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← International Nepal Fellowship

2025-06-30-accounts

INTERNATIONAL NEPAL FELLOWSHIP

Annual Report and Audited Accounts Year ending 30 June 2025

International Nepal Fellowship is a registered charity (no. 1047178)

We are a company limited by guarantee (no. 3060972), registered office at 196-198 Edward Road, Balsall Heath, Birmingham, B12 9LX

www.inf.org.uk

T: 0121 472 2425

E: enquiries@inf.org.uk

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

Contents

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

Chief Executive’s Summary

Dear friends,

Every figure in this report represents a story — of resilience, partnership, and hope in Nepal. As I introduce my first Annual Report as Chief Executive, I’m reminded that these numbers are not just data; they reflect lives changed through collaboration and compassion. They also tell the story of some of the most marginalised communities in Nepal, and how they are improving health, creating opportunities, and bringing hope when disasters strike.

During my visits to Nepal later in 2025, I saw first-hand how INF UK’s local partner organisations are leading this work with resilience and dedication. INF UK’s role is to stand alongside them and the communities they work in — enabling, resourcing, and amplifying their efforts and impact.

The situation in Nepal has also been volatile in recent months, with demonstrations driven by a Gen Z movement disillusioned by widespread corruption which led to an overhaul of the government. Elections in spring 2026 may bring greater stability and a government focused on public service. Yet uncertainty and even disruption is still likely in the months ahead.

Communities also continue to face increased challenges compounded by climate pressures, migration, and economic strain. Global shifts are reducing development funds for Nepal, while rural families struggle to secure sustainable livelihoods. Climate change adds further risk, from unpredictable monsoons to glacial lake outbursts and landslides.

Thanks to the generosity of supporters and the leadership of my predecessor, John Reynolds, (Chief Executive for most of the year covered by this report), INF UK enters this new season in a relatively healthy financial position. However, we are seeing significant pressure on traditional income streams, alongside squeezed household budgets and sharply increasing competition for funds. These realities call for creativity and collaboration as we plan ahead.

My 25 years in international development and work alongside people with disabilities— from Jordan to Indonesia and Australia — have taught me that organisations like INF thrive when rooted in partnership and purpose. I come to INF with a deep commitment to learning about Nepal’s culture, people, language and more.

As we look to the future, we will focus on strengthening partnerships in Nepal, diversifying income streams, and deepening our commitment to locally led development — ensuring INF UK remains a trusted and compassionate ally in a changing world. I lean on prayer and God’s guidance, trusting that hope and faith will shape our next steps. Together with our partners, we will continue to serve those most excluded in Nepal.

Thank you for your support, your generosity, and your shared commitment to this work.

Matthew Hanning Chief Executive Officer, INF UK

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

The trustees present their report along with the audited financial statements of the charity for the year ended 30 June 2025.

Reference and administrative information set out on page 16 forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice – Accounting and Reporting by Charities (effective from January 2019).

About INF UK

International Nepal Fellowship (INF) is Nepal’s longest serving international NGO with more than seven decades of experience working with Nepal’s poorest and most disadvantaged people and communities.

Today, INF in the UK is a forward-thinking and impactful organisation, fulfilling its charitable objectives and demonstrating public benefit by supporting programmes delivered by our Nepali partner organisations addressing key needs in healthcare, disability, community resilience, education, and emergency relief.

OUR VISION

Life in all its fullness for Nepal’s poor and disadvantaged people and communities.

OUR MISSION

Supporting local Nepali communities and healthcare services, to improve health, reduce poverty, and promote social inclusion.

OUR VALUES

OUR ETHOS

We are motivated by our Christian faith, showing active compassion for some of the world’s poorest, and encouraging individuals and communities to access and enjoy their rights is a holistic expression of our values.

We believe all people are equal, and so inclusion and dignity are very important to us, irrespective of gender, sexual orientation, religious belief, disability, economic status, caste, or any other feature.

DEMONSTRATING PUBLIC BENEFIT

When deciding its priorities, trustees consider how these will further the charity’s purposes for the public benefit. Trustees take account of The Charity Commission’s general guidance on public benefit, its supplemental advice on the prevention and relief of poverty, and advancement of religion for public benefit.

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

INF UK’s CEO and Programmes Manager visited several partners and projects during the year and also met with board members and the senior leadership team of INF Nepal (INFN), its primary partner. Numerous video-conferencing meetings were also held between INF UK senior staff and our Nepali partners to supplement project reporting and other regular communications.

Partners in Nepal

We work through a small number of like-minded partners who share our vision and values. During the past year, these local NGOs in Nepal were:

INF Nepal (INFN): As a member of the international INF family, our primary strategic partner is INF Nepal, a locally-registered NGO based in Pokhara. Through this relationship we have supported INF’s three hospitals in Pokhara, Surkhet and Banke, as well as major development projects serving remote communities in western districts. This has included helping disadvantaged people become more resilient to major threats to their livelihoods, such as climate change and natural disasters.

Asal Chhimekee Nepal (ACN): The social action arm of the Pokhara Christian Community (PCC), a grouping of 60-plus churches based in the Pokhara area, ACN’s name translates as ‘Good Neighbour Nepal’. ACN has valuable expertise in helping communities respond to natural disasters, working in conjunction with municipal authorities, and will often also mobilise networks of local churches to support disaster relief activities. We have also supported aspects of ACN’s community development work serving marginalised people.

Group of Helping Hands (SAHAS) Nepal: A Kathmandu-based NGO with experience of helping rural communities develop in the poorest parts of Nepal. Our partnership with SAHAS is focused on a project in an eastern district of the Terai plains which is not covered by our other partners.

United Mission to Nepal (UMN): Another long-standing and highly respected Christian development organisation, UMN has also been serving in Nepal since the 1950s. Our partnership is currently focused on UMN’s experience with education projects in Nepal.

Sarwangin Sewa Samaj (SSS): A volunteer-led organisation in Nepalgunj, supporting very poor patients and their carers at the Bheri Zonal Hospital with essential needs that would otherwise not be met.

Programmes in Nepal

During the past year our partners have delivered significant work towards our shared vision of fullness of life for Nepal’s most disadvantaged people and communities.

This report gives a taste of programmes in Nepal funded by INF UK supporters and donors during 202425 – from INF Nepal’s three hospitals and community health projects, to disaster relief to help people recover from floods, landslides and earthquakes. Furthermore, multi-year projects in remote communities are helping strengthen livelihoods against threats such as poverty and climate change, as well as improve the quality of education.

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

Our full annual Impact Report can be found at www.inf.org.uk/report or requested by contacting the INF UK office.

Healthcare

Green Pastures Hospital, Pokhara

Green Pastures Hospital provides comprehensive care, including diagnosis, treatment, and rehabilitation for people with disabilities in western Nepal.

INF UK supporters helped provide some new equipment – a portable x-ray machine, and a patient monitor. These items are already helping improve patient care and support the expertise of our INF’s committed hospital staff.

Towards Zero Leprosy (INF Nepal)

Green Pastures delivers excellence in compassionate care for people affected by leprosy. This project is part of longer-term plans to eradicate leprosy in Nepal by 2030 – that means zero infection, zero disability, and zero stigma – in tandem with the aims of the World Health Organisation and the Government of Nepal.

Awareness raising, new diagnoses, contact tracing, and developing the expertise of government health posts are all part of this work. During the year, 980 people receive outpatient support at Green Pastures and 263 people were admitted for inpatient treatment.

Medical Charity Fund

INF provide support for poor and marginalised people who are unable to afford the cost of healthcare. This year, 385 patients were helped by the Medical Charity Fund following a socio-economic assessment by our Social Services department. Support included providing assistive devices, surgical procedures, and rehabilitation to prepare for life at home.

Greenhouse, courtyard, and safe farming field

New facilities to support the rehabilitation of leprosy patients opened in early 2024, but work continued on the establishment of these new services throughout the remainder of the year. This extensive outdoor area includes a wheelchair accessible courtyard, a greenhouse, and a safe farming field. It not only supports patients’ holistic rehabilitation while at Green Pastures but also gives them skills to use when back at home.

Surkhet

Shining Hospital, Surkhet (INF Nepal)

A new Children’s Inpatient Care Ward was developed at INF’s Shining Hospital in Surkhet district. This 5- bed ward has modern therapy tools and child-friendly decoration to create a welcoming environment.

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

This will improve medical care and therapy for children, supporting their wellbeing and recovery in Surkhet.

INF UK supporters also helped fund a new home modification and wheelchair training zone in the hospital grounds, to help patients adapt for important daily tasks and to enhance mobility.

Medical Charity Fund

Shining Hospital Surkhet is a rehabilitation centre for people living in Karnali province in western Nepal. The Medical Charity Fund is available for patients who are unable to afford the cost of any type of treatment at the hospital following a socio-economic assessment. Over the course of the year, a total of 89 individuals benefited from the Medical Charity Service, receiving vital healthcare support despite financial challenges.

Fistula Centre, Surkhet (INF Nepal)

INF UK continues to support the work of Dr Shirley Heywood MBE, a British gynaecological surgeon who leads the team at the Fistula Centre which opened in 2019.

Banke

Shining Hospital, Banke (INF Nepal)

INF UK also contributed to the vital services for people affected by leprosy in Banke and surrounding districts in the western part of the Terai plains. This is part of the country where leprosy is more prevalent than many hilly districts, so developing this hospital as a hub for supporting people with leprosy across western Nepal is a vital part of INF’s healthcare provision.

As the hospital has been open for almost a decade, we also supported the development of the buildings and physical infrastructure. Upgrades included a new covered patient waiting area, internal and external painting of building, maintenance of a solar power back-up system, and construction of a drainage system.

Sarwangin Sewa Samaj, Banke (SSS)

SSS provides patient support, advocacy, counselling and fellowship for the most poverty-affected people needing medical treatment at Bheri Zonal Hospital in the city of Nepalgunj, Banke district. It also runs a hostel providing accommodation and food for patients and their caregivers.

Community Health

Access and Inclusion, Surkhet (INF Nepal)

INF Nepal’s work in Surkhet district is not limited to the work of Shining Hospital. This project is improving health outcomes for people with disabilities, supporting access to social protection measures, skills development, and work opportunities – bringing economic benefits to families and communities. During the third year of this project, achievements also included making disability-friendly modifications at 9 health posts and 12 schools, to help make healthcare and education more accessible for all.

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

Rights and Inclusion, Bardiya and Kailali (INF Nepal)

This new project began in December 2024, to empower people affected by leprosy, people with disabilities, and disaster-prone communities. This will include engaging with government bodies and strengthening local implementation of policies that protect their rights.

By addressing social, economic, and policy-related barriers, this project will contribute to greater independence, dignity, and inclusion, enabling people to fully exercise their rights and actively participate in society.

Resilient Communities

Inclusive Development, Empowerment and Livelihood (IDEAL), Bajura (INF Nepal)

This project aims to sustainably improve the quality of life for communities in this remote district of western Nepal – improving inclusion for marginalised groups, increasing food security, and making healthcare more accessible.

All 90 self-help groups are identifying local issues, creating action plans, and implementing community development activities. Out of 694 self-help group members, 687 women have improved their financial access through savings and income generating activities. Also, through regular network meetings and SHG support, 110 PWDs are actively involved in local decision-making bodies.

Building Resilience through Empowerment on Adaptability against Disaster Risks and Climate Change (BREAD), Kalikot (INF Nepal)

This project continues INF Nepal’s commitment to people living in the remote western district of Kalikot. It has a focus on improving people’s livelihoods by strengthening their resilience and capacity to adapt to climate change and disaster risks.

By the end of 2024, 45 self-help groups had been formed to share resources and support incomegenerating activities. Other significant achievements include the establishment of nine model farms, enhanced food security, and increased incomes for farmers.

Asha: Adolescent-led Resilient Livelihoods, Siraha (SAHAS Nepal)

The project has been empowering 191 teenage girls from marginalised low-caste families in Siraha district to become change-makers and improve living standards for them and their families.

The total number of low-caste Dalit families directly benefitting from this project in the Arnama Rural Municipality is 522. Of these, 147 are landless, and the remaining are smallholders.

Resilient, Inclusive, Sustainable Development (RISE), Bajura (INF Nepal)

This project began in late 2024 to enhance the resilience of vulnerable households, particularly women and girls, against the adverse effects of climate change. It works through 74 farmer groups, community forest user groups, schools, drinking water user committees, and disaster risk reduction committees – all

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

to drive transformative change, create sustainable agricultural practices, and develop diversified sources of income generation.

Education

School Education Enhancement, East Rukum (UMN)

This project aims to improve access to quality education in 20 schools in rural Nepal. The particular focus is on girls, children with disabilities, and marginalised families. The first year has begun to address major causes of poor-quality education: a lack of inclusive child-friendly environments, poor governance capacity, lack of teacher training, low interest in school education, lack of awareness of parents in children's education, and rampant practices of harmful social practices.

Emergency Relief

Monsoon 2024 response, various districts (ACN)

Relief work carried out by ACN in in the early part of Nepal’s 2024 monsoon season across various districts included responding after a landslide in Baglung district left 70 families with fully or partially damaged homes or at risk of further landslides. ACN’s work has also helped monsoon-affected families in Kaski, where they distributed tin sheets to 26 families after landslides and the Seti River burst its banks in the Pokhara area. Additionally, they provided materials to help rebuild a damaged school in Myagdi, gave temporary shelters to 60 families in Rukum, and a team went to support 64 families in Badhigadh.

Heavy rain during the last few days of September caused many fatalities and widespread damage across Nepal. ACN helped 410 families and 300 new mothers in Nawalparasi and Rautahat districts, which experienced severe flooding. Homes were inundated with floodwater and many people lost vital crops which they rely on for food and livelihoods.

Jajarkot earthquake recovery (INF Nepal)

Following a significant earthquake that affected parts of Nepal in November 2023, INF Nepal initiated a project to support the recovery and reconstruction of affected communities in Jajarkot district. In its first year, the project successfully established a strong foundation for project implementation, with strong coordination and collaboration with the local government, community members, and other stakeholders.

Capital projects

Community Service Centre, Pokhara (PCC and ACN)

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

We remain committed to the plans of ACN and the Pokhara Christian Community to build a new Community Service Centre, which has continued to progress through the design and planning phases. This did not involve any INF UK financial commitment or expenditure this year, though we are holding substantial designated funds in our accounts ahead of construction which is due to start in 2026.

Safeguarding

INF UK believes that all people have a right to feel safe and valued, and to live their lives free from coercion, modern slavery, sexual violence, harassment, and abuse. We seek to proactively encourage a culture where issues and concerns about safeguarding are raised and discussed, and where we provide a safe environment for all people that the organisation engages with.

The INF UK Board of Trustees is responsible for holding INF UK accountable for compliance with UK safeguarding law and best practice and ensuring that our partners are also following safeguarding policy and practice. The Board understands its legal duty to be accountable and responsible for Safeguarding for all persons who represent, support or benefit from the operations of INF UK. The Board appoints one of its members as a Safeguarding Lead Trustee, for a term of three years. The current Safeguarding Lead Trustee is Rosie Hart.

Safeguarding is a fixed agenda item for all Board meetings and any concerns or issues are discussed by the CEO and the Safeguarding Lead Trustee as and when they arise and actioned as appropriate. During the 2024-25 year there were no safeguarding concerns raised.

Financial Activities of the Charity

Summary

During 2024-25, total incoming resources were £712,888 (2024: £731,400). Most of its funds are sourced from private individuals, trusts and churches.

Total expenditure was £958,517 (2024: £846,403).

Expenditure during the year was higher than income as budgeted, due to the planned use of unrestricted and designated reserves for programmes in Nepal.

Funds

(a) General Fund

Total unrestricted income for the General Fund was £422,174 (2024: £417,914).

This was mainly made up of general donations, legacy income, and investment income.

(b) Programmes in Nepal

This is income for the work in Nepal. Income was £290,714 (2024: £313,486).

International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

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The fundraising environment continues to bring significant challenges for the core income streams of trusts, foundations, and individual giving, so income was lower than the previous year.

Reserves

(a) Unrestricted reserves

The total of unrestricted funds held as at 30 June 2025 is as follows:

Unallocated General Funds £46,895
Designated: Future Growth £113,233
Designated: Programmes £359,618
Designated: Operating Reserve £214,000
TOTAL UNRESTRICTED FUNDS £733,746

(b) Restricted reserves

These are funds held on behalf of a project, or for a restricted purpose.

The charity raises funds to support its partners’ programmes and projects, primarily from individuals, trusts and foundations. These funds are managed and paid to partners under Memorandums of Understanding (MoUs) signed between the charity and its partners. An MoU will reference the plans and budgets upon which an agreement has been made, and it will also contain a reporting and payment schedule. Payments are normally paid against a report from a partner detailing the work completed against its plans and money spent against the previously submitted budget. MoUs normally cover a period of 1-3 years. Funds received by the charity for a partner’s project, but not yet guaranteed for payment, are held as restricted funds in the charity’s accounts until firm commitments are made.

The total value of restricted funds held as 30 June 2025 was £41,417 (2024: £225,009).

Investment policy

The trustees have the power to invest in such assets as they see fit. Safety of the charity’s assets is an important factor for the board and consequently most of its reserves are held in cash at longestablished banks. There are plans to review this position next year.

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

Events after the reporting period

None.

Charity details

International Nepal Fellowship (also known as INF UK) is a registered charity (number 1047178) and a company limited by guarantee (number 03060972).

The company’s registered address is: 196-198 Edward Road, Balsall Heath, Birmingham, B12 9LX.

Structure, governance, and management

Governing document

INF UK is a company limited by guarantee and it is also a Charity registered with the Charity Commission of England and Wales. It is governed by its Articles of Association that were updated in March 2020. There are currently eight members of the company, each of whom agrees to contribute £1 in the event of the charity winding up.

Appointment of trustees

New trustees are recruited through a mix of advertising (through INF publications) and direct approach by the trustees.

The charity’s policy is that trustees serve for a maximum period of ten years before standing down for a minimum of one year. This, together with a natural turnover of trustees, ensures new trustees are appointed on a regular basis.

The Chair manages the overall trustee composition proactively to ensure a balance of skills and experience is maintained. The Board has made a recent commitment to increase diversity, including gender equity, plus increased representation of Nepalis and people with disabilities. The make-up of the board is considered when appointing new trustees.

Trustee induction and training

New trustees undergo an induction programme which includes a history of INF UK and its work, a copy of its accounts, its Articles of Association, and key internal documents including INF UK’s strategic plan. Once appointed, trustees continue to receive training during trustee meetings and their contribution is reviewed by the Chair of Trustees.

Organisation

The board of trustees administers the charity and is responsible for the overall direction of the organisation and the policies that govern the way the organisation functions. The trustees meet a minimum three times a year, one of which is a two-day meeting, with additional meetings as needed.

Responsibility for the day-to-day leadership and management of the charity is delegated to the Chief Executive Officer (CEO) who is appointed by the trustees and is responsible for achieving the charity’s strategic goals. To facilitate effective operations, the CEO has delegated authority, within

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

terms of delegation approved by the trustees, for all operational matters including finance and employment. The CEO is line-managed by the Chair on behalf of the trustees.

This year, Matthew Hanning was appointed as CEO by the board of trustees in May 2025 after a robust recruitment process, following the retirement of John Reynolds.

Related parties and co-operation with other organisations

None of the trustees receive remuneration or other benefits from their work with the charity. Any connection between a trustee or senior manager of the charity with any supplier or beneficiary must be disclosed to the full board of trustees, similarly for any other contractual relationship with a related party. In the current year no such related party transactions were reported.

While INF UK’s principal partner is INFN, there are no voting or appointment rights or any other form of control over it, or by it of INF UK.

Pay policy for senior staff

All trustees give of their time freely and no trustee received a remuneration in the year. Details of trustee expenses and any related party transactions are disclosed in note 6 to the accounts.

The pay of senior staff is reviewed annually and benchmarked against pay levels in charities of a similar size and complexity.

Risk management

The trustees have a risk management strategy:

Small company provisions

The trustees’ report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption provided by section 408 and section 414B (b) of the Companies Act 2006.

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

Voluntary help and gifts in kind

The trustees are very grateful to a number of volunteers who have helped in various aspects of our work during the past year.

Statement of responsibilities of the trustees

The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees 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.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the charitable company during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 21 January 2025 and signed on their behalf by:

Dr Ian Smith – Chair

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International Nepal Fellowship - Annual Report and Audited Accounts (year ending 30 June 2025)

International Nepal Fellowship

Reference and administrative details

For the year ended 30 June 2025

Company number 03060972
Charity number 1047178
Registered office and 196-198 Edward Road
operational address Balsall Heath
Birmingham
B12 9LX
Trustees Trustees, who are also directors under company law, who served during
the year and up to the date of this report were as follows:
Vijiya Adhikari resigned 6 October 2024
Deborah Angdembe
Stephen Collins
Dr Andrew Cordell
Rosemary Hart
Professor Andrew Lymer Treasurer
David McConkey resigned 6 October 2024
Diane Norton appointed 4 October 2025
Dr Ian Smith Chair, appointed 5 October 2024
Michael Thomas Chair until 5 October 2024; resigned 6
October 2024
Company secretary Mr Matthew Hanning appointed 20 May 2025
Mr John Reynolds resigned 9 June 2025
Chief executive officer Mr Matthew Hanning appointed 19 May 2025
Mr John Reynolds retired 30 June 2025
Bankers Bank of Scotland
33 Old Broad Street
London
EC2N 1HW
Solicitors Anthony Collins Solicitors
134 Edmund Street
Birmingham
B3 2ES
Auditors Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

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Independent auditors' report

To the members of

International Nepal Fellowship

Opinion

We have audited the financial statements of International Nepal Fellowship (the 'charity') for the year ended 30 June 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related 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, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

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Independent auditors' report

To the members of

International Nepal Fellowship

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 inconsistent 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 misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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Independent auditors' report

To the members of

International Nepal Fellowship

Our responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

(5) We reviewed the financial statement disclosures and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

▪Testing transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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Independent auditors' report

To the members of

International Nepal Fellowship

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 forms part of our auditor’s report.

Use of our report

This report is made solely to the charityʼs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charityʼs members those matters we are required to state to them in an auditorʼs 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 charityʼs members as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 22 January 2026

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of:

GODFREY WILSON LIMITED

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

20

International Nepal Fellowship

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 30 June 2025

Note
Income from:
Donations and legacies
3
Investments
4
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net gains on investments
Net income / (expenditure)
Transfers between funds
Net movement in funds
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Restricted
£
290,714
-
290,714
-
545,027
545,027
-
(254,313)
70,721
(183,592)
225,009
41,417		 Unrestricted
£
406,497
15,677
422,174
167,819
245,671
413,490
5,527
14,211
(70,721)
(56,510)
790,256
733,746		 2025
Total
£
697,211
15,677
712,888
167,819
790,698
958,517
5,527
(240,102)
-
(240,102)
1,015,265
775,163		 Restated
2024
Total
£
711,055
20,345
731,400
137,915
708,488
846,403
7,432
(107,571)
-
(107,571)
1,122,836
1,015,265

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 18 to the accounts.

Prior period expenditure has been reclassified to reflect the requirements of the Charities SORP (FRS 102) and to be comparable with the current year. The restatements are purely reclassifications of income and expenditure and do not affect net income.

21

International Nepal Fellowship

Balance sheet

As at 30 June 2025

As at 30 June 2025
2025 2024
Note £ £ £
Fixed assets
Tangible assets 11 1,475 627
Investments 12 60,374 54,847
61,849 55,474
Current assets
Debtors 13 169,171 20,565
Current asset investments 14 560,682 745,426
Cash at bank and in hand 157,557 282,115
887,410 1,048,106
Liabilities
Creditors: amounts falling due within 1 year 15 (174,096) (88,315)
Net current assets 713,314 959,791
Net assets 17 775,163 1,015,265
Funds 18
Restricted funds 41,417 225,009
Unrestricted funds
Designated funds 686,851 581,475
General funds 46,895 208,781
Total charity funds 775,163 1,015,265

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

Approved by the trustees on 21 January 2026 and signed on their behalf by

Ian Smith - Chair

22

International Nepal Fellowship

Statement of cash flows

For the year ended 30 June 2025

Cash used in operating activities:
Net movement in funds
Adjustments for:
Depreciation charges
Gains on investments
Investment income
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
Cash flows from investing activities:
Investment income
Purchase of tangible fixed assets
Net cash provided by investing activities
Decrease in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Total cash and cash equivalents comprise:
Current asset investments
Cash at bank and in hand
Cash and cash equivalents at the end of the year		 2025
£
(240,102)
706
(5,527)
(15,677)
(148,606)
85,781
(323,425)
15,677
(1,554)
14,123
(309,302)
1,027,541
718,239
560,682
157,557
718,239		 2024
£
(107,571)
826
(7,432)
(20,345)
21,881
(59,025)
(171,666)
20,345
-
20,345
(151,321)
1,178,862
1,027,541
745,426
282,115
1,027,541

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

23

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

1. Accounting policies

a) General information and basis of preparation

International Nepal Fellowship is a charitable company limited by guarantee registered in England and Wales. The registered office address is 196-198 Edward Road, Balsall Heath, Birmingham, B12 9LX.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

International Nepal Fellowship meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

24

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

1. Accounting policies (continued)

e) Funds accounting

Unrestricted funds are funds available for use at the discretion of the trustees to further the charity’s purposes. Designated funds are unrestricted funds that the trustees have earmarked for specific strategic purposes. At 30 June 2025, these include:

Restricted funds are donations or grants that donors have specified must be used for particular areas of the charity’s work or specific projects.

f) Expenditure and irrecoverable VAT

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

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

g) Grants payable

Grants payable are recognised as expenditure when the commitment is entered into. Where such a grant is to be paid over instalments, the outstanding balance is recognised as a liability to the extent that a legal or constructive obligation exists.

h) Allocation of support and governance costs

Support costs are the costs incurred by UK-based staff, directly providing support for the staff and programmes based in Nepal. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities based on the proportion of staff costs, as follows:

itable activities based on the proportion of staff costs, as follows:
2025 2024
Raising funds 17.5% 16.3%
Charitable activities 82.5% 83.7%

i) Tangible fixed assets

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Computer equipment 3 years straight line

Items of equipment are capitalised where the purchase price exceeds £1,000.

j) Investments

Investments are valued at market value in accordance with the SORP. Changes in value during the period are reported as gains/losses in investment assets in the SOFA.

25

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

1. Accounting policies (continued)

k) Debtors

l) Current asset investments

Current asset investments consist of cash held on deposit in interest bearing accounts with a maturity date of between 3 and 12 months. Such investments are measured at their fair value.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors

Creditors and provisions 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

p) Pension costs

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. There are no further liabilities other than that already recognised in the SOFA.

q) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. Exchange differences are recognised in the SOFA.

r) Operating leases

Payments made under operating leases are charged on a straight line basis over the term of the lease.

s) Accounting estimates and key judgements

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

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

26

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

1. Accounting policies (continued)

s) Accounting estimates and key judgements (continued)

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Depreciation

As described in note 1i to the financial statements, depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

2. Prior period comparatives: statement of financial activities (restated)

Income from:
Donations and legacies
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net losses on investments
Income from donations and legacies
Donations for partners' programmes and projects
Volunteer worker support fund
General donations
Legacy income
Total income from donations and legacies
Net income / (expenditure) and net movement in
funds		 Restricted
£
£
313,486
397,569
-
20,345
313,486
417,914
-
137,915
541,093
167,395
541,093
305,310
-
7,432
(227,607)
120,036
Restricted
£
£
268,008
-
22,706
-
-
234,349
-
172,148
290,714
406,497
Unrestricted
Unrestricted		 2024
Total
£
711,055
20,345
731,400
137,915
708,488
846,403
7,432
(107,571)
2025
Total
£
268,008
22,706
234,349
172,148
697,211

3. Income from donations and legacies

27

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

For the year ended 30 June 2025
3.
Income from donations and legacies (continued)
Prior period comparative:
Donations for partners' programmes and projects
Volunteer worker support fund
General donations
Legacy income
Total income from donations and legacies		 Restricted
£
£
291,782
-
21,704
-
-
237,678
-
159,891
313,486
397,569
Unrestricted		 2024
Total
£
291,782
21,704
237,678
159,891
711,055

4. Investment income

Bank interest
Dividends		 2025
Total
£
15,677
-
15,677		 2024
Total
£
20,279
66
20,345

Investment income was unrestricted in the current and prior year.

5. Government grants

The charitable company receives government grants, defined as funding from the Department for Work and Pensions to fund charitable activities. The total value of such grants in the period ending 30 June 2025 was £9,274 (2024: £10,092). There are no unfulfilled conditions or contingencies attaching to these grants in the current or prior year.

28

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

6. Total expenditure

Total expenditure
Grants payable (note 8)
Volunteer workers support costs
Website, CRM and outsourced services
Fundraising expenses
Communication costs
Personnel costs (note 9)
Premises and office costs
Finance, legal and professional
Depreciation
Trustee expenses
Exchange (gains) / losses
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
-
40,158
15,946
-
56,388
-
-
-
-
-
112,492
55,327
167,819		 Charitable
activities
£
468,205
5,035
-
-
-
56,778
-
-
-
-
-
530,018
260,680
790,698		 Support costs
£
-
-
8,608
-
28,675
214,599
15,949
9,739
706
-
1,090
279,366
(279,366)
-		 Governance
costs
£
-
-
-
-
-
-
-
29,573
-
7,068
-
36,641
(36,641)
-		 2025 Total
£
468,205
5,035
48,766
15,946
28,675
327,765
15,949
39,312
706
7,068
1,090
958,517
-
958,517

29

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

For the year ended 30 June 2025
6.
Total expenditure
Prior period comparative (restated):
Grants payable (note 8)
Volunteer workers support costs
Website, CRM and outsourced services
Fundraising expenses
Communication costs
Personnel costs (note 9)
Premises and office costs
Finance, legal and professional
Depreciation
Trustee expenses
Exchange (gains) / losses
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
-
-
36,337
7,657
-
46,273
-
-
-
-
-
90,267
47,648
137,915		 Charitable
activities
£
413,172
5,394
-
-
-
45,148
-
-
-
-
-
463,714
244,774
708,488		 Support costs
£
-
-
7,904
-
8,722
238,307
15,193
8,088
826
-
(42)
278,998
(278,998)
-		 Governance
costs
£
-
-
-
-
-
-
-
9,720
-
3,704
-
13,424
(13,424)
-		 2024 Total
£
413,172
5,394
44,241
7,657
8,722
329,728
15,193
17,808
826
3,704
(42)
846,403
-
846,403

30

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

7. Net movement in funds

This is stated after charging:

Depreciation
Operating lease payments
Trustees' remuneration
CEO search
Trustees' reimbursed expenses
Auditors' remuneration (excluding VAT):
Statutory audit		 2025
£
706
6,900
Nil
19,373
7,068
8,500		 2024
£
826
7,410
Nil
Nil
3,704
8,100

Trustees' reimbursed expenses relate to board meeting expenses incurred by 7 trustees (2024: 7 trustees).

Governance expenditure was higher than in the previous year due to the one-off costs associated with the recruitment of a new Chief Executive Officer following the retirement of the former post-holder. To ensure a thorough and effective process, the trustees engaged an external recruitment consultant, and the related fees are reflected within governance costs for the year.

8. Grants payable to partners

Group of Helping Hands (SAHAS) Nepal
Total grants committed in the period
Grants written back from prior periods
INF Nepal
Asal Chhimekee Nepal (ACN)
Sarwangin Sewa Samaj
Other one-off grants
United mission to Nepal
Total grant expenditure		 2025
£
338,132
27,000
36,722
12,117
55,000
2,000
470,971
(2,766)
468,205		 2024
£
295,771
30,517
39,580
8,600
45,000
442
419,910
(6,738)
413,172

All grants are paid to fund charitable activities in Nepal. The grants shown above do not include any support cost allocations.

31

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

9. Staff costs and numbers

Staff costs were as follows:

Staff costs and numbers
Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs
Courses, travel and other		 2025
£
248,409
18,515
24,946
35,895
327,765		 2024
£
260,501
20,799
25,452
22,976
329,728

No employee earned more than £60,000 during the year (2024: none).

The key management personnel of the charitable company comprise the Trustees and Chief Executive Officer (2024: Trustees and Chief Executive Officer). The total employee benefits of the key management personnel including gross wages, employer's national insurance and pension contributions were £81,477 (2024: £68,853).

There were no redundancy or termination costs in the current year. In the prior year salaries and wages include redundancy and termination costs totalling £2,704. Redundancy and termination costs have been funded from unrestricted general funds (note 17).

Average head count 2025
No.
7.17		 2024
No.
7.25

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

32

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

11. Tangible fixed assets

Cost
At 1 July 2024
Additions in year
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
At 30 June 2025
Net book value
At 30 June 2025
At 30 June 2024
12.
Investments
Market value 1 July
Unrealised gains
Market value at 30 June
13.
Debtors
Gift aid receivable
Prepayments
Accrued income
Other debtors		 2025
£
54,847
5,527
60,374
2025
£
9,323
16,969
132,221
10,658
169,171		 £
5,832
1,554
Computer
equipment
7,386
5,205
706
5,911
1,475
627
2024
£
47,415
7,432
54,847
2024
£
6,298
9,437
4,830
-
20,565

33

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

For the year ended 30 June 2025
14.
Current asset investments
Cash equivalents held on deposit
15.
Creditors: amounts falling due within 1 year
Grant commitments (note 16)
Accruals
Other taxation and social security
16.
Grants commitments
Grant commitments brought forward
Grants committed during the period (note 8)
Grants written back in the period (note 8)
Grants paid during the period
Grant commitments carried forward
17.
Analysis of net assets between funds
Restricted
funds
£
Tangible fixed assets
-
Investments
-
Net current assets
41,417
Net assets at 30 June 2025
41,417
Prior period comparative
Restricted
funds
£
Tangible fixed assets
-
Investments
-
Net current assets
225,009
Net assets at 30 June 2024
225,009		 £
-
60,374
626,477
686,851
£
-
54,847
526,628
581,475
Designated
funds
Designated
funds		 2025
£
560,682
2025
£
138,236
31,047
4,813
174,096
2025
£
54,253
470,971
(2,766)
(384,222)
138,236
General
funds
£
1,475
-
45,420
46,895
General
funds
£
627
-
208,154
208,781		 2024
£
745,426
2024
£
54,253
29,194
4,868
88,315
2024
£
120,754
419,910
(6,738)
(479,673)
54,253
Total
funds
£
1,475
60,374
713,314
775,163
Total
funds
£
627
54,847
959,791
1,015,265

34

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

For the year ended 30 June 2025
18.
Movements in funds
Restricted funds
Partners' programmes and projects:
Gordon Leitch memorial fund
Access to work fund
Volunteer workers support fund
Welfare fund for volunteer workers
Total restricted funds
Designated funds:
Operating reserve
Nepal programmes reserve
Strategic development fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
Nepal programmes		 At 1 July
2024
£
176,929
29,316
-
6,620
12,144
225,009
240,000
265,979
75,496
581,475
208,781
790,256
1,015,265		 Income
£
258,734
-
9,274
22,706
-
290,714
-
-
-
-
422,174
422,174
712,888		 £
£
(506,384)
-
-
-
(9,274)
-
(29,326)
-
(43)
-
(545,027)
-
-
-
-
-
(40,158)
-
(40,158)
-
(373,332)
5,527
(413,490)
5,527
(958,517)
5,527
Expenditure
Gains / (losses)
on investments		 £
70,721
-
-
-
-
70,721
(26,000)
93,639
77,895
145,534
(216,255)
(70,721)
-
Transfers
between funds		 £
-
29,316
-
-
12,101
At 30 June
2025
41,417
214,000
359,618
113,233
686,851
46,895
733,746
775,163

35

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

18.
Movements in funds (continued)
Restricted funds
Partners' programmes and projects:
Gordon Leitch memorial fund
Chhahari School
KISC
Volunteer workers support fund
Welfare fund for volunteer workers
Total restricted funds
Designated funds:
Operating reserve
Nepal programmes reserve
Strategic development fund
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
Prior period comparative
Nepal programmes		 At 1 July
2023
£
341,485
29,316
442
193
69,036
12,144
452,616
240,000
265,979
111,833
617,812
52,408
670,220
1,122,836		 Income
£
281,690
-
-
-
31,796
-
313,486
-
-
-
-
417,914
417,914
731,400		 £
£
(446,881)
-
-
-
-
-
-
-
(94,212)
-
-
-
(541,093)
-
-
-
-
-
(36,337)
-
(36,337)
-
(268,973)
7,432
(305,310)
7,432
(846,403)
7,432
Expenditure
Gains / (losses)
on investments		 £
635
-
(442)
(193)
-
-
-
-
-
-
-
-
-
-
Transfers
between funds		 £
176,929
29,316
-
-
6,620
12,144
At 30 June
2024
225,009
240,000
265,979
75,496
581,475
208,781
790,256
1,015,265

36

International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

18. Movements in funds (continued) Purposes of restricted funds

Partners' programmes and projects

The charity raises funds to support its partners’ programmes and projects, primarily from individuals, trusts and foundations. These funds are managed and paid to partners under Memorandums of Understanding (MoUs) signed between the charity and its partners. An MoU will reference the plans and budgets upon which an agreement has been made, and it will also contain a reporting and payment schedule. Payments are normally paid against a report from a partner detailing the work completed against its plans and money spent against the previously submitted budget. MoUs normally cover a period of 12-36 months. Funds received by the charity for a partner’s project, but not yet guaranteed for payment, are held as restricted funds in the charity’s accounts until firm commitments are made.

Access to work fund

Funding to support access to work for an employee.

Volunteer workers support fund

The purpose of this fund is several-fold. This provides a cushion against fluctuating income for volunteer allowances and gives peace of mind to volunteer workers while serving with INF. It also provides liquid funds to enable the repatriation of all workers from Nepal in the event of a natural disaster or civil unrest. Finally, because living allowances are higher when a volunteer is on Home Assignment in his/her home country, an element of provision is needed to cover these higher costs.

Welfare fund for volunteer workers

This fund is a result of a major fundraising effort some years ago on behalf of Volunteer Workers. It has grown through continuing standing orders and now amounts to £12,101. One example of the way this fund is used are small individual grants offered to retired Volunteer Workers to assist for travel costs associated with INF Conferences.

Purposes of designated funds

Operating reserve

This fund represents the Board’s policy to hold reserves equivalent to six months of operating costs (£214,000) to safeguard against unforeseen events and ensure continuity of core activities. The level is reviewed annually in line with risk assessment and budget.

Nepal programmes reserve

This fund comprises amounts set aside from unrestricted reserves to meet grant commitments to INF Nepal and other partners for agreed projects, currently including leprosy care at Green Pastures Hospital, the RISE community health project in Bajura, and earthquake reconstruction in Jajarkot.

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International Nepal Fellowship

Notes to the financial statements

For the year ended 30 June 2025

18. Movements in funds (continued) Purposes of designated funds (continued)

Strategic development fund

This fund supports strategic initiatives such as programme growth, innovation, and organisational resilience under INF UK’s new strategy. It enables investment ahead of income generation to strengthen long-term impact and sustainability.

Transfers between funds

Transfers to restricted funds represent the topping up of overspends on restricted funds. Transfers to designated funds have been recognised to align fund balances to planned activities in the next financial year.

19. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as

Amount falling due:
Within 1 year		 2025
2024
£
£
1,725
1,725
1,725
1,725

20. Related party transactions

There were no related party transactions during the year (2024: none).

21. Financial instruments at fair value

Financial assets measured at fair value 2025
£
60,374		 2024
£
54,847

Financial assets measured at fair value comprise listed investments.

22. Contingent assets

The charity has been notified of a legacy at 30 June 2025 for which the amount receivable cannot be reliably ascertained and there has been no notification of a distribution from the estate. Indications are that the estimated value of this potential legacy is in the region of £800k.

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