REGISTERED CHARITY NUMBER: 1160929 SUPPORTING NEPALS REPORT OF THE TRUSTEESAND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR SUPPORTING NEPAL'S CHILDREN Xeinadin South Wale5 & West Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GLIO 3UT
SUPPORTING NEPAL'S CHILDREN CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Report ofthe Trustees Ito6 Independent Examiner's Report Statement of Financial Activities Balance Sheet Cash Flow Statement io Note5 to the Cash Flow Statement li Notes to the Financial Statements 12to16 Detailed Statement of Financial Artivitie5 17
SUPPORTING NEPAL'S CHILDREN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report with the financial statements of the Charity for the year ended 31 December 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. 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 IFRS 1021 (effective l January 20191. OBJECTIVES AND ACTIVITIES Objertives and aims Supporting Nepal's children ISNCI was set up with the aim to improve the education, school facilities and infrastructure and to provide equipment. reading materia15 and learning aids to schools in Nepal. Public benefit Statement The Trustees ensured that in planning and undertaking the charitable activities they have complied with their duty under section 17 of the Charites Act 2011 to have regard to guidelines issued by the Charity Commission. The objectives of the Charity seNe to provide improved education facilities to children in rural areas of Nepal. Improved schools ensure children have a safe environment to learn, better attendance at local village schools. are not walking long distances each day to school, or being sent away to Schools in Kathmandu. Our philosophy is that education provides choice and opportunities for young people and helps to break the poverty cycle. Since establishment we have moved from work with our NGOS to assist the government School rebuilding project to building vocational schools which provide children and young people with a trade to provide them with career opportunities and to help prevent labour migration. 60% of the population of Nepal under the age of 30 and has 21% youth unemployment with 97% casual employment. SNC has ensured that in planning and undertaking our activities we have paid full regard to the Charities Commission public benefit guides. Our work initially focused on the rebuilding of seismically safe classrooms following the earthquake in April 2015. since then we have moved to building complete s¢hoo15, but the Government in Nepal has confirmed that the earthquake rebuilding program is now largely complete, so our emphasis has developed into building vocational schools. We and our not-for-profit Non-Governmental Organisation5 INGOs1 work with local eommunities from the outset. We identify potential projects and ensure we have community support. taking into consideration the needs of the schools and their wider community committees. We have also sought to identify future NGOS for us to partner with on our next projects. Grant making We are not a grant making charity and do not invite grant applications. Instead. we raise funds and partner with suitable NGOS locally in Nepal for the delivery of our projects. Before working with an NGO. we meet, interview and satisfy ourselves they undertaken Similar project5 in the local area, review their track record and obtain reference5. Volunteers We have a Small team of volunteers who have assisted our fundraising capability and outreach to a wider audience of potential donor5 as well as SUPPOrtin8 our activities in Nepal. Page I
SUPPORTING NEPAL'S CHILDREN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Fundraising In 2024 we ran a Build and Trek scheme where participants funded their own trip and were sponsored to raise funds for SNC projects. Participants trekked to Poon Hill in the Annapurna area of Nepal and then spent a week working on the build of our next vocational centre in Dhangadhi in western Nepal. Dhangadhi Vocational Centre In conjunction with the Nepal Youth Foundation, building work to build a new vocational training centre commenced in 2024 in Dhangadhi. Dhangadhi is located in western Nepal and is province with one of the lowest human development indexes IHDII in Nepal. It benefits from a very proactive local major who is keen to improve the prospects for young people within his province and was very keen to work alongside SNC & our NGO the Nepal Youth Foundation. The vocational centre aims to provide education and vocational training in a number of trades such as plumbing, carpentry, electrician, tailoring. welding. Ensuring that children from challenging backgrounds have a trade so that when they leave school they have employment to support themselves financially and to help prevent labour migration. St James's Place Charitable Foundation The SJP Charitable Foundation also benefited from matched funds from St. James's Place for funds raised through SNC, these matched funds were used to support Onside a UK based charity which provide5 similar vocational training. Page 2
SUPPORTING NEPAL'S CHILDREN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW Financial position During the period ended 31st December 2024 total income was £154.023 12023.. £141,309) and total expenditure was £267,22012023- £134,750). Princlpal funding sources Our principal source of funds has been from donations made by individuals raised through Build & Trek and Everest Base Camp Treks. Investment policy and objertives At present we do not hold any 'lnvested' funds. Instead, we have chosen to hold our funds on reSee in a charity business bank account. This has the benefit of ensuring we have readily available liquid a55ets to draw on as required. Internal and external fartors - princlpal risks facing the charity As Trustees we regard our principal risks as.. Meeting the expectations of our supporters and beneficiaries and the delivery of our aims and objectives. Operational delivery of projects and the potential physical risks to volunteer and trustees. Financial risk through insufficient funds or capital reserves to complete projects Child protection & safeguarding, a5 our projects involve Trustees and volunteers Vlslting schools. Our relationship with St. James's Place and the St. James's Place Charitable foundation, their support has helped to boost fundraising and to provide us with a pool of event participants, but we are aware of the risk to our fundraising should this support be withdrawn. Selection of appropriate local NGOS Reputational risk and an increasingly litigious society. Local environmental, meteorological. geological economic and political risk of working in Nepal, albeit these are largely outside of our control. Failure of expedition company who operate in country logistics on behalf of SNC. Support from local communities in Nepal. As Trustees we aim to identify risks, consider and assess the potential impact and probability of a risk and take preventative action. Page 3
SUPPORTING NEPAL'S CHILDREN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW ReseNes policy SNC holds reserves of £107.872 as at year end 31 December 2024. These reserves comprise restricted funds as well as project contingencies. We do not consider the need to hold a contingency for the restricted funds, based on school fee costs and the age of the children being supported. The remaining reseNes are to ensure we have adequate emergency funds in place to cover unforeseen costs associated with our building projects. Reserves are based on a 20% contingency on future project costs. Restricted Funds The restricted funds have been set aside to provide educational and financial support to meet school fee costs for a small number of Sherpa children who lost their father. an experienced mountain guide whilst guiding on Everest during the April 2015 earthquake. We will also hold additional restricted funds to meet the education costs for the children of the trek leader guides from the 2022 EBC & B & T events. these costs will be funded annually by the event participants. We have agreed that we will maintain funds to meet our financial commitments to support these children through to majority but beyond this we have no intent to manage any further restricted funds. FUTURE PLANS We have decided that we need to take some time in 2025 to calIbrate our fundraising activities and as such we have replaced some of the Trustees as well as 'recruitIn some additional volunteer5 to manage various aspects of the charity such as marketing and the day to day finances. As such we will not be running any specific fundraising expeditions in 2025. We have plans in 2026 to trial some trekking events in Europe as these will be run at lower cost which means we hope to attract more participants to raise funds for us. We plan to recommence Everest Base Camp and Build & Trek events in the future. Policy and procedures The Trustees carry out a full review of our operating policies and procedures including risk management policy. We will. on an ongoing basis, continue to identify and sUPPOrt Schools in remote rural communities. Going concern After making appropriate enquiries. the Trustee5 have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Page 4
SUPPORTING NEPAL'S CHILDREN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRucfuRE. GOVERNANCE AND MANAGEMENT Governlng document The Charity is constituted as a Charitable Incorporated Organisation ICIOI and 15 governed by a constitution dated 25th February 2015. SNC was registered with the Charity Commission as a charity on 16th March 2015. The Board of Trustees meets on a regular basis, minimum quarterly. to make decisions in relation to fundraising and charitable activity. We hold monthly joint committee and Trustee meetings and quarterly Trustee meetings as well as ad hoc conference calls between Trustees, volunteers and our NGOS and partner organisations. Recruitment and appointment of new Trustees Currently no new Trustees are invited to join the board and any future new Trustees will be invited by agreement of the existing Trustees having due regard to the skills, knowledge and experience required for the effective administration of the Charity. Induction and training of new Trustees We have four Trustees who each have clearly defined roles and respon5ibilitie5. Each Trustee is familiar with our Charity's constitution and governance document. Each Trustee also has volunteer committee members to assist in their area of responsibility. All Trustees have been provided with a copy of the Charities Commission 'Essential Trustee" Guidance booklet. On rotation of the Trustees in the future, guidance, training, mentoring and reference documents will be provided. We have also benefited from being able to utilise the experience. knowledge and mentorship of the St. James's Place Charitable Foundation and its Trustees as well as one of their charitable advisory consultants, Steve Wickham. at The Giving Department, a Specialist corporate responsibility & philanthropy agency. Two of the four Trustees are employed in the Wealth Management industry and as such are familiar with the Trustee Act 2000 and the role and responsibilities of Trustee5 and their duties. REFERENCE AND ADMINISTRATIVE DAlLs Registered Charity number 1160929 Principal address Cotswold Cottage Church Road Leonard Stanley, Gloucestershire GLIO 3NX REFERENCE AND ADMINISTRATIVE DETAILS Trustees Ms N Phillips Mr R Owen MrG Thomas Mr N Jones MrA Barden Mrs S-J Leicester M5 H Curley Operations & Governance. Events & Expeditions. Strategy & Fundraising. Corporate Partner5. Project support, risk and health and safety. PR & marketing. Event co-ordinator & finance support. Appointed 1610912024 Resigned 1610912024 Resigned 1610912024 Resigned 1610912024 Page S
SUPPORTING NEPAL'S CHILDREN REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Volunteers Ms H Grace Mrs S-J Leicester MrAng Namgel Sherpa MrG Neale Ms P Reed In country relationship partnering Marketing & PR. In country relationship management. Minute taking & finance. Marketing & PR. NGOS, Partners and Support Riswo R. Gorkholi NGO, Nepal Youth Foundation Independent examiner Mark Aldridge FCCA Xeinadin South Wales & West Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire, GLIO 3UT Solicitors RedKite Law LLP 2 Rowcroft 5troud Gloucestershire, GL5 3BB roved by order of the b stees on 2025 and signed on its behalf by: Ms N Phillips- Trustee Page 6
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF SUPPORTING NEPAL'S CHILDREN Independent Examiner's report to the Trustees of Supporting Nepal's Children I report to the Charity Trustees on my examination of the accounts of Supporting Nepal's Children Ithe Charity) for the year ended 31 December 2024. Responsibilities and basis of report As the Charity Trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements ofthe Charities Art 20111'the Art,). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in Carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145151{bl of the Act. Independent Examiner's statement 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- accounting records were not kept in respett of the Trust as required by section 130 of the Act. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concern5 and have come acr055 no other matter5 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. Mark Aldridge FC Xeinadin South Wales & West Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GLIO 3UT Date.. 2025 Page 7
SUPPORTING NEPAL'S CHILDREN STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 126,975 27,048 154,023 141.309 Investment income Other income Total 126,975 27,048 154,023 141,309 EXPENDITURE ON Charitable activities 260,602 6,618 267,220 134,750 Total 260,602 6.618 267,220 134,750 INCOME/IEXPENDITURE) 1133,6271 20.430 1113,1971 6,559 RECONCILIATION OF FUNDS Total funds brought forward 216.747 4,322 221,069 214.510 TOTAL FUNDS CARRIED FORWARD 83,120 24,752 107,872 221,069 The notes form part of these financial statements Page 8
SUPPORTING NEPAL'S CHILDREN BALANCE SHEET AT 31 DECEMBER 2024 2024 Restricted Total funds funds 2023 Total funds Unrestricted funds Notes CURRENT ASss Debtors Cash at bank 96 84,374 60 24,692 156 109.066 25 222.334 84.470 24,752 109,222 222,359 CREDITORS Amounts falling due within one year 11.3501 11,3501 11,2901 NET CURRENT ASSETS 83.120 24,752 107,872 221,069 TOTAL ASSETS LESS CURRENT LIABILITIES 83.120 24,752 107,872 221,069 NEf ASSETS 83.120 24,752 107.872 221,069 FUNDS Unrestricted funds Restricted funds 83,120 24,752 216,747 4,322 TOTAL FUNDS 107,872 221,069 ancial statements f by.. re ro ed by the Board of Trustees on A?nl. 2025 and were signed on its b N Phillips -Trustee The notes form part of these financial statements Page 9
SUPPORTING NEPAL'S CHILDREN CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER Z024 Year Ended 31.12.24 Year Ended 31.12.23 Notes Cash flows from operating activities: Cash generated from operations 1113,2681 6,649 Net cash provftded by Iu5ed inl operating activities 1113,2681 6,649 Cash flows from investing activities: Interest received Net cash provided by (used in) investing artivities Change in cash and cash equivalents in the reporting period Cash and Cash equivalents at the beginning of the reporting period 1113.2681 6,649 222,334 215,685 Cash and Cash equivalents atthe end of the reporting period 109.066 222,334 Page 10
SUPPORTING NEPAL'S CHILDREN NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 RECONCILIATION OF INCOME TO NET CASH FLOW FROM OPERATING AcfiviTIES Year Ended Year Ended 31.12.24 31.12.23 Net income/lexpenditurel for the reporting period (as per the statement of financial activities) Adjustments for: Decrease I Ilncreasel in debtors IDeereasel / Increase in creditors 1113, 1971 6,559 11311 60 90 Net cash provided by (used in) / operating activities 1113,2681 6,649 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 Cash flow At 31.12.24 Net cash Cash at bank 222,334 1113,2681 109,066 Total 222.334 1113,2681 109,066 Page 11
SUPPORTING NEPAL'S CHILDREN NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basis of preparlng the flnanclal statements The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities: 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 IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Income All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds. it is probable that the income will be received, and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Project funding costs offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Allocation and apportionment of c05t5 The breakdown of support costs and how these were allocated between raising funds and charitable activities for the period to 315t December 2024 is shown below. Raising Funds Charitable activities £ 1,800 598 1.658 Total allocated £ 1.800 598 1.658 Support Costs Accountancy Finance IT costs Basi5 Usage Direct cost Direct cost Activity total 4,056 4,056 Taxation The Charity is exempt from tax on it5 charitable activities. The fundraising activities, including the sale of Chri5tma5 cards, are exempt under the small trading exemption. Page 12
SUPPORTING NEPAL'S CHILDREN NOTES TO THE FINANCIALSTATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrirtions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. DONATIONS AND LEGACIES Year Ended Year Ended 31.12.24 31.12.23 Donations Gift Aid SJP Foundation donations Christmas cards 126,222 16,593 11,143 65 115,546 15.373 9,031 1,359 154,023 141,309 Page 13
SUPPORTING NEPAL'S CHILDREN NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 CHARITABLE AcfiviTIES COSTS Grant funding of Support activities costs (See note 41 (See note 11 Direct costs Totals Other charitable activities Dhangadi Centre project School fees and equipment 3,071 318 3,389 250,000 6,247 250,000 6,247 3,071 256,247 318 259,636 SUPPORTED PROJECTS GRANTS MADE Year Ended Year Ended 31.12.24 31.12.23 Dhangadi Centre project Olgapuri Centre project School fees and equipment 250,000 115,528 6,838 6,247 256.247 122,366 TRUSTEES, REMUNERATION AND BENEFITS There were no Trustees, remuneration or other benefits forthe year ended 31" December 2024. Trustees, expenses The total of Trustee5' reimbursed expenses expended on behalf of the Charity for the year to 31st December 2024 was £1,690. The total of Trustees, reimbursed expenses for the year to 31st December 2023 wa5 £1.282. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other debtors Prepayments and accrued income 25 156 156 25 Page 14
SUPPORTING NEPAL'S CHILDREN NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 1,350 1,290 MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 216,747 1133,6271 83.120 Restricted funds Tim Mosedale Sherpa Fund School fees fund 2,571 1,751 12,620 7,810 15,191 9.561 4,322 20.430 24,752 TOTAL FUNDS 221,069 1113,1971 107,872 Net movement in funds, included in the above are as follows.. Incoming resource5 Resources expended Movement in funds Unrestricted funds General fund 126.975 1260,6021 1133,6271 Restrl¢ted fund5 Tim Mosedale Sherpa Fund School fees fund 15,000 12,048 {2,3801 14,2381 12,620 7.810 27,048 16,6181 20,430 TOTAL FUNDS 154,023 1267,2201 1113.1971 Page 15
SUPPORTING NEPAL'S CHILDREN NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEMENT IN FUNDS- continued Comparatives for movement In funds Net movement in funds At 31.12.23 At 1.1.23 Unrestrirted funds General fund 206,660 10,087 216,747 Re5trirted funds Tim Mosedale Sherpa Fund School fees fund 7,850 15,2791 1,751 2,571 1,751 7,850 13,5281 4.322 TOTAL FUNDS 214,510 6,559 221,069 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 137.999 1127,9121 10,087 Restricted funds Tim Mosedale Sherpa Fund School fee5 fund 15,2791 11,5591 15,2791 1.751 3.310 3.310 16,8381 13,5281 TOTAL FUNDS 141,309 1134,7501 6,559 Page 16
SUPPORTING NEPAL'S CHILDREN DETAIiED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2024 Year Ended Year Ended 31.12.24 31.12.23 INCOME AND ENDOWMENTS Donations and legacies Donation5 GiftAid SJP Foundation donations Christmas card 126,222 16,593 11,143 65 115,546 15,373 9,031 1,359 Total incoming resources 154,023 141,309 EXPENDITURE Charitable artivities Supported projects donations Advertising and promotional costs Everest Base Camp costs 258,108 1,210 123,181 92 5,715 259.318 128,988 Support costs Finance Bank charges and fees Governance costs Accountants, remuneration for non-audit work Information technology IT costs 3,650 1,800 2.112 1.658 7,902 5,762 Total resources expended 267,220 134.750 Net income/{expenditure) 1113,1971 6.559 This page doe5 not form part of the statutory financial statements Page 17