Company registration number 921566 IEngland and Wales) Charity registration nurnber 255249 {England and Wales) BRITAIN-NEPAL MEDICAL TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
BRITAIN-NEPAL MEDICAL TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses Dr G M C Holdsworth Dr R P Dhital Mr J W Mecaskey DrJMVPayne DrA Ramsay Dr R Fryatt Mrs JE Beglin IAppointed 25 March 20251 Secretsry Dr M Maidrag Charlty number 255249 Company number 921566 Principal address Lonsdale Gale, Lonsdale Gardens Lonsdale Gardens Tunbridge Wells Kent TN1 1NU Roglster&d offl¢g Lonsdale Gale, Lonsdale Gardens Tunbridge Wells Kent TN1 1NU Indèpendont oxamln&r J P van der MenNeACA Foot Davson Ltd Lonsdale Gale, Lonsdale Gardens Tunbridge Wells Kent TN1 1NU
BRITAIN-NEPAL MEDICAL TRUST CONTENTS Page Trustees, report Statement of Iruslees. responsibilities Independent examiner's report Statement of financial activities Summary income and expenditu account Balance sheet Notes lo the financial statements 8-16
BRITAIN-NEPAL MEDICAL TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees present their annual report and financial statements for the year ended 31 December 2025. The financial slalements have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP Accounting and Reporting by Charities. Statement of Recommended Practice applicable to charities pieparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" Objectives and activities The charitsble purpose of the Brilain-Nepal Medi¢al Trust IBNMTI is lo improve the health and livelihoods of marginalised and conflict-affeded communities, partiCLJlarly those living in remote and rural areas of Nepal. We pursue this aim goal in partnership with Biral-Nepal Medical Trust IBNMT Nepall, an independent local NGO established lo advance BNMT'S charrf(able purpose in Nepal. Together, we work to strengthen local partners- including community groups, NGOS and health wotkers-empower communities to secure better access to quality health services, and advocate for those whose needs are not adequately mel. We also support innovation, generate evidence and promote the adoption and mainstreaming of interventions that have demonslraled their effectiveness. In detemiining the activities undertaken by the charity, the Trustees have had due regard lo the guidance issued by the Charity Commission on public benefit. Achlevements and p&rfomian¢e BNMT'S support for national health efforts in Nepal is delivered exclusively through BNMT Nepal. Our work is organi5ed around six Inlerconnecled priorities. accelerating the elimination of infectious diseases, generating and mobilising evidence lo Inform policy," improving mental health and rèducing stigma", strengthening emergency preparedness and response., strengthening health systems", and building resilient and prosperous communities in a changing climate. BNMT provides both financial and technical support to BNMT Nepal as part of our long-term commitment to sustainable, locally led impact. This partnership reflects our belief that lasting improvements in health are best achieved by strengthening Nepal's own inslitulions, communities and capacity lo identify and address their health priorities. BNMT also works dosely wlh other UK-based organisalions committed to the health and wellbeing of the Nepali people. Together, we advocate for continued UK Government engagement with and support for Nepal in improving the health and wellbeing of ils population. This role has become increasingly important in the context of substantial recent reductions in global development assistan, including reductions in UK development funding. At a time of growing financial pressure, BNMT remains committed to sustaining effective partnerships, slrenglhening locally led solutions and ensuring that progress in the health of Nepal's most disadvantaged communities is not lost. Financial review Unrestricted funds showed a deficit for the year of £109,02512024". £34,061), and an increase in the value of the investments of £7,861 12024.. £1,165). This gives an overall decrease in unreslricled funds of £101,16412024'. £32,896), leaving a balance of £156,05612024'. £257,220). Restricted funds showed an increase of £2,064 12024.. £551, leaving a restricted balance of £6,044 12024.. £3,980) lo be used in later periods. The Directors aim to hold unrestricted reserves of been 3 and 6 months annual income as working capital. Investments held are medium term and are reviewed two limes each year. The Trustees have ethical considerations when making decisions to ensure particularly that healthcare considerations are not compromised. Cash deposf(s are held at best interest rates commensurate with accessibility for cash flow purposes.
BRITAIN-NEPAL MEDICAL TRUST TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees have assessed the major risks lo which the charity is exposed, and are satisfied that systems are in place to mitigate exposure lo the major risks. 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 lo assess and adjust policies as necessary lo lake account of changing security concerns in Nepal and variations to emergency procedures. structure. governance and management The ¢harily was estsblished as a charitable company limited by guarantee on 7th November 1967 (company number 9215661. The company is registered with the Charity Commission Icharity number 2552491. The Board of Trustees meets in the UK. The Charity's programme of activities is carried out in Nepal by BNMT Nepal, a not for profit organisation, registered in Nepal. It employs staff and works with partners lo deliver the Charity's objectives. 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 DrJMVPayne DrA Ramsay Dr R Fryatt Mrs S Barton Mrs JE Beglin (Resigned 22 July 20261 IAppoinled 25 March 20251 New candidates for the Board are proposed by existing Trustees. Candidates receive written advice on the roles and responsibilities of Trustees and are Invited lo attend a Board meeting. Thereafter the Chair of the Board and the candidate exchange views and if appropriate the Incoming Trustee 15 proposed, seconded and elected al 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 lo 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 ofTruslees, the Country Director, the Company Secretary and Financial Adviser. The trustees, report was approved by the Board of Trustees. MrJ W Mg¢a$kgy Trustee Dated.. 19 August 2026
BRITAIN-NEPAL MEDICAL TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees, who are also the directors of Brilain-Nepal Medical Trust for the purpose of cornpany law, are responsible for preparing the Trustees, Report and the financial slalements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources, Induding the income and expenditure, of the ¢haritsble company for that year. In preparing these financial stalemenls, the trustees are reqUId lo". select suitable accounting policies and then apply them ¢onsistenlly', observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disdose wth reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BRITAIN-NEPAL MEDICAL TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRITAIN-NEPAL MEDICAL TRUST I report lo the Iruslees on my examination of the finanaal statements of Britain-Nepal Medical Trust Ithe charilyl for thè year ended 31 December 2025. Responsibilities and basis of report As the trustees of the charity land also ils directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial slalements of the charity are not required lo be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying OLJt my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the CharitiesAct 2011. Independent examln&rfs statement I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that In any material respect". accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 398 of the Companies Act 2006 other than any requirement that the financial slalements give a true and fair view, which is not a matter considered as part of an independent examination.. or the financial statements have not been prepared in accordance wth the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable lo charities preparing their financial slalemenls In accordance wth the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021. I have no concems and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the financial slalements lo be reached. Merwe ACA For and on behalf of Lonsdale Gale Lonsdale Gaidens Tunbridge Wells Kent TN1 1NU Foot Davson Ltd Chartered Accounlanls Dated. 20 August 2026
BRITAIN-NEPAL MEDICAL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 Unrestricted Restricted fund$ funds Total 2025 Total 2024 Notes Income from: Donations and legacies Investments Other income 81,885 1,170 11,788 5,799 87,684 1,170 11,788 60,779 2,139 25 Total income 94,843 5,799 100,642 62,943 Ex enditure on: Raising funds 19,523 19,523 11.034 Charitable activities 184.345 3,735 188,080 85,915 Total expendlture 203,868 3,735 207,603 96,949 1109,0251 2,064 1106,9611 134,0061 Net Ilossesll gains on investrnenls 10 7,861 7,861 1,165 Net movement in funds 1101,1641 2,064 199,1001 132,8411 Fund balances at 1 January 2025 257,220 3,980 261,200 294,041 Fund balances at 31 December 2025 156,056 6,044 162,100 261.200 The statement of financial activities indudes all gains and losses recognised in the year. The statement of financial a¢tivilies includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The slalement of financial activities also complies ¥Mth the requirements for an income and expenditure account under the Companies Ad 2006.
BRITAIN-NEPAL MEDICAL TRUST SUMMARY INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2025 All income funds 2025 2024 Gross income Gains on Investments 100,642 7,861 62,943 1,165 Total income in the reporting period 108,503 64,108 Total expenditure from income ftjnds 207,603 96,949 Net expendlture for the year 199,1001 132,8411
BRITAIN-NEPAL MEDICAL TRUST BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Notes Fixed assets Tangible assets 11 Current assets Debtors Investments Cash at bank and in hand 13 15,820 99,720 51,695 1,844 102,972 161,393 167,235 266,209 Credltors: amounts falllng due wlthln one year 14 15,1361 15,0101 Net current assets 162,099 261,199 Total assets less current liabilities 162,100 261,200 The funds ofthe charity Restricted income funds Unrestricted funds 17 16 3,980 257,220 156,056 162,100 261,200 The charitable company is ents.ued lo the exemption from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 DeMr 2025. The direclorsllruslees acknowledge their responsibilities for complying wth the requirements of the Companies Act 2006 with respect lo accounting recoids and the pieparation of financial slatemenls. The members have not required the company lo obtain an audit of ils financial statements for the year in question in accordance with secbon 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regimè. The financial statements were approved by the Iruslees on 19 August 2026 I IPr- Mr J W Mecaskey Trustee Mrs JE Beglin Trustee
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Accounting policies Company information Brilain-Nepal Medical Trust was established as a charitable company limited by guarantee on 7th November 1967 (company number 9215661. The company is registered with the Charity Commission Icharity number 2552491. 1.1 Accountlng conventlon The finanaal statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wf(h the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The charity is a Public Benefit Enlily as defined by FRS 102. The Charity has taken advantsge of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial slalements are prepared in slerfing, which is the functional currency of the charity. Monetsry amounts in these financial ststemenls are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. 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 expedation that the charity has adequate reSoUrS 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 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Reslricled funds are subject lo specrfic conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial slalements. 1.4 Income Income is recognised when the charity is legally entitled lo il after any performance conditions have been met, the amounts can be measured reliably, and il is probable that Income will be received. Cash donations are recognised on receipt. Other donations are recognised On 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 GiftAid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwse if the charity has been notified of an Impending distribution, the amount 15 known, and receipt 15 expected. If the amount is not known, the legacy Is treated a5 a conlingenl asset. 1.5 Expèndituro and irrecovarabla VAT Expenditure is recognised as soon as there is a legal or conslruclive obligation committing the charity to that expenditure, it is probable that settlement wll be required and the amount of the obligation can be measured reliably.
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Accountlng pollcles Icontlnuedl l expenditure is accounted for on an accruals basis. All expenditure including support costs and governance costs are allocated or apportioned lo the applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Grants payable are payments lo 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 al cost and subsequently measured at cost or valuation, nel of depreciation and any impaimient losses. Depreciation is recognised so as lo write off the cost or v8lualion of assets less their residual values over their useful lives on the following bases.. Computers 25OA on cost The gain Dr 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 the stslemenl of financial activities. 1.7 Impalrment of flxed assets Al each reporting end dale, the charity reviews the carrying amounts of ils 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 lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments wth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in cuirenl Iiabililies. 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 al transaction value and subsequently measured al 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.
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Donations and legacies Unrestricted Restricted funds funds Total 2025 Total 2024 Donations and grfts Legacies receivable 26,885 55,000 5,799 32,684 55,000 26,458 34,321 81,885 5,799 87,684 60,779 Unrestricted donations Restricted donations 81,885 5,799 58,189 2,590 87,684 60,779 Donatlons and glfts Yeung Drung Scholarship and specific Nepali family support Gift aided and other donations 420 5,379 420 5,379 26,885 420 2,170 23,868 26,885 26,885 5,799 32,684 26,458 Investment income Unrestricted funds Total 2025 2024 Income from listed investments Interest receivable 217 953 245 1,894 1,170 2,139 All investment income earned, during both this financial reporting period and the previous reporting period, was of an unrestricted nature. Other income 2025 2024 Other income 11,788 25 10-
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Other Income Icontlnuedl All other income received, during both this financial reporting period and the previous reporting period, was of an unrestricted nature. Ralslng funds Unrestricted funds Total 2024 Cost of eneralin donations and le Publicity and ftjndraising Annual Report Accountancy Consultants and professional services Staff salaries Office expenses acies". 10,248 4,088 1,072 978 2,906 231 1,585 3,998 926 1,493 2,734 298 19,523 11,034
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Charitable activitie5 Programme costs Support costs Gov'nce costs Totsl 2024 Staff costs Office expenses Travel and Trustees expenses Consultsnts and professional services Independent examination fees Accountancy 1,938 399 4,009 244 4,844 396 6,782 795 4,009 3,910 4,022 268 6,380 841 957 5,970 3,474 232 3,686 4,022 268 6,858 12,928 19,786 17,854 Grants payable (see note 71 168,294 168,294 68,061 Total 168,294 6,858 12,928 188,080 85,915 Analysis by fund Unrestricted funds Restricted funds 164,559 3,735 6,858 12,928 184,345 3,735 168,294 6,858 12,928 188,080 For the year ended 31 December 2024 Unrestricted funds Restricted funds 65.526 2,535 3,784 14,070 83.380 2,535 68,061 3,784 14,070 85,915 Grants payable 2025 2024 Grants lo Biral Nepal Medical Trust Grants of restricted funds (Note 171 164,559 3,735 65,526 2,535 168,294 68,061 Trustees None of the trustees lor any persons connectèd wth them) received any reTnuneration during the year, but a total of £4,009 was reimbursed for Iravelling expenses12024- total of £9571. 12-
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 Employees Numberofemployees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries 9,688 9,114 10 Ngt gaIn{lo$S&$I on Inv9$1mgnts 2025 2024 Revaluation of investments Gainlloss on sale of investments 7,004 857 1,165 7,861 1,165 All gainslllossesl on investments, during both this financial reporting period and the previous reporting period, related lo unrestricted funds. 11 Tangible fixed assets Computer5 Cost Al 1 January 2025 1.743 Al 31 December 2025 1,743 Depreciation and impaiment Al 1 January 2025 1,742 Al 31 December 2025 1,742 Carrying amount Al 31 December 2025 Al 31 December 2024 13-
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 12 Financial instruments 202S 2024 Carrying amount of financial assets Instruments measured al fair value through profit or loss 99,720 102,972 Current asset investments are initially recognised al 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. Al the year end the investments held had an original cost value of £5,514 12024.. £8,70ei and a fair value Iquoled rnarkel pricel of £99,72012024.. £102,972). During the year the charitsble company disposed of an investment for proceeds of £11,113 and a realised gain of £857. In 2026 the charitsble company realised its remaining two investments. In future, surplus cash 11 be held in high interest deposit accounts. 13 Debtors 2025 2024 Amounts falling due within one year: Other debtors 15,820 1,844 14 Creditors: amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 137 4,999 410 4,600 5.136 5,010 15 Analysis of net assets betwaan funds Unrestricted funds Restricted funds Total Fund balances at 31 December 2025 are represented by.. Tangible fixed assets Current assetsllliabilitiesl 156,055 6,044 162,099 156,056 6,044 162,100 14-
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 16 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These Indude designated funds which have been sel aside out of unreslricled funds by the trustees for specific purposes. At 1 January 2025 Incoming resources Resources expended Gains and losses At31 December 2025 General funds 257.220 94,843 1203,8881 7,861 156,056 Previous year: At 1 January 2024 Incoming resources Resources expended Gains and losses At31 December 2024 General funds 290,116 60,353 194,4141 1,165 257,220 17 Restricted funds The income funds of the charity indude restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement in funds Balance at I Incoming Resources Balance at 31 January resources expended December 2025 2025 YeLJng Drung Scholarship and specific Nepali family support 315 3,665 420 5,379 17351 13,0001 6,044 3.980 5,799 13,7351 6,044 15-
BRITAIN-NEPAL MEDICAL TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2025 18 Funds held as administrator 2025 2024 Funds held al 31 st December.. PDP Funders Group 35,786 5,853 35,786 5,853 The charity administers the above funds. These funds are not charity assets and are therefore not included in the charity's financial statements. 16-