FRIENDS OF MANDRITSARA TRUST UK REPORT AND ACCOUNTS YEAR ENDED 31 DECEMBER 2024 Company limited by guarantee Registered number: 4345183 Registered Charity Number: 1092709 INDEX Page 2 Legal and Administratlve Detalls Pages 3-12 Trustees, Annual Report Page 13 Independent Examinerfs Report Page 14 Statement of Financial Activities (including Income and Expenditure Account) Balance Sheet & Audit Exemption Statement Page 15 Page 16 Statement of Cash Flows Pages 17-21 Notes to the Accounts
Trustees, Annual Report- contlnued FRIENDS OF MANDRITSARA TRUST UK LEGAL & ADMINISTRATIVE DETAILS YEAR ENDED 31 DECEMBER 2024 Legal Registered charity number: 1092709 Company limited by guarantee, re8iStered in England and Wales number: 4345183 Reglstered Offlce 29 Priory Road, Needin8WOrth, Cambrid8eshire PE27 4SD Trustees and Directors Tamsin Booth Alison Brownell John Richard Bulmer - (Treasurer) Catherine Grierson Nathan Lawrence David Mann Vittoria Parsonson - (Secretary) Douglas Robertson - (Chairman} Fleld Team Leader Ted Watts Bankers National Westminster Bank PIC 98, Wandsworth High Street London SW18 4ZD Independent Examlner A Richard G Service, CA 66 Southbrae Drive Glasgow, G13 IQD
Trustees, Annual Report- contlnued FRIENDS OF MANDRITSARA TRUST UK Trustees, Annual Report for 12 months ended 31 December 2024 Objects and artlvltles Charitable Objerts The principal objects of Friends of Mondritsoro Trust UK (the 'Trust" or "Fomf,) are; l. The advancement of religion In accordance with the dottrines and principles of protestant and evangelical Christian faith 2. The relief of ill-health and sickness throughout Madagascar and elsewhere. This is done primarily through providing financial resources and seeking missionary staff and volunteers for the Good News project in Mandritsara, a market town in northem Madagascar. The project Includes a 44-bed hospital with surgical and medical facilities, a 13-bed maternity unit, 4 post-surgical beds, 4 high dependency unit (HDU) beds, a school and a radio station. Members of the Friends of Mandritsara team also assist with the training of village church leaders. The Good News project is the property of the Association of Bible Baptist Churches in Madagascar. The Trust has a partnership agreement with the Association of Bible Baptist Churches in Mada8ascar. Actlvltles The Trust undertakes the following principal funttions under the headings of Pray, Give and Go. The Trust aims to: Encourage prayer for the Project. This is done by sending regular news and prayer letters, through the use of social media and the website (www.mandritsara.or and by arranging prayer meetings. In addition, hospital staff, volunteers and trustees speak at church meetings Raise finance for the hospital and related attivities in Mandritsara Recruit Christian medical and support personnel to assist in the Project on short-term or long-term placements. The process for recruiting voluntary workers requires that each must have a work permit issued by the government before obtsining a courtesy visa to enter Madagascar. The Trust has set up procedures to cope with this, and a volunteer section on its website to assist new volunteers. The funds raised are sent to Mandritsara, Madagascar a5 required, to supplement the fees received from patients in the hospital and pupils in the school. Monthly payments are made direct from the Trust to the hospital on the basis of the agreed annual project budget.
Trustees, Annual Report- contlnued The hospital runs an outpatients, clinic each day from Monday to Friday, with planned surgery on Tuesdays and Thursdays. There is an ophthalmic department which undertakes cataract operations and dispenses glasses. The hospital provides an emergency facility twenty-four hours a day, seven days a week. Gospel services are held each morning in the wards and Monday to Friday in the outpatients, department, to share the good news of Jesus as set out in the evangelical Christian faith. There is a community health team which is very active in outlying areas, visiting villages in the Mandritsara district (which is the size of Yorkshire) and beyond to provide immunisations and health care, and to advise on water facilities, toilet building projects and general health education. The team works in close collaboration with the government health department. The opportunity is taken to share the gospel at the villages visited by the team. About six times each year the team is assisted by Helimission, a Christian helicopter mission, which flies teams to outlying villages which are very difficult to reach overland in dry weather, but often completely InaCSsIble from Mandritsara during the rainy season. The Good News School (Ecole Bonne Nouvelle) was founded in 1998. The school ranges from the first year of pre-school (age 3) to the fourth year of secondary education (age 15). The medium of education is French. The "Voice of the Good News" radio 15 a Christlan radio station that broadcasts daily over a broad area. This is run by a staff of four and is on air from 4.30am to 11pm, seven days a week, It is also used for public service broadcastin8 and notifying people in outlying villages when the community health team will be visiting, and of other health campalgns, Publlc Beneflt The Good News Project does not charge its beneficiaries the fvll cost of treatment or education received. Only local Malagasy staff are paid salarles. The resident missionary staff and all visiting workers have to raise their own support, so their services are provlded at no cost to the beneficiaries. Madagascar is a veryfinancially-poor country and so patient fees are set at a level appropriate to the context. Nevertheless, some patients are unable to pay even the modest fees charged by the hospital. In these cases, no patients are refused medical treatment, and extra help may be given to cover part or the whole of the cost of their hospital treatment. All patients are treated regardless of race, religion, age or other factors. The training and support of volunteer doctors, medical students and student nurses from the UK who visit Mandritsara, gives them experience, which enriches their training and prattice when they return to work in their home countries. Some visitors, particularly visiting surgeons from the UK. elsewhere in Europe, Canada, Australia and New Zealand, also train the staff at the hospital in Mandritsara. The Good News Projert is a major employer in the town and district of Mandritsara.
Trustees, Annual Report- continued Effect of general finandal conditlons on the Good News Project and FOMT The Trustees have been encouraged that the level of donations to the Trust has been strong during 2024. The Trustees are very grateful for all donations received from supporters during 2024. The Trustees have carefully reviewed income and expenditure of both the Trust and the Good News Projett from tirne to tlme, and modelled several possible scenarios. It remains possible that the Trust may need to contribute additional funds to the Project during 2025 If there is a resurgence of inflation in Madagascar which affects the salaries and other costs of the Good News Project, Achlevements and performance The projert continues to serve a wide area. During 2024 the doctors at the Good News Hospital (Hopitaly Vaovao Mahafaly, or "HVMM") undertook 12,016 {11,154 in 2023) outpatient consultations, the ward staff received 1,708 (1,400 in 2023) medical inpatients and 1,652 {1,630 in 2023) surgical inpatients; surgeons performed 1,927 {1,922 in 2023) surgical procedures, and midwives (and/or surgeons) delivered 790 babies (801 in 2023). The eye team undertook 6,387 (6,219 in 2023) consultations and the eye surgeon performed 431 (358 in 2023) cataract operation5. The Eye department made 3 vlsSts to Mananara durin8 2024 {3 in 2023), to see eye patients, prescribe spettacles and operate on patients with cataracts. Mananara is a town similar In size to Mandritsara, but over on the east coast and inaccessible by road from Mandritsara. Visits to Mananara have to be made by Misslon Aviation Fellowship IMAF) plane. The team carried out 649 eye consultatlons during 2024 (739 In 2023) and 40 cataract operations {36 In 2023) in Mananara. The Eye department also made 2 visits to Bealanana during 2024 {2 in 2023) and carried out 30 cataract operation5 there (20 in 2023). The "Voice of the Good News" radio station broadcasts to the district each day from early morning to late evening, There is Bible teachin& health education, cookery lessons, and French and English lessons each day. The Community Health team has been partlcularly focussing on sanitation in recent years, heading up a region-wide sanitation project for the Mandritsara district. The tearn continues to visit village communities to encourage and to teach on sanitation and to perforrn vaccinations. The Community Health team carried out 115 (291 in 2023) separate vaccination sessions in 2024, and visited 220 different villages in 2024 {274 in 2023). Helimission visited 6 times during 2024 (6 in 2023), for 6 weeks of mission, taking small teams out to remote villages for vaccinations, health education and Christian outreach. The Good News School (EBN) is still the best-performing school in the district. There are currently 4651450 in 2023) pupils from 3-15 years.
Trustees, Annual Report- continued During 2024, there were 14 adults (with 12 children) from the UK, Australia, Belgium, France and Switzerland who are serving at the project for more than three months in a variety of roles, including as general doctors, surgeons, nurses, a midwife and teachers. There were 77 short-term workers or visitors to the project from outside Madagascar during 2024 (85 in 2023). Flnancial review The Trustees consider that AM-FM (the Trust's Madagascar NGO) is a branch of the Trust for accounting purposes. The figures in these accounts relate to the combination of the Trust and AM-FM, except where stated othenmise. The notes to these accounts show the components of the key flgures in these accounts for each of the Trust and AM-FM. The primary source of income forthe Trust contlnues to be gifts and donations from individual supporters of the project, wlth other donations from supporting churches, trusts and fundraising activities. The income from glfts and donations, excluding legacy, Gift Aid refunds and AM-FM income, in 2024 amounted to £624,710 {2023: £350,362), an increase of £274,34812023: a reduttion of £129,461). The total income including legacy, income tax on Gift Aid in 2024 and AM-FM income was £765,789 (2023: £432,861), an increase from the previous year of £332,928 (2023.. a reduction of £104,751), an increase of 77% {2023; a reduction of 19%). Thls increase In Income of £332,928 is broken down as follows: An increase of £28,463 In respect of the General Fund An increase of £46,048 in respett of Designated Funds, which is due to a legacy valued at £62,721 which was recognised as income durin8 2024 An increase of £253,877 in respett of Restritted Funds, which is due to substantial donation income received during 2024 in respect of the Maternity Expansion Fund, the Radio Station Fund and the Poor Fund An increase of £4,540 in respect of Local Funds. There was a 0% increase in Gift Aid refunds in 2024 (2023: 24% increase) from £38,247 in 2023 to £38,295 in 2024. We also promote the website and online givin8. We have an online Gift Aid declaration page which simplifies and speeds up the sign-up process for Gift Aid. Expenditure by the Trust and AM-FM to, or for the beneflt of, the Good News Project in Mandritsara ("Project costs") during 2024, including Restricted Funds, amounted to £575,712 12023". £516,445). This increase of £59,267 {2023: an increase of £170,599) largely refletts the increased expenditure of £300,474 (2023: £204,783) of Restricted Funds on various capital projects and other items during 2024. The Pound Sterling increased a little in value against the Ariary during 2024. Overall, General Fund project costs during 2024 in Pound Sterling terms have been lower to some extent than those anticipated, due to the favourable currency exchange rate. Future project costs in Pound Sterling terms remain subjett to future movements in the currency exchange rate.
Trustees, Annual Report- continued Deslgnated Funds Designated Funds relate typically to legacy income, which has been used in the past to fund the construction of hospital buildings and housing in Mandritsara. As anticipated in the 2023 accounts, the Trust has spent £40,000 from Designated Funds during 2024 in respett of the construction of an additional on-site Duplex house for doctors. It is anticipated that construction of this house will be completed in early 2025. Designated Funds amounted to £161,207 {2023: £131,108) at the end of 2024. Restrfcted Funds At the stsrt of the year there were 7 active Restricted Funds. At the year end this had increased to 9 active Restrlcted Funds. They accounted for £147,212 (2023: £37,303), representing 31 per cent (2023: 11 per cent) of the value of all funds, at the end of 2024. The Poor Fund and Radio Station Fund presented £46,672 (2023: £382) and £85,000 (2023: £01 respectively of these total Restricted Funds of £147,212 at 31 December 2024. An agreement between the Trust and the Good News Project ("HVMM") makes clear the restricted purposes for which transferred Restritted Funds must be used, and requires HVMM to provide periodic reports to the Trust on the use of the Restricted Funds. Local Funds There are a number of Local Funds which are managed by AM-FM in Madagascar. These funds assist the members of the mlsslonary team and varlous mlnistries in Mandritsara, For example: Members of the missionary team make payments to Local Funds which are then used to pay for the cost of items such as administrative services, language learning and accommodation in Mandritsara Local Funds are held by AM-FM frorn time to time for building teams which come from the UK to support building projects in Mandritsara. Transfers between funds £27,316 (2023: £1,858) was transferred from Restricted Funds to Designated Funds during 2024. In particular: Restricted Funds reimbursed Designated Funds for £26,1(X) (2023: EO) of expenditure in late 2023 on a new Community Health Vehicle which fell under the scope of Restricted Funds A further £1.216 {2023: £1,858) was transferred from Restritted Funds to Designated Funds during 2024. In this case, the Theatre Block Fund was using 2024 income to reimburse Designated Funds for part of the £7,493 transfer from Designated Funds to the Theatre Block Fund during 2022. £10,000 (2023.. £0) was transferred from Designated Funds to the General Fund during 2024. This was to ensure as far as reasonably possible that the General Fund remains in excess of 50% of anticipated annual expenditure for the whole of 2025.
Trustees. Annual Report- continued £4,295 (2023: £0) was transferred from the General Fund to Restritted Funds during 2024. This was to extinguish a £4,295 deficit in the Maternity Expansion Fund held by the Trust as at 31 December 2024. £319 (2023: £0) was transferred from the General Fund to Local Funds during 2024. This was in respect of a payment received In the UK for accommodation provided at the guest house in Mandritsara during 2024. Reserves Policy The Trustees seek to retain sufficient reserves to maintaln the fundlng of the project in Mandritsara for a period of six months. The General Fund balance at the end of 2024 of £158,862 {2023: £145,5411 is more than sufficient to support the projett for six months (which would require £125,000), if there was no further income. Most of the surplus General Funds are held in the UK until payment is required in Mada8ascar. The Trustees continue to consider the most appropriate use of Designated Funds, which amounted to £161,207 at the end of 2024 (2023: £131,108), including a legacy valued at £62,721 whlch is still to be received. It is anticipated that expenditure from Designated Funds durin8 2025 may include: A significant development project for the Radio Station wlth an expected total cost of the order of £150,000. Approximately £IOO,000 of the funding for this project has already been recelved by the Trust, Support will be provided from Designated Funds to the extent that insufficient funds are obtained from appeals to supporters and charitable trusts Supportto the General Fund if thls is required to ensure that the General Fund remains in excess of 6 months of budgeted expendlture. Plans for future perlods The Trust will continue to fund the Good News Project in Mandritsara, and the Trust's budget for 2025 shows that it can continue supporting at the same level for the time being without significant extra giving. The following major project is planned for 2025, as noted above: A significant development project for the Radio Station. The Board of the Good News Projett in Mandritsara has agreed a detailed five-year plan whlch includes details of anticipated construction / development projects which are likely to take place during the next few years. These plans include possible significant projects in respert of the hospital13boratory and the Good News School. We wlll continue to seek personnel for the Good News Project who will maintain the improvements to the Projerfs financial controls and systems.
Trustees, Annual Report- contlnued Structure. governance and management Friends of Mandritsara Trust UK (Yhe Trust" or"FoMT") is a registered charity (1092709) and a company limited by guarantee, registered in England and Wales on 24 December 2001, registered number 43451830 governed by its Memorandum and Articles of Association. The address of the registered office is set out on page 2, which also lists the trustees who have served during the 2024 financial year, or who were in office at the date this report was approved. The Trustees are also directors of the Trust. In Madagascar the Trust was represented by Ted Watts. Ted Watts is the field team leader, and the chairman of Amis de Mandritsara ("AM-FM"), a NGO registered with the Madagascar Government, which acts as an agent of the Trust. The main aim of the Trust is to promote and support the Good News project in Mandritsara, a market town in northern Madagascar. The Good News Hospital (known locally as Hopitoly Vaovao Mohofaly) is the main part of the project, but it also includes the Good News School, and the vol of the Good News radio station. The project is a collaboration between the Trust and the Association of Bible Baptist Churches in Madagascar (FBBMI. The legal agreement governing the project in Madagascar Is the Statut de I'HOpital Médico-chirurgical Confessionnel Dénommé "Hopitaly Vaovao Mahafoly". The hospital board comprises up to five pastors designated by the board of the FBBM, including their president, up to three members representing the Trust, including the AM-FM Team Leader, two technician5 (one medical and one financial) and the General Direttor of the Good News Hospital. The Trustees have ultimate responslbility for processing applications from prospettive overseas workers and students to join AM-FM at the Good News Project. The Trustees have delegated the day-to-day management of this process to the AM-FM Team Leader and the team member responsible for medical elective students. The Trustees also have ultimate responsibility for the update of the website news and for website security. The Trustees delegated the day-to-day management of the website to an IT Consultant on a commercial basis during 2024 at a cost of £1,504 (2023: £2,121), which included the facilitation of a hybrid prayer day during 2024. In the UK, the board of the Trust recruits new trustees to its number who are elther existing Members of the company or known to the current trustees as having an interest in the project. It is typically the case that Trustees have been to Mandritsara to have personal knowledge of the Project, although other long-term / committed supporters can and have served as Trustees. The Trust has an agreed eight-step procedure for the appointrnent of new trustees, setting out what documents should be handed to a prospectlve trustee and then once appointed. The Trustees currently have monthly meetings (usually by virtual conferencing platforms), which are supplemented with email conversations as required. The Trustees maintain, and review on a regular basis, a wide range of policies and procedures, including a Child Safety Policy and an Internal Financial Controls Policy.
Trustees, Annual Report- contlnued Significant risks The Trustees have examlned the major strategic, business and operational risks that the Trust faces and confirni systems have been established to monitor those risks so that the necessary steps can be taken to reduce them. The Trustees reviewthe Risk Register on at least an annual basis. The principal potential risks identified by the Trustees, together with the principal mitigations put in place to manage these risks, are as follows: Governance and mana ement risks These potential risks include the loss of focus or dilution of charitable aims, lack of clear priorities to enable strategic planning, inadequate training for Trustees, the geographical remoteness of the Trust from operational activities in Madagascar, a lack of cohesion between the Trust and the Good News Project, and disaster recovery and plannlng. These risks are managed by regular review and adherence to the partnership agreement between the Trust and FBBM, training for Trustees, occasional visits by Trustees to Mandritsara, regular communication between the AM-FM Team Leader and the Trustees, including the Team Leader joining the regular monthly virtual Trustees meeting, and all Trust documents being stored electronically in secure cloud-based storage with periodic external secure back up. Finan ial ris These potential risks include a shortfall in fundlng or an unexpected increase in expenditure for the Project, loss of funds by the Trust or the Good News Project from investments, fraud or error, and currency exchange risks. These risks are managed by maintaining the relationship with existing supporters through newsletters and prayer days, holdin8 all funds in cash or cash equivalents with reputable banking institutions (or converting them into cash or cash equivalents when received in a different form), ensurin8 that General Fund reserves are in excess of six months of budgeted expenditure, engaging in a robust budgeting process each year for both the Trust and the Good News Project, adherence to the Trust's internal financial controls policy, the Treasurer circulating monthly Trust management accounts to the Trustees, the Trust Treasurer receiving regular monthly management accounts from the Good News Projett and liaising regularly with the director of finance of the Good News Project, and the Trustees commissioning an annual external audit of the accounts of the Good News Project. Chlld rotectlon risks These potential risks include safeguarding events affettin8 either children or vulnerable adults. These risks are managed by strict adherence to separate safeguarding policies which apply to each of the Trust / AM-FM and the Good News Projett. All Trustees or volunteers travelling from the UK to Mandritsara are required to have DBS checks in place. All AM-FM team members and volunteers receive appropriate safeguarding training. io
Trustees, Annual Report- contlnued External risks These potential risks include external perceptions of the Trust, the closure of Madagascar borders due to external events such as COVID, and the personal health and safety of the AM-FM team and volunteers. These risks are managed by keeping the website up-to-date, making AM-FM team members / volunteers aware of the risks of travel in Madagascar, all team members / volunteers are required to have comprehensive emergency medical insurance inclusive of evacuation cover, adherence to the Trust's social media policy, AM-FM contingency planning to cover emergency evacuation for non-medical reasons including political or civil unrest, and monitoring of legal and regulatory changes in Madagascar. Com liance risks These potential risks include failure to comply with laws and regulations in the UK and Madagascar. These risks are managed by regular monitorlng of changes In laws and regulations, the timely submission of accounts, and the implementation of a data protection polioi. li
Trustees, Annual Report- contlnued Trustee Responslbilitles Under the Charitles Act 2011 and under the Companies Act 2006, the Trustees are required to prepare a statement of accounts for each accountin8 year whlch gives a true and fair view of the state of affair5 of the Frlends of Mandritsara Trust UK. They are required to: a) Select suitable accounting policles and apply them conslstently. b) Make judgements and estlmates that are reasonable and prudent. c) State whether the appllcable accountin8 Standards have been followed. d) Prepare the financlal statements on an ongoln8 basls. They are responslble for keepln8 proper accountin8 records whlch dlsclose wlth reasonable accuracy at any tlme the financlal positlon of Frlends of Mandritsara Trust UK and ensure that such accounts and records comply wlth the Charitles Act 2011 and Companies Act They also have a responslbillty to safeguard the a55ets and Ilabllltles of Frlends of Mandrltsara Trust UK and take reasonable steps to detect fraud or any other Irre8ularltles. Approval These accounts have been prepared In accordance wlth the provlslons appllcable to companles subject to the small companles, reglme. This report was approved by the Trustees on 17 March 2025 V. PA£&0¢)) 2Slal2S And slgned on thelr behalf by V Parsonson (Secretary) 4> 11
Trustees, Annual Report- continued Friends of Mandritsara Trust UK Independent Examinerfs report to the trustees of Friends of Mandritsara Trust UK (the Company) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024, which are set out on pages 14 to 21. Responslbllltles and basis of report As the charity's trustees of the Company {and a150 Its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act,). In carryin8 Out my examination I have followed the Directions given by the Charity Commission under section 145(5) Ib) of the 2011 Act. Independent examinerfs statement The Company's gross income exceeded £250,000 and l am qualified to undertake the examination by bein8 a qualified member of the Institute of Chartered Accountants of Scotland. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: (l) accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or {2) the accounts do not accord with those records; or {3} the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination; or (4) the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Name: A Richard G Service CA 66 Southbrae Drive Glasgow, G13 IQD 17 March 2025 13
Trustees, Annual Report- continued Friends of Mandritsara Trust UK Statement of Flnanclal Actlvltles (Includlng Income and Expendlture Account) for the year ended 31 December 2024 Unrestrftted General Unre$trlcted Deslgnated Restrlcted Local Total Totsl 2024 2023 Income Charitable Income Gifts 199,352 425,358 624,710 350,362 Legacy received 62,721 62,721 11,000 Income tax recoverable 30,168 8,127 38,295 38,247 229,520 62,721 433,485 725,726 399,609 Other income AM-FM income 32,071 32,071 27,531 Bank interest (Trust and AM-FM) 7,992 7,992 5,721 Total Income 237.512 62.721 433.485 32,071 765,789 432.861 Expendlture Charitable Expenditure Project costs - Trust 225,454 49,938 295,123 570,515 515,411 Project costs - AM-FM 445 4,752 5,197 1,034 Other costs- AM-FM 29,562 29,562 25,978 Fundraising costs 214 214 418 UK administration costs 3,386 599 3,985 9,438 Total Expendlture 229.499 49.938 300.474 29,562 609.473 552.279 Net Income l (Expendlture} Before transfers 8,013 12,783 133,011 2,509 156,316 -119,418 Gross Transfers between Funds 5,386 17,316 -23,021 319 Currency Adjustment -78 -81 18 -141 -1,470 Net Income I IExpendtture) 13.321 30,099 109, 2W6 156,175 -120,888 Fund Balances, l Jan 2024 Fund Balan$, 31 Dec 2024 145,541 131,108 37,303 11,122 325,074 445,962 158,862 161,207 147,212 13,968 481,249 325,074 14
Trustees. Annual Report - continued Friends of Mandritsara Trust UK Balance Sheet as at 31 December 2024 2024 2023 Fixed Assets Current assets UK assets Bank balances Investments Debtors & prepayments 318,044 42,706 102,815 463,565 270,345 34,149 304,494 Mada ascar assets - AM-FM Bank balances Cash Debtors & prepayments 16,096 2,637 309 19,042 18,920 1,318 825 21,063 Credltors: amounts fallln8 due wlthln one year Creditors & accruals - UK Creditor & accruals- Madagascar -719 -639 -120 -363 NET ASSETS 481,249 325,074 Funds General Fund Deslgnated Fund Restritted Funds Local Funds 158,862 161,207 147,212 13,968 145,541 131, 108 37,303 11,122 TOTAL FUNDS 481,249 325,074 For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respert to accounting records and for preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subjett to the small companies, regime. Signed: TkEwlJVL Date: 17 March 2025 J R Bulmer (Treasurer) 15
Trustees, Annual Report- contlnued Friends of Mandritsara Trust UK ststement of Cash Flows 2024 2023 Cash flows from operating activities Net cash provided by (used by) operating activities 38,202 -77,120 Cash flows from investlng artlvltles Interest Net cash provided by investing attivities 7,992 7,992 5,721 5,721 Cash flows from flnancln8 actlvltles Change in cash and cash equivalents in the reporting period 46,194 -71,399 Cash and cash equivalents at the start of the reporting period 290,583 361,982 Cash and cash equlvalents at the end of the reportln8 perlod 336,777 290,583 Reconclllatlon of net Income / (expendlture) to net cash flows from operatlng artlvltles Net income / (expenditure) for the reporting period (as per the Statement of Finance Attivities) 156,175 -120,888 Adjustment for: Interest from investments Decrease / (increase) in investments (Increase) in debtors (Decrease) / increase in creditors -7,992 42,706 -68,150 875 -5,721 54,700 -4,835 -376 Net cash provided by lused in) operatln8 activitles 38,202 -77,120 Analysls of cash and cash equlvalents Cash in hand Short term bank deposits 2,637 334,140 1,318 289,265 Total cash and cash equivalents 336,777 290,583 16
Trustees, Annual Report- continued Friends of Mandritsara Trust UK Notes to the accounts for the year ended 31 December 2024 Accounting Pollcles a) The accounts have been prepared in accordance with applicable accounting standards and follow the recommendations in Statement of Recommended Practice: Accounting by Charities (FRS102} (issued October 2019). b) Voluntary income is received by way of gifts and donations and is Included in full in the Statement of Financial Activitles when received. Donations arising under Gift Aid together with the tax recoverable thereon are accounted when received and tax unclaimed at the year-end is recognised in debtors. Resources expended are charged in the accounts in the period in which they incurred. They include attributable VAT, whlch cannot be recovered. c) Restricted funds are to be used for specific purposes as laid down by the donor, Designated funds are unrestricted funds allocated for specific purposes by the trustees. Unrestricted funds are donatlons and other incomes received or generated for the objerts of the charity without further specified purpose and are available as general funds. d) Tangible fixed assets. Srnall items of fixed and movable equipment are written off as the expenditure is incurred. The Company has no tangible fixed assets. e) The accounts show the combined results of the Trust and Amis de Mandrltsara ("AM-FM"), a NGO registered wlth the Madagascar Government. AM-FM Is considered to be a branch of the Trust. f) Basis of conversion of AM-FM transactions to Sterling. All transactions undertaken by AM-FM are in Madagascan Ariary, For the purpose of these accounts, these Ariary amounts have been converted to Sterling using the following currency exchange rates: Fund values in Ariary at the start and end of the financial year are converted to Sterling using the applicable currency exchange rates at those dates 17
Trustees, Annual Report- contlnued Income and expenditure in Ariary during a calendar month are converted to Sterling using the average of the applicable currency exchange rates at the start and end of that month. The accounts also include a currency adjustment, which reflects movements in the Sterling value of AM-FM assets during the year which are due to movements during the year in the currency exchange rate between Sterling and the Madagascan Ariary. Salarles and related employment costs pald by AM-FM to full-tlme and part-tlme employees In Mandritsara General Funds Deslgnated Restritted Funds Funds Local Funds Totsl 2024 salarles 2023 salafles 9,904 8,542 9,904 8,542 No Trustees or any person connetted to them was paid remuneration during either 2023 or 2024. Trustee expenses - 2024 Expenses reimbursed to Trustees by the Trust durlng the perlod amounted to £0 (2023: £0). Donated facllltles and services Members of the AM-FM missionary team and volunteers who travel to Mandrltsara are responsible for paying all of their travel, housing and maintenance costs. Except for the reimbursed Trustee expenses which are detailed above, Trustees and Members of FOMT give voluntarily of their time and money in fulfilling their roles as Trustees and Members, Grants Payable The Trust paid the following grants to the Good News Hospital during 2024: £206,500 (2023: £221,303) in respect of Unrestricted General Funds £46,942 {2023: £50,000) in respect of Designated Funds £225,000 {2023: £104,130) in respect of Restritted Funds. Cash at bank In the UK ITrust) 2024 2023 Current account Deposit accourlt 35-day notice account PayPal account Total 100 100 163,014 169,132 154,930 100,661 452 318,044 270,345 18
Trustees, Annual Report- contlnued 2024 2023 Investments In the UK (Trust) Donated shares 42,706 Cash at bank In Madagascar (AM-FM) Current account 5.464 4,230 10,632 14,690 16,096 18,920 Deposit account Total Debtors & Prepayments In the UK (Trust) Income tax recoverable on Gift Aid donations Cash offering not yet banked Charity voucher refunds due Legacy to be received 38,574 33,925 53 1,520 62,721 102,815 34,149 171 Movement In Funds durln8 2024 ljan 2024 Income Expendlture Transfer$ Currency Adjustment 31 Dec 2024 Unrestricted Funds Designated Funds Restrirted Funds Local Funds 145,541 237,512 131,108 62,721 37,303 433,485 11,122 32,071 -229,499 -49,938 -300,474 -29,562 5,386 17,316 -23,021 319 -78 158,862 161,207 147,212 13,968 -81 18 Total Funds 325,074 765,789 -609,473 -141 481,249 Movement In Funds durlng 2023 ljan 2023 Income Expendlture Tran5fer5 Currency Adjustment 31 Dec 2023 Unrestricted Funds Designated Funds Restricted Funds Local Funds 175,724 209,049 195,607 16,673 64,336 179,608 10,295 27,531 -238,488 -83,030 -204,783 -25,978 -744 145,541 131,108 37,303 11,122 1,858 -1,858 -726 Total Funds 445,962 432,861 -552,279 -1,470 325,074 19
Trustees, Annual Report- contlnued Analysis of Net Assets between Funds at 31 December 2024 General FurKI Designated Fund Restrlrted Funds Local Funds Total Trust- UK Cash at Bank Investments Debtors Creditors 123,962 98,486 95,596 42,706 9,509 -599 318,044 42,706 102,815 -719 30.585 -120 62,721 AM-FM- Mada Bank Balances Cash Debtors Creditors ascar 1,798 2,637 14,298 16,096 2,637 309 -639 309 -639 Total Funds 158,862 161,207 147,212 13,968 481,249 Analysls of Net Assets between Funds at 31 December 2023 General Fund Deslgnated Fund Restrlcted Funds Local Funds Total Trust- UK Cash at Bank Investments Debtors Creditors 113,909 131,108 25,328 270,345 22,174 -120 11,975 34,149 -120 AM-FM- Mada Bank Balances Cash Debtors Creditors ascar 8,260 1,318 10,660 18,920 1,318 825 -363 825 -363 Total Funds 145,541 131,108 37,303 11,122 325,074 20
Trustees. Annual Report- contlnued Related party The Trustees consider that the Good News Hospital {"HVMM") is a related party of Friends of Mandritsara Trust (the Yrusv), as defined in the statement of Recommended Practice: Accounting by Charities {FRS102) (issued October 2019). The Statement of Financial Attivities (including Income and Expenditure Account) for the year ended 31 December 2024 shows that: 2024 project costs - Trust amounted to £225,454 (2023: £233,339) in respect of Unrestricted General Funds. This figure includes £206,500 (2023: £221,303) of transfers from the Trust to HVMM 2024 projert costs- Trust amounted to £49,938 (2023: £77,289) in respect of Designated Funds. This figure includes £46,942 (2023: £50,000} of transfers from the Trust to HVMM 2024 project costs - Trust amounted to £295,12312023." £204,783) in respect of Restricted Funds. This figure Includes £225,000 (2023.. £104,130) of transfers from the Trust to HVMM 2024 project costs- AM-FM amounted to £445 (2023: £1,034) in respett of Unrestrlcted General Funds. This figure includes £445 (2023: £531) of transfers from AM-FM to HVMM 2024 projett costs- AM-FM amounted to £4,752 (2023: £0) In respert of Restrlcted Funds. This figure includes £0 {2023: £0) of transfers from AM-FM to HVMM. In addition, AM-FM made a number of regular payments to HVMM in respect of items such as: Rent and electricitylwater charges in respett of the guest house Agreed contributions towards the costs of the office in Antananarivo Salary costs of the AM-FM adminlstrator Tax payments. Total donations (excluding income tax recoverable) received by the Trust without conditions during 2024 from Trustees or other related parties amounted to £36,786 {2023: £37,261). 21