# REPORT AND ACCOUNTS YEAR ENDED-31, DECEMBER 2023 

Company limited by guarantee: Registered numben: 4345183 

Registered Charity: Numer: 1092704 

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Pages:18-22. 

## legal and Administrative Details: 

## Trustees? AnnualReport 

independent Examiner's Report: ExpenditureStatement oféinanciabAécount) Activities:(ineluding:income and Balance Sheet& Audit Exemption Statement: 

## Statement of Gashi flows 

Nistes!to the: Accounts 

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Trustees! AnnualReport - continued 

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# LEGAL & ADMINISTRATIVE-DETARS. 

## Legal. 

Registered. chanitiwmumber:: 1092709 Company timitediy guarantee; registeredin Englamdiand! Wales number: 4845183: 

## Registered Office 

29 Priory Road|Needingworth, Gambridgeshine PE27 4SD: 

Trusteesiand| Directors: 

## Tamsin Booth 

Alison Brownell John Ri€hasd Bulmer - (Treasurert: Cattterine: Grierson:- appointed! ani 22 August 2023 Nathan Lawrenae -appointediom22!August 2023; David Mann 

Victoria Parsonsom— (Secretary)-Douglas Rebertsom- appointed! Chairon 19 September 2023%: Jotin Whitaker — (hair)— resignedl om 19 Septenrber 2023 

## Field TeammLeader' 

## Ted Watts 

Bankers: National WestmitisterBank Pic: 98: Wandswartit High Street: LandomSw18 4Z0:: 

independent: ARithard G Serwice,CA Examiner 66iSouthbnae Drive Glasgow, Gi3 1@0:. 

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Trustees! Annual Report - continued 

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## Trustees’Annual Report for £2 montiks:ended 31 December 2023 

## Objects:and activities 

## The pring pal objects of Fridnds offMandhitsaca: Trust (the:“Trust’ on “FeMl’)arer 

- 1.. The: advancement: of reliBion:in accordance with) the: doctrines:anmd principles. af protestant amd evangelical Christian faith 

- 2.. Theirelief of ill-health and sickness throughout Madagasear and elsewhere. 

This.is done: primarily thraugh providing financial resources amd seeking missionary:staffiand valunteers: for the: Good News. project: in Mandritsara, a- market town in northern Madagascar.The project includiesia 44:Bed! hospital withsungical and medical facilities: ai 13bedimaternity unit, 4 post-surgical beds; 4 hight degendénicy unit (HDU)beds, aischooland a radio station. Memberszabithe Friends:ofMandritsarasteamaiso assist with the training of village chusch leaders. The Good News praject is the:pseperty of the Associationof HBle Baptist Churches im Madagascar. The Trust has = partnership agreement withmthe Agsociation of Bible BaptistiChurches.im Madagascar. 

The Tkustiundertakes the following principal functions under the headings of Pray, Giverand. Go. The:Trust aims tin: 

- e Eficourage prayer for the Project. This is domezby. sending regular mews andl prayer letters, through! the use of social‘inedia and theawebsite (Waww.mandritsara.orguk) and by arranging:prayer meetings:lin addition, hospital staff, volunteens:and- trustees: speskiat chunchimreetings: 

- « Réise-financefor the hespital and related activities:in Mandiitsara 

- e Reéoruit Christian: medital and!igupporti personnel to assistiity the: Project on shortterm or long-term: placements... 

The process for recruiting voluntary workers. requires that. each must Have: ai wonk_penmit issued by:the:gavernment before obtaininga courtesy-visato entem Madagascar. The Trust hasiset up-procedures te copeavith this,,and a volunteer sectiom om its websiteta assistitiew: volunteens:: 

The funds raised are semt:to Mandritsara; Madbeascar asirequired, to:supplementithesfiees: receivedifrom patientsin-the hospitalidind! pupils invthe-school Monthly payments. are:made direct froraithe Trust to: thehospital om tite basis of the agreed annuall project budget: 

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Trustees’: AhnuallRépart - continued LUS 

The: Hospital runs: an outpatients clinic each Manday,to::Friday, with planned surgery on) Tuesdays and Thursdays. There isiam aphthalmic department which undértakesncataract operations: and! dispenses glasses.. Thei rospital providis an emergency: facility twemtysfour hours: a day, seven: days aiweek. Gospell/senvices.are Held each manming Mandayto' in the wardssand in the:evangelical Friday CHiistianifaith..inithesoutpatiemts’ department; te:share the good newsiof Jesus asiset out: There'is:a community health team wttichi isi very activerinioutling areas; visiting villages: the Mandritsara’ district (which isstiie size of Yaukshice) and! Bayond tovprovide immunisatiens andi health care, and advising on water facilities; tailet-building-projectsand generalhealt! Health education.The teamiwzorks in: close collabionation with the povernment the: d&partment. THe opportunity is takem to sharenthe gospel. atvthe willages visitedby: team. Atout six titmes: each year-the team is assistedi by:Helimission, ai Christian: helicopter’ mission, whiat flies teamsitoveutiying villagesiwhick are very. difficult taineactt overland in dry weather; but’ often. completely inaccessiiile: from Mandtiteara duringstie: rainy season... thieThie Goodfirst year News:of pre-sctioallfage Schaoll (Ecole Bonne3) to the-fourthNéuvelle) was yearfoundedofsecondaryin 1998. education: Theschool (age:15). rangesfroua medium of'ediication isi french. The The “Noite ofithe Good! News" radio ista Christian radia statiani that broadcasts daily ovenia broad'larea: This is rurm®ya staff ofifour-and is on ain ftom: 4.38am ta lipm, seven days week. a when itis alsooused fon publicisenvice broadcasting andinotifying people'in outlying villages theicommunity health teannwil We visiting, and ofiothen health campaigns. 

## Public Benefit! 

The: Good News..Araject. dees: net charge: its. beneficiaries the fall cost of treatmenti or educatior received. Oniy;locall Malagasy staff'are paid salaries. Theresident missionary staff and alll visiting: workers:have ta raise thei mown support;se:thein servicesiare:provided latino cost to the treneficianiesi_ 

Madagasoar is a. veryfinancially-poor country amd se: patient fees ane set at-aalével feesiappropriateita charged!bythe contéxt.the Hospital.Nevertheless,In these cases,some na patientsiarepatients ane refusedunable ta medicalpay even‘treatment,the:modestand: Allextra Help maybe given to cower parton the whol ofthe !cost:of their Hospital treatment: patientsane treated regardless oflrage,,religion, age orother factors... The training and support of volunteer doctors, medicat'students and stusient nunses filmi thepracticeUK wii: visit.Mandritsara, gives them experiences which enriches-their: training andl visiting when they retunmi to: work in thein home countries. Same visitors, particularly: surgeons from the: UK} elsewhere: ir Europe; Canada). Australia: and: New Zéaland.,. also-trainrthé staffat the hospital im Mandititsara, 

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Trustees! Annual Report - continued 

## Effect: ofigeneralifinanciall conditions on the Geod News Prejeet and FONE 

The Tiusteeshavebeen emeouraged that-the:level of General Fund|dbnatitns to the Brust. has held lip well during)2023, despite retatively-adverse-financiall conditions in the UK... The Trusteessare very grateful fer all donations received from-suppontersiduring 2023.. The Tiustees fave carefully reviewed! inconie and expenditure of bothithe:Trust:and tte: GoodNews Project fom time to time, anelmodelled several! possible scenarios. It remains possittlie-that the Trust :mtay;need|to comtribute:additionalfunds:to the Project during 2024-iF thereis auresurgence of inflation in Madagascar which affects the finances:ofithe Good News Brajecti: 

## Achievements and performance: 

The project. continues:to serve a wid# area. During 2023 the doctors at the: Good! News. amdoutpatiemtHospital (Hopitalyconsultations,Vacvaoithe:Mahafaly,ywand staffo **r** “HVMMM’)eceived 1,400undértook (1361in11,1542022): medicali(13,134. inpatients. iw 2022} 1,630°(1,835 ini 2022)/surgical lingatients:: surgeons: performed 1,922 (1,748 in 2022} surgical ppecedures,,and midvives{and/or sungeons) dilivered 301. babies: (799: irs 2022). Mie eye+team undertook 6219 (6,708 in 2022}- consultations and’ the eye surgeon perfonmedi858 (451 in 2022) cataract operations. Theprescribe:spectaces:and| Eye department:madé openate3 visitsonto patiénésMaranarawithdusing cataracts. 2023:(2 Manarara im 2022),toisi astownsee eye similarpatients; in size to Mandritsara, but-over on tite east‘coastiamd inaecessible by road! from Mandritsasa. Visits to Mananara have:toibe made by: Mission Aviation Réllowship (MAF) plane. The team: carriediout739 eye consultations: duritig 2023 (645) in2022) and 36 cataractioperationsi(65 imi2022)ia Ménanara. 

The Eye departmentalto:made 2'visits:toriBealananaidusing 2023 (0 itv2022) and carried!but 20 cataragt operations there (G im 2022}. 

The: "Veiae ofithe Gaod News’ radio: station broadcastt ta the district: eachiday, fram earty monnimg to: late evening. There is: Bible: teaching, health education,, cookery lessons, and Fremcht and English lessonsieach day: 

The: Community Heaithiteara has been: particularly focussingon sanitation in recemt yeacs; heading: up ai region-wide: sanitation: project: for the Mandkbitsara district. The team continues: to visit village- communities: to: encourage and ta teach om sanitation: and! ta perform vaccinations. The Community;Health teanm carried| cuti 2911 (691 in 2022): separate vaccinatton sessions im 2023, and visited 274 different villagesim 2023 (195412022)... 

Helimissagn: visited! & times:during 2022: (5 in 2022), for 6 weeks:of'mission; taking small teams outite: remote villages for vaccinatiors,.healttheducation and Chtistianioutreach, The:Good:News School (BBN)is still thebest-performingsscHool in thedistrictii There-arem currently450(450 in-2022) pupils from2215 years. 



Trustees” Annual Report -continwed| 

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During; 2023)) there: were 16 adults: (with 14 children)! from the UK, Australia, Belgium, Canada, France and Switzerland! who are:serving at thesproject-for:more:than three: momths in. a variety:ofiroles, including-as general.dactors, surgeons;nurses, aimidwife and teacters.. There were 85:short-term: workess on visitors:to the project from outside: Madagasean during 2023 (79m 2022)... 

## Financial review. 

TheTrustees. consider that AM-FM (the Trust's: Madagasear NGO) is aibranch! of'the Trust fer accounting:purposes. Thefigures im these accoumts: relate to the combination: of the Trust and! AM-FMitiexcept witere stated otherwise. The motes:to these accounts shawthe componants:of the key figunesiinithese:accounts for eachof the Trustiand AN-FM. 

The primary::source: of incame for the=Trust comtinuesito: be gifts and donatians ftom individual supporters ofitihe project) with other donatidns fronm supporting churches, trusts and fundkeiéing activities: The incame féomi gifts and! donations, excluditrgdegacy,.GiftlAid refunds and AMHFMllincome, in 2023 amounted to £350)362: (2022. £479\823); a reduction of £129,461 (2022:an increase of £198,375). This 2023 income figure: ofi€350,362/inchiides atotal amount of £5,673 (2022: £132,700}in respecti of the: two properties: which were donated to:the Trust:during 2022. 

The total incomeincluding:legacy, incerme tax on Gift Aidiih i2023'and AM-FM! incame:was: £432,861 (2022: £537/612}, a nediictlom from the previous year off £104,751 (2822% an: increaseofi£ 199,975), a reduction. of 199642022: am increase of59%); 

This reduction inincome af£104, 751 isihnokem dowm asfollows: 

   - « Atvediiction of148}331 in respect:of the: Genenal Fund. The 2822 General Purell imcome figure inckidedia large donation 

   - « AM¥eduction ofF116,230in respect of Designated|/Funds, which is due: to:thestwe: properties whichiwene donatediitorthe Trust during: 2022. 

- « Af increaseof £58,138 in respectof Restricted! ands ¢ Ati increaseof #1722 in respectof local Furds: 

- There:wasia 24% increase in Gift Aid| refamds.in 2023 (2022: 13% increase) fromm £30,899 in 2022 to £188;247 in 20231 

We algo. promote the website'and onlime giving: We have:an online.Gift Aid declaration page: which:simplifies and speeds uo the sign-up process for GiftAid. 

Expendittine: by the Trust and|AM-FM toy or for the beefitof} the Good News Projent in Mandfitsara (“Project..costs”) during; 2023, including; Restricted! Randsj amounted! to: £5116, 44542022: £345,846}. This:increase:of £170)599) (2022: a rediictiom of £30,587flangely reflects the: increasedlllexpenditure: of £204\ 783. (2022:: £71,308) of Restricted Rundi om various capital projectsiandiotheritems dining: 2023: 

The Pound Sterling iticreased!in value against the Agarydtiting 2023: Overall, General Rund project oosts:during:2023 ia Pound Sterling: terms have beer lower ti: some extémt tham those-antiGipated, due'to: the:favourabie. currency excthange rate: Future project-costs im Pound Sterling-terms remain subject to-futune movementsin the curnencyexchangrat **e** : 

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Trustees’ ‘Annual Report - continued iene aae ete Dehn seit: coum cee eS ee RE Ce PERE Eee ec 

## Designated Finds. 

Designatid: Funds relatevtypically to:legacy income, wiih has beeniusedlia the past tofinal the constructionof Hospital buildings andlhousing in M&andiitsara. 

A&of reportedin the 2022 aecounts, the Trust received a generous:donatiomfrom a supporter; two small apartments:inithe Nerthof Eiigland duringslie first quantex of2022. These-two: propertiesiwere transferred to: the Trust'om 14January 2022! anc 19 March! 2022 respectively: The Trustees decided to sellithe properties to ‘convert théirvalue into-cashvorcash equivalents. The first propertywas sold far £78000ien 28 June-2022” The-second propertywassold for £60,000om 7 February 2023. Thedirust expended £5,741 on owningadministration theisecondcasts:donatedduring;early:2023'(2022-property, and! itsisubsequentisale:. 813,385) to:supportThese the:costs expemses: associ areating. shown wittt as Designated Fund administration costs: the: Statement of FinanciallActivities.. As.during anticipated 2023.i0 inrespect the:2022 of the accounts,:the constructiomTrustof arvadditionallén-sitehas:spenti£50,000l fromDupltoxDesigmatedHousefor Funds=dbcttors: itisiansiespated that construction of thig:house-willlbe completed inearlyi2024.. 

It wasianticipated in the 2022 accountsithat around £100/800 would be:spent by the:Trust during 2023 te improvertticrobustness:efithe supply ofGleetricity and!waterto the Good News Project,includingtheinstalmentof hew- additional wiring and water pipes, the: construction of a new water borehole andithe purchase-ofa new eléctricallgenerator ane voltage regulator. Inithe-event, this workwas fundedi by:a-ccombination of Restricted Fand income received! by:the: Trust andl funds!received by-the:Good News: Project from -amother: source. ltwasanticipated inthe 2022 accoumtsttat around £250:000:would be-spent during, 2023: and 2024" anew: buiidingatitheGood News Hospital, jincluding an expanded! maternity unit. Itnew appears:that the total costiofithis project will b& of the order of £360,000).due to:samemedical extensions 16: thi: scope of the project,and inflatiomir the costs:of purchasing: equipment. Wesare very pleased.to reportithatiit'appears likely thatithe tatall estimated cost of approximately £360,000iwilllbe fully fanced|by:donations fiom Fahl suppanters:tindividuals, onurches and trusts}. We are-very grateful to:everyame who:tiass contributed towards thissappeal for theexpanded maternity unit; and wexthank-Godfor His gracious provision. Construction has cammenced and weranti¢ipatethat theexpanded! maternibzunitiwill be fail operationaliythe end of 2027! 

DesignatediFumds amounted to: £131,108 (2022: £195,607)/at the end of 2023; 

## Restricted! Funds 

At the start of the year there: were Qiactive Restricted Flinds: At thecyear endl this Had reduced! to: 7 active Restticted Finds: They accounted! for £37:30% (2022: £64/R36), representing; 11 per cent: (2022: 14 pen cent)) of the: vallueofall funds, at-thée endl of 2023: The Infrastructure Furd|l represented £28,294 (2022: £50,000} of these: total: Restricted Funds of £37,303 at 3% December 2023: 



Trestees! AnnualReport - continued 

Prior to: thecend! of20118} Restricted Fundé would have teenitransferredfrom: the Trustto. Ab4-Fhd4).anditiven progressively released to the:Good News Hospital (THVMIM”)overtinge.. The Trustees decided! towards:the end.ofi2013to simplify the administration: of AMLFM) ‘and! to transfericertain Restricted! Fund ameumts:to HVMIM. Anagreement between the: Trust’ and HVMEM makes clearthe restricted! purposes for whieh transferred Restricted! Funds must. be used, and requires. HAMM to provide periodic reports:om the-use of thie Restricted! Fundk. Theagreement was sienedian31 December 2018: Thansfers of Restricted Funds have taken place:fremmttie Trust'taidviaM from timertoitime during 2022 and 202%: 

## Lacallfamds: 

> There: ane-ai numberof Gocall Funds what: are managed by ANM-FM im Madagascar... These. 

> funds:assistthemembers:of the missidmary team andi various ministries.iin Mandritsara: Ror examplez 

- e Merabers: ofthie missionary team make paymrents: to Local Fumdsiwhich are then used to: pay fon the: cost of items:suelt as: administrative services,.language learning andl accommodation im Mandritsara 

- e Lacal Funds are held by AM-FMI! frorn time to tite: fon buildingrzteams: whith come fiom the UK tocsuppont building projects in Mandritsara: 

## Transfers between funds 

£1,858 (2022: £0)wastransferred frorm Restricted! Fumds:to Designated! funds during: 2923. In thié case, the Theatre Blick Fund was:wsing 2023 income to-reimburse: Désignatied Funds. for pantof the £7,493: tramsfér fromDesignated Funds:toi the Theatre Block: Fund dilring: 2022... 

## Reserves: Policy. 

The Trustees:seek to: retain sufficient reserves to maintain’the fundimg of the project in Mandritsara-for a periad of six. montils..The General Fund! balance:at thezend of//2082 of £145,541! (2022: £175;724) is: more than sufficient torsupport the: projecti fori sii montis. (which weuld require: #117, 500} if there was: mo: furttren income. Most!of the: surplus General Runds:are heldlin the: UK untillftayment is:required iniMadagascar: TheTrustees:continuete considerthe most appropwriateiuse of Desigmated Funds; whieh amountedte #131408 at the: endif! 2023 (2022:- £195,607): It is anticipated that expenditure from Desigmated(Funds diimimg: 2024 may include: 

- ¢ The: construction of anotheron-site Duplex:housefor doctors; which is likely:-toscost approximately £50,006: 

- e Potential support for the construction of the-expanded maternity unit déscnibed beliévy under “Plans fer future: periods’, to the:extent that insufficient fidndss: ane obtained! from iappeals. to: supgorters: and charitable trusts: Hiwever,.as noted above; it appears likely that this: project will be: fully funded by donations ftom supporters: 

- ¢ Siipport to the: Gemeral Fund lif this: is: required! to ensune that the Generali Fund remains.in excess of Gmonths ofbudgetediexpenditure.. 

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Trustees: Atinual- Report - continued 

The Trustiwill continueto fiimd! the Good: News: Project ifMandrits **a** ndra:the Trust’s budget fer. 2024 sHaws:that it:cam continue!supporting atithe same level for the-time. beiig without significant extra giving. 

The fallawingymajor project isplannedfan 2024! as. noted! abowe: e Thie-constructionioftiexpanded magemity unit atthe Good News:Hdspital.... Fhisiwill! includé'a new maternityward, additional beds far non-matennity;patients, and more: rooms:fonthe doctors, plus neldted| medical equipment (the current anticipated total cost isiof the:ordér of£360,000}... Construction work:conamenced in December: 2023, and His anticipatedithatthe expanded maternun **i** ttywill be fullly operationall before: theend of 2024! The funds requiredfor the abave project have come from a combinatiomiofan appeal tour supportersand an appeal toi charitable trusts:in the UKéand overseas: The Trust expectsto tilefully[:buildiings] fénd the:cost/ infrastructure: of this project: will ttebyowned! dowations:toby the the Good! Good News. News:Projec Projectirat **t** iemthan by FoMT, and by FOMT.so We: will continue ta seek-persanne! fam the- Good News Project wha will! maintainithe improvements to the Project's financiall controls. andi systems... 

## Structure; governance and management 

Friends of MaindritsaraiTrust UK:("The:Tiust” or “FOMM"}is a registerediicharity (1092709) and aicompany. limited by; guarantees registered im Efigland and!/Walessom 24 Décamber 2001, registered numer: 4345083,..go0vermed by its Memorandumi and Articés: af Association: The address of the registered office is setiout:om page 2, which alsocdistsethe trustees witoiliave: served dering the 2022 financial yeasy or wito were inuoffice-atthe date thisireport was approved.The Frusteesiane also[directons:of][ the][ Trust..] Our Chairnran, JohniWhitaker; steppedidown fromthe Board on 19)September 28234and was replacedias Chairmam byone of our-existing: Trustees, Douglas Robertson: We:weuld! like-tovexgness our thanks:to John Whitakerfor his excellemtservice as: Chainmansinee: 201 7: We werevalsoipleased te welcome two mew Trustees: during:2023; Catherime: Griensoniand! Na&thani Lawrence. 

imMadagascar the Trust.was represented by Ted Wattsu Ted Watts isthe field team leader. and! the-chairman: ofll Anis de Mandnidsana (“AM-FM"), a NGO! registered with the Madagascar Government, which acts as:am agent of the-Trust.. 

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Trustees’ Annual Report- contitiued! 

Thea main-aintof the Trustis to promateand Support.tite Good News project in Mandtiteara, Veovao'Mahofaly)market town: in northens Madagascar.The Good News:Hospital (known Iticalliy asi Fopitaly thea Voice:ofthe Good.is the News mainradid part statiém of.tieproject, andia nursing-andbut # also midwifery-sehoal. includes:stHe-GoodTheNewsproféctisSchool, colabbratien betweeni the Trustiiand the Association: of Biblé: Baptist Churches in Madagascar (FBBM); The legal agreenrent governing this: project in Madieascar de‘ isithe: Statut I’ HOpital’ Médico-Chirurgical Conféssionnel: Dénommé “Hapitaly Vaavao: Mahaftiy’: The Hospital.iboard comprises: up to five pastors: designated! by the boardiof the-F BBM, inaluiding their president, up to:three members representing the Trust; includinesthe AM-FM Tear GoodiNews:HespitallLeader, twaitectinicians (one medicali and one financial}!andi the Generali Directiérof the: The Trustees: have ultimate:‘responsibility for processing applicatiomsifrom prospective overseas:workers and students to join AN!-FM at the: Gdod’News Project! The Trustéesstave délegated the day-to-day managementof thie process:toithe AM-FM: TéamLeadeniamad! team the member responsilile for meditallélactive: students: The Trustees.also have ulttmate: responsibility, far thie upstate ofthe-wellsite news:andl fer website security: The Trustees. have dblegated! the day;torday Management of the:website: to an IT Consultant onia commencial! Kiasis: during: 2023) ata cost of, £2,121 2022::£2,027), which imekiidéd the facilitation of a hytirid prayer dayduring 2023 £0: of these- expenses. (2022: E1)O00} were cavered|by a specificdonation from aisupponrterof the Trust. Members:In:the UK the:[boandoofllthe] Trust neoruits new"trustees tociés: number who are eithenexisting project: of thecompany-or‘known to the current trustees as Having arminterest: in-the It is typically the case that Tiustees: have: beem to Mandhitsararto: have: pensanat served!knowledgeof the Project, although ottieedong—term / committed. supporters can anditiave hew asiTeustees. The Tirustihas an agreed! eight-steg procedure for- the appointinemt of them trustees,[once-appointed!.] setting out what documenté:shouldibe handed to a prospective trustee-and The Trust#es,who are ttre directors of tHelimited lability, company; currently have manthly, meetings:{usually by: virtual conferencing: platforms), witith are supplemented with: emaik conversationsas required.. 

The Trustees maintainy and! review on ar regular basits;a:wide: range: of policies: and! procedures; including,a Child Safety. Policy-and an ltternal| Financial Controle Policy. 

16! 

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Trustees’; Annual. Réport - continued 

## Signifieantitisks: 

The: Trusteesi have examined the major:strategic, business.amd operatidiall risks: thani thie Trust-faces and confirni systems: hava: beer: established to: moniton thase riske sovthat: the: necessary-steps cam be taken ‘to: reduoe them. The Trustees review the Risk: Register orrat: least an-annual! basis. Thesprincipal potential risks identified by the: Trustees, tagethen with, the principal mitigations put in placete manage these nisks, ase as.followse 

## Govemance and! managemeni risks: 

These potential risks include thedtioss:of Tacus or dilution of charitable-aims, lack of deann prioritiesstoienable strategic planning; inadequate training for Tnustees, the geographical remotemess of the Trustifiomi operational activitiesiim Madagascar, alack ofcohesiom betweenrtheTrust anditthe:Goodi News:Project,and disaster recavery:and planning... 

These risks:are managed by regular review and adherempeto tire partnership agreement! between the Trust andif#BM) training fon Trustees, occasional visits by Trustees.to Mandritéara, regular communicationibetween the AM-FM [Team Leader and theThustees, includingthe eam Leader joining the regular montily virtual Trustees meeting: and all Trust.documents being|storedielectronitaliy imisecure cloudibased storage with periodic: externallgesure back up- 

## Financial risks 

These potential riskeinclude' ashortfall imfunding or arrumexpected increasaiin expenditure for the PFoject,. loss offumdsby the Trustor the Good Néws:Project frominvestments, fraed or error, and currency exchange risks... These: risks:are managed by maintaining;the relationshit:-with existing supporters thitough newsletters:and prayen days, Holding alllflimds in cast or cast equivalents with reputable banking:institutions(on canventing them into:cash orcastmequivalents.when received inva: differentiform), ensuring-tHat Generallfund reserves:are im excess ofisbe months of hdgeted expenditure, engagingim arobust budgeting processseachryearfor bottrttie Trust and the GoodNews Rroject,.adhenence to the Tiust'Simternal fiancial controls policy, the Treaserer circulating monthly Trust:nanagementiaccaunts to:the frustees; the Trust Treasurer receivingreguian monthlymanagement:accountsfrom the-Good News Project andi liaising. regularly dtl the ditecton of finance:ofthe Good News#roject, and the Titustees commissioning.an annuali external auditof theaccountsaf the Good News Project: 

## Child protectton risks 

These potential risks include safeguarding events affectingeither ctiildremonvulneratilies: adults. 

These risks-are managed bystrictadheremce to:sepanate safeguarding polities. which apply. to each oftie Trust / AMLAM andl the Gdod News:Project. All Trustees.or volunteers travelling:from the UK to Mandritsaraarerequired to: have DBS-checks ini place... AllAM-RMi team members and valunteens receiverappropriate safeguarding training; 

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Trustees: AnnualReport - continued Pee eerie ee betaine abet ia eeeabioeneis ts Soc SIE 

EERE iE 

## Externall risks: 

These:potentialborders risksiinclde:external pereeptionsof the Trust, the dosune:of' Madagascar AM-FM Iteanmvanddue to external volunteers. evemts swchias\€QVID; andi the personal. health and safety afithe: 

/Thesextisksare managed bykeepingthé website uprto-date, making AM-FM team nremifiers requiced volunteers aware ofthre:risks:of travelliw Madagascar, alliteammembersi/ volinteers:are’ cover, adherenceto‘have compnetrensiveto the Trust's. sociallemergency media medical insurancepolicy, AWIFMcontingency inchisive ofplanningevacuation:toicover emergency evacuation for nen-medicallreasons includinggplitical or civil unrest, and! monitoring oflegal andinegulatiory changes im Madagascar: Compliance risks. TheseMadagascas.potential risks:inolidé failue to.comply with lawsandiregudationsintheUK and These-risksiare managediby regular monitoring-of changesin laws. andlreguiations, the: timelysubmission of accounts, and the¢mplementation ofa data protection policy. 

. 

3 



Trustees? Annual Reporti- continued 

## Trustee Responsibilities: 

> Under thesCharitiesAet 2011 and! underthe-Companies. Acti2006; the Trusteesare requined: to prepare a statementiiof accounts:for eacty accounting;year which gives. a true: and fais view! ofithe state of affairs ofthe FrieadsiafiMandritsara Tnust UK. 

## They are required to: 

- a) Setéct suitable accounting policiés and apply:them consistently, b) Make-judgementsiandiestimatesithat arereascnableand prudent.. 

- c)} State: whetherthe:applicable accounting standiwds.tiave been followed. d) Prepare the financialistatermentssomamiongoing basis. 

They are responsible fon keeping propen accounting:recand# which disalese with: reasonable: accuracy:at any time:the: financiall position ofFriends ofMandritsaraxTrust UK and ensures that: such-aecounts andl records comply: witty the Charitias: Act 2021) ama Campanies.Act. 2006. 

They also; have a responsibility, to saféguand the: assets and liabilitigszof' Friemds: of Mandritsara Teast UKcand take: reasonatiiesteps.to: detest fraud oranyother irreguiarities. 

Approval These accounts have beem prepared! im accordance with the pravisions applicable, to companies subject toithe:smailicompanies: regime: 

THis repant:was approved by the Trustees.on 18 Manchi 2024. 


**----- Start of picture text -----**<br>
And signed en their behaililby [V][ Parsonsom] [(Secretary):]<br>**----- End of picture text -----**<br>


## ee 



Trustees” Annual Répart - continued 

| 

## Friends of Mibndritsara Trust UK 

## Independent Examiner's report te the trusteeszof Friends:of Mandtitsara Trus#UK (the Company}. 

report to thé-chrarity trustees!om my examination oftheaccounts of theCompany fur the year ended 31 Decemijer: 2023, whichraraiset out on pages: 15 to: 22. 

## Responsibilities andi basis of report: 

As the:ctianity’s trustees:afithe Campamy, (amdiiatso its directors. far the:purposesof company, law) youlare responsible for the preparatédn ofi the accounts in accordance withthe requinements of thesCompanias Act 20054 ‘thie-2006.Act')s 2 Having satisfied myselfithat the accoumitzef theCompanyare not requireditaie audited... under Part 16/of the:2006 Aetiand are eligible far indepemdént examination, | reportinrespectiafny examinationof your charity's accounts as:canried outiunder section 145 ofthe CharitiesAct 2011'(‘the 2011 Act!) lr caerying.out:my examination | havecfolldwed the: Directions. giver by the Chariay Commission under section 145(5) (bh) of the:2011 Acti 

## Independentiexaminer!s statement 

TheComapany/s gross income exceeded £250,000 and | am qnalified to:undertake the examination by. being aiqualified membenofthe instituteef Chartered Accountantsof 

| have compidted myexaminatiom | confit that no matexial matters havexome to my: attention connection with the examinatiam giving mexauseto believe: ~~ (1) aecounting records were motikep# ininespect-ofthe Company. as required by section 386 ‘ofthe 200GiAct: ori 

- (2] the aocounts:doinotiaccord withitttiose records: or” 

(3] the accounts:do:naticamply withthe accounting-sequirements ofsection396 of tite: 2006 Act other thlamany requirament that the:aceaunts give ai ‘true-and fair ew which is.not a matter consideredilas: partof aa independent examiiation;-or (4) thieaccounts.havecnot been prepared! im accordance within the methods and principies: ofthe Statement-of Recommendéd Practice fon accounting and reporting by, 

[ Havemonconcerns andilhave come acrossnio other matttrs iv cornectionmitl the examination towhich attention should bedrawn imthis repprt in onden torenable a praper understanding of theaccounts torbe:reacited. 

Name: A Richard G Serviee; CAE 66 Southbrae Drive Glasgow, G13:dQD- 

18 March 2024. 

14 



Trustees! Annual Report - continued 

|Friends.of|Friends.of|Mandiritsara Trust|Mandiritsara Trust|UK||||
|---|---|---|---|---|---|---|---|
|Statement<br>of Financial Activities:(ineluding:Incomeand Expenditure Account)<br>forthe year ended 31December2023||||||||
|iehing||ploeeshienty|Restricted”|—_Local|Total|Total||
||£|£-|£|£|2023)<br>si|2022:<br>£||
|lancome||||||||
|Charitable Income:||||||||
|Gifts|178,272"|5,674|166,417|:|380)362|4791823||
|iggacyreceived|~|11,000|-|-|11,000.|-||
|Insome:taxrecoverabli|25,056:|.|13,191|-|38248|30)899||
||||||||:|
||203)328.|16,672|179,608|-|399}609|$110)722||
|Otherincome||||||||
|AM-FAM inconre:|-|-|~|27,531|27538|25;809||
|Bank interest (Trust andAMIFM)::|5;721|-|~|-|572k|«1,081||
|Tétallincome|209,849|36,6273:|39,608|27,531|A3ESGL|532,612:||
|Expenditure:||||||||
|Charitable Expenditures:||||||||
|Project costs’ Trust::|233,339|77,289|204,783:|-|545,41|345,348:||
|Project costs —AMHTIM.:.|1,034|-|~||1038|498i||
|Othesicosts:— AM-FR|-|-|-|25,978:|25,978:|19,5901||
|Fiindraisingcosts|418|-|-|-|48:|248)||
|UK adininistration-costs!|3,697|5,740.|-|-<br>-|G4BS|17,226:||
|TotalExpenditure:<br>et|238,488<br>83,030:<br>raneanewe||204)783<br>AL ibdiesigt|25;978)<br>552,279)<br>382,915:<br>|ocean<br>secede||||
|dahips;xpeaditure}|25,439|66,357|=-25)175|583) =|119,41|154,697"||
|GiossTransfersbetweenFunds|-|1,858|-1,858|-|-|-||
|Gurrency Adjustment:<br>-7A4<br>:<br>-<br>-7265<br>-1,A70:<br>= -832<br>ee<br>On<br>i<br>ee<br>eel||||||||
|NetIncome/(Expenditere}|-30)183:|GAASS|= -23,033:|S27|-128,8883|153,865||
|FundBalances,-1<br>Jaén2023|175,7241|195,607:|64,336|10,2955|445}962:|292,097||
|mmcanas|145,541|131,108|37,303|1,122|325074!|445,962||
|nn||||||||





Trustees!:Annual/Report - continued 

## Friends.of Mandritsara Frust UK 

## Balance Sheet as:ati3. December 2023 

|Balance Sheet as:ati3.as:ati3. December 2023|||
|---|---|---|
||2023:|2022!|
|Fixed Assets:|-|-|
|Currentassets|||
|UKassets|||
|Bank bal&nces:|270,345:|340,902:|
|Investments:|0|54700:|
|Debtors&prepayments:|34, 749,<br>304,484.|255547<br>424/945:|
|Madagascar assets'—AM-FMi|||
|Bankbalances:|18,920|19,834.|
|Cast|1318|L246:|
|Debtors&prepayments:|825:|792!|
||21,063:|20872!|
|Creditors:amountsfalling die|||
|within one year|||
|Creditors &accruals -UK|-120:|-120:|
|Creditor’& accruals -Madagascar:|-353.|-739)|
|NETASSETS|325,074|445,962:|
|Funds|||
|GeénerailFund*|145,541|175,724|
|Désignated|fundi|131)108.|195;607°|
|Restricted Fumds.<br>LocalFumes!|37,403<br>415122|64,336:<br>10j)R95:|



For the year ending 31Decemben 2028 tie cormpany was entitiéd! to:exemption from audit under'sectiom477 ofithe Campanies Act:2006 relating ta small companies... 

The members have notinequined the company to olttaian audit in-accondance with!section 476 of the Companies Act 2006. 

The directors iacknowledge:their responsibilities fer complying with the nequirements ofthe Act:with respect to accountingrecordsiand for preparationiof accounts. 

These: accounts: have teen prepared! im accendance:withithe provisions applicabléi to companies subject te the small companies’ regime. 


**----- Start of picture text -----**<br>
Signed: fo Fi<br>1/R Bulmer (Theasures)<br>**----- End of picture text -----**<br>


Date: 18 March 2024. 

16° 



Trustees: Afnual-Repert - continued! 

## Friends.of Mandritsara Trust UK 


**----- Start of picture text -----**<br>
||||||||
|---|---|---|---|---|---|---|
|Statementof Cash|Flows::|
|22>:|2822!|
|£|£|
|Cash flows'from|operatifig|activities|
|Neticash|paowded by (usediby)|operating:activities|-77,120|98,297|
|Cash flows-rom|investing:activities|
|interest’|5,721|1,081|
|Neticash|psovided by (usediby)|investing|activities|5721|1,081|_|
|Cash flows:from|finaneing:activities|-|
|Changein: cashiand|cash|equivalents|in|the reporting period|-71,399.|99/378|
|Castiand|cash|equivalentsiat:-the startiofithe|reporting|pesiod|361,982|282,604|
|Cash and cash equivalénts at|theendeftie|reporting period|290,583|383982|
|Reconciliation|ef netiiacome:/ (expenditure} to net cashflows:|
|from|operating. activities:|
|Net imcomre|/‘(expenditure}ifor the-reporting. period|(as per the|-120,888|183,865|
|Statementof|Finance|Activities) ||
|Adjustment fons|
|interestifram investments:|“3721|-1,081|
|Decrease:/|(increase)|in|investments:|54,|700.|-94,.700|
|(Inerease}|in debtors:|-4,835:|-526|
|(Decrease)|/increase in|creditorsi:|-376|739|
|Neticast|provided by|(used|in) operating activities|-77,120|98 ;297|
|Analysis oficash andi cash equivalents:|
|Casti in hand|1318|1246|
|Shorttermibank deposits:|289, 265|380,736|
|Total cash:and|cash equivalents:|290,583|381,982|

**----- End of picture text -----**<br>




Trustees’ AnnualReport - continued Domacibcuhire mannii re skh) Cobetiniidmriel Rtn 8 EEE UC MRLEE ER Friends: of Mamdritsare Trust UK 

## Notes toithe accounts forthe year‘ended 31.Dacember 2023 

## Accounting Policies 

- a), The accounts have beeni prepared in acoerdance: with applicable accounting standards and! follow: thé: recommendations in Statement:ofi Recommended Practice: Accounting by Charities (ARS1024i (Issued October 2019), 

- b) Voluntary income is received by-way-af gifts'andidonationsiand is imeluded in full in the:Statement of Financial Activities: when received. 

Donations arising undes Gift Aid togettren with the tax: recoverablenttiencon are’ accounted! when received and! tax::unclaimed! at: the: year-end is recognised in d&ébtors. 

Resources expended are ciianged in the accounts: in the: period!im witch they: incurred! Theyinclude attributable VAT, wihichi cannotbe recavered. 

- c} Restricted funds are toube:used for specific: purposes: as laid down byathe doner... 

Designated funds are unrestricted! fands allocated for specific purposes by: 

Unrestrigtedifumdsi are donations andi ottier incomes: received or generated for the objects: off the-charity without-further specified purpose and!/are availableias:general funds. 

## d): Tangiblefixedt assets. 

Small items:of fixed! amd movable: equipment ane written: offfias the expenditure is: incurred. The: Company hasno tangible fixed: assets. 

e) The accounts show the combined results ofithe Trustamd Aimiside Mandritsara: (CAM-FMiM), a-NGO! registered with thre Madagascar Government. ANM-FR is: considered to-beva branclr of the Trust. 

## f}; Basis:of conversion ofAM-FMItransactions:to:Sterling. 

All transactions undertaken by AMHFM ane:ini Madagascan Ariary.. Fonathe purpose:of these accounts, these Ariary; amounts have been converted! to Sterling using the following:currency: exchange rates: 

- e Fund values in Afiary at: the start andllemd of the: financial’ yeanare converted ta Stesling-using thei applicable currency exchange:rates ati thasedates 

= 



Trustees! AnnualReport - continued 

2 

- e |jAcome> and expenditiare in» Aniany during a calendar month are. converted. to: Sterling using thexaverage: of the applicatle-currenay exchange rates atte-start and end:of that mantil.. 

The accounts alsa includevai cunency adjustment, whichi reflécts. movements. in the Sterling: value of‘AM-FMi assetssduring.the year which are due to movementsiduring the:yean in the currency exchange: rate between Stesiag: and the: Madagascan ‘Ariagy: 

Salaries.arditelatediemployment costs paid.thy AIM-FMI to full-time and|part-time empliyees in Mandaritsarai 


**----- Start of picture text -----**<br>
General Designated) Restricted| Local Total<br>Funds: funds: Funds Funds:<br>2023 salaries:: * -- - $542: 8,542)<br>2022 salaries: - - - 7,378) 7,372<br>**----- End of picture text -----**<br>


No Trustees or any person connectedito:them was paid! remuneration dunifg:either: 2022.0 2023. 

## Trustee expenses - 2023 

Expenses reimbursed to Trusteesiby-theTrust duriig-the period: amounted! to £0:(2022: £8)... 

## Donatedifacilities and! semices 

Members of theAM-FM missionamy team and! volunteers wha:travel to:Mandkitsara are responsible for paying all of their travel, housingjand| maintenance:costs: 

Except fdr the reimbursed. Trustee: expenses whialt are detailed. above; Trusteessand Memiters of FoMT give voluntarily, of their time and| money initulfilling theitirolds as Trustees and Mimbers. 

## Grants Rayable 


**----- Start of picture text -----**<br>
The Trustipaid the following gramtsita:the Good News: Hospitall during 2023:<br>e £224,303. (2022: £232,000) in respect:of Unrestricted General Funds<br>e £80,000 (2022: £20)200) im respeat of Designated! Funds:<br>© £904,130 (2022: £71,228) inespect ofRestrictedlifundis:.<br>Cash<br>at hénk:in the UK (rust)| ae a<br>Current account 100 1001)<br>Dépesit accounti 169132 340,802:<br>35) day:notice:account 100,661 ~<br>PayPaliaccoumt-: 452 ~<br>**----- End of picture text -----**<br>




Trustees: AnnuatiReport - continued! 

|||2023|2022|
|---|---|---|---|
|investments initheUK(Trust}::||||
|Second donatediproperty:||Q|34700:|
|Cash atbankinMadagascar(AM-FM)||||
|Current account!||4)230|63874|
|Deposit account!||14,699|13,4672|
|Total||18,920|19,8341.|
|Debtors&Prepaymentsnthei<br>UK|(Trust)!|||
|Income taxrecoverable:on<br>GiftAidl<br>doratians:||none<br>33,925|a4<br>aee:<br>2911762|
|Cash offering-not:ye4%banked|||53|-|
|Charity voucher refunds due||171|171...|
|||34,149|29/347"|



## Movementin Funds during:;2023 

||lian|inceme|Exgenditure|ransferss|ransferss|Currency:|31Der|
|---|---|---|---|---|---|---|---|
||2023|||||Adjustmendi|2023:|
||£|£|Sa|£||£|£|
|Unrestricted! Funds:|175\724|209,049|-238488||~|~74|145,541.|
|DesignatedFunds|195) 607|16,673?|-83 030|L858?||-|134, 108:|
|RestrictedFunds<br>Local Funds:|64,3365<br>10\295|179,608<br>27,531|-20a783<br>-25;978|“1|B5Si<br>-|-<br>-726|37,308..<br>10,122.|
|TotatFindé::|445962|432,861|-§52:279||:|“1,470|«325,074.|
|Movement inFundsduring:2022|during:2022|||||||
||iJjan<br>2022:|income|Expenditure|Transfers||Currency:<br>Adjustment.|31Dec<br>2822:|
||£|£|£°|£"||£|#|
|Unrestricted Funds:|1727201|8 8=237,430e|= -254,807|1,0001||-200.|575,724|
|Designated||Funds<br>Restriotediifumds|TO7:398<br>FOBL|132,908<br> = 124,470»|-37,201.<br>-71,308|-7 AG3e<br>6,493"||-<br>-|$95,60%<br>64,336|
|Local Funes:|A4\817|25,8008|-15)889||=|432|10,255;|
|TotalFunds|292)097|537,612|—_-382,95||-|832|«445,982__|



20 



Trustees’ Ahnual-Repaort - continued 

## Analysis af Nét Assets between Funds:at:31 December 2023 

|||General<br>Fund|Designated!<br>Fund!|Restricted<br>Funds:|Local<br>Firads|Total|
|---|---|---|---|---|---|---|
|Trust-UKé|||||||
|CashatBank<br>_<br>Investmemts:||13,909<br>-|131,108.<br>-|25,228<br>-|-<br>-|270,345:<br>-|
|Debtors.||22,174|-|UL,975|-|34,149:|
|Creditors:||-120:|-|-|-|-120|
|AM-ENMI— Madagascar|||||||
|BankBalances:||8,260|-|-|10,660|18,920)|
|Cash<br>Debtors.<br>Creditors||LAs.<br>-<br>-|-<br>-<br>-|-<br>-<br>-|-<br>825<br>-363:|W318:<br>825<br>-363|
|TotalFunds:||145,541|134),108|37,303|41,122|325,074|
|Analysis<br>of Net||AssetsbetweenRunds.at31 December2022|||||
|||Genenal|Designated|Restricted|Local.|Tetail|
|||Fund|Fund|Funds|Funds||
|Trust--UKE|||||||
|Cash at:Baink||140,188|140,907:|55)8i1|~|340/502|
|Investments||-|54,700:|-|-|543700|
|Debtors<br>Creditorsiii||24,822<br>-120|-<br>-|4,525<br>-|-<br>-|29,347<br>-120|
|AM-FM- Madagascan|||||||
|BamkBalances:<br>Cash||9,592:<br>1,24|-<br>-|-<br>-|10,242<br>-|19,834.<br>1,286|
|Debtors<br>Creditors:||-<br>-|-<br>-|-<br>~|T9Z<br>739.|792:<br>-739|
|TotalFunds||175,724|195,607.|645336)|10/295.|445962:|



24, 



Trustees*:Afinual Report - continued 

: 

The -Tiusteesxonsider that the Gaod News Hospital (“HVMbM”) is arelatedipartyof Friends: of Mandtitsara Trusti(the: “Trust”}, asi defined in the Statement of Recommended Practice:: Accountiag by Charities (FRS102); (issued October 2019), 

The Statement of Finaneial Activities (incliiding Incanre and! Expenditure Atcount) for thai year endgd' 312 December 2023 stows that. 

- ® 2023 project:costs --Trust amounted to:£233,339 (2022: £250; 224) inirespectiof Utirestricted General Funds... THIS figume-inctudes:£221|303 (2022: £232, 000)iuf transférs from the Trus **t** oHVMMIl 

- 2023 project:costs — Trust amounted to £77;28912022: £23,816) imrespect:of Designated Funds: This figure includes £50,000 (2622 £20,200of transfers:fwonrthe Trustto:HVMIV | 

- e 2023 project-costs --Trust amounted to:-£204,/33) (2022: £71, 308}]in respectof © Restrieted Funds: This figure inciuctes: £104,130 (2022: £71,228) ofitransfers.fronm theTrust: to: HVMM 

- ¢ 2023 project:costs — AM-FM lamounted to £1,034 (2022: £498)\in respectof** Unrestricted General Funds. THis figune-includes:£521 (2022: £498} of transfers from: AM-FM to H¥VIMM. 

In additign, AM-FM made anumberiofreguiar payments:to H¥MM imrespect of items such 

as 

- « Rént and electricity/water changes in respect of theguest house e Af#reed| contributions towards thecasts of the alike in Antananarivo e Salaryscosts of the AM-FMl administrator e Taxpayments. 

Total donations (excludiiig income taxrecoverable) received by the: Tnustiwithout conditions during 2022 ffora Trustees or other related! panties: amounted to:£3:7;2G4(2022: £36/G4h. 

22: