THE ADSUM FOUNDATION REPORT OF THE TRUSTEES IINCORPORA TING DIRECTORS, REPORT) The Direccor8 (who are aLso the trLEStees) are pleased io present their aDnuat report together wilh the fiDancial ststementf of the charity for thc yeaT ending 31 st March 2023, which are prepared 10 meet the requirements fcyr a directors, report and accounts for Companic5 Act purposcs. The direccors havc adopted (he provisions of rhe CornpkULies Act 2006 and Accounting and Reporting by Charities: Stateinent of Recommended Praciice applicable to chariiies preparing accounts in accordance wilh the Financial ReporLing Siandard applicable in the UK and Republic of Ireland (Charities SORP - FRS102), in preparing the annual report and financial staccmenis of Ihe charity. Achievements and pertornlancc The focu8 of our work over the past 12 months has been vital projects in madagCar. Wc concinue 10 8uppofL rural communities creaun% access tL) essential services such as waier, education. sanitation. and healchcare. Through the installation of 26 borehole wells, almost 15.(KK) people now have access io .safe and susuinable 80urces of water. Prior lo thts, communities often relied upon opcn, unprotected water suurces, sigT)ificLnt disianceb from their bomeb. The provision of reliable, clean water closer lo their homes and place.4 of studylwork truly is lifc changing. Waier technicians and local management committees were trained at each site to cnsurc care, mainrenanee and .sustainabiliCy of every borehole drilled. Despite the obstacles of the global pandemic, we have once again con8trncied 7 %chool% in remoie locations bringing bright cla88rooms and safe education lo pupils for many years io come. Around 2,800 pupils will access education in their newly buili primary schools at the start of the new academic year. Every school is furnished. complimenied with a block of latrines, and provided wilh teacher and pupil resources packs. We also enhgnced the school library Collections ai each of OUT existing schoDls. allocaiing 59 story book p2ck8. Parenis and pupils have been trained in food production and hygiene promotion thi'ough the Education for Life programme. Building upon previous success of the adult literacy projeci in the Androy region of Southcrn Madagascar, over 7,000 people corThmcnccd Ihc firsl stage of the programme lor the year 2022 across 300 locations. Markets, wDrkplace%, and health centres are 0fn significant dist2nces from people's homes, circumstances made worse by poor road infr<truc(Ure. DuritEg the pasl year. Adsum Bike Aid volunieers have been collecting? and recondiiionffing hundreds of bik.es. wilh the plan to ship, and distribute around 400 bikes during 2023. 1'he bikes are commonly shared with family members and neighbours. growing the impact and prospects of the beneficiaries in remote villages. Whilst the imp2cI of Covid-19 has been reduein8, extrerne weather evenis eaused by clRmdte chdnge. and the cost- of-living crLSIS from global inflation, hav¢ crcat¢d cri5¢s for MMuniti in MadagascaT, whilbt also presenting operational challenges for Adsum programm&s. However, we are adapting and being agile to these challeiiges, for cxan]ple, we have developed, sccurcd funding for. 2nd commenced a pilot projecL of wcll building in the Androy region, lortlling uew partuersku'ps. and gaining new knowledge. Clos¢r lo home. we have once again been able to host our 'Baltle of Brains, Table Quiz fundraiser. W¢ was once a Slaple fundraising and networking event in our calendar pre-covid. The gratitude from and impact of our work on Malagasy communities motivates us as we plan our future work to change more live.%. We are graieful to our SUpporS for their continued commitment to help the lives of people in need across madag4C#r. We have revtewed our operations, and are currently in the process of a r&%trncturing, including the creation of Grants arld Partnerships Manager posL who we believe will help Adsum Foundation continue our work in Madagascar and beyond.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (conlinued) Financial review and funds policy During Ihc year. Ihe Foundalion's incorning resourccs for distributiOIi totallcd £265,673. with its Tesourccs expended on charitable aetivilies coialling £374.067. The resources expended were principally in suppori of development needs in Madag&8car. The levcl of incoming Sourc&8 for di.strtbution h&% dropped .significantly cotupared with the previous year due to d cbange ID the iitning of the commitment of donations from the charity's main donor, LFf Chariiable Trust. The opeTaiing costs ol the Founddiion were mel enlir¢ly by LFf Chariiable Trust so thai IOOlo of aiiy Tnoney donated 10 or through the Foundation goes directly to our partner5 aTid ihe projects on the ground. At the year end ihe Foundation had £281.015 of cash funds available for distribution and the Dircclors have already coinmitted £273,478 of thi.s (o their partners in Madagascar whn are invnlved in maiiy prograinmes acra88 the charity spectrum, including projects with themes sucb as education, health. water sustdindble livelihood proje£ts. The nct ouigoing resourccs for the year iunouniing 10 £108,394 as shown in the statement of financial aclivicies on page 9 have been transferreil from the company's funds. The cotnpany plalls LO conlinue ils aciivilies in the forthcoming years. Objectlves 2nd Aelivities (2nd how they deliver public henefit) 'rhe Company is a non-profit making eniiiy which funds eduearion. health. su£tainable livelihood8 and water and sanitation projecLq in the developing world, with a focus on Madag&scar. The Company, s aciivilies benefit the public by: providing relief for person%. who Are in conditions of need, hardship nr distress as a result of local, national or internauonal disast¢r or by rcasotl of their social and ¢cononLiC circumstances. The direct benefits which flow from ihis putpo.qe include improved healih ouicornes. improved educaiion and life and job opportunities. 2. providiug relief of patients suffering Irom diseas¢ or si¢kn¢ss. 01 who are convale8cenL. disabled, handicapped or infirm. The direct benefil.s which flL)w from this purpose include improved health outcomes, the provision in the iiiterests of social welf}e of recreational facilities for such patients and the relief in cases of financial distress of (he dependenis of such paiients or of deceased patients. It would also include reqearch inro the causes and treaiment% of diseA%e on tem)8 that the resulis of such research are published. 3. furihering the education (iiicluding Soci und physical Ir*ining) of children and young pcrsons. Thc direct benefits which flow from this pU05e include improved edu¢aLion. job pro.gpeclS, life skills and as a rewlt living conditions for them and their families. These Can all be demonstrated through local and governmeni staiisiics and feedback from beneficiaries and their families. The,8e purpo.ses would not lead (o harni. The ehar3ty'8 benefjciaries c()uld be anyone locally, nationally or inlernau"onalLy. There 1,5 no private benefiL In 8etting our objectives and planning our activitie% f()r the year, the trusfreq have Considered the Charity CoiTufLission for Northern Ireland's guidance on public benefii co ensure that the activilies have helped to achieve the charity's purposes and provide a beoefiL CO its beneficiarics.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (continued) Direltors and Trustees of the Company 'rhe directors who held office during the ye. or who were directors at the date of this report were as follows". Mr Gavin Lonerua Mrs ArLne-Marie Lonerga Mr Bernard Ca8ey Strucknrei governance and mknageDient The CompEny is a charity limited by guardDtcc without share capital which avails of (he "Littlited" exempiion. 11]e company is govemed by its fvlemoidndum und Articles of Association d&ied 23 December 2008. In the even( of the Company being wound up, members are required lo contribute at) ajnounl nor exceeding £1 O. The Board is responsible for the overall goTrern3nce of the Company and is aciively involved in the day-to-day nianag¢mcnt of the organisation. Direciors are 2ppointed in line with ihe Memorandum & Allieles of Associaiion of iht cornpsny. The Board of Diirectors are also known as TN.siee.I for the purposes of the Charity Commission. Risk management The directors have conducted a review of the major risks to which the chdrity is exp05cd. Financial risk is reviewed on a monthly basis having due regard to ongoing income and expenses. Statement of directors, responsibilities The director5 (who are the trnstees of The Adsum Foundation) are responsible for prcparing the dircctors, report and the financial statement5 in accorddnce with applicable Idw wid regulatsons. Company law requires ihe directors to prepare financial s(aiements for each financial year. Under thai law the directors have prepared the fiDan¢ial sthieinenis in a¢cordan¢e with Uniied Kingdom Generally Ac¢epted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law the directors must not approve the financial sialemenls unless they are satisfied thai they give a true and fair view of the slate of dffdirs of ihc ChltablC compdny und of thc incoming resources dnd application of resources, including income and expenditure for thal period. In preping these fLnancial staiements. the directors are required co.. select suitable accounting policies and apply them consislently; observe Ihe meihods and principles in the Charities SORP-I.'RS 102; make JudgemenLs and accounting esiimaie.8 Ihai are re&sonable and prudent; 8taie whether applicable accounting stkndards have been followed. 8ubject to any material departures disclosed and explained in the financial staMellI. and prepare the financial .%tatements on the going eoncern b&%i8 un1&88 It 1.% inappropriate to presume that the company will continue in business.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (continued) Statement of directors, responsibilities (continued) The direciors are responsible for keeping adeA]uate accounting records that are sufficient 10 show and explain the charit&ble company, s trarlsactions and disclose with reasonable accuracy at any tiine the financial position of the charilable company and enable them 10 ensure (hai Ihe financial siaiements comply wilh the Companies Act ?006. They are also responsible for safeguarding the assets ol the chaTiiable company and hence for taking i'e&sonable steps for the prevenlion and detection of fraud and other itregulariiies. In the case of each direclor in office at the date the Directors. Report is approved-. so far as the direcioi. is aware, theTe is no releNanl audit infonnation of ,hICh the chariry's auditors are naware,. and they have taken all the steps thai they ought to have taken as a direcror in order to make themselves awure of )Y relevant audit information and to Lstsblish that the charitable compaiiy's auditors are aWe of that information. Funds held as euslodian Irustee on behalf of others The charity does not hold any funds on behalf of others. Auditors A resolution 10 appoint audilOTS will be proposed at the Annual Gerter Meeting. Sm811 companies provision statement Tlii.s repori h&q been preped in accordance with Ihe.special provisions relating to coinpanies subject to the stnall compaiiies regime within Part 15 of the Companies Act 2006. Approved by the B0d on 29 June 2023 and signed on Its bebdif by: avin Lonergan