2017 Annual Report (extract) – our first regional response
This report covers a 12 month period after the year-end was adjusted to 31 May in 2016. Trustees report the highlights in this Executive Report, leaving the main body to contain the other information.
Achievements and future plans
This year has significant achievements in disaster response. In 2017 Africa was still gripped by the largest famine since the 1980s responded by sending funds: to install pumps in Mozambique, to feed rural people in famine in Malawi, and to assist with repairs in Madagascar after Cyclone ENAWO.
Once again trustees have been most encouraged by the support of that donors and volunteers. Thank you all.
2017 Financial review
In 2017 Wings’ income from donations was £6202 (2016:6168); a 0.5% growth reversing the 33% reduction in 2016. The 2017 period is 8% larger than 2016 which was only 11 months. There was also a significant reduction in investment income because the South African Reserve Bank’s exchange controls reduced to the interest on the loan from 10% to the Bank of England base rate. One of gifts were also higher (2017:19%; 2016:4%).
Expenditure increased to £14,221 (2016: £5347), representing 166% growth and reversing the 2016 decline of 29%. The 2016 figure is adjusted by removing the £3000 worth of interest because of the exchange controls imposed by the South African reserve bank. Disaster response activity was 84% of expenditure accounted for all of the increase, other expenditure declined to £2221 (2016: £2347).
The trustees monitor the company in South Africa which received a loan to establish a disaster response capability. That company’s 2017 provisional accounts indicate a 29% trading profit. As a result, the company (WLE Logistics Southern Africa (Pty) Ltd) made a donation of the equivalent of £6000 to Mercy Air for water pumps to be installed in central Mozambique. This was credited by Wings’ trustees as an equivalent reduction in the £30,000 loan to that company.
Wings’ accounting policies remain unchanged from our 2016 report. Wings’ trustees hold no funds as custodian trustees. £1000 remains earmarked for disaster resilience work.
