CHARITY REGISTRATION NUMBER: 1206598
WELLSPRING MYANMAR Financial Statements For the year ended 28 February 2026
WELLSPRING MYANMAR
Financial Statements
Year ended 28 February 2026
| Page | |
|---|---|
| Trustees' annual report | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 to 12 |
WELLSPRING MYANMAR
Trustees' Annual Report
Year ended 28 February 2026
The trustees present their report and the unaudited financial statements of the charity for the year ended 28 February 2026.
| Reference and administrative | details |
|---|---|
| Registered charity name | WELLSPRING MYANMAR |
| Charity registration number | 1206598 |
| Principal office | CHAPEL DOWNS BARN |
| QUEEN ELIZABETH DRIVE | |
| CREDITON | |
| EX17 3PA | |
| DEVON | |
| The trustees | |
| B A Keogh | |
| F J Keogh | |
| T P Kennar | |
| R C Hutchins | |
| Independent examiner | Milton Sawyerr FCCA |
| 54 Hansol Road | |
| Bexleyheath | |
| Kent | |
| UK | |
| DA6 8JG |
1
WELLSPRING MYANMAR
Trustees' Annual Report (continued)
Year ended 28 February 2026
STRUCTURE, GOVERNANCE AND MANAGEMENT
Wellspring Myanmar is a charity established on the 18[th] of January 2024. It was incorporated with the Charity Commission as a Charitable Incorporated Organisation (CIO) with a registration number 1206598. The charity is governed by its constitution which was drafted prior to its registration as a CIO.
Trustee Selection Methods:
There are currently four trustees of the charity. Trustees are appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. New Trustees undergo orientation on their legal obligations under charity law, the aims and objectives of the charity, its governing frameworks, decision-making processes, strategic plans and financial performance etc.
Policies and procedures
The following policies and procedures are in place, and these will continue to be added to as the charity develops:
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Health and Safety
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Internal Financial Controls
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Social Investment
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Policy on Grant Making
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Data Protection policy (including GDPR and Data Privacy)
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Financial Reserves
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Risk Management
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Trustee Expenses
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Trustee Conflict of interest
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Serious Incident reporting
- Risk register
On a regular basis the Charity Trustees review the identified risks of the Charity. Risks are initially assessed with an "inherent risk" - i.e. the risk without any controlling action by the Charity. We then consider the mitigating controls and then produce a "Controlled risk" score which reflects the risk assessment after mitigating controls have been applied. The civil war, poor distribution networks, inflation and a closed currency.
- The Annual Budget
Each year the Trustees consider the project objectives for the year with expected costs and how funds will be raised to meet the aims and objectives. Going forward, we are looking to make grant payments to our trusted facilitators in Myanmar, for them to locally manage in the delivery of our projects and the charity’s aims.
OBJECTIVES AND ACTIVITIES
The main objective of the charity is the prevention or relief of poverty in South-East Asia, particularly in Myanmar, through the provision of clean water facilities.
Summary of main activities
This is primarily achieved by Drilling boreholes, installing water pumps and pipework and solar panels to power the pumps, and building water towers.
Trustee statement
The trustees have had due regard to the guidance issued by the Charity Commission on public benefit when exercising their duties and in planning the activities of the charity.
2
WELLSPRING MYANMAR
Trustees' Annual Report (continued)
Year ended 28 February 2026
Delivering Impact Amid Uncertainty
The current situation in Myanmar remains volatile, with ongoing civil conflict, inflation, a declining economy, and international sanctions. Despite these challenges, our work continues in the Dry Zone of central Myanmar—a region currently under military government control and significantly more stable than contested areas experiencing active fighting.
Our local facilitators are highly attuned to the evolving landscape and maintain a strong understanding of which areas are safe and secure. We only operate in locations deemed safe by our trusted local partners.
We have seen excellent results with trusted local partners whose performance and delivery is excellent, with projects being delivered wit in budget and exceeding the anticipated reach. Many of the boreholes are also used by surrounding villages. Once installed, our boreholes are resilient and built to last. They provide a sustainable and long-term source of clean water, even during conflict and uncertainty.
We have been able to move toward electronic banking transfer of funds from UK to Myanmar while still achieving a good exchange rate. Additionally, we make use of international money transfer services such as Western Union and Ria. While these offer strong exchange rates, they do fluctuate, and there are limits on how much can be transferred at a time.
Our work is made possible through deep trust and collaboration with local facilitators who manage the delivery of each project on the ground. With each trustee visit to Myanmar, these relationships are further strengthened. We also continue to build new partnerships with respected community leaders to ensure all projects are led by and rooted in the local Burmese communities.
ACHIEVEMENTS AND PERFORMANCE
Summary of main achievements
• Chaung Du Village
Borehole and solar has been installed to provide water for 1200 people
- Than Taw Gi Village.
Existing borehole has been repaired reinstating a water supply to 1100 villagers
• Pain Nae Taw Village
A new borehole and solar panels have been installed to provide water to 900 villagers. It has also been made available to an additional 1200 villagers
• Nyaung Kan Daung
Borehole and solar has been installed to village of 425 people and made available an additional 1425 villagers.
• Zee Pin Gyi Village
A borehole with pump and solar was installed. This provides clean water to 250 people in that village. It has also been made available to 5 other villages with 3000 people
This has improved the life of thousands of Burmese villagers; easy access to clean water means: - Adults have more time to spend on their businesses and caring for families.
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Children’s education has improved as they can now attend school consistently, no longer missing lessons to collect water.
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Hygiene is improved because people can shower and wash clothes easily in clean water.
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With no need to purchase water, families can now redirect their savings towards essentials like food, shelter, clothing, and supporting the village economy.
3
WELLSPRING MYANMAR
Trustees' Annual Report (continued)
Year ended 28 February 2026
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Animal welfare is improved because they have sufficient water.
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Stress is reduced because people do not have to continually worry about water.
FINANCIAL REVIEW
Wellspring Myanmar had total incoming resources of £62,983 (2025 - £69,981) as shown on the statement of financial activities. For the period there was net income resources of £6,012 (2025 - £2,713). Resources expended was £56,971 (2025 - £67,268) as per the SOFA.
Reserves policy
It is the policy of the Trustees to maintain unrestricted funds, at a level which equates to not-less-than one month’s unrestricted expenditure. At present administration costs are very low and this is deemed sufficient. This policy is intended to demonstrate to funders that we are fully committed to using our resources to the maximum good effect, and not ‘sitting on’ cash. This policy will be reviewed annually.
Going Concern statement
The trustees have assessed the charity’s financial position and are satisfied that Wellspring Myanmar has adequate resources to continue in operation for the foreseeable future. The charity has sufficient cash reserves, a clear operational plan, and ongoing donor support to sustain its core activities.
Accordingly, the trustees consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
In making this assessment, the trustees have considered the potential risks to income and operations, including any economic or regional factors that may impact project delivery in Myanmar. The charity remains committed to its mission of reducing poverty through clean water access and continues to review and manage its financial resilience accordingly.
Principal funding sources
Funding was obtained from a variety of sources, as detailed in the financial report.
The trustees' annual report was approved on 15 May 2026 and signed on behalf of the board of trustees by:
B A Keogh Trustee
4
WELLSPRING MYANMAR
Independent Examiner's Report to the Trustees of WELLSPRING MYANMAR
Year ended 28 February 2026
I report to the trustees on my examination of the financial statements of WELLSPRING MYANMAR ('the charity') for the year ended 28 February 2026.
Responsibilities and basis of report
As the trustees of the charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Milton Sawyerr FCCA Independent Examiner 54 Hansol Road Bexleyheath Kent UK DA6 8JG
5
WELLSPRING MYANMAR
Statement of Financial Activities
Year ended 28 February 2026
| Period from | |||||
|---|---|---|---|---|---|
| 18 Jan 24 to | |||||
| Year to 28 Feb 26 | 28 Feb 25 | ||||
| Unrestricted | |||||
| funds | Total funds | Total funds | |||
| Note | £ | £ | £ | ||
| Income and endowments | |||||
| Donations and legacies | 4 | 62,867 | 62,867 | 60,967 | |
| Charitable activities | 5 | – | – | 131 | |
| Other trading activities | 6 | – | – | 8,883 | |
| Investment income | 7 | 116 | 116 | – | |
| ---------------------------- | ---------------------------- | ---------------------------- | |||
| Total income | 62,983 | 62,983 | 69,981 | ||
| ============================ | ============================ | ============================ | |||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 56,971 | 56,971 | 67,268 | |
| ---------------------------- | ---------------------------- | ---------------------------- | |||
| Total expenditure | 56,971 | 56,971 | 67,268 | ||
| ============================ | ============================ | ============================ | |||
| ---------------------------- | ---------------------------- | ---------------------------- | |||
| Net income and net movement in funds | 6,012 | 6,012 | 2,713 | ||
| ============================ | ============================ | ============================ | |||
| Reconciliation of funds | |||||
| Total funds brought forward | 2,713 | 2,713 | – | ||
| ---------------------------- | ---------------------------- | ---------------------------- | |||
| Total funds carried forward | 8,725 | 8,725 | 2,713 | ||
| ============================ | ============================ | ============================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 12 form part of these financial statements.
6
WELLSPRING MYANMAR
Statement of Financial Position
28 February 2026
| 2026 | 2025 | ||
|---|---|---|---|
| Note | £ | £ | |
| Current assets | |||
| Cash at bank and in hand | 9,575 | 3,563 | |
| Creditors: amounts falling due within one year | 14 | 850 | 850 |
| ----------------------- | ----------------------- | ||
| Net current assets | 8,725 | 2,713 | |
| ----------------------- | ----------------------- | ||
| Total assets less current liabilities | 8,725 | 2,713 | |
| ----------------------- | ----------------------- | ||
| Net assets | 8,725 | 2,713 | |
| ======================= | ======================= | ||
| Funds of the charity | |||
| Unrestricted funds | 8,725 | 2,713 | |
| ----------------------- | ----------------------- | ||
| Total charity funds | 15 | 8,725 ======================= |
2,713 ======================= |
These financial statements were approved by the board of trustees and authorised for issue on 15 May 26, and are signed on behalf of the board by:
B A Keogh Trustee
The notes on pages 8 to 12 form part of these financial statements.
7
WELLSPRING MYANMAR
Notes to the Financial Statements
Year ended 28 February 2026
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Chapel Downs Barn, Queen Elizabeth Drive, Crediton, EX17 3PA, Devon.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.
8
WELLSPRING MYANMAR
Notes to the Financial Statements (continued)
Year ended 28 February 2026
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2026 | Funds | 2025 | |
| £ | £ | £ | £ | |
| Donations | 62,867 | 62,867 | 60,967 | 60,967 |
| ============================ | ============================ | ============================ | ============================ |
9
WELLSPRING MYANMAR
Notes to the Financial Statements (continued)
Year ended 28 February 2026
5. Charitable activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2026 | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Other income from charitable activities | – |
– | 131 | 131 | |
| ============== | ============== | ============== | ============== | ||
| 6. | Other trading activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2026 | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Fundraising events | – | – | 8,883 | 8,883 | |
| ============== | ============== | ======================= | ======================= | ||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2026 | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Bank interest received | 116 | 116 | – | – | |
| ============== | ============== | ============== | ============== | ||
| 8. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2026 | Funds | 2025 | ||
| £ | £ | £ | £ | ||
| Funding and charitable Activity costs | 56,121 | 56,121 | 66,418 | 66,418 | |
| Governance costs | 850 | 850 | 850 | 850 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 56,971 | 56,971 | 67,268 | 67,268 | ||
| ============================ | ============================ | ============================ | ============================ | ||
| 9. | Expenditure on charitable activities by activity type | ||||
| Grant funding | Support | Total funds | Total fund | ||
| of activities | costs | 2026 | 2025 | ||
| £ | £ | £ | £ | ||
| Funding and charitable Activity costs | 56,121 | – | 56,121 | 66,418 | |
| Governance costs | – | 850 | 850 | 850 | |
| ---------------------------- | -------------- | ---------------------------- | ---------------------------- | ||
| 56,121 | 850 | 56,971 | 67,268 | ||
| ============================ | ============== | ============================ | ============================ |
10
WELLSPRING MYANMAR
Notes to the Financial Statements (continued)
Year ended 28 February 2026
10. Analysis of grants
| Period from | ||
|---|---|---|
| Year to | 18 Jan 24 to | |
| 28 Feb 26 | 28 Feb 25 | |
| £ | £ | |
| Grants to institutions | ||
| Grants to Myanmar Facilitators | 56,121 | 66,418 |
| ---------------------------- | ---------------------------- | |
| Total grants | 56,121 | 66,418 |
| ============================ | ============================ | |
| Independent examination fees | ||
| Period from | ||
| Year to | 18 Jan 24 to | |
| 28 Feb 26 | 28 Feb 25 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 850 | 850 |
| ======================= | ============== |
11. Independent examination fees
12. Staff costs
The average head count of employees during the year was Nil (2025: Nil).
No employee received employee benefits of more than £60,000 during the year (2025: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by any of the trustees during the accounting period to 28th February 2026.
No trustee expenses have been incurred.
14. Creditors: amounts falling due within one year
| 2026 | 2025 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 850 | 850 |
| ============== | ============== |
11
WELLSPRING MYANMAR
Notes to the Financial Statements (continued)
Year ended 28 February 2026
15. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | At | |||
| 1 March 202 | 28 February | |||
| 5 | Income | Expenditure | 2026 | |
| £ | £ | £ | £ | |
| General funds | 2,713 | 62,983 | (56,971) | 8,725 |
| ======================= | ============================ | ============================ | ======================= | |
| At | At | |||
| 18 January 2 | 28 February | |||
| 024 | Income | Expenditure | 2025 | |
| £ | £ | £ | £ | |
| General funds | – | 69,981 | (67,268) | 2,713 |
| ============== | ============================ | ============================ | ======================= | |
| Analysis of net assets between | funds | |||
| Unrestricted | Total Funds | |||
| Funds | 2026 | |||
| £ | £ | |||
| Current assets | 9,575 | 9,575 | ||
| Creditors less than 1 year | (850) | (850) |
||
| ----------------------- | ----------------------- | |||
| Net assets | 8,725 | 8,725 | ||
| ======================= | ======================= | |||
| Unrestricted | Total Funds | |||
| Funds | 2025 | |||
| £ | £ | |||
| Current assets | 3,563 | 3,563 | ||
| Creditors less than 1 year | (850) | (850) |
||
| ----------------------- | ----------------------- | |||
| Net assets | 2,713 | 2,713 | ||
| ======================= | ======================= |
16. Analysis of net assets between funds
12