THE BURMA STAR MEMORIAL FUND
TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023
Charity Number:- 1109753
The Alanbrookes Group Ltd t/a J S Weeks & Co Accountants Devizes
THE BURMA STAR MEMORIAL FUND
Contents
| Pages | |
|---|---|
| Charity Information | 1 |
| Trustees’ Report | 2 - 7 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Accounts | 11 - 17 |
THE BURMA STAR MEMORIAL FUND
FOR THE YEAR ENDED 31 MARCH 2023
| Charity Information | |
|---|---|
| Patron | The Former HRH The Prince of Wales KG KT GCB OM |
| Trustees | The Viscount Slim – Chairman |
| Jeremy Archer Esq. | |
| Rear Admiral Chris Clayton | |
| Matthew James Williams (appointed 10 May 2023 – post year end) | |
| Vikas Krishan (appointed 10 May 2023 – post year end) | |
| Director | Mr Mark Cann |
| (non-statutory) | |
| Charity Number | 1109753 |
| Principal Office | 10a High Street, |
| Pewsey, | |
| Wiltshire | |
| SN9 5AQ | |
| Phone: 01672 564911 | |
| Email: admin@burmastar.org.uk | |
| Accountants | The Alanbrookes Group Ltd t/a J S Weeks & Co |
| 10 Market Place | |
| Devizes | |
| Wiltshire | |
| SN10 1HT | |
| Bankers | The Royal Bank of Scotland Plc |
| Bishopsgate Branch | |
| 49 Bishopsgate, | |
| London | |
| EC2N 3AS | |
| Solicitors | Wilsons LLP |
| Alexandra House | |
| St Johns Street | |
| Salisbury | |
| SP1 2SB |
-1-
THE BURMA STAR MEMORIAL FUND
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report and the financial statements for the year to 31 March 2023. 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.
Reference and Administration Details
The Charity information and list of trustees who have served during the year are detailed on page 1.
Structure, Governance and Management
The Burma Star Memorial Fund (‘the Fund’ or ‘the Charity’) was registered 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 Nations who served in the Burma Campaign of 1942-1945.
The Trustees 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 both in-house with existing Trustees, or externally through appropriate trustee training courses, will be provided, if required. In the 12-months to 31 March 2023 there were no changes to the Trustees. The Trustees held four formal meetings each specializing on one main area: to approve annual budgets, review strategy, review output, marketing and fundraising and review the Financial Statements of the Fund, but also met on an informal but nonetheless recorded actions, basis every six weeks to ensure the smooth-running of the Charity.
The day-to-day management of the Fund was carried out by an Administrator and a Treasurer until November 2021, both of whom reported directly to the Trustees. From 1 April 2020 the Fund acquired all the assets and liabilities of The Burma Star Association, as well as its staff and commitments to existing contracts. The Burma Star Association has now closed and is no longer registered as a charity.
Following a review of the Charities structure the Trustees appointed Mark Cann as Director and ChariAdmin Ltd to lead and administer the charity from 14[th] November 2021. Concurrently Mark and his team were tasked to look in depth at every aspect of the charity and produce a strategic plan with options that is limited only by imagination and resources. That work and its actions is now complete.
The offices in London were closed and relocated to Pewsey, Wiltshire. A new Management and staffing structure was introduced and the charity entered into a mutually profitable and cost saving ‘cooperation agreement’ with The British Forces Foundation. The upshot of this has been a dramatic reduction in running costs of 65% whilst at the same time increasing the activity and output of benevolence and remembrance and finding and funding an new Burma Star scholar.
The new strategy was presented and approved by trustees in March 2023 based on the pillars of Benevolence, Remembrance and Legacy. This will be rolled out formally in May 2023 and executed over the next 5 years.
-2-
THE BURMA STAR MEMORIAL FUND
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
Objectives and Activities for the Public 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 public 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 Burma Campaign.
-
(2) to establish and maintain a memorial or memorials in remembrance of those who served in the Burma Campaign;
-
(3) to relieve those people who served in the Burma 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 training; or
-
c) making grants of money to other persons or bodies who provide goods, services or facilities to those in need.
Trustees after detailed review have a much clearer definition of the objects, have been more precise about how they interpret their meaning and how achieving them can best be carried out.
The Fund’s Scholarship Programme continues and a new Scholar studying for a PhD in History at Northumbria University (specialising on Burma) was appointed and received funding.
The maintenance of the Burma Star Grove at the National Memorial Arboretum was undertaken throughout the year.
Work on the Fund’s website continued over the year to ensure that it provides as accurate information as possible. The website is a valuable and much valued archive as well as a platform for information about the charity. Work has begun to ensure it reflects the new strategy.
Since the transfer of the assets of The Burma Star Association from 1 April 2020, the Fund has continued to carry out the benevolence work involved in looking after the veterans of the Campaign, as well as their widows/widowers and dependants, when in need.
-3-
THE BURMA STAR MEMORIAL FUND
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
Achievements and Performance
Luke Usher was chosen as being the outstanding candidate to be awarded the Burma Star James and Dierdre Dyson Trust Scholarship number 4. The search for the next one has begun.
Remembrance activity has been vibrant in 2022 post the pandemic and with it much increased activity by the charity including several important media stories. We are actively involved with events at the Remembrance weekend in November, as shown below.
Communication is a key area that the Trustees have been keen to develop, especially with so many people confined to their homes. The quarterly newsletter continues and grows and is sent out electronically to supporters and those who have expressed an interest in receiving it. It aims to keep everyone updated on the benevolence, remembrance, and legacy activity. The Newsletter has proved a very popular and important communication tool.
The benevolence work of the Charity continued and grants amounting to £12,730 were made in the year. Grants were paid for nursing home fees, where individuals are unable to meet these costs. Other smaller amounts were spent on different areas of need.
Since the beginning of 2022 veterans who have reached their 100[th] birthday and those beyond have received a letter and card from the office and a Fortnum & Mason gift hamper. These have been very well received and have helped our engagement with veterans and their families. Christmas cards and birthday cards are sent to all known veterans each year.
-4-
This reporting year has seen greater output and activity than has been seen for many years, and certainly, above pre pandemic levels. The Trustees are grateful to all concerned for their hard work, adaptability, and patience. The fundraising efforts of the Charity continue to impress and are expected to grow with the new strategy. The Chairman is very grateful for the efforts of the Trustees and office for the performance in all areas over the reporting 12 months.
All the Trustees would like to thank each, and every, individual or organisation, who has contributed financially over the last year.
Financial Review
The total income for the Charity for the year to 31 March 2023 was £127,248 compared with £68,173 in the previous 12-month period.
In the year to 31 March 2023, the Fund made contributions towards an office in Pewsey, as well the Administrative costs paid to ChariAdmin Ltd.
Total expenditure for the year was £104,676 compared with £181,938 in the previous 12-month period.
The net incoming resources for the year to 31 March 2023 were £5,750 compared with net (outgoing) resources of £(105,736) in the 12 months to 31 March 2022. The total funds carried forward as at 31 March 2023 were £364,793 some of these funds are restricted as identified in these accounts.
The significant development has been the change in staffing and administration structure the benefits of which will be seen in future years but immediately have seen a reduction in routine running costs of 65%. The Trustees are very pleased with this result especially against the backdrop of significantly improved output.
The Trustees consider the charity a going concern for the next 12 months.
-5-
THE BURMA STAR MEMORIAL FUND
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
Grant-Making Policy
Those men and women who were entitled to the ‘Burma Star’ medal or the ‘Pacific Star’ with ‘Burma’ clasp and/or their widows, widowers and dependants, all qualify, subject to financial restrictions, for relief of need, hardship and distress from the Charity. Applications are referred by SSAFA, RCEL, the Officers’ Association, Ex-Service Charities, Regimental Associations, The Royal British Legion, non-service charities and Local Authorities after they have beneficiaries have been assessed by a caseworker. 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.
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 endowments can be established for legacy awards and scholarships 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 Policy 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, the Trustees 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. Reserves are invested in a Rathbone managed discretionary fund.
Statement of Trustees’ Responsibilities
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 Accounting Practice).
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;
-6-
THE BURMA STAR MEMORIAL FUND
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
-
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-concern 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 with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 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 and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity 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.
Plans for Future Periods
The immediate challenge is to maintain a high standard of benevolence, build on the remembrance structure with innovative ideas and establish a long-term living legacy piece that ensures the Forgotten Army is never forgotten. The latter being the discernible and clear instruction of Burma Star veterans. Work has begun in earnest to see how this may be achieved building on the already established scholarship programme.
The quarterly newsletter has been sent electronically to many people but looking ahead we would like to continue to spread its distribution to others, particularly veterans, as well as on social media platforms.
There have been significant changes in the staffing and administrative arrangements of the charity. The initial plan is to let the new structure bed in and in 2023/24 start to deliver the new plan based on the fund’s charitable pillars of Benevolence, Remembrance and Legacy. The priority of the Trustees is to agree a robust, realistic and effective fundraising plan to support the strategic plan. It is acknowledged that the charity has limited resources to fulfil any ambition and that time is of the essence. Appointing a new team uniquely qualified to put this together has been a major step forward and cause for ‘restrained’ optimism. Trustees hope to appoint new Trustees who will further strengthen the Funds position.
Whatever changes are in the offing, the Trustees are confident that the Fund will meet these challenges and fulfil its charitable objectives going forward.
Approval
This report was approved by the trustees and signed on their behalf by:
The Viscount Slim Chairman of Trustees
20 September 2023
-7-
THE BURMA STAR MEMORIAL FUND
Report of the Independent Examiner To The Trustees of The Burma Star Memorial Fund
I report on the accounts of the charity for the year ended 31 March 2023, which are set out on pages 9 to 17.
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)) and that an independent examination is needed.
It is my responsibility to:-
-
examine the accounts (under section 145 of the 2011 Act);
-
to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
-
to state whether any 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 Commissioners. 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 of 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 statement below.
Independent Examiner’s Statement
In connection with my explanation, no matter has come to my attention:
-
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
-
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act,
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
……………………………..
Andrew Fisher BA FCA The Alanbrookes Group Ltd t/a J S Weeks & Co
10 Market Place Devizes Wiltshire SN10 1HT
20 September 2023
-8-
THE BURMA STAR MEMORIAL FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | ||
| 2023 | 2023 | 2023 | 2022 | ||
| Notes | £ |
£ | £ | £ | |
| Incoming Resources | |||||
| Incoming Resources from Generated | |||||
| Funds:- | |||||
| Voluntary Income: | |||||
| Donations and Gifts | 2 | 69,319 | 46,000 | 115,319 | 62,461 |
| Activities for Generating Funds: | |||||
| Fundraising Income | 3 | 4,429 | - | 4,429 | - |
| Investment Income | 4 | 7,500 | - | 7,500 | 5,712 |
────── |
────── |
────── |
────── |
||
| Total Incoming Resources | 81,248 | 46,000 | 127,248 | 68,173 | |
────── |
────── |
────── |
────── |
||
| Resources Expended:- | |||||
| Costs of Generating Funds: | |||||
| Investment Management Costs | 5 | 413 | - | 413 | 468 |
| Fundraising Costs | 5 | 11,915 | - | 11,915 | 14,819 |
| Charitable Activities | 5 | 59,259 | 24,203 | 83,462 | 162,651 |
────── |
────── |
────── |
────── |
||
| Total Charitable Expenditure | 71,587 | 24,203 | 95,790 | 177,938 | |
| Governance Costs | 5 | 8,886 | - | 8,886 | 4,000 |
────── |
────── |
────── |
────── |
||
| Total Resources Expended | 80,473 | 24,203 | 104,676 | 181,938 | |
────── |
────── |
────── |
────── |
||
| Net Incoming/(Outgoing) Resources before | |||||
| Other Recognised Gains and Losses | 775 | 21,797 | 22,572 | (113,765) | |
| Other Recognised Gains and (Losses) | 6 | (16,822) | - | (16,822) | 8,029 |
────── |
────── |
────── |
────── |
||
| Net Movement in Funds | (16,047) | 21,797 | 5,750 | (105,736) | |
| Reconciliation of Funds | |||||
| Total Funds Brought Forward | 334,043 | 25,000 | 359,043 | 464,779 | |
────── |
────── |
────── |
────── |
||
| Total Funds Carried Forward | 317,996 | 46,797 | 364,793 | 359,043 | |
══════ |
══════ |
══════ |
══════ |
The notes on pages 11 to 17 form an integral part of the accounts
-9-
THE BURMA STAR MEMORIAL FUND
BALANCE SHEET
AS AT 31 MARCH 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Notes | £ | £ | ||
| Fixed Assets | ||||
| Investments | 8 | 209,031 | 225,796 | |
| Current Assets | ||||
| Stocks | 1,000 | - | ||
| Debtors and Prepayments | 9 | 768 | 498 | |
| Cash at Bank and in Hand | 155,566 | 147,591 | ||
────── |
────── |
|||
| 157,334 | 148,089 | |||
| Creditors:Amounts Falling Due Within One Year | 10 |
(1,572) | (14,842) | |
────── |
────── |
|||
| Net Current Assets | 155,762 | 133,247 | ||
────── |
────── |
|||
| Net Assets | 364,793 | 359,043 | ||
══════ |
══════ |
|||
| Represented by:- | ||||
| Unrestricted Income Funds:- | ||||
| General Fund | 317,996 | 334,043 | ||
| Restricted Income Funds | 46,797 | 25,000 | ||
────── |
────── |
|||
| Total Funds | 11 | 364,793 | 359,043 | |
══════ |
══════ |
The accounts were approved by the Trustees and signed on their behalf by:
The Viscount Slim Chairman of Trustees
20 September 2023
The notes on pages 11 to 17 form an integral part of the accounts
-10-
THE BURMA STAR MEMORIAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting Policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.
1.1. Basis of Accounting
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective from 1 January 2019), the Financial Reporting Standard 102 (FRS102) Section 1A and the Charities Act 2011.
1.2. Fund Accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.
1.3. Incoming Resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Legacies and bequests are accrued if receipts are probable. Income is only deferred when the donor has specified that the income is to be expended in a future period.
-
Investment income is included when receivable.
1.4. Resources Expended
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
-
Costs of generating funds comprise the costs associated with attracting voluntary income.
-
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the costs linked to the strategic management of the charity.
-
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
-11-
THE BURMA STAR MEMORIAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
1.5. Pension Scheme
The Charity operated a defined contribution pension scheme. The fund has no further pension commitment after having made payments to one employee’s personal pension. Contributions are recognised in the period to which they relate.
1.6. 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 cost over their expected useful lives over four years.
1.7. Fixed Asset Investments
Investments held as fixed assets are revalued at the balance sheet date with any gain or loss being taken to the Statement of Financial Activities.
2. Donations and Gifts
| Donations and Gifts | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Scholarship programme | 39,600 | 14,132 |
| Donations and grants | 58,419 | 46,329 |
| Legacies & bequests | 17,300 | 2,000 |
────── |
────── |
|
| 115,319 | 62,461 | |
══════ |
══════ |
|
| Fundraising income | ||
| 2023 | 2022 | |
| £ | £ | |
| Fundraising events | 1,700 | - |
| Book & memorabilia sales | 2,729 | - |
────── |
────── |
|
| 4,429 | - | |
══════ |
══════ |
|
| Investment Income | ||
| 2023 | 2022 | |
| £ | £ | |
| Income receivable from investments | 6,846 | 5,690 |
| Bank deposit interest receivable | 654 | 22 |
────── |
────── |
|
| 7,500 | 5,712 | |
══════ |
══════ |
3. Fundraising income
4. Investment Income
-12-
THE BURMA STAR MEMORIAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
5. Total Resources Expended
| Generating | Generating | Charitable | Total | Total | |
|---|---|---|---|---|---|
| Funds | Activities | Governance | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Costs of Generating Funds | |||||
| Investment management fees | 413 | - | - | 413 | 468 |
| Costs Directly | |||||
| Allocated To Activities | |||||
| Books for resale:- | |||||
| Purchases in the year | - | 2,373 | - | 2,373 | - |
| Closing stock | - | (1,000) | - |
(1,000) | - |
────── |
────── |
────── |
────── |
────── |
|
| - | 1,373 | - | 1,373 | - | |
| Direct costs of activities and events | - |
3,337 | - | 3,337 | 1,935 |
| Benevolence grants & birthdays | - | 13,647 | - | 13,647 | 26,438 |
| Educational scholarships | - | 15,169 | - | 15,169 | 45,275 |
| Support Costs | |||||
| Allocated to Activities | |||||
| Salaries and pensions | - | - | - | - | 54,556 |
| External consultants’ fees and | |||||
| expenses | 11,915 | 41,702 | 5,958 | 59,575 | 19,542 |
| Rent and service charges | - | 4,200 | - | 4,200 | 21,150 |
| Rates | - | 383 | - | 383 | 1,453 |
| Insurance | - | 102 | - | 102 | 372 |
| Premises expenses | - | - | - | - | 40 |
| Travelling expenses | - | - | - | - | 545 |
| Printing, postage and stationery | - | 46 | - | 46 | 158 |
| Telephone charges | - | - | - | - | 585 |
| Website and computer costs | - | 2,242 | - | 2,242 | 3,781 |
| Sundry expenses | - | 698 | - | 698 | 3,106 |
| Bank charges and interest | - | 563 | - | 563 | 407 |
| Trustees’ indemnity insurance | - | - | - | - | 958 |
| Trustee recruitment costs | - | - | 1,200 | 1,200 | - |
| Bookkeeping fees | - | - | - | - | 68 |
| Accountancy | - | - | 1,728 | 1,728 | 1,020 |
| Loss on disposal of fixed assets | - | - | - | - | 81 |
────── |
────── |
────── |
────── |
────── |
|
| 12,328 | 83,462 | 8,886 | 104,676 | 181,938 | |
══════ |
══════ |
══════ |
══════ |
══════ |
-13-
THE BURMA STAR MEMORIAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
| ………Continued | ………Continued | ||
|---|---|---|---|
| 6. | Other Recognised Gains and (Losses) | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Unrealised (losses)/gains on revaluation of fixed asset investments | (16,822) | 8,029 | |
══════ |
══════ |
||
| 7. | Staff Costs and Numbers | ||
| Staff costs were as follows: | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Wages and salaries | - | 43,435 | |
| Redundancy payments | - | 10,000 | |
| Employer’s National Insurance | - | 164 | |
| Staff pension costs | - | 957 | |
────── |
────── |
||
| - | 54,556 | ||
══════ |
══════ |
The average number of employees during the year was nil (2022 – two).
-14-
THE BURMA STAR MEMORIAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
8. Fixed Asset Investments
| Fixed Asset Investments | ||
|---|---|---|
| Listed | Listed | |
| Investments | Investments | |
| 2023 | 2022 | |
| £ | £ | |
| Cost or Valuation | ||
| As at 1 April 2022 | 225,548 | 217,519 |
| Additions at cost | - | - |
| Disposal at valuation | - | - |
| (Losses)/gains on revaluation | (16,822) | 8,029 |
────── |
────── |
|
| Market value of investments as at 31 March 2023 | 208,726 | 225,548 |
| Cash held by investment portfolio | 305 | 248 |
────── |
────── |
|
| 209,031 | 225,796 | |
══════ |
══════ |
|
| Historical cost: | ||
| As at 31 March 2023 | 168,262 | 168,262 |
══════ |
══════ |
|
| Carrying amount as at 31 March | 2023 | 2022 |
| £ | £ | |
| Rathbone Active Income & Growth Fund | 209,031 | 225,796 |
══════ |
══════ |
The (losses)/gains in the year include net realised (losses)/gains of £nil (2022 - £nil).
9. Debtors and Prepayments
| Debtors and Prepayments | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Prepayments | 449 | 115 |
| Accrued income | 319 | 383 |
────── |
────── |
|
| 768 | 498 | |
══════ |
══════ |
-15-
THE BURMA STAR MEMORIAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
10. Creditors: Amounts Falling Due Within One Year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 1,572 | 14,842 |
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11. Movement in Funds
| Balance at | Other | Balance at | ||||
|---|---|---|---|---|---|---|
| 1 April | Incoming | Resources | Gains & | 31 March | ||
| 2022 | Resources | Expended | Losses | Transfers | 2023 | |
| £ | £ | £ | £ | £ | £ | |
| Unrestricted Funds:- | ||||||
| General Fund | 334,043 | 81,248 | (80,473) | (16,822) | - | 317,996 |
| Restricted Funds:- | ||||||
| Burma Star Grove | 25,000 | - | - | - | - | 25,000 |
| Burma Star Scholar # 4 | - |
36,000 | (14,203) | - | - | 21,797 |
| The Veterans’ | ||||||
| Foundation for | ||||||
| Benevolence | - | 10,000 | (10,000) | - | - | - |
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|
| Total Funds | 359,043 | 127,248 | (104,676) | (16,822) | - | 364,793 |
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Purpose of Restricted Funds
Burma Star Grove
Donations received specifically towards the future costs of maintaining the grounds around the Grove at the National Memorial Arboretum.
Burma Star Scholar # 4
A donation of £36,000 was received in the year from the James & Deirdre Dyson Trust specifically towards the future educational and sponsorship costs of the Burma Star Scholar # 4.
The Veteran’s Foundation for Benevolence
A donation of £10,000 was received in the year from The Veterans’ Foundation specifically towards the future costs of benevolence grants disbursed and veteran’s birthdays.
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THE BURMA STAR MEMORIAL FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2023
………Continued
12. Analysis of Net Assets between Funds
| Unrestricted | Restricted | ||
|---|---|---|---|
| Fund | Funds | Total | |
| £ | £ | £ | |
| Investments | 209,031 | - | 209,031 |
| Current Assets | 110,537 | 46,797 | 157,334 |
| Current Liabilities | (1,572) | - | (1,572) |
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|
| 317,996 | 46,797 | 364,793 | |
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13. Trustee Remuneration and Related Party Transactions
None of the trustees received any remuneration or reimbursement of expenses during the year (2022 - £Nil).
During the year, the Charity was charged £15,107 (2022 - £3,690) for external consultancy fees (administrative support) and expenses by CU2 Limited, a company to which Mark Cann is a director and Mrs E Cann, wife of Mark Cann, is also a director and the only shareholder. There were no amounts outstanding at the year end (2022 - £3,690).
During the year, the Charity was charged £36,857 (2022 - £13,626) for external consultancy fees (charity management) and expenses by ChariAdmin Ltd, a company to which Mark Cann, alongside his wife, Mrs E Cann, are the only directors and shareholders. There were no amounts outstanding at the year end (2022 - £7,542).
During the year, the Charity was charged £4,200 (2022 - £1,000) for office rent and utilities by the British Forces Foundation, a Charity to which Mark Cann holds the role of Chief Executive. There were no amounts outstanding at the year end (2022 - £1,000).
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