The top of the hill above this memorial is where the Glousters fought their final battle known as Glouster Hill. In 1983 you could go to the top of the hill and look down onto the Imjim river, including the ford where the Chinese were first engaged and the other company positions were, but it seems to be overgrown now..
The place at the top of the steps is an old mineshaft. After the battle the local Korean villagers collected all the bodies of the British fallen and put them in there for safe keeping until the UN forces reoccupied the area. After the bodies were reburied in the UN war cemetery in Pusan the Koreans turned it into a shrine for spirits of the dead soldiers. It subsequently became a memorial and is where the annual commemorations are held.
During the height of the battle apparently the British 29 Brigade commaner Brigadier Brodie was asked about his situation by his higher US Commander. Apparently he said "Its rather sticky sir but I think we will manage." To the American General this meant he situation was OK but in classic British military understatement Brodie really meant 'we are deep in the shit and about to get overun here' not quite realising that while a British or Commonwealth General would instantly understand the nuances, an American officer would not.
Getting slightly back on target. There are still a number of British MIA's from 27 British Brigade and 41 Commando from the battles in North Korea and the subsequent retreat south in 1950.