THE ADSUM FOUNDATION ANNUAL REPORT AND FINAINCIAL STATEMENTS 5T FOR THE YEAR ENDED 31 MARCH 2025 Company Registration Number: N1071403 Charities Registration Number: NIC102284
THE ADSUM FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- MARCH 2025 CONTENTS Pages Report of the Trustees Independent Auditors Report Statement of Financial Activities (incoTporatincv income and expenditure account) Statement of Financial Position/Balance Sheet 10 Cash Flow Statement Notes to the financial statements 12- 19
THE ADSUM FOUINDATION REPORT OF THE TRUSTEES {INCORPORATING DIRECTORS, REPORT) The Directors (who are also the tru5tee5) are pleased to present their annual report together with the fmancial statements of the charity for the year ending 31 st March 2025. which are prepared to meet the requirements foT a directors, report and accounts for Companies Act puOseS. The directors have adopted the provisions of the Companies Act 2006 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP - FRS102), in prepartng the annual report and fmancial staten]ents of the charity. Achievements and performance Once again, the focus of our work over the past 12 months has been vital projects in Madaoascar where we continue to support rural communities by creating access to essential services such as water, education, sanitation, and healthcaTe. ThTough the installation of 28 borehole wells, almost 8,500 people now have access to safe and sustainable sources of water. Prior to this, these communities often relied upon open, unprotected water sources, significant distances from their homes. The provision of reliable, clean water closer to their homes and places of study/work, truly is life ¢hantring. Co[nmn]ty led water technicians and manLoement committees were trained at each site to ensure the maintenance and sustainability of each borehole installed. Our school building programme completed seven new schools, bringing bright and functional classrooms to students for tnany years to come. Over 1,000 pupils will access education iT] their newly built primary schools in this academic year alone. After feedback from beneficiaries, new lo the building plans this year has been the addition of a separate and secure head teacher's office which provides an appropriate space for various rneetings, sensitive written data and a quiet space for admin. Every school is llY fiunished with cha]k boards, work benches and storage units, and includes a new block of latrines. Finally, pupils are provided with resources packs including books and pencils. During the year, we perfonned a maintenance assessment at each historical school location, with works then carried out at twelve to ensure the sustainability of each build. Separalely from this, eleven schools had their water source (borehole well) refurbished to ensure safe and effective access for students. We also enhanced the school library collections at each of the schools, allocating 69 story book packs. Our literacy project ensured that over 3,500 adults. across 150 locations, who for various reasons had either not attended primary school as a child, or graduated primary education without the required reading, writing and maths skills, where able to receive training to build knowledge and confidence in these key aTea5. This development in skills will enable opportunities for things such as paid employment. selling their goods at tnarket and community leadership roles. As they have done every year over the past decade. Adsutn 'Africa Bike Aid, volunteers collected and reconditioned hundreds of bikes. This meant. two containers were able to be shipped during the fmancial year, with over 700 refurbished bikes provided to beneficiaries. The bikes reduce commuting times for things such as doctor's appointments and etnployment, which can often take hours of walking each way. The bikes can also provide an alternative to live cattle and cart for farniers transporting rice to market, and can provide a safer foT of transport for women travelling alone. We welcomed a new addition to the Adsum team, in the forni of a Grant Making and Operations Coordinator, who will assist the current team in their continued success of the programmes. And finally, we were delighted to once again be able to host our 'Battle of the Busine55 BTains' corporate quiz fundraiser, which is a staple fidraIsIng and networking event in our calendar. The gratitude from and impact of our work on Malagasy communities motivates us as we plan our future work to change more lives. We are gratefvl to our supporters for their continued comtnitmellt to belp the lives of people in need across Madagascar.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES {eontinued) Financial review 2nd funds policy During the year, the Foundation's incomints resources for distribution totalled £489,427, with its resources expended on charitable activities totalling £528.330. The resources expended were principally in support of development needs in Madagascar. The operating costs of the Foundation were met entirely by LFT ChaTltable Trust so that IOOO/o of any money donated to or through the Foundation goes directly to our partners and the projects on the ground. At the year end the Foundation had £130.025 of cash funds available for distribution and the Directors have already committed £104,000 of this to their partners in Madagascar who aTe involved in many programmes across the charity spectrum, including projects with themes such as education, health, water and sustainable livelihood projects. The net outooing resources for the year amounting to £8.697 as shown in the statement of fmancial activities on page 9 have been transferred from the company's funds. The company plans to continue its activities in the forthcoming years. The Adsum Foundation does not hold any funds on behalf of other5. The Trustees do not fjonsider a Reserve Policy is necessary given the cuent fmancial arrangement in place with LFT Charitable Trust which meets 100 /0 of the Foundation's operating costs. Objectives aDd Activities (and how they deliver public benefit) The Company is a non-profit making entity which funds education, health, sustainable livelihoods and water and sanitation projects in the developing worl(L with a focus 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 international disaster or by reason of theTT social and economic circuJnstances. The direct benefits which flow from this purpose include improved health outcomes, itnproved education and life and job opportunities. 2. providing relief of patients suffering from disease or sickness, or who ale convalescent, disabled, handicapped or infllin. The direct benefits which flow from this purpose inclllde improved health outcomes. the provision in the interests of social welfare of recreational facilities for such patients and the relief in cases of financial distress of the dependents of such patients or of deceased patients. It would also include research into the causes and treatments of dISee on tenns that the results of such research are published. furthering the education (including social and physical training) of children and young persons. The direct benefits which flow from this purpose include improved education. job prospects, life skills and as a result living conditions for them and their families. These can all be demonstrated through local and government statistics and feedback from beneficiaries and their families. These purposes would not lead to hartn. The charity's beneficiaries could be anyone locally, nationally or internationally. There is no private benefit. In setting our objectives and planning OUT activities for the year. the trustees have considered the ChaTity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's puryoses and provide a benefit to its beneficiaries. The Trnstees have had regard to the Charity cOnlisSI0n'S Public Benefit requirement.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (continued) Reference and administralive details Registered charity name: The Adsuln Foundation Directors and Trustees who held office during the year, and in the period since 31 March 2025 to the date these accounts were approved, were as follows.. Mr. Gavin Lonergan Mrs. Anne-marie Lonergan Mr. Bernard Casey Ms. Annalisa Mcmanus (appointed 10105124) Charity Commi5510ll Tegi5tration number: NIC102284 Company Registration Nurnber: N1071403 Registered office I Principal oifice: 4 Annadale Avenue Belfast BT7 3JH Structure? governanee and managemenl The Company is a charity limited by guarantee without share capital which avails of the"Limited" exemption. The company is governed by its Memorandum and Articles of Association dated 23 December 2008. In the event of the Company being wound up, members are required to contribute an amount not exceeding £10. The Board is responsible for the overall governance of the Company and is actively involved in the day-to-day management of the organisation. Directors are appointed in line with the Memorandum and Article5 of A550ciation of the company. The Board of Directors are also known as Trustees for the purposes of the Charity Commission. The Trustees are responsible for the overall governance of the charity. Risk management The directors have conducted a review of the major risks to which the charity is exposed. Financial risk is Teviewed on a monthly basis having due regard to ongoing income and expenses. Statement of directors, responsibilities The directOTS (who are the trustees of The Adsum Foundation) are responsible for preparing the directors, Teport and the fmancial statements in accordance with applicable law and regulations. Company law requires the directOTS to prepare fancial statements for each fmancial year. Under that law the directors have prepared the financial statevnents in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law the directOTS must not approve the fmancial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charttable company and of the incoming resources and application of resources, including income and expenditure for that period. In preparing these financial statements, the director5 are required to.. select suitable accounting policies and apply thetn consistently- observe the methods and principles in the Charities SORP-FRS 102. make judgetnents and accounting e5titnates that are reasonable and prudent. state whether applicable accounting standards have been followe¢ subject to any material departures disc105ed and explained in the fanCIal statement. and prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (tontinued) The direclors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy al any time the financial position of the charitable company and enable ihem to ensure that the financial 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 for ihe prevention and detection of fraud and other irregularities. In the case of each director in office at the date the Director5. Report 15 approved.. so far as the director is aware. there is no relevant audit inforniation of which the charity's auditors are unaware- and they have taken all the steps that they ought to have tsken as a director in order to make themselves aware of any relevant audit infomiation and to establish that the charilable company's auditors are aware of that infomiation. Funds held as cuslodian trustee on behalf of others The charity does not hold any funds on behalf of oihers. Auditors A resolution to appoint auditors will be PToposed at the Annual General Meeting. Small companies 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 12th June 2025 and signed on its behalf by-. vin Lonergan
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ADSUM FOUNDATION (Company registration number Nl 071403) Opinion We have audited the financial statements of The Adsurn Foundation for the year ended 31 March 2025, which comprise the Statement of Financial Activities, Balance Sheet. Cash Flow Statement and notes to the fll]ancial statements, including a surnrnary of significant accounting policies. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of treland {United Kingdom Generally Accepted Accounting Practice)- (Charities SORP (FRS102)). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31" March 2025 and of its incoming resources and their application for the period then ended- have been properly pTepaTed in accordance with United Kinodom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISA5 (UK)) and applicable law. Our responsibilities under those standards are fiLrther described in the Auditor's responsibilities for the audit of the financial statements seclion of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical Tesponsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have collcluded that the directors, use of the going concern basis of accountlng in the preparation of the financial statements 15 appropriate. Based on the Work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the fmancial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other informatlOD The directors are responsible for the other information. The other infonnation comprises the infonnation included in the annual report, other than the fanCIal statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infonnation and. except to the extent othenvise explicitly stated in our report, we do not express any fonn of assurance conclusion thereon. In connection with OUT audit olthe fancial statements, our responsibility is to read the other inforn]ation and, in doing so, consider whetheT the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such Tnaterial inconsistencies or apparent material misstaternents. we are required to deterniine whether there is a material misstatetnent in the financial statements or a material misstatement of the other infonnation. If, based on the work we have perfornied, we conclude that there 15 a material misstatement of this othei infonnation, we are required to report that fact. We have nothing to report in this regard.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ADSUM FOUTr4DATION (continued) Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the inforniation given in the directors, report for the financial period for which the fmancial statements are prepared 15 consistent with the fmancial statements. and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the Course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require5 us to report to you if, in our opinion: adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us- or the fmancial statements are not in agreetnent with the accounting records and returns. or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the information and explanation5 we require for our audit. or Responsibili*ies of directors As explained more fully in the directors, responsibilities statement (set out on pages 4 and 5). the directors (who are also the trustees of the charitable company) are responsible for the preparation of the financial statements and for being satisfied that they give a trne and fair view, and for such internal control as the directors detern]ine is necessary to enable the prepardtion of financial statevnents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidale the company or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial st2tements Our objectives are to obtaiT) reasonable assurance about whether the fmancial statements as a whole are free from material tnisStateTnent, whether due to fraud or eOr, and to issue an auditOT'S report that includes our opinion. Reasonable assuTance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA5 {UK) will always detect a tnatertal misstatement when it exists. Misstatetnents can artse from fraud or error and are considered tnaterial if, individually or in the aggregate, they could reasonably be expected to influence the ecoT)omic de¢isions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional s¢epticistn thToughout the audit. We also- Identify and assess the risks of material misstatement of the fmancial statements, whether due to fraud or error, design and perforn] audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud 15 higher than for one resulting from eOr, a5 fraud may involve coIIu5ion, forgery. intentional omission5, misrepresentations, or the oveIde of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control.
INDEPENDENT AUDITORS, REORT TO THE MEMBERS OF THE ADSUM FOUNDATION (continued) Auditor's responsibilities for the audit of the financial statements (conlinued) Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design PTo¢edures line with our responsibilities, outlined above, to detect rnaterial Tlli55tatements in respect of irregularities, including fraud. The extent to which OUT procedures are capable of detecting irregularitie5 including fraud is detailed below.. We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our own knowledge and experience of the charitable sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations. employment law and health and safety legislation. The engagement partner eDsuTed that the engagement team collectively had the appropriate cotnpetence, capabilities and skills to identify or recoqnise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and T]on-compliance. In order to ascertain the extent of COTnpliance with the laws and regulations, we made enquiries of management a5 to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we perfornied analytical procedures to identify any uThusual or unexpected activity. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description fornis part of our auditor's report. Use of our report This report is rnade solely to the company's rnembers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to State to them in an auditor's report and for no other purpose. To the fullest extent peTtnitted by law, we do not accept or assume responsibility to anyone other than the cornpany and the company's meEnbeTS a5 a body. for our audit work, for this repoQ or for the opinions we have formed. Peter Stevenson (Senior Statutory Auditor) For 2nd on behalf of.. Stevenson and Wilson Chartered Accountants, Statutory Auditor 22 - 30 Broadway Avenue Ballymella BT43 7AA 12 June 2025
THE ADSUM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ST ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Funds Restricted Funds Total Total 2025 2025 2025 2024 Incoming resources Nole Donation income Income from fundraising events InvestTnent income 119,713 475,102 14,325 594,815 14,325 478,409 14,526 80 Tot21 income 119,713 489,427 609,140 493,015 Resources expended: Charitable activities Support COSts Fundraising expenses 528,330 528J30 87,049 2,458 386,153 77,831 2,143 87,049 2,458 Total expenditure 89,507 528,330 617,837 466,127 Net expenditure before transfers 30,206 (38,903) (8,697) 26,888 Transfers between filnds (30,206) 30,206 Net movement in funds (8,697) (8,697) 26,888 Reconeiliation of funds: Tot21 funds brought forward 38,768 38,768 11,880 Total funds carried forward 30,071 30,071 38,768 The staternent of fmancial activities includes all gains and losses recogni5ed in the year. All Éncome and expenditure derives from continuing activities. The notes o¥J pages 12 to 19 fotm part of these financial statements
THE ADSUM FOUNDATION STATEMENT OF FINANCIAL POSITION I BALANCE SHEET AS AT 31- MARCH 2025 Note 2025 2024 Fiied assets Tangible fed assets Intangible fed assets Total fixed assets 2,535 3.396 1,750 5.146 io 2,535 Current assets Debtors Cash al bank- donations account Cash at bank- overheads account 131,698 130,025 2,818 264,541 147,665 87,873 14,870 250,408 Total current assets Creditors- amounts falling due within one year Total ereditors 12 237,005 237,005 216,786 216,786 Net current assets 27536 33,622 Total net assets 13 30,071 38,768 Unrestricted funds General funds Total unrestricted fund5 Restricted funds 14 14 30,071 30,071 38,768 38,768 Total charity funds The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime under The Companies Act 2006 and with Charities SORP-FRS 102. The notes on pages 12 to 19 are an integral part of these fmancial statements. The financial Statements on pages 9 to 19 were approved by the Board of Tnjstees on 12th June 2025 and signed on its behalf by.. Anne-marie Lonergan mard Casey Trustee Trustee The notes on pages 12 to 19 forn] part of these financial statements io
THE ADSUM FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 ST MARCH 2025 2025 2024 Cash flow from operating activities Net (outgoing)lincoming resources (8,697) 26,888 Depreciation and amortisation 2,611 2,425 Decreasel(increase) in debtors 15,967 (137,343) Increasel(decrease) in creditors 20,219 (72,801) Acquisition of fed assets (4,582) Net increase/(decrease) in cash for the year 30,100 (185,413) Cash and cash equivalents at the beginning of the year 102,743 288,156 Cash and cash equivalents at the end of the year 132,843 102,743 The notes on pages 12 to 19 form part of these financial stateTnents
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 l. Company inforrnation The Company is limited by guarantee and 15 incorporated in Northern Ireland. The address of the registered office is 4 Annadale Avenue, Belfast. The fmancial Statements were authorised for issue by the Board oll 12 June 2025. 2. Accounting polieies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the fmancial statements are as follows- Basis of preparation The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FinaT]cial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of ITeland (FRS 102) and th¢ Companies Act 2006. The reporting and functional cUencY 15 Sterling. The Foundation meets the defmition of a public benefit entity under FRS 102. Assets and liabilities are initially recounised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s). Preparation of accounts on a going concern basis The Foundation generally meets its day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts foi the coming year and based on these are satisfied that the Foundatioll has resources to provide a reasonable expectation that it can continue to meet its financial obligation5 as they fall due for the foreseeable future. These financial statements therefore have been prepared on a going concern basÈ5. Incoming resources All incoming resources are included in the Statement of Financial Activities when the Foundation is entitled to the income, it ts probable that the income will be received and the amount Can be quantified with reasonable accuiacy. Incoming resources cornprise of all cash receivable for the accounting period. including any related tax recoverable under Gift Aid. Revenue government grants are included in the Statement of Financial Activities in the period in which the related expenditure is incurred. Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. The operating costs of the Foundation continue to be met by LFT Charitable Trust and Alterity Investments Limited so that 100 /0 of any money donated to the Foundation goes directly to our partners and the projects on the ground. Pensions The Foundation operate5 a deFmed contribution scheme for all staff. Employer contributions are charged through the income and expenditure when incuThed. 12
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (conlinued) 2. Accounting policies (conlinued) Tangible assets The tangible assets of the Foundation comprise of computer equipment and ftureS and fittings. The tangible assets are depreciated at a rate calculated to reduce them to residual value at the end of theÈr expected norn]al life on a straight-line basis at a rdte of 20% per annum. The assets, residual value5 and useful live5 are reviewed. and adjusted. if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the carrying amount is recognised in the statement of fmancial activities and included in "other operating gains/(losses)" Intangible assets Expenditure on the company's website is Capitalised and aTnortised oveT the period expected to benefit. An amortlsation rate of 50 % on a straight-line basis has been used for this PUTPOSe. Short-term debtors and ereditors Debtors and creditors with no stated interest rdte and receivable or payable within one year are recorded at transaction price. Financial assets. including debtors, are reviewed at the reporting date to detennine if there is any evidence of potential impairnient. Any losses arising from impairnient are recognised in the income statetnent in operating expenses. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tenn highly liquid investments with original matiwities of three months or less and bank overdrafts. Financial instrumenls The Foundation only has fmancial assets and fanCIal liabilities of a kind that qualify as basic financial instruments. Basic fmancial instruments are initially recognised at transaction price and subsequently measured at their settlement value. Funds Funds are classified a5 either unrestricted funds or restricted funds. defmed as follows. Unrestricted funds are expendable at the discretion of the trnstees in furtherance of the objects of the charity. If parts of the unrestricted funds are eannarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has all administrative purpose only and does not legally restrict the trustees, discretioll to apply the flmd. Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the Foundation. 13
THE ADSUM FOUNDATION NOTES TO THE Fif4ANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (continued) 3. Critical accounting judgements and estimation Uncertainty Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applyino the Company's accounting policies or that there are any crttical accounting estimates or assumptions which may have a significant risk of causing a material adjustment io carrying amounts of assets and liabilities within the next financial year. Donation income Unrestricted Funds Restricted Funds Total Total 2025 2025 2025 2024 Donation income Donations from LFT Charitable Trust 119.713 245297 226,055 3,750 475,102 365,010 226,055 3,750 594,815 311,688 163,565 3,156 478,409 Donation5 froTn general public Tax recovered on donations 119,713 Income frotn fuDdraising events Income from fundraising events 14,325 14,325 14,526 Investtnent income Interest received 80 Total incolne 119,713 489,427 609,140 493,015 14
THE IIDSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (conlinued) Charitable activities Unrestricted Fund5 Restricted Funds Total Total 2025 2025 2025 2024 Charitable 2Ctivities Charitable donations 528J30 528,330 386,153 Support costs Wages and salarie5 Property costs Foundation running costs Administration cost5 DepTe¢iatiOTdamortTsation Other expenses 35J84 32,273 8J32 6,830 2,611 1,619 87,049 35,384 32,273 8,332 6,830 2,611 1,619 87,049 25,888 31,980 5,748 10,271 2,425 1,519 77,831 Fundraising expenses Fundraising expenses 2,458 2,458 2,143 Total expenditure 89,507 528,330 617,837 466,127 All charitable expenditure and support costs are InCued in connection with the grant-making activities of the Charity. The grants paid during the year are classified &s follows: Grants paid to in5titution5 Grants paid to individuals Total Year ended 31103125 Total 6 months ended 31103124 Education Social welfare 266,648 261,682 266,648 261,682 229,639 156,514 528J30 528,330 386,153 Grant5 tnade to institutions are considered material in the context of the Charity where they exceed 5 /0 of the total charitable expenditure. Material grants made to institutions during the year were: Feedback Madagascar Madagascar Development Fund Satraha Other grallts paid to institutions 251,937 182,830 52,818 40,745 528,330 15
THE ADSUM FOUNDATION NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (continued) 6. Taxation The Foundation is recognised a5 a charity for the purposes of applÈcable taxation legislation and is therefoTe not subject to taxation on its charitable activities. 7. Transfer5 betiveen funds Unrestricted funds are spent or applied at the discretion of the trustees to further any of the charity's purposes. Unrestricted funds can be used to supplement expenditure made from restricted fiLnds. 8. Analysis of staff Costs, trustee remuneration and expenses, and the cost of key management personnel 2025 2024 Employees Salaries and wages Pension contribution5 35,384 25.791 97 Total 35,384 25,888 The average nurnber of employees during the year. was as follows: 2025 2024 Number Number Directors Administration There are no employees tn receipt of employee benefits in excess of £60,000. Key management are deemed to COtnpri5e the Directors. No salary wa5 paid to the directors (2024.. none). No tstee or a person Telated to a trustee had any personal interest in any contract or transaction entered into by the charity during the year. None of the trustees received any remuneration nor any reimbursement of expenses during the period (2024.. Nil). 16
THE IIDSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (continued) 9. Tangible fixed assets 0)ee Equiptnent Fixtures and Fittings Total Cost As at I" April 2024 Additions As at 31°, March 2025 10.678 420 11,098 10,678 420 11,098 Depreciation As at I" April 2024 Depreciation charge As at 31" March 2025 7,492 777 210 84 7,702 861 8,269 294 8,563 Net book value at 31" March 2025 Net book value at 31" March 2024 2,409 126 2,535 3,396 210 10. Intangible fixed assets Website Total Cost As at I" April 2024 As at 31. March 2025 3.500 3,500 3,500 3,500 Amortisation As at 1st April 2024 Amortisation As at 31" March 2025 ,750 1.750 3,500 1,750 1,750 3,500 Net book value at 31" March 2025 Net book value at 31# March 2024 1,750 1,750 17
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (conlinued) 11. Debtors 2025 2024 Donations receivable Gift aid recoverable Other debtors and prepayments 127,444 3,750 504 147,131 534 131,698 147,665 12. Creditors: amounts due Ivithin oJ]e year 2025 2024 Donations payable Deferred income Other creditors and accruals 231,148 177,098 19,138 20,550 5,857 237,005 216,786 13. Analysis of net a55ets Unrestricted Gener21 Restricted Total Fixed a55et5 Current assets 2,535 3.322 (5,857) 2,535 264,541 (237.005) 261.219 (231,148) Current liabilities Net assets at 31st March 2025 30,071 30,071 18
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 (continued) 14. Funds of the company At31 March 2025 At l April 2024 Incom¢ Expenditure Transfers Restricted funds Donations fund 38,768 38,768 489,427 489,427 528.330) 528 )30 30,206 30,206 30,071 Unrestricted funds General fund 119.713 119713 89,507 89,507 30,206 Total funds 38,768 609,140 (617,837 30,071 Pu ose of restricted funds These funds are to be used towards the support of the charitable work of the charity. IS. Related party transactions Included in income is a donation of £l19.713 received from LFf Charitable Trust (2024: £79,894) to meet the company's overhead costs and a donation of £245,297 received from LFT Charitable Trust (2024.. £231,794) for the company to use for its charitable activities. At the year-end there were donations receivable from LFT Charitable TTU5t of £104,870 (2024: £147,131). Both charities have a common trustee MT. Gavin Lonergan. None of the director51tru5tees received remuneration as detailed at note 8. 16. Funding commitments The Company had no unconditional charitable funding commitments at the balance sheet date. beyond those which have been recognised in these accounts (2024.. nil). 17. Controlling party During the year The Adsum Foundation w&s under the wntrol of the TnteeS (who are also the directors). 19