UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Registered Charity No. 1083226
UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024
CONSTITUTION
The United Mission to Nepal Hospitals’ Endowment Trust was established by a Declaration of Trust on 20 September 2000 and registered with the Charity Commission on 7 November 2000.
TRUSTEES
The Trustees during the financial year ending 31 December 2024 and up to the date of the signing of this Trustees’ report were the following:
Dr Anthony Cleve Chevassut (Chair) Mrs Alison Chevassut Dr David Rodgers Dr Gary Parkes Dr Katrina Butterworth Mr Ian Chadwell Mr Timothy Trimble (Treasurer)
REGISTERED OFFICE: Langtang Berry Lane East Hanney Wantage OX12 0JB BANKERS: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill, West Malling ME19 4JQ INVESTMENT ADVISORS: CCLA Senator House 85 Queen Victoria Street London EC4V 4ET St James’s Place Wealth Management plc St James’s Place House 1 Tetbury Road Cirencester GL1 1FP
UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024
| INDEX | Page |
|---|---|
| REPORT OF THE TRUSTEES | 5 - 8 |
| INDEPENDENT EXAMINER’S REPORT | 9 - 10 |
| STATEMENT OF FINANCIAL ACTIVITIES | 11 |
| BALANCE SHEET | 12 |
| NOTES TO THE FINANCIAL STATEMENTS | 13 -14 |
UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024
ABOUT THE UNITED MISSION TO NEPAL HOSPITAL ENDOWMENTS TRUST
The United Mission to Nepal (UMN) first established health work in Nepal in 1954 with a maternity clinic in Bhaktapur and a hospital in Kathmandu was opened a month later. This was to become Shanta Bhawan Hospital, evolving in 1982 into Patan Hospital. 1954 also saw the start of medical work in Tansen and by 1957 a school and a dispensary were established in Amp Pipal. By 1959 a dispensary had been established in Okhaldhunga, from which Okhaldhunga Community Hospital evolved. Other Community Health programmes were also started, and the UMN to this day continues to be a major contributor to health care.
However, the UMN vision was to develop educate and eventually empower local communities to play a much larger part in the general management of its hospitals, and now both Patan Hospital and Amp Pipal Hospital have achieved that independence. The desire to continue the impartial and, where necessary subsidised, care to all who come for help regardless of status, caste, creed or resources is intended to remain integral to their work, whether under the UMN umbrella or under local management.
Nepal has a population of approximately 27 million, and it is estimated that 45% of its people earn less than £1 per day. Nothing akin to our NHS exists in the country, so there is a great need for the funding of subsidised and charitable care. Recent turbulent times in Nepal have added to the increasing requests for assistance.
In 2000 the United Mission to Nepal Hospitals’ Endowment Trust (UMNHET) was set up to support financially the ‘free care for the poor’ Medical Assistance Fund in each of the four hospitals that began under the UMN umbrella. The endowment fund is not separately managed for each hospital but managed by the Trustees for the mutual benefit of each hospital. Funds are allocated by the Trustees for the benefit of each hospital and any gifts received are added to these funds as according to the donor’s wishes.
The endowment is invested with two investment managers who also advise the Trustees on detailed investment decisions. Interest received on the capital that is invested is paid each year to the four hospitals. Interest generated by the capital fund is usually paid to each hospital in proportion to the capital allocated to each hospital. Interest generated by the General fund is distributed each year in full according to the hospitals requirements and needs and may be distributed to other health care providers that have close links with the hospitals. The final decision on distribution is taken by the Trustees following a discussion based upon the needs and requirements expressed to the Trustees by the management of each hospital.
Grants are sent twice a year and are always received with much gratitude.
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UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024
ANNUAL REPORT OF THE TRUSTEES
Background
This is our twenty-first Annual Report, representing events and progress for the period from 1[st] January 2024 through to 31[st] December 2024.
Trustees
During 2024, the Trustees who served were Dr Cleve Chevassut, Dr Gary Parkes, Mr Timothy Trimble, Mrs Alison Chevassut, Dr Katrina Butterworth, Mr Ian Chadwell and Dr David Rodgers. All the Trustees have had, or continue to have, experience working in Nepal, under the auspices of The United Mission to Nepal (UMN).
The Trustees collectively represent many years of service in Nepal and bring a wealth of knowledge and expertise to the running of the Trust. I am extremely grateful to all the Trustees for their hard work and willingness to serve the Trust over this past year.
Activities
The Trustees met for the Annual General Meeting on Friday 5[th] July 2024, which was held via zoom. The AGM was attended by all seven of our Trustees. The meeting provided a good opportunity to discuss the ongoing work of the Trust, receive updated information on our current financial situation, hear news from the hospitals supported by the Trust, and discuss recent events in Nepal.
During 2024 Dr David Rodgers also continued in his role as a Board Member for the United Mission to Nepal and is currently the Board Chairman.
Special thanks go to Tim Trimble, our Treasurer, for his detailed work on our finances, to Alison Chevassut, our Secretary, for writing thank-you letters to our donors and keeping in touch with our hospitals in Nepal, and to Katrina Butterworth for writing our Annual Newsletter. We are also very indebted to Ian Linehan, a friend of UMNHET, who has constructed and managed our website so capably for many years. We are also grateful to Hugo Fox, who now host our website, and have been especially helpful to us as a Registered UK Charity.
Events in Nepal
In 2024, Nepal experienced a mix of significant events, including natural disasters and political developments. Heavy rainfall in late September led to devastating floods and landslides, causing numerous casualties and highlighting the impact of climate change. Politically, the ruling coalition between the Communist Party of Nepal-Unified Marxist-Leninist and the Nepali Congress failed to establish a unified framework for constitutional amendments. Nepal continued to grapple with a large trade deficit, high loan defaults, and issues related to urbanization, hindering economic progress.
Nepal remains one of the world’s poorest countries in the world, and according to The International Monetary Fund, in 2025, Nepal ranked 158th out of 191 countries with a GDP per capita of USD 1,458 (by comparison: UK = USD 54,949; USA = USD 89,105). Of course, this average figure does not tell the true story for many in the country who live in abject poverty.
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REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024
ANNUAL REPORT OF THE TRUSTEES (Continued)
The four UMN-founded hospitals continue to serve the people of Nepal, with a special focus on the poor and marginalised. We commend the hard work and dedication of so many staff in these institutions.
The two UMN hospitals, Tansen and Okhaldhunga are managed by the United Mission to Nepal Medical and Development Trust (UMNMDT), and these hospitals are registered with the respective provincial government. Patan Hospital and Amp Pipal Hospital continue under their own governance structure, which is independent of UMN.
Financial Situation
The UMNHET Trustees continue to be immensely grateful to our many donors for the gifts given to the Trust. This shows the ongoing commitment of many long-term friends to the work of the Trust. In 2025 the Trust will make grants to the four UMN-founded hospitals, and allied organisations, of £39,052, being interest and dividends received from investments during 2024. Since the Trust started making grants in 2005 it has paid out £667,546 from its endowment funds and £40,629 from direct appeals.
Gift aid of £2,396 was receivable during the year (£1,217 in 2023)
The results for the year and the state of affairs as at 31 December 2024 are shown on the following pages.
Investment Policy
The market value of investments held at 31 December 2024 was £953,813 (2023 £895,100) made up of £533,414 invested with St James’s Place and £420,397 invested with CCLA as shown in note 2 to the accounts.
St James’s Place managed funds are invested in a portfolio consisting about 67% (2023 71%) fixed interest bonds with the balance invested in equities, other investments and cash. COIF Charities Fixed Interest Fund - Income Units are invested in fixed interest securities of which about 55% (2023 55%) are Government Bonds, the balance is invested in non-government bonds and cash. We have recently added CCLA Ethical Fund to the portfolio, invested 70% (2023 71%in equities and the balance in fixed interest and property.
The market values of investments held are disclosed in note 2 to the accounts.
We meet our investment fund managers regularly to ensure our investment funds meet the Trustees’ ethical concerns and provide income in preference to capital growth. During 2024 the income from investments was £39,052 (2023 £32,172).
Reserves Policy
Funds invested generate interest and dividends which is paid out in full the following financial year. The Trustees consider no benefit in holding undesignated free reserves.
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REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024
ANNUAL REPORT OF THE TRUSTEES (Continued) Risk Assessment
At the AGM the Trustees reviewed an assessment of the risks to which the charity is exposed. The main risks are loss of investment income due to poor results from investment managers and ensuring that interest is used by the beneficiary hospitals for the purpose for which it is given.
Future Plans
The Trustees will continue in 2025 to raise further funds and distribute income received as mandated by the governing document.
Responsibilities of the Trustees
The law applicable to charities in England and Wales requires the Trustees to prepare the annual report and financial statements for each financial year, which give a true and fair view of the state of affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including its income and expenditure.
In preparing these financial statements, the Trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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ensure that the best accounting practice has been followed, subject to any material departures disclosed and explained in the financial statements;
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and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Trust and enable preparation of the financial statements complying with the Charities Act 2011.
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.
Further information can be obtained from the website www.umnhet.org.uk
Approved by the Trustees and signed on their behalf by:
Dr Cleve Chevassut 21 June 2025 ate: 21[st] June 2025
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UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST
Statement of Financial Activities For the year ended 31 December 2024
| Income Donations Trusts and Foundations Individual Donors Gift Aid on donations Total Donations Investment income CCLA managed funds St James's Place managed funds Total Investment income Total Income Expenditure Grants payable to beneficiaries Support costs Total Expenditure Unrealised gains on investments Net incoming resources Total funds brought forward Total funds carried forward Net Incoming Resources before gains on investments |
Hospital General Total funds fund 2024 £ £ £ 2,000 - 2,000 16,266 1,040 17,306 - 2,396 2,396 18,266 3,436 21,702 8,154 4,080 12,234 17,874 8,945 26,819 26,028 13,025 39,053 44,294 16,461 60,755 26,027 13,025 39,052 75 60 135 26,102 13,085 39,187 18,192 3,376 21,568 19,018 9,694 28,712 37,210 13,070 50,280 596,526 304,068 900,594 633,736 317,138 950,874 |
Hospital General Total funds fund 2023 £ £ £ 2,000 - 2,000 96,217 700 96,917 - 1,217 1,217 |
|---|---|---|
| 98,217 1,917 100,134 |
||
| 5,991 3,054 9,045 15,319 7,808 23,127 |
||
| 21,310 10,862 32,172 |
||
| 119,527 12,779 132,306 |
||
| 21,310 10,862 32,172 75 72 147 |
||
| 21,385 10,934 32,319 |
||
| 98,142 1,845 99,987 29,040 17,610 46,650 |
||
| 127,182 19,455 146,637 469,344 284,613 753,957 |
||
| 596,526 304,068 900,594 |
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UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST
| Balance Sheet | |||||
|---|---|---|---|---|---|
| As at 31 December 2024 | 2024 | 2023 | |||
| £ | £ | £ | £ | ||
| Current Assets | |||||
| Investments | |||||
| CCLA Fixed Interest Income units | 276,153 | 506,227 | |||
| CCLA Ethical Investment fund | 144,246 | 267,959 | |||
| St James’s Place managed funds | 533,414 | 120,914 | |||
| 953,813 | 895,100 | ||||
| Cash at bank | |||||
| Current account – CAF Bank | 22,579 | 11,694 | |||
| Deposit account – CAF Bank/CCLA | 805 | 16,617 | |||
| 23,384 | 28,311 | ||||
| Debtors | |||||
| 4thQuarter interest on St James's Place | 6,985 | 5,724 | |||
| 4thQuarter interest on CCLA | 3,348 | 2,413 | |||
| Gift Aid receivable | 2,396 | 1,217 | |||
| 12,729 | 9,354 | ||||
| Current Liabilities | |||||
| Creditors - less than one year | |||||
| Hospital funds | Note 4 | (26,027) | (21,310) | ||
| General funds | Note 4 | (13,025) | (10,861) | ||
| (39,052) | (32,171) | ||||
| Net current assets / Liabilities | 950,874 | 900,594 | |||
| Fund Balances | 950,874 | 900,594 |
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 SORP.
The Financial Statements were approved by the Board of Trustees on 21 June 2025 and signed on their behalf by Dr Cleve Chevassut Chair of Trustees.
Dr Anthony Cleve Chevassut Chairman
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UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 December 2024
Notes to the accounts
Note 1 - Accounting policies
a) Basis of accounting
(i) The financial statements have been prepared under the historical cost convention in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice and the Charities Act 2011. Investments are stated at market value at the balance sheet date.
b) Incoming Resources
Grants, donations and conference fees are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
c) Resources expended
All expenditure is accounted for on an accruals basis when there is a legal or constructive obligation to do so.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and represent the associated costs of finance and general administration in supporting the operational programmes for which the charity is responsible.
Governance costs include the cost of the governance arrangements which relate to the general running of the charity as opposed to the direct management functions inherent in generating funds, service delivery and programme or project work. This includes such items as Independent Examiner’s fees, legal advice for trustees and costs associated with constitutional and statutory requirements.
d) Fund accounting
The Charity maintains various types of fund as follows:
Hospital funds - these represent grants and donations which are allocated to specific hospitals based on the wishes of the donor.
Unrestricted funds - these represent funds which are expendable at the discretion of the Trustees in the furtherance of the objects of the charity.
UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 December 2024
Notes to the accounts
| Note 2 2024 Investments CCLA CCLA SJP Total Fixed interest Ethical fund Investments at market value £ £ £ £ 1 Jan 267,959 120,914 506,227 895,100 Purchases - 20,000 10,000 30,000 Unrealised gains (loss) 8,192 3,332 17,187 28,711 31 Dec 276,151 144,246 533,414 953,811 Note 3 Fund Balances Amp Pipal Okhaldhunga Tansen Patan £ £ £ £ Opening Balances 143,863 185,914 177,757 88,992 Donations received 3,035 3,285 8,886 3,061 Gift Aid - - - - Unrealised gains on investments 4,587 5,927 5,667 2,837 Expenditure-Bank transfer charges (25) (25) - (25) Closing Balances 151,460 195,101 192,310 94,865 16% 21% 20% 10% Summary of Capital Fund balances 2024 2023 Designated 633,736 596,526 General 317,138 304,068 Total Funds 950,874 900,594 |
2023 CCLA CCLA SJP Total Fixed interest Ethical fund £ £ £ £ 254,531 - 483,562 738,093 112,167 (1,810) 110,357 13,428 8,747 24,475 46,650 |
|---|---|
| 267,959 120,914 506,227 895,100 |
|
| Total General Fund Total £ £ £ 596,526 304,068 900,594 18,267 1,040 19,307 - 2,396 2,396 19,018 9,694 28,712 (75) (60) (135) 633,736 317,138 950,874 67% 33% 100% |
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UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 December 2024
Notes to the accounts
Note 4
| Note 4 | |||||||
|---|---|---|---|---|---|---|---|
| Amp Pipal | Okhaldh- | Tansen | Patan | Total | Fund | Total | |
| Funds distributed/payable | unga | Hospitals | |||||
| £ | £ | £ | £ | £ | £ | ||
| Opening Balances 1 January | 5,138 | 6,642 | 6,349 | 3,179 | 21,309 | 10,861 | 32,170 |
| Grants paid in year | (5,138) | (6,642) | (6,349) | (3,179) | (21,309) | (10,861) | (32,170) |
| Interest St James's Place | 4,272 | 5,503 | 5,424 | 2,676 | 17,874 | 8,945 | 26,819 |
| Interest CCLA | 1,949 | 2,510 | 2,474 | 1,221 | 8,153 | 4,080 | 12,233 |
| Balance payable | 6,221 | 8,013 | 7,898 | 3,897 | 26,027 | 13,025 | 39,052 |
| Summary of funds payable in following year | |||||||
| 2024 | 2023 | ||||||
| Designated | 26,027 | 21,309 | |||||
| General | 13,025 | 10,861 | |||||
| Total Funds payable | 39,052 | 32,170 | To be transferred | to Nepal in the following year |
Note 5. Related Party Disclosure
During the year £11,659 was paid to United Mission Hospital, Tansen and £12,194 was paid to Okhaldhunga Community Hospital both projects of United Mission to Nepal of which Dr David Rodgers is a Trustee. United Mission to Nepal works in Nepal under a General agreement and Project agreement with the Social Welfare Council of the Government of Nepal. The Trustees were in full agreement that these transfers were in accordance with the objects of the Trust.
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UNITED MISSION TO NEPAL HOSPITALS’ ENDOWMENT TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2024
Independent Examiner’s report to the trustees of United Mission to Nepal Hospitals’ Endowment Trust.
I report on the accounts of the Trust for the year ended 31 December 2024, which are set out on the following pages.
Respective responsibilities of trustees and examiner
The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) or under Regulation 10(1)(a) to (c) of the Charities Accounts (Scotland) Regulations 2006 (the 2006 Regulations) and that an independent examination is needed. The charity prepares accounts on the accruals basis.
It is my responsibility to:
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examine the accounts under section 145 of the Charities Act 2011 and under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 (the 2005 Act)
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act
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to state whether particular matters have come to my attention
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act and section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act and section 44(1)(b) of the 2005 Act and Regulation 8 of the 2006 Accounts Regulations
have not been met or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
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Signed:
John Hedderley Chartered Certified Accountant Grove, Wantage
Date: 21[st] June 2025
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