disposal of tangible assets<br>�����������������������<br>(Increase) ��������<br>Decrease/(increase) in current and long-term debtors<br>(Decrease) in current and long-term creditors<br>Cash flow from operating activities|2024<br>USD’000<br>11,608<br>(593)<br>11,015<br>56<br>2,485<br>186<br>226<br>(197)<br>1,785<br>(683)<br>14,873|2023<br>USD’000<br>3,425<br>(283)|
|---|---|---|
|||3,142<br>39<br>2,602<br>(546)<br>237<br>(279)<br>(2,221)<br>(668)|
|||2,306|



## **32. ANALYSIS OF CHANGES IN NET DEBT** 

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



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