Micro Joint Ventures Annual Report 2013 General Comments The year just gone (May 1 2012-April 30 2013)

has been mixed, with several disappointing results as well as several positive developments. On the positive side, we established new projects with Bugendana Parish and Munyinya Parish which have started well. These were projects recommended by our new National Director, and their success indicates the importance of having Aime Joseph on the ground. Bugendana Parish has hired land (3 gardens) for two years for their garden project, and after the first harvest of two of those gardens for one year, has made promising returns. Munyinya did even better, with their coffee business turning 1.34 million francs into 1.80 million francs. Also positive was that through our connections with the Ruyigi Parish, we were able to raise $2500 to send a man named Patrice to be trained in theology for three years. They train them cheaply in Burundi! May he become a fine pastor, accurately teaching about Jesus. This money was raised externally to the funds of MicroJointVentures, donated by a kind family at St. Georges Magill. There is another man from that parish hoping to be trained, recommended by his pastor. If anyone out there wants to sponsor him, I can arrange for him to attend theological college for the same price. Also positive was the Nyamutetema result, with a 31% return on the year. However, sadly, these strong results were offset by negative results from Ruyigi, Gitega and Murore. Most troubling was the theft of funds from the Murore business. The parishioner there has been removed from the business, and has agreed to pay back 650 000 francs. Nevertheless, this was deeply disappointing. The accounts have been drawn up assuming only half of this amount will be recovered. Also of serious concern is the lack of reporting from Gitega Parish. They have reported a loss of 41% due to an epidemic in their chickens, but the delay in their beginning the business, and lack of communication with our National Director is cause for alarm. This was the last project I established without the recommendation and on the ground work of our Director. So one positive that can be taken away is that his on the ground knowledge is invaluable. Due to the mixed performance over all, I have not sought to actively raise funds for nearly a year now. Aime Joseph does have further recommendations for funds, but I have been inclined to see how things developed. At this stage, I can recommend that if anyone wants to make contributions, that they will be placed better now because of Aime Josephs presence. However, the heady days of the first year, when our brick kiln project was earning upwards of 100%, were clearly too good to be sustainable. In truth, any contributions made look unlikely to make an economic return for contributors, since we give away 50% of the equity to the churches. Nevertheless, I do believe the value comes in the strengthening of the churches more than in the financial returns themselves. Of course, I will continue to push the churches to produce economic returns, and direct funds to areas which are using funds well. It should be noted that the reports sent in from the different Parishes can be viewed at the website. I can still commend the work of Micro Joint Ventures overall. Deductions The average of last years and this years funds under management was $11570, which meant that the maximum deduction this year to pay for administration was 5% of this amount, or $579. (The relevant rules can be read on our website, on the page, Purposes, Principles, Rules). This year, (as last year), the administration deduction was used to pay for the work of our National Director, Aime Joseph. I sent $510 to him over the year, which included money to pay for his medical expenses after he was injured in a car accident on one of the trips visiting our businesses and churches.

As I have said in the past, I reserve the right to be paid myself for the work I am doing, out of the yearly deduction. However, I have yet to take any personal payment for the work, so that more can go to helping the African churches. I personally pay for the maintenance of the website and the domain name www.microjointventures.org Audit Again, there has been no external audit this year. The costs are too prohibitive, given the current scale of the operation. Given that I have personally taken nothing out of the work this year, and contributed much time and money, I trust that this is deemed appropriate by our contributors, and other interested parties. Mike Russell July 2013