Charity Registration No. 255249
Company Registration No. 921566 (England and Wales)
BRITAIN-NEPAL MEDICAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
BRITAIN-NEPAL MEDICAL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Dr G M C Holdsworth |
|---|---|
| Dr R P Dhital | |
| Mr J W Mecaskey | |
| Dr J M V Payne | |
| Secretary | Dr M Maidrag |
| Charity number | 255249 |
| Company number | 921566 |
| Principal address | 17 Church Road |
| Tunbridge Wells | |
| Kent | |
| TN1 1LG | |
| Registered office | 17 Church Road |
| Tunbridge Wells | |
| Kent | |
| TN1 1LG | |
| Independent examiner | Tina Clay BA FCA |
| Foot Davson Ltd | |
| 17 Church Road | |
| Tunbridge Wells | |
| Kent | |
| TN1 1LG |
BRITAIN-NEPAL MEDICAL TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 15 |
BRITAIN-NEPAL MEDICAL TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: 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) (effective 1 January 2019)".
Objectives and activities
The overall goal of BNMT is the improvement in health and livelihood of marginalised and conflict affected communities living in remote and rural areas of Nepal. The organisation seeks to achieve this goal through working in partnership with BNMT Nepal, a local NGO established to support BNMT in delivery of a programme of work which includes: strengthening partners (local community groups and NGOs and local health workers); empowering communities for improved access to health services or advocating for such access; leading on innovation and advocating for mainstreaming of effective interventions.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
BNMT’s support to the National Tuberculosis Programme (NTP) continues through its the laboratory quality assurance provision in the Eastern region. Other components of BNMT’s support to NTP have been transferred to our local partner organisation (BNMT Nepal) – however BNMT continues to provide financial and technical support to BNMT Nepal as part of BNMT’s long term vision and strategy for sustainability.
BNMT has been working collaboratively with the Royal Marsden Hospital NHS Trust and Institute of Cancer Research to support the development of oncology service in Nepal and inclusion in a global cancer research network. Our partnership with Bhaktapur Cancer Hospital and the Oncology department at Bir Hospital Kathmandu – continues to support a Nepal oncology network and development of an oncogenetics facility.
BNMT has worked with SH:24 CIC on a discovery phase of developing a pilot for remote testing for HPV. HPV is the main cause of cervical cancer – which is the biggest cancer killer of women in Nepal. SH:24 is the UK leading online specialist sex and reproductive health service in the UK and beyond. The work was supported in addition with a grant from Innovate UK.
Financial review
Unrestricted funds showed expenditure in excess of income of £95,987 (2019: £86,515), and an increase in the value of the investments of £6,738 (2019: £13,298). This gives an overall decrease in unrestricted funds of £89,249 (2019: 73,217), leaving a balance of £269,519 (2019: £358,768).
Restricted funds showed increase in £1,470 in 2020 (2019: deficit of £4,678), leaving a restricted balance of £8,965 (2019: £7,495) to be used in later periods.
The Directors aim to hold unrestricted reserves of between 3 and 6 months annual income as working capital. Investments held are medium term and are reviewed two times each year. The Trustees have ethical considerations when making decisions to ensure particularly that healthcare considerations are not compromised. Cash deposits are held at best interest rates commensurate with accessibility for cash flow purposes.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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BRITAIN-NEPAL MEDICAL TRUST
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors have a risk management strategy which comprises the maintenance of a detailed risk register which is reviewed annually. Interim reviews have also been carried out to assess and adjust policies as necessary to take account of changing security concerns in Nepal and variations to emergency procedures.
Structure, governance and management
The charity was established as a charitable company limited by guarantee on 7th November 1967 (company number 921566) . The company is registered with the Charity Commission (charity number 255249).
The Board of Trustees meets in the UK. The Charity's programme of activities is carried out in Nepal by Nepalese staff, under the direction of a Country Director.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Dr G M C Holdsworth
Dr R P Dhital
Mr J W Mecaskey
Dr J M V Payne
New candidates for the Board are proposed by existing Trustees. Candidates receive written advice on the roles and responsibilities of Trustees and are invited to attend a Board meeting. Thereafter the Chair of the Board and the candidate exchange views and if appropriate the incoming Trustee is proposed, seconded and elected at the next Board meeting.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Board of Trustees is the final decision-making body. The Board is advised by a Finance & General Purposes Committee, composed of Trustees, the Country Director, the Company Secretary and Financial Adviser .
The trustees' r eport was approved by the Board of Trustees.
..............................
Dr G M C Holdsworth
Trustee Dated: .........................
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BRITAIN-NEPAL MEDICAL TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF BRITAIN-NEPAL MEDICAL TRUST
I report on the financial statements of the charity for the year ended 31 December 2020, which are set out on pages 4 to 15.
Respective responsibilities of trustees and examiner
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). The trustees consider that an audit is not required for the year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination being a qualified member of the Institute of Chartered Accountants in England and Wales.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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(i) examine the financial statements under section 145 of the 2011 Act;
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(ii) to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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(iii) to state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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(ii) to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities;
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have not been met or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Tina Clay BA FCA
For and on behalf of Foot Davson Ltd Chartered Accountants 17 Church Road Tunbridge Wells Kent TN1 1LG
Dated: .........................
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BRITAIN-NEPAL MEDICAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| Unrestricted Restricted funds funds Notes £ £ Income from: Donations and legacies 2 31,990 1,470 Investments 3 78 - Other income 4 24,086 - Total income 56,154 1,470 Expenditure on: Raising funds 5 13,199 - Charitable activities 6 138,942 - Total expenditure 152,141 - (95,987) 1,470 Net (losses)/ gains on investments 10 6,738 - Net movement in funds (89,249) 1,470 Fund balances at 1 January 2020 358,768 7,495 Fund balances at 31 December 2020 269,519 8,965 |
Total 2020 £ 33,460 78 24,086 57,624 13,199 138,942 152,141 (94,517) 6,738 (87,779) 366,263 278,484 |
Total 2019 £ 52,297 259 5,976 58,532 10,110 139,615 149,725 (91,193) 13,298 (77,895) 444,158 366,263 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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BRITAIN-NEPAL MEDICAL TRUST
SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2020
| All income funds 2020 £ Gross income 57,624 Gains on investments 6,738 Total income in the reporting period 64,362 Total expenditure from income funds 152,141 Net expenditure for the year (87,779) |
2019 £ 58,532 13,298 71,830 149,725 (77,895) |
|---|---|
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BRITAIN-NEPAL MEDICAL TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2020
| Notes Fixed assets Tangible assets 11 Current assets Debtors 13 Investments Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Net assets The funds of the charity: Restricted income funds 16 Unrestricted income funds |
2020 £ 9,948 88,730 184,257 282,935 4,710 |
£ 259 278,225 278,484 8,965 269,519 278,484 |
2019 £ 6,531 81,992 282,439 370,962 5,166 |
£ 467 365,796 366,263 7,495 358,768 366,263 |
|---|---|---|---|---|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2020.
Members have not required the company to obtain an audit of these accounts.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
| .............................. | .............................. |
|---|---|
| Dr G M C Holdsworth | Dr J M V Payne |
| Trustee | Trustee |
Company Registration No. 921566
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
Company information
Britain-Nepal Medical Trust was established as a charitable company limited by guarantee on 7th November 1967 (company number 921566). The company is registered with the Charity Commission (charity number 255249).
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
1 Accounting policies
(Continued)
1.5 Expenditure and irrecoverable VAT
Expenditure is recognised as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenditure including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
Grants payable are payments to charities in Nepal, which are charged in the year when the grant is awarded by the Trustees.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9 Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of current asset investments which are subsequently measured at fair value with any gains or losses arising on remeasurement recognised in profit or loss.
1.10 Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
2 Donations and legacies
| Unrestricted Restricted funds funds £ £ Donations and gifts 31,990 1,470 Unrestricted donations Restricted donations Donations and gifts Young Dung - 1,470 Angela Steele palliative care - - Gift aided and other donations 31,990 - 31,990 1,470 |
Total 2020 £ 33,460 31,990 1,470 33,460 1,470 - 31,990 33,460 |
Total 2019 £ 52,297 42,297 10,000 52,297 - 10,000 42,297 52,297 |
|---|---|---|
3 Investment income
| Unrestricted funds 2020 £ Income from listed investments - Interest receivable 78 78 |
Total 2019 £ 112 147 259 |
|---|---|
All investment income earned, during both this financial reporting period and the previous reporting period, was of an unrestricted nature.
4 Other income
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Other income | 24,086 | 5,976 |
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
4 Other income
(Continued)
All other income received, during both this financial reporting period and the previous reporting period, was of an unrestricted nature.
5 Raising funds
| Unrestricted funds £ Cost of generating donations and legacies: Publicity and fundraising 2,426 Annual Report 4,965 Accountancy 1,142 Consultants and professional services 1,465 Staff salaries 2,715 Depreciation 62 Office expenses 424 13,199 |
Total 2019 £ 996 3,409 1,260 1,388 2,692 62 303 10,110 |
|---|---|
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
6 Charitable activities
| Programme costs Support costs Gov'nce costs £ £ £ Staff costs - 1,810 4,525 Depreciation - 42 104 Administration costs Nepal - - - Office expenses - 535 577 Travel and Trustees expenses - - - Consultants and professional services - 366 5,494 Independent examination fees - - 4,283 Accountancy - 285 - Net (profit) / loss on exchange - - - - 3,038 14,983 Grants payable (see note 7) 120,921 - - Total 120,921 3,038 14,983 Analysis by fund Unrestricted funds 120,921 3,038 14,983 120,921 3,038 14,983 For the year ended 31 December 2019 Unrestricted funds 106,293 3,713 14,931 Restricted funds 14,678 - - 120,971 3,713 14,931 |
Total £ 6,335 146 - 1,112 - 5,860 4,283 285 - 18,021 120,921 138,942 138,942 138,942 |
2019 £ 6,280 146 2,316 817 807 5,554 4,725 315 12 20,972 118,643 139,615 124,937 14,678 139,615 |
|---|---|---|
7 Grants payable
| Grants to BNMT Nepal Grants to individuals |
2020 £ 120,921 - 120,921 |
2019 £ 116,138 2,505 118,643 |
|---|---|---|
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but two of them w ere reimbursed a total of £ 807 travelling expenses (2019- one w as reimbursed £ 56 ).
9 Employees
Number of employees
The average monthly number of employees during the year was:
| 2020 | 2019 | |
|---|---|---|
| Number | Number | |
| UK | 1 | 1 |
| Employment costs | 2020 | 2019 |
| £ | £ | |
| Wages and salaries | 2,715 | 2,692 |
There were no employees whose annual remuneration was £60,000 or more.
10 Net gains/(losses) on investments
| Revaluation of investments | 2020 £ 6,738 6,738 |
2019 £ 13,298 13,298 |
|---|---|---|
All gains/(losses) on investments, during both this financial reporting period and the previous reporting period, related to unrestricted funds.
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
11 Tangible fixed assets
| 11 | Tangible fixed assets | ||
|---|---|---|---|
| Computers | |||
| £ | |||
| Cost | |||
| At 1 January 2020 | 831 | ||
| At 31 December 2020 | 831 | ||
| Depreciation and impairment | |||
| At 1 January 2020 | 572 | ||
| At 31 December 2020 | 572 | ||
| Carrying amount | |||
| At 31 December 2020 | 259 | ||
| At 31 December 2019 | 467 | ||
| 12 | Financial instruments | 2020 | 2019 |
| £ | £ | ||
| Carrying amount of financial assets | |||
| Instruments measured at fair value through profit or loss | 88,730 | 81,992 |
Current asset investments are initially recognised at cost and are subsequently remeasured at fair value , being the quoted market price, with any gains or losses arising on remeasurement recognised in the SOFA .
At the year end the investments held had an original cost value of £8,706 (2019: £8,706) and a fair value (quoted market price) of £88,730 (2019: £81,992).
13 Debtors
| Debtors | ||
|---|---|---|
| 2020 | 2019 | |
| Amounts falling due within one year: | £ | £ |
| Other debtors | 9,948 | 6,531 |
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 14 Creditors: amounts falling due within one year Other taxation and social security Other creditors Accruals and deferred income |
2020 £ - - 4,710 4,710 |
2019 £ 133 33 5,000 5,166 |
|---|---|---|
15 Analysis of net assets between funds
| Unrestricted funds Restricted funds £ £ Fund balances at 31 December 2020 are represented by: Tangible fixed assets 259 - Current assets/(liabilities) 270,730 7,495 270,989 7,495 |
Total £ 259 278,225 278,484 |
|---|---|
16 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds | |||
|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Balance at 31 |
|
| January | resources | expended | December |
|
| 2020 | 2020 | |||
| £ | £ | £ | £ |
|
| Angela Steele palliative care fund | 7,495 | - | - | 7,495 |
| Young Dung | - | 1,470 | - | 1,470 |
| 7,495 | 1,470 | - | 8,965 |
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BRITAIN-NEPAL MEDICAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
| 17 Funds held as administrator Funds held at 31st December PDP Funders Group The Institue of Cancer Research |
2020 £ 148,027 8,617 156,644 |
2019 £ 17,186 5,932 23,118 |
|---|---|---|
The charity administers the above funds. These funds are not charity assets and are therefore not included in the charity's financial statements.
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