## **UNITED MISSION TO NEPAL TRUST** ## **REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2025** **Registered Charity No. 1083226** # **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2025** ## **CONSTITUTION** 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 2025 and up to the date 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 Wealth Management plc 1 Tetbury Road Cirencester GL1 1FP **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2025** |**INDEX**|**INDEX**||**Page**| |---|---|---|---| |REPORT OF THE TRUSTEES|||5 - 8| ||||9 - 10| |STATEMENT OF FINANCIAL ACTIVITIES|||11| |BALANCE SHEET|||12| |NOTES TO THE FINANCIAL STATEMENTS|||13 -14| **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2025** ## **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. 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 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. 4 ## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2025** ## **ANNUAL REPORT OF THE TRUSTEES** This is our twenty third Annual Report, representing events and progress for the period from 1[st] January 2025 through to 31[st] December 2025. ## **Trustees** During 2025, 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. Mr Yub Raj Acharya, was also appointed as a Trustee in June 2025, but tendered his resignation in November 2025. 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 Saturday 21[st] June 2025, which was held via zoom. The AGM was attended by seven of our Trustees. Katrina Butterworth was unable to attend. During 2025 Dr David Rodgers also continued in his role as a Chair of the Board of the United Mission to Nepal. 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 grateful to Hugo Fox, the company which hosts our website, and have been especially helpful to us as a Registered UK Charity. ## **Events in Nepal** In 2025, Nepal experienced significant political, natural, and social events that shaped the country's trajectory. Early in the year, a magnitude 7.1 earthquake centred in neighbouring Tibet shook northern Nepal, injuring several people and highlighting the country's ongoing vulnerability to seismic hazards. Additional earthquakes and severe storms later in the year caused further casualties and infrastructure damage. Heavy monsoon rains triggered devastating floods and landslides, particularly in July and August, destroying bridges, disrupting trade with China, and killing dozens of people. Politically, Nepal saw rising public dissatisfaction. In March, pro-monarchy demonstrations in Kathmandu turned violent, leaving two people dead after clashes with police. In September Gen Z anti-government protests occurred triggered by a government ban on major social media platforms, and widespread frustration over unemployment and alleged corruption. The Prime Minister, K P Charma Oli, resigned Nepal remains one of the poorest countries in the world, and according to The International Monetary Fund (IMF), in 2025, Nepal ranked 173[rd] out of 196 economies/countries, with a GDP per 5 **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2025** ## **ANNUAL REPORT OF THE TRUSTEES (Continued)** capita of USD 1,536 (by comparison: UK = USD 57,602; USA = USD 90,027). Of course, this average figure does not tell the true story for many in the country who live in abject poverty. 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 (UMN MDT), and these hospitals are registered with the respective provincial government. Patan Hospital and Amp Pipal Hospital continue under their own governance structure, which is now 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 2026 the Trust will make grants to the four UMN-founded hospitals, and allied organisations, of £44,135, being interest and dividends received from investments during 2025. Since the Trust started making grants in 2005 it has paid out £711,682 from its endowment funds and £40,629 from direct appeals. Gift aid of £1,172 was receivable during the year (£2,396 in 2024) The results for the year and the state of affairs as at 31 December 2025 are shown on the following pages. ## **Investment Policy** The market value of investments held at 31 December 2025 was £1,055,099 (2024 £953,813) made up of £602,150 invested wi and £452,950 invested with CCLA as shown in note 2 to the accounts. S a portfolio consisting about 67% (2024 67%) 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% (2024 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% (2024 70% 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 e to capital growth. During 2025 the income from investments was £44,135 (2024 £35,093). ## **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. 6 ## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2025** ## **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 2026 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: - select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable and prudent; - ensure that the best accounting practice has been followed, subject to any material departures disclosed and explained in the financial statements; - 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 Date: 7[th] August 2026 7 ## **REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 DECEMBER 2025** ## **Endowment Trust.** I report on the accounts of the Trust for the year ended 31 December 2025, which are set out on the following pages. ## **Respective responsibilities of trustees and examiner** 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: - 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) - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act to state whether particular matters have come to my attention 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 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 8 Signed: John Hedderley Chartered Certified Accountant Grove, Wantage Date: 8 August 2026 9 UNITED MISSION TO NEPAL HOSPITALS, ENDOWMENT TRUST Statement of Financial Activities For the year ended 31 Decernbei 2025 Ho8pItsI fund5 G8n8ral fund Total 202S Hospltal funds Goneral fund Total 2024 Income Don8tlon8 Trusts and Founllations IndDiidual Donors Gift Avj on don8lions Total Donations Inv08tment Incom CCLA managed funds Sl James'$ Place managed fiJnd8 Total Inveslmenl Income Total InGome 2,000 110,145 2,000 112,925 1,172 116,097 2.000 16.266 2,000 17,306 2,396 21,702 2.780 1.172 3.952 1,040 2,396 3,436 112,145 18.266 10,731 20,080 30,811 142,956 4.641 8.683 13.324 17.276 S,372 28,763 44,135 160,232 8.154 17.874 26.028 44.294 4.080 8,945 13,025 16,461 12.234 26,819 39,053 60,755 Expenditure Grants p8y8blÈ lo ￿neficiarieS Suppori costs Total Exppnditure 30,811 75 30,886 13,324 41 13.365 44,135 116 44,251 26,027 75 26.102 13,025 60 13,085 39,052 135 39,187 Net Incomlng R8sourco8 baforo galns on Investmonts Unrealised gains on investments Nèt incoming fy$our¢e8 Total funds brought foward Total funds carried forward 112,070 21,518 133,588 633,736 767,324 3.911 10.768 14.679 317.136 331.817 115,981 32,286 148,267 550,874 1,099,141 18.192 19.144 37.336 596.526 633.862 3,376 9,568 12,944 304,068 317,012 21,568 28,712 50,280 900,594 950,874 UNITED MISSION TO NEPAL HOSPITALS. ENDOWMEMf TRUST Balance Sheet As at 31 December 2025 2025 2024 Current Assets Investrnents CCLA Fixed Interest Income units CCLA Ethical Investment fund Sl Jatnes's Place managed funds 282.462 170.488 602.149 533.414 276.153 144.246 1.055,099 953,813 Cash at bank Current account- CAF Bank DÈpoÈil accouni- CAF B8nklCCLA 4.422 22.579 80S 76,040 23,384 Dobtors 4 Quarter interest on St James's Place 4 Qu8rter inlerÈst on CCLA Gift receivable 7.709 3.276 1.152 6.985 3.348 2.396 12,137 12.729 Current Liabilitie$ Creditors less than one year Hospital funds General funds Note 4 Note 4 130,8111 126.0271 44 135 1.099,141 39 052 950,874 Net current a$$èts l Liabililie$ Fund Balances 1.099,141 950,874 These fingncid statements have been prepar& In accordan￿ with the Fin8ncial Reporting St8ndard 102 SORP. The Financid StAlements were Approved by the Bo£rd ol Tmslee5 on 21 June 2025 and signed on Iheir behatt by Dr C￿ve Chev£ssLrt ChAir of Trustees. DrAnlhony Cleve ChevassLrt Chairman UNITED MISSION TO NEPAL HOSPITALS, ENDOWMENT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 Do¢¥mi)8t2024 Notss to the aGGounts Noto 1 - Accountlng pollclos al Basis of accounting lil Thp finanoial slatsrnenls havg beeTr prepared underlhe fr1sloric81 cost convenlv)n ITr a￿Orda￿￿￿11h Ac(>Junling and Rep￿Ing by Charities. Stslgmenl of RecommeTthd Practi￿ and the Charities Act 2011. Investments gre slated at market value atthe ￿lanCe sheet dale. bl Incomlng Resourtes GrBnts. don81k)ns and Conferen￿ fees s￿ recognised in full In Ihe St8lement of Finanual Activities In the year in thich they 8re receivab￿. ¢} Resources expended All expenditure 15 accounted for￿ an accruals ba515 when there Is a legal orconstructive 0￿19all0￿ lo do so. Support costs are those costs incutred directly In support of exkwditure on the objects of the charity and repre5entlhe as50￿81ed costs of finance generEI 8dmini$iraiion in Supporting the oper*iion¥l programmes for which the ¢h8rily 1$ ¢$pon$ible G¢vern8n* ¢o$i$ Indude the ¢o¥i of the g¢vern8n* arranyemeni$whi¢h rel￿e 1¢ the general runniro of the ¢harily as opp¢sea 10 the direct m8nag¢ment lun¢tH)ns Inherent in generating lunds, Servi￿ del￿ery and programme or projeclwoTk. This includes suo* items as Irbdependent Exatninerfs fees, legal advKe forlwslee5 and costs £ssocialed Vviih consliluiional and slaiulDry requirements. dl Fund accounting The Charity Tnaintains various types of fund as Idlcws". Hospital funds-these representgrdnls and donAlions ¥thich S￿ allocated lo speufic hosprtals b8sed on Ihewishes of the donor. Unrestricted funds-these representfunds which are expendable atthe discretion of the T￿Slee5 In the furtherancE of the object5 of the charity. UNITED MISSION TO NEPAL HOSPITALS. ENDOWMEMf TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 De￿[￿b9r2O24 Notes to the accounts Note 2 Investmonts 2025 Total 2024 CCLA CCLA SJP CCLA CCLA SJP Fixed Interest Ethical fund Fixed Interest Ethical fund Investments al marf(et value 276,153 144,246 35,000 8,7581 170,488 533.414 34.000 34.736 602.150 953,813 69,000 32,286 1,055,099 388.873 120,914 20,000 3,332 144,246 463,352 52,875 17,187 533,414 973,139 72,875 28,711 1,074,725 Purchases Unrealised gains Ilossl 31 Dec 6,308 282,461 8.192 397.065 Nottr 3 Fund Balances Amp Pipal Okhaiahuw8 T8n Patsn Tow Gener81 Fund Total Opening Balan*s Don4tions received Gift Un￿alised gain$ on investments Expendilur8-Bank tran8fer charge8 Closing Balance5 151,459 2,113 195,101 52,211 192.309 54.710 94,867 633.736 112.145 317,138 2.780 1.172 10,768 950.874 114.925 1.172 32,286 5,143 6,624 1251 253911 23% 6.530 3,221 21.518 158690 14% 253 549 23% 101 174 767 324 70% 331,817 30% 1099141 100% Summary of Caplt81 Fund balanc88 2025 767,324 331 817 1.099,141 2024 633,736 317 138 950,874 Designated Gèr*ral Total Funds UNITED MISSION TO NEPAL HOSPITALS, ENDOWMENT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 De￿Thber2O24 Notss to the accounts Note 4 Amp Pipdl Okhaldh- unya Tan5en P*n Totsl Ho$pital$ Fund Totsl Fund$ distributedlpayablt Opening Balan*s 1 Janu£ry Grants paid in year 6,219 6219 8,014 8014 7.897 3,896 3896 26.027 13,024 13024 39,051 39 051 Inleresl Sl James's Pla Interest CCLA 4,153 2,219 6,645 3,551 6.635 3.546 2,848 1,415 20.080 10.731 8,683 4.641 28,763 15,372 Balance payable 10.181 Summary of funds payable in following y8ar 2025 30,811 13,324 2024 26,027 13,024 39 051 To be transferwl to Nepal in the following year Design8ted General Total Funds payab Note S. Rolat￿ Party Di¥¢losur0 During Ihp year£11,659 was paid lo United Mission Hospit?1, Tansen and £12,194 was paid lo Okhaldhunga Community Hospital both projects of United Missjon lo Nepal of which Dr David R￿gerS is B Tmslee. UniLed Mission lo NepBI works In Nepal urbder a General agreemeni and Project agreement Wllh ihe SO￿&1 Wdf8re Council of the Govwnm&nl of Nepal. The Trustse$w8r8 In full 4reem8nl Ih*thesetr8nsferswpr8 In $¢¢ordan¢e wrth the obJe¢t$ of th8 Trust.