THE BURMA sfAR MEMORIAL FUND TRusfEES' REPORT AND FINANCIAL sfATEMENTS YEAR ENDED 31 MARCH 2021 CHARITY NO: 1109753
THE BURMA STAR MEMORIAL FUND Contents Legal and administrative information Report of the Trustees Report of the independent examiner Statement of financial activities 10 Balance sheet 11 Notes forming part of the financial statements 12-17
THE BURMA STAR MEMORIAL FUND Legal and Administrative Information Patron HRH The Prince of Wales KG l(r GCB OM Trustees The Viscount Slim ChaInn Jeremy Archer Esq. Rear Admiral Chris Clayton Richard Nunneley Esq. Treasurer Mrs Glynis Longhurst FCA Administrator Philip Crawley MBE Benevolence Secretary Captain (Ret'd) Mike Nelson (Retfrlns 30 June 2021) Prindpal Office 34 Grosvenor Gardens, London, SW1W ODH Tel: 020 7823 4273, Fax: 020 T130 7263 Email: admin@bumiastar.org.uk Charity No: 1109753 Independent Examiner Amy Healey FCA CTA DChA, Lindeyer Francis Ferguson Limited, Chartered Accountants, North House, 198 High Street, Tonbridge, Kent, TN9 1 BE Bankers The Royal Bank of Scotland plc, Bishopsgate Branch. 49 Bishopsgate, London, EC2N 3AS Solicitors Wilsons LLP, Alexandra Ho, St Johns Street, Salisbury, SP12SB
THE BURMA STAR MEMORIAL FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 The Trustees present their annual report and the financial statements for the year to 31 March 2021. In preparing this report the Trustees have complied with the Charities Act 2011, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), and applicable accounting standards. Structure, Governance and Management The Burma Star Memorial Fund ('the Fund. or 'the Charity.) was reglstered by Trust Deed as a charity In May 2005. The Deed established the Fund to commemorate the service and sacrifice of the men and women from the United Kingdom, Commonwealth and Empire and from Allied Natlons who served In the Burma Campaign of 1942-1945. The Tnstees are the primary authority of the Fund and are ultimately responsible for holding and applying its assets for its charitable purposes. The Deed provides for a minimum of three trustees. New Trustees are recruited as and when required at the existing Trustees. discretion with reference to their abilities that will enhance and further the Fund's objectives. All the existing Trustees of the Fund were trustees of other charities before their appointment and were therefore familiar with the responsibilities that being a trustee involves. When new Trustees are appointed, training l)oth in-house with existing Trustees, or externally through appropriate trustee training courxs, will be provided, if required. In the 12-months to 31 March 2021 there were no changes to the Trustees. The Trustees held one formal meeting to approve the Financial Statements of the Fund, but met on an informal basis most months to ensure the smooth- running of the Charity. The day-to-day management of the Fund is carrfed out by an Administrator and a Treasurer, both of whom report directly to the Ttees. From 1 April 2020 the Fund acquired all the assets and liabilities of The Burnia Star Association, as well as its staff and commitments to exlsting contracts. The Burma Star Association has now closed and is no longer registered as a charity. On 30 June 2021. Mike Nelson, the Benevolence Secretary is retiring and the Trustees would like to extend their grateful thanks to him, for all the good work that he has done over the last 12 years, both for The Burma Star Association and latterly the Fund. Objectives and activltles for the publlc benefit The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities. The objects of the Fund for the publlc benefit are: (1) to advance the education of people who are In need of financial assistance and who come from those Commonwealth and Allied countries that contributed service men and women to the Campaign. (2) to establish and maintain a memorial or memorials in remembrance of those who served in the Campaign: (3) to relieve those people who served in the Campaign and their spouses and dependants who are in need by virtue of financial hardship, sickness or old age by: a) making grants of money to them; or b) providing or paying for goods, services or facilities for them including education or trainlng; or c) making grants of money to other persons or bodies who provide goods, services or facilities to those in need. The Fund's Scholarship Programme was very much at the front of its work over the year. The aim was to provide funding for a second scholar to study for a Masters, Degree in 'Engineering for International Development, at University College London (UCL), in memory of all who participated in the Burma Campaign of 1942-1945. as per its charltable objects. This has meant that serious fundraising was required to meet this financial commitment. In a year where nothing has been 'nornial', due to the global pandemic, this objective required much effort and ingenuity from the Trustees to achieve.
THE BURMA STAR MEMORIAL FUND Objectives and activities for the public benefit (continued) As previously, in conjunction with UCL, Mr Jeremy Archer, a Trustee, was part of the interview panel to select a suitable scholar for the 202012021 academic year, which this time was conducted online, due to the inability to hold physical intervlews, owing to the pandemic. The maintenance of the Burma Star Grove at the National Memorial Arboretum was undertaken throughout this last year in spite of the inability of the staff to physically visit due to lockdowns. The Trustees are so very grateful to Mr Barry Wall, who being a local resident and a son of a Burn)a veteran, has managed to keep an eye on the Grove and visit regularty, whitst liaising with the gardeners at the National Memorial Arboretum. A highllght of the year was the attendance at the VJ Day Service on 15 August at the National Memorial Arboretum, by three Tntstees, the Treasurer and several veterans and their carers. Presided over by our Patron, HRH The Prince of Wales. it was a truly remarkable and moving event and considering the logistics Involved in getting everyone there as well as keeping everyone socially-distanced and safe. grateful thanks must go to The Royal British Legion and the National Memorial Arboretum and others, for all their hard work in putting on such a memorable event. Work on the Fund's website continued over the year in order to ensure that it provides as accurate information as possible. The Electronic Character Reader (ECR) used to cross-match data has thrown up some anomalies, as handwriting can be difficult for a machine to decipher, and so work has been needed to correct these errors, which has been very time-consuming and laborious. This is an ongoing project. Since the transfer of the assets of The Burma Star Association from 1 Aprfl 2020, the Fund has been carrying out the benevolence work involved in looking after the veterans of the Campaign, as well as their widows/widowers and dependants, when in need. Achievements and performance From the five individuals selected for interview for the 202012021 scholarship, Miss Kushma Thapa from Nepal, was the chosen as being the outstanding candidate. She graduated from the Himalayan College of Engineering at Tribhuvan University in Nepal and studied Sustainable Urban Design at Nottingham University. In Kushma's own words '1 would like to take this opportunity to express my heartfelt gratitude for supporting me with the Burnia Star kholarship (Englneering). I will always remember the day when I got a call inforniing me of my selection for the Scholarship. I had walted for more than a year and when it happened, I felt like I was dreaming. I was extremely thrilled and honoured to receive the news that I had been selected as the Burma Star Scholar. l am an ambitious architect possessing a comprehensive knowledge of Urban Planning, designing and developing different projects. After the 2015 Nepal Earthquake, I worked with NGOS and the UNDP on reconstruction projects, aimed at helping vulnerable people in geographically-challenging rural contexts. It motivated me to gain international exposure, learn and traln myself to be better-equlpped for working in a sector which has a great impact on helping people in need. The MSC Engineering for International Development course at UCL has been a very interesting learning experience for me. Despite the current restriction of face-to-face contact. three months in, the course is still keeping me intensely captivated. l am learning about various issues around the world, using different perspectives to study them and learning innovative ways to tackle them. Since beginning the course, my whole understanding of international development has changed, I have been introduced to many challenging deslgn projects all in a global context, and l am looking forward to embracing the experiences brought by them all. I hope that fn the coming months, I will strengthen my knowledge and skill-set. The Scholarship has been a life-changing experience for my family and me. To be selected from a choice of more than 20 countries has made me and my country Nepal proud and has given me faith that my dreams are valid. This was my second attempt at gaining this Scholarship, and it has proved to me that people can dream big and be ambitious. I was bom in a very small village in Nepal and a degree from UCL would never have been possible without your generous support. After graduating, I intend to work in low-middle income countries like Nepal and explore creative solution5 to challenges faced in the development sector.
THE BURMA STAR MEMORIAL FUND Achievements and performance (contlnued) Again, l am very thankful for this opportunity and I see it as one with much responsibility too. I was given the opportunity to learn and develop myself. and now l am responsible for giving what I learnt back to the world, and action pressing global issues. I believe in my ability and that my aspirations will make a large difference,. Namaste, Klrshma Thapa. Being in the midst of a pandemic has obviously impacted a great deal on the events that would have brought 'Burma Star. veterans together. We were unable to hold our annual Wreath-Laying ceremonies in London in September, while other events, organised by third parties including, Merchant Navy Day and various Remembrance events in November, had to be cancelled In 2020. Communication is a key area that the Trustees have been keen to develop, especially wlth so many people confined to their homes. A quarterly newsletter has been produced, which has been sent out electronically to supporters and those who have expressed an interest in receiving it. It alms to keep everyone updated on our scholarship programme. fundraising and relevant topics. Each one has also included an abridged version of a Bumia Star veteran's life story. The benevolence work of the Charfty was heavily affected by the pandemic, as agency visitor5, from SSAFA, the Officers. Association, the Royal British Legion and others, were unable to visit individuals in their homes to assess their needs. In spite of this, 44 grants amounting to £43,254 were made in the year. Of this sum, £41,154 was paid for nursing home top-up fees, where individuals are unable to meet these costs. Other smaller amounts were spent on different areas of need and a full breakdown can be seen on page 13 of these financial statements. 2020 has been a challenging year for all concerned, but not least the staff, who have had to adapt to home-working and all the challenges that this has brought. The Trustees are grateful to all concerned for their hard work, adaptability and patience. In spite of all of the above, the fundralsing efforts, of the Trustees in the main, have been remarkable considering the restrictions and limitations imposed upon everyone. The Chairman of Trustees would like to thank all of hls fellow Tnjstees for thelr efforts, but in particular, Mr Jeremy Archer, for his outstanding achievements in this area. All our Trustees would like to thank each and every individual or organisation. who has contributed financially over the last year. Financlal Review From 1 April 2020, the Fund had acquired all the assets and liabilities of The Burma Star Association. These are shown as a net unrestricted donation of £308,169 as shown in the Statement of Financial Artivities on page 10. Income raised for the scholarship programme amounted to £126,392 in the year compared with £20,500 in the previous 18-month period. The total income for the Charity for the year to 31 March 2021 wa5 £502,276, compared with £46,523 in the previous 18-month period. In the year to 31 March 2021, the Fund was responsible for the running costs of an offlce fin London, as well the staff costs of three individuals. In the previous period only 8% of the staff costs and certain office costs had been recharged to the Fund by The Burma Star Association, which covered the rest of these costs. There are no costs in the previous 18-month period for the Relief of financial hardship or Commemorative events, as the Fund did not undertake these activities prior to 1 April 2020. The costs of generating funds include a percentage of an independent fundraiser's costs, as well as any direct costs. The remaining independent fundraiser's costs have been allocated to the relevant charitable activity under direct costs. according to the time spent by the fundraiser on that activity, which varied from month to month. The total paid to the independent fundraiser in the year to 31 March 2021 was £24,960 compared with £117,120 in the 18 months to 31 March 2020. Total expenditure for the year was £242,121 compared with £209,313 in the previous 18-month period. The net income for the year to 31 March 2021 was £3(X),819 compared with net expenditure of £162,790 in the 18-months to 31 March 2020. The total funds carried forward as at 31 March 2021 were £464,779 (31 March 2020 - £163,960); of this amount £293,765 (31 March 2020 - £60,569) relates to unrestricted funds and £171,014 to restricted funds for Educational Scholarships £66,276, (31 March 2020 £nil), the Burma Star Grove - £97,738, (31 March 2020 - £103,391) and the Clothworkers. Foundation for rent £7,(XX), (31 March 2020 - £nil).
THE BURMA STAR MEMORIAL FUND Grant-making Polfcy Those men and women who were entitled to the 'Burma Star. medal or the 'Pacific Star, with 'Burma' clasp andlor their widows, widowers and dependants, all qualifyi subject to financial restrictions, for relief of need, hardship and distress from the Charity. Applications are referred to SSAFA, RCEL, the Officers, Association, Ex-service Charities, Regimental Associations, The Royal British Legion, non-service charities and Local Authorities. Applications are made on a completed common application form, together with any supporting paperwork. Checks are made initially to ascertain that an applicant is in receipt of all possible aid from the State and Local Authority, and support from a spouse or children is also taken into consideration. Applications are reviewed weekly. where possible, by a small committee prior to any grant being issued. Reserves Policy The Trustees, Intention is to ensure that the level of reserves maintained would meet their charitable objectives in the short term, and that excessive levels of reserves are not accumulated over the longer term. They aim to achieve this by regularly reviewing, and, if necessary, updating their Grant~Making and Investment Policies each year, or as and when circumstances dictate. The Trustees review their Reserves Policy annually, taking into consideration the current financial climate. Investment Pollcy and Performance There were no restrictions on the power of the Trustees to invest the funds of the Fund. In order to ensure the Fund's charitable work can continue to meet its objectives, a proportion of its unrestricted funds are invested to generate both Income and capital growth. As a result of current economic factors and very low interest rates, the Tru5tee5 aim to have available in cash. sufficient funds that, together with anticipated income in any 6-month period, would be sufficient to meet Its financial commitments for the next six months. Any cash, surplus to day-to-day requirements, is held on deposit with the Charities Official Investment Fund. Other funds were invested In the Rathbone Active Income and Growth Fund for Charities. Statement of Trustees, Responsibllities The Trustees are responsible for preparing the Report of the Trustees and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountlng Prattice). The law applicable to charities in England and Wales 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 Incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going-concem basis unless It Is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records, which disclose wSth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Charity's constitution. They are also responsible for safeguarding the assets of the Charity arKI hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrlty of the corporate and financial Information Included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislations in other jurisdictions.
THE BURMA STAR MEMORIAL FUND Plans for Future Periods Our Burma Star Scholarship Programme supports scholars in areas that are close to the hearts of those who fought in Burnia and those who remember them. Our next scholar will study Applied Infectious Disease Epidemiology in the Global Health department of UCL, helping to tackle the global public health challenges that we face today. Engineering and Global Health are Ix)th subjects of great relevance to the Bunna Campaign. The Burma Star Grove will continue to be maintained and enhanced when required, as long as there are sufficient funds to do so. The Trustees envisage that the reserves for the Grove currently held will be sufficient to manage this for many years to come. We shall carry on financially supporting with grants those veterans of the Burma Campaign or their widows or widowers, as long as they fulfil our criteria for help. The quarterly newsletter has been sent elertronically to many people, but looking ahead we would like to spread its distribution to others, particularly veterans. Some of these individuals may not have access to a computer and so we intend to communicate with them to find out how we can best keep in touch with them. There are to be some changes to the stafffng of the Fund as the Benevolence Secretary, Mike Nelson, is to retire on 30 June 2021 and our Treasurer. Glynis Longhurst, Is also retiring this year at the end of September after 30 year5 with the Bunna Star Association and the Fund. We are currently looking for a replacement for these posts as well as reviewing our accommodation requirements, which have changed, not least because of the pandemic. which introduced us all to home-working, but also because the Grosvenor Estates, our landlord, have changed their charitable priorfjties. after providing us with invaluable support for many years. Whatever changes are in the offing, the Trustees are confident that the Fund will meet these challenges and fulfil its charitable objectives going forward. Approved by the Trustees and signed on their behalf by: The Viscount Slim Chaimian of Trustees 29 June 2021
THE BURMA STAR MEMORIAL FUND Independent Examiner's Report to the Trustees of The Burma Star Memorial Fund I report to the Trustees on my examination of the accounts of The Bumia Star Memorial Fund (the Charity) for the year ended 31 March 2021 which are set out on pages 10 to 16. This report is made solely to the Charity's Tnjstees, as a body, in accordance with Regulation 31 of Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do rK)t accept or assume responsibility to anyone other than the Charity's Trustees as a body, for my work, for this report. or for the statement I have made. Responsibilities and basis for report As the Charity Trustees of The Burma Star Memorial Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examlnation of The Burma Star Memorial Fund's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent Examiner's statement I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe: (1) accounting records were not kept in respect of the Charity as required by section 130 of the Act; or the accounts do not accord with those records: the accounts do rK)t comply with the accounting requirements concerning the forni and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examination. (2) (3) I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Amy Healey FCA C DChA Lindeyer Francis Ferguson Limited Chartered Accountants North House, 198 High Street Tonbridge, TN9 1 BE 29 June 2021
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THE BURMA STAR MEMORIAL FUND Notes formlng part of the financial statements for the year to 31 March 2021 1) Principal accounting policies (a) Basls of attounting The financial statements have been prepared under the historical cost convention and in accordan wfth the Charities Act 2011 and applicable accounting standards. They follow the recommendations In 'Accounting and Reporting by Charities,: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard 102 (FRS 102) (effectlve from 1 January 2019). The charity constitutes a public befit entity as defined by FRS 102. The accounts are PrePad in £. being the funttional currency of the Charity and rounded to the nearest £. The preparation of the financial statements requi5 the Trtee5 to make estimates and assumptions that affect the reported amounts of revenues, expenses. assets and liabilities, and the disclosure of contingent liabilities at the date of the financial Statements. If in the future sh estimates and assumptions, which a based on the Trustees, best judgement at the date of the financial statements, deviate from the actual circumstances, the original ertimates and assumpt?ons will be rnodified as appropriate In the year in which the circumstances change. The Trustees consider that there are no key sources of estlmation uncertainty. The financial statements have been prepared on the basls that the Charity lI continue as a going-concern as there is no evidence to believe that the Charity will or will have to Cea its operations In the foreseeable future. The financial statements have been ppared to give a 'truE and fair, view and have departed from the Charitie5 (Accounts and Reports) Regulations 2(Th only to the extent required to give a 'true and fair, view. This departure has involved following Accounting and Reporting by Charities pparing their accounts in accordance with the Financial Reporting Standards applicable In the UK and Republic of Iland (FRS 102) issued on 16 July 2014 rather than the kcounting and Reporting by Charities: Statement of Recommended Prartice effective from 1 April 21X)5 which has since been withdrawn. (b)Income Voluntary Income from donations, glfts and grants a included in full In the Statement of Flnanclal Activftles when recelvable. Legacies and bequests are accrued if recefpt is probable. IrK0Th is only deferred when the donor has specified that the income Is to be expended in a future period. Investment income is accounted for when receivable. The transfer value of the assets less the liabilities, from the Burn Star Association upon merger with the Fund, is shown as a net unrestricted donation. (c) Expenditure Costs of generating voluntary Incoff£ relate to the costs Incurred by the Charlty In procuring voluntary contributions from third parties as well as the costs of any activities of a fundralsing purpose and include a percentage of staff and support costs. Charitable activities expenditure Includes grants (recognised when approved and notified to the recipient) and direct costs, as well as a percentage of staff and 5UPPOrt costs. In the year to 31 March 2021 all staff and support costs have been allocated on the estimated time devoted to a particular activity. on the basis that all staff were working from home due to the pandemic and not occupying the Charity's office. In the 18-mnths to 31 March 2020, 8% of the staff and relevant support costs were recharged by The Burma Star Association and rH)t directly incurred by the Fund. Expenditure is recognised on an accruals basis and includes VAT. (d) Penslon Scheme The Burma Star Memorfal Fund operates a deflned contributlon penslon scheme. The Fjund has no further pension commitnknt after having made payments to one employee's personal pension. Contributions a recognised in the perfod to which they relate. (e) Fixed Assets and Depreciation All tangible fixed assets are held as operating assets in the Charity's office and relate to office equipment. Depreciation on these fixed assets is charged so as to write off the full costs over their expected useful lives at 25% of cost per annum. (fj Flxed asset Investments InveStEnts are included at their mld-market value at the balan sheet date. Any gain or loss on revaluation is taken to the StateffEnt of Financial Activitie5. Realised gains/loss on disposats are calculated by reference to their opening market value or cost If acquired during the year. (8) Debtor5 Debtors at the year-end are included at the amounts known to be to the Charity by third parties or a calculation of aUnts considered to relate to the next accounting year. (h) Credltors Creditors at the year-end are included at the amounts known to be due by the Charity to third parties. (l) Fund accounting Unrestricted seneral funds - these are funds which can be used in accordance th the charitable objective5 at the Trustees, discretion. Restricted funds - are those subject to specific conditions i)sed by the donor, within the objects of the Charity. The detaits and purpo of each fund is set out in note 15.
THE BURMA STAR MEMORIAL FUND Notes forming part of the financial statements for the year to 31 March 2021 Unrestricted Restricted Funds Funds 12 mths to 31 Mar 2021 Total Funds 18 mths to 31 Mar 2020 Total Funds 2) Donatlons & legades Donations Legacies & bequests Grant for rent of office 29,714 14,895 118,392 15,000 9,924 148,106 29,895 9.924 22,819 21,574 143,316 187,925 44,393 3) Fundraising activities Sale of Burma Star supplies 11X) 100 4) Investment Income UK Investment Fund income Deposit account interest 5,890 192 5,890 192 2,130 6,082 6,082 2,130 5) Generatln8 funds 12 mths to 31 Mar 2021 18 mths to 31 Mar 2020 Direct Costs Staff Costs note 9 Support Costs note 6 Total Funds Total Funds Independent fundraiser & other costs Apportionment of staff tlme 20,250 4,861 25.111 6.984 75,862 6.984 20,250 6,984 4,861 32,095 75,862 Of the above costs of generating voluntary Income £3,869 of the Support costs relate to unrestricted funds arKI £992 relates to the Westminster Foundation grant for rent, a restrirted fund.
THE BURMA sfAR MEMORIAL FUND Notes forming part of the financial statements for the year to 31 March 2021 12 mthsto 18 mths to 31 Mar 2021 31 Mar 2020 6) Charltable actlvlties Direct Grants Costs Disbursed Staff Costs Support Costs Total Funds Total Funds Educational scholarships Relief of financial hardship Advice & Information Commemoratlve events Burma Star Grove 46,248 403 11,622 1,261 230 6,314 14,090 13,606 7,288 2,428 61,406 77,709 45.101 19,252 6.149 67,300 43,254 19,962 19,873 10,703 3,491 63,904 2,247 59,764 43,254 62,873 43,726 209,617 133,451 Indlvldual grants dlsbursed Nursing & residential homes Stairtifts and riser-recliner chalrs Communication aids Repairs Household goods 41.154 200 234 1,500 166 43.254 Support costs allocation Generating Educational Relief of Advice ComffEm- Burma Funds kholarships Financial orative Star Hardship Events Grove Total Funds Total Funds Info Percentage allocations.. 13% 15% 5% Accommodation costs Office costs IT costs Travel Depreciation Governance Salaries overheads 2,310 270 205 3,(X)2 350 266 57 6,698 6,468 781 753 594 574 126 122 17 16 1.011 977 4.863 4,696 3,466 1,154 23,098 403 133 2.690 307 103 2.049 65 22 436 57 174 3,486 839 16.771 2,359 2,820 82 349 1,677 452 2,180 523 2,516 1,2(X) 4,861 6,314 14,m 13,606 7,288 2,428 48,587 6,461 7. Governance costs External independent examination Trustees. expenses Trustees. indemnity insurance Legal fees 1,320 108 1.848 210 1,200 3.486 1,2CX) 8. Net income/(expenditure) These are stated after charging: Owating lease rentsls: Land & buildings Independent examination fee 20,172 1.320 1,200
THE BURMA STAR MEMORIAL FUND Notes forniing part of the finandal statements for the year to 31 March 2021 9. Trustee5' remuneration and expenses The Trustees consider themselves as comprising the key management personnel of the Charity, in charge of directing and controlling the Charity. The Tnjstees received no remuneration or benefits in kind during the year to 31 March 2021 (18-mths to 31 March 2020 - £nil). One Trustee incurred £86 in accommodation and subsistence and £22 in travel expenses (18-mths to 31 March 2020 - £nil). 10. Staff costs 12 mthsto 18 mthsto 31 Mar 2021 31 Mar 2020 Total Fun(ts Total Funds Salaries Social security costs Pension costs 81.343 3.591 1,694 86.628 Recharged from The Burnia Star Association 10,903 86,628 10,903 The number of employees during the year was= Part time - pernianent No employee received remuneration amounting to more than £60,0(X) in any tax year. Reconciliation of staff costs (note l) Costs of generating voluntary income (note 5) Charitable artivities (note 6) Overheads (note 6) Recharged from The Bunna Star Association 6,984 62.873 16.771 10,903 86.628 10,903 The Charity operates a defined contribution pension scheme. The assets of the scheme are held Separately from those of the Charity, in a separately administered fund. The pension cost represents contributions payable to the fund and amounted to £1,694 for the year (Previous period - £nil). During the year the Charity was only paying into one scheme for one employee (Previous period - nil). 31 Mar 2021 31 Mar 2020 Total Total Funds Funds 11. Tanglble Flxed Assets Cost At 1 April 2020 Additions 138 At 31 March 2021 138 Depredatlon Charge for the year 57 As 31 March 2021 57 Net book value At 31 March 2021 At 31 March 2020 81 £NIL £NIL £NIL
THE BURMA STAR MEMORIAL FUND Notes fonning part of the finandal statements for the year to 31 March 2021 31 Mar 2021 31 Mar 2020 12. Investments Rathbones Active Income & Growth Fund Total Funds Total Funds Transfer from The Burma Star Association - 1 April 2020 Additions Disposals Gain in the year 227,168 227,168 888 (51,201) 40,664 (51,201) Market value at 31 March 2021 217,519 217.519 Cash held by investment company 217,523 217,523 Historlcal cost at 31 March 2021 168,262 168.262 Units held at year-end - 155,905 (2020 - Nil) The gain in the year includes a net realised gain of £4,995 (2020 - £NIL) 13. Debtors Other debtors Prepayments Accrued income 3,970 7,309 56 19,279 56 14. Credltors: Amounts falling due wlthln one year Taxation and social security Accruals Deferred income (grant for rent due next financial year) 1,752 1,588 7,303 6,965 10.643 6,965 15. Restrfcted Funds Educational Burma Star Clothworkers, Westminster Balance Balance Scholarships Grove Foundation Foundation 31 Mar 2021 31 Mar 2020 (for benevol- (for rent) -ence) 1 April 2020 Incoming resources Reallocated resources 103.391 103.391 143.316 104,246 21,892 126,392 1,290 9,924 (1,786) 496 127,682 103,887 8.138 246.707 126,138 Resources expended (61.406) (6,149) (8,138) (75,693) (22.747) 31 March 2021 66,276 97,738 171,014 103,391
THE BURMA STAR MEMORIAL FUND Notes forniing part of the financial statements for the year to 31 March 2021 15. Restrlcted Funds (comparatlves) Educational Burma Star Clothworkers, Westminster Scholarships Grove Foundation Foundation (for benevol- (for rent) -ence) Balance 31 Mar 2020 Balance 30 Sept 2018 1 October 2018 Incoming Resources 104,246 1,392 20, 5(X) 104,246 21,892 105,334 1,354 20,500 (20,500) Resources expended 105,638 (2,247) 126.138 (22,747) 106,688 (1,908) 31 March 2020 103,391 103,391 104,780 16. Operatlng lease commltments The charity's total commitments remaining for rental payments under operating leases as at 31 March 2021 are as follows: Land & Buildings 2021 2020 Other 2021 2020 Within one year 20.172 17, Related party transartlons The charity incurred no related third party transattions in the year (18-mths to 31 March 2020 - £Nil)