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2025-08-31-accounts

Annual Report & Accounts 2024 - 2025

Sowing seeds of hope in Nicaragua

About Nicaragua

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0 50 100km
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HONDURAS
Caribbean
NICARAGUA Sea
Lake
Managua
Managua
Bluefields
Granada
Lake
Nicaragua
Ometepe
Pacific
Ocean
COSTA
RICA
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Nicaragua has a population of 6.9 million and is the second poorest country in the Americas after Haiti. The most recent independent survey of Nicaraguan households, carried out in 2019, found 44% of the population living below the poverty line, with 8.9% living in extreme poverty[1] . These figures increased significantly in rural communities, where 63% of the population are below the poverty line and 17.4% live in extreme poverty. A number of different factors contribute towards extreme poverty, with the most significant being economic dependence, overcrowded homes and a lack of access to basic services.

The Nicaraguan Central Bank reported an increase in national GDP of 3.6% in 2024 and a reducing rate of inflation, down from highs of 11.6% in 2022 to 2.8% in 2024[2] . Whilst these are encouraging signs for the country as a whole, life is still difficult for those living in rural communities. Over recent years the Nicaraguan government has closed both national

and international NGOs and it continues to silence those who are critical of its actions, such as journalists and members of the Catholic church. As a result, many Nicaraguans are choosing to emigrate to other countries in the region, such as Costa Rica and the United States. In addition, the number of people visiting Nicaragua as tourists has decreased by 10% from 2023 to 2024.

At a national level in Nicaragua there are only 7 physicians for every 10,000 people, compared to 33 physicians for every 10,000 people in the UK[3] . Almost half of all health centres lack a water supply, and 35% of rural health centres do not have a reliable electricity source.[5] The rural population face particular challenges in the area of health: 82% of rural families cook on open wood fires (which can lead to respiratory diseases), 37% of children from these communities are undernourished, and 70% of maternal deaths occur in rural areas[5] . Maternal deaths include women who die whilst pregnant or within 6 weeks of being pregnant.

The latest UNDP update for Nicaragua recognises that Nicaraguan children have far better access to education than their parents did. A child beginning school this year is anticipated to spend 11.5 years in education, whereas the average Nicaraguan aged 25 years or older only spent 9.9 years in education.[4] Whilst attendance at primary school is compulsory, primary attendance rates are only 87%. Secondary school attendance rates drop to 66% for girls and 64% for boys, and only 15% of teenagers go on to study at university. This reflects the fact that young people often need to choose between continuing with their education and finding work in order to financially support their families.

SIFT is working to bring hope and security to the poor of Nicaragua through projects in the areas of health, education and housing. Our projects are based on the island of Ometepe, in the town of Bluefields, and in the localities of Managua and Granada.

(1) People living below the poverty line live on less than $2.30 per day and those in extreme poverty live on less than $1.15 per day. (2) BCN. 2025. Nicaragua in Figures 2024 [Online]. Available at https://bcn.gob.ni/sites/default/files/202508/Nicaragua_en_Cifras_2024.pdf

(3) World Bank. 2026. Physicians (per 1,000 people) [Online]. Available at https://data.worldbank.org/indicator/SH.MED.PHYS.ZS (4) UNDP. 2025. Human Development Report 2025 [Online]. New York: UNDP. Available at: https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf

(5) Sequeira M, Espinoza H, Amador JJ, Domingo G, Quintanilla M, and de los Santos T. 2011. The Nicaraguan Health System [Online]. Seattle, Washington: PATH. Available at: https://media.path.org/documents/TS-nicaragua-health-system-rpt.pdf

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Report of the Trustees

Mission, Objectives, Strategy and Activities

Mission

SIFT’s mission is to transform the lives of the poor in Nicaragua by focussed activity in specific areas and communities of need.

Objectives

The Trustees hold the trust fund and its income upon trust to apply them for the following objectives:

  1. To relieve poverty.

  2. To advance the Christian religion.

  3. To facilitate the protection and preservation of good health. 4. To facilitate education.

Strategy

SIFT's overall strategy to satisfy these charitable objectives is:

To use SIFT funds and resources to help to draw Nicaraguans out of material and spiritual poverty, by supporting indigenous individuals, groups or Churches in projects to benefit the poor.

Activities

Throughout the year SIFT has worked with beneficiaries and indigenous organisations, including local government and NGOs, to assess needs and to ensure solutions are developed and implemented which will be of sustainable public benefit. Our main activities for this year to fulfil the objectives were:

Details of these activities and achievements this year appear in the following pages.

Contents
About Nicaragua Page 2
Report of the Trustees Page 3
Independent Accountant’s Page 11
Report
Statement of Financial Page 12
Affairs
Balance Sheet Page 13
Statement of Cash Flows Page 14
Notes to the Financial Page 15
Statements
Charity Information Page 21

Page 3 of 22

Report of the Trustees

Activities, Achievements and Performance

Health

SIFT has been providing primary healthcare to the people of Ometepe island since 2005, with this medical provision being led by Dr Sandra Villagra. The island of Ometepe, in Lake Nicaragua, is home to around 35,000 people, with around 39% of the mainly rural population living in extreme poverty. The island has limited state-run health facilities and these tend to be based in the main towns. Whilst consultations are free at these health centres, patients have to pay for their medicines, which often puts treatment out of the reach of the most vulnerable in society.

SIFT provides primary healthcare to the people of Ometepe at our clinics in the communities of Las Pilas and El Corozal. They are staffed by Dr Sandra Villagra and our team of two local nurses. Both of our nurses, Gretty and Aleida, have graduated from university with professional nursing qualifications, which allows them to hold consultations and dispense medicines when Dr Sandra is not at the clinic.

Patients attending one of Dr Sandra’s clinics only have to pay a small, affordable, consultation fee, but all medicines are prescribed free of charge. If a patient cannot afford the consultation fee then it is waived, as we do not want a lack of money to prevent someone from receiving the treatment that they need.

Aleida, Dr Sandra and Gretty at El Corozal clinic

Last year Dr Sandra was successfully treated for breast cancer, and all of her follow-up examinations have been clear. We are grateful to God for this outcome and also for the ongoing help of Dr Cardenas (a doctor from Ometepe who has a private gynaecological clinic) who supports our nurses and gives consultations at our clinics when Dr Sandra has to attend medical appointments in Managua.

Our nurses recognise the value of education in improving the general health of a community and so they teach their patients practical ways to live healthy lives, both during their appointments and through posters around the clinics. When there is an outbreak of a specific disease on Ometepe, such as dengue fever, this health education will focus on ways to avoid contracting it and how to recognise its symptoms. They also teach patients about general health topics, such as personal hygiene and good nutrition.

Our nurses also provide patients with a listening ear, advice and pastoral care. Often they find that a patient needs to talk through a situation that they are facing in their personal life, in addition to the medical condition that they are presenting. There are no time limits placed on appointments, so Dr Sandra and the nurses can give patients the holistic care that they need. Patients appreciate being able to share their concerns with the medical team, and often request prayer for the situations that they are facing.

Women living in communities on the south of Ometepe live far from the main maternal facilities on the island. As such it is especially important that mothers-to-be know what to expect during pregnancy, including how to recognise signs of potential complications. Our nurses pay special attention to pregnant women who attend this clinic, monitoring their pregnancies and providing them with antenatal advice and emotional support, including prayer when this is requested. As the women approach their due date Dr Sandra is able to give them an ultrasound scan, using SIFT’s portable ultrasound monitor.

In January 2025 we were pleased to welcome a group of medical and geography students and their professors from Carthage College in Wisconsin. This visit was part of an ongoing

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partnership between SIFT and Carthage College, where medical students are able to experience the provision of healthcare in the developing world. As well as assisting our nurses with consultations, the medical students distributed gifts to patients and the geography students worked on water projects to benefit communities on the island.

Just under half of the income for our health clinics comes from our supporters in the form of regular monthly donations. Many of the people who give to SIFT in this way do so through one of our medical sponsorship schemes, paying a suggested monthly donation of £15 to support either Dr Sandra or one of our nurses. We are also very grateful to the George Muller Charitable Trust and the Souter Charitable Trust who provided us with generous grants for the medical work this year.

A patient having their vital signs taken at Las Pilas clinic

Finca El Rayo - Asese Peninsula

The city of Granada, on the north-western shore of Lake Nicaragua, is one of the main cities in Nicaragua. Just outside the city lies the three-mile long Asese Peninsula, which is surrounded by hundreds of small islands, known collectively as Las Isletas de Granada (the Little Islands of Granada). Many of these islands are inhabited by poor families, but these families do not have legal ownership of the land that they have lived on for generations.

As Granada is a popular tourist destination, and the Asese peninsula is a particularly beautiful lakeside location, some of the islands have been bought and developed into eco-tourist resorts, restaurants or holiday homes. This has left many islander families facing the prospect of being evicted from their homes at short notices, and only being awarded with minimal compensation. Due to their limited financial resources, a family evicted from an island might end up having to live in the slums of Granada if they are not able to move in with relatives.

Some of the new owners of the islands have allowed families to remain on their islands as caretakers, but this is only a temporary arrangement and offers the families very little in the way of long-term security.

SIFT has bought a plot of land on the Asese peninsula, called Finca El Rayo, which we are planning to use to provide up to 50 islander families who are facing eviction from their islands with a permanent place to live. Since many families in this area rely on fishing to feed their families and to bring in a small income, having a plot of land with lake access is essential to enable them to continue with their traditional way of life. We will be giving the families legal ownership of their plots of land so that they can have security for the future.

A full environmental impact assessment has been carried out and flood defences have been constructed to prevent flooding of the housing area even when water levels in Lake Nicaragua are exceptionally high. A committee of the beneficiaries has also been established to deal with the practical and social issues that may occur during the formation of the new community.

The next stage of the project involves transferring the legal ownership of the individual plots of land to the beneficiary families. We are grateful for the efforts of our lawyer, Yessenia Rosales, who is helping us to navigate the various legal steps involved in this process. We hope that all the necessary paperwork will be put in place during the coming year so that we can give the families their plots of land and the security that they so desperately need.

Education Sponsorship

SIFT’s involvement in Nicaragua was initially motivated by a request for help with the costs of schooling from a child living in the town of Bluefields, on the Caribbean coast of Nicaragua.

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Report of the Trustees

Bluefields has a population of around 40,000 people but suffers from high levels of unemployment and underemployment. Many poorer families rely on finding occasional temporary labour to meet their financial needs, but this is not a stable source of income. In a situation such as this, having a good education and being able to find a well-paid job – possibly in another part of the country or abroad – can transform a family’s future.

Nicaraguan state schools have been free to attend since 2007, which has made it easier for children from all backgrounds to receive a basic education. However these schools tend not to be fully resourced, with large class sizes, which affects the quality of education that the children receive. For those families that can afford it, attending a fee-paying school provides their children with a better standard of education, but this opportunity is out of the reach of the poorest in society.

SIFT’s education sponsorship scheme enables children from disadvantaged families in Bluefields to attend fee-paying schools where they will receive a good standard of education. We pay their school fees, removing this financial burden from their parents, so that they are able to complete their primary and secondary education. If a child wishes to continue their studies at one of the two universities in Bluefields then we will also fund the costs of their course and university supplies. All of the schools that our sponsored children attend are affiliated with churches in Bluefields, and so the children receive a Christian education in addition to the standard curriculum. Of the 100 children that we sponsor in Bluefields, 31 attend primary school, 43 attend secondary school and 26 are university students.

The progress of our sponsored students’ education is monitored by our voluntary field worker, Margaret Storey, who lives in Bluefields from March to September each year. Margaret visits all of the schools on a monthly basis and informs the UK office if a child has left school or is experiencing difficulties in their education. She also stays in contact with our university students, providing them with funds for their studies as needed during the year. We are extremely grateful for Margaret’s tireless service in Bluefields, which goes beyond the administration of the sponsorship scheme to providing timely pastoral and practical support to the children and their families.

One of SIFT’s sponsored students at school

We are also very grateful to our sponsors who regularly donate to the education sponsorship fund. Each sponsor receives an annual update for their sponsored child, which includes a recent photograph and news about their child’s progress. The annual updates are written by Margaret Storey during her time in the UK.

Hogar de Fe Children’s Ministry

The Hogar de Fe (Home of Faith) orphanage was founded in 1992 by Pastor Ramiro Blandon and his wife Conchita after a baby was left on their doorstep in Los Brasiles, near Managua. They went on to provide a loving home to many children and young people, and in time passed the running of the ministry on to their son, Isaac, and a team of local Christians. The children who lived at Hogar de Fe came from a variety of troubled backgrounds; some of them were full orphans and others were not able to be supported by their families. Regardless of their past, they were welcomed into a loving Christian family at Hogar de Fe and given every opportunity to develop to their full potential.

Sadly the funding situation for Hogar de Fe changed dramatically a few years ago, leaving Isaac with a significantly reduced operating budget that was not sufficient to keep the orphanage open. The children who were living at Hogar de Fe either returned to their extended families in Los Brasiles or went to live at other children’s homes run by the state. The team have remained in contact with the

Page 6 of 22

children and young people to provide them with pastoral support, and see many of them at Pastor Ramiro’s church each Sunday.

In spite of this setback, the Hogar de Fe team remain committed to giving children the best possible start in life, and so they have decided to use their resources to provide local children with access to a good quality education. They are giving full scholarships to deserving children from poor backgrounds so that they can attend the Josue 1:8 school. This school is located next door to the orphanage and is led by Job Blandon, another one of Pastor Ramiro’s sons. It is a very popular and wellresourced school, with over 500 students attending. Primary and preschool classes are provided in the mornings, and secondary students attend in the afternoons. Families from the local community are keen to send their children to the school, but some are unable to do so due to the monthly school fees.

The children supported by SIFT and Hogar de Fe

The orphanage grounds are being used by the school for sports activities, and Isaac also hopes to be able to offer after-school classes to help those who are struggling with their studies. The orphanage also has a well equipped computer room and this is used by the school to provide the students with valuable ICT education.

The funding that SIFT provides is enabling scholarships to be given to 24 children and young people, and Isaac hopes to be able to expand this ministry in the future as funding allows. SIFT will continue to stand alongside Hogar de Fe as they seek to serve the most needy in their society.

Feeding Programme

Receiving good nutrition in the early years of childhood is an essential part of a child’s development, and can affect both their physical growth and their performance at school. Sadly, many families that live in rural areas of Nicaragua struggle to provide their children with a balanced diet full of the nutrients needed for healthy development. The typical diet for such a family consists of rice, beans and maize, supplemented by small amounts of meat, fish and vegetables.

Julita Alemán was involved with Christian work on the island of Ometepe for the final 47 years of her life. She became concerned that the diet of local children was lacking many of the vitamins that they needed, and so she set up a feeding programme for them at her home in the village of Urbaite. Following Julita’s death in 2020, the leadership of the feeding programme was taken up by Maxnomara (Max) Potoy and a group of local Christians. Julita’s estate was left to the church, and so the feeding programme is able to continue meeting in the grounds of her house. In recent years teams from an American church have visited and built additional facilities for the feeding programme to use.

Twice a week, on Monday and Friday afternoons, around 30 children and their mothers attend the feeding programme. As the children arrive the team members, who include an educational assistant, provide them with help for their schoolwork and age-appropriate lessons in key skills such as writing and maths.

Once all of the children have arrived, Max leads them in singing some Christian songs and teaches them from the Bible. The children enjoy choosing their favourite songs and joining in with the actions. Following their activities the children are given a glass of high-vitamin milk and, on some occasions, some items of food such as fortified rice.

Children receiving their glasses of high-vitamin milk

Page 7 of 22

Report of the Trustees

SIFT is pleased to be able to support the feeding programme by providing them with the funds needed to purchase the high-vitamin milk.

Working alongside Max are a trained psychologist and a physiotherapist. On three occasions during the week they run free sessions for those children who would benefit from these services.

We are encouraged to see the ministry of the feeding programme go from strength to strength as the team care holistically for the children, showing them and their parents the love of God in practical ways.

Financial Review

SIFT relies upon the generosity of our supporters in the UK to be able to continue serving the poor of Nicaragua. We would like to express our gratitude to the many individuals, churches and trusts across the UK who have donated to SIFT over the past year.

Our overall income for the year was 10% higher than last year, due to the charity receiving a generous legacy from one of our long-term supporters.

Most people who support SIFT on a regular basis do so by giving towards a particular project, such as supporting our medical work or sponsoring a child’s education, but we do also have some regular unrestricted income. Whilst regular giving formed 55% of our income this year, we are conscious of the need to increase the overall proportion of our income that comes from regular donations in order to give financial security to our ongoing projects. The remainder of our income comes from one-off gifts from churches and individuals (including legacies), grants from UK trusts, and sponsored events carried out by our team.

We encourage donations to be Gift Aided wherever this is possible, and use money received from Gift Aid claims for administrative costs and staff salaries. This year money received from Gift Aid claims formed 9% of our total income.

All of our operational expenditure in Nicaragua is in dollars, and so this is affected by the fluctuating value of sterling with respect to the dollar. Thankfully the exchange rate has improved since its historic low levels in 2022, and now appears to have stabilised at a more favourable level.

We have continued to focus our fundraising activities on the medical work to ensure that we are able to continue supporting this vital project. Our support costs this year formed 24% of our total expenditure. We aim to keep our UK and Nicaragua support operations as efficient and cost effective as possible, in order to maximise the funds that are available for projects in Nicaragua.

We operate a number of restricted funds to ring-fence money for projects such as our medical work and our education sponsorship scheme. We do not use any of the money in these funds for administrative or UK costs, but instead use it for project expenditure in Nicaragua. Our general account holds enough short term reserves to last for at least three months.

One of our main fundraising tools is the SIFT Gifts catalogue, which we send out to our supporters prior to Christmas. The catalogue contains specific gifts that can be bought for the poor in Nicaragua, such as medicines for children. There is also an online version of the catalogue on the SIFT website, enabling these gifts to be bought throughout the year.

Graham Knight, SIFT’s Executive Officer, did a 136 mile sponsored walk along the Severn and Thames rivers, from the old Severn Bridge to the village of Cholsey, to raise funds for the medical work. This sponsored event was well supported by friends of SIFT across the UK, in particular from Crossroad Church in Seaton, and raised a total of £2,473.

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Structure, Governance and Management

Structure

SIFT is a Christian development charity which is non-governmental and apolitical. It is constituted under a trust deed dated 10th October 2002 and is registered with the Charity Commission (registration number 1094193). The Trust Deed requires that there are a minimum of three Trustees but there is no maximum.

New Trustees are chosen by the existing Board on the basis of the qualifications and experience that they can bring to the charity. The Chair of Trustees is responsible for the induction of new Trustees, giving them a firm grounding in the responsibilities of the role and an introduction to the history and ethos of SIFT. The names of the Trustees appear on the last page of this report.

During the year we were extremely saddened to lose two of our friends and members of the Board of Trustees, Tony Langmead and Mark Catley. Tony moved to Nicaragua in 2004 and served as our Project Manager and Legal Representative for many years, faithfully overseeing and developing our charitable work, in particular the Finca El Rayo project. His home in Nicaragua was also a place of welcome for team members visiting from the UK. He was a man of exceptional character and expertise, who deeply loved the people of Nicaragua, and we will miss him greatly.

Mark Catley had been a part of SIFT since the charity's inception, being one of our founding Trustees, and he became Chair of Trustees in 2018. He visited Nicaragua on a number of occasions and was particularly passionate about our project on the Asese peninsula. We will miss Mark's wisdom, his sense of humour, and his kind-hearted leadership of SIFT. Following the news of Mark's stage four cancer diagnosis, the other SIFT Trustees met to discuss the charity's future. At this meeting Freja Brown was appointed as the new Chair of Trustees, to relieve this responsibility from Mark.

Staff and Volunteers

Graham Knight is employed as SIFT's Executive Officer, working at the charity’s office in Seaton, Devon. He has responsibility for the day-to-day administration of the charity, which includes general administration, accounting, maintenance of SIFT’s website and administration of SIFT’s sponsorship schemes. He also submits applications to UK grant-making trusts, seeking funds for SIFT’s medical work on the island of Ometepe. Each October he travels to Nicaragua to help administer SIFT’s sponsorship schemes and to collect information and photos for promotional materials.

Dr Sandra Villagra is contracted by SIFT to oversee and provide a medical service on the island of Ometepe. She leads a team of two nurses who serve alongside her in the clinics. Dr Sandra commutes from her home in Managua to the island of Ometepe every other week. On the weeks when Dr Sandra is in Managua the nurses can contact her by phone with any questions that they may have. When she is in Managua Dr Sandra procures medicines for the clinic pharmacies. Her work also involves liaising with the Nicaraguan Ministry of Health at a local and regional level. We are grateful to her for her continued, faithful service, without which we would not be able to run the medical work. We are also grateful to Yessenia Rosales and Rigoberto Solis who have provided us with valuable legal and accounting services respectively.

SIFT is very grateful for the continued involvement of Margaret Storey in the education sponsorship scheme. Margaret lives in Bluefields for six months each year as our field worker, administering the sponsorship scheme on the ground and providing pastoral support to the children and their families.

Management

SIFT’s Trustees are responsible for setting the strategy and direction for the charity, in the form of a regularly reviewed Strategic Plan. The Strategic Plan documents the mission, strategy and values of

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Report of the Trustees

the charity and for each major project details the objectives and resources. This document underpins the annual budgetary process. In setting the Strategic Plan and in planning all of the charity’s activities, the Trustees have paid due regard to the Charity Commission’s guidance on public benefit.

The Trustees are also responsible for assessing the risks associated with SIFT’s current activities, both in Nicaragua and in the UK. These risks and their mitigating actions are recorded in a Risk Assessment document which is kept under review by the Trustees. The main risks are considered to be the potential for fraud, especially in Nicaragua, and the risk of accident or injury to staff and volunteers involved with SIFT’s work in Nicaragua.

SIFT has a Data Protection policy, Reserves policy and Fundraising Complaints policy, as well as a comprehensive Safeguarding policy for our work with children and vulnerable adults. In addition, all contact with SIFT’s supporters, including the storage of their personal data, is carried out in accordance with GDPR legislation.

Finally the Trustees are responsible for the financial well-being of the charity, ensuring that its funds are appropriately used to fulfil the charity’s objectives and serve the poor of Nicaragua. We continue to do all this to the honour and glory of God.

Approved by the Trustees and signed on their behalf by:

Freja Brown Chair of SIFT Board of Trustees

Date: 29th June 2026

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Independent Accountant’s Report

Seed International Fund Trust

For the Year Ended 31 August 2025

Respective Responsibilities of Trustees and Examiner

The Charity’s trustees consider that an audit is not required for this year (under section 43(2) of the Charities Act 1993 (the Act)) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner’s Report

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanation from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

Independent Examiner’s Statement

In the course of my examination, no matter has come to my attention:

Vineta Cable FCCA HAMMETT ASSOCIATES 8-10 Queen Street Seaton Devon EX12 2NY Date:

Page 11 of 22

Statement of Financial Affairs

For the Year Ended 31 August 2025

Note
Income and endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
Investments
4
Other
Total
Expenditure on:
Raising funds
5
Charitable activities
6
Other
Total
Other recognised gains / (losses):
Net income / (expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Gains / (losses) on disposal of
fixed assets		 Unrestricted
Restricted
2025
Funds
Funds
Total
£
£
£
36,937
57,070
94,007
-
2,473
2,473
-
-
-
-
-
-
-
-
-
36,937
59,543
96,480
6,997
5,700
12,697
23,569
49,963
73,532
-
-
-
30,566
55,663
86,229
-
-
-
6,371
3,880
10,251
-
-
-
6,371
3,880
10,251
113,675
79,524
193,199
120,046
83,404
203,450		 2024
Total
£
85,627
2,304
-
-
-
87,931
12,768
84,132
-
96,900
-
(8,969)
-
(8,969)
202,168
193,199

The statement of financial activities includes all gains and losses recognised in the year.

All incoming resources and resources expended derive from continuing activities.

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Balance Sheet

At 31 August 2025

Notes
Fixed Assets:
Tangible Assets
7
Current Assets:
Debtors
8
Cash at Bank and in hand
Creditors:
Amounts falling due within one year
9
Net Current Assets
Creditors:
Amounts falling due after more than one year
Net Assets
Funds
Restricted Funds
10
Unrestricted Funds: General Reserves
Revaluation Reserve
11		 31-Aug-25
£
£
112,764
10,241
81,305
91,546
(860)
90,686
-
203,450
83,404
45,493
128,897
74,553
203,450		 31-Aug-24
£
£
114,199
9,038
70,517
79,555
(555)
79,000
-
193,199
79,524
39,122
118,646
74,553
193,199		 31-Aug-24
£
£
114,199
9,038
70,517
79,555
(555)
79,000
-
193,199
79,524
39,122
118,646
74,553
193,199
193,199
79,524
39,122
118,646
74,553
193,199

Approved by the Board of Trustees:

Freja Brown

Date: 29th June 2026

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Statement of Cash Flows

For the Year Ended 31 August 2025

Net income/(expenditure) for the period
(as per the statement of financial activities)
Adjustments for:
Depreciation charges
Loss/(profit) on the disposal of fixed assets
Interest income
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Net cash provided by (used in) investing activities
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Receipt of endowment
Net cash provided by (used in) financing activities
Change in cash and cash equivalents in the period
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
Analysis of cash and cash equivalents:
Cash in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 2025
Total funds
£
10,251
1,435
-
-
(1,203)
305
10,788
-
-
-
-
-
-
-
10,788
70,517
81,305
81,305
-
81,305		 2024
Total funds
£
(8,969)
1,435
-
-
492
(313)
(7,355)
-
-
-
-
-
-
-
(7,355)
77,872
70,517
70,517
-
70,517

Page 14 of 22

Notes to the Financial Statements

For the Year Ended 31 August 2025

1. Principal Accounting Policies

(a) Accounting Convention

The financial statements are prepared under the historical cost convention. In preparing the financial statements the charity follows best practice as set out in the Statement of Recommended Practice “Accounting and Reporting by Charities” SORP (FRS102) issued in September 2019.

(b) Incoming Resources

Income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

(c) Resources Expended and Basis of Allocation of Costs

Expenditure is recognised when a liability is incurred. The majority of costs are directly attributable to specific activities.

Costs of generating funds are those costs incurred in attracting voluntary income.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating travel costs and repairs, renewals and maintenance by location in the UK or in Nicaragua, payroll and administration costs by the time spent on different activities and publicity costs solely by income generation activities.

A significant proportion of the charity’s support costs, as disclosed in note 15, relate to and directly affect charitable activities undertaken in Nicaragua.

(d) Publicity Costs

Publicity costs consist of expenditure relating to printing and reproduction and related photography expenditure.

(e) Administration and Office Expenditure

Administration expenditure consists of all office costs and related small equipment expenditure.

(f) Repairs, renewals and maintenance

Use of a suitable office for the charity has been obtained at a peppercorn monthly rental of £1. Repairs and renewals expenditure relates to the costs involved in refurbishing the office to enable administrative use for the charity. In addition this category includes maintenance costs for a motor vehicle in Nicaragua.

(g) Capitalisation and Depreciation of Tangible Fixed Assets

All assets costing more than £1,000 are capitalised. Motor vehicles are recorded at cost and are depreciated at a rate of 50% per annum on the reducing balance. No depreciation is provided on land costs and buildings are depreciated over 50 years when completely built; no depreciation is charged in the year of acquisition / addition, and a full year’s depreciation in the year of disposal.

(h) Funds Accounting

Funds held by the charity are:

(i) Foreign Currencies

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

Page 15 of 22

Notes to the Financial Statements

For the Year Ended 31 August 2025

2. Donations, legacies and similar incoming resources

Committed giving
One-off gifts
Grants from organisations
Legacies
Gift Aid recoverable tax income
3.
Income from charitable activities
Fundraising events
4.
Investment income and interest
Bank interest received
5.
Expenditure on raising funds
Support costs allocated
Donations, legacies and similar
incoming resources:		 2025
£
£
£
8,894
43,913
52,807
4,459
6,756
11,215
-
6,401
6,401
15,000
-
15,000
8,584
-
8,584
36,937
57,070
94,007
2025
£
£
£
-
2,473
2,473
-
2,473
2,473
2025
£
£
£
-
-
-
2025
£
£
£
6,997
5,700
12,697
Unrestricted
Funds
Restricted
Funds
Unrestricted
Funds
Restricted
Funds
Unrestricted
Funds
Restricted
Funds
Unrestricted
Funds
Restricted
Funds		 2024
£
£
£
8,829
44,996
53,825
4,840
8,760
13,600
-
9,227
9,227
-
-
-
8,975
-
8,975
Unrestricted
Funds
Restricted
Funds
22,644
62,983
85,627
2024
£
£
£
-
2,304
2,304
Unrestricted
Funds
Restricted
Funds
-
2,304
2,304
2024
£
£
£
-
-
-
Unrestricted
Funds
Restricted
Funds
2024
£
£
£
7,068
5,700
12,768
Unrestricted
Funds
Restricted
Funds

Page 16 of 22

Total £ 9,833 17,094 - - 11,603 934 241 54 32,007 - - - 12,345 84,111 21
2024 Restricted £ 9,833 17,094 - - 11,603 - 241 - 28,570 - - - - 67,341 -
Unrestricted £ - - - - - 934 - 54 3,437 - - - 12,345 16,770 21
2025 Total £ 7,453 15,977 - - 5,290 450 - 12 33,297 - 3,046 - 8,007 73,532 -
Unrestricted funds
Restricted funds		 Operational
Support
Total
Operational
Support
Total		 projects
costs
unrestricted
projects
costs
restricted		 £
£
£
£
£
£		 Hogar de Fe ministry
-
-
-
7,453
-
7,453		 Sponsored children's education
-
-
-
15,977
-
15,977		 Other education projects
-
-
-
-
-
-		 Christian Vocational Centre
-
-
-
-
-
-		 Islands community development
2,246
1,123
3,369
1,921
-
1,921		 Children's feeding programme
300
150
450
-
-
-		 SIFT Gifts expenditure
-
-
-
-
-
-		 Supporting churches
8
4
12
-
-
-		 Medical and clinic expenditure
5,790
2,895
8,685
24,612
-
24,612		 Cookers project
-
-
-
-
-
-		 Other building projects
2,031
1,015
3,046
-
-
-		 Casa Rahab
-
-
-
-
-
-		 Project administration in Nicaragua
5,338
2,669
8,007
-
-
-		 15,713
7,856
23,569
49,963
-
49,963		 Discretionary gifts in Nicaragua
-
-
-
-
-
-

Page 17 of 22

Notes to the Financial Statements

For the Year Ended 31 August 2025

7. Tangible fixed assets

Cost
At 1 September 2024
Additions - Revaluation
Disposals
At 31 August 2025
Accumulated depreciation
At 1 September 2024
Charge for year
Disposals
At 31 August 2025
Net book value
At 31 August 2025
At 31 August 2024		 Land
Buildings
Motor vehicles
£
£
£
57,653
74,553
9,571
-
-
-
-
-
-
57,653
74,553
9,571
-
18,007
9,571
-
1,435
-
-
-
-
-
19,442
9,571
57,653
55,111
-
57,653
56,546
-		 Total
£
141,777
-
-
141,777
27,578
1,435
-
29,013
112,764
114,199

£28,508 of the tangible fixed assets relate to restricted funds (Islands) and £84,256 relate to unrestricted funds.

8. Debtors

Unrestricted
Restricted
2025
£
£
£
Gift Aid debtor - HMRC
10,027
-
10,027
Prepayments
214
-
214
10,241
-
10,241
editors falling due within one year
Unrestricted
Restricted
2025
£
£
£
Accruals
860
-
860
860
-
860		 2024
£
8,841
197
9,038
2024
£
555
555

9. Creditors falling due within one year

Page 18 of 22

10. Restricted funds

stricted funds
Islands
Orphanage
Child Sponsorship
Team Support
SIFT Gifts
Medical		 Balance at
1 Sept 2024
£
35,905
3,139
28,204
529
-
11,747
79,524		 Incoming
Transfer from
Programme
resources
unrestricted
expenditure
funds
£
£
£
1,921
-
(1,921)
8,182
-
(7,453)
18,332
-
(15,977)
5,780
-
(5,700)
185
-
-
25,143
-
(24,612)
59,543
-
(55,663)		 Balance at
31 Aug 2025
£
35,905
3,868
30,559
609
185
12,278
83,404

Most restricted funds are for specific humanitarian, education or health projects in Nicaragua. These projects include development programmes to provide long-term sustainable benefits for a community, including health and nutrition, education projects and miscellaneous SIFT Gifts for smaller specific purposes.

11. Revaluation reserve

valuation reserve
Unrestricted Restricted 2025 2024
£ £ £ £
Buildings 74,553 - 74,553 74,553

Legal ownership of the Ometepe clinic buildings by SIFT was established during 2012-13 and updated valuations were obtained during 2014-15.

12. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Salaries and wages
Social security costs
Pension costs		 Unrestricted
Restricted
2025
£
£
£
8,872
5,700
14,572
-
-
-
253
-
253
9,125
5,700
14,825		 2024
£
14,572
-
253
14,825

No employees had employee benefits in excess of £60,000 (2024: £ nil). Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds.

The charity trustees were not paid or received any other benefits from employment with the Trust in the Period (2024: £ nil). During the period no Trustees were reimbursed for travel and admin Expenses (2024: £ nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £ nil).

The key management personnel of the Trust comprise the board of trustees. There are no further staff benefits than those included in the table above, and these relate to the office staff only.

Page 19 of 22

Notes to the Financial Statements

For the Year Ended 31 August 2025

13. Trustees' donations

Aggregate donations from the Trustees to the charity for the period were £443.85, including Gift Aid of $88.77 (2024: £1,325.10, including Gift Aid of £265.02).

14. Staff numbers

The average monthly head count was 1 staff (2024: 1 staff) and the average monthly number of full-time equivalent employees (including casual and part-time staff) during the year were as follows:

Fundraising
Office administration and charitable activities (UK)
Office administration and charitable activities (Nicaragua)		 2025
-
1
-		 2024
-
1
-
1 1

15. Support costs

The support costs of the charity consisted of five main elements: travel, payroll, administration and office, publicity, and repairs, renewals and maintenance. The costs have been apportioned across the work of the charity on the basis disclosed in note 1(c) and allocated to each of the charity’s activities as set out in the table below.

Basis of apportionment
Charitable activities
Operational projects in Nicaragua
Discretionary gifts in Nicaragua
Income generation
Donations and legacies
Gift Aid recoverable tax income
Total costs allocated		 Administration
Repairs,
2025
Travel
Payroll
and office
Publicity
renewals and
Total
expenditure
maintenance
£
£
£
£
£
£
(Location)
1,627
4,942
1,287
-
-
7,856
-
-
-
-
-
-
1,627
4,942
1,287
-
-
7,856
-
9,389
2,443
230
-
12,062
-
494
129
12
-
635
-
9,883
2,572
242
-
12,697
1,627
14,825
3,859
242
-
20,553
(Activity
type)
(Activity
type)
(Activity
type)
(All income
generation)		 2024
Total
£
9,372
4
9,376
12,130
638
12,768
22,144

Page 20 of 22

Charity Information

Trustees

Freja Joy Brown BA (Hons) MArchD David Joseph Langmead BA Matthew James Farrer BA (Hons) DipArch ARB Mark Catley FRICS FAAV (died 11th February 2025) Anthony John Langmead (died 5th September 2024)

Patron

Andrew Selous

Registered Office

1 Harepath Road SEATON Devon EX12 2RP

Charity Number

1094193

Independent Examiners

Hammett Associates 8-10 Queen Street SEATON Devon EX12 2NY

Bank

Lloyds Bank The Square SEATON Devon EX12 2QH

Page 21 of 22

1 Harepath Road, Seaton, Devon, EX12 2RP

info@seed-trust.com • (01297) 22484 • www.seed-trust.com

Registered Charity 1094193