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2025-12-31-accounts

Pipal Tree

A Charitable Incorporated Organisation (CIO)

Report and Financial Statements For the Year Ended 31[st] December 2025

Charity Number: 1159770

Building resilient communities and restoring biodiversity in Nepal

Pipal Tree Annual Report and Accounts

2025

Contents Page
Reference and administrative information 2
Chairman of Trustees’ Statement 3
Report of the Trustees 4
Independent Examiner’s Report 21
Statement of Financial Activities 22
Balance Sheet 23
Statement of cash flows 24
Notes to the Financial Statements 25

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Pipal Tree Annual Report and Accounts

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Reference and Administrative Information

Charity Name

Pipal Tree

Charity Registration No

1159770

Founders

Philip and Beverley Holmes

Trustees

Julie Graham (Chair) Caroline Milne (Vice-Chair) John Clark ACA (Treasurer) Angela Sherman Nick Hinton MBE Julian Bates Nigel Clarke (appointed Jul 2025) Clare Brown (appointed Feb 2026) Clara King (completed tenure May 2025) Sudha Rai (completed tenure Mar 2025) Amrita Acharia (completed tenure Aug 2025)

Staff

Philip Holmes OBE (CEO) Beverley Holmes (part-time COO)

Registered Office

Three Ways, Ledstone, Kingsbridge, Devon TQ7 2HQ

Telephone: 01548 852816 E-mail: philip@pipaltree.org.uk Website: https://pipaltree.org.uk

Independent examiner

Godfrey Wilson Limited 5th Floor, Mariner House 62 Prince Street Bristol, BS1 4QD

Bankers

National Westminster Bank plc Redwood Bank Newton Abbott (1) Branch The Nexus Building, Broadway Courtenay Street Letchworth Garden City Newton Abbot Herts Devon SG6 3TA TQ12 2EE

Virgin Money Jubilee House Gosforth Newcastle upon Tyne NE3 4PL

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Chairman of Trustees’ Statement

I am delighted to report another outstanding year for Pipal Tree, achieved against the challenging backdrop of a continuing cost-of-living crisis in which many charities have been forced to reduce their activities, merge, or close altogether.

In financial terms, our income has continued on a striking upward trajectory over the past two years. In 2025, we raised £1,212,978, representing a 121% increase on 2024 income of £547,826, and more than three and a half times the £338,678 raised in 2023. There were two principal reasons for this marked increase during the reporting period. First, we received a generous bequest from the estate of the late Mr Jeremy Short, comprising a property in London valued at £550,000. Second, we continued to make highly effective strategic use of The Big Give matched fundraising platform. Through six campaigns, we raised £451,021, accounting for 68% of our non-legacy income. Even excluding the legacy, our 2025 income of £662,978 represented a 21% increase on the previous year. This growth in income has been matched by an increase in expenditure. In 2025, we spent £707,359, compared with £526,059 in 2024. This has enabled us to deliver even greater impact in Nepal at a time when the country is facing the escalating effects of Climate Change.

The financial boost received this year will allow us to make more substantial investments over the coming years. However, it should be noted that the property bequest cannot be converted entirely into immediately available funds, in accordance with the testator’s wish that the tenants be permitted to remain for as long as they choose. We have, however, taken out a mortgage on the property, releasing £210,000 of its value. This will enable us to complete a number of important projects within our urban and rural reforestation programmes in Kathmandu and southern Nepal respectively, while also setting aside a significant sum as designated funds to help us meet future financial challenges in the UK. These have arisen because our CEO and COO, Philip and Beverley Holmes, have indicated their intention to retire in March 2029. These designated funds will help us to address recruitment, staffing and organisational development costs, ensuring that their successors can be appointed in good time and that the transition is as seamless as possible.

Ultimately, Pipal Tree is only as strong as the programmes we support on the ground in Nepal. I would therefore like to pay tribute to our implementing partners — Mithila Wildlife Trust, Lily’s Leaves and Our Sansar — for all that they continue to achieve in challenging circumstances. From my own experience of volunteering in Nepal many years ago, I know how demanding conditions can be at the sharp end. Our partners not only meet these challenges every day, but consistently exceed expectations. Those challenges have intensified in recent years as a result of Climate Change, particularly through droughts and flooding. Both Mithila Wildlife Trust and Lily’s Leaves have had to adapt rapidly within their rural and urban reforestation programmes, and I remain deeply impressed by the way they combine environmental impact with community engagement and education. This integrated approach reflects our shared belief that environmental restoration and social development are inseparable.

I would like to thank three outgoing Trustees — Clara King, Sudha Rai and Amrita Acharia — for their notable contributions to the good governance of Pipal Tree, and to welcome Dr Clare Brown and Nigel Clarke to the Board. We are also hugely grateful to Peter Helliwell and Paul Laurance Burnett for generously providing their design and film-making services pro bono. Finally, I wish to congratulate Philip Holmes and our Treasurer, John Clark, on completing the Barcelona and London Marathons respectively. We look forward to Philip and John leading the way in our ‘Year of the Sixes’ challenge in 2026.

Julie Graham Chair of Trustees 16 June 2026

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Report of the Trustees

Introduction

The Trustees present their Annual Report and the Financial Statements of Pipal Tree for the period ended 31[st] December 2025. The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with current statutory requirements, the Constitution and the Statement of Recommended Practice – Accounting and Report by Charities (effective form January 2019) and Charities Act 2011. Pipal Tree is a Charitable Incorporated Organisation (CIO), registered with The Charity Commission as “ChoraChori” on 5[th] January 2015, name change approved by the Commission on 20[th] October 2020. We support projects only in Nepal.

Overview of Pipal Tree

When and why we started

Pipal Tree was founded by Philip and Beverley Holmes to support projects exclusively in Nepal. Philip began his charity work in Nepal in 1999, following the tragic death of his first wife, and he and Bev lived and worked there between 2004 and 2012.

The charity’s name reflects our focus on community-based initiatives, primarily in education, but also encompassing livelihoods and health, as well as environmental interests. The Pipal Tree is revered by both Hindus and Buddhists in Nepal and typically a tree serves as a community meeting place in Nepalese towns and villages. Additionally, this tree plays a significant role in the charity’s ongoing reforestation programme.

Where we operate in Nepal

We operate in two of Nepal’s seven Provinces – Madhesh and Bagmati. Madhesh is Nepal’s most populous Province (and arguably its most overlooked) while Bagmati, which contains Kathmandu, is the second most populous. In combination, these Provinces cover 21 of Nepal’s 77 Districts.

In general, we adopt a holistic, community-based approach to our projects with, for example, our education projects being conducted in the same areas where we are implementing reforestation and rewilding activities.

Purpose, goals and key successes

As per its registration with the Charity Commission, the Charity Object is broad, i.e.:

‘To advance such charitable purposes (according to the law of England and Wales) within Nepal as the Trustees see fit’.

The Charity Commission register entry further refines this with this Mission statement under ‘how the charity spends its money’:

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‘Our Mission is to restore Nepal’s degraded environment so that wildlife and communities can co-exist in harmony, while offering opportunities for the poorest people to live healthier, more secure lives and realise their full potential.’

Nepalese law forbids overseas organisations from implementing projects directly in Nepal. Instead, they must achieve their Missions indirectly through local implementing partners that are monitored by the Nepal government’s Social Welfare Council (SWC), fulfilling a similar role to the Charity Commission in the UK.

Arguably, a donor could aspire to deliver the maximum amount of funding to the point of need by circumventing Pipal Tree totally and donate directly to the local partner. This would be a false economy as we add value in the following respects:

• We act as an external evaluator, monitoring projects in real time from afar and through regular visits. We have the Board and staff capacity to fulfil this role, founded upon years of professional experience in the corporate sector at senior levels and of living and working cross-culturally alongside Nepalese people. We are skilled in project management and organisational development.

• We have strong communications, design and branding expertise within our Board, staff and volunteers that ensure our joint projects are presented to a very high standard. We coordinate international media interest and visits.

Our key historical successes have included:

• Providing life-saving disaster relief after the earthquakes of 2015, the floods of 2017 and during COVID lockdowns of 2020 and 2021. In the first COVID lockdown we delivered food relief to 29,000 people, in the second, to 14,000 people in a region where at the time there was little relief activity by the major aid agencies.

• Pioneering the use in Nepal of the rapid-growth Miyawaki Method of reforestation that encourages forests to grow ten times faster than those planted conventionally – an appropriately quick response in the midst of the loss of biodiversity crisis.

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Structure and Governance

Trustees

There are eight Trustees:

• Ms Julie Graham (Chair): Julie is a graduate in social work from Queen's University Belfast who is currently working within the education welfare sector in Northern Ireland. She has volunteered twice in Nepal, on both occasions working with deprived and marginalised children at Bhairahawa on the Indian border. During that time, she saw the best and worst of the country, the latter including gender and caste discrimination and grinding poverty. Notwithstanding that, she developed a profound respect and love for Nepal's resilient people and its children.

• Ms Caroline Milne (Vice-Chair): Caroline graduated from Newcastle University with a degree in mathematics. Following a very brief period in industry, she moved into the education sector and has worked as a teacher and teacher trainer for both mathematics and English as a second language in a wide variety of countries. After first visiting Nepal in 2006 following the death of her daughter, she has maintained a close relationship with the country, including through two extended periods volunteering there. She is particularly interested in the role of education as a means of development. Caroline is currently teaching in Albania.

• Mr John Clark ACA (Treasurer): John is a chartered accountant with a degree in Mathematics with Computer Science from Leeds University. He has 15 years’ experience working in financial services, following three years working in practice. John first visited Nepal as a backpacker in 2000 and next returned in December 2022 to visit Pipal Tree funded projects in Kathmandu and Madhesh Province. In 2025, John ran The London Marathon in support of Pipal Tree.

• Ms Angela Sherman: Angela is a writer, linguist and artist who has been living in Denmark since 2018. Prior to that, and after building a career in corporate marketing, she ran her own online businesses and published four non-fiction books - one on business copywriting and three on nursing care funding in England. Now, aside from art, she works as an English language editor, coach and proofreader. Angela’s contact with the charity arose from meeting Philip Holmes on a fundraising course in London in 1999 and she was immediately taken with the cause. She has visited Nepal five times, including as a charity volunteer, and is actively involved in Pipal Tree communications.

John Clark’s first London Marathon in 2025

• Mr Nick Hinton MBE: Nick is a former Commanding Officer of a Gurkha battalion who speaks fluent Nepali. After Nick left the Army, he spent 20 years leading various global programmes for IBM. Since retiring from full-time work in 2018, he has been active in various charities related to Nepal and the Gurkhas, and is Chairman of the Britain-Nepal NGO Network (BRANNGO) of which Pipal Tree is a member, Chairman of The BritainNepal Society and Chairman of the newly registered Britain-Nepal Charitable Trust (BNCT). He visits Nepal on a regular basis where he has, of course, a close personal knowledge of the country and affection for its people.

Nick Hinton visiting our Gurkha Memorial Forest in November 2025

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• Mr Julian Bates: In 2024, Julian retired from being a Partner in a London-based real estate business which he joined some 40 years ago as a new graduate. Since then, he worked alongside founding colleagues to grow the business from an original staff of seven to the current 1,100 employees. Julian describes his specialist interest as being business development and client management, two areas of expertise that will be invaluable for the future development of Pipal Tree. He is also passionate about education and is currently the Deputy Chair of the Board of Governors of the highly acclaimed Kingsbridge Academy.

• Mr Nigel Clarke: Nigel is a recently retired designer who worked at Heathrow for 20 years as a manager of branding, wayfinding and signage. Before Heathrow, Nigel worked for design and advertising agencies where he first met charity Founder Philip Holmes over 30 years ago and worked on his charity branding at that time. He has a keen interest in walking, including in Nepal where has trekked to Annapurna base camp. At the end of 2024 he visited Pipal Tree’s work in Janakpur and Kathmandu. He has joined Philip on several of his annual charity walks in the UK.

• Dr Clare Brown: Clare has a PhD in Botany and was appointed to the Board in January 2026. She spent two months with MWT at the end of 2025, reviewing progress in its reforestation programme and submitting a formal report to MWT and to the Trustees. She plans to revisit the projects in October 2026.

Recruitment is by invitation of the existing Trustees with Trustees appointed for a three-year tenure, extendable. Upon joining the Board, new Trustees are provided with information on the charity’s history and plans, the role and responsibilities of Trustees, the governing document, key policies and the minutes of recent Board meetings. Trustee meetings are held on a quarterly basis, as a minimum.

All Trustees are active in fundraising support and Mr John Clark acts as Treasurer, producing management accounts in advance of each quarterly meeting. A subcommittee of four Trustees meets with the CEO by Zoom on a monthly basis to review progress on the business plan. Between these meetings, the same subcommittee meets (also on a monthly basis, by Zoom) with implementing partner CEOs in Nepal to discuss project developments.

The Trustees observe the official guidance of the Charity Commission for England & Wales. In addition, they have considered the Charity Commission’s general guidance on Public Benefit when reviewing our aims and objectives and in planning our future activities. The Trustees consider how planned activities will contribute to the aims and objectives they have set.

Pipal Tree is registered with The Fundraising Regulator and therefore subscribes fully to upholding best practice in fundraising and adherence to GDPR regulations.

Staff

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Philip completing The Barcelona Marathon 2025
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Lt Col (retd.) Philip Holmes OBE is the CEO of Pipal Tree. He has not only over 26 years of fundraising and media experience but also an operational insight gained as a former charity Country Director in Nepal for eight years. Philip was appointed OBE in the 2023 New Year’s Honours List in recognition of his services to vulnerable people in Nepal. He works from home, this acting as a rent-free charity office with Philip personally covering utility bills. Since January 2019 he has been supported by his wife, Bev, as COO on a two-day-per-week basis. We draw upon pro bono support from around the

world in addition to that provided by the eight Trustees who are also, by definition, volunteers.

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Voluntary and professional services

Griffin Chartered Accountants deliver payroll support while accounting is managed online through Sage software. Our website has been redesigned and is managed by RightClick. We use Mailchimp for CRM and for maintaining the supporter database. Graphic designer Mr Peter Helliwell and professional film-maker Mr Paul Laurance Burnett (Australia) provide services pro bono, that include their visiting Nepal. Fundraising platform Enthuse provides fundraising support services, including reclaim of Gift Aid, for an annual subscription.

We do not operate a volunteer programme in Nepal due to the practical difficulties with supporting and protecting the health of volunteers in a very challenging environment.

The charity’s network

Nepal partners

Under Nepalese law, overseas charities must implement their projects in Nepal through local organisations. During this reporting period we worked with three local partners:

Philip with Lily Katuwal KC and Dev Narayan Mandal

Province, supporting course graduates into setting up their own businesses.

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National and International partners

In 2025 we worked in partnership with:

Operational activities in the reporting period

Mithila Wildlife Trust (MWT) reforestation, wildlife, community and education projects

During this reporting period MWT has implemented projects in the following areas:

The Miyawaki Method reforestation projects in south Nepal

Pipal Tree and MWT have been pioneering The Miyawaki rapid-growth reforestation method in Nepal since December 2021. Devised by the late Professor Miyawaki in Japan, it is designed primarily for the urban environment where only a comparatively small amount of open space might be available to reforest. An area the size of a tennis court is considered the minimum spaced required for a plantation. We see an additional use for the method in a rural environment if it can serve a specific strategic purpose rather than for general reforestation.

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The technique involves excavating to a depth of 1.5m, placing a thick layer of compost/manure/organic material, replacing the topsoil and then planting saplings densely i.e. six to nine per m[2] . This latter, counterintuitive, approach appears to work very effectively with saplings supporting one another synergistically. This is probably not only because of the fertiliser but also the loosening of the soil that allows easy penetration of the root systems. It is stated that a Miyawaki plantation grows ten times faster, is twenty times more biodiverse and thirty times denser than a conventional forest plantation.

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Planting a Miyawaki forest in south Nepal
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We have used the Miyawaki Method in three project areas in south Nepal – The Dhanusha Bird Park, The Dhanushadham Wildlife Corridor (incorporating the Gurkha Memorial Forest) and The Kamala River Basin project.

The Dhanusha Bird Park

We launched our first Miyawaki Method forest project in December 2021. This transformed a large – and exhausted – piece of community land into becoming a community forest that could support villagers through controlled grazing while becoming a haven for birds and other wildlife. The forest was planted by phases as funds came available, setting aside one strip of land for conventional planting as a ‘control’. This therefore also became a demonstration site where we could compare the two approaches. Within a matter of months, the Miyawaki saplings were towering over those planted conventionally.

This project was completed within the reporting period as all available land has been planted out. Moreover, the growth of the saplings has been so rapid that we have been able to remove fencing and allow controlled access to what remains a community asset. This has become a model for how community and wildlife can co-exist in harmony, in keeping with our Mission.

The Dhanushadham Wildlife Corridor incorporating The Gurkha Memorial Forest

Our second Miyawaki project in south Nepal, the Gurkha Memorial Forest, launched in May 2022. Our aim is to create a wildlife corridor that will connect the isolated Dhanushadham Protected Forest (DPF) with the Chure forests in the hills to the north that run east-west across mid-Nepal. The corridor (marked in orange) follows the course of the Baluwa river south before turning southwest towards the DPF. Note that the DPF is the last vestige of the forests that once covered Nepal’s southern plains. This corridor is already a migration route for a range of animals, including Nepal’s dwindling population of wild elephants. However, it is totally exposed and represents a huge danger for human-wildlife conflict and fatalities.

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Our approach involves a combination of conventional and Miyawaki reforestation with the former being used along the banks of the Baluwa River and the latter for the southwest section as the future Gurkha Memorial Forest (GMF). The GMF will consist of 13 Miyawaki forest clusters, one for each Victoria Cross (VC) won by a Gurkha soldier or officer since the start of the Second World War.

For the GMF, we purchase the land on behalf of MWT, to ensure that these forests can be permanent memorials. We acquire sites as funds and land comes available with each cluster costing approximately £25,000. The work is implemented in conjunction with the Department of Forestry and Community Forest User Groups, ensuring a good sense of ownership.

In 2024, we were joined by Swiss Foundation La Lomellina as a major funding partner. This additional funding, much of it channelled through The Big Give, allowed a major project expansion including into the areas of agroforestry and microloan support to women’s groups through community bank that we established.

To date, we have purchased and developed nine of the 13 Miyawaki forests. We have been delighted to see obvious signs of a return of biodiversity and, above all, by the appearance of the Dark Sitana Lizard at some of our new forest sites. This is one of the world’s most endangered reptiles and is endemic to this part of Nepal. Up until 2025 this had been recorded in only one of Nepal’s Districts, the one that is adjacent to Dhanusha District.

The Kamala River Basin

The Kamala River marks the border between Dhanusha and Siraha Districts in south Nepal. Communities along the river face annual flooding that is now exacerbated by climate change. There have been severe events in 1978, 1987, 2004, 2007, and 2017. The 2004 flood was the deadliest, killing 800 and displacing many. In addition, silt has damaged farmland, and climate change is reducing river flow - raising the risk that the river could dry up completely within two decades. We must now help local people prepare for both flood and drought extremes.

We have supported communities that have been displaced inland through education and livelihoods (see below) but we have also used The Miyawaki Method to create natural flood barriers that stabilise the river banks and limit flooding potential. These rapid growth forest strips also provide places of safety for migratory birds in what is otherwise a very exposed landscape. Our forest barrier, although comparatively young, withstood floods in October 2025 and we will work to extend this barrier as we continue to support these highly vulnerable people. See the adjacent QR code.

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Snake rescue and snakebite mortality mitigation

Snakebite deaths are preventable but common in Madhesh Province. A 2022 Lancet study estimated 2,700 annual deaths in the Terai – about 1,080 likely in Madhesh. Vulnerable groups, especially women and children in village huts, are at high risk during monsoon season when snakes seek higher ground.

In response, MWT has a team of snake rescuers who retrieve snakes safely from residential areas and return them to the forest. This is safer than villagers attempting this themselves or, worse still, killing the snakes. Snakes are a valuable part of the ecosystem and in pest control. Rescues immediately attract crowds and this provides an impromptu teaching opportunity – the core message being the importance of ‘The Golden Hour’. Essentially, if a bite victim can go to a snakebite centre and receive antivenom within one hour of being bitten there is a very good chance of survival. Too often, villagers go to ‘village healers’ who are charlatans and precious time and lives are lost.

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A King Cobra
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MWT has also been training members of the police and forestry workers on how to rescue snakes humanely. Also, those people who have been designated ‘snake killers’ within villages can be retrained into rescue rather than killing. This includes teaching snake identification as many snakes are non-venomous, so, there is absolutely no reason to kill them. See the adjacent QR code for film of a highly venomous King Cobra being rescued by an MWT team.

This programme is funded entirely by UK Foundation The Jean Sainsbury Animal Welfare Trust.

Construction and operation of Community Learning Centres (CLCs)

Our CLCs are free, community-based education hubs in Madhesh Province that support children’s school engagement and learning, particularly for those from the poorest and most marginalised families. They complement under-resourced government schools by providing tutoring, study support, and a welcoming place to learn, helping children stay in education and build brighter futures. In practice, the CLC acts as an entry point to education as they teach the basics and build confidence in low-caste children that encourages them to join school. Assistance with homework (that can’t be provided by illiterate parents) and extra tuition reduces the incidence of drop-outs.

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Girls outside our new CLC at Dhanushadham
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During this reporting period we built three new CLCs with the building of three more underway at the end of 2025. One of these was built at the Kamala River where the land was raised (to mitigate the risk of flooding) by using the soil from our excavation of a fish pond nearby that will offer livelihoods to displaced people who are parents of the CLC children. We built a second CLC at Dhanushadham to cope for the demand that a first CLC built in 2021 could no longer provide and a second one in Sarlahi District for the same reason. The Sarlahi CLC was largely funded by the German Foundation ‘Himalayan Friends’. Our CLC programme involving construction and revenue costs is otherwise mainly covered by Big Give campaigns and by a major grant from The Allen and Nesta Ferguson Charitable Trust.

We further encourage the attendance of children at the CLCs by one-off issues of warm clothes and shoes at Christmas to those who have attended regularly throughout the year.

Bursaries to low-caste children to allow completion of education

In Nepal, the major educational hurdle for teenagers is the Secondary Education Examination (SEE) which is taken at the end of Year 10 (equivalent to GCSEs in the UK).

Without passing this examination, students have no prospects of good employment or further education, only to become unskilled labourers. Girls will most likely enter the hopeless misery of child marriage.

Against the odds, some children from the ‘Dalit’ (‘Untouchable’) community do pass this notoriously tough exam in spite of living in dismal domestic

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Sita with two bursary recipients from 2025
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circumstances that are less than conducive for study. Through our bursaries, these children can complete a further two years of higher secondary education, attending college courses in streams such as science, management or education.

Our funding support works out at approximately £44 per student per month and runs for two years. This is paid directly to the school (to ensure that the children really do benefit) and covers fees, books, uniforms and travel. Both boys and girls are eligible with at least as many girls as boys benefiting from the opportunity. Our field worker with MWT, Sita, researches family circumstances to ensure that all the recommendations are bona fide and that there is no favouritism or nomination of relatives by school teachers. We award 16 bursaries per year. As ‘pay-back’ students act as tutors for younger children in their communities. They can act as CLC tutors where they act as inspirational role models.

Revenue support to community schools

In 2025 we continued to support a community school at Bhatighadi through covering the salary of a support teacher, Jina Sherpa Tamang. We have employed Jina on the staff of MWT, detached to the school, since 2021. This school is important to us as it serves the children of forestry workers and we completed a

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Morning assembly at Bhatighadi School
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major building programme at the school in 2024. Essentially, we brought this school up to the same standard – and better – than could be expected at a private school. This support will continue for the foreseeable future.

Revenue support to a small children’s home in Janakpur

In 2025 we began supporting a small government-run children’s home in Janakpur. Our support supplemented government funding in meeting the additional care costs required for a four-year-old girl who has required significant aftercare following major facial surgery. The child had been found abandoned after being born with a cleft palate and a major associated defect. This has been repaired through a number of operations although the disfigurement remains, including through the loss of an eye (for which she requires eye patches). We have also supported this child - and the eight others at the home – through a one-off issue of warm clothes in December. We will continue to support these children and their excellent carers in a similar way in the future.

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Visiting the Janakpur children’s home
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Lily’s Leaves’ environmental programme and support to vulnerable women

During this reporting period Lily’s Leaves:

The Lily’s Leaves Urban Nature programme

Pollution in Kathmandu valley poses a serious threat to both public health and the environment. Rapid urbanisation, poor infrastructure, and weak regulatory enforcement have made the valley one of the world’s most polluted regions, particularly during the dry winter months.

Air pollution comes from multiple sources: outdated and poorly maintained vehicles, brick kilns, household fires, and seasonal stubble burning from northern India. The health impacts are severe, including respiratory and cardiovascular conditions, as well as eye and skin irritation.

Water pollution is equally alarming. Rivers are choked with untreated sewage, industrial effluents, and indiscriminate dumping of solid waste. Open spaces are often used as informal rubbish sites, adding to the degradation. Rapid urban expansion has also consumed green spaces and encroached on historic floodplains, further destabilising the valley’s natural systems.

Climate change has intensified these issues. The failure of winter rains worsens air pollution, while the rains, when they do come, tend to be heavier than in the past. This leads to dangerous flash flooding, exacerbated by the valley’s narrowed and obstructed waterways.

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Lily’s Leaves responded to the environmental crisis in Kathmandu valley through an Urban Nature Programme. This has involved the social enterprise not only planting Miyawaki ‘pocket forests’ in Kathmandu but also giving training and employment to young women who are deaf.

Deafness is not only highly isolating but in Nepal it is extremely stigmatised; people who are deaf are nicknamed ‘lato’, which means ‘stupid’. The Lily’s Leaves workforce is proud to be learning skills and at being employed gainfully, taking pride in restoring nature to Kathmandu valley.

A young woman, who is deaf, working at the Lily’s Leaves sapling nursery in Kathmandu

Lily’s Leaves planted the first forest of 2025 (the fourth overall) in June at the Swayambhu temple area, a world heritage site that had been depleted by soil erosion and acidification of the soil from non-native pine trees, This covered an area of 1,184m[2] with 2,628 saplings from 70 native species being planted. See this blog post for the details.

The fifth site was planted in September 2025 on the same slope as the fourth, the plantation involving 3,500 saplings from 50 native species planted over 1,445 m[2] . See this report or scan the adjacent QR code.

A sixth site, which is underway, will cover an area of 4,100m[2] alongside the Bagmati River. Lily’s Leaves has been preparing the ground with clearing of waste material, deep excavation, composting and fencing. We anticipate planting saplings in March 2026. A full report on this can be found here or by scanning the adjacent QR code.

The seventh site is an area of 2,100m[2] alongside the road in Kirtipur, which is in the early stages of being cleaned with the support of the Municipality. Lily’s Leaves expects to plant 6,000 saplings at this site in early 2026. See this blog post or scan the adjacent QR code for images and details.

The saplings used in these plantations have been a combination of timber-producing native species that are donated free by the Department of Forestry and flowering/fruit producing species that we have had to purchase from private nurseries. The latter has represented a significant limitation as we have been constrained by being only able to use what is available in these nurseries and, of course, this is an expenditure. Instead, we would prefer to be able to choose species that are appropriate to the particular site and that will have the maximum impact in biodiversity. The species available at nurseries tend to be attractive, non-native, flowering species that are cultivated for gardens. Also, we see the pressing need to work closely with local botanists to cultivate species that are threatened or that may have gone locally extinct. This is accompanied by a programme of seed collection from forest patches around the valley. So, this year we have set up two in-house sapling nurseries that are managed by Lily’s Leaves, one of these being collocated with a natural history museum at Swayambhu.

Future prospects : As the portfolio of Lily’s Leaves urban forests grows, so also does the organisation’s experience and interest from potential partners. There are many other sites that could be developed on public land, the only

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limiting factor being funding. It is challenging for a UK charity to raise funds for urban reforestation 3,500 miles away, however our strategic use of The Big Give alongside the prospect of gifts in Wills does make this more achievable.

A major opportunity has arisen in the form of the Kathmandu Ecological Urban Renewal (KEUR) initiative, a planning and preparatory effort led by the Asian Development Bank and the Cities Development Initiative for Asia (CDIA). Its aim is to design integrated, sustainable urban renewal strategies for Kathmandu Valley’s ecological and built environment. A Project Preparation Study (KEUR-PPS) has been underway since 2023 that assesses rapid urbanisation challenges including pollution, loss of green space, and degraded water systems. The study, completed in the summer of 2025, proposes nature-based solutions such as green-blue corridors, wetlands restoration, improved wastewater infrastructure, and public space revitalisation to enhance urban resilience, ecological balance, inclusivity, and quality of life in the valley, while laying the groundwork for bankable investments and climateresilient, environmentally sustainable development.

The timing is excellent, as, by coincidence, its launch coincided with the start of our Urban Nature programme. Lily’s Leaves, being unrivalled in urban reforestation, is well positioned to become a stakeholder when full implementation begins in 2027. In the meantime, we have the opportunity to develop our nurseries so that they can provide the sapling species, at scale, that have been identified in a botanical study as being appropriate to Kathmandu valley and that have the best resilience in extremes of climate.

As a pilot project, Lily’s Leaves/Pipal Tree will collaborate with other local partners in the restoration of the UN Park in central Kathmandu. Lily’s Leaves will be responsible for reforesting 4,100m[2] in the eastern part of the Park. Plans are currently being developed and we anticipate commencing work on this high-profile site in late 2026.

Longer term, we see the UN Park and our other urban forests as delivering not only benefits in countering pollution, cooling the air and restoring biodiversity but also in engaging with schools and colleges so that we can start to change attitudes within society to the natural world. We aim for Lily’s Leaves to be centrally involved in this education role that is vital towards ensuring the sustainability of our environmental projects.

Training women in Madhesh Province

Many, if not most, women in rural communities are condemned to remain in poverty, eking out a living as day labourers, often working in the fields. They might have dropped out of school early and entered child marriage. So, they have no education, no skills and no hope for the future.

Through Lily’s Leaves, we are changing that by offering training in basic tailoring. Each course, held in Sarlahi District, Madhesh Province, has 16 places for six months’ training. At the end of that each graduate is awarded a sewing machine and table, tools and materials and a small start-up grant. This allows her to set up in business either as an individual or with one or two others. This is an open-ended support programme.

Graduates from a basic tailoring course in Sarlahi, Madhesh Province

16

Pipal Tree Annual Report and Accounts

2025

The Our Sansar refuge for rape survivors

Gender-based violence (GBV) is widespread in southern Nepal, where patriarchal and closed communities often allow crimes against women and girls to be hidden. The climate crisis is worsening the situation by increasing displacement, economic stress, and early marriage, while also weakening support services and deepening existing gender inequalities.

In Madhesh Province, over 10,000 cases of GBV are reported annually. Janakpur, though rapidly developing, sees high rates of child exploitation, forced marriage, and abuse. Survivors often face rejection and isolation from their communities and families.

In 2020, Pipal Tree responded to this crisis by collaborating with sister registered charity Our Sansar in setting up a support programme for survivors of rape and sexual abuse. The focus of this is a 20-bed shelter in Janakpur – the only of its kind in the Province. The shelter offers a safe haven, care, therapy, education, and skills training for girls affected by rape, trafficking, and domestic violence. Through counselling, creative activities, and vocational programmes, we help girls recover, rebuild confidence (including through boxing training!), and plan for a better future.

----- Start of picture text -----
Girls at the Janakpur refuge
----- End of picture text -----

The funds for the programme are raised annually through our Big Give Christmas Challenge, supplemented with grant support from UK Foundations.

Public Benefit

The public benefit in 2025 can be summarised as follows:

17

Pipal Tree Annual Report and Accounts

2025

Financial Review

Pipal Tree derived most of its income in 2025 from:

The charity had an income of £1,213k for the year (2024: £548k) – an increase of £665k. The figures included the bequest of £550k, and non-legacy income of £663k (2024: £548k) that included £900 of donated services (2024: £900). Therefore, aside from the legacy income, the charity saw an underlying increase of 21% increase in nonlegacy income. This was an extremely good result during what has been another challenging year for fundraising.

It is important to note that the bequest was made subject to a condition imposed by the Testator that the tenants occupying the property at the time of his death should be permitted to remain in residence for as long as they wished. The Trustees honoured this commitment, which means that the property cannot be sold and the proceeds applied to the charity’s projects. To enable the charity to derive some benefit from the asset while respecting the Testator’s wishes, after the year end date during 2026 the Trustees secured an interest-only mortgage of £210,000 against the property at a fixed rate of interest. This amount represents the maximum level of borrowing the Trustees considered prudent, on the basis that the mortgage repayments would be met entirely from the rental income generated by the property.

The charity has continued to make effective use of Big Give opportunities for matching pledges, using a number of bespoke appeals as well as scheduled Big Give campaigns that are open to other charities. The latter were:

18

Pipal Tree Annual Report and Accounts

2025

The charity spent over £667k on Nepal projects and operational support during the year (2024: £498k) which reflects a dramatic increase in impact.

During the same period, the charity spent £42k on UK administrative costs and governance (2024: £35k) and £37k directly on fundraising (2024: £26k).

At year-end, there is a £789k carry-forward (2024: £284k), which includes £550k of designated funds attributable to the property. O the £550k attributable to the property, £210k has been monetised in 2026 via a loan secured by a fixed-interest mortgage, with repayments covered by the property’s rental income. At the year end date, in addition to designated funds of £550k, the charity held £64k of general unrestricted funds and £175k of restricted funds.

Reserves policy

As at the year end date the Trustees aimed to hold unrestricted funds of £45k equating to six months of projected UK operating costs to enable the charity to manage the risks and uncertainties of continuing to operate in the current economic climate. Following successfully being able to release £210k of funds from the property during 2026, the trustees have decided during 2026 to allocate unrestricted funds as follows moving forwards:

In addition, the Trustees hold a restricted disaster relief reserve of £26k which can be used immediately in the event of a natural disaster, such as an earthquake, flood or epidemic.

Risk management

The Trustees have considered the risks to which Pipal Tree may be exposed and are content that the overall risks to the charity are mitigated to an acceptable level. The Trustees maintain a risk register that is under regular review and managed on a daily basis by Trustee Angela Sherman.

Conclusion

In conclusion, this has been another highly successful year for Pipal Tree at home and in Nepal. We look forward to continued growth in 2026.

19

Pipal Tree

Report of the trustees

For the year ended 31 December 2025

Statement of responsibilities of the trustees

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

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 the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. 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.

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 financial statements may differ from legislation in other jurisdictions.

The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Independent examiners

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

Approved by the trustees on 16 June 2026 and signed on their behalf by

Julie Graham Chair of Trustees

20

Independent examiner's report

To the trustees of

Pipal Tree

I report to the trustees on my examination of the accounts of Pipal Tree (the CIO) for the year ended 31 December 2025, which are set out on pages 22 to 35.

Responsibilities and basis of report

As the charity trustees of the CIO 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 examination of the CIO’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

An audit dispensation under the scrutiny requirements of section 145(1) of the Charities Act 2011 was granted to Pipal Tree by the Charity Commission on 5 March 2026. The exemption was granted under Regulation 34(3)(a) of the Charities (Accounts and Reports) Regulations 2008. This dispensation is for the financial year ended 31 December 2025 only and allows an independent examination in place of an audit for this year.

Since the CIO’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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.

Dougal Howard

Date: 16 June 2026 Dougal Howard ACA Member of the ICAEW Godfrey Wilson Limited Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

21

Pipal Tree

Statement of financial activities

For the year ended 31 December 2025

For the year ended 31 December 2025
Restricted Unrestricted
Note
£
£
Income from:
Donations and legacies
3
569,326
635,816
Investments
-
7,836
Total income
569,326
643,652
Expenditure on:
Raising funds
-
39,715
Charitable activities
596,437
71,207
Total expenditure
5
596,437
110,922
7
(27,111)
532,730
Reconciliation of funds:
Total funds brought forward
202,232
81,604
Total funds carried forward
175,121
614,334
Net income / (expenditure) and net
movement in funds		 2025
Total
£
1,205,142
7,836
1,212,978
39,715
667,644
707,359
505,619
283,836
789,455		 2024
Total
£
540,468
7,358
547,826
27,731
498,328
526,059
21,767
262,069
283,836

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 15 to the accounts.

22

Pipal Tree

Balance sheet

As at 31 December 2025

Note
Current assets
Debtors
10
Current asset investments
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
14
Funds
15
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 2025
£
607,043
125,542
59,823
792,408
(2,953)
789,455
789,455
175,121
550,000
64,334
789,455		 2024
£
85,535
88,044
112,380
285,959
(2,123)
283,836
283,836
202,232
-
81,604
283,836

Approved by the trustees on 16 June 2026 and signed on their behalf by

Julie Graham Chair of Trustees

23

Pipal Tree

Statement of cash flows

For the year ended 31 December 2025

Cash flows from operating activities:
Net movement in funds
Adjustments for:
Increase in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
Decrease in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash and cash equivalents
Current asset investments
Cash at bank and in hand		 2025
£
505,619
(521,508)
830
(15,059)
(15,059)
200,424
185,365
125,542
59,823
185,365		 2024
£
21,767
(27,774)
(18,017)
(24,024)
(24,024)
224,448
200,424
88,044
112,380
200,424

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

24

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies a) General information and basis of preparation

Pipal Tree is a charitable company limited by guarantee registered in England and Wales. The registered office address is Three Ways, Ledstone, Kingsbridge, Devon, TQ7 2HQ.

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

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

b) Going concern basis of accounting

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

c) Income

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

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

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

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

25

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies (continued)

d) Donated services and facilities (continued)

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

The trustees have assigned a value to the gifts in kind received at a rate of 10% of the market value of the services provided, which the trustees believe to be appropriate and realistic.

e) Interest receivable

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

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. 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.

g) Expenditure and irrecoverable VAT

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

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

Grants payable are charged in full in the year in which the offer is conveyed to the recipient except in those cases where the offer is conditional or there are conditions attached to the payment of future instalments which could prevent the remainder of the grant being paid. Grants or grant instalments subject to conditions are recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitments but are not accrued as expenditure.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between the cost of raising funds and expenditure on charitable activities based on the proportion of cost by each activity (before donated services) as follows:

ws:
2025 2024
Raising funds 6% 5%
Charitable activities 94% 95%

26

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

1. Accounting policies (continued)

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Current asset investments

Current asset investments consist of cash held on deposit in interest bearing accounts. Such investments are measured at their fair value.

j) Cash at bank and in hand

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

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

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

m) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Foreign currency transactions

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

o) Accounting estimates and key judgements

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

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

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are accrued legacy income as described in note c above.

27

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

2. Prior period comparatives: statement of financial activities

Income from:
Donations
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income and net movement in funds		 Restricted
£
£
409,373
131,095
-
7,358
409,373
138,453
-
27,731
406,098
92,230
406,098
119,961
3,275
18,492
Unrestricted		 2024
Total
£
540,468
7,358
547,826
27,731
498,328
526,059
21,767
3.
Income from donations and legacies
Grants and donations
Legacies
Gift aid
Gifts in kind
Total income from donations and legacies*		 Restricted
£
£
569,326
45,910
-
550,000
-
39,006
-
900
569,326
635,816
Unrestricted		 2025
Total
£
615,236
550,000
39,006
900
1,205,142

*During the year the charity received donated printing and filming services.

Prior period comparative:
Grants and donations
Gift aid
Gifts in kind
Total income from donations and legacies*		 Restricted
£
£
409,373
106,877
-
23,278
-
940
409,373
131,095
Unrestricted		 2024
Total
£
516,250
23,278
940
540,468

*During the prior year the charity received donated printing and filming services.

4. Government grants

The charity did not receive government grants in the current or prior period.

28

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

5. Total expenditure

Raising
funds
£
Projects expenditure (note 6)
-
Salaries (note 8)
21,253
Travelling and subsistence
-
Printing, stationery and postage
-
IT and professional fees
-
Other costs
-
Fundraising and website
16,098
Sub-total
37,351
Allocation of support and governance costs
2,364
Total expenditure
39,715
Total governance costs were £10,189 (2024: £7,993).
Prior period comparative
Raising
funds
£
Projects expenditure (note 6)
-
Salaries (note 8)
14,554
Travelling and subsistence
-
Printing, stationery and postage
-
IT and professional fees
-
Other costs
-
Fundraising and website
11,352
Sub-total
25,906
Allocation of support and governance costs
1,825
Total expenditure
27,731		 Charitable
activities
£
£
597,356
-
21,253
28,338
6,503
4,524
-
755
1,150
3,097
1,641
5,391
-
-
627,903
42,105
39,741
(42,105)
667,644
-
Charitable
activities
£
£
443,037
-
14,554
19,405
7,940
8,155
-
863
-
2,279
-
3,920
-
-
465,531
34,622
32,797
(34,622)
498,328
-
Support and
governance
costs
Support and
governance
costs		 2025
Total
£
597,356
70,844
11,027
755
4,247
7,032
16,098
707,359
-
707,359
2024
Total
£
443,037
48,513
16,095
863
2,279
3,920
11,352
526,059
-
526,059

29

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

6. Projects expenditure

Projects expenditure comprises of grants payable to the following partners carrying out projects in Nepal:

Mithila Wildlife Trust, Nepal
Lily's Leaves, Nepal
Our Sansar, UK		 2025
2024
£
£
428,128
246,081
153,015
162,162
16,213
34,794
597,356
443,037

Included in project expenditure is £919 of unrestricted expenditure (2024: £36,939), in addition to restricted expenditure of £596,437 (2024: £406,098).

7. Net movement in funds This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses*
Independent examiners' remuneration (excluding VAT):
Independent examination		 2025
£
Nil
Nil
1,900		 2024
£
Nil
3,348
1,500

*During the prior year expenses were reimbursed to three trustees for travel to Nepal.

In common with other charities of our size and nature we use our examiners to assist with the preparation of the financial statements.

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Employer NI
Pension costs		 2025
£
69,375
101
1,368
70,844		 2024
£
47,412
-
1,101
48,513

No employee earned more than £60,000 during the current or prior year.

The key management personnel of the charity comprise the trustees, Chief Executive Officer and Chief Operating Officer. The total employee benefits of the key management personnel were £70,844 (2024: £48,513).

30

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

8. Staff costs and numbers (continued)

Average head count 2025
No.
2		 2024
No.
2

9. Taxation

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

10. Debtors

Accrued income
Prepayments
Gift aid
Other debtors
Current asset investments
Balances held on deposit
Creditors: amounts falling due within 1 year
Accruals
Other creditors		 2025
£
580,506
360
20,031
6,146
607,043
2025
£
125,542
125,542
2025
£
2,280
673
2,953		 2024
£
73,058
360
6,802
5,315
85,535
2024
£
88,044
88,044
2024
£
1,800
323
2,123

11. Current asset investments

12. Creditors: amounts falling due within 1 year

31

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

13. Grants payable

Grant commitments brought forward
Grants committed to during the year (note 6)
Grants paid during the year
Grant commitments carried forward
Analysis of net assets between funds
Current assets
Current liabilities
Net assets at 31 December 2025
Prior year comparative
Current assets
Current liabilities
Net assets at 31 December 2024		 175,121
-
175,121
202,232
-
202,232
Restricted
funds
Restricted
funds		 £
550,000
-
550,000
£
-
-
-
Designated
funds
Designated
funds		 2025
£
-
597,356
(597,356)
-
£
67,287
(2,953)
64,334
£
83,727
(2,123)
81,604
General
funds
General
funds		 2024
£
15,000
443,037
(458,037)
-
Total
funds
£
792,408
(2,953)
789,455
Total
funds
£
285,959
(2,123)
283,836

14. Analysis of net assets between funds

32

Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

15. Movements in funds

At 1
January
2025
£
Restricted funds
Disaster relief
25,792
Education and community support
36,077
Empowering girls and women
-
Environment and climate change
95,007
Vulnerable and abused children
45,356
Total restricted funds
202,232
Unrestricted funds
Designated funds:
Legacy
-
Total designated funds
-
General funds
81,604
Total unrestricted funds
81,604
Total funds
283,836		 Income
£
£
-
-
124,275
(130,810)
76,882
(58,015)
338,771
(389,774)
29,398
(17,838)
569,326
(596,437)
-
-
-
-
643,652
(110,922)
643,652
(110,922)
1,212,978
(707,359)
Expenditure		 £
-
-
-
-
-
-
550,000
550,000
(550,000)
-
-
Transfers
between
funds		 £
25,792
29,542
18,867
44,004
56,916
At 31
December
2025
175,121
550,000
550,000
64,334
614,334
789,455

Purposes of designated funds

Legacy: During the year a legacy left to the charity met the criteria to be recognised within income during the year. The legacy relates to a property, which will be transferred to the charity post year end. A separate designated fund has been created to reflect the expected fair value of this property.

Purposes of restricted funds

Disaster relief: These funds are held to allow us to save lives by being able to respond immediately to national disasters such as earthquakes, floods or pandemics.

Education and community support: This is a central element of upliftment of the impoverished rural communities of Madhesh Province. In the short term, most of our funding is being allocated towards providing capital and revenue support to community schools and Community Learning Centres (CLCs) with the Mithila Wildlife Trust as the implementing partner NGO. CLCs help children with non-formal education, delivered by college student tutors, that underpins their mainstream education and reduces the chances of drop-out. When girls drop out of school prematurely, they are highly vulnerable to child marriage. Educated girls and women are vital towards undermining poverty, accessing services and securing basic human rights.

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Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

15. Movements in funds (continued)

Purposes of restricted funds (continued)

Empowering girls and women: These funds are for skills training and business support delivered by social enterprise Lily’s Leaves to women from impoverished rural areas of Madhesh Province in south Nepal. Women are offered six-month-long training courses in tailoring and then supported with grants and loans to allow them to set up their own production centres/shops either independently or with other course graduates.

Environment and climate change: These funds are for urban and rural environmental restoration programmes, primarily through reforestation. In Kathmandu valley, Lily’s Leaves has been cooling and cleaning the air by planting rapid-growth ‘Miyawaki Method’ forests since July 2023. By the end of 2025 they have planted five of these with two more sites being prepared. This work has been underpinned by the setup of two dedicated Lily’s Leaves sapling nurseries that cultivate native species from seeds and cuttings.

In south Nepal, The Mithila Wildlife Trust has been planting Miyawaki forests to create an important wildlife corridor that crosses exposed agricultural land allowing safe passage of animals, reduced risk of human-wildlife conflict and restoration of biodiversity. The corridor includes a ‘Gurkha Memorial Forest’ that when complete will include 13 stepping-stone forests commemorating the 13 Gurkha soldiers and officers who have been awarded the Victoria Cross (the highest award for gallantry) since the start of the Second World War.

Vulnerable and abused children: Gender-based violence is endemic within Madhesh Province and there are many displaced children around the area of the open border with India. This restricted funding is used, in partnership with registered charity Our Sansar, to co-fund a refuge for girls in Madhesh Province’s principal town, Janakpur. Support to the girls at the refuge is protective, material, educational, legal and psychosocial with outreach also to girls in the community, some of whom may have previously passed through the refuge.

Transfers

During the year the trustees designated £550,000 of funds to the legacy designated fund.

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Pipal Tree

Notes to the financial statements

For the year ended 31 December 2025

15. Movements in funds (continued)

Prior year comparative
At 1
January
2024
£
Restricted funds
Disaster relief
20,792
Education and community support
35,561
Empowering girls and women
71,818
Environment and climate change
15,586
Vulnerable and abused children
55,200
Total restricted funds
198,957
Unrestricted funds
General funds
63,112
Total unrestricted funds
63,112
Total funds
262,069		 Income
£
£
5,000
-
42,200
(41,684)
23,224
(95,042)
313,999
(234,578)
24,950
(34,794)
409,373
(406,098)
138,453
(119,961)
138,453
(119,961)
547,826
(526,059)
Expenditure		 £
-
-
-
-
-
-
-
-
-
Transfers
between
funds		 £
25,792
36,077
-
95,007
45,356
At 31
December
2024
202,232
81,604
81,604
283,836

16. Related party transactions

A Trustee donated £25,000 anonymously towards projects in Nepal to be used strategically by being assigned towards Big Give campaigns where the fundraising challenge was deemed greatest.

There were other no related party transactions in the current or prior period.

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