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 pu￿OseS. 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[nm￿n]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 fi￿draIsIng 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 cu￿ent 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 dISe￿e 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 cOn￿lisSI0n'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 f￿ancial 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 f￿anCIal 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 f￿anCIal 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 f￿ancial 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 e￿Or, 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 e￿Or, a5 fraud may involve
coIIu5ion, forgery. intentional omission5, misrepresentations, or the ove￿Ide 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 f￿ed assets
Intangible f￿ed 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 f￿ed 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 cU￿encY 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 f￿tureS 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 f￿anCIal 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 InCu￿ed 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 t￿stee 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 Tn￿teeS (who are also the directors).
19