THE ADSUM FOUFIDATION REPORT OF THE TRUSTEES (INCORPORATtNG DIRECTORS, REPORT) The Directors (who also the lThstees} are pleased to present their annual report together wFth the financial statements of the chartty for the year endlng 31 st March 2024, whTch are prepared to me¢t th¢ requTrements for a directors, report and accollnts for Companies Act purposes. The directors have adopted the provisions of the Companies Act 2006 and Accounting and Reportin¥y by Charilies-. Statement of Recommended Practice applicable to Lharities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP FRSI 02). in preparing the annual report and financial ststements of the charity. Achievements and performance Once again. the focus of our work over the past 12 months has been vitsl projects in Madagascar and we continue to support Nral communities creating access to essential services such as waier. education. sanitation. and healthcare. Through the inslallalion of 28 borehole wells, almost 8.400 people now have access to safe and susiainable sources of water. Prior lo Ihis, communiiies often relied upon open, unproiected waier sources, signTficani distances from their homes. The provision of reliable, clean water closer to iheir homes and places of srudylwork truly is life changing. Water technicians and local management commitiees were trained at each site to ensure care. mdinlcnance and sustainability of every borL.li()le drillcd. Our school building programme saw new 5 schools in remoie localions bTinging brighi classroom5 and saf¢ education to pupils for many years to come. Around 850 pupils will access education in their newly biiili primary schools at the start of the new academic year. Every school is furnished, includes a new block of lalrines, and teacher and pupils are provided with resources packs. We also enhanced the school library collections at each of our existing schools, allocating 65 story book packs. Our adult literacy projecl in the Androy region ol Southern Madagascar ensured that over 7,000 people commenced the firsl stage of the programme acros5 300 localion5 during Ihe financial year. As they have done every year over the past decade, Adsum Bike Aid volunteers have been collecting and reconditioning hiindreds of bikes, with the plan lo ship, and distribute around 800 bikes during 2074. The bikes are commonly shared with family members and neighbours, growing the impact and prospects of the beneficiaries in remote villages, and during ihe financial year another 350 bikes made their way inlo their hands. Our pilot project of well building in the Androy region was up and running with delivery of the well drilling equipment and training taking place during the past year, and the teams on Ihe oround have battled through ihe local challenge5 and coniinue to look for solulions to the problem of the search for clean and safe water. C105er to home, we have once agTI( in been able lo host our'Battle of Brains, Table Quiz fundraiser, which ha5 once again bLcome a staple fundrdi%ing and nelwc)rking eveni in our calenddr. Thc gratitudc from and impact of our work on Mdldbi&Sy communitiLS motivdtes us as we plan our fure WO lo hdngL m()rL live%. Wc are grateful to our supporters for Iheir continued cL)mmilmeni to help the lives of people in nLcd dLrD%% Madaga%car. Our Grants and Partnerships Manager has been a gvreat addition lo ihe Adsum team, helping Adsum Foundation ontinue our work in Madagascar and exploring new opp)rtunities.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (continued) FinanciAI review and fllnds policy During the year, the Foundation s incoming resources for disiribution totalled £41),041, with its resources expended on chatitable activities totallin £386,153. The TesouTces expended were principally in support of development needs Tn Madagascar. The operdting costs of the Foundalion were met entirely by LFT Charitable Trusl so that 100 /0 of any money donated to or through the Foundaiion goes directly to OLIT partners and the projects on the ground. At the year end the Foundation had £87,873 of cash funds available for distribution and the Directors have already committed £51,600 of this to their partne tn Madagascar who are involved in many programmes across the charity spectrurn, including projects with themes such as education, health, water and sustainable livelihood projects. The net incoming resources for the year amounting lo £?6,888 a5 shown in the statement of fintmcial activities on page 9 have been transferred from the compan> s hnds. The company plans to continue its aclivities in the forthcoming years. The Adsum Foundation does not hold any funds on behalf of others. The Trustees do not consider a Reserve Policy is necessary given the current financial arrangement in place with LFT Chariiable Trnst which meets l 00 % of the Foundation's operating Costs. Objectives and Activitie5 (and how they deliver public benefit) The Company 15 a non-profit making entity which funds educaiion, healih, sustainable livelihoods and water and sanitation projec15 in Ihe developingy world. with a fLKUS on Madagascar. The Company's activities benefit the public by: providing relief for persons, who are in conditions of need. hardship or distress as a result of local, national or internatioiial disaster or by reason of their social and economic circun)stances. The direct benefits whiLh flow from this purpose include improved liealLh ouicomes, improved education and lif¢ and job opportunities. 2. providing relief of patients suffering from disease or sickness. or who are convalescent, disabled, handicapped or infimi. The direct benefits which flow froin this purpose include ITI)proved health outcomes, the provision in ihe ii)terests of social welfare of recreaiioiial facilities for such patients )d the relief in cases offinancial distress of the dependents of such paiients or of deceased patients. It would also include research into the causes and treaiments of disease on temis that the results of such research are published. 3. furthering the educalion {including social and physical training) of children and young persons. The direct benefits which flow from this pufj)0se include improved education, job prospects, life skills and as a result living conditions for ihem and their families. These can all be demonstrated through local and government statistics and feedback from beneficiaries and their familie5. These purposes would not lead to hami. The charity's beneticiaries could be anyone locally, nationally or internationally. There 15 no private benefit. In setting our objectives and planning our activities for the year. Ihe trustees have considered the Charity Commission for Northern Ireland's guidance on public benefit lo ensure that the activities have helped to achieve tbe charity, s purposes and provide a benefit to its beneficiaries. The Trustees have had regard to ihe Charity Commission's Public Benefit requirement.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (continued) Reference 2nd administrative details Registered charity name: 11)e Adsum Foundalion Directors and Trustees who held office during the year, and in the period since 31 March ?0?4 to the date these accollnts were approved, were as follows: Mr. Gavin Lonergan Mrs. Anne-marie Lonergan Mr. Bernard Casey Ms. Annalisa Mcmanus (appointed 10105124) Charity Commission Tegyistrdtion number: NIC102284 Company Registration Number: N1071403 Registered oifice I Principa] Office: 4 Annadale Av¢nu¢ Belfast B17 3JH Structure. governance and management The Cotnpany is a charity limited by guaranlee withoul share capital which avails of the "Limited" exemption. The company is governed ty its Memorandum and Articles of Associalion dated 23 December 2008. In the event of the Company being wound up, members are required io contribuie an amounl not exceedinb £10. The Board is responsible for the overall governance ol the Company and 15 actively involved in the day-to-day management of the organisalion. Director5 are appointed in line with the Memorandum and Articles of Association of the company. The Board of Directors are also known a5 Truslees for the purposes of Ihe Charity Commission. The Trustees are responsible for the overall governance of the charity. Risk management The director5 have conducted a review of the major risks lo which the charity is exposed. Financial risk is reviewed on a monthly basis having due regord to ongoing income and expenses. Statement of direclors, responslbili¢ies The dirertor5 (who are the trustees of The Adsum Foundation) are responsible for preparing the dirertors, report and the financial statLm¢nts in d¢cordancc wilh dpplildblc law and rcgulations. Company law requires the director5 to prepare fmancial statements for each financial year. Under Ihat law the directors have prepared the fancial statements in accordance with United kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law the directors must not approve the financial statement5 unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resource5 and application of resources, including income and expenditure for that period. In prepariT]g these financial statements. the directors are required to: select suitable accounting p)licies and apply them consi51enily- observe the meihods and principles in the Charities SORP-FRS102: make judgements and accouniing estimales that are re&sonable and prudent; state whether applicable accounting slandards have been followed, subject to any material departures disclosed and explained in the tinancial statement. and prepare the fLnancial statements on the going concem basis unless it is inappropriate to presume that the company will continue in busines5.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (continued) The directors are responsible for keeping adequate accounting records that are sulTicient to show and explain the charitable company's transactions and disclos¢ with reasonable accuracy al any lime Ihe fmancial position of the charitable company and enable them to ensure that the fmancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps foi the prevention and detection of fraud and other iegulaTitIes. In the case of each director in office at the date the Directors. Report is approved- so far as the director is aware, there is no relevant audit infonnation of which the charity's auditors are unaware. and they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevani audit inforn)ation and to establish that the charitable company's auditors are awar¢ of that infomiation. Funds held as custodian trustee on behalf of others The charity does not hold any funds on behalf of other5. Auditors A resolution to appoint auditors will be prop)sed at the Annual General Meeting. Small compgnies provision statemenl This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the Board on 15th August 2024 and signed on its behalf by: avin Lonerg