Charity registration number 1079121
Company registration number 03796669 (England and Wales)
SEED MADAGASCAR
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
SEED MADAGASCAR
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
H Andrianandrasana
J J Burston
M R A Coultas
O P Crawley
S M Hillman
V L Smith
A S Turner
D K Bashir
Secretary
M D Jacobs
Charity number
1079121
Company number
03796669
Registered office
7 Bell Yard
London
WC2A 2JR
Auditor
Westmore Accounting Limited
81 Joel Street
Northwood Hills
Middlesex
HA6 1LL
SEED MADAGASCAR
CONTENTS
Page
Trustees' report
1 - 3
Statement of trustees' responsibilities
4
Independent auditor's report
5 - 6
Statement of financial activities
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 21
SEED MADAGASCAR
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 30 June 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The charity was established in 1999 for the benefit of the people and environment of Madagascar. To this end, we have focussed our efforts on achieving the following objectives as set out in our Articles of Association:

(1) To advance education amongst:

(a) The inhabitants of Madagascar; and

(b) the general public about the culture and biodiversity of Madagascar;

(2) To relieve poverty amongst the inhabitants of Madagascar;

(3) To promote sustainable development for the benefit of the public by:

(a) the preservation, conservation and the protection and the prudent use of resources in

Madagascar including by increasing international understanding of the

challenges faced by communities and biodiversity in Madagascar;

(b) the relief of poverty and the improvement of the conditions of life in socially and

economically disadvantaged communities in Madagascar; and

(4) To develop the capacity of disadvantaged communities in such a way that they are better able

to identify, and meet, their needs and to participate more fully in society including by

implementing programmes across Madagascar.

Throughout this time, we have worked with and resourced projects both directly and through local partners. Operations largely focus in the Anosy region of southeast Madagascar where we have a permanent base in Fort Dauphin. With Project Safidy becoming national in scope, we have an office and small team based in the capital of Antananarivo. We carry out projects with funds raised from donors in the UK and worldwide.

We have now entered into a sixth term of an accord de siège with the Government of Madagascar, which permits our UK-based organisation to establish its own legal and fiscal presence in Madagascar, enabling us to deliver projects and provide advice and support directly where it is needed. We will continue to prioritise working with local partners where practical and effective.

From having a permanent base in the country, we have accumulated a wealth of experience in identifying need and delivering projects to local communities. This is valued not only by those communities, but also others who, from time to time, seek to do like-minded work in Madagascar.

Recognising that Madagascar remains one of the poorest countries on Earth whilst supporting a natural and living environment that has a worldwide significance, we remain committed to continual learning and review of both the organisation and individual programmes. We continually review how we fulfil our charitable mission:

To enhance the capacity of individuals, communities, organisations, and government in fulfilling sustainable environment, education, and development goals in southeast Madagascar.

 

SEED MADAGASCAR
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Our name SEED Madagascar emphasises our priorities for our funders, supporters, and stakeholders.

A Sustainable Environment balancing sustainable livelihoods with
conservation of the environment.

Education through access to schools and capacity building.

Development of individual and community leadership and resilience.

Many of these priorities are interdependent and SEED’s programmes reflect an integrated approach to achieve maximum effect and benefit and by embedding responsibility for them in the local community.

A detailed assessment of the main projects undertaken during the year is contained in Section 2: Review of Projects and Benefit to the Public.

These reflect SEED’s programmatic areas of Community Health, WASH, Education, Sustainable Livelihoods, and Environment.

The trustees have paid due regard to the guidance issued by the Charity Commission on public benefit when deciding what activities the charity should undertake.

Achievements and performance

All information relating to the charity's achievements and performance is provided in the separate Trustees' Annual Report submitted to the Charity Commission with the annual financial statements.

Financial review

The review of the charity's financial performance and position is provided in the separate Trustees' Annual Report submitted to the Charity Commission.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

 

Full details of the charity' risk management is provided in the Trustees Annual Report submitted to the Charity Commission.

Structure, governance and management

The charity is a company limited by guarantee and is governed by its Articles of Association.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

H Andrianandrasana
J J Burston
M R A Coultas
O P Crawley
S M Hillman
V L Smith
A S Turner
D K Bashir
SEED MADAGASCAR
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The business of the charity is overseen by a Board of Trustees, which meets on a quarterly basis, together with the Managing Director, to discuss and determine strategic, financial, and operating requirements. The daily operation of the organisation is undertaken by the Managing Director based in London (Mark Jacobs), supported by the Director of Programmes and Operations based in Madagascar (Lisa Bass). The Director of Programmes and Operations also attends trustee meetings whenever practical.

The trustees are appointed exclusively by the other serving members of the board. New trustees are briefed on their legal obligations and responsibilities under charity and company law, the contents of the Articles of Association, decision-making processes, recent financial performance, and activities of the charity. They are fully assessed for suitability and, once selected, go through a documented onboarding process.

As part of exercising enhanced governance and oversight over the project activities performed in country by SEED, at least one of the trustees is expected to visit Madagascar per year. Jessica Burston and Miranda Coultas visited Madagascar during 2022. During her stay, Jessica visited various project sites, was introduced to local community leaders, gained first-hand experience into the delivery of projects, and supported SEED’s internal audit function. Miranda focused on the SEED office, conducting a safeguarding audit, later presenting this to the trustee board as part of the SEED internal audit.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

SEED’s pay and remuneration are reviewed every year for key roles (Managing Director, Director of Programmes and Operations, Partnerships, and Programmes Manager and Programme Heads). The process is overseen by the HR and Remuneration Committee, which consist of three trustees. Pay decisions are informed by annual budget projections and benchmarking. Benchmarking is performed internally and the process is overseen by the Managing Director and HR and Remuneration Committee to ensure validity, robustness, and fairness. Benchmarking is informed by available salary data of similar roles in similar organisations. Changes in pay are implemented at the start of the financial year from July 1st. Salaries of national staff are considered for uplift annually in February and take into consideration the beginning of year uplifts suggested by the Malagasy government. Uplifts consist of a blanket % and a longevity %. Positions in the lower salary bands will also be considered against the international poverty line to ensure that no position is paid at or below this. Positions are also considered on an ad hoc basis in line with market forces. SEED’s salary grid is authorised by the Ministry of Employment in line with Malagasy law. Salaries of other international staff are reviewed on an annual basis in line with SEED's salary grid. This takes into account benchmarking and inflation costs in Madagascar.

Auditor

In accordance with the company's articles, a resolution proposing that Westmore Accounting Limited be reappointed as auditor of the company will be put at a General Meeting.

The trustees' report was approved by the Board of Trustees.

J J Burston
Trustee & director
23 February 2025
SEED MADAGASCAR
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The trustees, who are also the directors of SEED Madagascar for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SEED MADAGASCAR
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF SEED MADAGASCAR
- 5 -

Opinion

We have audited the financial statements of SEED Madagascar (the ‘charity’) for the year ended 30 June 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial 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 Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom 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) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 responsibilities 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 concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

SEED MADAGASCAR
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF SEED MADAGASCAR
- 6 -
Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. 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 permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Weston FCCA (Senior Statutory Auditor)
for and on behalf of Westmore Accounting Limited
23 February 2025
Chartered Certified Accountants
Statutory Auditor
81 Joel Street
Northwood Hills
Middlesex
HA6 1LL

Westmore Accounting Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

SEED MADAGASCAR
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
3
207,247
934,974
1,142,221
240,182
762,445
1,002,627
Investments
4
16,908
-
16,908
4,429
-
4,429
Total income
224,155
934,974
1,159,129
244,611
762,445
1,007,056
Expenditure on:
Raising funds
5
16,542
-
16,542
18,195
-
18,195
Charitable activities
6
294,939
839,731
1,134,670
274,344
660,221
934,565
Other expenditure
11
-
-
-
-
7,908
7,908
Total expenditure
311,481
839,731
1,151,212
292,539
668,129
960,668
Net income/(expenditure)
(87,326)
95,243
7,917
(47,928)
94,316
46,388
Transfers between funds
58,576
(58,576)
-
76,731
(76,731)
-
Other recognised gains and losses:
Other losses
13
(2,806)
-
(2,806)
(1,186)
-
(1,186)
Net movement in funds
8
(31,556)
36,667
5,111
27,617
17,585
45,202
Reconciliation of funds:
Fund balances at 1 July 2023
189,237
426,429
615,666
161,620
408,844
570,464
Fund balances at 30 June 2024
157,681
463,096
620,777
189,237
426,429
615,666

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

SEED MADAGASCAR
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
2
2
Current assets
Debtors
15
14,650
7,488
Cash at bank and in hand
701,262
624,102
715,912
631,590
Creditors: amounts falling due within one year
16
(95,137)
(15,926)
Net current assets
620,775
615,664
Total assets less current liabilities
620,777
615,666
The funds of the charity
Restricted income funds
18
463,096
426,429
Unrestricted funds
19
157,681
189,237
620,777
615,666

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2024, although an audit has been carried out under section 144 of the Charities Act 2011.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 23 February 2025
J J Burston
Trustee & director
Company registration number 03796669 (England and Wales)
SEED MADAGASCAR
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
60,252
49,631
Investing activities
Investment income received
16,908
4,429
Net cash generated from investing activities
16,908
4,429
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
77,160
54,060
Cash and cash equivalents at beginning of year
624,102
570,042
Cash and cash equivalents at end of year
701,262
624,102
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
1
Accounting policies
Charity information

SEED Madagascar is a private company limited by guarantee incorporated in England and Wales. The registered office is 7 Bell Yard, London, WC2A 2JR.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
3
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
120,954
105,290
226,244
121,843
97,907
219,750
Legacies receivable
-
-
-
5,000
-
5,000
Grants
57,564
829,684
887,248
89,340
664,538
753,878
Other
28,729
-
28,729
23,999
-
23,999
207,247
934,974
1,142,221
240,182
762,445
1,002,627
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
16,908
4,429
5

Raising funds

Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Staff costs
8,897
6,999
Support costs
7,645
11,196
Fundraising and publicity
16,542
18,195
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
6
Charitable activities

Projects

Education

Total
2024

Projects

Education

Total
2023
£
£
£
£
£
£
Staff costs
111,966
62,282
174,248
90,545
48,992
139,537
Depreciation and impairment
-
-
-
269
179
448

Contractors

8,718
4,394
13,112
17,807
9,378
27,185

Advertising

575
863
1,438
144
216
360

Premises costs

1,151
921
2,072
2,700
2,112
4,812

Travelling and volunteer expenses

28,000
4,604
32,604
27,991
5,722
33,713

Communication costs

328
328
656
968
783
1,751

Insurance

14,237
-
14,237
13,555
-
13,555

Legal and professional

383
192
575
275
138
413

Consultancy fees

1,174
587
1,761
7,006
1,561
8,567

Audit and accountancy fees

7,991
4,872
12,863
8,980
6,580
15,560

Office administration and project equipment

20,916
3,876
24,792
17,942
6,957
24,899

Subscriptions, membership and registration fees

912
456
1,368
1,144
572
1,716

Bank charges

792
313
1,105
594
297
891
197,143
83,688
280,831
189,920
83,487
273,407
Grant funding of activities (see note 7)
853,839
-
853,839
661,158
-
661,158
1,050,982
83,688
1,134,670
851,078
83,487
934,565
Analysis by fund
Unrestricted funds
211,251
83,688
294,939
190,857
83,487
274,344
Restricted funds
839,731
-
839,731
660,221
-
660,221
1,050,982
83,688
1,134,670
851,078
83,487
934,565
7
Grants payable
2024
2023
£
£
SEED Madagascar project activities
853,839
661,158
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 16 -
8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
7,800
9,000
9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
10
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Salaries - full time staff
6
5
Employment costs
2024
2023
£
£
Wages and salaries
172,344
138,033
Social security costs
10,503
8,466
Other pension costs
298
37
183,145
146,536
There were no employees whose annual remuneration was more than £60,000.
11
Other
Total
Restricted
funds
2024
2023
£
£

UNICEF grant - underspend repayment.

-
7,908
12
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
13
Other gains and losses
Unrestricted
Unrestricted
funds
funds
2024
2023
Gains/(losses) upon:
£
£
Foreign exchange
2,806
1,186
14
Fixed asset investments
Other investments
£
Cost or valuation
At 1 July 2023 & 30 June 2024
2
Carrying amount
At 30 June 2024
2
At 30 June 2023
2
2024
2023
Other investments comprise:
Notes
£
£
Investments in subsidiaries
23
2
2
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
14,650
7,488
16
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
2,272
2,272
Trade creditors
1,085
942
Other creditors
649
367
Accruals and deferred income
91,131
12,345
95,137
15,926
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
283
35

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

18
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 July 2023
Incoming resources
Resources expended
Transfers
At 30 June 2024
£
£
£
£
£
Votsira
67,101
9,310
(36,618)
(1,380)
38,413
Sekoly
89,991
310,002
(223,016)
(42,147)
134,830
Stitch Saint Luce
3,032
3,268
(6,162)
-
138
Renitantely
9,678
27,996
(10,317)
9,142
36,499
Ala
55,702
14,662
(33,126)
(9,670)
27,568
Mahampy
66,626
550
(12,962)
(10,751)
43,463
Anosy Food
13,490
8,776
(12,155)
(6,496)
3,615
Recovery and resilience
24,689
8,494
-
(6,000)
27,183
Humedica II
10,261
-
(5,599)
-
4,662
Safidy Interim
35,591
76,964
(54,425)
(1,856)
56,274
Masoandro (olar phase II)
-
68,663
(69,449)
(2,423)
(3,209)
GFFO
-
315,548
(315,703)
(143)
(298)
Others
50,268
90,741
(60,199)
13,148
93,958
426,429
934,974
(839,731)
(58,576)
463,096
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Restricted funds
(Continued)
- 19 -
Previous year:
At 1 July 2022
Incoming resources
Resources expended
Transfers
At 30 June 2023
£
£
£
£
£
Votsira
47,122
69,070
(47,359)
(1,732)
67,101
Sekoly
133,578
164,462
(177,505)
(30,544)
89,991
Stitch Saint Luce
2,007
4,895
(5,315)
1,445
3,032
Renitantely
3,231
10,157
(17,626)
13,916
9,678
Ala
25,894
64,200
(32,892)
(1,500)
55,702
Mahampy
10,426
64,358
(17,061)
8,903
66,626
Anosy Food
17,313
68,005
(74,300)
2,472
13,490
Recovery and resilience
79,355
10,036
(2,892)
(61,809)
24,690
Humedica II
-
131,655
(125,905)
4,511
10,261
Others
89,918
175,607
(167,274)
(12,393)
85,858
408,844
762,445
668,129
(76,731)
426,429

All information relating to the charity's restricted funds is provided in the full accounts provided to the Charity Commission.

 

The transfers from restricted funds have arisen to enable the charity to account for the cost of office and administration of the various projects undertaken.

 

19
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 July 2023
Incoming resources
Resources expended
Transfers
Gains and losses
At 30 June 2024
£
£
£
£
£
£
SEED Development
27,206
-
(20,571)
-
-
6,635
General funds
162,031
224,155
(290,910)
58,576
(2,806)
151,046
189,237
224,155
(311,481)
58,576
(2,806)
157,681
Previous year:
At 1 July 2022
Incoming resources
Resources expended
Transfers
Gains and losses
At 30 June 2023
£
£
£
£
£
£
SEED Development
14,043
12,500
(24,337)
25,000
-
27,206
General funds
147,577
232,111
(268,202)
51,731
(1,186)
162,031
161,620
244,611
292,539
76,731
(1,186)
189,237
SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
19
Unrestricted funds
(Continued)
- 20 -

Seed Development Fund: funds set up by the trustees from unrestricted funds for building organisational capacity and initial funding of several new posts.

20
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 30 June 2024:
Investments
2
-
2
Current assets/(liabilities)
157,679
463,096
620,775
157,681
463,096
620,777
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 30 June 2023:
Investments
2
-
2
Current assets/(liabilities)
189,235
426,429
615,664
189,237
426,429
615,666
21
Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
1,561
1,542
22
Related party transactions
Transactions with related parties

During the year the charity entered into the following transactions with related parties:

During the year the charitable company received aggregate donations from trustees in the sum of £1,200 (2023 - £1,200).

SEED MADAGASCAR
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
23
Subsidiaries

These financial statements are separate charity financial statements for SEED Madagascar.

Details of the charity's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Azafady Limited
England and Wales
Dormant
Ordinary
100.00
24
Cash generated from operations
2024
2023
£
£
Surplus for the year
7,917
46,388
Adjustments for:
Investment income recognised in statement of financial activities
(16,908)
(4,429)
Foreign exchange differences
(2,806)
(1,186)
Depreciation and impairment of tangible fixed assets
-
448
Movements in working capital:
(Increase)/decrease in debtors
(7,162)
2,430
Increase in creditors
79,211
5,980
Cash generated from operations
60,252
49,631
25
Analysis of changes in net funds

The charity had no material debt during the year.

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