Charlty number. 1188309 Malawi Association for Chrislian Supporl MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 VINTv/MS
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO CONTENTS Page Reference and administrauve details of tho charty. its Trusto8s and advisorn Trustees. report Independent examlnerfs report PAatement of flnan¢lal actlvities 10 Balanco sh•et 11 Noteg to thg financlal statements 12-26
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARifY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Truslaos Adrian Brown. Water and Solar Projects Gillian Barber, Medical projects Tony Cox, Bursaries (resigned 31 December 2023) Brian Griffin, Vice Chairman and Bursaries (resigned 30 November 2023) Richard Davies, Fundraising and Website Coordinator Colin Gardner. Treasurer Eileen Eggington, Project Officer Julie Lupton. Secretsry and Supporters, Database Margaret Campbell. Publicity and Safeguarding Martin Herrick, Chaimian & Medical Projects Janice Price (resigned 30 November 20231 Felictty Shoesmilh {appointed 10 March 2024) Charfty registered numbor 1188309 Prlnclpal offl¢o The Cottage 72 North Street Biddenden Kent TN27 8AS vrnw.malawimacs.org Accountants Venthams Chartered Accountants Millhouse 32- 38 East Street Rochford Essex SS4 1DB BankerJ Barclays Bank Leicester LE87 2BB Page 1
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Twstees present their annual report together wth the financial statemenls of the charity for the year 1 April 2023 to 31 March 2024. Objectivos and aclivitlos a. Policies and objectivos The main objective of the charity Is to promote any charitable purpose in Malaw, including the advancement of education, the relief of povety, sickness and distress, the preseTvation and protection of health and the advancement of Christian religion particularly by supporting the pastoral work of churches and th& support of charitable Christsan institutions in that country. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefiL including the guidance 'Public benefit.. running a charity (PB2)'. b. Activitles undortak¢n to achlove objo¢tlve8 Individuals and organisations are invited to donate to a General Fund which can be used for any charitable purpose in Malawi. If requested. donations can go to specific categories e.g. Education, Health, Commun projects, Church support and Women's projects. MACS supports local groups and organisations but not individuals. The majority of requests for help come via the Anglican Dioceses in Malawi. MACS builds and repairs ¢lassrooms and teachers, houses. The charity makes grants to hospitals and health centres for improvements to existing facilities and the building of staff houses. School children particulady girls are assisted in their education by funding school fees. MACS funds the repair and upgrading of clergy houses and the installation of roofs on well-buill churches. Women's training groups can appty for fvnds. MACS assists In water projeGts, repairing dams and boreholes and building water tanks. c. Main activltles undertaken to further the ¢harlty's purposes for tho publlc bonefrt The trustees have referred to the Charity Commission's guidance on reporting on public benefit when VIewIng our aims and objectives and planning activities. We work with the church and other Christian organi5ations in Malawi whose support is available to everyone in Malawi irrespective of their race, religion or nationality and the trustees have ensured that the activities undertaken will contribute to the aims and obje¢tives of the charity- The twstees are therefore confident that the charity meets the public benefit requirements. Page 2
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfOanCe a. Governanco Meetings.. Trustees meet to consider applications from Malawi, approve new projects, to allocate funds, monitor on-going projects. review policies. address issues of strategy and ensure that MACS is compliant with Charity Commission requirements. We meet 6 times each year with 3 meetings on Zoom and 3 meetings in person. By holding meetings virtualty we have halved our annual meeting costs. It is still important to meet up every few months in person. In addition the Annual Supporters, Day was held on Zoom in September 2023 to update our supporters on the progress and challenges of MACS. Trustees.. During the year ending March 31st 2024 the following changes of trustee took place- Brian Griffin retired November 2023. Janice Price resigned owng to pressure ofwork November 2023. Tony Cox retired December 2023. Felicity Shoe$mith joined March 2024 for a period of 4 years. There a currently 10 trustees so we have 2 possible vacancies. Communications wlth supporters.. Margaret Campbell produced two excellent and informative newsletters which went out in August 2023 and February 2024. These newsletters are well receNed, help us to update our supporters and always result in some generous donations. Annual Appeal.. there was no General Appeal during the financial year, followng the donations gfven in the wake of Cyclone Freddy early in 2023. Annual Gift Llst.. no Gift List was produced in 2023 as the Goncept is quite h8rd to administer. GDPR compllance.. We continually update our list of all supporters and those who receive publi¢ations either by email or posL The MACS privacy policy is available on our website and is reviewed annually. Safgguardlng.. Margaret Campbell is our Safeguarding TTUStee. Our Safeguarding policies and procedures are updated and adopted annually, in line wth Charity Commission regulations. All trustees visiting Malaw are now required to have a Disclosure and Barring certificate as well as safeguarding references. Jointly with the wider Anglican Communion we have continued to encourage the church Sn Malawi to introduce robust Safeguarding practice5. Schools in Malawi have now shared copies of their safeguarding policies with MACS. When trustees visit Malawi, they acts'vely check for evidence of Safeguarding policies being in place. Remuneration of trustoes, expenses.. Trustees may claim travel expenses to MACS meetings on an annual basis. Visits to Malawi are in line with current agreed poli¢y. The first Project Officerfs trip since 2019 took place in May 2023 and the chairman and treasurer ac¢ompanied the project officer. Details of all Claims appear in the Annyal financial reporL iv. Page 3
MALAM ASSOCIATION FOR CHRISTIAN SUPPORT CIO TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Aehlevements and perfomiance (continuodl b. Projects 1. Applicatlons.. During the past year a total of £214,836 was granted to new projects. Once fvnds were available for the building of classroom blocks. we were able to embark on a significant building programme in both the DioGese of Upper Shire and the Diocese of Lake Malawi. 2. Monltoring: la} MACS Representatlve In Malawl.. Grafiud Tione, our in-country representative. has ¢ontinLted to work throughout the year facilitating the smooth running of projects, disbursing funds, checking on progress, giving advice locally and advising trustees. Grafiud helps the recipients of MACS grants such as individual schools and ommunity groups to open accounts and lo manage funds awarded by MACS for particular projects. Trustees remain confident that every attempt is made to ensure ndS are spent appropriately. Grafiud's expenses are reviewed and adjusted annualty in March. Ib) Expert advlce.. MACS has continued to use local Malawian professionals working alongside Grafiud to assess potential projects, drawing up costed plans, tender documents and in monitoring work. Such partnerships a very helpful and the additional professional backing assures trustees in the UK and our overseas partners of the qualty and sustainability of the work carried out in Malawi. {cl 2023 Project Offi¢¢V$ annual trip.. this trip took place in May 2023. Accompanied by our Chaimian and Treasurer, the Project Officer was able to visit many project sites as well as Meet new Malawians in various posts in both Dioceses. They also toured sites where the devastation of Cyclone Freddy was very apparent This trip has enabled trustees to feel more connected again to what 1$ going on in Malawi. It has enabled some personal contacts which have helped with getting timely information from parties, such as reports from schools for bursary students. Health MACS is happy to consider a wde Tange of requests including new buildings, renovations, help w4th electricity and water, training and financial management. Solar pjwered panels and batteries to provide back up power for Health Centres and dlnics have been wel received. MACS granted funds to the charity Ndi Moyo, to support the training of palliative care workers. This training has since been successfulty carried out 4 Edu¢atlon MACS supports the education of young people in Malawi through the paying of fees in Bursary Schemes as well a5 SUPF)ong in practical ways with building ¢lassrooms and providing educational materials etc. Fees have been paid for 30 students, the majority of whom a girls, at Malosa Secondary School, St Michael's Girls. Se¢ondary School and Bishop Mlekateka Secondary School. We have also supported students at Communty Day Secondary Schools. A generous £25.000 donation has enabled us to guarantee 4 years of edu¢ation for all exlsting bursary studenls as well as to lake on further Fomi 1 students, confident that the funding is available, despite the In¢aSe in fees. We have also been able support an additional 20 form 1 students in the Community Day Se¢ondary Schools at M'manga and Nkope. Furthermore, we have agreed to fund the examination fees in Fomis 2 and 4 for recipients of these MACS bursaries. The supply of solar panels and back up batteries as well as LED light bulbs in some areas at st Michael's Secondary School has improved the learning conditions for the girls there. A damaged inverter was replaced and additional training given to support staff in the school to avoid further damage. Page 4
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perfomianco (contlnuedl 5 Parlsh and Dlo¢esan Support Eady in 2023 Cyclone Freddy devastated many areas, particulaty in Southem Malawi. Through the generosity of donors, £13.513.66 was channelled through the Anglican Council of Malawi to held affected communities. 6. Communlty and Tralnlng Chilema Ecumeni¢al Trainlng Centre continues to train students from rural areas. MACS $upported the training of 10 students on courses run from July 2023 and January 2024. A temporary library was renovated during the year and MACS supported the purchase of shelving, tables, thairs and some books. SUbsequeny, some supporter churches have continued to raise funding to purchase books and these funds are fOarded to Chilema on a regular basis. Some fijnding has been used to renovate boreholes damaged in the 2023 floods. This was channelled through Seedsowers Intemational. Flnancial revlew . Fundralslng We are especially grateful to all our supporters who have continued to donate and support the work of MACS throughout th8 past year. Our iwce yeady newsletters result in some Signifint donations. Standing orders keep up a regular source of funding. No significant legacies have been forthcoming in the last financial year. b. Golng concem After making appropriate enquiries, the Truste85 have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statement5. Futher details regarding the adoption of the going concem basis can be found in the accounting policies. c. Re50rve pollcy The truslees have agreed that unrestricted reseNes should be maintained at a level equivalent to 3 months expenditure excluding grants. This would indicate that the minimum reserves at 31st March 2024 should be £5,239. The actual unrestricted reserves amounted to £45,075. d. Financlal summary The income for the year was £258.593 as compared to the previous year of £87.782. The expenditure for the year was £207,548 compared to £124,782. As a consequence, the surplus was £51,04S, compared to deficit of £37,000 in the previous year. The trustees allocate grants on the basis of the receipt of suitable applications and meet regularfy throughout the year to review applications and made giants aG¢ordingly. Grants of £197,819 (2024: £110,175) were approved during the year. At the end of the year £82,980 {2024.' £30,802) had not been distributed. The trustees antiupate Ihat these funds will disbursed by the end of the current year. Pa9e 5
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 e. Prln¢lpal funding We are extremely gratefvl to all our supporters who raise funds and show interest and support throughout the year. Colin Gardner has continued to monitor the use of funds donated through the Gift List. Stru¢ture, govOTnance and management . Constitution Malawi Association for Christian Support has been a registered charity since 2nd September 1993 Inumber 10256161. However, the trustees Gonsidered that this model was not suitable to today's methods of operating and decided that the conversion of the charity to Charitable Incorporated Organisation ICIOI was the appropriate way to proceed. ConseqUeny, at their meets'ng on 8th Apnl 2019 the charity trustses agreed to convert the chanty into a CIO. At their meeting on 18th November 2019 the trustees approved the constr"tulion of the CIO and it was signed on 28th November 2019 by four of the tfustees on behalf of all the trustees. An application was submitted to the Charity Commission for lstratiOn of the CIO and this was issued on 3rd March 2020 with the number 1188309. An application was the made to the Charity Commission for approval for the transfer of the undertaking, assets and liabilities of the ¢harty to the CIO. This was re¢eived on 12th August 2020. At the Annual General Meeting of the charity held on 19th September 2020 approval was given for the transfer to be made on 1st January 2021 and the transfer was made on that date. The charity continues to be in receipt of donations by way of standing orders and the trustees are continuing to persuade donors to transfer their donations to the bank account in the name of the CIO. Once this has been achieved th8 charity will be closed. b. Methods of appolntment or electlon of Trustsos The management of the charity is the responsibility of the Trustee$ who are elected and C(pted under the temis of the CIO Foundation. c. Organlgatlonal structure and docision-maklng poll¢ies Trustees claim travel expenses to MACS meetings on an annual basis. Visits to Malawi are in line with current agreed policy and details of all claims are in the Annual financial report Page 6
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 ststement of Trusteg5' responsibilities The Trustees are responsible for preparing the Tru$lees' Report and the finaneial slalements in accordance with applicable law and United Kingd¢Jm Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice}. The law applicable lo charfties in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale of affairs of the charity and of its incoming resource5 and application of resources. including its income and expenditure. for that period. In preparing these financial statements, the Trustees are requiTed to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021.. make judgments and accounting estimates that are reasonable and prudent.. slate whether appli¢able UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial slalemenls: prepare the financial slalements on the going concern basis unless (t is inappropriate lo presume that the charity wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO Foundation. They are also responsible for Safuardhng the asse15 of the charity and hence for taking reasonable steps for the prevention and detection of fraLSd and other irregularities. Approved by order of the Members of the board of Trustees and signed on their behalf by.. Julie Lupton Trustee Dale.. I Irf-a kJ4- Page 7
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent oxamlnerfs report lo the Trustees of Malawl Assoeiatlon for Christlan Support CIO I'th8 charlty.) I report to the charity Trustees on my examination of the a¢counts of the charity for the year ended 31 March 2024. R•sponsibllitles and basls of report As the Trustees of th8 charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (Ihe 2011 ACV). I report in sPeCt of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions gkven by the Charity Commission under section 145(5llbl of Ihe 2011 Act. Page 8
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Indepgndent oxamlngr's $tstemgnt Your attention is drawn lo the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice applicable lo charities preparing their aceounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference lo the Accounting and Reporting by Charities.. Slalement of Recommended PTactice issued on 1 April 2005 which is referred to in the extant regulations bul has been wthdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance wlh the Generally Accepted Accounting Practice effective for reporting periods beginnin9 on or after 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in Connedion with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charY as required by section 130 of the 2011 Act.. or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and conlenl of a¢¢ounts set out in the Charities IAccounls and Reports) Regulation$ 2008 other than any requirement that the accounts give a Irue and fair, view which is not a matter considered as part of an indepgndenl examination. I have no concerns and have come across no other matters in connection wlh the examination lo which attontion should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Trustees, as a body. in accordance wi(h Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to slate to them in an Independent Examinerfs Report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibilty to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Signed= Stuart Harrison FCA Dated.. i.*1 (2 Venthams Chartered Accountants Millhouse 32- 38 East Street Rochford Essex SS41DB Page 9
MALA ASSOCIATION FOR CHRISTIAN SUPPORT CK) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restrfcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacie$ Investments 44,118 3,894 210,581 254.699 3,894 86,571 1,211 Total Income 48,012 210,581 258,593 87,782 Expenditure on: Charitable activities 15327 192,321 207,548 124.782 Total gxpenditurn 15,227 192,321 207,548 124,782 Net Incomel(•xpgndi¢ure Transfers beeen funds 32,785 114,630) 18,260 14,630 51,IM5 (37.000) 14 Net movement in funds 18,155 32,890 51,045 (37.OOOJ Reconciliatlon of fund8: Total funds brought forward Net movement in funds 26.519 18,155 51,835 32,890 78,354 51,045 t15,354 (37,000) Total funds carrled forward 44,674 84.725 129,399 78.354 Page 10
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notè Flxed ass9ts Tangible assets 11 32,012 32.012 Current assets Debtors Cash at bank and in hand 12 9.216 188.231 13.901 112.203 197,447 126, 104 Creditors: amounts falling due within one year 13 (100,0601 (47, 750) Net current assets 97,387 78,354 Total 35sets less current liabilities 129,399 78.354 Total net assets 129,399 78.354 Charlty funds Restricted funds Unrestricted funds 14 84.72S 44.674 51,835 26,519 14 Total fund$ 129.399 78,354 The financial slalements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. I,I Martln Herrlck Chairman Date.. Iitd44 b2L Page11
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Infomiatlon Malawi Association for Christian Support CIO is an unincorporated charity registered in England and Wales. Its principal office address is The Cottage, 72 North Street, Biddenden, Kent TN27 8AS. Accounling policies 2.1 Basis of preparatlon of flnanclal ststements The financial ststements have been prepared in accordance with the Charities SORP IFRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair. view and have departed from the Charities (A¢counts and Reports} Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved followng the Cha¥¢ties SORP {FRS 102} published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effeclive from 1 April 2005 which has since been withdrawn. Malawi Association for Christian Support CIO meets the definiOn of a public benefit entity under FRS 102. Assets and liabilitles are initially recognised at historical cost or transaction value unless otherwise stated in the levant accounting policy. Page 12
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢les (contlnuodl 2.2 Incomo All Income is recognised once the charity has entlement to the income, it is probable that the income 11 be received and the amount of income receivable can be measured reliably. The recOgnon of income from legacies is dependent on establishing entitlement, the probabilty of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them {through knowledge of the existen¢e of a valid will and the death of the benefactr)rl and the executor is satisfied that Ihe property in question wll not be required to satisfy claims in the estste. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable. which will generally be the expected cash amount to be distributed to the charity, can be reliably measured. Grants are included in the Statement of Finarscial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is recewed in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement ¢Jccurs before income is received, the in¢ome is accrued. Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordanGe with the charity's accounting poli¢ies. On receipt, donated professlonal SeNiS and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain seNices or facilities of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Inwme tax recoverable in relation to investrment income is recognised at the time the investment income is receivable. 2.3 Expendltur Expenditure is recognised once there Is a legal or constructive obligatlon to transfer economic benefit to a third party, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by adivity. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single acb'vity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributsble to a single activity are 8PPOrtioned beeen those activities on a basis consistent vAth the use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the assets use. Expenditure on charitsble activities is incurred on directly undertaking the adlvities which further the charity's objectivès, as well as any associatsd support costs. Page 13
PIALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcies (continued) 2.3 Expenditure {contlnued Grants payable are charged in the year en the offer is made except in those cases where the offèr is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expendilure. AJI expenditure is inclusive of irrecoverable VAT. 2A Intsrest ro¢elvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the intsrest paid or payable by Ihe institution th whom the funds are deposited. 2A Tangible fixed assets and deprgcl•tion Tangible fixed assets costing £500 or more are capitalised and recognised when future economic eneffts are probable and the cost or value of the asset can be measured re15ably. Tangible fixed assets are inilialty recognised at cost. Afier recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs inGurred to bring a tangible fixed asset into it5 intended working condthon should be in¢luded in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful INes, using the straight-line method. Depreciation is provided on the following basis.. Motor vehides 20Qh straight line 2.6 Debtor4 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-tem highly liquid investrnents wfth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 14
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 Accounting polieies (continued) 2.8 Liabilftles and provis¥on8 Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past evenL it is probable that a transfer of economic benefit will be required in settlemen( and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it wll pay to settle the debt or the amount it has receNed as advanced payments for the goods or services it must provid8. Provisions are measured at the best estimate of the amounts required to setue the obligation. Where the effect of the lime value of money is material, the prowsion 15 based on the present value of those amounts, discounted at the pr&tax discount rate that reflects the risks specific to the liability. The unwinding of the discount 1$ recognised in the Statement of Financial Activities as a finance cost. 2.9 Financial itrUMents The charity onty has financial assets and financial liabilities of a kind that qualify as basic financial instrumenls. Basic financial instruments are initially recognised at transacb'on value and subsequenuy measured at their setement value with the exception of bank loans which are subsequently measured at amorbsed cost using the effective interest method. 2.10 Fund accountlng General fvnds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted fvnds that have been set aside by the Trustees for particular Pufposes. The aim and use of each designated fund is set oul in the notes to the financial statements. Restricted fvnds are funds which are to be used in accordance wth specific restri¢tions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 15
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and legacies Unrestrfcted Restrietod funds funds 2024 2024 Total funds 2024 Donatlons 44,118 210,581 254,699 Unrestricted funds 2023 Restrictsd funds 2023 Tot81 funds 2023 Donations 48,128 38,443 86,571 Inve8tment Income Unrestricted funds 2024 Total funds 2024 Inveslment income- local cash Investment income- foreign cash 3,798 96 3,798 Total 2024 3.894 3,894 Unrestricted funds 2023 Total fvnds 2023 Investment income - local cash Investment income- foreign cash 1, 147 64 1,147 Tot812023 1,211 1.211 Page 16
IAALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analys18 of ¢xpenditure on charltablo a¢tivlties Summary by fund typg Unrestricted Rgstrlcted funds funds 2024 2024 Total 2024 Grant making activities 15.227 192,321 207,548 Unrestr7Cted funds 2023 Restricted funds 2023 rot81 2023 Grant making activities 28,319 96.463 124.782 Anatysls of expendlturo by activltles Actlvlties undortaken directly 2024 Grant funding of actlvities 2024 Support costs 2024 Tolal funds 2024 Grant making activities 7,600 199,240 708 207,548 Activities undertaken directly 2023 Grant funding ol activities 2023 Support costs 2023 Tot81 funds 2023 Grant making activities 13.953 110.175 654 124, 782 Page 17
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 Analysls of expondlture by activlti8s (continued) Anafysis of dlrect costs Grant maklng actlvities 2024 Total funds 2024 DeprlatIOn Malawian representative retainer Malawian representative travelling Malawian representative telephone Project officer trip and travel grants Room hire Bank charges Paypal charges Printing and ststionery Sundry expenses Profrt I los$ on fixed asset disposal 1,080 7,828 3,554 633 3,760 411 525 41 1,080 7.828 3,554 633 3.760 411 525 41 974 974 22 (11,228) (11,228) Totsl 2024 7,600 7,600 Grant making actIveS 2023 Total funds 2023 Malawian repSentatiVe retainer Malawian representstive travelling Malawian presentatiVe telephone Room hire Bank charges Paypal charges Printing and ststionary 6.882 4,526 812 98 346 58 1,231 6,882 4,526 812 98 346 58 1,23t Total 2023 13.953 13,953 Page 18
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of oxpendilure by aGtivitles (contlnued) Analysls of support ¢08ts Grant making activities 2024 Total funds 2024 Governance costs 708 708 Grant making activities 2023 Total funds 2023 Govemance ¢osts 654 654 Analysis of grnnts Grants to Institutlons 2024 Total funds 2024 Grant making a¢tiviti&s 199,240 199,240 Gnts to Inslitulions 2023 Total funds 2023 Grants making actNities 110,175 110,175 Page 19
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Anatysls of grants (Contlnuodl The charity has made the followng material grants to institutions during the year.. 2024 2023 Namo of Inslltulion Medical Health Education Bursaries Donald Arden Bursary Fund Gifts menu Vo¢ational courses for women St Lukes Hospital Cyclone st Michael's School Chilema Equipment Solar Powor Sponsor a bed other grants to Institutions 40,309 108,000 14,246 5,873 11,379 18,000 13,949 10.083 338 4.705 6,819 14,746 700 1,628 36,509 6.919 13,712 199,240 110,175 199,240 110.175 Analysis of expendfture by percentage 2024 2024 2023 2023 Grants Malawi projects supervision costs UK expenses 199,240 5,997 2.311 96.00 2.89 i.ii 110.175 12,366 2,241 88.29 9.91 1.80 207.548 loo.00 124, 782 loo.00 Independent examlnefs remuneration The independent examinels rernuneration amounts to an independent examiner fee of £708 12023 - £654). Page 20
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Trustso8' remuneratlon and expenses Dufing the year, no Trustees ceiVed any remuneration or other benefrts (2023- £NIL). During the year ended 31 March 2024, expenses totslling £3,927 were reimbursed or paid direclty to 3 Trustees in relation to the Project Officer trip (2023- £NILI. 11. Tanglble flxed assets Motor vehlclos Cost or valuatlon At l April 2023 Additions Disposals 17,067 33,092 117,067) At 31 March 2024 33,092 Depreclatlon At 1 April 2023 Charge for the year On disposals 17,067 1.080 (17,067) At 31 March 2024 1,080 Net book value At 31 March 2024 32,012 At 31 Mah 2023 Page 21
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Dobtors 2024 2023 Due within one year Prepayments and accru income Tax re¢overable 2,761 6N55 2,002 11.899 9.216 13,901 13. Credltora: Amounts falllng due wlthin one year 2024 2023 Accruals and deferred income Grants accrued - institutional 17,080 82,980 16,948 30.802 100,060 47.750 Page 22
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Statoment of funds ststemont of funds- current year Balanco at 31 March 2024 Balance at 1 Aprll 2023 TransfeTS Inlout Income Expendlturo Unrestrict8d fund8 Deslgnated funds Motor Vehicle 22.173 11,228 1,421 34,822 General funds General Funds 4,346 48,012 {26N551 {16,051) 9,852 Total Unreslrlcted funds 26,519 48,012 (15,227) (14.6301 44,674 Rostricted funds Medical Health St Luke's Hospital Sponsor+bed Chilema ETCC Bursaries and school fees Donald Arden Bursary Fund Donald Arden Memorial Fund Edu¢ation Buildings Cyclone other restricted fund projects 7A17 5.468 573 34,663 9,275 (40,309) 16.819) 2A06 4,076 7,924 1,023 1,615 30.139 3,750 1,020 122,072 5.193 (1,628} 114,246) (4.470) 11,403) 1108,0001 114,7461 1700) 13 16,297 5.344 3,408 2,136 9,553 1.639 32,190 4,624 3,025 31,081 14,873 {2.561) 782 51,835 210,581 1192,321) 14,630 84,725 Total of funds 78,354 258,593 {207,548) 129,399 Page 23
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& Statement of funds (eontlnuedl Statomont of funds - prlor year Balan al 31 March 2023 BalanGe at l Apnl 2022 Transfers inloul Income Expenditu Unr•strfcted funds Deslgnated funds Motor Vehicle 18,762 3,411 22.173 Goneral funds General Funds 17,742 49,339 (28,319) (28,416) 4.346 Total Unreslri¢ted funds 30,504 49,339 (28.319) (25,005) 26,519 Rostrlctgd funds Medical Heatth st Luke's Hospital Sponsor-a-bed Bursaries and school fees Donald Arden Bursary Fund Donald Arden Memorial Fund Gifts list Vocational courses for women Education Buildings st Michael's solar power Cyclone other restricted fund projects 6.258 3.880 1.623 26,840 11,552 3,408 444 1,871 2, 136 25,844 9,242 1,588 450 12,157 3,875 (11,379) 3.296 7,417 5,468 573 16,297 5.344 3,408 (1,500) (31.949) (10,083) 9,249 (338) (4,705) (106) 2,834 2.136 2.208 7,053 1,870 (36,509) 8,457 2,500 (1.225) 9,553 1,639 994 84,850 38,443 (96,463) 25.005 51,835 Total of funds 115,354 87.782 (124,782J 78.354 Page 24
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Surnmary of funds Summary of funds - current ye•r B•lan¢e at 31 Mar¢h 2024 Balance at 1 April 2023 Trdnsfgr5 Inlout Income Expendlture Designated funds General funds Restricted funds 22.173 4,348 61,835 11.228 126,455) {192,321) 1A21 116,0511 14.630 34,822 9,852 84,725 48,012 210,581 78,354 258.593 {207,548) 129,399 Summary of funds- prlor year Balance 81 31 March 2023 Balance al l Apnl 2022 Transfers Income E¥p8nditure Designated funds General funds Restricted funds 18,762 11,742 84,850 3,411 (28,416) 25,005 22. 173 4,346 51,835 49.339 38,443 (28,319) (96,463J 115,354 87,782 (124, 782) 78,354 16. Analysls of not assots between funds Analysls of not assots bgtwoen funds- current perlod Unrestricted Rostricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Cuent assets Creditors due wthin one year 32,012 112,722 {100,CfjOI 32,012 197.447 {100,060) 84,725 Total 44.674 84,725 129,399 Page 25
MALAWI ASSOCIATION FOR CHRISTIAN SUPPORT CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Analysis ol net assets bolwgen fund$ (contlnued) Anatys18 of net assgts between funds - prior pgriod Unresti7Ct8d Restricted funds funds 2023 2023 Total funds 2023 Current assets CdItorS due within one year 74.269 (47, 750) 51,835 126, 104 (47,750) Total 26,519 51.835 78,354 17. Related p•rty transactlons During the year, the trustees gave a total of £2,05012023: £8.748} in donations to the charity. Page 26