REGISTEBID CHARTfY NUMBER: 11411672
UD*udlted Stltt
Cox & Co. (ACCO￿11￿) Limitrd
High Street
Turvcy
Bedford
MK43 8DB

Contents of the Statements
FOR THE YEAR ENDED 31 DECEMB
P•8e
Report ofthe Trmte
Independt#t Report
ststement of Fln•ndil A¢dvttks
B#l*Dee Sheet
to the FIYAand*l St•t¢rnt•ts
S to 10
Det•lkd Ststem¢*t •f n**ttd*l Actlvitles
11 to 12

oftheT
BER
31 December 2023. The trustrcs have adopted the provisions of Aectyjnting and RePO￿"ng by Cli8ritie6.'
Ststement of Recommended Practice applicable to charities preparing their 8LYounts in 4￿￿Tdonee with the
Financial Reporting Stsndard applithle in the UK and Rewblic of Ireland (FRS 102) (effectiv¢ l J8nu8ry
2019).
REFERENCE AND ADMTNISTrATIVK DETAll
Re8l•tered Ch*rlty Th￿mber
1140672
Pri•clp*l Addre
Clo RPG Accountants
The Old P8rsowe
Bcdford Stre¢t
Woburn
B¢dford5hire
MK17 8NG
Independent Exami￿tr
David A. Cox BA FCCA FCA
Cox & Co. (A¢￿untanCy) Limit¢d
Chartered Aceount4nts
High Street
Turvey
Bedford
Bedford8hire
MK43 8DB

rt ofthe Trnstees
Conthiued
DED 31 DECEMBER 2023
FOR THE
S¢Nd•rfy govern￿¢t and D￿Mellt
Th¢ MadTittha Tnth is a Tegstered charity, number I 140674 ad is ￿nS¢llut¢d und¢r a Trust de¥1 The tTr￿t is
registered with the Clwity Commi88ion in England and wales.71￿re are no restrieti(trA4 i# the governing documrnt on
the oper8tion of the charity or on its invesw power8 other than those illwed by general chan'ty law.
b. Th¢ Trn#tee•
Th¢ truste￿ wlw served thc chaTity during the yetrwere as follows:J Gwghcgan IChAirnWI). S C McKeaMd-Han
(L¢8al Advisor), C PIX￿ A sing￿ Dr C Chand4 E PatsaI￿ G Dib1￿. S CoJL8tantiii¢.Haidry. V Kyt¢, W De4r.
All ttwte¢s 8ive their time freely ard no tsiwee remuner•tion was paid in the >rar.
¢. The methods *&ptsd for the rttrkni #ud •PpoINth￿N¢ of Dew trurte
The minimum number of tn￿S for the ehtirity is thffe. Any aLklitional trustees must be appointed by resol￿10￿ of
the truste¢s gnd must iwjicate their wiltsn8tx￿ to ¥1 4$ 4 tyus*e of the charity before he or she may act a8 such.
Pollel•# adopted for ¢h* IJth¢llDD •nd *TalDh8 of Trw•t
There is no forn￿1 procfdur¢ for the iNluthon and trainmg of trusteu ]￿'d down in the Trust deed. TrU￿eeS will have
long 8t8ndin8 business experience or dtrect ¢xP¢ri¢￿e of ¢hwitsble educ*ion provision in the developittg world. All
trustc¢s will be ￿'vert and dirrfied ￿ guidanc¢ for tnuie¢s issued by the Chan"ti¢s Commission in ordcr to help them
underSt￿d their duties aTrJ rwibilities 45 4 trustee of the ¢lwity.
•. The •ry*4ts*tlon￿ 8¢nKtllr¢ oftb¢ ¢harlty dcddDM are m•d¢
The trust is monased bytru¥tee8. The trust de&1 Wulatr8 that at least two medinp are held per yw. fkning 2023.
three ttustee meetÉngs We￿ b¢ld.
The tnwt¢e5 bave pwcedural p)*rr8 in re￿IOn to decision ll￿￿D8 to..
Appoint a chairnun. tre&8urer aryl other hO￿rary officers
Dele8ate Any of thet"r ￿nctionS to a committe4 whieh must ¢owi8t of two or more perg)ns. the rnajority of
which must also bc trustcrs
Mak¢ Nles to govern the pr(Keedin85 of tru4 ffttlings and committe
Make re8ukntions to gov¢Tn th¢ admilltstration ofth¢ ¢Jwiry iticlwjmg the we a￿1 application of th¢ incom4
prom fi]nd4 the opwation of bank accoullts aud th¢ ¢ommitrKDi of funds.
The followin8 offic¢rs #re awrently in place.. tre4wr¢r and Iwl advi￿ who all support and 4dvise the
8te¢& DxisionB at InJ6tee meetiw d#t¢rD￿ by a sinyle mBjority of the v(Jt&* ¢¥t at a nYKtioB of tbc
Irustees.
f. The nwjor risk• to wl&b the eharlty •*d r¢vlrn •Rd ryllems to ￿￿te rJthJ
The trustees identify the major iisks to which the ctrthrity is exws¢d ¢¥b fiDancial year when pwaritig uplating a
strAtegt¢ p￿ in parts"cular those rel8t¢d to the operati￿￿ aDd filla￿e$ of the c￿rity. The trnstees then review any
major risks. wbich have be¢n identified. atrj estsbbsh sy5tell￿ to nutt.gate t1￿ risks. Th¢ ¢lJatity is salisfjed that the
SYSten￿ are in place to mitigate theii eXpc￿re to the D￿JOr risks wbieh hav¢ b¢¢n g) identified aDI reviewed.
g• Rtsk M•nagemellt ObJeetlve5 PDMd
The rn4in fiTwicial tisks arising from the ¢harity's adiYitiGs hquidity. fraud athl th risks a8 d¢scnknJ b¢low.

Envolrse ID: 3DE8977C￿C240￿9F￿￿CEG2O3g
f the Tr￿slee$
Colltlllued
FOR THE YEAR ENDED 31 DECEMBER 2023
Llquldlty Rlsk
The chan.ty prepfircs regular foreea8ts and rwts to its on a quarterly btisis. The board of tn￿tee8 approve
the forecasis and signs off the year end accounts. The charity utyJerstsThJs its cash flow requirements and its poli¢y is
to nmintain sufficient fiuNls in a hquid foffn ￿ a]1 limes io eusure thw th¢ ¢haEiry can its liab￿ltieS as thty lall due.
The eh¥rtty ig lloi reliant oll ￿al￿ts or ￿diti(￿ul donatioM.
Otber rlsknl frand Tl$k
The charity is not exposeJJ to risk8 involveA in futhisinB bttause its &#&vities are by donations from the
founder and incom¢ from investnKnt ¢opitsk. The chan'ty has limited its ¢xposure to misappropriation of funds or
misMa￿8emettt of its investsnents by contractin8 with Veritss Investment M8nagement LLP (t)ow renamed McTidicm
Investm¢n¢ Manag¢1￿1 and SEI Inv¢8tllKnts (Europe) Ltd) an entity r¢gula¢cd by Fina￿7￿1 Conduct Authority
(FCA). Invesmienis are held in lower risk as advised by M¢ridiem. The clj2n.ry is po￿liallY extx)sed
mtsappropriation of grants. It controls this by seeking Teceipts and verifyin8 use of fvnds wherever P0S5ible. for
exAmple. by attcnd4n¢e repDTts fmm the school ihat a sttht ha$ 4tt¢nded. The ¢h4n"ty relies on its investr)￿lts
delivering income and value BrO￿h to fund futhu¢ llcts"viri#. As with &ny investtWL there is a risk thai the value
dc¢lino8, this is Mitigat￿ through kc¢ping a pcrccnlagc of invw¢m¢nts in short l¢nn moncy markd funds and us¢ of i
professional investment manager. Veritss Invegtsnent managen￿nI LLP (Th)w Meridiem). io manage the portfolio.
Payinents are made whenever possible to pre•select¢d rtputable local pw11)er charities in each country to minimi8¢ the
risk of frauthjlent pawts.
h. Rdatlon8hl￿ wlth ot￿P 8ro•p4 oh*rldtt a￿d l*dlvldll*h
The charity recognises thai there is much activiry alr¢ady it) th¢ at¢a of improving educaiion in the developing world.
Madrinh8 Tn￿t to ¢ompl¢m¢ni Tather thHn comW¢ wilh existing organisationy and as Stst￿l in th¢ ¢h¥riWs
deyelopmeni plan aims to ¢￿sure fvnds are noi spent on any InfraSThu￿ costs of kn or8anis&tions and that
fiuth arc addits'ollal ￿ rathu than a of¢xl¥￿8 fun(ts.
Up to ih¢ ¢ttd of 2023 the Charity had ¢StsbliSh￿ relationship5 with 12 other ch￿l￿ble Or8an1￿1oM ilwou8h whi¢h
8rants to Mentees are made. The r¢lationships cuttently existent ar¢..
l. Commonwealth Girls Educalion Fund ICGEF). b4s¢d in the United Kingdo￿ provides sponsotsbip 8rants to
girls ftjr secondary or high school elJu￿10n where this othenvise migbt be possible.
2. Kenya Kesho an educ•tioMI ehanty hAvin8 A h￿Be irya¢t on a very loc•l, disadvAnts8ed eommunity its K￿le
Counry of Southern K¢A￿. K￿1¢ County came Myjnd to bottom ID the ￿￿]0￿8] ¢dU￿tiOn￿ league tables in
th¢ latest National •ssessments
Tana ￿'Ver Life Foll￿]￿tion (TRLF) is 8 Charitsbl¢ Tr￿¥ s¢t up by G4bri¢l T¢0 Kian Clwng on 13th D¢¢¢mb¢r
2005 in Mombasa. KenyB. Gabriel has be¢D living and wY>rkin8 in T3na ￿"Ve1 Ds'5tri¢L Ken￿ sin¢¢ 1995. The
Foundats"on wa5 5¢t up with the obJ"ective of ass15tin8 the ma￿￿naliZed through education and acquisition of
livelihc￿ skill$.
Rwanda Aid operates in th¢ r¢TNTrt¢ south-west of Rw8nd& in the districts of Rusizi and Nyam8sheke. The aim
is to support the vul1w￿le attd disadvants8e4 especially ehildrtty helpiti8 th¢m to d¢vel¢)p the skills and
knowledge to build a better future for d￿mselve& their families and their community.
5. TEST cfhe T¢rti8ry Education Scholarshw Tnjst) forAfrw based in Ghw Malawi, Tanzania and Ugth.
Found￿ by Keith Lloyd aD a]umnu5 and H￿d of LitwGr¢ Collw. Oxford Univcr5ity. K¢ith and his wifr,
Marjorie, with the help Of the UK governTn¢nt through th¢ DFtD a 3cri¢5 of xbolarships for
vcry bn"gh¢ financially Deedy African students to pwsue wiiversity iti subjects whxcb would enlwice
the social and ￿n0￿￿C d￿cloPnKnt of thffl"r counln.es oforigln.
6. Teach the Ngtion SA.. Through its Fellowsbip sche￿* Teach the seeks ty d￿elop sttthnts 8nd to belp
them io reach their fi￿1 potetttial and Arjake theth ready for thelr firture eareer.

7. Fth b8sed in SouthAfrio is a volunteer.led non.for profit orgaDisation W￿lti8 with the Diyloot
con￿ll￿d SdL(N)l township of ￿epS100t on the northern outskits of JOhann￿bll￿ SouttLAfrica.
Collduryed
THE YEAR ENDED 31
EMBER 2t123
8. KHULA {forn￿lY the David Rattray Foundation) ￿tIl¢b tlleans to Grow or to Prosper. The David Rattray
Foulthtion ￿ foundd on￿nallY in 2￿7. KHULA works closely ￿ con)muuib"es alld schools in
Umzinyathi District of Kwazuiu NalaL SouthAfrica in providingthE r¢sourcrf, skills and OpE￿tt£S tbat
the pupils necd to SWCe￿ ID lifr.
9. Makn A Difference IAdership Foutthtiott (MAD IAderthp Founda¢ioD), basal in South Afriw shares a
vision to develop acadenM"cally talented s¢l¥)lJrs with Ifader5kn"p potential into firture leader5 for South Africa.
Make A DiffeteThce I£adership Found*ioll NPC Wds fornd in 21K)3 to realise this ambiti¢)rt to transform
South Africa- one SchOL￿ at a tll￿.
10. Saigon Children 15 a UK based clwity working out of Vietnam cDabling di5￿￿Sed children and young
adults in lo reach their fidl ￿tential through rec¢ivtD8 a qualityed￿tlott that is relevant Éo their needs.
I l. Al-Quds Foundatt'on for M¢di¢al khools in Palestine IFQMS) wis forll￿d in 1997 as a UK [c￿Stered Charity
to sUp￿rt medical olucation in Palestine.
12. The Hin￿laYan Youth FOu￿jaIlOn OIYF) works kn impmv¢ the educatioo health and living eondilions of
0￿balled semi-otphaned and th'sadvantaged ¢hildren and young people aged 6 . 25 livin8 in the Hima]ayan
regiotl.
The ¢h4Wt¢risti¢s of our parther clwi.ties are as follows:
Our partner chan'tieg have eff￿ttve presence in the countries in v)1￿ tbey or*rdte. and a W￿lD8 knowledge of
their individual ea￿tiO1￿]. political and econotDiC settings.
We have easy access ￿ a r￿m￿l UKh"vidual within our partheT cljariry is responsi￿1¢ for ￿t*}￿dIng to our
querie& allaying any Cou¢¢￿ and is am¢nable to ￿IllE guided in our etho& wuirements and targets.
Owpartws are financially stsble, bave other 50urc¢s of iu¢on* and are not depelldent on our fithng.
Our partners participate in ijjr knteractiye sessions aThJ Celebrate the su¢cess of our mentees.
Our partsier cl]arities activcly partÈ¢ipa(e in re¢onw￿8 and recrniting suitabk who arc familiar with
their region or Coun￿ of OPWdUO
Objtttives and activitW5
4. A Summxry of the objects of the Charity %J set ik its pvernlAg do¢ull￿¢
The Trust deed of the chan'ty was created on l FebTtwy 2011 oll fitymls settled by Michael Frdncis GCOghega￿ the fi￿t
thr¢¢ Itust¢¢s b¢in8 nan*d as Jania Gco8he8at4 MayJ Synbar atsd Atijril sill8￿ The Trnst d￿d oudines the obje¢tiv¢s
of th¢ ¢harÉry. th¢ powers of tbe trustees and pr(KedUr￿ for th¢ir appoiBtuKD( tul¢s fw the pro¢t¢dings of ttust¢¢s and
their P￿edural pow¢r& Twul￿ts for r¢cords and faounts arml procth for the amd8&￿On and dissolutson of
th¢ charity.
objxtiv¢s of th¢ ¢hArity ar¢ tbe advallcemen( of ed￿atIOn and tbe reli¢f of povuty by the provision of fimds and
financial assistance to cducatt¢)nal and other projccts anywhere iti the world but with a particular focus on Africa and
the developing workl.
Selected Projects sknuld 8iEn to Trnprove edI￿ati0ft. relieve tM)vuty aDJ improve the conditioDS for socially and
onomi￿llY d1sadvalltag￿ pwle and g)mmuniti¢s.

Drx￿kJn En¥ekpè1Tr. Th9
. MAnTtiN
VTqT
R THE YRAR END
31
EMB
b. Publk benefit that h provlded by the ebarlty
Throughout the finaDGial year the main objpJaive of the chvity Ll)ntInu￿ to be to ideoti'fy youtt8 pty)pl¢ irt t
thc charity.
The clbarity b¢li¢ve8 lh¢ Provi￿ of a Ibwture to ertsure that a young ppty(m receives ￿ ats4Uate
education is a very irnportanl * in ensuring tha¢ a youn8 pw50￿ their family and ultimatrly theircommunity can Itft
themselves ou¢ of pKtverty.
The trustrt8 of the charity have been direaly involve•J in nwtOrn8 selxted I￿15￿1th￿ so that they Wi8t them
with their p8ths aThl ensure. &8 far as posqibl& that the reeipiats use their and wh￿tion fijr th• bentsfit of th¢ir
native county.
In framing the obj#iives of th¢ charity. the trusfee8 have regatd to th genernl guidance ISSU￿ by the Charity
Commissi¢M on public benefic iR¢ludin8 guidance ott the F&evention wtd rclief of ￿¥¢Try for th¢ public benefit.
e. The eharlty'j Jndlldlug the or dIffern￿ h to m*ke tbromgh Its •edwltlè4
The ¢￿￿[1￿6 vi8ion is to devel<y Sjture l¢ad¢15 of ttr¢ dtvolopiu¥ worl¢t Thi8 will be tthi¢ved by prm'din8 eduejlional
ndin8 for dis￿van￿8¢d youn8 people with le*Jetship ability aTht prov¥Jing individually tsilored Support for their
developmeoL ett¢ouragin8 gn open 17witorin8 r¢latioAsl)ip to boost tb¢ir 4nd creating an aveDue for
¢xplorin8 th¢ Op￿rtunitieS open to them.
The charlry 15 committed to pro* acLYss ty education for the pe4¥le in its prowxmme by pAyin8 sch￿1 and
¢¢rtiary ed￿￿tIOn f¢es. In ￿th.tio￿ th¢ charity ￿11 provide ancillary seThi¢es to the Mentees such as phon¢s. laptops,
work experienee in gap year
In ord¢r to m&ximi8¢ the bEnefit of w ￿tion thftt it pTovide& the cljarity believe& that mentoring and 8uidance is An
important part ofthe edu¢aiion PTCW& The clwity prnvidu UK m¢Lt0￿ to all the 5cknlarship ment¢es, offtn"n8 long
The Ch￿ity has a wide discr¢tiOD in its ￿werS and csn help ￿ edwion pro¢ess in several ￿Y$. This could also
includ¢ assisting and futiding resegr¢h to Crea￿ 8n plats for a COUDty* provtde fi￿￿& for the edw￿l￿n of
potential leader& 8$ well as helpll￿ build the educatsonal slru¢ttwe in third world counttie5.
d. Att esplgD*tlo4 of the ¢h•rlty's objecdyts lor the ytar
During 2023 th¢ objective of the eharty remaill￿ to expnd its base of mentors and to develop a￿lstrengt1￿ IiDks
with 8ponsorA4g parthm with the 8im of ir￿r￿s￿8 the numb￿ of thknts r¢ceiving exlucatiotwl supporL
The chaTityhas also adiv¢ly I￿ked to Str* the 81kninistratioffj mentoring offering attd mgrk¢tiD8 of the ch8rity.
e. An explatt4tloD of th¢ ¢harfty's Str•te*5 for Its *aled
th&5¢ ate:
Flnd sultable bMe1k￿¢*

Ca[￿idateS are sel¢da by lcd partner charities atMI then intcrviewed by Mad[iE￿ TI￿st tn￿ who assess their
suitability for seholaTship selection and th¢ rnentorship programn*. The final I￿t of suwessfid e4ndidat&q is tl
fornTrlly approved And signed offby the t[￿steeS at a meett
Conlititsed
FOR THE YEAR ENDED 31 DECEMBER 2023
Jn 2023 the ¢tr￿lty pT0vid￿ scholarsbips for 57 sc1w1￿5 whose aJllcatioth81 exFEKh'ture lths been approveAL
The Methees of the Ttust ¢on)pris¢ JThth"vithMls wl¥) tsplay the follo
are High Achievers who w often IHve Fwtive Tole nM)d¢ls within tbeiT local conLmullities.
are fron) disadvantaged aTrl often the first within tbEir families to aspire to higher *lucatioll.
Without the TTUSt 5uppor¢ tkny will b¢ unltkely to furt￿ their &Jucation in spit¢ of having yeai poto]tt"al.
have the potential to become le&dttg in various fields gnd ￿thin their Cotimn￿tieS. Our Ment0￿ continue to
gwde recogmse thi.s p)tential and fulfil it.
have gtrong commitments lo glve baek and'pay fonvard. to their Cornnu￿es and to contribute to making the
ider world better for others. Accq)tin8 a mentored fimm￿"Tr8 a8retmenr vknich i￿￿￿orat¢S a strong personal
are able arwj willing to rommunicate their goals {shoTL mediwll and long) and their challenges lo their
m￿t0[5. Th¢ir rnwtors will kw working with to firy15Uitable soluts'ons.
MeDtor the k*nefitia
Before the approval of any fir￿n¢la1 SlTPPOrt the Mentees have to agree to participalion in the ￿￿1)loring prr￿. Exh
To ensure that th¢ Mentces are paired with a Mentor f￿M whom th¢y benefit aTrJ to ensure the ongoing quality of
the Mellloring proc¢4 th¢ charity IK)Id8 regular Mentoring WOTkslw and meet ups.
The overall obje¢tive remains lo ensure that Mentors are p0iTed with a suiiable Mentees and to ￿ach the skills rwuirnl
to be a suc£¢ssfvl Mentor, the records need to b¢ kept of COTDrnuttieation4 guideltnes for Mentees, ertluation
te¢hniques and howw report succus.
Mtthinh& places ￿ValUe on the role of the Mentor poformoj to as hjgb a standard &5 p)ssibl¢ ￿ et)sure that
the proces5 15 out for bellefit of Mentees. Th¢r¢f{￿¢. a Mentoring Imndbook JMS b¢¢n publishryl
8nd is issued to alt M¢n¢ors. The Mellloring handb￿k cOntaE￿ th¢ Madtioha TnL8t'$ core values, the D)1¢5 gDd
rasp¢)nsibilities of MeDlors. rigllts #￿j wnsibilxties of Men￿. steps in the mentoring prrtt4 record keeping
requirements, the requiremenÉ for a filter in th¢ nxlltoiing pri)¢e4 tips oo l¢tt¢r writing and developmg relatiOns￿'p$ as
well as guidan¢e tn the cage of probIell￿.
Th¢ ¢lwity has Mentors who regularty￿rn￿￿ll7L￿ with ¢h8rity via Wh&tsApp to stay in re￿ colltsct with
Madrinha and the Madrinba melltees.
m¢nt¢¢, th¢y arc all volunt¢US.
They bave an affinity for ¢itber th¢ meDttt's country. subject of study or &spirations; very oft¢n all thr¢e.
edu¢ational syst¢nL
mentors attend internctiv¢ sessiotL8 atsl xtively strive to Unde￿*￿1 and mentor in line with the TnLSt's
cthos.
cujoyablc fDr the

ThE MADRINHA TRUST
ofth
YEAR ENDED 31 DECEMBER 2011
FO
Complek Its
The chaTity supporty exi*ing and stthts through both their time as a mentee and afterwarts..
Mu]tiple communic8tiOD channels Iwve bcen in place inchth8 Walt8App. pkn¢ and E-mail for both
Mentees and for Mentors.
Madrinha bas set up a bw nmtotship programme made up of lo￿1 ahmthi who ¢an offtr in region pttr
peer support to mentees.
Madn'nha knlds regular work5hop5 for all s￿￿ellts focusin8 on • wel]thCOllStn￿tcd career skills pro￿arnme.
MadTinha has crvdted an aetsye 4iumni As￿1￿10￿ for 118.8radua￿. who ￿ve compl¢*d the formal period of
education and n￿nton￿&
madn.nha will continue to tske on new teTheficiaries but only where it has the ftu¥ts available to finance each
ment¢c's cthTcational programme to ¢x)mpldio
M*rke¢l*i the chartty
The main nwketin8 Xtivities of the cljarity are..
Pmmotioo VIA Its websiie with Mentor profiles afMI Vid￿ from Mentett..
wvnv.madrinha.trust.org
MaintenA[￿ of a Lin￿lIn py with coDDection5 to rn¢n￿, mentOf5 *nd"on th¢ 8rouNI
ctrordinatorB'.
Produ¢tioD of * re8u]ar M•drinlw tru8t newsletter i98ued to Mentee4 Mentors and $uppJrt¢T8
of thc Charity.
Preparntion of an annual Tep)rt der*iling the of the charity during the yw.
AchleveThe4ts and perform*nc¢
. Charft*bl¢ •¢dvltie4 durlDZ the yur
The ¢hotity funded 57 m¢nt¢¢s during 2023 of whon) 45% w¢ fem￿¢ and S5¥• mal¢. They Ore based in I I developin8
countries. Pa)Inents to mentees iotslled £184.026 in the ￿ to 3 Ill￿3 atKI the tn￿￿¢S in*nd w njakc pay￿￿ts to
exÈsting ThKntees 01£397,123 over the yews from 2024 to 2027.
Th¢ chariry has pmidAI a of £2.18m in olucatiooal aDJ si￿¢ iwuo
b. VundTJlslwg •rtMd
DuTing th¢ course of th¢ year th¢ cbjnty bas Conunu￿ ￿ t¢ fund￿ ty th¢ original ¢xp¢ndabl¢ ¢ndowuwl of a gift of
thares given by M F Geo8he8An related in￿t￿￿nI revenues. No addition￿ fithisittB activities were earried
out during 2023.
Investn￿•t perf•rmaRre *¢kieved xgAth# thvethllent objethe4
Th¢ tnLSte¢s have adopt¢d 8 Stat¢nKnt of inve5mxn1prl￿ip1e% 7whi¢b aTe describ￿ in the 5￿tion of th¢ trLSt¢e5' rqjort
r¢lating to Inv￿1￿¢nI poli(1￿ 4nd obJ'¢cliv
The m8rket investment8 Are Tnanaged by Verit9s InYestEnettt Mattthgettknt LLP Meridiem Investment
Mau2gem¢nt). The cljarity Tre4suT¢f 8nd a s¢wnd tTh￿¢e hold a aDttual with Veritas ItLYestU￿llI
Management LLP to review the investmetti ￿(0￿0 aDd out a suitabib.ty review. Monthly valuation ryorts are
supplied by Ventas and ad hoc meetiw are arranged as alld when necessary.

Re rtoftheTr
Continued
FOR THE YEAR ENDED 31 DECEMBER 2023
*. Polldes raerv
At the end of December 2023. the Chatity held £334,527 {2022 £398,448} of net assets after 4111)Trin8 for future
ommitments for existing melltees.
Endowment ￿ll0 reserves are ODly witb the asleetne￿ of the Founder and TnLStees.
b. PrlDdp*l fuDdh8 ￿￿ree8 and how exp¢ttditsre ltt the yesr revlew Iw supported tbe key obJe¢dves of
the ¢h4rlty
The charity funded eX￿nditure in 2023, &% pernjitted in its tnLSt de•L prinmftly by thawing dovrn cash from the
investh*nt portfolio by Veritss I￿veStment LIF.
The main eX￿￿￿"ttWe of the ch&ity in 2023 continwl To be the fi]ndiDg of rnetttees education xti developing countries
14 a¢rordance WLth the ch￿ity'S key obJ￿tIves.
e. The investment pli¢y lod obje¢lfve4 knduditig the exte￿ fif any) to whkh *¢i*L enYiroumeDtsI or ¢thlf•l
¢tsttsideratioMs are Éakett iD*o &¢¢ount
Back8round
Th¢ nujority of these shares were immediately itiv¢std in a medium risk investwt fund as advised by Veritss
Investl￿tt ManagenKnt LLPI V￿lt&S a¢ts"v¢ly the investment wrtfolio ofthe Charity.
Veritas Investment MaweDWtt LLP IS￿ a nM)Dthty porfolio valuatiott and in addttson the c￿￿rIty Twurff
Chairnw hold meetin8s with the fimd manageTS to dis¢u&8 and resry¢w the Charitys portfolio. The fiwd continued
to generate above infiatson returns iti 2023.
Dunng the coury¢ of the yeatthe value of the under ma[￿ement gener2t¢d reahsed gains of £66.8k plus
unr¢alis¢d gaiDS of £l1.5k on utrestrictcd and £121k on Yc5trictrd a&sets. After withdrJwals of £0.44m the
21123
Brought forw*rd
1.844
(440)
67
12
121
Re￿1$￿ gal￿￿
Carrled fornard

rtof
Cotttinued
R ENDED 31 DECEMBER 2023
2. InvesttneN Objectivey
In order to guide the inve6th￿rtI 8t¥*gy. the b08rd of tsv8te# b¥$ adopted the folbwiti80bJ'¢¢tive$ with ￿Spect to
investy¢nts:
The trusi wishes to m￿lmIge the r¢bJrns on all its investrnents cornm￿ with its defuKd level of
ri8L adherin8 to the 8¢nefal principlts of tn￿t law for charitable inv¢$mKni portfolios.
At 31 D¢comber 2023, approxinwtely 67V• of the porfolio held itt •nd 33% iti fiAc41 iDtwe5t 8¢curÈtie6
and eath.
The asucts of the clwily will be expo¥¢d to various fit)wlal ri8ks. The h88 con51d￿ed the following risks
when 8greein8 their sts¥te8y:
The ri8k iThvestm¢nts will not skltver the iw¢J8e8 ift Teal C￿lts1 or values ex￿ted.
Tr risk th￿ the inv¢sth)ent manw will noi xhi¢ve the returns projttteA.
4. Inve8tnut Str8te8y
Tr 3trate8y adopt¢d is thaL'
InY¢stments ar¢ held to creat¢ ￿01 over iDvesttnent honzon of five yearsplus
through both dividcJMI aTxI inluest income 2rthl ¢4)it¥l WO￿￿h. The Developmeot Plan aBsumes a real rets]rn of
2Y•.
The trwtces are willing io awt o medium risk aN>roa¢h in the &hIeVen￿nI of their obJ￿tiVes.
The lon8-1¢rn1 indicatiV¢ 8uidclinc as8¢t dlo¢aknon for the main fund will be fif/d65% equities
and 350/d40Y• fixed IDCO￿* or eqw'valents.
5. Ethiell P08itiOII
Th¢ Gbarity bas ao 3pxifi¢ ¢thical guId¢lin￿ to Veriw tfjvrs￿t MaDaganellt LLP.
6. Day to day ma￿Ser￿
The tnLStees hve 8Ptx)inted Veritss Investtnent Mwgement LLP &$ th¢ investnrnt n)allag¢r to th¢ Ill￿8
itivestment portfolio. Thc itivestnKnt Ma￿Scr txercists its i¥wrstD￿t powers to scbieve the trust's obje¢tiv¢s with
th¢ appropriats lev¢1 of diversifi¢ation as thrcctedin s¢¢tion 3.12 of th¢Clwi"tsble TnL5t degj.
The charity Treasurer and a second tru￿ee llmitor the perfoll￿Ce of Veritss and asse86 the perforn)ance
at]nually in & JrKrting with V￿ltaS lnvesttll￿I Matmgcment LLP &s w¢ll as ad hoc should the

TRU
ftheT
NDED
DE
ER20
Av•llablllty athquAey •f ￿ets Of of tht fqRds
The board of tr￿St¢￿ 18 Sati86d thtyt the ¢knityB 888cts in ¢¥h fllz￿ are awilable to thlfil its obligatiOtt$
ITI T¢sp￿t of ¢a¢h fuo
*. Tr￿**¢￿0￿1 #lld pothk+n
The SthteJMii of Fin8tKiil ￿}vItA￿ 3how5 nrt outgoing forthe ye•r of £63,921 (2022 £405J94).
Tho totsi r•Berveo at p¢riol e￿1 At £334.52? (2022 £398.448).
Approved by Order of the memkn ofthe iM)#rd of Tr￿tte8 ATMI on theirbdmif by:
J Geoghegan
Tn￿le£
-L
Tru8te0
Date..

TRUST
ststsll￿llt of
FOR THE ENDED 31 DECEMBER 2023
Activities
2023
2022
Totsl
Notes
INCOME AND ENDOWMENTS FROM
Donations and Icgacics
14,081
lThvestment income
7,952
7.952
3.962
133.161
8.952
8.952
151204
EXPfNDITtIRE ON
RAi$iug fill
2292
2292
(4,724)
ChAritable artlvllle8
Cmt Fullding of artivities
184.Ir26
184,026
337.614
85.818
85,818
42,031
Totgl
269,844
2292
272.136
374.921
Net sain￿00SSeS) OD investments
78228
121.035
199263
181.677
NET INCOME1￿XPENDlTUR￿J
Tr4n$fers betsveett funds
IIR2.664)
297.791
112.743
297.791
(63.)21)
(405.J94)
io
Net nwYem¢nt iti fuBth
115.127
(179,048)
(63.921)
{405J94)
RECONCILIATION OF FUNDS
Total funds brought forvmrd
82.720
315.728
398.448
803.842
TOTAL FUI¥DS CARRIED FORWARD
197.847
136.680
334.527
398.448

TRUST
BalaDce Sheet
DECEMBER 2023
2023
Tc4al
2022
Tot81
fiJn(k
Not&s
FIXED A&SETS
Investments
560.022
I.(K3.709
1.603.731
1.844.469
CURRENT ASSET3
Debtors
Cosh at baok
263
263
18,770
36
36.780
36.780
33,759
CREDITORS
Amounts falling within one
(246.719)
(246.719)
(294.428)
NET CURREiYf A&SETS
TOTAL ASSETS LESS CURRE
LIABILITIES
350.083
1,043.7(
1.393.7Y2
1.583.8
CREDITORS
Amount8 hllin8 ifter nk)r¢ thon on¢ year
1152236)
(￿7.029) (1.039.265) (1.185,3521
NET A.&SETS
136.680
398,448
FUNDS
10
Unrestricted ￿ndS
Endowment funds
197.847
82,720
315728
TOTAL FUNDS
334 $27
398,448
Tb¢ fiw?¢ial Statem￿ were approved by the Bwd of TA￿tte5 authorised for i$Bu¢ on
. and were si8ned on its behalf by..
Tn￿¢£
li/io /z+

Notss to the Ffin*n
tst
AccouNfiNG POLICILS
The financial staternents of the charity. which is a pubkic benefit entity FRS 102. have been prepared in
a¢¢ordaiK¢ with th¢ Chariti¢5 SORP (FKS 102) 'Acr4)unting and RqK)rting by ChaTiti¢s: Stat¢ment of
Reconn))ended Practi¢e appli¢abl¢ to ¢hartties pYq)aring their a¢¢oullts in acwrdance with the Ftnancial
R￿rt￿g Standard applicable in the UK a￿1 Republic of Ireland (FRS 102) (effe¢tive l January 2019),,
FiDancial Repthting Sw¥]atd 102 Tr FinaD¢ial Rwung Strlldard applicable in the UK and Republic of
Elalld, a¥wl the Charities Aet 2011. Th¢ fina￿141 8tst¢u*nts hav¢ been pr¢pared urKl¢r the histtirieal eost
collventio￿ with tbe exceptsoll of invest[￿ts wh]"ch are It￿1￿ ttt m8rket value, as ll￿￿1fied by the
revaluatton of certaTrn a#ets.
IDcoiiie
All income is recognised tFLe Ststem¢Dt of Finawial Artivities onc¢ the charity ha5 ¢nLitl¢m¢nt to th¢ fi￿. 1¢
is probable that the incottte will be received and the an￿Unt can be Yeli8bly.
Expendlthre
Liabilitie5 are r￿QgniSed as exrKndibJre &4 sx)on there is a legal or cons￿ve obligation committing the
charity to that expenditute. it is probable that a transfer of economic benefits will be tEquired in settlement and
the of the obligatioll b¢ m¢asured r¢li8bly. Expenditure is for on an ￿¢￿]8]$ b&sis and has
been cla&sified under beadings that aggregate all cost related to the calegory. Where {￿sts canrKyt be direcdy
attributed to particular headings tFy have been allocated to a¢tiviues otr a basis ¢onsist¢nt with the use of
Grants offergj subject to conditions Twhich have not beffl at the year date are noted as a r￿MMitt￿ent but
not accrued as ex￿lture.
Tlxatlon
Thc chatity is ￿¢t[￿l from tax on its charitsblc aGtiviu¢s.
Futtd attoutttitig
UnTestriei¢d fimd% ¢an in aC(x)r￿ wth the charitable objectives atthe th"scrett"on of the trusteu.
Restrtctions arise wh¢n wififd by the dotK)r or kn fimds are raised for particular ttstricted pur￿￿￿.
Further eKplan8tion of thc naturc and purp￿ of ¢ach fi￿￿ is ]￿lUd￿ in th¢ now to th¢ fJDancial srat¢m¢nts.
Penskbn Costs other post-retlrement benellts
The charity operntes # defined conthl)ution pension schen￿ contr￿UtiOnS payable to the charity's peosion
scheme are cbarged to the Staten￿t of Finattcial Aetivitses in the period to I￿]ch they relBte.
2023
2022
Other fixed invest. Fll
I￿tr¢st ￿¢¢1y
7.633
319
56
7.952
3.962
rxJnbry￿...

Notes t the TrIDandal
t4¢tments- continued
NDED 31 DECEMBER 2023
Inves¢mellt mam•gement
2023
2022
Portfolio mawement
4.724
TRUSTEES, REMVI¥ERATION AND BENEFITS
ended 31 Dccanbtt 2022.
Trnlteei, ezpeb
31 December 2022.
COMPARATIVE.8 FOR THE STATEMENT OF FINANCIAL ACTIVrnES
REND
BER 2022
Tthi
fvndb
INCOME AND ENDOWMENTS FROM
Donations legacies
14.081
14,081
Investment i
3.962
3,962
133,161
133.161
Totsl
147 242
EXPENDITURE ON
Raising funds
(3.9141
18101
(4.724)
Cknrl¢abk ltthldei
Grant Funding of activities
337.614
337,614
42,031
Tot*1
375,731
374,921
8ain8100s8es) on wvest￿ts
150 765>
30912)
181677
NET INCOMEI(KXPELYDrruRE)
Transfers between
(379.254)
154243
(26,140}
(405,394)
Net moveme&t ts fundj
(225,011)
(180J83)
(405J941
RECONCILIATION OF FUNDS
Total fut￿ brought fon¥ard
307.731
496.111
803,842
81720
3 15.728

Notes to the F1n*nd*l StstemeDts- tottthilled
THE YEAR ENDED 31 DECEMBER 21123
FIXKD ASSET INVESfMENrs
At l January 2023
Disposals
Revaluatiot
1.844,469
(373230)
132,492
At 31 December 2023
1.603,731
NET BOOK VALUE
At 31 Decernber 2(123
1.603.731
At 31 Decemiv 2022
1,844,469
Cost or va]uation at 31 Decemiw 2023 is represen￿1 by.
Valuatiott ill 2022
Valuation in 2IY23
Cos¢
236,136
132,492
1235,103
1,603.731
DEBTORS: AMouNfs FAILING DUE wrrHIN ONE YEAR
2023
2022
Other debtOTS
Pr¢payments and a¢¢n*d income
263
327
18.443
263
18,770

RUST
ot¢J to the f￿•￿¢141 St*temeiits- ￿ntInUed
FOR'I'HE YEAK EI¥DED 31 D
MBER 20
2023
2022
4,306
242.413
4,253
290.175
246.719
294.428
CREDITORS: AMOUN15 FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
1059 265
1.185.352
io.
MOVEME1￿ IN FiINDS
1.123
fund6
31.1123
UnreJtrl¢t¢d fund
General fiu
82.720
(182.664)
297.791
197,847
Endowment funds
Endowment Funds
315.n8
118.743
1297,791)
136,680
TiwfAL FiINDS
334 527
Net moYcnKnt in fillmts. I￿l￿ded in the abov¢ arc as ftilk)ws'.
Galns and
V8m8nl
fvnd6
UDMtrlrted fun
CJ¢ncrnl fund
8,952
(269.8441
78228
(182,6641
Emdown*nt fundi
Endowrn￿t
(2292)
121.035
118.743
TOTAL FUNDS
8.952
272.136)
63,921)

Notes lo ¢h¢ St*temellts- ¢•D¢IDU
FOR THE YEAR ENDED 31 DECEMBER 21123
10. MOVEMENT IN FUNDS. eoBtl•ued
CompxrAtlves for movement kn fuDdJ
Tran5ters
1.122
31.1222
UAreJtrlcted f•J
General fuT
307.731
(3792541
154,243
82.720
Endowment Funds
496.111
(26,140)
(154243)
315,728
TOTAL FUNDS
803.842
405J94
398,448
Comparntiv¢ net moTrtm¢tst il) futyjs. in¢lud¢d in the abDve ate as follovo:
G￿ftSar
fvndB
Uttrrftrlfted fundi
G¢nernl fund
147.242
(Y75.7Jl)
{150.705)
(379,254)
Endowment fvndi
Endowrnent Funds
3.962
810
(30,912)
(26.1401
TOTAL FUNDS
181677)
405 394)
A current year 12 nx)nths and ￿￿Oryt￿ 12 months Combi￿ p)sitiOrt ig as follows..
Trar*s
Al
31.1223
Al.122
General fund
307.731
(561.918)
452,034
197,847
End01w￿Tht Funds
496.111
92.603
(452,034)
136.680
TOTAL FUNDS
803,842
469J15)
334,527

UST
Notes to the ￿￿￿￿¢1*1 St*tements-
thiued
FOR THE YEAR
ED3
10. MOVEMENT IN FUNDS- t￿114•¢d
A curreut year 12 aThJ prior 12 combined net rnoven*n¢ in fi￿d& included in the above arc
as follow5:
In fvndl
Unre5tr1ded fuDd•
156.194
(645.575)
(72.537)
(561,918)
EBdown*Dt fundg
Endtswment Funds
3.962
{1.482)
90,123
92.603
647.057)
ii.
RELATED PARTY DISCLOSURES
There w¢re ￿ related paty traDsactioN for the en￿ 31 Dec¢nts 2023.
10

TRUST
lled St*teme
Fin*nci*l AetivitRes
2023
2022
D04•thns aDd ]eg*c
Donations
14.081
Oth¢r fixe4J asset inv¢8t- FII
Int¢re81 received
7,633
319
3.906
56
7.952
3.962
Othèr Income
Capital contribution ari8in8 frcrfn lofin intere
foregone
133 161
Total IncomlD8 reioiireei
8,952
151204
EXPENDITURE
IDvegtm8n¢ wnageJDen¢ eo
Portfolio management
2292
{4,724)
Ch•rltsble *etlvlti
Grant giving and mentee Swort
184.026
337,614
Other
Wa8es
Social 5euJrity
Pensions
B￿k and othcr chat8¢S
Trdvel and subsistence
and 50ftware cos
Admin office costs
Gift5 and enterttinment
Founder loan discowit
Advenisirt8 & m2Tketing costs
23,625
1678)
522
1,783
23,625
522
1.673
40
969
4.646
2,102
1.897
6.072
1.741
40.1￿)
77.398
33,577
Support costs
CoverD*llee co
8.420
272 136
374.921
Net t4￿ndI￿re before 8*kn IOM
(263.184)
{223,717)
Realised recognkntd R•llls losse
carri￿ forward
(271,604)
(232,171)
11

Det•iled Ststeme
(Fln
l Activilies
BER
2023
2022
Brought forward
R¢alised gains/(Ios8es) on fixeAI a&q¢t irtvestsnu
(271,604)
66,771
(232,171)
181677)
Net expendlture
196.413)
405J94)
12