MYANMAR TRUST UK (A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
Company Registration Number 11180399 Charity Number 1180966
MYANMAR TRUST UK FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 CONTENTS PAGE Trustees, Annual Report Reference & Administrative Information Independent Auditor's Report 10-12 Statement of Financial Activities 13 Balan Sheet 14 Cash Flow Statement Notes to the Financial Statements 16-29
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 The Iruslees present their report and financial stslements for the year ended 31 January 2025. The financial stslemenls 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.. Statement 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" leffeclive from 1 January 2019}. 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 Iruslees think fil. Four years on from the Myanmar military's attempted coup, civil society, in solidarity with the people of Myanmar, remain defiant. Working lo build cohesion through addressing division, local civil society remains a critical avenue for supporting civilians across Myanmar in the face of a military seeking lo co-opt all areas of public and private life. At Myanmar Trust UK, we have supported our civil society partners and their communities who remain unyielding. We have remained steadfast in advancing our charitable purpose, and persist in supporting work towards grassrools-led advancement of an inclusive and democratic future in Myanmar. Vthile the context has remained complex, and volatile, our relationships with grassroots groLJPS have ensLJred that we could continue to deliver support to local civil society initiatives in a respectful, and complementary fashion. Combining our grassroots connections, and a firm focus on compliance, we leveraged significantly larger sums of public funding in our most recent financial year. Together with our grantee partners, we could deliver much of this support d1cl1Y to individuals in need in conflict affected areas. This, alongside ongoing support lo civil society partners on the ground, is building up a nexus of civil society working on human rights, accountability, and equality in the most constrained of contexts. In this past year, we have continued lo provide support to partners in Myanmar whose work furthers our three core programs. The first focuses on access lo information and resources for non-violent movements. The second focuses on human rights and accountability. The third focuses on Inclusion and gender accountability. Conlribuling lo these three programs, we have delivered support through 12 key projects as outlined below., Project 1.. Collaboration between Myanmar Trust UK and local grant-makers Project 2.. Human Rights and Accountability Project 3". Response to Security Needs of HRDS and Political Activists Project 4". Bolstering Burma Scholars and Human Rights Defenders at Risk Project 5.. Advancing rights of young women, girls and diverse communities Project 6.. International Accountability Project Project 7.. Strengthening the Menstrual Justice Movement Project 8." Natural Resource Research Project g Strengthening Resilience of Displaced, Vulnerable and Marginalised Communities Project 10. Research and Technical Support Regarding Community Resilience Project 11.. Emergency Response to Communities Project 12.. Support to the women of Burma We have continued to expand and streamline our model as an effective and efficient channel lo reach civil society operating in Myanmar. Our experienced team of stsff and consullanls leverage decades of experience working with non-governmental organisations 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 lo maintain strong due diligence processes
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 for fiscal and operational oversight. We assess our success based on outcome haNesting from groups supported, and the ability of our assistance to achieve change in hard-lo-reach areas. The vast majority of funds in 2024-2025 reached areas severely affected by conflict. This reflected the continued endeavour of our team lo reach communities that cannot access traditional forms of assistance. We did this in an efficient manner, providing support tolalling over three million dollars to 90 institutions and 3,600 individuals, with administrative costs (including staffing costs) of less than 50/0 of total funds expended. The chart below illustrates the geographic breakdown of our assistance. Northern Myanmar Cenirèl Myanmar Thal-Based Support InternaOnal Support -5% E¥itern M¥¥nmi ndth Dryzon Southeast Myanmar -14% Natlonal NeorkS The Trustees confim that we have complied with the duly in section 17151 of the Charities Act 2011 to have due regard lo public benefit guidan published by the Charity Commission.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 Achievements and Impact We have collaborated with Myanmar Trust UK (MTUK) since early 2023. MTUK'S support4n financial aid, resource guidance, and partnership buildintrhas been instrumental in ourjoumey lo emerge as an independent, resilient organization supporting local initiatives across Myanmar. Their grounded approach to empowering local groups offers valuable lessons in eff8Ctively r8sponding to on-the- ground realities. An MTUK grantee organisation, April 2025 lorganisation name withheld for their securityl After four years of unrelenting crisis, the altitudes, actions, and practices of civil society and the broader Myanmar population have remained supportive of approaches towards rebuilding Myanmar based on principles of cohesion, tolerance, and non-violence. These aspirations of a peaceful future persist in a highly polarising environment, where, as of January 31st 2025, approximately 3.5 million people are displaced and over 20 million people, one third of the population, are in need of assistsncel In other conlexls, these dire circumstsnces often lead political movements lo fragment providing space for extremism, as divisive vol5 become louder. In Myanmar, with leadership from civil society, moderate voices for tolerance have managed to remain front and centre of discourse towards an inclusive, democratic country. The ability of local civil society organisalions to persist in such an extremely constrained context is in Itself an achievement. In 2024, they have had to safely navigate an environment characlerised by extreme needs, intense violence, and an increasing number of local stakeholders with competing agendas. Many of our partners, consider the nature of our approach to be crucial lo their teams continuing their critical work. "MTUKS funding has provided us with critical ffexibility, allowing us to effectively manage additional expenses and cary out essential aGINvities not Govered by ongoing projects. We greatly appreciate thNs flexible support from MTUK, which enables us to spOnd effectively to specific needs, manage activrties more efficienlly, and address communitypriorities amid the rapidly changing conflict srtualion." An MTUK grantee oryanisalion, April 2025 lorganisalion name withheld for their securityl This perception of MTUK'S ileralive approach as adaptive, and conlexl-appropriate is one that our partners have frequently cited as fundamental to their ability lo operate. We allow organisalions lo allocate much of our grants to core support, and support their resilience and growth with organisalional assistance. This support has included organizalional development, community resilience engagement, gender-responses, I81 strategy development, and good governance support designed to enhance the impact of our partners, work. Partners have allributed our flexibility as critical for navigating their own donor portfolios, avoiding delays, and maintaining operations in a volatile environment. Providing civil society with reliable funds In this way builds confidence and the experience lo expand effective botlom-up programming. On the flipside, MTUK also provides funding access to the international donor community to some of the most needy and hard-lo-reach populations and areas of Myanmar. "The partnership support from MTUK - from connecting to emerging actors, including both organizalions and donor agencies, to bridging the gaps over the years- hes expanded and strengthened our nelworks, rFJaking actions more fruilful." An MTUK grantee organisalion, April 2025 lorganisalion name withheld for their securityl Collectively, this support is engaging a nexus of groups with likeminded goals. These civil society actors lake great risks in pursuing a more plural, just, and dignified future for themselves and their fellow citizens. On the ground. they have to balance security threats with accountability needs of funding. For our team, we pride ourselves in recognising that transparent assistance must reflect the safety needs on the ground. UNICEF. 12025. Fcbniary) ,1fy7nniur Httmaniiarian sill1{0 Repori lo.. ReportingHeri¢Ad." l Junttc7ry to 31 Deceniber2074. Unilcd Nations
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 Financially, safely sending funds lo beneficiaries is complex as the Myanmar military has control of the central bank, actively monitoring, and preventing transfers through the formal banking system to non-governmental organisalions and individuals perceived as opposing its hegemony. However, finding, testing and closely watching new routes to send funds has enabled MTUK to further our work of bridging gaps in funding so partner organisations may distribute knowledge, engage in collective action, and build community resilience through human-righls based, and gender-mainslreamed approaches. Our grants to local actors have focused on enabling a degree of stability for partners working in conflict-affected and hard lo reach areas through flexible, accessible, and reliable funding with a focus on core operational support. "We could document and analysg human rights violations, conduct situational analysis on the effect on people of ongoing conflict, Gonlinue efforts towards democratic transaction in Myanmar, and advocate for different stakeholder's accountability inGluding media Goverage forpeople, access to/rights to information amid of the crisis in post-coup environment in Myanmar." An MTUK grantee oryanisalion, April 2025 lorganisalion name withheld for their securityl The end result of these impacts on our partners is that MTUK support plays a critical role supporting our civil society partners engaging in activities enabling tangible changes for their consliluents. In this year, as we jointly reviewed our outcomes, we have observed notable achievements across the breadth of our prraMmIng. Since much of these Changes are slruclural, we can anticipate that they will evolve into systemic impacts across broader networks. Vvhilsl the immense risks our grantees are tsking on a daily basis prevent us from publicizing their names or that of their Institutions, the below bullet points outline some of their stsndoul achievements.. Response lo atrocities through the delivery of cash emergency response lo 3,600 victims of junta atrocities in Sagaing, and Magwe regions A nationwide media collaborative monitoring, and exposing misl dis information and hate speech. Regional dialogue platforms towards nascent civic-polilical platforms promoting growing collaboration among stskeholders at local, and regional levels in all six of our targeted regions Emergence of a community of practice for justice practitioners working on justice systems and accountability in areas outside of junta control Ensured the safely and security of scores of human rights defenders in Thailand and Myanmar Delivered lifesaving aid, critical knowledge and resources, access to justice and reintegration into society for GBV survivors Increased life skills of adolescent girls, and offered more stability in beneficiaries lives despite the challenges of conflict, state oppression, displacement, and patriarchal systems Promoted women and girls lo aclivale their own agency lo know and make decisions on their rights, livelihoods, sexual and reproductive health, and life choices The Trustees note the extraordinary commitment of the staff, consultants and our accountants to the important lifesaving work they have made possible during 2024-2025. Financial review During the year $3,729,337 IFY24'. $2,357,923) of income was received and amount of $3,279,259 IFY24'. $2,353,563) of expenditure incurred resulting in net income of $450,078 IFY24.' Y,3601. As of 31 January 2025, $1,216,250 was held as restricted funds, the unreslricled fund balance was $22,801. MTUK received most of ils funding (Over 700/0) from three private philanthropy funders. The majority of the remainder was from government funders. All funding received was delivered based on agreements with donors to support the people of Myanmar. MTUK frequently aligned public-privale funds as a means of delivering more significant funding lo grassroots institutions in Myanmar, while maintaining critical flexibility in a constrained context.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 MTUK maintains an operating reserve policy designed lo ensure the slabilty of the mission, programs, employment, and ongoing operations of the charity. The Operating Reserve is intended lo provide an internal source of funds for situations such as a sudden increase in expenses, one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. The MTUK operating reserve aims to complement the flexible private philanthropy funds that cover ils overheads. The trustees consider that developing a flexible cash reserve is prudent for the medium to long term financial security of the charity. The target minimum Operating Reserve Fund is equal lo one year of overhead costs - this is considered an amount sufficient for the charity lo strategically react to any funding shortfall. According lo its average operating costs, the charity aims to hold reserves al a level of $300,000 by the end of the 2028 Financial Year. The calculation of average monthly operating costs includes all recurring, predictable expenses such as salaries and benefits, occupancy, office, travel, program, and ongoing professional services. Depreciation, in-kind, and other non-cash expenses 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 to new premises. MTUK currently has unrestricted and uncommitted reserves amounting lo $22,801. It is noted that the present free reserves held are below the policy amount. The charity will build ils reserves through providing a fee- paying service of fiscal sponsorship lo Myanmar civil society organisations unable to access safe banking services, and the use of interest-bearing accounts lo transfer interest to unrestricted funds with the permission of its donors. In this year, MTUK have agreed lo change the functional and presentational currency of the charity to USD. We made this change after receiving guidance from our auditors that the functional currency of US dollars should always have been used. The change took effect from the 1 February 2024. We have also changed the presentational currency to align with the functional currency. This reflects our belief that this will provide greater transparency to our donors. Fundraising and future plans MTUK fundraises through direct engagement with institutions and individuals seeking lo support Myanmar civil society. This occurs primarily through responding lo calls for proposals. Fundraising is carried out by the Executive Director, the charity's consultants in Thailand, and the trustees. The charity is not bound lo any voluntary regulatory schemes for fundraising. The charity has complied with the guidance on fundraising reporting requirements. All funds received are either supported by a proposal agreed by the funding institution or by an agreement for the use of funds. Where the charity has solicited funds from donors, it has followed the procedures of inslilutional donors. For funds received from individuals, the charity managed the funds based on recommendations of Iruslees. 100Q/o of funds received from individuals were transferred lo end beneficiaries. There were no compliance issues with a scheme or fundraising standard. The charity has not worked with any 'on behalf of fundraisers in the past 12 months. The charity has not reiVed any complaints on our fund-raising practices In the past 12 months. Presently, as the charity fundraises from Institutional donors, the charity does not provide training on fundraising to recognise and protect vulnerable people. MTUK is maintaining relationships with existing sources of funding and reaching out to new donors. MTUK will sign new agreements for further income of $600,000 from private philanthropy funders, and over $2m from public funds in the 2026 Financial Year. MTUK will also receive significant Committed payments in future financial years from private philanthropy funders IFY26". $1,350,000", FY27.' $950,000). MTUK consullanls engage with new donors through existing relationships. The banking system inside the country is tightly controlled by the military, and safely withdrawing money from banks is extremely difficult. if not impossible. MTUK Trustees therefore decided lo use intermediaries where necessary in order to get funding to trusted groups consistent with the Charity Commissions guidelines. In view of the high risk of working in Myanmar, the Trustees review the Financial Management and Control and Intermediaries Policies annually.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 MTUK plans to continue grant making in the future working towards the following key objectives., Provision of support to those participating in non-violent movements for the benefit of socially and economically marginalised communities from Myanmar. 2. Provision of support lo those working for justice and rights in favour of the people of Myanmar 3. Provision of support lo those promoting gender and minority rights towards self-reliance and resilience of women-led organisations and researchers in Myanmar 4. Provision of support lo civil society organisalions in or from Myanmar, including the provision of grants lo relieve food security, financial hardship and access lo health services for especially vulnerable groups and persons diSplad internally or externally In or from Myanmar., Provision of support to advance education (formal and non-formal and remote learning) for the children and young people of Myanmar. Educational efforts will seek to promote peace through an understanding of social and political rights among and between people of different ethnic, religious and social backgrounds, with a focus on human rights and development. The Iruslees identify that the future direction of MTUK is to provide support to the Myanmar people that are intended to protect the space for civil society and community based organisations lo address the crises of the February 1, 2021 political crisisl allempted coup that resulted in a marked increase In human rights abuses, insecurity, povety rates and humanitarian disaster, in a context where there is little or no provision of government services. Investments The Iruslees approved an investment policy following the end of this financial year. Under the investment policy, the Charity seeks lo produce the best financial return within an acceptable level of risk. The investment objective for the reserves is lo preserve the capital value with a minimum level of risk. Assets should be readily available lo meet unanticipated cash flow requirements. In the financial year, charity investments, wholly in short-lerm cash deposits generated Y3,120. Key Risks & Uncertainties The trustees foresee that a changing political climate affecb'ng the public, and private philanthropy sectors present a degree of risk and uncertainty for the charity moving forward. Reductions in aid from the UK and US are likely lo lead lo greater demand and pressures on existing funding. There is also the risk of further legal restrictions and scrutiny on private foundations particularly in the US. Amidst this context, the charity will keep dialogue with key foundation partners registered in the US lo ensure that they can continue to position themselves to assist the people of Myanmar. Concurrently, the charity will maintain access to policy makers to keep a breadth of funding decisions, and ensure that support for the people of Myanmar remains a shared political endeavour. Furthermore, recognising the changing context, the charity will remain dynamic in seeking out allernalive sources of funding from new private philanthropy, or corporate donors as appropriate.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 Structure. governance and management The charity is a company limited by guarantee which is governed by its Memorandum and Articles of Associats'on dated 31 January 2018 and amended on 30 October 2018. As MTUK has grown, the Iruslees invited new members with required skills and knowledge during 2023. The Iruslees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements were.. Ms Z Herbert Mr S King Mrv Kumar Mrs M Lee Mr M Tent Bo Ms E Tydeman Trustees are appointed by majority vote of the board of trustees. New trustees have a briefing on their roles and responsibilities from existing trustees and are encouraged lo attend the Charity Commission's training for new Iruslees online. None of the trustees has any beneficial interest in the company. All of the trLJStees 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 to 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 to manage MTUK in line with the F)olicies approved by the trustees. The trustees are responsible for setting the pay ofthe Executive Director in line with the management salary bracket in the Human Resour Policy. The Iruslees have the authority lo provide the Executive Director with an annual pay rise al their discretion. The trustees make their decision based on the performance of the director in managing the charity's impact, and accountability. Reports lo the trustees, staff appraisals, and external audits are used to inform decisions.
MYANMAR TRUST UK TRUSTEES, ANNUAL REPORT YEAR ENDED 31 JANUARY 2025 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 ststements in accordance with applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102.. The Financial Reporting Standard applicabl& in thg UK and Republic of Ireland (United Kingdom AcpIed Accounting Praclicel. Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial stalemenls, the trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting e0rdS that disclose with reasonable accuracy al any time the financial position of the eharilable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence 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 information and to estsblish that the charitable company's auditor is aware of that information. Audltor Burton Sweet Limited were appointed as auditor lo the company and a resolution proposing that they be re- appointed will be put at a General Meeting. Approved and signed on behalf of the trustees by.. Elizabeth Tydeman Trustee Date.. 19 Septembei 2025
MYANMAR TRUST UK
REFERENCE & ADMINISTRATIVE INFORMATION
YEAR ENDED 31 JANUARY 2025
Trustees
Ms Z Herbert Mr S King Mr V Kumar Mrs M Lee Mr M Tent Bo Ms E Tydeman
Secretary
Mr A Smith
Key Management Personnel
Andrew Smith, Executive Director
Registered Company Number
11180399
Registered Charity Number (England and Wales)
1180966
Registered Office
The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR
Auditor
Burton Sweet Limited, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1UR
Bankers
NatWest Bank 135 Bishopsgate, London EC2M 3UR
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MYANMAR TRUST UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MYANMAR TRUST UK YEAR ENDED 31 JANUARY 2025 Independent auditor's report to the members of Myanmar Trust UK Opinion We have audited the financial statements of Myanmar Trust UK (the "Charity") for the year ended 31 January 2025 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Cash Flow Statement and notes lo the financial slalements, 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 Accepted Accounting Practi1. In our opinion, the financial stslemenls.. give a true and fair view of the slate of the Charity's affairs as al 31 January 2025 and of ils income and expenditure for the year then ended., have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted out audit in accordance with international 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. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, 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 concern In auditing the financial stalemenls, we have concluded that the directors, use of the going concern 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 UnrtaInlIeS relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised 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 Iruslees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and OLJr auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assumnce conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether there is a material misstatement in the fi'nancial stslemenls or a material misstatement of the other information. If based, on the work we have performed, we conclude that there is a material misslalement of this other information, we are required to report the fact. io
MYANMAR TRUST UK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MYANMAR TRUST UK YEAR ENDED 31 JANUARY 2025 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 course of the audit.. the information given in the trustees, report lincorporaling the directors, report) for the financial year for which the fi'nancial stslemenls are prepared is consistent with the financial statements., and the directors, report has been prepared in accordance with applicable law requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo 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 information 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 lake advantage of the small companies, exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. Responsibilities of trustees As explained more fully in the Iruslees, responsibilities statement, 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 slalemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial slatemenls, the Iruslees are responsible for assessing the Charity's ability to continue as a going GOnrn, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial ststements Our objectives are lo obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when il exists. Misstatements 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 2025 Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance 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 fi'nancial ststemenls of the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, pensions, environmentsl 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 bul were not limited lo.. making enquiries of those charged with governance 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 internal controls in place to mitigate risks of fraud and non- compliance with laws and regulations., lesling journal entries lo identify unusual transactions., assessing whether judgements and assumptions made in determining the accounting estimates set 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 prOdureS described above. The more removed that laws and regulations are from financial Iransaclions, the less likely it Is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due lo fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is Iated on the Financial Reporting Council's website al www.frc.or .uklaudilorslaudil-assurance-elhicslaudilors-res onsibililies-for- the-audil . This description forms part of our auditor's report. Use of our report This report is made solely lo 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 lo the Charity's members those mallers we are required lo slate in them in an auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed. ogkkn tLiYttthL Joshua Kingston ACA Isenior Statutory Audilorl For and on behalf of Burton Sweet Limited Slatulory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1 UR Dale.. 19 September 2025 12
MYANMAR TRUST UK STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 JANUARY 2025 Unrestricted Restricted Total Funds Funds Funds 2025 Total Funds 2024 Note Income from: Donations and grants Charitable activities Investment income 3,504,405 3,504,405 181,812 43,120 2,221,302 119,040 17,581 181,812 27,412 15,708 Total income 209,224 3,520,113 3,729,337 2,357,923 Expenditure on: Raising funds Charitable activities 17,763 3,050,355 17,763 3,261,496 23,718 2,329,845 211,141 Total expenditure 211,141 3,068,118 3,279,259 2,353,563 Net incomellexpenditurel {1,9171 451,995 450,078 4,360 Transfers between funds 16 17 1171 Other galns and losses 20 22,630 Net movement in funds (1,9001 451,978 450,078 26,990 Total funds at start of year 16 24,701 764,272 788,973 761,983 Total funds at end ofyear 16 22.801 1,218,250 1.239,051 788,973 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 classed as continuing. The eomparalive figures have been translated lo US Dollars having previously been presented in British Pounds see note 20. The notes on pages 16 to 29 form part of these financial statements See note 11 for fund-accounting comparative figures 13
MYANMAR TRUST UK BALANCE SHEET AS AT 31 JANUARY 2025 Company number: 11180399 2025 2024 Note Current assets Debtors Investments - cash on deposit Cash al bank and in hand 12 498,426 1,478,973 11,734 157,917 586,613 436,536 1,989,133 1,181,066 Liabilities Creditors '. amounts falling due within one year Net current assets 13 1750,0821 1,239,051 1392,0931 788,973 Total assets less current liabilities 1,239,051 788,973 Net assets 1,239,051 788,973 FUNDS Unrestricted funds General funds Restricted funds 16 16 22.801 1,216,250 24.701 764,272 Total funds 1,239,051 788,973 These financial statements were approved by the Trustees on behalf by. 19 September 202S and are signed on their Elizabeth Tydeman Trustee The notes on pages 16 to 29 form part of these flnanclal statements 14
MYANMAR TRUST UK CASH FLOW STATEMENT YEAR ENDED 31 JANUARY 2025 2025 2024 Note Net cash inflow from operating activities 14 424,438 203,852 NonperatIonal cash flows: Investing activities Investment income 43,120 17,581 43,120 17,581 Financing activities Bank overdraft facility 123,4461 123,4461 Net cash inflowllouffiowl for the year 444,112 221,433 Cashflow Restrictions Charity law prohibits the use of nel cash inflows on any endowed or other restricted fund lo offset nel cash outflows on any fund outside ils own objects, exp1 on special aLJlhority. In practice, this restriction has not had any effect on cash flows for the year. The notes on pages 16 to 29 form part of these financial statements 15
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 1 Accountlng pollcles Accounting convention The financial statements have been prepared in accordance with the historical cost convention (except for investments which have been included al fair valLJel 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 IFRS 1021 and the Companies Act 2006 and UK Generally Accepted Practice as il applies from 1 January 2019. The charity is a public benefit enlily as defined under FRS102. The charity has secured sufficient funding for the next three years, and could reduce expenditure if income was reduced. Al the lime of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees continue to consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern. The financial statements are presented in US dollars, which is the functional currency of the charity. See note 20. Income Income from donations is included in income when these are receivable, except as follows". l. When donors specify that donations given lo the charity musl 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 mel. 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 determine the completion stage of a service. Expenditure Expenditure is recognised in the period in which it is incurred. Expenditure includes atlribulable VAT which cannot be recovered. Raising funds Raising funds expenditure include those costs incurred in seeking voluntary contributions and other similar. 16
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 1 Accounting policies (continued) Charitable Activities Grants awarded are allocated lo charitable activities. Grants payable are payments made lo third parties in the furtherance of the charity's objectives. Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or conslrucb've obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years, funding. Provisions of grants are made when the intention lo make the grant has been communicated to the recipient but there is uncertainty as to the liming of the grant or the amount of grant payable. Governanee costs Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Govemance costs are included within support costs. Allocation and appoonment costs Certain expenditure is d1CY attributable lo specific activities and this has been included in those cost categories. Other costs, which are attributable lo more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to lime. Overhead support costs have been allocated beeen 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 contributes lo defined contribution pension schemes. Contributions payable lo the charity's pension schemes are charged lo the Statement of Financial Activities in the period lo which they relate. Financial instruments The charity has elected lo 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 subsequenuy measured at 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 statements. 17
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 1 Accounting policies Icontinuedl Debtors Trade and other debtors are recognised al the setuement 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 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 dale of acquisition or opening of the deposit or similar account. Investments The investments in the accounts are recognised as investments due lo the intention of the trustees to hold these funds to generate Income for the coming year. Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that wll probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measLJred or estimated reliably. Creditors and provisions are normally recognised at their setuement 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 lo 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 accordance 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 lime at the discretion of the Trustees. Further explanation of the nature and purpose of each fund is included in note of the financial statements. 18
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 2 Income from donations and grants Unrestricted Restricted Total Funds Funds Funds 2025 Donations and gifts Grants received 3,284 3,501,121 3,284 3,501,121 3,504,405 3,504,405 Unrestricted Restricted Total Funds Funds Funds 2024 Donations and gifts Grants received 62 62 2,221,240 2,221,240 62 2.221,240 2.221,302 3 Income from charltable actlvltles Unrestrlcted Restrlcted Total Funds Total Funds Funds Funds 2025 2024 Contract income 181,812 181,812 181,812 181,812 119,040 119,040 Contract income in the prior year was unrestricted. 4 Expenditure on raising funds Support Costs (Note 71 Direct Costs Total Funds 2025 Marketing and fundraising 12,057 5,706 17,763 12,057 5,706 17,763 Support Costs {Note 71 Direct Costs Total Funds 2024 Marketing and fundraising 18,493 5,225 23,718 18,493 5,225 23,718 19
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 5 Expenditure on ¢haritsble activities Grant funding Support of activities Costs (Note 6) (Note 71 Direct Costs Total Funds 2025 Access to Information Human Rights Inclusive Civil Society 39,651 103,729 85,706 1,189,080 834,563 868,540 55,289 42,102 42,836 1,284,020 980,394 997,082 229,086 2,892,183 140,227 3,261,496 Grant funding Support of activitie5 Costs Note 61 (Note 71 Direct Costs Total Funds 2024 Access to Information Human Rights Inclusive Civil Society 91,296 135,283 124,789 347,556 426,155 1,054,469 30.262 38.716 81.319 469,114 600,154 1.260,577 351,368 1,828,180 150,297 2,329,845 6 Analysis of grants 2025 2024 The total grants awarded lo institutions during the year was as follows.. Access lo information Human Rights Inclusive Civil Society Grants lo individuals 855,980 808,822 868,540 358,841 347,556 426,155 1,054,469 Total grants commitments made in the year 2,892,183 1,828,180 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 go12024". 891 organisations. Reeoneiliation of grants payable 2025 2024 Commitments brought forward Net commitments made in the year Payments during the year 356,499 123,948 2,892,183 1,828,180 12,567, 1221 11,595,629) Commitments carried fOard within one year (Note 131 681,560 356,499 20
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 7 Support costs Support costs are allocated betseen raising funds and charitable activities on the basis of usage. Support costs, included in note 4 & 5, are as follows.. Fundraising and publicity Charitsble Activities Totsl 2025 Bank charges Travel and subsistence Information technology staff costs Insurance IGainllloss on foreign exchange Office costs Legal and professional fees Governance costs 4,569 21,502 9,996 51,352 3,008 7,137 2,005 18,383 22,275 4,569 21,502 9,996 57,058 3,008 7,137 2,005 18,383 22,275 5,706 5,706 140,227 145,933 Fundraising and publicity Charitable Activities Total 2024 Bank charges Travel and subsistence Information technology Stsff costs (Gainllloss on foreign exchange Office costs Legal and professional fees Governance costs 4,278 10.906 4,888 48.291 44,087 1,520 17,447 18,880 4,278 10.906 4,888 53.516 44,087 1,520 17,447 18,880 5,225 5,225 150,297 155,522 21
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 8 Net incomellexpenditure) for the year This is staled after charging". 2025 2024 Auditor's remuneration for audit setvices for other services Trustees, travel and meeting expenses 18,121 4,154 539 15,742 3,138 350 4 Trustees have been reimbursed for their out of pocket travel expenses 12024.. 21. No Trustee received any remuneration dLJring the year. 9 Stsff costs and numbers The aggregate payroll costs were.. 2025 2024 Wages & salaries Pension contributions other benefits 55,502 1,425 131 50,956 1,296 57,058 52,252 No employee received emoluments of more than £60,000. The average weekly number of employees during the year was 1 12024.. 11, calculated on the basis of average headcount. The total employment benefits received by key management personnel including employer national insurance and employer pension were $57,05812024.' $52,252). 22
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 10 Taxation The charity is exempl from corporation tax on its charitsble activities. 11 ststement of Financial Activities comparative figures Unrestrictgd Restricted Funds Funds Total Funds 2024 Forthe year gndod 31 January 2024 Income from: Donations and grants Charitable activities Investment income 62 119,040 14,270 2,221,240 2,221,302 119,040 17,581 3,311 Totsl income 133,372 2,224,551 2,357,923 Expendlture on: Raising funds Charitable activities 23,718 2,220,718 23,718 2,329,845 109,127 Total expenditure 109,127 2,244,436 2,353,563 Net incomellexpenditure) 24,245 119,8851 4,360 Transfers between funds Other gains and losses 456 22,174 22,630 Net movement in funds 24,701 2,289 26,990 Total funds at start of year 761,983 761,983 Totsl funds at end of year 24.701 764,272 788,973 12 Debtors 2025 2024 Due In less than one year: Trade debtors Prepayments and accrued income Other debtors 54,000 442,516 1,910 128,492 30,156 1,269 498,426 157,917 23
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 13 Creditors: amounts falling due within one year 2025 2024 Trade creditors Grants payable Accruals and deferred income Taxation and social security other creditors Bank overdraft 15.863 681,560 24,424 1,129 3,660 23,446 10.376 356,499 20,781 1,078 3,359 (Note 61 750,082 392,093 14 Reconciliation of net movement in fund8 to net cash inflow from operating activities 2025 2024 Statement of Financial Activities.. Nel movement in funds Other gainsl Ilossesl Investment income Increase in creditors". current liabilities Decrease I lincreasel in debtors 450,078 4,360 22,630 117,5811 221,628 127, 1851 143,1201 357,989 1340,5091 Net cash loufflow)linflow from operating activities 424,438 203,852 15 Analysis of changes in cash during the year 2025 2024 Change Cash at bank and in hand Overdraft facility repayable on demand Current asset investments 11,734 123,4461 1,478,973 436,536 1424,8021 123,4461 892,360 586,613 1,467,261 1,023,149 444,112 2024 2023 Change Cash at bank and in hand Current asset investments 438,536 588,613 801,716 1365,1801 586,613 1,023,149 801,716 221,433 24
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 16 Movement in funds Forthe year ended 31 January 2025 At1Feb 2024 Income & Expenditure & gains losses At 31 Jan 2025 Tran9fers Restrlcted funds Collaboration between Myanmar Trust UK and local granl-makers Human Rights and Accountability Response lo Security Needs of HRDS and Political Activists Bolstering Burma Scholars and Human Rights Defenders at Risk Advancing rights of young women, gids and diverse communities International Accountability Project Strengthening the Menstrual Justice Movement Natural Resource Research strengthening Resilience of Displaced, Vulnerable and Marginalised Communities Research and Technical Support Regarding Community Resilien Emergency Response to Communities Support to the women of Burma 448,429 894,146 1537,7581 804,817 121,4381 1,526,014 11,595,776) 131 191,2031 828 18301 21,381 114,3121 7,069 337,676 600,000 1477,3491 460,327 1,468 1511 1,417 1,010 15 {1,0101 1151 120,5681 131,668 199,1741 11,926 {4,5291 5,000 14701 360,000 1338,1031 21,897 3,285 13,2851 764,272 3,520,113 13,068,118) 17 1,218,250 Unrestricted funds General funds 24,701 209,224 1211,1411 22,801 24,701 209,224 1211 1411 22,801 Total funds 788,973 3,729,337 13,279,259) 1,239,051 25
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 16 Movement in funds (Continued) Restricted funds Collaborslion between Myanmar Trust UK 8nd local grant-makers To support women, girls, and diverse communities in the Myanmar democracy movement inside and outside the country. To keep women, girls, and diverse Communities safe from slate-san¢lioned violence and d(Ument human rights abuses 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 women, girls, and diverse communities, rights, women's leadership, SRHR, and aCsS to justice. Human Rights andAccounlability 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 assistance, and neOrkIng support. R8sponse to Security Needs of HRDS and Political Activists To provide grants to local community-based organisalions in Myanmar and Thailand for the protects'on of human rights defenders. Bolstering Burma Scholars and Human Rights Defsnders at Risk To empower, connect and protect a new generation of Myanmar scholars, thought leaders and human rights defenders at risk Advancing rights ofyoung women, girls and diverse communities To advance the rights of young women, girls and diverse communities in Myanmar. International Accountability Project To work with civil society in Myanmar to fight for justice by holding the Myanmar security forces legally accountable for human rights abuses. strengthening the Msnstrual Justic8 Movement To raise awareness of gender-based violence. 121 To challenge menstrual taboos131 To eontextualize feminist literature.141 To amplify women's and girls, voices through podcasts and writs'ng. Natural Resource Research To advan research on the Rare Earth IRE) industry in Myanmar. Strengthening Resilience of DisplaGed, Vulnerable and Marginalised Communities strengthened displaced, vulnerable, and marginalised communities, resilience through direct support and engagement with the displaced, vulnerable, and marginalised communities, ecosystem along the Thai- Burma border. Rese8rch 8nd Technic81 Support Regarding Con7munity Resilience To provide grants to local commLJnity-based organisalions in Myanmar and Thailand lo build community resilience, cohesion and an inclusive, democratic Myanmar. Emergency Respons8 lo Communities To deliver cash assistance to victims of atrocities in Myanmar. Support to the women ofBurma To advance the women's rights movement in Burma. 26
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 16 Movement in funds (Continued) Forthe year ended 31 January 2024 At1Feb 2023 Income and gains Expenditure and losses At 31 Jan 2024 Tran9fers Restrlcted funds Collaboration between Myanmar Trust UK and local granl-makers Human Rights and Accountability Response lo Security Needs of HRDS and Political Activists Bolstering Burma Scholars and Human Rights Defenders Advancing rights of young women, gids and diverse communities International Accountability Project strengthening the Menstrual Justice Movement Natural Resource Research Strengthening Resilience of Displaced, Vulnerable and Marginalised Communities Research and Technical Support Regarding Community Resilience 381,371 484,079 1417,0211 448,429 138,0751 703,618 1686,9811 121,4381 8,090 113,589 1120,8511 828 82,093 1,262 161,9741 21,381 284,824 609,880 1557,0281 337,676 47,870 533 146,9351 1,468 18431 (3,3471 34,891 3,485 133,0381 11231 1,010 15 147,293 1167,8611 120,5681 148,095 1152,6241 14,5291 761,983 2,246,725 12,244,436) 764,272 Unrestricted funds General funds 133,828 1109,1271 24,701 133,828 1109,1271 24,701 Total funds 761,983 2,380,553 12,353,563) 788,973 17 Related party transactions There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial stalemenls. 27
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 18 Post balance sheet event Afterthe year-end, Myanmar Trust UK secured a new grant of CAD 2,274,800 for supporting women's networks in responding to multiple crises- conflict, humanitarian crisis, GBV, attacks on minority groups- while also building the future they want for their country. This grant will be paid lo the charity over the next o years. 19 Funds held as agent During the year the charity held funds on behalf of other organisalions as follows". Myanmar Trust UK received funds of $95,410 from Warwick Universily12024." $70,401), payments of $95,41012024.' $70,401) were made on their behalf, leaving $Nil', balance al the year-end12024'. $nill. Myanmar Trust UK received funds of $731,12312024.' $19,972) from four other organisalions, payments of $492,74612024.' S19,9721 were made on their behalf, leaving S238,37712024.'$nill balance at the year- end. Myanmar Trust UK has elected lo take advantage of the exemption from naming the grant making institution 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 charitable purposes overseas. 28
MYANMAR TRUST UK NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 JANUARY 2025 20 Functional currency In line with section 30 of FRS102, the entity's functional currency is the currency of the primary economic environment in which the entity operates. The majority of Myanmar Trust's operating activities are undertaken In US dollars and hence this is also defined to be the charity's functional currency. Up lo the period ended 31 January 2024 the charity had assumed that the British Pound was its functional currency and hence all of the charity's historical transactions had been accounted for in Brib'sh Pounds. British Pounds was also the presentational currency adopted for prior year financial statements purposes. The charity has determined that the functional currency of US dollars should always have been used in the charity's accounts. As a result, the prior year balance sheet balances have been retranslated al the spot rate of 0.788209 and the prior year income and expenditure has been restated at the average rate. The opening balances on 1 February 2023 have been restated at the spot rale as at 1 February 2023. 2024 As stated Exchange rate 2024 Restated Debtors Investments Cash at bank and in hand Creditors 124,471 462,374 344,082 1309,0521 0.788209 0.788209 0.788209 0.788209 157,917 586,613 436,536 1392,0931 Net assets FUNDS Unrestricted Restricted 19,469 602,406 0.788209 0.788209 24,701 784.272 29