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← Seed Madagascar

2024-06-30-accounts

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024

Section 1: Company and Charity

Section 1: Company and Charity
Company and Charity Information 5
Report and Financial Statements Year Ended 30 June 2023 6
Reference and Administrative Details 6
Structure, Governance, and Management 6
Trustee Appointment, Induction, and Training 7
Objectives and Activities 8
Staff and Volunteers 10
Risk Management 11
Delivery Risk 11
Funding Risk 11
Operational Risk 11
Reputational Risk 11
Legal Risk 11
Internal Audit 11
Financial Review 12
Reserves Policy 12
Fundraising Standards Information 13
Statement of Trustees' Responsibilities 13
Review of Projects and Benefit to the Public 15
Ready for Rights 16
Safidy, Phase IV Interim 17
Votsira, Phase IV 17
Sekoly 18
Ala, Phase II 18
Project Palms 19
Renitantely, Interim 19
Oratsimba, Phase IV 20
Stitch, COVID-19 Recovery 20
Mahampy 21
Sakondry 21
Emergency Food Distribution 22
Rural WASH Programme 22
Financial Statements 23

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Independent Auditor’s Report to the Members of SEED Madagascar 23
Opinion 23
Basis for Opinion 23
Conclusions Relating to Going Concern 23
Other Information 23
Opinions on Other Matters Prescribed by the Companies Act 2006. 24
Matters on which we are Required to Report by Exception 24
Responsibilities of Trustees 24
Auditor’s Responsibilities for the Audit of the Financial Statements 24
Use of our Report 25
Statement of Financial Activities 26
Statement of Cash Flows 28
1.
Accounting Policies		 29
1.1.
Accounting Convention		 29
1.2.
Going Concern		 29
1.3.
Fund Accounting		 29
1.4.
Income		 29
1.5.
Expenditure		 30
1.6.
Tangible Fixed Assets and Depreciation		 30
1.7.
Investments		 30
1.8.
Debtors and Creditors Receivable/Payable Within One Year		 30
1.9.
Cash		 30
1.10.
Leasing		 30
1.11.
Pensions		 30
1.12.
Foreign Currencies		 31
Notes on Accounts 32
2.
Income from Donations and Legacies		 32
3.
Specific Donations and Grants		 32
4.
Income from Investments		 33
5.
Other Income		 33
6.
Expenditure on Raising Funds		 33
7.
Expenditure on Charitable Activities - Projects		 34
8.
Expenditure on Charitable Activities - Education		 35
9.
Other Costs		 35

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10. Auditors' Remuneration 36
11. Employees 36
12. Pension Costs 36
13. Tangible Fixed Assets 37
14. Fixed Asset Investments 37
15. Debtors 37
16. Creditors: Amounts Falling due in One Year 38
17. Restricted Income Funds 38
18. Designated Income Funds 41
19. General Unrestricted Income Funds 41
20. Analysis of Net Assets Between Funds 41
21. Financial Commitments 41
22. Related Party Transactions 42

Cover Picture: Madame Norline, one of the Mahampy cooperative weavers, at the workshop in Sainte Luce.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Company and Charity Information

Directors and trustees Jessica Burston (Chair)
Herizo Andrianandrasana
Dhaquir Kantande Bashir
Miranda Coultas
Oisin Crawley
Susan Hillman
Victoria Smith
Andrew Turner
Secretary Mark Jacobs
Company number 03796669
Charity number 1079121
Registered office 7 Bell Yard
London
WC2A 2JR
Accountants Cheyettes Ltd
167 London Road
Leicester
LE2 1EG
Auditors Westmore Accounting Limited
81 Joel Street,
Northwood Hills,
Middlesex
HA6 1LL
Bankers HSBC Bank plc
25 Notting Hill Gate
London
W11 3JJ
Nationwide Bank
Nationwide House
Pipers Way
Swindon
SN3 1TX

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Report and Financial Statements Year Ended 30 June 2022

The trustees, who are also directors of the charity for the purposes of the Companies Act (and hereafter referred to collectively as the trustees), present their report and the financial statements for the year ended 30th June 2024. The trustees have adopted the provisions of the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019 and comply with the charity’s governing document and the Charities Act 2011.

Reference and Administrative Details

All reference and administrative details of the charitable company are either provided in the Company and Charity information on page 3 or set out hereunder.

Structure, Governance, and Management

The entity is a charitable company limited by guarantee and is governed by its Articles of Association. The trustees who served during and after the year-end are as stated below:

Herizo Andrianandrasana Appointed 1stAugust 2019
Dhaquir Kantande Bashir Appointed 19thDecember 2022
Jessica Burston Appointed 10thNovember 2019
Miranda Coultas Appointed 1stAugust 2019
Oisin Crawley Appointed 1stJune 2010
Susan Hillman Appointed 10thNovember 2019
Sarah MacQuillin Resigned 4thJune 2023
Victoria Smith Appointed 5thSeptember 2016
Andrew Turner Appointed 5thJuly 2000

SEED Madagascar’s (SEED’s) pay and remuneration are reviewed every year for key roles (Managing Director, Director of Programmes and Operations, Partnerships, and Programmes Manager and Programme Heads). The process is overseen by the HR and Remuneration Committee, which consist of three trustees. Pay decisions are informed by annual budget projections and benchmarking. Benchmarking is performed internally and the process is overseen by the Managing Director and HR and Remuneration Committee to ensure validity, robustness, and fairness. Benchmarking is informed by available salary data of similar roles in similar organisations. Changes in pay are implemented at the start of the financial year from July 1[st] . Salaries of national staff are considered for uplift annually in February and take into consideration the beginning of year uplifts suggested by the Malagasy government. Uplifts consist of a blanket % and a longevity %. Positions in the lower salary bands will also be considered against the international poverty line to ensure that no position is paid at or below this. Positions are also considered on an ad hoc basis in line with market forces. SEED’s salary grid is authorised by the Ministry of Employment in line with Malagasy law. Salaries of other international staff are reviewed on an annual basis in line with SEED's salary grid. This takes into account benchmarking and inflation costs in Madagascar.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Trustee Appointment, Induction, and Training

The business of the charity is overseen by a Board of Trustees, which meets on a quarterly basis, together with the Managing Director, to discuss and determine strategic, financial, and operating requirements. The daily operation of the organisation is undertaken by the Managing Director based in London (Mark Jacobs), supported by the Director of Programmes and Operations based in Madagascar (Lisa Bass). The Director of Programmes and Operations also attends trustee meetings whenever practical.

The trustees are appointed exclusively by the other serving members of the board. New trustees are briefed on their legal obligations and responsibilities under charity and company law, the contents of the Articles of Association, decision-making processes, recent financial performance, and activities of the charity. They are fully assessed for suitability and, once selected, go through a documented onboarding process.

Trustees' training is overseen by the HR Committee where essential topics are agreed. The training is, in the main, delivered at the quarterly Board meeting to ensure all Trustees are trained together for consistency and to promote discussion and engagement. Catch up sessions are organised if required on topics where a Trustee may have been absent.

As part of exercising enhanced governance and oversight over the project activities performed in country by SEED, at least one of the trustees is expected to visit Madagascar per year. Sue Hillman visited Madagascar during 2023. During her stay, sue visited various project sites, was introduced to local community leaders, gained first-hand experience into the delivery of projects, and supported SEED’s internal audit function.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Objectives and Activities

The charity was established in 1999 for the benefit of the people and environment of Madagascar. To this end, we have focussed our efforts on achieving the following objectives as set out in our Articles of Association:

(1) To advance education amongst:

(a) the preservation, conservation and the protection and the prudent use of resources in

Madagascar including by increasing international understanding of the

challenges faced by communities and biodiversity in Madagascar;

(b) the relief of poverty and the improvement of the conditions of life in socially and

economically disadvantaged communities in Madagascar; and

(4) To develop the capacity of disadvantaged communities in such a way that they are better able

to identify, and meet, their needs and to participate more fully in society including by

implementing programmes across Madagascar.

Throughout this time, we have worked with and resourced projects and programmes both directly and through local partners. Operations largely focus in the Anosy region of southeast Madagascar, where we have a permanent base in Fort Dauphin. We have an office and small team based in the capital of Antananarivo. We carry out projects with funds raised from donors in the UK and worldwide.

We have now entered into a sixth term of an accord de siège with the Government of Madagascar, which permits our UK-based organisation to establish its own legal and fiscal presence in Madagascar, enabling us to deliver projects and provide advice and support directly where it is needed. We will continue to prioritise working with local partners where practical and effective.

From having a permanent base in the country, we have accumulated a wealth of experience in identifying need and delivering projects to local communities. This is valued not only by those communities, but also others who, from time to time, seek to do like-minded work in Madagascar.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Recognising that Madagascar remains one of the poorest countries on Earth, whilst supporting a natural and living environment that has a worldwide significance, we remain committed to continual learning and review of both the organisation and individual programmes. We continually review how we fulfil our charitable mission, which is:

Working together to build community and environmental resilience in southeast Madagascar

And our strategic aim which is:

To build community and environmental resilience through community-driven social development and conservation initiatives, ensuring improved outcomes are sustained and communities can withstand future shocks.

Our name SEED Madagascar emphasises our priorities for our funders, supporters, and stakeholders.

A Sustainable Environment balancing sustainable livelihoods with conservation of the environment. Education through access to schools and capacity building.

Development of individual and community leadership and resilience.

Many of these priorities are interdependent, and SEED’s programmes reflect an integrated approach to achieve maximum effect and benefit by embedding responsibility for them in the local community.

A detailed assessment of the main projects undertaken during the year is contained in Section 2: Review of Projects and Benefit to the Public.

These reflect SEED’s programmatic areas of Community Health, WASH, Education, Sustainable Livelihoods, and Environment.

The trustees have paid due regard to the guidance issued by the Charity Commission on public benefit when deciding what activities the charity should undertake.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Staff and Volunteers

At SEED Madagascar, we are proud to be a multi-disciplinary team of local and international experts dedicated to addressing the interconnected challenges of conservation, livelihoods, health, sanitation, education, and core operations. With 80% of our team being Malagasy and 97% based in Madagascar, we prioritise the needs of the communities we serve.

We would like to express our deep appreciation for the commitment, dedication, and patience shown by all our staff and volunteers. Their efforts have been instrumental in driving the charity forward, especially in a challenging environment.

While SEED has two offices in Madagascar, we no longer maintain a permanent office in London. Key staff now work from shared office spaces or home, a shift that has allowed us to save funds, reduce our carbon footprint, and expand our recruitment to a more global audience. Mark Jacobs, our Managing Director, is based in London, while Lisa Bass, our Director of Programmes and Operations, divides her time between Madagascar and the UK. Tsina Endor, our Deputy Director, is based in Madagascar and, along with Mark and Lisa, forms the senior leadership team responsible for overseeing the charity’s operations.

Our Madagascar-based team members are the backbone of our organisation. We extend our heartfelt thanks to key individuals such as Tsina Endor, Boniface Razanamara (Head of Finance), Dr Mamy Soafaly Andriatsihosena (Head of Community Health), Theodore Rakotonirina (Head of Schools), and Mahalomba Hasoavana (Head of Construction). Their tireless coordination and passion have been crucial in fulfilling SEED’s charitable missions, particularly during the pandemic, when their strength and resilience were truly commendable.

We believe that diverse perspectives strengthen our team. International interns and specialists contribute both directly in Madagascar and remotely, making a significant impact on our work in project development, conservation research, implementation, and volunteer support.

The Partnerships and Programmes Manager, Administrative and Grants Assistant and Corporate Liaison Officer, provides vital support to the Managing Director, aided by dedicated volunteers and interns. In the UK, skilled volunteers have lent their expertise in areas such as project development, administration, design, IT, finance, law, and fundraising.

This year SEED also welcomed its first official ambassadors passionate and effective advocates raising awareness of Madagascar and the work of SEED.

This year’s accomplishments were only possible due to the hard work and support of our volunteers in both the UK and Madagascar. The Board of Trustees would like to extend their sincere gratitude to all those who have generously given their skills and time to help us achieve our objectives.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Risk Management

SEED manages its exposure to risk through an established risk management framework, which sets out guiding principles for the identification, assessment, and response to risks that the organisation may encounter in conducting its operations. The implementation and adherence to this framework is overseen by the Audit and Risk Committee, who operate under delegated responsibility from the Board of Trustees.

The framework sets out the following five risks, referred to as key risks, which account for most risks faced by SEED Madagascar:

Delivery Risk

The risk that the organisation is not able to deliver projects in accordance with agreed terms, whether that be through internal or external factors (but not funding related).

Funding Risk

The risk that the organisation has insufficient resources (capital and/or funding) to support its normal operations including maintaining the organisation as well as the delivery of projects. This risk also includes market risk – the risk that the organisation will not be able to secure sufficient funding due to external market conditions.

Operational Risk

The risk of loss to the organisation from inadequate or failed processes or systems, human factors, or due to external events (e.g. fraud).

Reputational Risk

The risk that an action, transaction, investment, or event will reduce trust in the organisation’s integrity and competence by donors, counterparties, regulators, employees, volunteers, the communities, organisations we work with, or the public.

Legal Risk

The risk of loss or imposition of penalties, damages, or fines from the failure of the organisation to meet its legal obligations in the various jurisdictions in which it operates (United Kingdom and Madagascar).

Whilst all staff and volunteers have a specific responsibility for risk management, the roles and responsibilities of those charged with governance are governed by an established risk management framework. This framework was established to identify, assess, and manage the risks which are faced by SEED as a result of its operations and to allow the organisation to uphold the SEED Madagascar values.

Internal Audit

SEED maintains an internal audit program to provide independent assurance to senior management, the Audit and Risk Committee, and the Board of Trustees over the effectiveness of governance and internal controls designed to identify and address risks faced by the organisation. The internal audit program is discussed and reviewed by the Audit and Risk Committee. Internal audits are structured around organizational compliance with SEED internal policies, with the specific scope of each determined based several factors including the policy area and underlying procedures, key risks and open issues, and relevant prior Audits.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Financial Review

SEED experienced a year of significant financial growth and operational expansion in 2023-2024. The organization’s total annual income increased by 15%, rising from £1,007,056 to £1,159,129. This was accompanied by a 20% increase in expenditure, growing from £960,668 to £1,151,212, reflecting SEED’s expanding capacity to deliver on its mission. Impressively, 99% of the year’s income was utilised, a notable rise from the previous year's 95%, underscoring the organization’s enhanced ability to deploy resources effectively.

Despite this increased spending, SEED’s reserves remained stable. The organisation’s overall reserves increased slightly, from £615,666 to £620,777, even as unrestricted reserves, (free reserves), saw a slight reduction of £10,985, to £151,046. However, this 10% dip still left the reserves level compliant with the organization’s reserves policy. At the same time, restricted reserves rose by £36,667, reinforcing SEED’s financial stability. The organisation also held about €200,000, or roughly one-third of its total reserves, in Euros. While this led to a small, unrealised exchange rate loss of £2,806, it was relatively minor and similar to the previous year’s loss of £1,186.

SEED’s largest income source during this period came from a partnership with Humedica, working alongside the German Federal and Foreign Office to address food insecurity through Project Miatraka. This partnership contributed £315,218 or 27% of income . The Aeonian Foundation was another major supporter, funding a variety of initiatives and covering core costs. Meanwhile, corporate partner Teneo provided £41,048 in support of SEED’s education infrastructure projects, demonstrating the diversity of income streams fueling SEED’s work.

An important development in SEED’s financial strategy was the trustees’ decision to move a portion of longterm reserves into low-risk timed investment accounts with HSBC. This strategic shift took advantage of favorable interest rates, generating a 280% increase in investment income, rising from £4,429 to £16,908. This decision exemplified the organisation’s commitment to maximising income generation from its reserves while minimising associated risks.

In addition to these gains, SEED managed to reduce its overall costs of raising funds by 9%, cutting these expenses from £18,195 to £16,542 (see note 5). This was largely due to the adoption of virtual working practices, which lowered office administration, volunteer costs, and consultancy fees.

A large grant caused a rise in accruals which shows as an increase in creditors, this will normalise over the next period (see note 16). This was largely driven by an early grant from the Aeonian Foundation, amounting to £90,987, received at the end of the accounting period for use in the following year’s projects.

Throughout the year, SEED’s work in education infrastructure and efforts to combat food insecurity accounted for the largest shares of both income and expenditure. Looking ahead, SEED’s financial forecasts for 2024 project continued growth, with income expected to exceed £1.5 million and potentially increase by up to 30% in 2024-2025.

Overall, SEED’s financial position is robust. The organization has not only grown its income and capacity but also maintained sufficient reserves to support future projects, aligning with its reserves policy. As SEED moves forward, it is well-positioned to continue expanding its impact while maintaining sound financial stewardship.

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

Reserves Policy

SEED operates a reserves policy, which is reviewed annually. It is the trustees’ policy to maintain a General Reserve sufficient to safeguard operations for a minimum period of six months and to fund commitments should circumstances ever require us to cease activity in Madagascar. It is not possible to estimate a precise figure as the needs of the charity fluctuate depending on the number and size of projects being undertaken. The level of reserves (which are held in bank accounts) is monitored regularly.

General Expenditure is all expenditure excluding External Project Expenditure and SEED Madagascar Project Expenditure. External Project Expenditure is funded by grants received from external funders for specific purposes and can only be used for direct and indirect expenditure on projects in accordance with the funding agreement entered into with each funder or the terms of a specific donation.

All income received from funders and other sources that is not restricted for External Project Expenditure is treated as General Income and is available at the discretion of the trustees for charitable purposes and running the company. The trustees may allocate unrestricted funds to specific charitable projects and activities. Such expenditure is treated as SEED Madagascar Project Expenditure. Details of the principal sources of funding are disclosed in the notes to the financial statements.

Fundraising Standards Information

SEED Madagascar’s main fundraising approach is to establish financial partnerships with trusts and foundations, statutory funders, and corporate organisations. Additionally, SEED makes appeals to the public via social media.

The charity adheres to the fundraising standards laid out in the Charity Commission’s CC20 guidance on charity fundraising. Additionally, fundraising is carried out in line with SEED’s Donations Policy, Data Protection Policy, Safeguarding at Risk Adults Policy, and Code of Conduct.

SEED does not contract fundraising activity to external parties. SEED’s SCRP programme involves volunteers fundraising on our behalf in accordance with aforementioned standards and policies.

We have not received any complaints about our fundraising practice during the year.

Statement of Trustees' Responsibilities

The trustees (who are also directors of SEED Madagascar for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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Year ending 30[th] June 2024

Section 1. Trustees’ Annual Report (including Directors' Report)

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

These financial statements (comprising Section 1 Trustees’ Report, Section 2 Projects Report and Section 3 Financial Statements) have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

This report was approved by the Board and signed on its behalf on 23[rd] February 2025 by

Jessica Burston Trustee, Director & Chair

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Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Review of Projects and Benefit to the Public

This section provides an overview of the main projects undertaken during the year. These reflect SEED’s programmatic areas of community health, education infrastructure, rural livelihoods, environmental conversation, and water, sanitation, and hygiene (WASH).

Madagascar has one of the highest poverty rates in the world, with more than 70% of the population living on less than US$1.90 per day (WFP, 2023). This is attributed to a complex interplay of political, economic, environmental, and social factors including poor governance, the increasing climate crisis, and limited economic growth (World Bank, 2023; WFP, 2023).

The COVID-19 pandemic placed additional pressure on an already vulnerable economy, causing it to contract by 7.8 percent, reversing nearly a decade of income per capita gains (International Trade Administration, 2021; World Bank, 2022). Although the country’s GDP is gradually recovering following the pandemic, inflation rates rose from 6.9% in June 2022 to 11.3% in June 2023 (World Bank, 2023, AFDB, 2023). The high cost of food and low crop harvests, due to inflation and the climate crisis, have exacerbated malnutrition and food insecurity, especially in southeast Madagascar (Relief Web, 2023).

With government health spending at only one percent of GDP, the health sector is under-financed and under-staffed (IMF,2023). Constrained healthcare access provides additional challenges to the Malagasy population whereby, a lack of trained medical professionals adversely impacts the populations’ access and distance to qualified staff. Madagascar falls short of the WHO’s recommendations for medical professionals with one midwife for every 10,200 people and recommendations set to one midwife for every 5,000 people (PMI, 2023). Of the available medical professionals, less than 45% are located in rural areas where over 80% of the population reside (PMI, 2023). This distribution makes healthcare access an especially pressing challenge.

Measuring health, education, and standard of living, the Human Development Index positions Madagascar low, at 177 out of 193 countries (UNDP 2024). In the Anosy region of southeast Madagascar children bear the brunt of this burden with 51.5% of six- to ten-year-olds having never attended school (UNICEF, 2016). Further compounding pressures is the population’s limited access to livelihood opportunities, with over 98% of rural households engaging in small-scale farming, animal husbandry, and fishing thus, there is an urgent need to strengthen alternative, sustainable livelihood strategies (Madagascar Poverty and Equity Assessment, 2024).

In response to the intensification and diversification of these challenges, SEED’s programmes have sought to improve the immediate health, social, environmental, and economic needs of communities. This is to facilitate recovery, whilst supporting and building the longer-term resilience of communities to reduce the impact of future shocks. To achieve this, SEED’s programmes support individuals, governments, and organisations to build community capacity, mitigate the impacts of climate change, improve human development outcomes, and conserve the fragile ecosystems and biodiversity.

To further foster resilient communities, SEED continues to refine its approach, seeking to maximise impact. Strategic movement towards adopting a programmatic approach across departments has been achieved, with the newly developed Organisational Strategy 2023-2033 informing SEED’s long-term approach.

A brief outline of this year’s principal projects is provided below. Unless stated otherwise, project outlines and achievements are cumulative to the 30th of June 2024. Each of SEED’s projects contribute to the United Nation’s Sustainable Development Goals.

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Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Project Miatrika:

Food security has continued to deteriorate due to a causal nexus of poor weather conditions, drought, dwindling harvests, and food price inflation. As a result, admissions for severe acute malnutrition reached around quadruple the five-year average. Further compounding the situation is a predicted continuation of food price inflation, a rise in the prevalence of water-related disease and negative agricultural effects of El Niño weather patterns. In response, SEED launched Project Miatrika to provide direct nutritional support, improve health service delivery and promote positive social behaviour change. To further support community resilience to future shocks, the project has an increased focus on nutrition, health, and WASH support.

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Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Project Safidy

Limited by the country’s under-resourced healthcare and education systems, young people in Madagascar have few reliable options for sexual and reproductive health and rights (SRHR) information. To combat this, Project Safidy collaborates with national and local ministries and NGOs to deliver Comprehensive Sexuality Education (CSE), and Sexual and Reproductive Health and Rights based education and resources to young people in schools across Madagascar to reduce vulnerability to HIV, STIs, and unintended pregnancy.

Project Votsira

As a result of limited access to qualified healthcare providers, Madagascar has a high maternal mortality rate of 392 per 100,000 livebirths. With limited access to information about child and maternal health, this rate is further pronounced in the Anosy Region where caregivers and children are restricted from receiving lifesaving services. In response, Project Votsira works to improve attitudes and knowledge of community members and build the capacity of healthcare providers to deliver maternal and child health education and services to protect the health of mothers and children.

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Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Masoandro

Project Masoandro aims to improve the quality of education and livelihoods through increasing access to solar electricity in primary schools and communities in rural Madagascar. Just one third of Madagascar’s total population have access to electricity. This issue is further exacerbated in rural regions, where only 10.9% have access to electricity impacting both education and livelihoods. Lack of electricity in schools impacts the quality of education and restricts educational. Lack of electricity at home limits the amount of time students have to study and their families to work in their homes after dark. With accessible energy, education is able to be more impactful and livelihoods more productive and sustainable.

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Sekoly

With over 1,700,000 primary-age children not enrolled in school and falling investment in school infrastructure, Madagascar’s education system is facing crisis. Further impeding school attendance, is insufficient, or even non-existent, sanitation infrastructure contributing to the transmission of harmful communicable diseases. By improving education and sanitation infrastructure, increasing classroom capacity, and advancing hygiene practices, Programme Sekoly enhances students' learning and health outcomes.

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Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

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WASH in CSB Strengthening

Madagascar’s health expenditure of 1% remains among the lowest globally. Around half of the health facilities in Madagascar lack improved water sources and hygienic latrines. Poor WASH conditions in Community Health Centres (CSBs) contribute to the spread of disease which, can be especially harmful in medical environments. Well-lit health environments are critical to safely manage childbirth as well as emergency medical interventions at night however, in rural CSBs, kerosene lamps and torches are used. As a result, this project aims to improve the health status of 18,000+ people, focusing on women and children, by building sanitation facilities and providing Regional Ministry-led WASH education. Additionally, a solar component will electrify CSBs to improve night services.

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~~Seeeeeeee eee eee eee~~ Project Sekoly Maintso For 15 years, SEED has been successfully improving access to education for children with the construction and repair of school infrastructure through the Sekoly Programme. The building materials, production, and transport for these = £*Teo44‘\ ee4; a 44A projects, however, produce carbon emissions which contribute to the effects of climate change. o Understanding that the communities SEED works y ’ ’ X with are especially vulnerable to the effects of climate change, Project Sekoly Maintso was created , to offset carbon emissions from SEED’s construction projects. The number of trees equivalent to the

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Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

build’s carbon production are planted in selected carbon offsetting sites and community resource sites.

Project Ala

Fragmentation of the Sainte Luce littoral forest (SLLF) endangers the survival of three Endangered nocturnal lemur species as well as numerous other flora and fauna species. The lemurs are unable to traverse the open habitat between forest fragments placing them at great risk. SEED launched Project Ala in response which focuses on improving habitat connectivity in eight forest corridors by promoting native seedling survival and growth through the implementation of new nursery and forest corridor management techniques. Phase III of the ten-year reforestation programme will disseminate learnings on community forest usage patterns, engage with local forest management structures, and increase available knowledge on littoral forest biodiversity.

SEED Madagascar: Report and Financial Statements 2024 Page | 20

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Project Phelsuma

Phelsuma antanosy is a Critically Endangered species of day gecko endemic to the Anosy region of southeast Madagascar. The population of P. antanosy is severely fragmented with just three known subpopulations occupying a maximum area of nine square kilometres, two of which exist within the littoral forest fragments of Sainte Luce. Planned large-scale mining operations in the forest fragments presents an existential threat to the survival of the P. antanosy species . Seeing this, Project Phelsuma aims to protect P. antanosy through research informed habitat restoration and translocation of at-risk subpopulations into protected areas.

SCRP Palms

Palms species across Madagascar are highly threatened, facing a variety of pressures. In Sainte Luce, palm species are in decline and their populations are poorly understood, threatening both biodiversity and local livelihoods. In response, Project Palms utilises research and conservation action to understand and improve the population status of six key palm species across Sainte Luce. SEED’s multifaceted approach includes completing a population census, identifying critical habitats, and planting new saplings to bolster natural populations

SEED Madagascar: Report and Financial Statements 2024 Page | 21

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

~~ee~~

Project Oratsimba

Lobster fishing is a key income source for around 40 communities in Anosy, but lobster stocks have significantly declined due to population growth, market demand, climate change, and unsustainable practices. Phase IV of Project Oratsimba aims to enhance Locally Managed Marine Area (LMMA) governance in Anosy to protect lobster stocks and support 15,000 people relying on the fishery. It will strengthen governance in two existing LMMA communities, Sainte Luce and Elodrato, and expand into two new communities to ensure sustainability. The project also seeks to improve the socioeconomic resilience of fishing households by addressing the root causes of marine overexploitation: poverty, food insecurity, and climate change.

Mahampy Phase II

The weaving of mahampy , a locally sourced reed that grows in wetlands, is one of the few livelihood opportunities that provides women with household income. Through the establishment of the Mahampy Weavers’ Cooperative, the project is working to improve the profitability and sustainability of mahampy weaving. Mahampy Phase II, a three-year phase, has been progressing well, with a focus on capacity building to improve the weaving skills and literacy levels of cooperative members. It also established a savings scheme to help members save for annual school fees for their children.

SEED Madagascar: Report and Financial Statements 2024 Page | 22

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

~~ee~~

Project Renitantely

In the Anosy region, livelihood opportunities are extremely limited, necessitating the creation of more alternative and sustainable livelihoods. Beekeeping has the potential to fill this gap by providing vital income, complementing farming practices, and supporting biodiversity. Despite this, challenges like isolation from markets, stringent buyer requirements, climate change, and a lack of resources hinder beekeepers in the region from fully benefitting. SEED is supporting independent beekeepers in six rural communities to improve beekeeping as a viable and sustainable livelihood by improving market access and supporting beekeepers in the maintenance and expansion of their apiaries.

SEED Madagascar: Report and Financial Statements 2024 Page | 23

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Financial Statements

Independent Auditor’s Report to the Members of SEED Madagascar

Opinion

We have audited the financial statements of SEED Madagascar (the ‘charitable company’) for the year ended 30th June 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including FRC’s Ethical Standard, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the Trustees’ Annual Report and the Review of Projects and Benefit to the Public, other than the financial statements and our Auditor’s Report thereon. The trustees are responsible for the other information contained within the annual report. 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.

SEED Madagascar: Report and Financial Statements 2024 Page | 24

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are Required to Report by Exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees' responsibilities statement, 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

We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

SEED Madagascar: Report and Financial Statements 2024 Page | 25

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-thefi/description-of-the-auditor%E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Weston FCCA (senior statutory auditor) For and on behalf of Westmore Accounting Limited Chartered Certified Accountants and Statutory Auditors 81 Joel Street, Northwood Hills, Middlesex HA6 1LL

Date: 23rd February 2025

SEED Madagascar: Report and Financial Statements 2024 Page | 26

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Statement of Financial Activities

(incorporating the income and expenditure account) for the year ended 30th June 2024

Unrestricted
Funds
Note
£
Income and endowments
from:
Donations and legacies
3
207,247
Investments
4
16,908
Total income
224,155
Expenditure on:
Raising funds
5
16,542
Charitable activities:
- projects
6
190,680
- education
6
83,688
Other
11
-
Total expenditure
290,910
Net income/(expenditure)
(66,755)
before transfers
Transfers between funds
58,576
Net income/(expenditure)
(8,179)
Other recognised gains and losses
Exchange rate gain/(loss)
13
(2,806)
Net movement in funds
8
(10,985)
Total funds brought forward
162,031
Total funds carried forward
151,046		 Designated
Funds
£
-
-
-
-
20,571
-
-
20,571
(20,571)
-
(20,571)
-
(20,571)
27,206
6,635		 Restricted
Funds
£
934,974
-
934,974
-
839,731
-
-
839,731
95,243
(58,576)
36,667
-
36,667
426,429
463,096		 Total
Total
Funds
Funds
2024
2023
£
£
1,142,221
1,002,627
16,908
4,429
1,159,129
1,007,056
16,542
18,195
1,050,982
851,078
83,688
83,487
-
7,908
1,151,212
960,668
7,917
46,388
-
-
7,917
46,388
(2,806)
(1,186)
5,111
45,202
615,666
570,464
620,777
615,666

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SEED Madagascar: Report and Financial Statements 2024 Page | 27

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Balance Sheet

as at 30th June 2024

Notes
Fixed assets
Investments
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling
due within one year
16
Net current assets
Net assets
Funds
Restricted funds
18
Designated funds
19
Unrestricted funds - general
19
Total charity funds		 2024
£
£
2
14,650
701,262
_
715,912
(95,137)
_
620,775
_
620,777
_
463,096
6,635
151,046
_
620,777
_		 2023
£
£
2
7,488
624,102
_
631,590
(15,926)
_
615,664
_
615,666
_
426,429
27,206
162,031
_
615,666
_

The financial statements were approved and authorised for issue by the Board on 23rd February 2025

Jessica Burston Trustee & Director Registration number 03796669

SEED Madagascar: Report and Financial Statements 2024 Page | 28

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Statement of Cash Flows

for the year ended 30th June 2024

Cash flows from operating activities
Cash generated from/(absorbed by) operations:
Income for the year
Adjustment for:
Investment income recognised in statement
of financial activities
Foreign exchange differences
Depreciation and loss on disposal of assets
Movements in working capital:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Investing activities
Purchase of tangible fixed assets
Interest and investment income
Net cash generated from/(used in)
investing activities
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£

7,917
(16,908)
(2,806)
-
(7,162)
79,211
_
60,252
-
16,908
_
16,908
_
77,160
624,102
_
701,262
___		 2023
£
£
46,388
(4,429)
(1,186)
448
2,430
5,980
_
49,631
-
4,429
_
4,429
_
54,060
570,042
_
624,102
___

SEED Madagascar: Report and Financial Statements 2024 Page | 29

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

1. Accounting Policies

Charity information

SEED Madagascar is a private company limited by guarantee incorporated in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR.

1.1. Accounting Convention

The financial statements have been prepared in accordance with the charity’s Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019). The charity is a public benefit entity as defined by FRS 102.

The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2. Going Concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3. Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4. Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

SEED Madagascar: Report and Financial Statements 2024 Page | 30

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

1.5. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6. Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7. Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8. Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9. Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10. Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SEED Madagascar: Report and Financial Statements 2024 Page | 32

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Notes on Accounts

3. Income from Donations and Legacies

Unrestricted

funds
£
Donations and gifts
120,954
Legacies
-
Grants
57,564
Refund of tax (gift aid)
28,729
_
207,247
_		 Restricted
funds
£
105,290
-
829,684
-
_
934,974
_		 Total
2024
£
226,244
-
887,248
28,729
_
1,142,221
_		 Total
2023
£
219,750
5,000
753,878
23,999
_
1,002,627
_

In 2023 £240,182 of the above income was attributable to unrestricted funds and £762,445 to restricted funds.

Specific Donations and Grants



Humedica E.V.
Aeonian Foundation
Zoological Society of Herts
Association Diritto al Futuro
Guernsey Overseas Aid & Development Commission
Teneo Limited
The Piton Trust
Panther Ltd
Clark Mitchell
Blue Ventures
Foundation Franklin
EurHope
Avery Tilley
Noble Caledonia
Silver Lady Foundation
James Family Charitable Trust
SEED Conservation & Research Programme
Other donations and grants
Total donations and grants		 2024
£
315,218
200,208
70,000
52,848
52,249
41,048
20,000
17,000
15,640
15,000
11,843
8,380
6,170
5,814
5,000
4,000
32,858
268,945
_
1,142,221
_

SEED Madagascar: Report and Financial Statements 2024 Page | 33

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

4. Income from Investments

Unrestricted
funds
£
Interest receivable
16,908
 Restricted
funds
£
-
 Total
2024
£
16,908
 Total
2023
£
4,429

All income from investments was derived from bank account interest attributable to unrestricted funds. SEED has looked to maximise the income from reserves and as such, has opened several money market timed investments with HSBC which have resulted in increased interest.

5. Expenditure on Raising Funds

Unrestricted Unrestricted
2024 2023
£ £
Staff and contractors costs 8,897 6,999
Premises costs 230 588
Communication costs 73 174
Travel and volunteer costs 1,936 2,676
Legal and professional 192 137
Consultancy fees 587 1,561
Audit and accountancy fees 2,436 3,290
Office administration 1,878 2,473
Bank charges 313 297
___ ___
16,542
___		 18,195
___

SEED Madagascar: Report and Financial Statements 2024 Page | 34

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

6. Expenditure on Charitable Activities

Projects
£
Staff costs
111,966
Depreciation and
impairment
-
Contractors
8,718
Advertising
575
Premises costs
1,151
Travelling and volunteer
expenses
28,000
Communication costs
328
Insurance
14,237
Legal and professional
383
Consultancy fees
1,174
Audit and accountancy
fees
7,991
Office administration
and project equipment
20,916
Subscriptions,
membership and
registration fees
912
Bank charges
792
197,143
Grant funding of
activities (see note 7)
853,839
1,050,982
Analysis by fund
Unrestricted funds
211,251
Restricted funds
839,731
1,050,982		 Projects
£
Staff costs
111,966
Depreciation and
impairment
-
Contractors
8,718
Advertising
575
Premises costs
1,151
Travelling and volunteer
expenses
28,000
Communication costs
328
Insurance
14,237
Legal and professional
383
Consultancy fees
1,174
Audit and accountancy
fees
7,991
Office administration
and project equipment
20,916
Subscriptions,
membership and
registration fees
912
Bank charges
792
197,143
Grant funding of
activities (see note 7)
853,839
1,050,982
Analysis by fund
Unrestricted funds
211,251
Restricted funds
839,731
1,050,982		 Education
£
62,282
-
4,394
863
921
4,604
328
-
192
587
4,872
3,876
456
313		 Total
2024
£
174,248
-
13,112
1,438
2,072
32,604
656
14,237
575
1,761
12,863
24,792
1,368
1,105
280,831
853,839
1,134,670
294,939
839,731
1,134,670		 Projects
£
90,545
269
17,807
144
2,700
27,991
968
13,555
275
7,006
8,980
17,942
1,144
594		 Education
Total
2023
£
£
48,992
139,537
179
448
9,378
27,185
216
360
2,112
4,812
5,722
33,713
783
1,751
-
13,555
138
413
1,561
8,567
6,580
15,560
6,957
24,899
572
1,716
297
891
83,487
273,407
-
661,158
83,487
934,565
83,487
274,344
-
660,221
83,487
934,565
197,143
853,839		 83,688
-		 189,920
661,158
1,050,982 83,688 851,078
211,251
839,731		 83,688
-		 190,857
660,221
1,050,982 83,688 851,078

Included above are various governance costs related to the management and administration of the charity in the sum of £101,475 (2023 - £88,006).

Consultancy fees predominantly spent on the set-up an onboarding of a new project CRM have reduced dramatically in the year as that set up is now complete.

SEED Madagascar: Report and Financial Statements 2024 Page | 35

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

6. Expenditure on Charitable Activities (continued)

Charitable expenditure within the education category relates to international outreach, fulfilling the charitable objective of advancing the education of the general public about the culture and biodiversity of Madagascar. This is achieved with an ongoing programme of educational outreach via social media networks, the SEED website, academic output, and presentations. SEED does not currently seek specific funding for this work, which is resourced from non-restricted funds. Additional Madagascar-based elements of education, such as WASH education, occur within projects and are included within the project activities category, detailed above.

7.
Grants payable
SEED Madagascar project activities
8.
Net movement in funds
Net movement in funds is stated after charging/(crediting):
Auditors' remuneration - audit of the financial statements		 2024
£
853,839
_
2024
£
7,800
_		 2023
£
661,158
_
2023
£
9,000
_

9. Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

SEED Madagascar: Report and Financial Statements 2024 Page | 36

Section 3. Financial Statements Year Ending 30[th] June 2024

Financial Statements of SEED Madagascar

10. Employees

Employment costs
Wages and salaries
Social security costs
Employer contributions to defined contribution pension scheme
No employee earned £60,000 or more per annum in either year.
Number of direct employees
The average monthly number of employees
during the year were:
Salaries - full time staff		 2024
£
172,344
10,503
298
_
183,145
_
2024
6
___		 2023
£
138,033
8,466
37
___
146,536
_
2023
5
_

In addition to the above stated employees in the UK, SEED Madagascar is responsible for the employment of 2 international staff and a further 80 local staff based in Madagascar in salaried positions and the cost of these salaries is contained within project expenditure.

11. Other Costs

UNICEF grant – underspend repayment 2024
£
-
___		 2023
£
7,908
___

12. Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13. Other gains and losses

Gains/(losses) upon:
Foreign exchange		 2024
£
(2,806)
___		 2023
£
(1,186)
___

SEED Madagascar: Report and Financial Statements 2024 Page | 37

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

14. Fixed Asset Investments

**Fixed Asset Investments **
Subsidiary Total
undertakings
shares
£ £
Cost or valuation
At 1st July 2023 and 30thJune 2024 2 2
___ ___
Carrying amount
At 30th June 2024 2 2
___ ___
At 30th June 2023 2 2
___ ___
bsidiary undertaking, Azafady Limited, is a private limited company registered in England and Wales nu
689. The investment represents all of the issued equity share capital in the company which was dor
hout the period.
Debtors
2024 2023
£ £
Prepayments and accrued income 14,650 7,488
___ __

The subsidiary undertaking, Azafady Limited, is a private limited company registered in England and Wales number 09994689. The investment represents all of the issued equity share capital in the company which was dormant throughout the period.

15. Debtors

Included above is accrued income for donations, grants and legacies in the sum of £10,800 (2023 - £5,000) which were due but not received at the year-end.

16. Creditors: Amounts Falling due in One Year

Trade creditors
Other taxes and social security costs
Other creditors
Accruals and deferred income
Pension contributions creditor
17.
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2024
£
1,085
2,272
649
90,987
144
_
95,137
_
2024
£
283
 2023
£
942
2,272
367
12,260
85
___
15,926
___
2023
£
35

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

SEED Madagascar: Report and Financial Statements 2024 Page | 38

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

18. Restricted Funds

At 1st
July 2023
£
Votsira
67,101
Sekoly
89,991
Stitch Sainte Luce
3,032
Rufus
830
Renitantely
9,678
Ala
55,702
Mahampy
66,626
Staff Clark Fund
1,050
Anosy Food
13,490
WASH in CSB
2,805
Solar
7,752
Chamelion
590
Palms
15,084
Green Schools Positive Footprints
11,547
Recovery & Resilience
24,689
Humedica
577
Accounts Transition
950
Seacology
(459)
Safidy Interim
35,591
Conservation Appeal
3,938
Oratsimba BV
5,644
Humedica II
10,261
Office Purchase
3,000
Solar Pilot
(3,040)
Phelsuma
-
Masoandro (Solar Phase II)
-
GFFO
-
GFFO Support
-
WASH St Luce
-
___
426,429
 Income
£
9,310
310,002
3,268
-
27,996
14,662
550
-
8,776
25,720
-
-
11,843
-
8,494
-
-
-
76,964
1,327
22,914
-
-
-
8,919
68,663
315,548
15,269
4,749
___
934,974
 Expenses
£
(36,618)
(223,016)
(6,162)
(126)
(10,317)
(33,126)
(12,962)
(1,325)
(12,155)
-
-
-
(13,289)
(10,322)
-
-
(529)
-
(54,425)
-
(18,237)
(5,599)
-
-
(5,006)
(69,449)
(315,703)
(8,091)
(3,274)
___
(839,731)
 Transfers
At 30th
June 2024
£
£
(1,380)
38,413
(42,147)
134,830
-
138
-
704
9,142
36,499
(9,670)
27,568
(10,751)
43,463
-
(275)
(6,496)
3,615
-
28,525
(3,040)
4,712
-
590
(2,605)
11,033
13,965
15,190
(6,000)
27,183
(577)
-
-
421
459
-
(1,856)
56,274
-
5,265
5,029
15,350
-
4,662
(3,000)
-
3,040
-
7,849
11,762
(2,423)
(3,209)
(144)
(299)
(6,496)
682
(1,475)
-
_
_
(58,576)
463,096

Negative balances detailed above (Staff Clark Fund £275, Masoandro £3,209 and GFFO £299) are expected and will be compensated from non-restricted funding sources.

All restricted funds are held for the charity’s primary objectives and activities and have risen for the following specific purposes:

Votsira : is focused on maternal health research and explores cultural, social, and economic factors affecting women's access to health services, covering the full birth cycle and postnatal care etc.

Sekoly: aims to increase access to formal education for children in order to alleviate poverty, build community capacity, and enhance the quality of life in the Anosy region.

SEED Madagascar: Report and Financial Statements 2024 Page | 39

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Stitch Sainte Luce: was set-up to offer embroidery training in Sainte Luce as an opportunity for local women to learn new skills in order to enhance family livelihoods.

Rufus: aims to conduct collaborative research and local conservation awareness-raising to enhance the long-term survival of Madagascar’s flying fox bats and contribute to an international body of knowledge regarding their lifecycle and behaviour.

Renitantely: aims to improve the sustainability and viability of beekeeping as a livelihood amongst rural communities in the Anosy region.

Ala: aims to increase and improve viable habitat for three endangered species of lemur in the Sainte Luce littoral forest through corridor reforestation and strengthened local and regional capacity.

Mahampy : aims to increase income for female traditional weavers and improve sustainable resource management of the mahampy reed beds on which they rely.

Staff Clark Fund: fund created to protect Malagasy staff and their families for medical and extraordinary expenses resulting from the pandemic.

Anosy Food: a programme of food distribution, identifying and supporting malnourished children and their families via community-based clinics.

WASH in CSB: supports community-based menstrual hygiene, builds capacity through awareness raising, and creates and supports related infrastructure.

Solar: infrastructure-based project to transition SEED Madagascar’s Fort Dauphin office to solar energy.

Chameleon: aims to formally describe the newly discovered Palleon nasus species and establish a baseline understanding of the population to help inform a wider conservation action plan for the area.

Palms: aims to understand and improve the population status of six key palm species across Sainte Luce.

Green Schools: aims to offset the carbon footprint of the SEED’s school building programme, with communitybased tree planting.

Recovery & Resilience: appeal funds supporting communities through the response to the food insecurity crisis, recovery, and resilience efforts to reduce vulnerability.

Accounts Transition: ringfence set up to support the transition the SEED Madagascar office to a new professional accounting package.

Safidy, Phase IV Interim: collaborates with national and local ministries and NGOs to deliver rights-based sexual and reproductive health education and resources to young people in schools across Madagascar.

Conservation Appeal: ringfence containing proceeds of a conservation appeal aimed at species, research, and conservation.

Oratsimba, Phase IV : is empowering fishers to implement adaptive and sustainable locally managed marine areas (LMMAs) through capacity building and the strengthening of LMMA structures to protect marine biodiversity.

Humedica & Humedica II: food distribution funded by Humedica, supporting children with acute malnutrition and their families. To support communities in the transition toward recovery and resilience to future shocks, the project has an increased focus on nutrition, health, and WASH support.

SEED Madagascar: Report and Financial Statements 2024 Page | 40

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

Phelsuma: to protect the critically endangered Phelsuma antanosy through ecological research and a pilot translocation study.

Masoandro: aims to improve education and energy access in rural Madagascar by installing solar-powered light libraries at schools, providing affordable, sustainable lighting solutions for students, teachers, and the wider community.

GFFO and GFFO Support: aims to improve child health and build community resilience in southern Madagascar by addressing acute malnutrition through a holistic response to food insecurity and climate-related crises.

19. Unrestricted Funds

SEED Development
General funds		 At 1st
July 2023
£
27,206
162,031
___
189,237
 Income
£
-
224,155
___
224,155
 Expenses
Transfers etc
At 30th
June 2024
£
£
£
(20,571)
-
6,635
(290,910)
55,770
151,046
_
_
___
(311,481)
55,770
157,681

Seed Development Fund: funds set up by the trustees from unrestricted funds for building organisational capacity and initial funding of several new posts.

20. Analysis of Net Assets Between Funds


Restricted funds
Designated funds
Unrestricted funds		 Fixed
assets


£
-
-
2
_
2
_		 Net
current
assets
£
463,096
6,635
151,044
_
620,775
_		 Total
£
463,096
6,635
151,046
_
620,777
_

21. Financial Commitments

SEED Madagascar: Report and Financial Statements 2024 Page | 41

Section 3. Financial Statements Year Ending 30[th] June 2024 Financial Statements of SEED Madagascar

The total minimum lease payments under non-cancellable operating leases are as follows:

Expiry date:
Within one year		 2024
£
1,561
___		 2023
£
1,542
___

22. Related Party Transactions

During the year the charitable company received aggregate donations from trustees in the sum of £1,200 (2023 - £1,200).

SEED Madagascar: Report and Financial Statements 2024 Page | 42