REGISTERED COMPANY NUMBER: 04583140 (England and Wales) REGISTERED CHARITY NLSMBER.- IIOD377 REPORTOFTHETRusfEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 OCTOBER 2023 FOR THE MAKHADTRUST BK Plu5 Limiled 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershirè GL519rx
THE MAKHAD TRUST CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 OCTOBER 2023 Page Releren¢e •hd Admlnistratlve Detalts R•porl ot th• Trust••s Independent Examlnerfs R•port Statom•nl of Fln•ncl•l Acllvlll•s Slalement of Flnjnclal Posltlon 10 10 11 Nol•i to th• Flnanclal St•t•m•nls 12 10 19
THE MAKHAD TRU REFERENCE AND ADMINisfRATIVE DAlLs FOR THE YEAR ENDED 28 OCTOBER 2023 TRUSTEES M R Ratclille MBE Mrs R G Devas R Stainer Mrs E H Cranston DrSARSamra REGISTERED OFFICE Wolseley Housè Oriel Road Chellenham Gloucestershire GL50 ITH REGISTERED COMPANY NUMBER 04583140 (England )ntl Wales) REGISTERED CHARIW NUMBÉR 1100377 INDEPENDENTEXAMINER BK Plus Limiled 6 Manor Park Business Centre Mackenzle Way Chellenham Glou¢eslershlre GL519rx SOLICITORS Willans 28 Imperial Square Cheltenham Gloucestershire GL50 IRH BANKERS Lloyds Bank PIC HSBC Page I
ThE MAKHAO Trusr REPORT OFTHETRUSTEES FOR THE YEAR ENDED 28 OCTOBER 2023 The Trustees who arè also dirèctors ol the Charily lor the purposes of the Companies Acl 2006, present their report with the linancial stalements of the Charity lor the year ended 28 OclDber 2023, The Trustees have adopted the provisions of Accounting and Reporting by the Charities.. Statement ol Recorrrnended Pracllce applicable lo chari1Ses preparing their accounts in accordance with the Financial RepDfting Standard applicable in thè UK and Republic of Ireland IFRS 102) (elleclive l January 2015). OBJECTIVES AND ACTIVITIES Oblecllves and alm5 Thè obieclives ol Ihè Charity are to raisè awarèness of the value ot the natural heritage ol nomadic regions through educalion and the provision ol financial. technlcal and other assislance.. Publlc benefit In plannlng the Charlly'5 a¢livllSes for the perlod the Truslees kept in mind the Charity Commission's guidance on public benefit. The locus ol the Charills aclivllles during the perlod. which explains the delivery by ihe Charity ol public benelil. is s•1 out below under'AthièvémèThls and performance, and above under 'Obleclives and aims,. ACHIEVEMENT AND PERFORMANCE Charitable actlvltles The Trust's objeclives have conlinued in the Sovth Sinai province ol Egypt with the maSorlly ol work belng carrled out in Sl Kalherine's Cily and in the surroundlng high mountains and wadi$. The polillcal 511ualion Sn the country ha5 continued Its rèmain stablè. Acllvliles and Prol•cts The Charity'5 activities wer• once more back on track after th¢ disrupllons ol the pandemlc and there were lour Projetl Manayem?Thl visits spaced Ihroughoul the year. Incoming lunds enabled tho commen¢emenl ol lorly-two nèw well resloralions. slill shy of our largel of lilly resloralion5 In a ygar but a respectable achievement. However, the previous year's disruptions with loThyer project limes resulted in a rocord numbqr ol w•ll r•sloralions being completed during the year with a final figure ol belng accomplished. Tourlsm in Sinal was buDyant with large numbers of Israelis coming lor walking holidays in the mountains allor the mèellngs between the Egyplian Government and the Israell Government in the yèar belorè. The Bedouin had plenly ol work and the atmosphere was very positlvp. up unlll 7 October 2023 when the Hamas allacks look place and all Israelis lelt very suddenly. Sinai tourism has been alleclèd by many world and lot31 event5 over the years wilh detrimental eflecls on Bedouin family incomg wilh each disaster. Whenever tourSsm falls, Bedouin look to thÈir ancient family a55e15 for 5upporl', and their ancient gardens are able lo provide the lood and somelimes a small income. provided Ihpy have an adequate supply ol water. which is where the Trust provides assistance. The recon5tructlon of St Katherine5 contlxues, Ihough by the end ol this reporting period. most el the large construction projects of new buildings had been completed. Inlraslructure Improvements continue, with the cc*nsequenl disruption ol daily life. particularly when there are power outages. Surprislngly. there have been a lew srnall perks ol living in a town with major building works. The new buildings have requirtd a huge quantity of rebar, cul to size, and the oll-cut5 have been used to make goal and chicken pens, gales, and fences. However, there is still uncertainty lor the Bedouin around Ihe final plans for the town as Ihere has been little communication lo the local populalion. HDwever, il seems Sl Katherine Cily is beginning to look somewhat as il il will become a luxury resvrl, though no-Dne can gues5 what will Èngage the thousands ol guests when they arrive. Page 2
THE MAKHAD TRU REPORT OFTHETrUSTEES FOR THE YEAR ENDED 28 OCTOBER 2023 ACHIEVEMENTS AND PERFORMANCÉ Charltable A¢livilies Wells The Trusl ha5 been helping with Ihe restoration of ancient garden welLs fur just over 16 years now. and in Oclober 2023 the number ol ccmpleted restorations reached 612. This represents local access lo clean water lor circa 40,000 8edouin which is no mean achievement. With an increased supply they are able Ic Elrink more water. which clearly improves their heallh. grow vegetable5 lor food and cash crDP5, plant trees which survive. and they can keep goals and camels., all ol which enablts thèm to livè more sustainable and independent lives, whilst preserving their culturè and heritage. A plentiful water supply also allows Bedouin from other towns on the coast nèarby lo bring their grazing animals into the desert highlands during summer months, which provides additional financial benefit. And n limes of drought Ihe wells are especlally irnportant being the only source ol quality wator. With 612 restored wells at the end ol the financial year. these comprised of 299 orchard yarden wèlls and 313 community csrinking wells. However. as the population continue5 to incrèasè. clèarly there is more work lo be completed. Unfortunately there are 51111 areas where the annual rainfall has been virtually zero lor sev&ral years, resulting In a grealer rbeed lor further well resloralion to support the present local populallon. What has become noticeable is that the recon51rucllon ol St Katherines has caused mDre ljmilies to retreat lo their mounlaln gardens during the long Summer months. This unexpected return lo their roots does. however, support IheSr herlloge and the old traditions, which might olh•rwls• have over tlme become completely lost. Dams 11 is good lo reporl that two dam building IrSps lor UK residents were scheduled during spring 2023 and both look place. 11 was lorlunale Ihal dvrimg the first trip in March a heavy rainstorm the mountains on the Ilrsl mornSng ol the dam build caused the work lo be postponed. Heavy rainfall ¢an be very Ip¢alized and $0 most other areas were without any significant raln. The participants on Ihis lirst journey were understandably disappoinled, but neverlheless enjoyed thè benèfit ol extra trekking days. Parlicipanls ol the second journey arrivlng a month later wère able lo build their dam without hindrancfr and they loo had an enloyable Irlp. Two further dam building journey5 are scheduled lor Aulumn 2024. ensuring the continuation ol Ihe dam programme and Imporlanlly the ¢ullural exchange between two conlrasfing countrie5, benelilling all Involved, Beekeeplnu Tr)Inln# Dpspile many applications funds were not forlhcoming for this project during 2023. We shall neverlheless continue lo apply lo trusts lor a further beekeeping training course and hope that this may be possible Sn the forthcoming year. In the meantime. all of ihe Iwenty-five beekeepers who have yradualed Irom courses since 2016 continue to manaye their bees, and many have actually increased their number ol hives. It is clear there is a good living lo be earned from kteptng bees and il is most gratifying to see the continued positive impacl of this project.. èven Ihough we are unable lo implement a new bee-keeping tovrse through lack ol funding. Orph•n H&tLProJo This irnporlanl tourse continues to support disadvantaged children with emotional support provlded by thelr peers. givirsg them valuable addilioDal educalion and complimonting their sla12 education. The knowledye garnered by these young people covering medicinal plants does makè the project so worthwhile, and Ihe longer lerm beneli15 providè a good way of ensuring financial support lor themselves and their families, even at their yoyny aye. Page 3
THE MAKHAD TRusr REPORT OFTHE TRusfEES FOR THE YEAR ENDED 28 OCTOBER 2023 ACHIEVEMENTS AND PERFORMANCE Charitable Acliviti•s Thls prograrnme has continuèd in a low key lashion since Ihè p8ndÈmic. in part due to their teacher lecturiny at the University ol Alexandria. leaching medical sludents aboul the medicinal benefits ol eThdogenous herbs in Sinai. Whilst we are very pleased that we have such an esteemed teacher for our yourng orphan students we do hope he will shortly lind an assislanl lo run lulure cour5e5. The serious reconslruction ol St Katherine's town has continued lo have an eflecl on this project. Not least because all of the poter¢lial recipients ol Ihe training have lound paid wurk with the conslrucllon companle5, rnoslly doing menial work such as yuarding èquipmÈnl silès. Clearly this is a temporary 511uoliDn and the young men will realise that there is little future in this type DI work once the construction companie5 leave. When the silualion changes the Carpenlry School is poised to come back into action. 11 Is nine year5 Since thè library for women and children was set up In a room at the Cily Councll buildlng. Inevitably the library had lo close during the pandemic and has not reopened due to the building being scheduled lor demolition. Whilst a new clly hall has been built. Ihough not yel cornmlssloned, lo dale no official has confirmed whelher ther• Is a sullable room lor the Library. Initial reports Indlcale the new bullding Is not an Invlling place lor Bedouin women, who nèed to ènsurè they will not come into contact wllh men, who are not ol their family. Sty until the local government plans become cle8rer. it will b• ne¢essary lo just wait and see which building may be utilised as a new home for the library. Drylng PJ¢k• 7hls project began In September 2020 aller a request lor supporl Irom women garden owners. A malor porllun of the produ¢e from orchard gardens consists of solt fruit. including apricots, figs, apples, pears. grapes, plums and peaches. Most ol this Iruil is dried on the ground in thè surs lo extend 115 saleabillly Ilme, bul unlorlunalely a significant proportion ol Ihe fruit 15 damaged by in5ecls, dust, yravel or by blrd5. Clearly the solution is lo provide drylng racks lor the frult logelher wilh a net to prutecl Ihe fruit from a varlety ol ¢re4lures,' improvSng the quality and increasing the amount ol Iruit which may be sold, thereby Increasing th4 lThcome lo the women garden owners. 11 was lorlunale that an Egyplian woman, Zahra Magdl, havSng worked with Ihe Bedouln women, buylng their produce and processSng 51 for sale has agreed to take on the administration Df thls projecl. Zahra produced a dèslyn lor thè drylng racks and the carpenlry school pupils were tasked with building the product, which turned out to be a notable success. To dale, 53dly, th15 project ha5 not blossomèd as we hoped and lew Bedouln women havt takèn up the oller of Lt51ng the drylng racks. Thè reason continues to be unknown. not least because they are relicenl to tell us. Wè de hope however. thal this projecl with a long lead lime will be successlul al some point in the future. Ions for MounlalnJYfftUs Thls project has beèn on a slow burn lor several years due lo the dilliculties ol finding Ihe necessary equipment in Egypt. a country where there is a need to know local people who can uive helpful dlrectivn lo appropriale supplier5. Supplier5 who have the withal to Ensure Ihe equipment will arrive safely in SoLtth SlnaS. Whilst a prototype solar pump was installed in one mountain garden some live y2ar5 ago, there exlsts a long awa51ed plan lo instoll similar but cheaper installaliot)s adiacent lo other wells. In days gone by when the ground water table was higher and wells shallower. a simple log lever creating a shadooll was sufficient lo pull water out ol Ihe well. With the reducing water table, diesel oeneraturs have prolFlerated despite fuel and mountain Iransporl costs by camèl escalaling. For some gardens fuel costs have become more than 70% 01 the garden income being generated. regrettably making the yrowing ol garden produce uneconomic. Page 4
THE MAKHAD TRUST REPORT OFTHETRUSTEES FOR THE YEAR ENDED 28 OCTOBER 2023 ACHIEVEMENTS AND PERFORMANCE Charitable Actlvities Once solar powered pumps are installed, there will be minlrnal additional cosls In pumplng water out ol the we115,' with the strong 3ddiliDnal benelit5 01 reducing noise and pollvtion together with the availability ol a con5iStent water supply. Having at last identified the necessary èquipment for installation it has been found most thallenging to deliver Ihis équipment lo St Katherine City. btTrth safely and economically. Due to the generosity ol one ol our funder5 (who came on a dam build jDurney some len years ago} w2 have bpen able to set up a new lund called ERIK which stands lor Emergencies. Repairs, Incidentals Kitty. The lirsl ERIK prolecl ol the year was lo provide fundlng for two kilomelres ol quallly grade h05e connecllng a large new well high up above the town with a water lank alongside Ihe houses in St KatheriThps. Without this funding. the Bedouin would have bought cheap hosès lasting litlle time in the sun's heat and relatively easy lor loxes to bile and oblain water. This new well provldes a most subslanllal volume ol water and so makes il •ssenlial lo ensvre that all hoses and connections work sa1151aclorily lor the long term. The ERIK funding also SUPPQrts Ihe Bèdouin way ol life in a variety ol olher ways. Alter the first successful waler tank was built in Igreyradl, a small and remole community, two further water tanks have been built. A second restored well also in Igreyradt, has enabled a large polytunnel to be watered regularly, thereby 5U51aining a supply of vegetables lor ninp monlhs DI the year, ID a ¢ommunity living two hours érive from the nearest shop. Whilst in Wadi Gharba another water lank has been built lor the community. maklng lile lor the women folk considerably easier. not lea51 becaus• they no longer need lo walk a long distance lo collect water. A rather unusual bul $1511 valuable ERIK projèct was the lunding of cemenl and the en9agement ol buSlders to save a special tree. The tree in question was one ol some nine ancient mulberry trees, relics of the old silk road. a spur ol which cuts across Sinal. All ihese Irees are registered in Sl Katherine'5 Monastery documents, because they are parl ol the landscape and ¢ullure ol Ihe Bedouin peeplè ond so ol sSgnlli¢anl Importance. This special tree. hl9h in the mountains. had begun lo deteriorate due to soil and stone eroslon, causlng a deputation ol the sheikhs from the local tribes Io visil the monks al the Monastery. reque51ing Ilnanclal a55151ance lo save the tree. Apparently Ihey were met with sympathy bul no money and given adv5ce tD ask us for hèlp. Glven the slgnilicance ol the Ireè lo Bedouin culiure and Iradilion, rl was agreed that 5avlng Ihi5 ancient mulberry Iree was good use ol ERIK money. A bullder was duly appolnled and a small wall bulll around the base ol Ihe tree and ba¢klllled il with soil and stonès. This remedial action causèd the Iree lo rècover quickly, which was much apprecialed by sheikhs and Bedovin alike. FINANCIAL REVIEW Investmenl pollcy and oblecllves Due to the relatively low level ol lunds available lor inveslmenl. the Trustees consider that bank deposits provide a satisfactory return lo the Charity. Page 5
THE MAKHAD TrUST REPORTOFTHETRUSTEES FOR THE YEAR ENDED 28 OCTOBER 2023 FINANCIAL REVIEW Reservés policy The Trustees annually review the reserves policy bearing in mind the current and anli¢ipaled flnanclal perlDrm3nce ol the charity. The Trustèes considEr il Jpproprlale lor there lo be suff icienl Unreslrtcled Funds lo cover six months unreslricled charitable expenditure in the unlikely event that there is a material reduction in Income. Based on the Slalemenl ol Financial Activities for the year ended 28 October 2023. unreslricted charitable expÈndilure, excluding project costs. amounted to É3,913 12022.. £1,500) and c0Th5equenlly the policy would rgquire unrestricted funds as al 28 Oclober 2023 01 £1.957 (2022.. £7501. The a¢lual unreslricled lurbds were £33.71912022'. £22.0191, which therèlore shows a surplvs Irom thè resÈrvÈs poli¢y 01 É31,76212022.. É21.2691. The Trustees have carefully revlewed the surplus lo the reserves policy and have concluded Ihal il will be ulilised by Ihe crealien ol additional wells which will ILtlly benelil the Bedouin populace, logelher with the continuation ol existing projecls. FUTURE PLANS The programmes Currently undertaken continue lo address the fundamental essentials ol life, whlch ar8 the provision ol water. food and educalion. Wilh somè 612 wèlls restored ané capable of providing a good supply ol clean water lo bolh garden families and Bedouin communilies, we continuè lo mèet the obje¢lives ol providing relief Iwater and foodl through financial supporl, in oréer lo protect Ihp natural. cultural and spiritual herllage ol the Bedouln people and their ancient garden5 In Soulh Sinai. The oblectlvos In respect ol eifucation musl surely encompass a prolesslonal poslllve thought pallern lor the Bedouin. With imagination. hard work and a supply ol clean water. the men lelk are able lo rebulld fram arld gruund a garden whl¢h was once, many year5 ago, a beaulilul green garden oasis and in whlch a younger generation ol the family, can now grow their family Crops. Re-eslablishlng not ju51 self-sulllclency. bul also prlde and success in thelr endeavours. Likewise, other projects, In one way or anolher, all bring greater knowledge and edvcailDn lo those 8Édouln who parlitipale. Finally, Ihe visilalion ol people from alar Ihrough Sinai Journeys Lld. creatès grèater undèrstanding and frlendshlp between those who h051 and Ih05e who are hosled. surely providing further and wider educallon to all who participatè. STRUCTURE GOVERNANCE AND MANAGEMENT Governlng document The charity is g¥verned by ils Memorandum arid Articles of Association dated 6 November 2002. R•cruilm*nt and appointmènt ol n•w Irustees The power lo appoinl new trustees is vested in surviving and conlinving Irustees. Drganisational struclure The Charity is incorporated as a company limited by guaranlee. and therefore it has no share capital. In the event ol the company being wound up aod the liabilities and winding up expenses boing in excess ol assets, the liability ol eaEh member 15 limited to £1. The charily is controlled by a Board of Trustees. which meets on a regular basis. Page 6
THE MAKHADTRUST REPORTOFTHETRUSTEES FOR THE YEAR ENDED 28 OCTOBER 2023 STRUCTURE. GOVERNANCE AND MANAGEMEMr Rlsk managèmènt The Trustees actively review the major risks Ihat the Charity faces on a regular basis and believe that maintaining Ils current reserves policy. combined with an annual review ol the controls over key financial system5, will providè sullicient resource for the Charrly going forward. The Trustees have also examined other uperational and business risks laced by the Charity and confirm that they have eslablished systems to mitigate the significant risks. STATEMENT OF TRUSTEES, RESPONSIBILtnES The trustees (who are also the directors ol The Makhad Trust IDr thè purposes of company lawl are responsible lor preparing the Report ol the Trusteès and the financial statemenls in accordance with applicable law and United Kingdom Actotsnting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Iruslees lo prepare linancial statemtnts lor each linancial year which give a true and falr view of the slate of affairs ol thè charitable company and of the Incoming re50urce5 and application ol resources. including the income and expenditure, ol the charSlable company lor that pèriod. In preparlng those financial stat•menls. th• trustees are requlred lo select suilable accounting pollcles and then )pply Ihèm consistently.. observe the methods and principlès in the Charity SORP- make Sudgemenls and estimates thal are reasonable and prudent- prepare the financial slalements on Ihe going concern basls unless It Is Inappropriate to presume that the charilabl& company will continue in business. The Iruslee5 are respo#siblè lor keeping proper accounting records whlch disclose wllh reasonable accuracy at any time the financial posilion ol the charitable compaThy and to enable them to ensure that the financial statements comply with the Companiès Acl 2006. They are also responsible lor safeguarding the assets ol the charitable company and hence lor laking reasonable steps lor the prevention and detection ol fraud and other irregularities. Thls report has been prepared in accordance wllh the spe¢lal provisions ol Part 15 01 Ihe Companies Act 2006 relating lo small companles. Approved by order ol the board ol truslee5 on 3 July 2024 and signed on its behall by.. £9,, M R Ralclille M8E Tru51ee Page 7
INDEPENDENT EXAMINER'S REPORTTO THE TRusfEES OF THE MAKHADTrUST Indtpendent examinerfs r*port to the tnistees ofTh• Makhad Trust fihe Companl) report lo the charity trustees on my examination of the accounts ol ihe Cotnpany lor th8 year ended 28 October 2023. Rasponslbilllles and basis ol report As the charity's trustees ol the Company land also ils directors for thè purposes ol company lawl you are responsible lor the preparation of the accounts in accordance with the requirements ol the Companles Act 2006 ethe 2006 Aci'l. Having salislied myself that the actovnts of the Company are not required lo be auditèd under Part 16 01 ihe 2006 Act and are eligibl? fDr independent examinalion, I report in re5pecl of my examination of your ¢harily's accounts as carried out under Section 145 01 the Charities Act 2011 rthe 2011 Act?. In carrylng oul my examination I have followed the Direclions given by the Charity Commission under Se¢lion 145151 Ibl ol Ihe 2011 Acl, Independent examinevi stat•ment I have complèted my examination. I conlirm thal no mallers havè come to my allenllon in conne¢llon with Ihe examirbalion giving me cause to believe.. accounllng retords were not kept In respecl ol the Company as requir•d by Seclion 386 01 the 20Q6 Acl., ur thè accovnts do not accord wilh th05e re¢ords'. or the accounts do not comply with the accounting requiremen15 01 Secllon 396 01 thé 2006 Act other than any requlremenl that the accounls glve a true and lair view which Is not a mJtt•r considered as parl ol att independent examinalion., or the accounls have not been prepared in accordance wilh tho methods and prlnclplès ol the Slalemenl ol Recornmended Practice lor accountlng and reporting by tharitiès lappllcable to charitles preparlng their accounts in accordance with the Financial Reporting Standard applicable i the UK and Republlc of Ireland IFRS10211. I have rbo concerns and have come across no other matters in connecllon with Ihe examlnallon to which atlentlon should be drawn In Ihis report in order to enable a proper under51onding DI the accounts lo b8 reached. Roger F r)ownes FCA BK Plus Limiled 6 Manor Park Busine55 Cenlrt Mackerizle Way Chellenham Glouce51ershire GL519TX 3 July 2024 Page 8
THE MAKHAD TRUST STATEMENT OF FINANCIAL AcnvmES FOR THEYEAR ENDED 28 OCTOBER 2023 28.1J 23 Total funds 28.10.22 Total funds Unrestritled Re5tri¢led lund lunds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2.070 B4.856 86.926 57,604 Other trading activities Inveslmenl income 3.610 3.610 Total 5.681 84,856 90,537 57,735 EXPENDITURE ON Charitabl• acllvitl•s Charitable activities 3,913 64.081 67,994 64,018 NET INCOME/IEXPENDITURE> Translèrs bètwè•rt funds 1.76B 9,932 20,775 19,9321 22,543 16,2831 14 Nel mov•menl Sn funds 11,700 10,843 22,543 16.283} RECONCILIATION OF FUNDS 7olal lunds broughi forward 22,019 30.177 52.196 58,479 TOTAL FUNOS CARRIED FORWARD 33,719 41.020 74,739 52,196 The notes form parl of Ihese financial statements Page 9
THE MAKHAD TRU STATEMENT OF FINANCIAL POSMON 28 OCTOBER 2023 28.10.23 TDtal funds 28.10.22 Total funds Unrestricted Restricted fund funds Notes FIXED ASSErs Inveslmen15 10 CURRENT ASSETS Debtors Cash al bank and In hand 4,517 33.953 &,517 74.973 5,769 52,D68 41,020 38.470 41,020 79,490 57,837 CREDITORS Amounts falling due wilhin one year 12 (4.7521 14.7521 15.6421 NET CURRENT ASss 33,718 41,020 7A,738 52,195 TOTAL ASSEfs LESS CURRENT LIABILMES 33.719 41.020 74,739 5Z,196 NET ASSErs 33.719 41.020 74.739 52,196 FUNDS Unrestricted lunds Re51ricled funds 14 33,719 41,020 22,Q19 30,177 TOTAL FUNDS 74,739 52,196 The charitable company15 entilled lo exemption from audil under Section 477 of the Companies Act 2006 lor Ihe year ended 28 October 2023. Thè members have not requlred the company lo oblain an audlt of SIS tSnanclal statèmenls lor the year ended 28 October 2023 Sn accordance wilh Sèclion 476 of the Companies Act 2006. The Iruslees acknowledge their responsibilities lor lal ernsuring that the charitable company keep5 a¢counling records Ihal ¢omply wllh Secllons 386 and 387 01 the Companies Act 2006 and preparing financial slalemenls which give a true and fair view of the state ol aflairs of the charitable company as at the ènd ol each financial year and of ils surplu5 or deficii for each Financial ypar accordance wilh the requirements ol Sections 394 and 395 and whi¢h otherwise comply with the requirements ol the Companies Acl 2006 reLallng lo flnanclal stalemenls, so lar as applicable to the charitable compaThy. Ibl Thè notès form part of these financial statements Page 10 £ontinLted...
THE MAKHAD TRusr STATEMENT OF FINANCIAL posmoN - contlnued 28 OCTOBER 2023 These financial slalemenls have been prepared in accordance with the provisions applicable to charitable companies subjett tD the small companies regime. The linancial slalemenls were approved by Ihe Board of Trustees and aulhorised lar issuè on 3 July 202 and were signed on ils behalf by". M R Ratcliffe MBE Trustee The noles fom) part of Ihese financial statements Page 11
THE MAKHAD Trusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 OCTOBER 2023 ACCOUNMNG POLICIES Basls of preparing lh• financial statements The financial statements ol the charilable company. which is a public benefit entity under FRS 102. have been prepared in èctordance with the Charitles SORP IFRS 1021 'Accounting and Reporting by CharS1iÈs.' Statemènt of Recommended Practi¢e applicable lo charities preparing their accounts in actordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1C121 lellective 1 January 2019}', Flnancial Reporting Slandard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland. and Ihe Companies Act 2Q06. The financial statements have beer¢ prèpared under the historical cosl convention. with the exception ol investments which are included at market value. Going conc•rn As wilh many organisations. the rècent covid-19 pandemic had a lasling impact on the charity, which was rèllÈctèd in the results to 28 October 2022, where donation income was lower than previously expected. In addition. the charills Iradiny subsidiary had been unable lo organi5e journeys that creale valuable income that is automatically distributed up lo this parent Charity. 80th ol these Income sources Improved noticeably in the year lo 28 October 2023. In order to mitigate the flnancial ellec15 01 Ihe recènt pandèmic and other global economlc laclor5, the truslees regularly ensure that all costs are well controlled and do not exceed damalitsns received. Al the same lime, cash Ilow and bank balances are closely mDnllorEd. Unr4stricled funds are healthier than twèlve months previously. The actions taken as noted above and the improvement in results during the perlod under report give the trustees confidence that thè Ilrtancial perlormance lor the neyt year from the dale ol approval ol these financial slalements is secure. despite the ongoing uncertainties ol the recent pandemic and othèr global economic lactors. and Ihal the ¢harily can continue Its operate as a going concern. The trustèes have therelore prepared the linancièl statements on that basis. Incom• All income is rettsynised in Ihe Statemenl ol Financial A¢llvilies once the charity has entillemenl lo the funds, 11 Is prob•ble that the income will bè rècèived and Ihe amount can be measured reliably. Expendltur• Liabilities art recoynlsed as expendilLtre as soon js thtrè Is a legal or constructlve obligation committing Ihe charity lo Ihal expendiluré, it is probable Ihal a Iransler ol economic benefi15 will be required in selllemenl and thè amount ol the obligalion can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified Under headings that agyregatè all cosl related lo the category. Where CDsls c3Trnol be directly altribuled lo particular headings Ihey have been allocated lo activities on a basis consislenl wilh thè usè ol rÈsources. Tamatlon The charity is exempl from corporalion lax on ils charitable activities. It is not. however, exempl Irom VAT and irrecoverable VAT is included in the cosl of Ihost ilems to which it relales. Fund accountlng Unre51ricted funds can be used in accordance with the charitable objectives al the discrelion of the trustees. Restricted Iijnds can only be used for particular reslricled purposes within the objects ol the charity. Reslriclions arise when specified by the donor or when funds are raised lor particular restricted purposes. Further explanation ol the nature and purpose of each fund is included In the notès to the financial slalements. Page 12 continued...
THE MAKHADTRusr NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 28 OCTOBER 2023 DONATIONS AND LEGACIES 2023 2022 Trust Corporate Personal 78,265 56,400 8.661 1,204 OTHER TRADING ACTIVITIES 28.10.23 28.10.22 Distribution Irom Iradbng subsidlary 3.610 INVESfMENT INCOME 28.10.23 28.10.22 Deposit accounl Interèst CHARITABLE ACTIVITIES COSTS Dirèct Costs Ise8 note 61 Charllablè activi1198 67,994 DIRECT COSTS OF CHARITAeLE AcnvmES Z8.ID,23 28.10.22 Rates and insurance Postage, 51allonery. tèlephon• and adverllsing Sundrles PrDjèCt costs Research and lundralsing Bookkeeplng and admin support Bank charges Marketing Independent examinerfs fees Other costs 1,509 1.310 231 50,485 3,120 4.133 447 1,898 94B 3.913 570 634 233 53,429 2,665 3,437 533 1,500 1,017 67,994 64,018 Page 13 continued...
THE MAKHAD TRUST NOTES TO THE FINANCIAL STATEMÉNTS - conllnued FOR THE YEAR ENDED 28 OCTOBER 2023 TRUSTEES. REMUNERATION AND BENEFITS There were no truslee5' remuneralion or other benefits for the year ended 28 Oclober 2Q23 nor lar the year ended 28 Octobèr 2022. Trustee •xp•ns•s During the year two of thÈ trustees received £15,892 {2022'. £11.775} on an arms, lenylh basis lor Services ¢ontratted and for associaled travel expènses. STAFF COSTS The average monlhly number of employees durlng Ihe year was as lollow5'. 28.10.23 ZB.10.22 Charitable aclivltles No employe¥s r•ceived emolumenls in excess of £60,DOD. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcnvmES Unrestricted Reslricled fund funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 92 57,512 57,604 Olher Iradlng actlvities 131 Total 223 57,512 57.735 EXPENDITURE ON Charltable acllvlll•s Charllable aclivllSes 1.500 62,518 64.018 NET INCOMEIIEXPENDITURE) Transf•r• b•lw•on lunds 0.2771 9.202 15.0061 19,2021 16,2831 Nel movemenl In funds 7,925 114.2081 16,2831 RECONCILIATION OF FUNDS Total fund5 brought forward 14.094 &4.3B5 58.479 TOTAL FUNDS CARRIED FORWARD 22.019 30,177 52,196 Page 14 continued...
THE MAKHADTRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 OCTOBER 2023 io. FIXED ASSEf INVESTMENTS Shares in group underlaklngs MARKET VALUE Al 29 October 2022 and 28 October 2023 NEf BOOK VALUE At 28 October 2023 At 28 October 2022 There were no invèstment assets outside the UK. The companvs inve5tmen15 01 the balance shèet dale in Ihe share capital of companles Include the lollowing.. MJkh8d Journ•y8 Llmll•d Registered ollice.. Nature ol business.. Provision of working journeys. Class of share.. Ordinary holding 100 DEBTORS.. AMOUNTS FALLING DUE IMTHIN ONEYEAR 28.10.23 28.10.22 Amounts owed by group underlakSngs other debtor5 Prepayments 3,990 815 3,913 1,041 527 4.517 5,769 12. CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 28.10.23 28.10.22 Other loans (see note 131 Trade creditors OthEr crÈdilors Accrued expenses 2,OOQ 573 2,000 2.066 662 914 2,179 4,752 5,642 Page 15 conlinued...
THE MAKHAD TrUST NOTES TO THE FINANCIAL STATEMENTS - conlinued FOR THE YEAR ENDED 28 OCTOBER 2023 13. LOANS An analysls ol the maturity of loans is given below.. 28.10.23 28.10.Z2 Amounts falling due within oThe year on demand.. Short-term loan5 2.000 2,000 14. MOVEMENT IN FUNDS Net movemenl IM funds Transfers between funds At 29.10 22 Al 28.1D.23 Unrestrlcted lunds General fund 22.019 1.768 9.932 33,719 Reslricled lunds Ancient Garden Wells Programme Orphan Herb Garden Carpèntry School Dam Build 2020 5arden Drying Racks Solar Pump Proje¢l 8edouln Cooperative ERIK Emergency Laundry Prolecl 15.436 401 1.900 2.302 43 7.466 2.000 161 77 17,72A 19.4231 23,737 401 2,775 1,725 434 7,466 2,000 2,405 77 875 15771 2.753 15091 30.777 20.775 19,9321 41,D20 TOTAL FUNDS 52,196 22,543 74,739 Nèt movement in funds. included in the above ar• as follows- Incomlng resources Resourcès expended Movement in funds Unreslrlcted funds General fund 5,081 13,9131 1,768 Reslricted funds Ancient Garden Wells Programme Carpentry School Dam Build 2020 ERIK Emergèncy 78,265 1,000 1,525 4,066 160,5411 11251 (2.1021 {1.3131 17,7214 875 (5771 2,753 84,856 {64,0811 20,775 TOTAL FUNDS 90.537 167,9941 22,543 Page 16 conlinued...
THE MAKHAD TRUST NIJTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 28 OCTOBER 2023 14. MOVEMENT IN FUNDS - conllnued Comparalive5 for movemenl in funds Net Transfers betwee funds movemenl in lunds At 28.10.22 29.10.21 Unr•strict•d funds General fund 14,094 ,2771 9,2D2 22,019 Reslrlcted funds Ancient Garden Wells Pro9ramme Orphan Herb Gardon Carpentry School Dam 8uild 2020 Garden Drying Racks Solar Pump Project Bedouin Croperalive ERIK Emergency Laundry Project 26.472 1,359 3,031 2.302 434 7,707 2,OOD 1.080 (1,834} 19581 19,2021 15.436 401 1,900 2.302 434 7,466 2,000 12411 19191 77 77 44,385 15,0061 19,2021 30,177 TOTAL FUND5 58.479 16,2831 52,196 Comparative nel movement Sn lunds. Included in the above are as follow5.. Incoming resources Resources expeThded Movement In funds Unr•slrlcled fttnds General fund 223 11,5001 11.2771 R•strlcl•d lunds Ancient Garden Wells Prtygramme Orphan Herb Gardèn Carpentry School Solar Pump Project ERIK Emergency Laundry Proletl 56,400 158.2341 19581 {1,8341 19581 12411 11,4811 {4731 562 550 77 57,512 (62,5181 15,0061 TOTAL FUNDS 57.735 164.0181 16,2831 Purposes of reslrlcled lund$ Anclent Garden W•ll$ Programm• PrDjecl to restore the Bedouin Gardens in the high mountains of Soulh Sinai and assistance with wells to alleviate lack ol drlnking water in Sl Kalherine and oullyiny communllies. Orphan Herb Gardons Project ID support fatherless chÉldren by leaching growing of indigenou5 herb5 a5 a lulure Irade and 10 sUPPOrt TradilTronal 8edoui Heritage. Page 17 coptinued...
THE MAKHADTRUST NOTES TO THE FINANCIAL STATEME5 - contlnued FOR THE YEAR ENDED 28 OCTOBER 2023 MOVEMENT IN FUNDS - continued Carpentry Projetl Projèct to teach Bedouin young men a lilelong skill. carpentry. Dam Bulld 2020 An anonymous donation lowards Ihe costs of dam building in 2020. Gard•n drylng racks Project lo help women garden owners to give added value lo orchard crops. Solar Pump Prol•d Project, yet lo commence, lo irsvestigalt Ihe potential for. and benefits of, Inslalllng solar powered pumps in wells in Ihe mountains ol Sinai. Bedouln Coop•ratlv• Pruject to enable the 8edouln lo sèt up their own cooperative lo enable them lo work together Dn tho sale or the purchase ol large equipment such as an olive pres5. ERIK Emergency Proje¢l lo suppart Bedouin who have neèd ol funds ID sècure a water supply through the building of a water lank or provision ol h05e5 or lo secure an orchard garden il walls are lost lo 110gd damage. Laundry Prole¢l Project lor the ¢onslruction ol a laundry al Eld's garden, although the project is ctsrrenlly 'on huld, pending thè outcome ol other reconslruclion a¢ll¥ity nearby. Transl•rs b•lwepn fund• Transfers are made belween reslricled and unrestrictèd funds al the end ol èvèry accounting period In cases wherè.. 51 the acllvlly ol the restricted lund has come lo an end and there Is an vnspenl balance that is not repayable to thè funderls). when Ihe surplus Is Iransferred to unre51ricl?d lunds,. or 111 the restricled lund has come to an end and there is no prospect of a surplus in a later perlod, when the delicll Is elimlnated by Iransler from unreslricled funds. 15. CONTINGENT LIABIUTIES Variou5 funders retain the right to claw back grants should the use of the funds not be in accordantè with the tÈrms ol the grant. In the opinlon ol the trustees no such liability exist5 at the year end. Page 18 contIned...
THE MAKHAD TrUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THEYEAR ENDED 28 OCTOBER 2023 RELATÉD PARTY DISCLOSURES During the year two ol the Iru51ees received £15,892 (2022.. £11.7751 on an arms, length basis l¢r services contracted and far associated travèl expenses. During the year M R Ratcliffe Consultants Limiled, a company where one ol the trustee5 is a direclar, recharged expenses to Ihe Trust lolalling E4.7&912D22: É4,1501. During a previDU5 year one ol the truslees loaned the Trust £2.000 lor worklng tapital. At the year end the trustee was owed £2,00012022'. £2,000). During the year Sirai Journeys Limited. a subsidiary company of the Trust, recharged expènses to the Trust lolalling £2,7&512022'. Énill and distributed its net profit of £3,610 12Q22.. E1311 tD the Trust. Al the year end Sinai JDurn¢ys Limited owed £3.990 {2022'. £815110 the Tru51. Page 19