awlty Thmiber. 1181316 NEPALI CHILDREN'sTrusr ao UNAUDrrED TRusfEES' REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
NEPAU CHIU)REWS TRilSr ao copirEras 13.4,5&6 Independert Examlnerfs Rwt 7&8 Statement ot Flnandal Acll¥ftles 9.10,11&12 Notes to the Flnandal Statements 14&15
NEPALI CHIUIREKSTRiisr co REFERENCE AND ADMINisfRATIVE DEfAILS OF ThE TRusr. Its TRusfEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023 Trustees *5 S J Da¥les Cthalr Ms D Bunran MrsA Yw Mr G James Dr J Harvey Mr J Wyld Mrs M Cooper Mrs M Thomas Ms C Wllcox Charlty rellstered number 1181316 Prlndpal offlce Ropers Lane wrf Bankers HSBC Bank Plt 8 Canada Square London E14 SHQ Page I
NEPAU CHILDREWSTRUSr ao TRusfEEV REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report together with the financial statements of the Nepali Children's Trust CIO for the l April 2022 to 31 March 2023. The Nepall Children's Trust Assodation l-the Associatson-) was fombed In 25. In December 2018 the Nepali Children's Trust CIO 1.the Trust") wa5 fomied to be the successor body to the Association and effective from the 31 March 2019 the whole business, undertaking and assets of the Association were transferred to the Trust when the Associalion ceased to carry on busines& For all purposes the Trust has been the successor charlty to the associatlon as from 31 March 2019. Objectlves and adlvftfes Polldes and obJectl¥es The princlpal object of the Trust is for the relief of poverty, hardship and distress and the advancement of education among thildren and young people in Nepal, in particular, but not excluslvety. such persons with a disability by such means as the trustees may from time to time deternilne. In setting objectives and plannlng for actlvhles, the Trnstees have glven due consideration to general guldance published by the Charity Commission relating to publlc benefft, including the guldance 'Public benefft: running a charity (P82}'. Achlevements and pfffrnn¢e a. Revlew of artivWes Nepal's recovery from the global pandefftic caused by Covld-19 vlrus remains slow and it is now considered that they have been one of the worst hit nations in the South East Asla region, although accurate statistics are difficult to gatn. Subsistence farniing remains at the heart of the countrfs e(Dnomic mechanism however tourism, which provides the countys prinapal source of income. has been decimated and remains slow to recover. Political unrest continue5 to undermine foreign investment and the Nepali economy lalters as a resutt sin the formation of the Associalion in 21X)5. trustees and their supporter5 have raised in excess of £795.(KKI to fund purchase of land and construction of DNC'S bullding and to encompass other projects for similar organizations. Trustee5 remain in close communication with the principal CipIents of their fundin& Page 2
NEPAU CHILDREWS TrUST ao TRUSTEES, REPORT (COPMNUED) FOR ThE YEAR ENDED 31 MARCH 2023 Most of the thildren at DNC returned to their villages durin8 lotkdolvn in 2020 and many have chosen to remain there. DNC itself has rtrre8iStered as a rehabilitstion centre rather than a childn,5 home, to reflect the current 8ovemment policy for thildren to be n their own home5 with family or guardians where possible. DNC is hoping to encourage short-stay orthopaedlc case referrdls from the thildreft'5 hospitsl at Banepa. Along wlth funds for some overdue repairs and maintenance whl¢h were unable to take place followin8 the earthquake due to pandemic restrictions and soarlng costs of materials, we continue to provlde ONC with support for educatlon. healthcare, Indudlng speclali5t therdpists and dattrday expenses for thtldren as requested. Those vAth wmplex needs have been supported to attend the speclalist residential school at the SERC centre. We have previously provided grants to SERC to assist with thelr school and hostel. In addltion helping them wtth thelr project to Prole Sustsinable long-temi community. Bulldlng wo$ to provide additional accommodation there and at the school are complete and we have funded a slgnificant part of these improvements. We continue to support the Ablllty Development Society of Nepal {ADSoN) In conjunction with the Rose Intemational Fund for Children (TRIFCI to provide sponsorshlp to older students to acce55 further education and vocional trainln8 once they have left mainstream education. During the parthmlc we establlshed a 'rellef fund, for those youn8 people stranded away from thelr famlltes, with no means of supporL For the foreseeable future these funds remain accessible to them via the ADSON office. The trustees continue their support for the Autism Care Society of Nepal organization with fundln8 for sUPPOrt workers and teaching Staff for a further period of three years. This allows CAN freedom to develop their outreach service to assist teachers and families in far-flung locatfon5 by providin8 face to face and virtual training resources. b. Investment polky and perfmnce Trustees are committed to ensurin8 that all funds under their control are managed in such a way as to maximise retum whilst minimising risk Any cash not required for operating expenses is placed on deposit at the most favourable rate available from providers covered by the Finanual Services Compensalion Scheme.
NEPAU CHILDREWS TRusr cio TRusfEES' REpoKr (coNnNUED) FOR THE YEAR ENDED 31 MARCH 2023 Trustees are cofflmltted to ensurin8 that all funds under thelr cx>ntrol are managed In such a way as to maxlmi5e return whilst minimising risk Any cash not required for operatin8 expenses Is placed on deposit at the most favourable rate avallable from provider5 covered by the Financial Services Compensatlon Scheme. Flnanclal revlew a. Goln8 c¢xKern After maklng appropriate enquirles. the Trustee5 have a reasonable expectation that the Trust has adequate resources to continue In operational existence for the foreseeable future. For this reason, they continue to adopt the goin8 ¢oncem basis in preparin8 the financial statements. Further detalls regarding the adopbon of the 80in8 qx>ncem basis can be found in the accountin8 policies. b. Reser¥es poll¢v The trustees have a twofold reser¥es policy with £5,(XX) set aslde to meet UK based operating costs with a further reserve of £55.(WX) as a contingency to meet emergency fundlng. COVID has had a masslve impart in Nepal and we have received requests for emergency funds to help ex-students to cover bask items such a5 rent and food. COVID has also affected the ability of the charity to ralse charltable funds from events, on the scale that had been athieved pre-COVID times. G Flnandal revlew Total income for the year £35,443. Totsl expenditure for the year was £42,952. A net deficit of £7,509 was recorded. Structure* governance and mana8anent Nepali Children's Trust CIO is a re8iStered charity. number 1181316, and is constituted under a Charity Incorporated Organi5ation Constitution. Page 4
NEPAU CHILDREWSTrUST ao TRilSfEES' REPORT (copinNUED) FOR THE YEAR ENDED 31 MARCII 2023 The management of the Trust is the re41onsibility of the Trustees who a elected and cfropted under the term5 of the Charity Incorporated Organisalion Constitution. New trustees are appointed followlng a rfgorous assessment process subject to confirmation by the membÈrshlp at the Annual General Meetin& srATEMEKf OF TRusfEEg RESPONSIBIUTIES The Trustees are responsible for pparIn8 the Trustee Report and the financial statements in accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charlties In England & Wales requires the Trustees to prepare financial statements for eath financial year whith give a true and fair view of the state of affalrs of the Trust and of its incoming resources and application of resources, Including its income and expendlture, for that period. In preparin8 these financial ststements. the Trustees are rquired to: Select sultable accountlng polldes and then applythem conslstently; Observe the methods and prlnciple5 of the Charities SORP (FRS 1021; Make judgments and accounting estimates that are reasonable and prudent; State whether applicable UK Accounting Stsndards (FRS 102) have been followed, subject to any materlal departu disclosed and explalned In the financlal statements; prepare the financial ststements on the going concern basls unless It Is Inappropriate to presume that the Trust will continue in business. The Trustees are responsible for keepin8 adequate accounling records that are sufficient to show and explain the Trust's transactions and disdose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financlal statements comply th the Charities Act 2011, the Charities Act 2011. the Charity (Accounts and Reports) Regulations and the provlslons of the Trust deed. They are also responsible for 5afeguardingthe assets of the Trust and hen for taklng reasonable steps for the prevention and detection of fraud and other irre8ularities. Page 5
and wed on thelr behalf Irr. Mrssj Truthe / Cha
NEPAU CHILDREKS TRusr cio INDEPENDENT EXAMINEn REPORr FOR THE YEAR ENDED 31 MARCH 21Y23 INDEPENDENT ExAMINEs REPORTTO THE IRU5TEES OF NEPAU CXIU)REKS TrUST ao (Ihe Trusf) I report to the chaiity Tfustees on nry examlnalion of the acrounts of the Trust for the year ended 31 March 2023. RESPONSIBiunES AND BASIS OF REPORT As the Trustees of the Trust you are responsible for the preparation of the accounts In accordance with the requirements of the Charities Act 2011 ("the 2011 Act"}. I report in respect of ty examination of the Trust'5 accounts carrled out under section 145 of the 2011 Act and in carrying out my examination I have followed the appllcable Dlrections given by the Charlty Commisslon under Section 145(5){bl of the 2011 Act. INDEPENDENT EXAMINEfS sfATEMEPIT Your attention Is drawn to the fact that the Trust has prepared the accourts in accordance wlth Accounng and Reporting by Charities: Statement of Recommended Prdctice applicable to charities preparin8 their accounts In accordance with the Flnancial Reporting Standard appllcable tn the UK and Republlc of Ireland (FRS 102} in preference to the Accounting and Reportin8 by Charities: Statement of Recommended Prartice issued on l April 2(M)5 which is referred to in the extant re8ulations but has been withdrawn. l understand that this has been done In order for the accounts to provlde a true and falr view in accordance wlth the Generalfy Accepted Accounting Practice effeciive for reporting periods be8inning on or after l January 2015. I have completed my MInatiOn. I confirm that no matters have come to my attention In connection with the examination givin8 me cause to believe that in any material respect: l. acunting records not kept in respert of the Trust as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerningthe form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2LI)8 other than any requirement that the accounts ge a 'trve and fairf view whith Is not a matter considered as part of an independent examination. Page 7
understandin8 of the accounts to be readm Thls report is n4de 501etyto the T$TrUst as a body. In Xc0rd wilh Part 4 ofthe ml8ht state to the Trust's Trustees those mkn l am required to s&ite to them In an Independent Examinees Repwt and fi)r no other purpose. To the fullest extent permitted bv Iw I do not attept or assume responbthty to arfyyme tsth than the Tntst and the Trust's Trustees as a W. hr nw work or for thts reyL CV23 OHS
NEPAU CHILDREWS Trusr ao NufES TOTHE FINANCIAL STATEMEpirs FOR THE YEAR ENDED 31 MARCH 2023 L GENERAL INFORM Nepali Children's Trust ao is a charity restered in Ennd and Wale& The charity number is 1181316 and address of the re8iStered office Is Rovfdn, Ropers Lane, Wrin8ton BS40 5NQ I ACCOUNllNG pouaES 2.1 BASIS OF PREPARATION OF FIIIANaAL STATEMEpirs The flnanclal statements have been prepared inn accordance with the Charitie5 SORP {FRS 102)-Accountin8 and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparing their accounts in accordan th the Flnancial Reporting Standard appllcable in the UK and Republlc of Ireland (FRS 1021 (effective l January 2019), the Financial Reportin8 Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Charities Act 2011. The financlal statements have been prepared to 81¥ a 'true and fair, view and have departed from the Charlties (Accounts and Reports) Re8ulations 21x18 onty to the extent required to provide a 'true and fairf view. Thls departure has involved followln8 the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reportin8 by Charities: Ststement of Recommended Pracilce effective from l April 2(K15 which has slnce been withdrawn. Nepali Chlldren's Trust CIO meets the definltion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless Otherwlse sLtted in the relevant accounting pollcy. 2.Z GOING CONCERN Although there are net current assets of £81,827 at the Balan Sheet date the Trustees have carefully considered the COVID-19 events and has with these in mind considered the abillty to contsnue as a good concern and believes this to be the approprlate basis on whlch to prepare the accourtts 2.3 INCOME All income is reco8nised once the Trust has entitlement to the irbcome. it is probable that the income will be received and the amount of income receivable can be measured reliably.
NEPAU CHIUXIEwsTrusr ao NafES TO THE FIIIANCIAL sfATEMENTS ICOIITIHUED) FOR THE YEAR ENDED 31 MARCH 2023 The retognttson of income from legacies is dependent on estsblishing entitlement, the probability of receipt and the abilty to estimate with sufficient accuracy the amount receivable. Eviden of entitlement to a legacy exists when the Trust has sufficient evidence that a pft has been left to them (throu8h knowledge of the existence of a valid will and the death of the benefactor) and the executor Is satisfied that the property in question will not be required to satisfy clalms In the estste. Receipts of a legacy must be recognised when It Is probable that it will be received and the fair value of the amount re1Vable, whlch will generdlly be the expected cash afnount to be distrlbuted to the Trus¢ can be rellabty measured. 2.4 EXPENDtniRE Expenditure Is recognbed On there Is a legal or nStrUCtive obll8ation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured rellably. Expenditure 15 dassified by activity. The costs of each activity are made up of the totsl of dlrect costs and shared costs, includin8 SUPPOrt costs involved in undertakin8 each activity. Direct costs attributable to a sln8le activity are allocated dIreCt to that activity. Shared costs which contribute to more than one activity and support costs which are n(rt attributable to a sin8le activity are apportioned between those actyvities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreclation charges allocated on the portion of the asset's use. Expendlture on charltable aclivilies Is Incurred on directly undertaking the activities which further the Trust's objectives, as well a5 any as%)clated support costs. 2.5 DEBTOAS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the arnount prepald net of any trade dlscounts due. 2.6 CASH AT BANK IN HAND Cash at bank and in hand indudes cash and sh(xt-terni highly liquid imiestments with a short maturity of three mnth5 or less from the date of acquisition or opening of the deposlt or similar aca)unt. eio
NEPAU CHILDREN'STRusr ao NOTES TO THE HNANaAL 5fATEMElIt51coiillNUED) FOR THE YEAR ENDED 31 MARCH 2023 2.7 LIABILMES AND PROVISIONS Llabllities are recogntsed when there Is an oblwion at 8aLin¢e Sheet date as a result of a past event. it is probable that a trnnsfer of economic benefft will be required in settlement, and amount of the settlement can be estfmatsd reliablv. Liabilities are recognlsed at the arnount that the Trust antlclpates It wlll ply to settle the obliqation. Where the effect of the time value of money Is material, he provlsion is based on the present value of those amunts, discounted at the pre-tax discount rate that refiects the ftsks speclfft to the Ilability. The unwlndirq of the dtscount Is reco8nlsed In the Statsment of Flnancial Activltles as a finance cost. IA FiNANaAL INsfRUMEpirs The Tru¥( only has financial a55ets and financlal liabilitles of a kind that qualify as basic finan¢lal instruments. Bask financial Instruments are inttlally recognlsed at transartion value and subsequently measured at their settlement value with the exception of bank loans which are subsequentty measured at amortised ¢ost uslng the effectlve interest rnethod. 19 FUND AccoupinNG General fvnds are unrestrlcted funds whlch are avallable for use at the discretion of the Trustees In furtherance of the 8eneral objectlves of the Trust and whkh have not been d•slgnated for othr purposes. Pyii
STATEMEPIT OF FIIIAIKJALAcnvrrEs FOR THE YEAR ENIKD 31 l•lARCH 2023 Tat41 Funds Totalfunds Donatlons and leRacles Charltsble artlvles 42952 42952 346 42952 42952 34618 .7509 4552 Total funds brought foThArd Net movement In fund5 89336 89336 95888 -6552 81827 81827 89336 The Statement of Flnandal Actlvlts Indudes and losses recw)Ised In the ar. The notes on pw 9 to 11 f(Ym part oftt*e finanthl stateMts PAGE 12
C•sh at hMMI 77i Unre5trtrted Jf27 Mrssj Da¥k¥
Total Unrestrlrted funds funds 2023 2022 funds 35443 tpport Totsl rKb Total fund5 2022 undertaken dwectjy 2023 funding of 2023 2023 2074 4810 42952 34618 3206 37765 5. IIIDEPEIIDEiifEXAW4EWS REMIIIIERATKXI 2023 2022 examln•tion ofthe Trust's annual accounts li Durin8 the year, no Trustee5 received any remuneratlon orother beneffts12022-£NIL). Durln8 the pwlod ended 31 M*th 2023. Trustee exp We rurredI2022NlLI. PAGE 14
NEPAU CHIU)RENS TRiisr ao NOTES TOTHE FINANCIAL sfATEMENTS 2022 IXIE IMThIN ONE YEAR Other debtors Prepayments and acuued incorne 4135 455 4590 613 46 CREDITORS: AMOiIN75 FAWIIG I>UE wrrHlhl ONE YEAR 2022 Accruals and deferred hKome iio) PAGE 15