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← Friends Of Mandritsara Trust

2025-12-31-accounts

REPORT AND ACCOUNTS

YEAR ENDED 31 DECEMBER 2025

Company limited by guarantee Registered number: 4345183

Registered Charity Number: 1092709

INDEX

Page 2 Legal and Administrative Details

Pages 3-12 Trustees’ Annual Report

Page 16 Statement of Cash Flows

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Trustees’ Annual Report - continued aaaRha

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LEGAL & ADMINISTRATIVE DETAILS

YEAR ENDED 31 DECEMBER 2025

Registered Office 29 Priory Road, Needingworth, Cambridgeshire PE27 4SD

:

Field Team Leader Ted Watts

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FRIENDS OF MANDRITSARA TRUST UK

Trustees’ Annual Report for 12 months ended 31 December 2025

Objects and activities

Charitable Objects

The principal objects of Friends of Mandritsara Trust UK (the “Trust” or “FoMT”) are:

  1. The advancement of religion in accordance with the doctrines 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 northern Madagascar. The project includes a 41-bed hospital with surgical and medical facilities, a 24-bed maternity unit, 4 post-surgical beds, 4 high dependency unit (HDU) surgical beds and 3 HDU medical 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 Madagascar.

Activities

The Trust undertakes the following principal functions under the headings of Pray, Give and Go. The Trust aims to:

The process for recruiting voluntary workers requires that each must have a work permit issued by the government before obtaining 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 as 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.

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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 eight 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 inaccessible 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.

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The “Voice of the Good News” radio is a Christian 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 broadcasting and notifying people in outlying villages when the community health team will be visiting, and of other health campaigns.

Public Benefit

The Good News Project does not charge its beneficiaries the full cost of treatment or education received. Only local Malagasy staff are paid salaries. The resident missionary staff and all visiting workers have to raise their own support, so their services are provided at no cost to the beneficiaries.

Madagascar is a very financially-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 practice 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 Project is a major employer in the town and district of Mandritsara.

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Effect of general financial conditions on the Good News Project and FoMT

The Trustees have been encouraged that the level of donations to the Trust has been strong during 2025. The Trustees are very grateful for all donations received from supporters during 2025.

The Trustees have carefully reviewed income and expenditure of both the Trust and the Good News Project from time to time, and modelled several possible scenarios. It remains possible that the Trust may need to contribute additional funds to the Project during 2026 if there is a resurgence of inflation in Madagascar which affects the salaries and other costs of the Good News Project.

Achievements and performance

The project continues to serve a wide area. During 2025 the doctors at the Good News Hospital (Hopitaly Vaovao Mahafaly, or “HVMM”) undertook 11,512 (12,016 in 2024) outpatient consultations, the ward staff received 1,676 (1,708 in 2024) medical inpatients and 1,622 (1,652 in 2024) surgical inpatients; surgeons performed 2,073 (1,927 in 2024) surgical procedures, and midwives (and/or surgeons) delivered 840 babies (790 in 2024). The eye team undertook 6,737 (6,387 in 2024) consultations and the eye surgeon performed 393 (431 in 2024) cataract operations.

The Eye department made 3 visits to Mananara during 2025 (3 in 2024), to see eye patients, prescribe spectacles 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 Mission Aviation Fellowship (MAF) plane. The team carried out 611 eye consultations during 2025 (649 in 2024) and 32 cataract operations (40 in 2024) in Mananara.

The Eye department also made2 visits to Bealanana during 2025 (2 in 2024) and carried out 33 cataract operations there (30 in 2024).

The “Voice of the Good News” radio station broadcasts to the district each day from early morning to late evening. There is Bible teaching, health education, cookery lessons, and French and English lessons each day.

The Community Health team has been particularly focussing on sanitation in recent years, heading up a region-wide sanitation project for the Mandritsara district. The team continues to visit village communities to encourage and to teach on sanitation and to perform vaccinations. The Community Health team carried out 59 (115 in 2024) separate vaccination sessions in 2025, and visited 149 different villages in 2025 (220 in 2024).

Helimission visited 8 times during 2025 (6 in 2024), for 8 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 474 (465 in 2024) pupils from 3-15 years.

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During 2025, 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 98 short-term workers or visitors to the project from outside Madagascar during 2025 (77 in 2024).

Financial 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 otherwise. The notes to these accounts show the components of the key figures in these accounts for each of the Trust and AM-FM.

The primary source of income for the Trust continues to be gifts and donations from individual supporters of the project, with other donations from supporting churches, trusts and fundraising activities. The income from gifts and donations, excluding legacy, Gift Aid refunds and AM-FM income, in 2025 amounted to £444,686 (2024: £624,710), a reduction of £180,024 (2024: an increase of £274,348).

The total income including legacy, income tax on Gift Aid in 2025 and AM-FM income was £560,244 (2024: £765,789), a reduction from the previous year of £205,545 (2024: an increase of £332,928), a reduction of 27% (2024: an increase of 77%).

This reduction in income of £205,545 is broken down as follows:

There was a 5% reduction in Gift Aid refunds in 2025 (2024: 0% increase) from £38,295 in 2024 to £36,198 in 2025.

We also promote the website and online giving. 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 benefit of, the Good News Project in Mandritsara (“Project costs”) during 2025, including Restricted Funds, amounted to £561,516 (2024: £575,712), a reduction of £14,196 (2024: an increase of £59,267).

The Pound Sterling increaseda little in value against the Ariary during 2025. Overall, General Fund project costs during 2025 in Pound Sterling terms have been slightly lower to some extent than those anticipated, due to the favourable currency exchange rate. Future project costs in Pound Sterling terms remain subject to future movements in the currency exchange

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Designated 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.

During 2025, Designated Funds have received £56,137 of income (2024: £62,721) and expended £70,722 (2024: £49,938) towards various items, including ophthalmic equipment, new houses for doctors and the radio station project.

Designated Funds amounted to £151,935 (2024: £161,207) at the end of 2025.

Restricted Funds

At the start of the year there were 9 active Restricted Funds. At the year end this had increased to 10 active Restricted Funds. They accounted for £105,106 (2024: £147,212), representing 23 per cent (2024: 31 per cent) of the value of all funds, at the end of 2025. The Poor Fund, Radio Station Fund and Laboratory Fund represented £46,182 (2024: £46,672), £0 (2024: £85,000) and £38,615 (2024: -£192) respectively of these total Restricted Funds of £105,106 at 31 December 2025.

We are pleased to report the successful completion of the Radio Station Project. The new Radio Station building was opened during the Autumn of 2025.

An agreement between the Trust and the Good News Project (“HVMM”) makes clear the restricted purposes for which transferred Restricted 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 missionary team and various ministries in Mandritsara. For example:

Transfers between funds

£5,313 (2024: £27,316) was transferred from Restricted Funds to Designated Funds during 2025. In particular:

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£0 (2024: £10,000) was transferred from Designated Funds to the General Fund during 2025. The transfer during 2024 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.

A net amount of £2,263 (2024: £0) was transferred from Restricted Funds to the General Fund during 2025. This was mainly in respect of Restricted Fund donations where there was discretion to use the gifts for general purposes.

£1,088 (2024: £0) was transferred from Local Funds to Restricted Funds during 2025. This was in respect of a previous donation where the donors specified a more precise purpose for the gift during 2025.

£0 (2024: £4,295) was transferred from the General Fund to Restricted Funds during 2025. The 2024 transfer was to extinguish a £4,295 deficit in the Maternity Expansion Fund held by the Trust as at 31 December 2024.

£0 (2024: £319) was transferred from the General Fund to Local Funds during 2025. The 2024 transfer 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 maintain the funding of the project in Mandritsara for a period of six months. The General Fund balance at the end of 2025 of £174,914 (2024: £158,862) is more than sufficient to support the project for six months (which would require £137,500), if there was no further income. Most of the surplus General Funds are held in the UK until payment is required in Madagascar.

The Trustees continue to consider the most appropriate use of Designated Funds, which amounted to £151,935 at the end of 2025 (2024: £161,207). It is anticipated that expenditure from Designated Funds during 2026 and 2027 may include:

Plans for future periods

The Trust will continue to fund the Good News Project in Mandritsara, and the Trust’s budget for 2026 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 2026:

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The Board of the Good News Project in Mandritsara has agreed a detailed five-year plan which includes details of anticipated construction / development projects which are likely to take place during the next few years. These plans include a possible significant project in respect of the Good News School.

Structure, governance and management

Friends of Mandritsara Trust UK (“The 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 4345183, 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 2025 financial year, or who were in office at the date this report was approved. The Trustees are also directors of the Trust.

Nathan Lawrence became Secretary on 19 January 2026, replacing Victoria Parsonson, who remains a Trustee. We would like to express our thanks to Victoria Parsonson for her long service as Secretary since 2016.

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 Hopitaly Vaovao Mahafaly) is the main part of the project, but it also includes the Good News School, and the Voice of the Good News radio station. The project is a collaboration between the Trust and the Association of Bible Baptist Churches in Madagascar (FBBM). The legal agreement governing the project in Madagascar is the Statut de I’H6pital Médico-Chirurgical Confessionnel Dénommé “Hopitaly Vaovao Mahafaly”. 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 technicians (one medical and one financial) and the General Director of the Good News Hospital.

The Trustees have ultimate responsibility for processing applications from prospective 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 updating of the website news and for website security. The Trustees delegated the day-to-day management of the website to a volunteer during 2025 at a cost of £0 (2024: £1,504), which included the facilitation of two hybrid prayer days during 2025. In the UK, the board of the Trust recruits new trustees to its number who are either 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 appointment of new trustees, setting out what documents should be handed to a prospective trustee and then once appointed.

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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.

Significant risks

The Trustees have examined the major strategic, business and operational risks that the Trust faces and confirm systems have been established to monitor those risks so that the necessary steps can be taken to reduce them. The Trustees review the 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 management 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 planning.

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.

Financial risks

These potential risks include a shortfall in funding 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, holding 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), ensuring 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 Project 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.

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Child protection risks

These potential risks include safeguarding events affecting 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 Project. 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.

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.

Compliance risks

These potential risks include failure to comply with laws and regulations in the UK and Madagascar.

These risks are managed by regular monitoring of changes in laws and regulations, the timely submission of accounts, and the implementation of a data protection policy.

Trustees’ Annual Report - continued

Trustee Responsibilities

,

Under the Charities Act 2011 and under the Companies Act 2006, the Trustees are required to prepare a statement of accounts for each accounting year which gives a true and fair view of the state of affairs of the Friends of Mandritsara Trust UK.

They are required to:

They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of Friends of Mandritsara Trust UK and ensure that such accounts and records comply with the Charities Act 2011 and Companies Act 2006.

They also have a responsibility to safeguard the assets and liabilities of Friends of Mandritsara Trust UK and take reasonable steps to detect fraud or any other irregularities.

Approval

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

This report was approved by the Trustees on 16 March 2026

And signed on their behalf by N Lawrence (Secretary)

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LY

Friends of Mandritsara Trust UK

Independent Examiner’s report to the trustees of Friends of Mandritsara Trust UK (the Company)

| report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025, which are set out on pages 14 to 21.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also 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’).

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, | report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). in carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

The Company's gross income exceeded £250,000 and | am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants of Scotland.

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that, in any material respect:

‘

| 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 10D

16 March 2026

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Friends of Mandritsara Trust UK

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2025

Uncestricted ‘Designated Restricted Local Total Total
2025 2024
£ £ £ £ £ £
Income
Charitable Income
Gifts 224,026 16,291 204,369 - 444,686 624,710
Legacy received - 39,846 - - 39,846 62,721
Incometax recoverable 30,855 - 5,343 - 36,198 38,295
254,881 56,137 209,712 - 520,730 725,726
Otherincome
AM-FM income - - - 32,394 32,394 32,071
Bank interest (TrustandAM-FM) 7,120 - - - 7,120 7,992
Total Income 262,001 56,137 209,712 32,394 560,244 765,789
j
Expenditure
Charitable Expenditure
Project costs - Trust 245,020 70,722 245,306 - 561,048 570,515
Project costs—AM-FM 443 - 25 - 468 5,197
Other costs—AM-FM - - - 29,046 29,046 29,562
Fundraising costs 63 - - - 63 214
UKadministration costs 2,420 - - - 2,420 3,985
Total Expenditure 247,946 70,722 245,331 29,046 593,045 609,473
oerIncome / (Expenditure) 14,055 14585 -35,619 —3,348 -32,801 156,316
GrossTransfersbetween Funds 2,263 5,313 -6,488 = -1,088 - -
CurrencyAdjustment -266 - 1 -829 -1,094 -141
NetIncome/(Expenditure) 16,052 -9,272 ~42,106 1,431 -33,895 156,175
Fund Balances, 1Jan2025 158,862 161,207 147,212 13,968 481,249 325,074
ee naos 174,914 151,935 105,106 15,399 447,354 481,249
Ss
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Friends of Mandritsara Trust UK

Balance Sheet as at 31 December 2025

:

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||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |Fixed|Assets|-| |Current|assets| |UK|assets| |Bank|balances|383,625|318,044| |Investments|-|42,706| |Debtors|&|prepayments|43,255|102,815| |426,880|463,565| |Madagascar|assets — AM-FM| |Bank|balances|19,581|16,096| |Cash|1,099|2,637| |Debtors &|prepayments|551|309| |21,231|19,042| |Creditors:|amounts|falling due| |within|one year| |Creditors|&|accruals|- UK|-120|-719| |Creditor &|accruals|-|Madagascar|-637|-639| |NET ASSETS|447,354|481,249| |Funds| |General|Fund|174,914|158,862| |Designated|Fund|151,935|161,207| |Restricted|Funds|105,106|147,212| |Local|Funds|15,399|13,968| |TOTAL FUNDS|447,354|481,249|

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For the year ending 31 December 2025 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 respect to accounting records and for preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Signed:

Date: 16 March 2026

JR Bulmer (Treasurer)

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Friends of Mandritsara Trust UK

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |Statement|of Cash|Flows| |2025|2024| |£|£| |Cash|flows from|operating|activities| |Net|cash|provided|by operating|activities|60,408|38,202| |Cash|flows from|investing|activities| |Interest|7,120|7,992| |Net|cash|provided|by|investing|activities|7,120|7,992| |Cash flows from|financing activities| |Change|in|cash|and|cash|equivalents|in|the|reporting|period|67,528|46,194| |Cash|and|cash|equivalents|at the|start of the|reporting|period|336,777|290,583| |Cash and cash|equivalents|at the end of the|reporting|period|404,305|336,777| |Reconciliation|of net income /|(expenditure)|to|net cash flows| |from|operating|activities| |Net|income|/ (expenditure)|for the|reporting|period|(as|per the|-33,895|156,175| |Statement|of Finance|Activities)| |Adjustment|for:| |Interest from|investments|-7,120|-7,992| |Decrease|/ (increase)|in|investments|42,706|-42,706| |Decrease|/ (increase)|in|debtors|59,318|-68,150| |(Decrease)|/|increase|in|creditors|-601|875| |Net cash|provided|by operating activities|60,408|38,202| |Analysis|of cash and|cash|equivalents| |Cash|in|hand|1,099|2,637| |Short term|bank|deposits|403,206|334,140| |Total|cash and|cash|equivalents|404,305|336,777|

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Friends of Mandritsara Trust UK

Notes to the accounts for the year ended 31 December 2025

Accounting Policies

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, which cannot be recovered.

Designated funds are unrestricted funds allocated for specific purposes by the trustees.

Unrestricted funds are donations and other incomes received or generated for the objects of the charity without further specified purpose and are available as general funds.

Small items of fixed and movable equipment are written off as the expenditure is incurred. The Company has no tangible fixed assets.

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:

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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.

Salaries and related employment costs paid by AM-FM to full-time and part-time employees in Mandritsara

General Designated _ Restricted Local Total
Funds Funds Funds Funds
£ £ £ £ £
2025 salaries - - - 10,904 10,904
2024salaries salaries - - - 9,904 9,904

No Trustees or any person connected to them was paid remuneration during either 2024 or 2025.

Trustee expenses - 2025

Expenses reimbursed to Trustees by the Trust during 2025 amounted to £232 (2024: £0), which related to the cost of catering at the Cambridge Prayer Day.

Donated facilities and services

Members of the AM-FM missionary team and volunteers who travel to Mandritsara 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

©
£124,179 (2024: £225,000) in respect		 of RestrictedRestricted Funds.
CashatbankintheUK(Trust) a a0
Currentaccount 100 100
Deposit account 174,042 163,014
35-day notice account 209,483 154,930
PayPal account 0 0
Total 383,625 318,044

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Investments|in the UK|(Trust)| |Donated|shares|0|42,706| |Cash|at|bank|in|Madagascar (AM-FM)| |Current account|9,088|5,464| |Deposit|account|10,493|10,632| |Total|19,581|16,096| |Debtors & &|Prepayments|in the UK the UK UK|(Trust)| |Income|tax|recoverable|on|Gift Aid|donations|36,198|38,574| |Charity voucher|refunds due|557|1,520| |Legacy to|be|received|6,500|62,721| |43,255|102,815|

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Debtors & & Prepayments in the UK the UK UK (Trust)

Movement in Funds during 2025

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||||||||| |---|---|---|---|---|---|---|---| |1Jan|Income|Expenditure|‘Transfers|Currency|31|Dec| |2025|Adjustment|2025| |£|£|£|£|£|£| |Unrestricted|Funds|158,862|262,001|-247,946|2,263|-266|174,914| |Designated|Funds|161,207|56,137|-70,722|5,313|-|151,935| |Restricted|Funds|147,212|209,712|-245,331|-6,488|1|105,106| |Local|Funds|13,968|32,394|-29,046|-1,088|-829|15,399| |Total|Funds|481,249|560,244|-593,045|-|-1,094|447,354|

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Movement in Funds during 2024

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||||||||| |---|---|---|---|---|---|---|---| |1 Jan|Income|Expenditure|Transfers|Currency|31|Dec| |2024|Adjustment|2024| |£|£|£|£|£|£| |Unrestricted|Funds|145,541|237,512|-229,499|5,386|-78|158,862| |Designated|Funds|131,108|62,721|-49,938|17,316|-|161,207| |Restricted|Funds|37,303|433,485|-300,474|-23,021|-81|147,212| |Local|Funds|11,122|32,071|-29,562|319|18|13,968| |Total Funds|325,074|765,789|-609,473|-|-141|481,249|

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19

Trustees’ Annual Report - continued

Analysis of Net Assets between Funds at 31 December 2025

General General Designated Designated Restricted Local Total
Fund Fund Funds Funds
£ £ £ £ £
Trust - UK
Cash at Bank 138,427 145,435 99,763 - 383,625
Investments - - - - -
Debtors 31,412 6,500 5,343 - 43,255
Creditors -120 - - - -120
AM-FM— Madagascar
Bank Balances 4,096 - - 15,485 19,581
Cash 1,099 - ~ - 1,099
Debtors - - - 551 551
Creditors - - - -637 -637
Total Funds 174,914 151,935 105,106 15,399 447,354
Analysis ofNetAssets between Funds at31 31 December2024
General Designated Restricted Local Total
Fund Fund Funds Funds
£ £ £ £ £
Trust - UK
Cash at Bank 123,962 98,486 95,596 - 318,044
Investments - - 42,706 - 42,706
Debtors 30,585 62,721 9,509 - 102,815
Creditors -120 - -599 - -719
AM-FM - Madagascar
BankBalances 1,798 - - 14,298 16,096
Cash 2,637 - - - 2,637
Debtors - - - 309 309
Creditors - - - -639 -639
TotalFunds 158,862 161,207 147,212 13,968 481,249

20

Trustees’ Annual Report - continued

.

Related party

The Trustees consider that the Good News Hospital (“HVMM”) is a related party of Friends of Mandritsara Trust (the “Trust”), as defined in the Statement of Recommended Practice: Accounting by Charities (FRS102) (issued October 2019).

The Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 December 2025 shows that:

In addition, AM-FM made a number of regular payments to HVMM in respect of items such

as:

Total donations (excluding income tax recoverable) received by the Trust without conditions during 2025 from Trustees or other related parties amounted to £34,854 (2024: £36,786).

21