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 D￿AlLs
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 ASs￿s
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 Cr*operalive
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 STATEME￿5 - 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
contIn￿ed...

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