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 InaC￿SsIble 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