The Brigade of Gurkhas Education and Welfare Fund Trustees, Report and Financial Statements for the year ended 31 March 2021 Registered Charity number 1043000 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Contents Page Charity information Report of the Trustees Statement of Trustees responsibilities 12 Independent Auditorfs report 13 Statement of financial activities 16 Balance Sheet 17 Principal accounting policies 18 Notes to the financial statements 20 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Reference and administratlon information Trustees Col Jody Davies (Managing Trusteel Maj Pet Houlton Hart Maj Naren Gurung Maj Tom Collins Maj James Sutton Maj Oliver Clark Ireplaced by Maj David Prady on 6 October 20211 Charity name: The Brlgade of Gurkhas Education and Welfare Fund Charity number.. 1043000 Registered office HQ Brigade of Gurkhas Room 116, 1st Floor Robertson House Royal Military Academy Sandhurst Camberley, Surrey GU15 4NP Registered Audltors Chamberlains, Statutory Auditors and Chartered Accountants Elm House, Tanshire Park Shackleford Road, Elstead Godalmin& 5urrey GU8 6LB Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill, West Malling Kent ME194QI Investment managers CCLA Fund Mana8ers Limited Senator House 85 Queen Victoria Street London EC4V 4ET The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year erbded 31 March 2021 Report of the Trustees The Trustees of The Brigade of Gurkhas Education and Welfare Fund 1.the charity" or"BEWF"I have pleasure in presenting their report and financial statements for the year ended 31 March 2021. The financial statements comply with the Charities Act 120111, the charity's Declaration of Trust, 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 IFRS1021 (updated l January 20191. OBJEcfivES AND ACTIVITIES The objects of the Charity, as defined in its Declaration of Trust, are.. l. The Trustees sh811 hold the Trust Fund and its income upon trust to apply them for such one or more of the following objects in the United Kingdom or elsewhere as the Trustees in their absolute discretion shall determine. The promotion of the efficiency of the Brigade of Gurkhas Ithe Brigade) in such way5 as . the Trustees from time to time decide. The promotion of the education (including social and physical training) of sons or daughters under the age of 28 of servinE 'wounded or deceased,, 'Gurkha and British, members of the Brigade. The relief of serving 'Gurkha and British, members of the Brigade and their dependents who are sick, convalescent, disabled, handicapped or infirm or who require medical treatment in hospital such that the Trustees shall give priority to assist in the provision of medical treatment in hospitals outside Nepa5. The relief of serving 'Gurkha and Britlsh, members of the Brigade and their dependents who are in need, hardship and distress. 2. Without limiting in any way the generality of the objects of the Charity. the Trust may apply the income and capital of the Charity in any or all of the following ways.. In fostering esprit de corps, comradeship and the welfare of the Brigade, famllies and preserving its history and traditions. To include a website where promotion and exposure of this message can value the members of the Brigade. In awarding scholarships, exhibitions, bursaries, maintenance allowances or grants tenable at any school, university, college of higher education, or other institution of further lincludinE professional and technicall education approved for the purpose by the Trustees in Nepal, Hong Kong, the United Kingdom or elsewhere. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 In providing or paying for items, services or facilities calculated to alleviate the suffering or assist the recovery of beneficiaries. In making grants of money or providinE for or paying for items, services of facilities calculated to reduce the need, hardship or distress of beneficiaries. In providing recreational and leisure-time facilities for serving 'Gurkha and British, members of the Brigade with the object of improving their conditions of life. Summary of Maln Actlvltles In relation to the CharitVs Objects It has been the policy of the charity to provide wherever possible all reasonable means of improving the welfare and wellbeing of serving Gurkhas and their families in the Brigade in accordance with its objects. Annual Adventure Training Sport5 Grants The BEWF provides grant funding to the six main Gurkha units and minor Gurkha units where seNing soldiers can undertake adventure training expeditlons and sports to encourage and develop their teamwork, morale, comradeship and leadership skills. Funding is supported by taxpayers, funding and non-public funds IRegimental Funds, PRI, Nuffield Trust and personal contributions). Education and Welfare Grants The BEWF provides grant funding to all main six Gurkha units and thirteen smaller Gurkha sub-units, where servin8 soldiers receive funding to develop their education attending lessons of educational development. this includes educational tours and visits to appreciate the history and culture of the country. Funding is also supported by Regimental funds and personal contributions. Hlgher Educatlon Grant The BEWF provided a scholarship grant in Nep81 to a serving memberfs son,. his father tragically lost his life whilst on duty and the grant is to assist his son with his education costs. Special One Tlme Grants The BEWF provides grant funding in the form of projects as to improve the living conditions and welfare for the serving members and their families, where funding is not available from other sources. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 HQ Brlgade ofGurkhas Admln Grant The BEWF provides a grant to the HQ Brigade of Gurkhas to support the whole Brigade in its administration, infrastructure, Brigade Week, Bhela and holding of meetings and conferences. Communication Officer salary A Communication Off icer was employed for two years to co-ordinate the Gurkha 200 year bi- centenary media and communication events of celebration and commemoration in 2015. His contract Was renewed in September 2018 to capture the delivery of Brigade communications in this growth area. Communication Grant- social media A Communication Grant is provided by the BEWF to support the GBA website, social media and communications on behalf and throughout the Brigade of Gurkhas, to its serving members, veterans and their families. Service Daws Pay Giving ISDPGI Serving soldiers and officers throughout the Brigade of Gurkhas donate the equivalent.of a one day's pay plus 20% or 40% into the BEWF. These monies are then donated to the Gurkha Welfare Trust IGWTI, Gurkha Museum, Royal Signals Benevolent Fund IR5BFj, Adjutant General Corps IAGCI and the Brigade of Gurkhas Education and Welfare Fund as to fulfill their own charitable activities. Grant making policy The Trustees of the BEWF meet twice a year in May IAGM to review previous year income and expenditure and to approve the forthcoming Budget) and November (to ensure that income and expenditure is on course), as to discuss the investment income performance as advised by the CCL4 investment manager and decide how the income is to be distributed and allocated to the relevant grants. This.is assisted by: The BEWF treasurer advises the Fund Manager, Senior Fund Manager and Trustees on past and current income and expendittjre performance. This 15 verified by the internal auditor manager, to ensure the BEWF is compliant with the objects of the fund. The treasurer reports the income and expenditure and provides a monthly management report to the fund managers who djstuss and decide accordingly of any changes in activity, ensuring income and expenditure is managed and controlled to the agreed trustee's allocations. Individual Grants are then agreed and approved by the Fund Manager in line with the trustees agreed allocations and subsequently audit thecked monthly. The ManaginE Trustee visits 811 the Regiments and unlts throughout the year and encourages the commanding officer in charge of that regiment or unit to approach the BEWF for funding. This is further encouraged by the Managing Trustee at the twice-yearly trustees, meeting and the three yearly Brigade of Gurkhas, strategy meetings. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 This fund provides public benefit by assisting service personnel to more effectively perform their role5 within the Armed Forces of the Crown. It does this by.. Providing and supporting functions applicable to the Brigade of Gurkhas. This 35SlStance enables service per50nnel to face the challenges and danger associated with military service by developing and maintaining teamwork,. skills,. fitness. confidence,. character. spirit and attitude,. and morale. As a result, the fund promotes the efficlency of the Armed Forces of the Crown by enhancing the British Army's capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests. The Trustees confirm that they have paid due regard to the Charity Commission of England and Wales's guidance on public benefit when deciding what activities, the charity should undertake. ACHIEVEMENTS AND PERFORMANCE Higher Education Grants The Trustees previously awarded a scholarship.for a student in Nepal who will reTrive educational assistance towards hls studies from the BEWF and from the RGR Ops Fund. This ended in February 2021, where the student received a scholarship for further education. The student is the brother of a Gurkha soldier killed on operation in Afghanistan. Education & Wèlfare Grants The BEWF provided grants to its regiments and units throughout the Brigade. Achievements included events to "Battlefield tours, Remembrance Parade, Team building events, cultural fèmily visits, welfare for soldiers, educational visits, family temple vislts and improvements to temples. Photos and awards given to educational passing out parades of newly recruited soldiers. Adventure Training expeditions as to enhance memberfs leadership, team building skills, morale and comradeship across the Brigade. Adventure Trdlnlng and Sports A total of 3 grants for Adventure Training I'AT'I and or Sports were approved during the year which was considerably less than last year due to the impatt of COVID-19. The AT events demonstrated further enhancement, improving the well-being of serving members throughout the Brigade. Special One fime Grants ISOTGI A total of 7 grants were awarded during the year,. gym flooring replacement, funding for formation Parades, media coverage for the Attestation Parade, sports kit, adventure training activities, family's day etc. The 8rigade of Gurkhas Education and Welfare Fund Financial Statements forthe year ended 31 March 2021 HQ Brlgade Admin Grant. The BEWF provides a grant to the HQ Brigade of Gurkhas to support the Brigade in its administration, infrastructure, Brigade Week, 8hela and holdings of meetings and conferences. The Brigade held its annual Brigade Week in July, where several meetings and a conference are held to discuss the strategy and forthcoming developments throughout the Brigade as well as to confirm the achieiiement5 from previous year. These events encourage and enhance the fostering spirit de corps, comradeship and morale throughout the Brigade as well as improving the working efficiencv. The week finished with the annual Nepal Cup and GBA Bhela, a sporting and family event for setving members and families to take part in the football and golf tournament with a Trophy awarded to the winning team. SDPG-Gurkha Welfare trust, Gurkha Museum, Adjutant General's Corps and Royal Signals Benevolent Fund. The SDPG received its monthly donations from the seNing members, the donations are forwarded to the Gurkha Welfare Trust (to support projects in Nepall, the Gurkha Museum to employ two full time staff members as part of their overall business objectives, Royal Signals Benevolent Fund which support5 servin& retired Royal Signals soldiers and their dependent family and Adjutant General's to fulfill their own objectives and achievements. Communication Grant- soclal media A communication grant was issued to the HQBG fund, to provide funding to assist the Gurkha website, social media and communication media across the Brigade of Gurkhas. The communications have enhanced the Gurkha brand.across the Brigade, their families and the wider public. Communications Offlcer A Communications Officer has been employed since September 2016 to communicate media and communications across the Brigade, the wider public domain and the Britlsh Army to support the aims of the Brigade and its standing within HM Armed Forces. Additionally, the Communications Officer has supported key events, raising the Brigade's profile and media engagements. The Communications Off icer has completely revised the visual layout and user experience of the Gurkha Brigade Association website and has increased the number of social media.followers on Facebook by 40% and on Twitter by 50%. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 FINANCIAL REVIEW Financial & Reserves Policy It is Trustees, policy to plan carefully and forecast the annual funding requirement for welfare grants. Trustees review the reserves policy regularly. The revised policy statement states.. The Fund does not fundraise and relies solely on income from investments and Service Day Pay Giving donations to fund its charitable activities. It is therefore the policy of the charity to maintain its investments Icapitall, which are unrestricted funds and comprise the resetves of the charityi at a level that produces an assured annual income of £120,000. Although Trustees carefully plan and forecast the annual fundinB requirement, they do have considerable flexibility in the control of expenditure. As such Trustees, can easily adjust or curtail expenditure for any emergency application that arises or to meet a greater priority of need. Alternatively* they can call upon the reserves Icapitall if necessary, but only as a last resort due to the impact on income. Trustees review the charity's activities, income and expenditure requirements and the level of reserves every six months. At the 02 Nov 15 meeting, the trustees approved bank account unrestricted reserves funds at a level of 80% of the investment income received. This calcLJlates at £96,000 (equivalent to 9 months of funding), considering the risk of investments loslng their value as to meet the rullninE Costs of the fund. In 2007 Trustees considered a package to widen the support provided to members of the Brigade for adventurous training pursuits. This review required changes to the investment strategy of the Fund as to meet the increased income requirement of £37,000 over previous years. During the past 7 years, the charity has re-invested unused income to build up its Capital and reserves so that it can generate increased income to meet the additional requirement. Trustees do not foresee any need to re-invest in the future as Capltal growth has been increased to a higher level and revised overall annual income is likeSy to be fully committed. In the past three years, with gradual improvements in the financial market, investment income has been increased and is now in line to the anticipated annual income. Nevertheless, Trustees have acted prudently and capped expenditure to recapture lost reseNes. Expenditure will very likely be maintained for the forthcoming year provided there is continual improvement In the markets. Financial Review and Investment Policy The market value of the Fund at 31 March 2021 was £4,093.235. It has been reali5ed by prudent investment and careful management since receipt of the original unrestricted donation in 1978 the investments have increased in value due to fluctuations in the investment market. The key features of the Fund's investment policy are.. The principle objective is capital growth and income managed on a Total Return Basis. The level of income gener?tion is to be maintained at a minimum of £120,OCX) per annum. Annual budgets are managed based on the level of income from capital without overspend. Capital is unrestricted and may be spent in pursuance of the Fund's objects although in practice it is not likely The Brigade of Gurkhas Education and Welfare Fund Financial Statement5 for the year ended 31 March 2021 thatthis will occur, so for practical purposes the monies are to be treated as long term. No investments are to be held in tobacco products or the tobacco industry. There are no restriction5 on the Fund's power to invest. The investment strategy is set by the Trustees and reviewed 3nnually. The strategy takes account of the income requirement, long term funding forecast, the risk profile and the Investment Advisor's view of the market prospects in the medium term to long term. This strategy and the mix of the portfolio is reviewed bi-annually and set within an overall policy that the capit81 is to be invested in low to medium rlsk Investment funds operated by CCLA, the wealth investment managers. During this financial year, as a result of the easing of Covid-19 restrittions, financial markets have recovered significantly, increasing the market value of the Fund since the last report. The total income from investments for the year is £125,248 and investments increased in value this year by £708,115 Trustees have decided to maintain the investment strategy of the charity but continue to monitor the temperament of the financial market5 Wlth the aim to provide a higher level of income to service an enhanced package of benefits for the Brigade. Finances Income" The Fund receives the main income from its investments and receives monthly donations through the Service Day's Pay Giving ISDPGI. This year the Trustees carried out a further in-depth review of the income and forecasted expenditure to service an enhanced package of benefits for the Brigade. The package makes full use of the Income generated on a Total Return Basis. Expenditure Expenditure, although less this year because of the impact of COVID-19, has covered a miscellaneous educational scholarship, unit and individual welfare grants, adventure training, sports, reformation parades, regimental associations donations, media coverage for the Attestation Parade, sports kit, family's days, unit welfare centres, families, facilities and the production of magaiines. Some units of the Brigade h2ve been on an operational tour during this financial year and so grants have been used to meet the additional welfare needs and wellbeing of their soldiers under these circumstances. The fund has employed one salaried staff member as to assist in the communications and media role over the last year. The BEWF through the SDPG provides welfare grants to the GWT, monies to support two employed staff at the Gurkha Museum, RSBF for the Signals element and AGC for the GSPS element. The funds make no payments to its Trustees because it is a service charity operating from within a military establishment, its administrative and infrastructure costs are negligible. io The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 STRucfuRE. GOVERNANCE AND MANAGEMENT Governlng Document The Brigade of Gurkhas Education and Welfare Fund is a registered charity INo.10430001 governed by a declaration of Trust dated 12 December 1994 as amended by Deed of Variation dated 11 July 1996, l M3y 2013 and 18 November 2014. Appointment of trustees, Induction & training The charity is controlled by six trustees who are military ex-officio army officers and assume their responsibilities when taking up their tied military appointment. Considerable care and attention are paid to prepare Trustees before assuming their responsibilities. They receive a detailed induction which covers all aspects of their role as a Trustee, the legal status of the charity, its management and financial policies and fu51 details on beneficiaries and areas in which the charity provide assistance. They also receive a full compendium containing copies of the governing document, previous minutes of meetings, appropriate Charity Commission publications and a written brief on the 'essentlals' of trusteeship and good governance. The Service Dals Pay Giving Scheme is managed and controlled by a selected group of Army Senior Officers from each Gurkha Regiment. It meets twice a year to discuss each of their payroll giving schemes as to determine the decision making and management of each scheme. The BEWF Managin8 Trustee then provides an update brief to the BEWF trustees on the outcomes of these meetings as for them to decide on the charitable activities that require to be met, as per the interest of their members. Investments selection policy and performance of those investments: As authorised by Managing Trustee/Committee Serious Incidents: None The 8rigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Statement of tru5tee5' re5ponsibilitles The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of.the affairs of the charity and of the surplus or deficit incurred by the charity for that year. In preparing those financial statements the trustees are required to- select suitable accounting policies and then apply them consistently; make judgments 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 accounts; and Prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charity will continue to exist. The trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. 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 and to provide reasonable assurance that.. the charity is operating efficiently and effectively,. its assets are safeguarded against unauthorised use or disposltion. proper records are maintained, and financial information used within the charity or for publication is reliable,. the charity complies with relevant laws and regulatlons. Approved by the Board and signed on its behalf by Colonel Jody Davies Col BG and Managing Trustee Date: ?+Noo Ti 12 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Auditors to the Trustees of The Brigade of Gurkhas Education and Welfare Fund Opinion We have audited the financial statements of The Brigade of Gurkhas Education and Welfare Fund for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- 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 2021 and of its incoming resources and application of resources, 5ncludinE Its result, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and in accordance with the Charities Act 2011 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requjrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities 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 charitable company's ability to continue as a Boing 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 13 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Audltors to the Trustees of The Brigade of Gurkhas Educatlon and Welfare Fund Icontinuedl Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaternents, 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. Opinions on other matters In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has bÈen prepared in accordance with applicable legal requirements. The financial statements for the previous year were subject to an independent examination but were unaudited. We performed sufficient work for our opinion on the current year's financial statements not to be affected in this respect. 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 IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the trustee￿ report is inconsistent in any material respect with the financial statements,. 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. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities. the trustees 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. 14 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Auditors to the Trustees of The Brlgade of Gurkha5 Education and Welfare Fund Icontinued In preparing the financial statements, the trustees are responsible for assessing the charitvs 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 charity or to tease operations, or have no realistic alternative but to do so. Our 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 dLJe to fraud or error, and to Issue a Report of the Independent Auditors 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered aterial 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detett material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is considered reasonable in view of our audit work and the evidence obtained as described above, including review of the controls and monitoring implemented by the trustees. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description form5 part of our Report of the Independent Auditors. 15 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Auditors to the Trustees of The Brlgade ot Gurkhas Education and Welfare Fund Icontinuedl Use of our report This report is made solely to the charitf s trustees. as a body. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, 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 charity and the charitvs trustees as a bodyy for our audit work, for this report, or for the opinions we have formed. Chamberlains Senior Statutory Auditors and Chartered Accountsnts Elm House, Tanshire Park Shackleford Road, Elstead Godalming Surrey GU8 6LB Date.. 16 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Statement of financial activities (including income and expenditure) Un- restricted funds 2021 Unaudited Total fund5 2020 Restritted funds 2021 Totsl funds 2021 Note Income: Donations and legacies Investment income 245,974 125,318 245,974 125,318 204,136 125,298 Total income 371,292 371,292 329,434 Expenditure on: Charitable activities 223,934 223,934 3CIJ,285 Total expenditure 223,934 223,934 3CM),285 Net income and net movement in funds before11o5sesllgains on investments 147,358 147,358 29,149 Net Ilossesllgains on investments 708,172 708,172 173,0651 Transfer between funds 19,798 119,7981 Net movement in funds 875,328 119,798) 855,530 173,0651 Total funds brought forward 3,518.972 19,798 3,538,770 3,582,686 Total funds carried forward 4,394,300 4,394,300 3.538,770 The statement of financial activities includes all gains and1055es recognised in the year. All income and expenditure derive from continuing activities. 17 The 8rigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Balance sheet Unaudited 2020 Notes 2021 Flxed assets Investments 4,093,235 3,341,043 Current assets Cash at bank and in hand 306,657 306,657 201,344 201,344 Current Ilabilities Creditors.. amounts falling due within in year 5,592 3,617 Net current assets 301,065 197,727 Net assets 4.394.300 3,538,770 The funds of the charity: Restricted funds Unrestricted funds 19,798 4,394,300 3.518,972 4,394,300 3,538,770 The accompanying accounting policies and notes form part of these financial statements. Approved by the Trustees and signed on their behalf by.. Colonel Jody Davies Managing Trustee Date.. 2Lr NJ?u Li 18 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Princlpal accounting policies Basis of preparation The financial statements have been prepared in accordance with 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 IFRS1021 lupdated l January 20201 Icharities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act120111. The charity meets the definition of a public benefit entity under FR5102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note. Going Concern statement The financial statements have been prepared on a going concern basis which assumes that the charity will continue to operate. The validity of this assumption is dependent on investment returns continuing to meet the funds requirements; however, in periods of poor return the charity is able to reduce grant expenditure accordingly. The charity's business plan shows that the charity will be able to operate in the foreseeable future. Based on this understanding the trustees believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments, which would result from the basis of preparation being inappropriate. Fund accounting General accumulated f4Jnds are unrestricted funds available for general purposes and include funds designated for a particular purpose- the use of such funds remains at the discretion of the managing trustee. Restrirted funds are funds subject to conditions imposed by the donor or by specific terms of the appeal under which the funds are raised. The restrictive conditions are binding upon the Charity. Income All income is recognised in the Statement of Financial Activities when the charity is legally entitled, ultimate receipt is probable, and the amount can be quantified with reasonable accuracy. Income relating to future periods, as a result of donor-imposed conditions specifying the time period. has been treated as deferred income. Income dependent on certain conditions, amounting to more than mere administrative requirements. is recognised when the conditions have been fulfilled. 19 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. Expenditure is classified under the following activity headings.. Expenditure on charitable expenditure includes the costs of delivery to further the purposes of the charity and associated support costs. Irrecoverable VAT is charged 35 a cost against the activity for which the expenditure was incurred. Fixed Asset Investments Fixed asset investments are included initially at cost and subsequently at fairvalue Itheir market value) at the balance sheet date. Any gain or loss on revaluation is shown in the statement of financial activities. Interest and investment income Bank interest and investment income is shown on the basis of amounts received in the year. Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand and short tem deposits repayable on within a three month notice period. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Taxatlon As a registered charity no provision is considered necessary for taxation. Penslons The BEWF employed one employee during the year with employer pension contributions going to an approved workplace stake holder pension provider Ino contributions were made by the employeel. 20 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements l. Donations and legacies Unaudited 2020 2021 Service Day's payroll giving donations Donations Legacies Other 231,778 5,115 5,000 4,081 245.974 196,405 6,000 1,731 204,136 2. Investment income Unaudited 2020 2021 Bank interest Dividends on investments 70 125,248 162 125,136 125,318 125,298 3. Expenditure Unaudited 2020 2021 Staff costs Staff travel costs Accountancy costs Grants payable (see below) Management costs payable to HQBG GBA Webslte Sundry costs Independent examiners fee Registered Auditors fee Bank charges 30,932 214 6.500 146,903 31.591 1,534 2,111 35,490 2,151 228,786 30,625 2,072 I,ioo 4,080 69 61 Total 223,934 300,285 21 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) Grants payable: Unaudited 2020 2021 Un-restrlrted.. Higher education grants Education & Welfare grant5 Adventure training grants Special one time grants Regimental Associations GSPS SDPG Heritage Falcon Club Stafford SPDG GWT- RSBF QGS SPDG un-restricted grants 518 50,993 42,118 19,090 82,921 30,000 52,867 1,506 6,530 86,000 3,146 146,903 228,786 4. Analysis of staff costs & trustee expenses Unaudited 2020 2021 Salaries National Insurance Pension contributions 29,423 31,707 1,509 3.783 Total 30,932 35,490 The Charity employed one member of staff during the year12020: 11- In addition to salary and pension, travel expenses incurred in carrying out such duties are also reimbursed. No remuneration was paid to trustees and no expenses were reimbursed. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) 5. Investment assets Unaudited 2020 2021 Market value at beginning of year Add.. Additions at cost Less.. Disposals at carrying value Add.. Net Ilossl/Eain on revaluation 3,341,043 44,020 3,410,284 3,824 708,172 173.0651 Market value at end of year 4.093.235 3,341,043 Historical cost information for the fund is not available. Analysis of Investment assets Market value at end Income from of year investments 2021 COIF Charities Investment fund COIF Charities Global Equity Income Fund COIF Charities Property Fund 2,916,743 930,996 245,496 88,394 11.488 25,366 Total 4,093,235 125,248 Market value at end of Income from year investments 2020 {unauditedl COIF Charities Investment fund COIF Charities Global Equity Income Fund COIF Charities Property Fund CCLA fee rebate 2,378,806 711,195 251,042 82,299 24,873 14,139 3,825 Totsl 3,341,043 125,136 23 The Brigade of Gurkhas Education and Welfare Fund Financial Statements forthe year ended 31 March 2021 Notes to the financial statements (continued) 6. Creditors: amounts falling due within one year Unaudited 2020 2021 Accruals 5,592 3,617 7. Funds analysis ' Unaudited Balance at beginning of year Income Expendlture Net gains on investments Transfer5 Balance at end of year Restricted funds Service Day's Payroll Giving funds 19.798 119,7981 Unrestricted funds General fund 3,518,972 371,292 1223.9341 708,172 19,798 4,394,300 Total 3,538,770 371,292 1223,9341 708.172 4.394,300 Service Davs Payroll Giving fund.. The serving Gurkha5 and British soldiers that work within the Brigade of Gurkhas donate the equivalent of one day's pay (plus 20Y. - SNCOS and below or 40%- Officers) into this fund. Funds are then provided to the Gurkha Museum for staff wages and core activities and to the Gurkhas Welfare Trust for the welfare and benevolence of those in Nepal. With effect of 01 Apr IS, further donations go to the AGC for Gurkha GSPS members and from 01 Nov 15, donations from Cpls and below go to the Royal Signal Benevolent Fund as to fulfil their core activities, along with the net balance to the GWT and Museum. The transfer shows the recognition that no restricted funds remain unused as at 31 March 2021 24 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) 8. Analysis of net assets between funds Fund balances at 31 March 2021 are represented by- Unrestricted Funds Restricted Funds Total Funds Fixed Assets Current assets 4.093.235 306,657 {5,5921 4.394,300 4,093,265 306,657 {5,592) 4,394,300 Total Unaudited fund balances at 31 March 2020 were represented by: Unrestricted Funds Restrirted Funds Total Funds Fixed Assets Current assets 3,341,043 181,546 13,6171 3,518,972 3,341,043 201,344 13,6171 3,538,770 19,798 Total 19,798 9. Controlllng Interests and related party transactlons Whilst the BEWF charity has a close working relationship with the Gurkha Welfare Trust, Gurkha Welfare Centre, Gurkha Museum, Gurkha Brigade Assoclation, Royal Signa15 Benevolent Fund, Adjutant General Corps and the wider British Army, there are no transactions with any beneficiaries of which require disclosure under the Charities SORP IFRS1021120191. The only transattions made bv the charity in favour of the units are wholly attributable to the charitable activities of furthering military efficiency in line with the objects of the fund. The Managing Trustee is an officer or equivalent and fulfils the role as trustee in accordance with the applicable laws and regulations. No remuneration or expenses have been paid to any trustee. If expenses have been paid to trustees, these are disclosed under the Managing Trustee's comments. 25 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) 10. Funds received as agent In accordance with the Service Day Payroll Giving scheme I'SDPG'I certain funds are received by the Fund for passing on to other organisations in accordance with the scheme rules. These are not treated as income or expenditure of this Fund & are passed on to other organisations as follows.. Funds received Payments made.. Gurkha Welfare Trust The Gurkha Museum Royal Signals Benevolent Fund Adjutant General Corp5 192,244 1138,0481 150,0001 {1,7711 {2,4251 Funds remaining 26 **Balance Sheet - March 2021** **Page 1 of 4 Printed: 08/12/2021 BEWF** **Paxton+** ## **HQ Brigade of Gurkhas** ## March 2021 |End of last year||Balance|| |---|---|---|---| ||Fixed Assets||| ||-------------------------||| |3,624,364.62|BEWF Investment|4,014,923.26|| |3,624,364.62|Total Fixed Assets||4,014,923.26| |----------------|||----------------| ||Current Assets||| ||-------------------------||| |201,343.75|Current Bank Account|306,655.26|| |0.00|Cash|0.00|| |0.00|Debtors|0.00|| |0.00|Prepayments|0.00|| |201,343.75|Total Current Assets||306,655.26| |----------------|||----------------| |3,825,708.37|Total Assets||4,321,578.52| |----------------|||----------------| ||Liabilities||| ||-------------------------||| |0.00|Creditors|0.00|| |0.00|Accruals|0.00|| |0.00|VAT control|0.00|| |0.00|VAT payable|0.00|| |----------------|||----------------| |0.00|Total Liabilities||0.00| |----------------|||----------------| |3,825,708.37|Total Assets Minus Liabilities||4,321,578.52| ||Total Funds||| |24,415.08|Total Restricted Funds|94,351.16|| |0.00|Total Endowment Funds|0.00|| |0.00|Total Designated Funds|0.00|| |3,801,293.29|Accumulated Trading & GPF|4,227,227.36|| |----------------|||----------------| |3,825,708.37|Total Funds||4,321,578.52| **Balance Sheet - March 2021** **Page 2 of 4 Printed: 08/12/2021 BEWF** **Paxton+** **HQ Brigade of Gurkhas** |End of last year||Balance|| |---|---|---|---| ||Funds Analysis||| ||------------------------||| ||Designated Funds||| ||------------------------||| |----------------|||----------------| |0.00|||0.00| ||Restricted Funds||| ||-------------------------||| |0.00|SDPG - Donations In/Out|0.00|| |231.60|GBA Website & Media|85.20|| |74.04|Comms Officer|4,998.50|| |0.00|Higher Education Grant|0.00|| |139.72|Adv Trg - 1 RGR|8,834.50|| |1,050.47|Adv Trg - 2 RGR|8,298.00|| |280.58|Adv Trg - QG Signals|9,604.00|| |0.00|Adv Trg - QOGLR|10,009.00|| |11.29|Adv Trg - QGE|5,117.60|| |0.00|Adv Trg - GSPS|2,026.00|| |200.32|Adv Trg - Bde Band|645.00|| |0.00|Adv Trg - 3 RGR|915.00|| |0.00|Edu & Wel Grant - 1 RGR|0.00|| |0.00|Edu & Wel Grant - 2 RGR|0.00|| |0.00|Edu & Wel Grant - QGS|0.00|| |0.00|Edu & Wel Grant - QOGLR|0.00|| |0.00|Edu & Wel Grant - QGE|0.00|| |0.17|Edu & Wel Grant - GSPS|0.17|| |0.00|Edu & Wel Grant - Catterick|0.00|| |0.00|Edu & Wel Grant - Bde Band|0.00|| |0.00|Edu & Wel Grant - Mandalay|0.00|| |0.00|Edu & Wel Grant - Sittang RMAS|0.00|| |0.00|Edu & Wel Grant - BGN|0.00|| |0.00|Edu & Wel Grant - HQBG Staff|0.00|| |0.00|Edu & Wel Grant - BTT|0.00|| |0.00|Edu & Wel Grant - LDW|0.00|| |0.50|Edu & Wel Grant - Museum|0.50|| |0.00|Edu & Wel Grant - SPVA Glasgow|0.00|| |0.00|Edu & Wel Grant - Parbate|0.00|| |0.50|Edu & Wel Grant - ARRC Sp Bn|0.50|| |0.00|Edu & Wel Grant - Warminster|0.00|| |0.00|Edu & Wel Grant - 3 RGR|0.00|| |0.00|TRFs Catterck|0.00|| |909.90|Special One Time Grant (SOTG)|14,379.77|| |0.00|HQBG Admin Grant & BCLT|0.00|| |0.00|QOGLR Radio Transmitter Grant|0.00|| |0.00|G200 Events|0.00|| |0.00|G200 Everest Expedition|0.00|| |100.00|BEWF Audit Fees|100.00|| |0.00|Accountant Fees|(0.04)|| |0.00|SDPG - Museum Wages & Reserve|0.00|| |0.00|SDPG - Gurkha Welfare Trust|0.00|| |0.00|SDPG - AGC for GSPS|0.00|| |4,719.06|SDPG - RSBF (QGS)|6,596.03|| |0.00|SDPG - Adventure Training|0.00|| |0.00|RGR Regtl Assocation|0.00|| |0.00|QGS - Regtl Assocation|0.00|| **Balance Sheet - March 2021** **Page 3 of 4 Printed: 08/12/2021 BEWF** **Paxton+** **HQ Brigade of Gurkhas** |End of last year||Balance|| |---|---|---|---| |0.00|QGE - Regtl Assocation|0.00|| |0.00|QOGLR - Regtl Assocation|0.00|| |0.00|SDPG - Education/Welfare BEWF|0.00|| |16,696.93|SDPG - Future Projects|16,696.93|| |0.00|ARRC Transmitter & Messing Hut|0.00|| |0.00|SDPG Heritage|0.00|| |0.00|AT Minor Units|6,044.50|| |0.00|Falcon Club Strafford|0.00|| |0.00|GSPS Regimental Association|0.00|| |0.00|1RGR Post COVID Grant|0.00|| |0.00|2 RGR Post COVID Grant|0.00|| |0.00|3 RGR Post COVID Grant|0.00|| |0.00|QGE Post COVID Grant|0.00|| |0.00|QGS Post COVID Grant|0.00|| |0.00|QOGLR Post COVID Grant|0.00|| |0.00|GSPS Post COVID Grant|0.00|| |0.00|Bde Band Post COVID Grant|0.00|| |0.00|ITC Catterick Post COVID Gran|0.00|| |0.00|Mandalay IBS Wales|0.00|| |0.00|GC Sittang Post COVID Grant|0.00|| |0.00|BGN Post COVID Grant|0.00|| |0.00|HQBG Post COVID Grant|0.00|| |0.00|AGC Post COVID Grant|0.00|| |0.00|ARRC Post COVID Grant|0.00|| |0.00|Warminster Post COVID Grant|0.00|| |0.00|Ladies Badminton Championship|0.00|| |----------------|||----------------| |24,415.08|||94,351.16| ||Endowment Funds||| ||-------------------------||| |----------------|||----------------| |0.00|||0.00| ||Trading and General Purpose Funds||| ||-------------------------||| |0.00|Trading surplus|0.00|| |0.00|Non Primary Purpose trading surplus|0.00|| |432,280.20|General Purpose Fund surplus|425,934.07|| |----------------||----------------|| |432,280.20|Trading & GPF surplus||425,934.07| |3,369,013.09|Balance at last balance sheet||3,801,293.29| |----------------|||----------------| |3,801,293.29|Accumulated Trading & GPF||4,227,227.36| |----------------|||----------------| |3,825,708.37|Grand total||4,321,578.52| |----------------|||----------------| ||Signature of A/C Holder/Fund Manager||| --------------------------------------------- Date -------------------------------------- Signature of Managing Trustee **Balance Sheet - March 2021** **Page 4 of 4 Printed: 08/12/2021 BEWF** **Paxton+** **HQ Brigade of Gurkhas** End of last year --------------------------------------------Date -------------------------------------- Balance The Brigade of Gurkhas Education and Welfare Fund Trustees, Report and Financial Statements for the year ended 31 March 2021 Registered Charity number 1043000 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Contents Page Charity information Report of the Trustees Statement of Trustees responsibilities 12 Independent Auditorfs report 13 Statement of financial activities 16 Balance Sheet 17 Principal accounting policies 18 Notes to the financial statements 20 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Reference and administratlon information Trustees Col Jody Davies (Managing Trusteel Maj Pet Houlton Hart Maj Naren Gurung Maj Tom Collins Maj James Sutton Maj Oliver Clark Ireplaced by Maj David Prady on 6 October 20211 Charity name: The Brlgade of Gurkhas Education and Welfare Fund Charity number.. 1043000 Registered office HQ Brigade of Gurkhas Room 116, 1st Floor Robertson House Royal Military Academy Sandhurst Camberley, Surrey GU15 4NP Registered Audltors Chamberlains, Statutory Auditors and Chartered Accountants Elm House, Tanshire Park Shackleford Road, Elstead Godalmin& 5urrey GU8 6LB Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill, West Malling Kent ME194QI Investment managers CCLA Fund Mana8ers Limited Senator House 85 Queen Victoria Street London EC4V 4ET The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year erbded 31 March 2021 Report of the Trustees The Trustees of The Brigade of Gurkhas Education and Welfare Fund 1.the charity" or"BEWF"I have pleasure in presenting their report and financial statements for the year ended 31 March 2021. The financial statements comply with the Charities Act 120111, the charity's Declaration of Trust, 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 IFRS1021 (updated l January 20191. OBJEcfivES AND ACTIVITIES The objects of the Charity, as defined in its Declaration of Trust, are.. l. The Trustees sh811 hold the Trust Fund and its income upon trust to apply them for such one or more of the following objects in the United Kingdom or elsewhere as the Trustees in their absolute discretion shall determine. The promotion of the efficiency of the Brigade of Gurkhas Ithe Brigade) in such way5 as . the Trustees from time to time decide. The promotion of the education (including social and physical training) of sons or daughters under the age of 28 of servinE 'wounded or deceased,, 'Gurkha and British, members of the Brigade. The relief of serving 'Gurkha and British, members of the Brigade and their dependents who are sick, convalescent, disabled, handicapped or infirm or who require medical treatment in hospital such that the Trustees shall give priority to assist in the provision of medical treatment in hospitals outside Nepa5. The relief of serving 'Gurkha and Britlsh, members of the Brigade and their dependents who are in need, hardship and distress. 2. Without limiting in any way the generality of the objects of the Charity. the Trust may apply the income and capital of the Charity in any or all of the following ways.. In fostering esprit de corps, comradeship and the welfare of the Brigade, famllies and preserving its history and traditions. To include a website where promotion and exposure of this message can value the members of the Brigade. In awarding scholarships, exhibitions, bursaries, maintenance allowances or grants tenable at any school, university, college of higher education, or other institution of further lincludinE professional and technicall education approved for the purpose by the Trustees in Nepal, Hong Kong, the United Kingdom or elsewhere. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 In providing or paying for items, services or facilities calculated to alleviate the suffering or assist the recovery of beneficiaries. In making grants of money or providinE for or paying for items, services of facilities calculated to reduce the need, hardship or distress of beneficiaries. In providing recreational and leisure-time facilities for serving 'Gurkha and British, members of the Brigade with the object of improving their conditions of life. Summary of Maln Actlvltles In relation to the CharitVs Objects It has been the policy of the charity to provide wherever possible all reasonable means of improving the welfare and wellbeing of serving Gurkhas and their families in the Brigade in accordance with its objects. Annual Adventure Training Sport5 Grants The BEWF provides grant funding to the six main Gurkha units and minor Gurkha units where seNing soldiers can undertake adventure training expeditlons and sports to encourage and develop their teamwork, morale, comradeship and leadership skills. Funding is supported by taxpayers, funding and non-public funds IRegimental Funds, PRI, Nuffield Trust and personal contributions). Education and Welfare Grants The BEWF provides grant funding to all main six Gurkha units and thirteen smaller Gurkha sub-units, where servin8 soldiers receive funding to develop their education attending lessons of educational development. this includes educational tours and visits to appreciate the history and culture of the country. Funding is also supported by Regimental funds and personal contributions. Hlgher Educatlon Grant The BEWF provided a scholarship grant in Nep81 to a serving memberfs son,. his father tragically lost his life whilst on duty and the grant is to assist his son with his education costs. Special One Tlme Grants The BEWF provides grant funding in the form of projects as to improve the living conditions and welfare for the serving members and their families, where funding is not available from other sources. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 HQ Brlgade ofGurkhas Admln Grant The BEWF provides a grant to the HQ Brigade of Gurkhas to support the whole Brigade in its administration, infrastructure, Brigade Week, Bhela and holding of meetings and conferences. Communication Officer salary A Communication Off icer was employed for two years to co-ordinate the Gurkha 200 year bi- centenary media and communication events of celebration and commemoration in 2015. His contract Was renewed in September 2018 to capture the delivery of Brigade communications in this growth area. Communication Grant- social media A Communication Grant is provided by the BEWF to support the GBA website, social media and communications on behalf and throughout the Brigade of Gurkhas, to its serving members, veterans and their families. Service Daws Pay Giving ISDPGI Serving soldiers and officers throughout the Brigade of Gurkhas donate the equivalent.of a one day's pay plus 20% or 40% into the BEWF. These monies are then donated to the Gurkha Welfare Trust IGWTI, Gurkha Museum, Royal Signals Benevolent Fund IR5BFj, Adjutant General Corps IAGCI and the Brigade of Gurkhas Education and Welfare Fund as to fulfill their own charitable activities. Grant making policy The Trustees of the BEWF meet twice a year in May IAGM to review previous year income and expenditure and to approve the forthcoming Budget) and November (to ensure that income and expenditure is on course), as to discuss the investment income performance as advised by the CCL4 investment manager and decide how the income is to be distributed and allocated to the relevant grants. This.is assisted by: The BEWF treasurer advises the Fund Manager, Senior Fund Manager and Trustees on past and current income and expendittjre performance. This 15 verified by the internal auditor manager, to ensure the BEWF is compliant with the objects of the fund. The treasurer reports the income and expenditure and provides a monthly management report to the fund managers who djstuss and decide accordingly of any changes in activity, ensuring income and expenditure is managed and controlled to the agreed trustee's allocations. Individual Grants are then agreed and approved by the Fund Manager in line with the trustees agreed allocations and subsequently audit thecked monthly. The ManaginE Trustee visits 811 the Regiments and unlts throughout the year and encourages the commanding officer in charge of that regiment or unit to approach the BEWF for funding. This is further encouraged by the Managing Trustee at the twice-yearly trustees, meeting and the three yearly Brigade of Gurkhas, strategy meetings. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 This fund provides public benefit by assisting service personnel to more effectively perform their role5 within the Armed Forces of the Crown. It does this by.. Providing and supporting functions applicable to the Brigade of Gurkhas. This 35SlStance enables service per50nnel to face the challenges and danger associated with military service by developing and maintaining teamwork,. skills,. fitness. confidence,. character. spirit and attitude,. and morale. As a result, the fund promotes the efficlency of the Armed Forces of the Crown by enhancing the British Army's capability to undertake the roles demanded of it including the defence of the United Kingdom and its interests. The Trustees confirm that they have paid due regard to the Charity Commission of England and Wales's guidance on public benefit when deciding what activities, the charity should undertake. ACHIEVEMENTS AND PERFORMANCE Higher Education Grants The Trustees previously awarded a scholarship.for a student in Nepal who will reTrive educational assistance towards hls studies from the BEWF and from the RGR Ops Fund. This ended in February 2021, where the student received a scholarship for further education. The student is the brother of a Gurkha soldier killed on operation in Afghanistan. Education & Wèlfare Grants The BEWF provided grants to its regiments and units throughout the Brigade. Achievements included events to "Battlefield tours, Remembrance Parade, Team building events, cultural fèmily visits, welfare for soldiers, educational visits, family temple vislts and improvements to temples. Photos and awards given to educational passing out parades of newly recruited soldiers. Adventure Training expeditions as to enhance memberfs leadership, team building skills, morale and comradeship across the Brigade. Adventure Trdlnlng and Sports A total of 3 grants for Adventure Training I'AT'I and or Sports were approved during the year which was considerably less than last year due to the impatt of COVID-19. The AT events demonstrated further enhancement, improving the well-being of serving members throughout the Brigade. Special One fime Grants ISOTGI A total of 7 grants were awarded during the year,. gym flooring replacement, funding for formation Parades, media coverage for the Attestation Parade, sports kit, adventure training activities, family's day etc. The 8rigade of Gurkhas Education and Welfare Fund Financial Statements forthe year ended 31 March 2021 HQ Brlgade Admin Grant. The BEWF provides a grant to the HQ Brigade of Gurkhas to support the Brigade in its administration, infrastructure, Brigade Week, 8hela and holdings of meetings and conferences. The Brigade held its annual Brigade Week in July, where several meetings and a conference are held to discuss the strategy and forthcoming developments throughout the Brigade as well as to confirm the achieiiement5 from previous year. These events encourage and enhance the fostering spirit de corps, comradeship and morale throughout the Brigade as well as improving the working efficiencv. The week finished with the annual Nepal Cup and GBA Bhela, a sporting and family event for setving members and families to take part in the football and golf tournament with a Trophy awarded to the winning team. SDPG-Gurkha Welfare trust, Gurkha Museum, Adjutant General's Corps and Royal Signals Benevolent Fund. The SDPG received its monthly donations from the seNing members, the donations are forwarded to the Gurkha Welfare Trust (to support projects in Nepall, the Gurkha Museum to employ two full time staff members as part of their overall business objectives, Royal Signals Benevolent Fund which support5 servin& retired Royal Signals soldiers and their dependent family and Adjutant General's to fulfill their own objectives and achievements. Communication Grant- soclal media A communication grant was issued to the HQBG fund, to provide funding to assist the Gurkha website, social media and communication media across the Brigade of Gurkhas. The communications have enhanced the Gurkha brand.across the Brigade, their families and the wider public. Communications Offlcer A Communications Officer has been employed since September 2016 to communicate media and communications across the Brigade, the wider public domain and the Britlsh Army to support the aims of the Brigade and its standing within HM Armed Forces. Additionally, the Communications Officer has supported key events, raising the Brigade's profile and media engagements. The Communications Off icer has completely revised the visual layout and user experience of the Gurkha Brigade Association website and has increased the number of social media.followers on Facebook by 40% and on Twitter by 50%. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 FINANCIAL REVIEW Financial & Reserves Policy It is Trustees, policy to plan carefully and forecast the annual funding requirement for welfare grants. Trustees review the reserves policy regularly. The revised policy statement states.. The Fund does not fundraise and relies solely on income from investments and Service Day Pay Giving donations to fund its charitable activities. It is therefore the policy of the charity to maintain its investments Icapitall, which are unrestricted funds and comprise the resetves of the charityi at a level that produces an assured annual income of £120,000. Although Trustees carefully plan and forecast the annual fundinB requirement, they do have considerable flexibility in the control of expenditure. As such Trustees, can easily adjust or curtail expenditure for any emergency application that arises or to meet a greater priority of need. Alternatively* they can call upon the reserves Icapitall if necessary, but only as a last resort due to the impact on income. Trustees review the charity's activities, income and expenditure requirements and the level of reserves every six months. At the 02 Nov 15 meeting, the trustees approved bank account unrestricted reserves funds at a level of 80% of the investment income received. This calcLJlates at £96,000 (equivalent to 9 months of funding), considering the risk of investments loslng their value as to meet the rullninE Costs of the fund. In 2007 Trustees considered a package to widen the support provided to members of the Brigade for adventurous training pursuits. This review required changes to the investment strategy of the Fund as to meet the increased income requirement of £37,000 over previous years. During the past 7 years, the charity has re-invested unused income to build up its Capital and reserves so that it can generate increased income to meet the additional requirement. Trustees do not foresee any need to re-invest in the future as Capltal growth has been increased to a higher level and revised overall annual income is likeSy to be fully committed. In the past three years, with gradual improvements in the financial market, investment income has been increased and is now in line to the anticipated annual income. Nevertheless, Trustees have acted prudently and capped expenditure to recapture lost reseNes. Expenditure will very likely be maintained for the forthcoming year provided there is continual improvement In the markets. Financial Review and Investment Policy The market value of the Fund at 31 March 2021 was £4,093.235. It has been reali5ed by prudent investment and careful management since receipt of the original unrestricted donation in 1978 the investments have increased in value due to fluctuations in the investment market. The key features of the Fund's investment policy are.. The principle objective is capital growth and income managed on a Total Return Basis. The level of income gener?tion is to be maintained at a minimum of £120,OCX) per annum. Annual budgets are managed based on the level of income from capital without overspend. Capital is unrestricted and may be spent in pursuance of the Fund's objects although in practice it is not likely The Brigade of Gurkhas Education and Welfare Fund Financial Statement5 for the year ended 31 March 2021 thatthis will occur, so for practical purposes the monies are to be treated as long term. No investments are to be held in tobacco products or the tobacco industry. There are no restriction5 on the Fund's power to invest. The investment strategy is set by the Trustees and reviewed 3nnually. The strategy takes account of the income requirement, long term funding forecast, the risk profile and the Investment Advisor's view of the market prospects in the medium term to long term. This strategy and the mix of the portfolio is reviewed bi-annually and set within an overall policy that the capit81 is to be invested in low to medium rlsk Investment funds operated by CCLA, the wealth investment managers. During this financial year, as a result of the easing of Covid-19 restrittions, financial markets have recovered significantly, increasing the market value of the Fund since the last report. The total income from investments for the year is £125,248 and investments increased in value this year by £708,115 Trustees have decided to maintain the investment strategy of the charity but continue to monitor the temperament of the financial market5 Wlth the aim to provide a higher level of income to service an enhanced package of benefits for the Brigade. Finances Income" The Fund receives the main income from its investments and receives monthly donations through the Service Day's Pay Giving ISDPGI. This year the Trustees carried out a further in-depth review of the income and forecasted expenditure to service an enhanced package of benefits for the Brigade. The package makes full use of the Income generated on a Total Return Basis. Expenditure Expenditure, although less this year because of the impact of COVID-19, has covered a miscellaneous educational scholarship, unit and individual welfare grants, adventure training, sports, reformation parades, regimental associations donations, media coverage for the Attestation Parade, sports kit, family's days, unit welfare centres, families, facilities and the production of magaiines. Some units of the Brigade h2ve been on an operational tour during this financial year and so grants have been used to meet the additional welfare needs and wellbeing of their soldiers under these circumstances. The fund has employed one salaried staff member as to assist in the communications and media role over the last year. The BEWF through the SDPG provides welfare grants to the GWT, monies to support two employed staff at the Gurkha Museum, RSBF for the Signals element and AGC for the GSPS element. The funds make no payments to its Trustees because it is a service charity operating from within a military establishment, its administrative and infrastructure costs are negligible. io The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 STRucfuRE. GOVERNANCE AND MANAGEMENT Governlng Document The Brigade of Gurkhas Education and Welfare Fund is a registered charity INo.10430001 governed by a declaration of Trust dated 12 December 1994 as amended by Deed of Variation dated 11 July 1996, l M3y 2013 and 18 November 2014. Appointment of trustees, Induction & training The charity is controlled by six trustees who are military ex-officio army officers and assume their responsibilities when taking up their tied military appointment. Considerable care and attention are paid to prepare Trustees before assuming their responsibilities. They receive a detailed induction which covers all aspects of their role as a Trustee, the legal status of the charity, its management and financial policies and fu51 details on beneficiaries and areas in which the charity provide assistance. They also receive a full compendium containing copies of the governing document, previous minutes of meetings, appropriate Charity Commission publications and a written brief on the 'essentlals' of trusteeship and good governance. The Service Dals Pay Giving Scheme is managed and controlled by a selected group of Army Senior Officers from each Gurkha Regiment. It meets twice a year to discuss each of their payroll giving schemes as to determine the decision making and management of each scheme. The BEWF Managin8 Trustee then provides an update brief to the BEWF trustees on the outcomes of these meetings as for them to decide on the charitable activities that require to be met, as per the interest of their members. Investments selection policy and performance of those investments: As authorised by Managing Trustee/Committee Serious Incidents: None The 8rigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Statement of tru5tee5' re5ponsibilitles The trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of.the affairs of the charity and of the surplus or deficit incurred by the charity for that year. In preparing those financial statements the trustees are required to- select suitable accounting policies and then apply them consistently; make judgments 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 accounts; and Prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charity will continue to exist. The trustees have overall responsibility for ensuring that the charity has an appropriate system of controls, financial and otherwise. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy, at any time, the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 1993. 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 and to provide reasonable assurance that.. the charity is operating efficiently and effectively,. its assets are safeguarded against unauthorised use or disposltion. proper records are maintained, and financial information used within the charity or for publication is reliable,. the charity complies with relevant laws and regulatlons. Approved by the Board and signed on its behalf by Colonel Jody Davies Col BG and Managing Trustee Date: ?+Noo Ti 12 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Auditors to the Trustees of The Brigade of Gurkhas Education and Welfare Fund Opinion We have audited the financial statements of The Brigade of Gurkhas Education and Welfare Fund for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practicel- 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 2021 and of its incoming resources and application of resources, 5ncludinE Its result, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and in accordance with the Charities Act 2011 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requjrements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities 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 charitable company's ability to continue as a Boing 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 13 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Audltors to the Trustees of The Brigade of Gurkhas Educatlon and Welfare Fund Icontinuedl Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon515tent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstaternents, 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. Opinions on other matters In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has bÈen prepared in accordance with applicable legal requirements. The financial statements for the previous year were subject to an independent examination but were unaudited. We performed sufficient work for our opinion on the current year's financial statements not to be affected in this respect. 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 IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the trustee￿ report is inconsistent in any material respect with the financial statements,. 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. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities. the trustees 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. 14 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Auditors to the Trustees of The Brlgade of Gurkha5 Education and Welfare Fund Icontinued In preparing the financial statements, the trustees are responsible for assessing the charitvs 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 charity or to tease operations, or have no realistic alternative but to do so. Our 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 dLJe to fraud or error, and to Issue a Report of the Independent Auditors 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered aterial 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detett material misstatements in respect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is considered reasonable in view of our audit work and the evidence obtained as described above, including review of the controls and monitoring implemented by the trustees. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description form5 part of our Report of the Independent Auditors. 15 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Report of the Independent Auditors to the Trustees of The Brlgade ot Gurkhas Education and Welfare Fund Icontinuedl Use of our report This report is made solely to the charitf s trustees. as a body. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors, 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 charity and the charitvs trustees as a bodyy for our audit work, for this report, or for the opinions we have formed. Chamberlains Senior Statutory Auditors and Chartered Accountsnts Elm House, Tanshire Park Shackleford Road, Elstead Godalming Surrey GU8 6LB Date.. 16 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Statement of financial activities (including income and expenditure) Un- restricted funds 2021 Unaudited Total fund5 2020 Restritted funds 2021 Totsl funds 2021 Note Income: Donations and legacies Investment income 245,974 125,318 245,974 125,318 204,136 125,298 Total income 371,292 371,292 329,434 Expenditure on: Charitable activities 223,934 223,934 3CIJ,285 Total expenditure 223,934 223,934 3CM),285 Net income and net movement in funds before11o5sesllgains on investments 147,358 147,358 29,149 Net Ilossesllgains on investments 708,172 708,172 173,0651 Transfer between funds 19,798 119,7981 Net movement in funds 875,328 119,798) 855,530 173,0651 Total funds brought forward 3,518.972 19,798 3,538,770 3,582,686 Total funds carried forward 4,394,300 4,394,300 3.538,770 The statement of financial activities includes all gains and1055es recognised in the year. All income and expenditure derive from continuing activities. 17 The 8rigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Balance sheet Unaudited 2020 Notes 2021 Flxed assets Investments 4,093,235 3,341,043 Current assets Cash at bank and in hand 306,657 306,657 201,344 201,344 Current Ilabilities Creditors.. amounts falling due within in year 5,592 3,617 Net current assets 301,065 197,727 Net assets 4.394.300 3,538,770 The funds of the charity: Restricted funds Unrestricted funds 19,798 4,394,300 3.518,972 4,394,300 3,538,770 The accompanying accounting policies and notes form part of these financial statements. Approved by the Trustees and signed on their behalf by.. Colonel Jody Davies Managing Trustee Date.. 2Lr NJ?u Li 18 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Princlpal accounting policies Basis of preparation The financial statements have been prepared in accordance with 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 IFRS1021 lupdated l January 20201 Icharities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act120111. The charity meets the definition of a public benefit entity under FR5102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note. Going Concern statement The financial statements have been prepared on a going concern basis which assumes that the charity will continue to operate. The validity of this assumption is dependent on investment returns continuing to meet the funds requirements; however, in periods of poor return the charity is able to reduce grant expenditure accordingly. The charity's business plan shows that the charity will be able to operate in the foreseeable future. Based on this understanding the trustees believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments, which would result from the basis of preparation being inappropriate. Fund accounting General accumulated f4Jnds are unrestricted funds available for general purposes and include funds designated for a particular purpose- the use of such funds remains at the discretion of the managing trustee. Restrirted funds are funds subject to conditions imposed by the donor or by specific terms of the appeal under which the funds are raised. The restrictive conditions are binding upon the Charity. Income All income is recognised in the Statement of Financial Activities when the charity is legally entitled, ultimate receipt is probable, and the amount can be quantified with reasonable accuracy. Income relating to future periods, as a result of donor-imposed conditions specifying the time period. has been treated as deferred income. Income dependent on certain conditions, amounting to more than mere administrative requirements. is recognised when the conditions have been fulfilled. 19 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis. Expenditure is classified under the following activity headings.. Expenditure on charitable expenditure includes the costs of delivery to further the purposes of the charity and associated support costs. Irrecoverable VAT is charged 35 a cost against the activity for which the expenditure was incurred. Fixed Asset Investments Fixed asset investments are included initially at cost and subsequently at fairvalue Itheir market value) at the balance sheet date. Any gain or loss on revaluation is shown in the statement of financial activities. Interest and investment income Bank interest and investment income is shown on the basis of amounts received in the year. Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand and short tem deposits repayable on within a three month notice period. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Taxatlon As a registered charity no provision is considered necessary for taxation. Penslons The BEWF employed one employee during the year with employer pension contributions going to an approved workplace stake holder pension provider Ino contributions were made by the employeel. 20 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements l. Donations and legacies Unaudited 2020 2021 Service Day's payroll giving donations Donations Legacies Other 231,778 5,115 5,000 4,081 245.974 196,405 6,000 1,731 204,136 2. Investment income Unaudited 2020 2021 Bank interest Dividends on investments 70 125,248 162 125,136 125,318 125,298 3. Expenditure Unaudited 2020 2021 Staff costs Staff travel costs Accountancy costs Grants payable (see below) Management costs payable to HQBG GBA Webslte Sundry costs Independent examiners fee Registered Auditors fee Bank charges 30,932 214 6.500 146,903 31.591 1,534 2,111 35,490 2,151 228,786 30,625 2,072 I,ioo 4,080 69 61 Total 223,934 300,285 21 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) Grants payable: Unaudited 2020 2021 Un-restrlrted.. Higher education grants Education & Welfare grant5 Adventure training grants Special one time grants Regimental Associations GSPS SDPG Heritage Falcon Club Stafford SPDG GWT- RSBF QGS SPDG un-restricted grants 518 50,993 42,118 19,090 82,921 30,000 52,867 1,506 6,530 86,000 3,146 146,903 228,786 4. Analysis of staff costs & trustee expenses Unaudited 2020 2021 Salaries National Insurance Pension contributions 29,423 31,707 1,509 3.783 Total 30,932 35,490 The Charity employed one member of staff during the year12020: 11- In addition to salary and pension, travel expenses incurred in carrying out such duties are also reimbursed. No remuneration was paid to trustees and no expenses were reimbursed. The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) 5. Investment assets Unaudited 2020 2021 Market value at beginning of year Add.. Additions at cost Less.. Disposals at carrying value Add.. Net Ilossl/Eain on revaluation 3,341,043 44,020 3,410,284 3,824 708,172 173.0651 Market value at end of year 4.093.235 3,341,043 Historical cost information for the fund is not available. Analysis of Investment assets Market value at end Income from of year investments 2021 COIF Charities Investment fund COIF Charities Global Equity Income Fund COIF Charities Property Fund 2,916,743 930,996 245,496 88,394 11.488 25,366 Total 4,093,235 125,248 Market value at end of Income from year investments 2020 {unauditedl COIF Charities Investment fund COIF Charities Global Equity Income Fund COIF Charities Property Fund CCLA fee rebate 2,378,806 711,195 251,042 82,299 24,873 14,139 3,825 Totsl 3,341,043 125,136 23 The Brigade of Gurkhas Education and Welfare Fund Financial Statements forthe year ended 31 March 2021 Notes to the financial statements (continued) 6. Creditors: amounts falling due within one year Unaudited 2020 2021 Accruals 5,592 3,617 7. Funds analysis ' Unaudited Balance at beginning of year Income Expendlture Net gains on investments Transfer5 Balance at end of year Restricted funds Service Day's Payroll Giving funds 19.798 119,7981 Unrestricted funds General fund 3,518,972 371,292 1223.9341 708,172 19,798 4,394,300 Total 3,538,770 371,292 1223,9341 708.172 4.394,300 Service Davs Payroll Giving fund.. The serving Gurkha5 and British soldiers that work within the Brigade of Gurkhas donate the equivalent of one day's pay (plus 20Y. - SNCOS and below or 40%- Officers) into this fund. Funds are then provided to the Gurkha Museum for staff wages and core activities and to the Gurkhas Welfare Trust for the welfare and benevolence of those in Nepal. With effect of 01 Apr IS, further donations go to the AGC for Gurkha GSPS members and from 01 Nov 15, donations from Cpls and below go to the Royal Signal Benevolent Fund as to fulfil their core activities, along with the net balance to the GWT and Museum. The transfer shows the recognition that no restricted funds remain unused as at 31 March 2021 24 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) 8. Analysis of net assets between funds Fund balances at 31 March 2021 are represented by- Unrestricted Funds Restricted Funds Total Funds Fixed Assets Current assets 4.093.235 306,657 {5,5921 4.394,300 4,093,265 306,657 {5,592) 4,394,300 Total Unaudited fund balances at 31 March 2020 were represented by: Unrestricted Funds Restrirted Funds Total Funds Fixed Assets Current assets 3,341,043 181,546 13,6171 3,518,972 3,341,043 201,344 13,6171 3,538,770 19,798 Total 19,798 9. Controlllng Interests and related party transactlons Whilst the BEWF charity has a close working relationship with the Gurkha Welfare Trust, Gurkha Welfare Centre, Gurkha Museum, Gurkha Brigade Assoclation, Royal Signa15 Benevolent Fund, Adjutant General Corps and the wider British Army, there are no transactions with any beneficiaries of which require disclosure under the Charities SORP IFRS1021120191. The only transattions made bv the charity in favour of the units are wholly attributable to the charitable activities of furthering military efficiency in line with the objects of the fund. The Managing Trustee is an officer or equivalent and fulfils the role as trustee in accordance with the applicable laws and regulations. No remuneration or expenses have been paid to any trustee. If expenses have been paid to trustees, these are disclosed under the Managing Trustee's comments. 25 The Brigade of Gurkhas Education and Welfare Fund Financial Statements for the year ended 31 March 2021 Notes to the financial statements (continued) 10. Funds received as agent In accordance with the Service Day Payroll Giving scheme I'SDPG'I certain funds are received by the Fund for passing on to other organisations in accordance with the scheme rules. These are not treated as income or expenditure of this Fund & are passed on to other organisations as follows.. Funds received Payments made.. Gurkha Welfare Trust The Gurkha Museum Royal Signals Benevolent Fund Adjutant General Corp5 192,244 1138,0481 150,0001 {1,7711 {2,4251 Funds remaining 26