MYANMAR TRUST UK IA COMPANY LIMITED BY GUAPANTEEI ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024 Company Registration Number 1180966 Charity Number 11180399
MYANMAR TRUST UK FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 CONTENTS PAGE Trustees, Annual Report Reference & Administrative Information Independent Auditor's Report Statement of Financial Activities 10 Balance Sheet Cash Flow Statement 12 Notes to the Financial Statements 13-25
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2024 The trustees present their report and financial statements for the year ended 31 January 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective from 1 January 20191. Objectives and Activities The charity's objects are lo advance such charitable purposes (according to the law of England and Wales) for the people and inhabitants of Myanmar (both in Myanmar and elsewhere) as the trustees think fiL Since the allempted military coup on February 1, 2021, the people of Myanmar have valiantly persisted in their unwavering resistance against a resurgence of military rule, bravely confronting an unyielding onslaught of military alrocilies. Recognising this as a pivotal juncture aligning long standing aspirations for democracy, and ethnic rights in Myanmar, we, MTUK advance our charitable objectives through strengthening the grassroots-led advancement of an inclusive and democratic future in Myanmar. With support lo grassroots groups fundamental to our approach, our achievements explicitly challenge the notion that the complexity of conflict conlexls impedes funds from reaching local civil society initiatives. Our expanding donor base in 2023 is testament to the reality that innovative models tall0d lo specific contexts can and will deliver significant benefits al low costs even in the most constrained circumstanS. The expertise, and experience within our team from Iruslees, staff, ar local partners has ensured that increases in funding from diverse public and private funds has ensured that we can offer more comprehensive support to existing and emerging groups working for human rights, equality and accountability. The MTUK model remains one which engages re-granting activities to enable funds lo reach key groups on the ground in Myanmar. In doing so, our experienced staff, 700A of whom are from Myanmar, leverage decades of experience working with nongovemmental organisalions in Myanmar, to maintain strong relationships with grantees and end beneficiaries. These relationships with trusted groups and individuals ensure that we can maximise the impact of funds and keep our own costs lo the minimum required to maintain strong due diligence processes for fiscal and operational oversight. We assess our SucsS based on outcome harvesting from groups supported, and the ability of our assistance to achieve in change in hard-IreaCh areas. The vast majority of funds in 2023-24 reached areas severely affected by conflict. This aligned with a key focus of our team lo ensure that our model provides genuine assistance lo community members that cannot access traditional forms of aid. We did this in an efficient manner, providing grants tolalling over one and a half million pounds lo more than 100 beneficiaries, with administrative costs lincluding staffing costs) of less than 12,/0 of total funds expended in 2023-24. The charts below illustrate the geographic and Ihemalic breakdown of our assistance. 1> % or9tee$ supported by region Thernatic Dislrtbution ofAssistsnce
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2024 The Trustees confirm that we have complied with the duty in section 4 of the Charities Act 2011 to have due regard lo public benefit guidance published by the Charity Commission. Achievements and Impact "The support from MTUK has enabled us to make a meaningful contribution towards saving the InS of the most vulnerable populations in Myanmar who have been profoundly affected by the coup and the human rights violations perpetrated by the junta. The MTUK contribution for emergenGy SUPPOrt which is flexible and rights-orienled have been benefrfting Myanmar people and their/our fight for democracy and Justice." An MTUK grantee organisalion, December 2023 lorganisation name withheld for their securityl Civil society in Myanmar, a country of 55 million people, is facing an unprecedented crisis since the coup. At the end of 2023, the UN reported that there were 2 million displaced persons across the country and 18.6 million people requiring urgent humanitarian aid1 These are civilian populations living precariously and unprotected in forests, roadside encampments, or schools and religious buildings as a result of ground and air allacks. Many have lost everything at the hands of the Myanmar military. The Myanmar military, that claims its duty is to protect the people of Myanmar, has razed over 16,500 mostly rural homes and forcibly evicted a further 50,000 people from urban settlements2 This indiscriminate targeting of civilians is collective punishment of whole communities for their perceived support of an increasingly sophislicaled armed insurgency seeking lo establish an inclusive democratic country. The extreme campaign of violence perpetrated by the Myanmar military against civilian populations create persistent challenges for civil society operating in the country. This includes direct violence by forces on the ground and in the air, as well as indirect violence through the notorious 'four cuts policy, which aims to prevent recruits, finances. intelligence, and food reaching mstive regions. This tactic does not discriminate between military, and civilian targets causing huge hami tr) civilians, as well as all those who seek lo assist them. With the military losing ground in 2023. particulady after 'Operation 1027,, reaching the most vulnerable prevents challenges any funder, even one like MTUK which has taken extensive steps to maintain ils ability to reach them. Recognising, mitigating, and responding to these challenges has been fundamental to our approach. Financially, safely sending funds to beneficiaries is complex as the Myanmar military has control of the central bank, actively monitoring, and preventing transfers through the fomial banking system lo non-governmental organisations, and individuals perceived as opposing ils hegemony. Finding and closely monitoring routes lo send funds has enabled MTUK to further our work of bridging gaps in funding so partner organisalions may distribute knowledge, engage in collective action, and build community resilien through human-rights based, and gender-mainstreamed approaches. Our grants to local actors have focused on enabling a degree of stability for partners working in conflict-affecled and hard to reach areas through flexible, accessible, and reliable funding with a focus on wre operational support. Complementing this, over the past year, we have provided targeted organisational assistance to enhance the impaet of our partners, work including organizalional development, commun(cy resilience engagement, gender-responses, legal strategy development, and good governance support. We have also maintained a strong focus on trainings, discussions, and mentoring. United Nplign¥ (KfiGpfgrthe cWr¢alIOOfHm8nlln AfTrair5.'My8nmFrHvm?nil?nèn UpdFte 2 [Di2023. likn11 m¥ (Kfireforlhe CwrdiThFtgn pf HUmaDilan A81r3, 2 (Wther20231 htr unoch8c dln33-2ClobPr-2O23 eSSE 3Q Apffj Z024. R3dia A5ia,'My3nmarHomB D£mo[lia Fa&0fFUrth£rvitIPn ldIa F8 AS, 8 Aprl 30231 h11p4 lilvrI a.nglIsh1nF.m1Anrnar.'hDrndmliI1n- 08Tr120231fj.B837hiTrl IOApril 2024, 1r0fth0VnIl* H¥h cnMmSlQnr[0ruTh5Tr Rryh15.'MypnmAr fypr50,QQO Expw¢ 10 For D95tGI0. Say UN, IcKfirRoflhp vle¥ NatiDnS High Qynny¥¥1DrfQrHrna Righly, 12 Decemthr2Q221hll JJknyw.ohr.o eFw202b121m -un a$Sd 30Awil 2024.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2024 Whilst the immense risks our grantees are taking on a daily basis prevent us from publicizing their names or that of their inslilulions, the below bullet points outline some of their slandoul achievements in 2023 as harvested from among our outcomes., Leg81 Services Enabling public access lo legal services for those in remote and hard-lo-reach communities across Myanmar Protection Ensured the safely and security of scores of human rights defenders in Thailand and Myanmar Politics and Pluralism On-the-ground initiatives to build pluralist youth and multi-ethnic and religious understanding especially in central Burma, including discussion based online platforms focused on non- vidence, pluralism and human rights in conflict situations. Gender and Women Community-level initiatives for protection and resilience, focused on women-led and youth- led groups working lo prevent gender-based violence, and provide support lo any victims. They also provide Sexual and Reproductive Health and Rights {SRHRI assistance, and mental heah initiatives are for CSOS and others working with community-members. Livelihoods support and training for women-led households. The Trustees note the extraordinary MMItMent of the staff, consultants and our accountsnts to the important lifesaving worf( they have made possible during 2023-24. Financial review During the year £1,893,509 12022-2023.. £1,583,978) of income was received and amount of £1,890,008 12022-2023.. £1,056,038} of expenditure incurred resulting in net income of £3,501 12022-2023.. nel income of £527,940). As of 31 January 2024 £602,406 was held as restricted funds, the unreslricled fund balan was £19,469. As of this report, Myanmar Trust UK'S principal sourTr of funding from Oak Foundation is secured following the end of the financial year for a new Ihree-year grant of $3,390,000. MTUK'S annual budget includes setting aside funds in reserve for any unexpected shortfalls or expenses. The target minimum Operating Reserve Fund is equal lo three months of average operating costs. The calculation of average monthly operating costs includes all recurring, predictable expenses such as salaries and benefits, occupaney, office, travel, program, and ongoing professional services. Depreciation, in-kind, and other noncash eXnSeS are not included in the calculation. Consideration will be given lo future strategy, potential redundancy liabilities, and any other significant factors that should be taken into account were the Charity to close or move lo new premises. As of January 31, 2024. MTUK designates its unrestricted funds of £19.469 lo its operational reserve. According to its average operating costs, the charity aims to build its reserves to a level of £50,000 in the 2024-25 Financial Year. The chartty will achieve this through the use of interest-bearing accounts and the transfer of interest to unrestricted funds with the permission of its donors. Fundraising and future plans MTUK is maintaining relationships with existing sources of funding and reaching out to new donors. Post-year end, MTUK has received income of $3.39 million from OAK Foundation, $396,953 from USAID Inclusive Federal Democracy Activity, and $600,000 from TIDES Foundation. MTUK consultants engage with new donors through existing relationships. The banking system inside the country is tightly controlled by the military, and withdrawing money from banks extremely difficult, if not impossible. MTUK Trustees therefore decided to use intermediaries where necessary in order lo gel funding lo trusted groups consislenl with the Charity Commissions guidelines. In view of the high risk of working in Myanmar, the Trustees review the Financial Management and Control and Intemiediaries Policies annually.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2024 MTUK plans to continue grant making in the future wort(ing towards the following key objectives,. 1.. To contribute lo an enabling environment for enjoyment of human rights in Myanmar through furthering infomation and resource aCsS of emerging human rights defenders engaged in non- violent discourse on Myanmar's democmtic future. 2.. To hold perpetrators of human rights violations accountable through grassroots development of domestic legal approaches & systems. intemalional litigation efforts, and protection of human rights defenders 3.. To promote and protect gender and minority rights in Myanmar, through building self-reliance and resilience of LGBT+l women-led organisations and researchers. The trustees identify that the future direction of MTUK will focus on maintaining the trust and relationships built with local groups in Myanmar and continuing lo support key local civil society initiatives in the most hard-l reach areas. Structure, governance and management The charity is a company limited by guarantee which is governed by ils Memorandum and Articles of Association dated 31 January 2018 and amended on 5 October 2018. As MTUK has grown, the trustees invited new members with required skills and knowledge during 2023. The trustees, who are also the directors for the purpose of company law, and who served during the year and up lo the dale of signature of the financial statements were.. Ms Z Herbert Mr S King Mr V Kumar Mrs M Lee Mr M Tent Bo Ms E Tydem8n Dr M Sadan (appointed 19 July 20231 lappoinled 15 January 20241 (appointed 10 July 20231 {resigned 10 July 2023} Trustees are appointed by majority vole of the board of trustees. New Iruslees have a briefing on their roles and responsibilities from existing trustee and are encouraged lo attend the Charity Commission UK'S training for new trustees online. None of th8 Irusl8es has any beneficial interest in the company. All of th8 Iruslees are members of the company and guarantee to contribute a sum not exceeding £10 in the event of a winding up. The trustees have oversight of the charity's activities including approval of all banking transactions. Day lo day management is overseen by the Executive Director, Andrew Smith. The Executive Director reports to the trustees on a six-monlhly basis and is required lo manage MTUK in line with the policies approved by the trustees.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2024 statement of trustees. responsibilities The Iruslees (who are also directors of Myanmar Trust UK for the purposes of company lawl are responsible for preparing the Trustees, Report (incorporating the strategic report and directors, report) and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102.. The Financial Reporting Slandard applicable in the UK and Republic of Ireland {Uniled Kingdom Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable Company and of the income and expenditure. of the charitable company for that period. In preparing these financial slalements, the trustees are required to.. select suitable accounting policies and then apply them consislenUy- observe the methods and principles in the Charities SORP., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements,. and prepare the financial slalemenls on the going concern basis unless it is inappropriate to pfftsume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Iruslees are aware.. there is no relevant audit information of which the charitable company s auditors are unaware., and the trustees have taken all steps that they ought to make themselves aware of that infomiation. Audltor Burton Sweet Limited were apwinted as auditor lo the company and a resolution proposing that they be re- appointed will be pul at a General Meeting. Approved and signed on behalf of the trustees by: Ms Z Herbert Trustee Dale.. 22 July 2024
MYANMAR TRUST UK REFERENCE & ADMINISTRATIVE INFORMATION YEAR ENDED 31 JANUARY 2024 Trustees Ms Z Herbert Mr S King Mr V Kumar Mrs M Lee Mr M Tent Bo Ms E Tydeman Dr M Sadan lappoinled 19 July 2023) lappoinled 15 January 2024} lappoinled 10 July 2023) {resigned 10 July 20231 Secretary Mr A Smrf(h {appointed 25 July 20231 Key Management Personnel Andrew Smith, Executive Director Registered Company Number 1180966 Reglstered Charlty Number {England and Wales) 11180399 Registered Office The Clock Tower, 5 Fadeigh Court. Old Weston Road. Flax Bourton, Bristol BS48 1 UR Audltor Burton Sweet Limited. The Clock Tower, 5 Farleigh Court. Old Weston Road, Flax Bourton, Bristol BS48 1 UR Bankers Nalwesl Bank 135 Bishopsgale. London EC2M 3UR
MYANMAR TRUST UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MYANMAR TRUST UK YEAR ENDED 31 JANUARY 2024 Opinion We have audited the financial statements of Myanmar Trust UK {the °Charily'l for the year ended 31 January 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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 AcpIed Accounting Praclicel. In our opinion, the financial statemerrts= give a true and fair view of the stsle of the Charity's affairs as at 31 January 2024 and of ils income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdom Generally ACpted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted out audit in accordance wlh intemalional Standards in Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. Vve are independent of the Charity in accordan with the ethical requirements that are relevant to OLJr audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concem In auditing the financial slatemenls, we have concluded that the directors, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this reporL Other infomiation The trustees are responsible for the other information. The other information comprises the infom)alion included in the annual report other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other infomialion and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements, our SpOnsIbl11ty is to read the other infom)ation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misstalemenls. we are required to determine whether there is a material misslalement in the financial statements or 8 material misstatement of the other infom)ation. If based,
MYANMAR TRUST UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MYANMAR TRUST UK YEAR ENDED 31 JANUARY 2024 on the wort we have performed, we conclude that there is a material misstalemenl of this other information, we are required to report the fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the ccxjrse of the audit.. the information given in the trustees, report lincorFrt)rating the directors, report) for the financial year for which the financial slalements are prepared is consistent with the financial stalemenls., and the directors, report has been prepared in accordance with applicable law requirements. Matters on whlch we are requlred to report by exceptlon In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misslatemenls in the directors, report. We have nothing to report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us- the financial statements are not in agreement with the accounting records and retums- certain disclosures of trustees, remuneration specified by law are not made- or we have not obtained all the infom8tion and explanations necessary for the purposes of our audit., or the trustees were not enlilled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. Responsibilities of tNstees As explained more fully in the trustees, responsibilities slalemenl, the Iruslees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity s ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the Charity or lo Cease operations, or have no realistic alternative but to do so. Auditor's rgsponsibilitios for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an auditor's report that includes OLJr opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misslatemenls Can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
MYANMAR TRUST UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MYANMAR TRUST UK YEAR ENDED 31 JANUARY 2024 Our approach lo identifying and assessing the risks of material misslalement in respect of irregularities, including fraud and non-complian with laws and regulations, was as follows.. we identified the laws and regulations applicable to the charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector,. we focused on specific laws and regulations which we considered may have a direct material effect on the financial slalemenls of the operations of the company, including the Companies Act 2006. taxation legislation and data protection, anti-bribery, employment, pensions, environmental and health and safety legislation., and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, inspecting legal correspondence and remaining alert during the audit for any indications of non-compliance. Our audit procedures in relation to fraud included but were not limited lo.. making enquiries of those charged with govemance and other management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud- discussing amongst the engagement team the risks of fraud., gaining an understanding of the intemal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations., testing joumal entries to identify unusual transactions., assessing whether judgements and assumptions made in determining the accounting estimates sel out in the accounting policies were indicative of potential bias,. and investigating the rationale behind significant or unusual transactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also limit the audi( procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misslatemenls that arise due to fraud can be harder lo delecl than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audfc of the financial statements is located on the Financial Reporting Council's website al www.frc.or .uklaudilorslaudil-assurance-elhicslaudilors-res onsibililies-for- Ihe-audil. This description fomis part of our auditor's report. Use of our report This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stale to the Charity's members those matters we are required to state in them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Joshua Kingston ACA (Senior Statutory Auditor) For and on behalf of Burton Sweet Limited StatLJlory ALJdilor The Clock Tower 5 Farteigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Dale.. 22 July 2024
MYANMAR TRUST UK STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 JANUARY 2024 Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Restated Note Income from: Donations and granls Charitable aelivities Investment income 50 95,594 11,459 1,783,747 1,783,797 95,594 14,118 1,583,978 2,659 Total income 107,103 1,786,406 1,893,509 1,583,978 Expenditure on.. Raising funds Charitable activities 19,149 1,783,225 19,149 1,870,859 12,979 1,043,059 87,634 Total expenditure 87,634 1,802,374 1,890,008 1,056,038 Net incomellexpenditurel and net movement in funds 19,469 115,968} 3,501 527,940 Tol81 funds al start of year as per prior year accounts 603,780 603,780 90,434 Prior year restatement 20 14,594 14,594 Total funds at start of year restated 17 618,374 618,374 90,434 Total funds at end of year 17 19,469 602,406 621,875 618,374 The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are dassed as continuing. The notes on pages 13 to 25 fomi part of these financial statements See note 12 for fund-accounting comparative figures 10
MYANMAR TRUST UK BALANCE SHEET AS AT 31 JANUARY 2024 Company number: 11180399 2024 2023 Note Current assets Restated Debtors Inveslmenls Cash al bank and in hand 13 124,471 462,374 344,082 106,093 650,618 930,927 756,711 Liabilities Creditors - amounts falling due within one year 14 1309,052} 1138,3371 Net current assets 621,875 618,374 Total assets less current liabilities 621,875 618,374 Net assets 621,875 618,374 FUNDS Unrestricted funds General funds Restricted funds Endowment funds 17 17 17 19,469 602,406 618,374 Total funds 621,875 618,374 These financial statements were approved by the Trustees on 22 July 2024 and are signed on their behalf by.. Zunetla Herbert TrLJStee The notes on pages 13 to 25 form part of these financial statements
MYANMAR TRUST UK CASH FLOW STATEMENT YEAR ENDED 31 JANUARY 2024 2024 2023 Note Net cash inflow from operating activities 15 141,720 467,219 NOnPeratIOnal cash Ilows: Investing activities Payments for investments Investment income 1462,374} 14,118 1448,256} Net cash inflowl{oufflowl for the year 16 1306,536} 467,219 Cashflow Restrictions Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset nel cash oufflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year. The notes on pages 13 to 25 form part of these flnanclal statements 12
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 1 Accounting policies Accounting convention The financial statements have been prepared in accordance with the historic81 cost convention (except for investments which have been included al fair value) and in accordance with the Statement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021 and the Companies Act 2006 and UK Generally Accepted Practice as il applies from 1 January 2019. The charity is a public benefit entity as defined under FRS102. The charity has secured sufficient funding for the next three years, and Could redu expenditure if income was reduced. At the time of approving the financial statements, the Iruslees have a reasonable expectation that the charity has adequate reSoUrS lo continue in operational existence for the foreseeable future. Thus the Trustees continue lo consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern. The financial slalements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Income Income from donations is included in income when these are receivable, except as follows= l. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods., 11. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met. Income from the supply of services is recognised with the delivery of the contracted service based on the lime spent providing a service as a proportion of the total lime required to fulfil the contract, or other such method to detemiine the completion stage of a service. Expenditure Expenditure is recognised in the period in which it is incurred. Expenditure includes attribulable VAT which cannot be recovered. Raising funds Raising funds expenditure include those costs incurred in seeking voluntary contributions and other similar. 13
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 1 Accounting policies (continued) Charitable Activities Grants awarded are allocated lo charitsble aclivilies. Grants payable are payments made lo third parties in the furtherance of the charitls objectives. Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need lo be met by the recipient lo enable the release of subsequent years, funding. Provisions of grants are made when the intention to make the grant has been communicated to the recipient but there is uncertainly as to the timing of the grant or the amount of grant payable. Govemance costs Govemance costs include those costs associated with meeting the conslilutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic managemenl of the charity. Govemance costs are inclLJded within support costs. Allocation and apportionment costs Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time. Overhead support costs have been allocated between fundraising costs and charitable activities. The apportionment has been allocated on the basis of usage and is analysed in note 7. Pension costs and other post-retirement benefits The charity conlribules lo defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period lo which they relate. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. Crltlcal accountlng estlmates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The Trustees do not believe there to be any judgments or estimates that would be considered critical to the financial stslemenls. 14
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 1 Accounting policies Icontinuedl Debtors Trade and other debtors are recognised at the setuemenl amount due after any trade discount offered. Prepayments are valued al the amount prepaid after taking account of any discounts due. Cash at bank and in hand Cash al 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 a¢quisilion or opening of the deposit or similar a¢¢ount. Investments The investments in the accounts are recognised as investments due lo the intention of the trustees lo hold these funds to generate income for the coming year. Credltors 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 lo a third party and the amount due to sellle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. Funds held as agent Funds held as agent are funds that are received but are not in the control of the charity. Instead the use of the funds is dictated by a third party, in-line with the objects of Myanmar Trust UK. These funds are not recognised as income to the charity and are accounted for as custodian funds and described in the notes lo the accounts. Fund accounting Unrestricted funds can be used in accordan with the charitable objects at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred lo general funds at any time at the discretion of the Trustees. Further explanation of the nature and purpose of each fund is included in note of the financial slalements. 15
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 2 Income from donations and grants Unrestricted Restricted Total Funds Funds Funds 2024 Donations and gifts Grants received 50 50 1,783,747 1,783,747 50 1,783,747 1,783,797 Unrestricted Restricted Total Funds Funds Funds 2023 Donations and gifts Grants received 11,873 1,568,294 11,873 1,572,105 3,811 3,811 1,580,167 1,583,978 3 Income from charitable activities Unrestrlcted Restrlcted Total Funds Totsl Funds Funds Funds 2024 2023 Contract income 95,594 95,594 95,594 95,594 Contract income is similar lo the income from grants, yel is recognised by the charity as income from charitable activities due to the performance criteria within the agreement. 4 Expenditure on raising funds Support Costs (Note 7) Direct Costs Total Funds 2024 Marketing and fundraising 14,851 4,298 19,149 14,851 4,298 19,149 Support Costs (Note 7) Restated Dire Costs Restated Total Funds 2023 Restated Marketing and fundraising 10,326 2,653 12,979 10,326 2,653 12,979 16
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 5 Expenditure on charitable activities Direct Costs Grant funding Support of activities Costs (Note 7) Total Funds 2024 (Note 6) Support forthe people of Myanmar 282,162 1,468,103 120,594 1,870,859 282,162 1,468,103 120,594 1,870,859 Direct Costs Restated Grant funding Support of activities Costs Restated (Note 7) Total Funds 2023 (Note 6) Support for the people of Myanmar 179,428 805,565 58,066 1,043,059 179,428 805,565 58,066 1,043,059 6 Analysis of grants 2024 2023 Restsled The total grants awarded lo institutions during the year was as follows.. Access to information Human Rights Inclusive Civil Society 279,102 342,220 846,781 60,678 276,687 468,200 Total grants commitments rnade in the year 1,468,103 805,565 Myanmar Trust UK has elected to take advantage of the exemption from naming recipient institutions under the provisions of the SORP for security reasons. The grants to institutions were made to 8912023= 74} organisations. Reconciliation of grants payable 2024 2023 Commitments brought forward Net commitments made in the year Payments during the year 100,588 1,468,103 11,287,695) 62,838 805,565 1767,8151 Commitments carried fotward within one year (Note 14) 280,996 100,588 17
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 7 Support costs Support costs are allocated beeen raising funds and charitable activities on the basis of usage. Support costs, included in note 5, are as follows.. Fundraising and publicity Charitable Activitigs Total 2024 Bank charges Travel and subsistence Information technology Staff costs {Gainllloss on foreign exchange Office costs Governance costs 3,435 8,758 3,925 38,677 35,405 1,222 29,172 3,435 8,758 3,925 42,975 35,405 1,222 29,172 4,298 (Note 81 4,298 120,594 124,892 Fundraising and publicity Restated Charltable Activities Restated Total 2023 Restated Bank charges Travel and subsistence Information technology Staff costs {Gainllloss on foreign exchange Office costs Govemance costs 4,416 7,171 2,316 23,874 (13,7981 589 33,498 4,416 7,171 2,316 26,527 113,7981 589 33,498 2,653 INol8 81 2,653 58,066 60,719 18
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 8 Governance costs Totsl Funds Total Funds 2024 2023 Auditor's fees for audit ServIS for other services Accountsncy, legal & professional fees 12,900 2,520 13,752 22,785 10,713 29,172 33,498 9 Net incomel{expenditure) for the year This is staled after charging= 2024 2023 Auditor's remuneration for audit servi$ for other services Trustees, travel and meeting expenses 12,900 2,520 276 22,785 2 Trustees have been reimbursed for their out of pocket travel expenses12023'. nil}- No Trustee reiVed any remuneration during the year. 10 Staff costs and numbers The aggregate payroll costs were.. 2024 2023 Wages & salaries Social security costs Pension contribLJlions 40,920 26,007 1,040 520 41,960 26,527 No employee received emoluments of more than £60,000. The average weekly number of employees during the year was 1 12023.- 11, calculated on the basis of average headcounl. The total employment benefits received by key management personnel including employer national insurance and employer pension were £41,96012023'. £26,527). 19
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 11 Taxation The charity is exempl from corporation tsx on its charitable activities. 12 Statement of Financial Activities comparative figures Unrestricted Restricted Total Funds Funds Funds 2023 Restated Restated Restated For the year ended 30 January 2023 Income from: Donations and grants 3.811 1,622,686 1,626,497 Total income 3,811 1,622,686 1,626,497 Expenditure on- Raising funds Charitable activities 12,979 1,096,361 12,979 1,100,172 3.811 Total expenditure 3,811 1,109,340 1,113,151 Net incomel{expenditure) for the year and net movement In funds 513,346 513,346 Totsl funds at start of ygar 90,434 90,434 Total funds at end of year 603,780 603,780 13 Debtors 2024 2023 Due in less than one year- Trade debtors Prepayments and accrued income Other debtors Restated 104,254 1,839 99,702 23,769 1,000 124,471 106,093 20
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 14 Creditors: amounts falling due within one year 2024 2023 Trade creditors Grants payable Accruals and deferred income Taxation and social security Other creditors 8,179 280,996 16,380 850 2,647 7,724 100,588 26,528 911 2,586 {Note 61 309,052 138,337 15 Reconclllatlon of net movement In funds to net cash Inflow from operatlng actlvltles 2024 2023 Statement of Financial Aclivilies.. Nel movement in funds Investment income Increase in creditors.. current liabilities Decrease I lincreasel in debtors 3,501 114,1181 170,715 (18,3781 527,940 45,372 1106,0931 Net cash {oufflow)finflow from operating activities 141,720 467,219 16 Analysls of changes in cash during the year 2024 2023 Change Cash at bank and in hand Current asset investments 344,082 462,374 650,618 1306,5361 462,374 806,456 650,618 155,838 2023 2022 Change Cash at bank and in hand 650,618 183,399 467,219 21
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 17 Movement in funds For the year ended 31 January 2024 At 31 Jan 2023 At 31 Jan 2024 Income Expenditure Transfers Restricted funds Foundation for a Just Society Oak Foundation Freedom House National Endowment of Democracy Tides Foundation Crowd Jusliceloak Foundation Purple Feminist Group University of Warwick United Nations Office for Project se1vis PACT 309,495 130,899} 6,565 66,621 378,846 565,675 91,136 1334,885) 1551,674} 197,048} 149,768} 353,456 116,8981 653 16,853 231,144 38,848 1684} 12.716} 482,331 1447,316} 137,691 } 126,531 } 199) 1134,799} 266,159 1,157 796 12 116,2121 28,011 2,827 118,587 118,993 1122,563} 13,5701 618,374 1,786,406 1,802,374 602,406 Unrestricted funds General funds 107,103 187,634} 19,469 107,103 87,634 19,469 Total funds 618,374 1,893,509 11,890,008} 621,875 Restricted funds Foundation for a Just Society To support women, girls, and LGBT'S role in the Myanmar democracy movement inside and outside the country. To keep women, girls, and LGBT individuals safe from slate-sanclioned violence and document human rights abLJses against these groups so there can be no impunity for the perpetrators. To promote grassroots level gender-based violence response, recovery, and prevention activities. To improve and expand grassroots programming on womenlgidslLGBTIQ rights, women's leadership, SRHR, and access lo justice. 22
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 17 Movement in funds (continued) Oak Foundation To strengthen and support righls-based CSOS engaged in securing human rights for all, and accountable authorities through the provision of responsive grants, training and technical assistsnce, and neorkIng support. Freedom House To provide grants to local ¢ommunity-based organisalions in Myanmar and Thailand for the protecb'on of human rights defenders. National Endowment ofDemoGracy To empower, connect and protect a new generation of Myanmar scholars, thought leaders and human rights defenders at risk Tides Foundation To advan the rights ofyoung women, girls and LGBTQI people in Myanmar. Crowd Justice/Oak Foundation To work with civil society in Myanmar lo fight for justice by holding the Myanmar security forces legally accountable for human rights abuses. Purple Feminist Group To raise awareness of gender-based violence.121 To challenge menstrual tsboos131 To contextualize feminist literalure.141 To amplify women's and girls, voices through podcasts and wrib'ng. University of Wanvick To advance research on the Rare Earth IRE) industry in Myanmar. United Nations Offi'ce for Project SeNices Strengthened displaced, vulnerable, and marginalised communities, resilien through direct support and engagement with the displaced, vulnerable, and marginalised communities, ecosystem along the Thai- Burma tiorder. PACT To provide grants to local community-based organisalions in Myanmar and Thailand lo build community resilience, cohesion and an inclusive, democratic Myanm8r. 23
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 17 Movement in funds (continued) For the year ended 31 January 2023 At 31 Jan 2022 At 31 Jan 2023 Income Expenditure Transfers Restricted funds Restated Restated Restated Foundation for a Just Society Oak Foundation Freedom House National Endowment of Democracy Tides Foundation Crowd Jusliceloak Foundation Purple Feminist Group University ofWaNick 89,434 1,000 303,789 536,576 42,611 94,844 183,728} 1568,475} 136,046} 128.223) 309,495 130,8991 6,565 66,621 494,488 87,849 24,139 1,376 1263,344} 149,001 } 124,823} 14,092} 231,144 38,848 {6841 12,7161 90,434 1,585,672 11,057,732} 618,374 Unrestricted funds General funds 3,811 13,811 } 3,811 3,811 Total funds 90,434 1,589,483 11,061,543} 618,374 18 Related party transactions There are no transactions with Iruslees or other related parties other than those disclosed as required by the SORP elsewhere in the financial stalemenls. 19 Post balance sheet event After the year-end, Oak Foundation awarded Myanmar trust UK $3.39m towards accountability and civil society empowerment that will be paid to the Charity over the next three years. 24
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2024 20 Prior year restatement Income and expenditure have been reallocated in the prior-year, not altering the nel position. This affects the previously slated position below of grant income and grants made as they are taken after this Additionally, the following changes have occurred due to restating the recognition of two grants and recognising one fund held as agent rather than the charity's own funds. 2023 As stated 2023 Restated Adjustment Grant income Grants made 11,609,119} 857,173 37,014 151,6081 11,572,105) 805,565 Accounts receivable Restricted funds 89,660 1603,780} 14,594 114,5941 104,254 1618,3741 21 Funds held as agent During the year the charity held funds on beh81f of other organisations as follows.. Myanmar Trust UK received funds of £56,535 from Warwick University {2023.. £51,608), payments of £56,53512023.. £51,608) were made on their behalf. leaving £nil balance at the year-end {2023.. £nill. Myanmar Trust UK received funds of £16,038 from one other organisation, payments of £16,038 were made on their behalf, leaving £nil balance at the year-end. Myanmar Trust UK has elected to take advantage of the exemption from naming the grant making instslution under the provisions of the SORP for security reasons. The nature of the agent arrangements are to assist the organisations to provide funds to projects within the scope of Myanmar Trust UK'S objects overseas. 25