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← Bridge To The Future

2025-08-31-accounts

BRIDGE TO THE FUTURE

(Limited by Guarantee)

COMPANY NO.: 08497337 CHARITY NO.: 1153559

REPORT AND ACCOUNTS

for the year ended 31 August 2025

BRIDGE TO THE FUTURE (Limited by Guarantee)

Status: Company Limited by Guarantee No.: 08497337
Registered Charity No.:1153559
The company's governing document is its Memorandum and
Articles of Association dated 22 April 2013
Registered Office: 10 Queen Street Place
London
EC4R 1AG
Trustees: Guglielmo Verdirame
Emma Goddard
Jutta von Falkenhausen
Ewald Engelen
Fleur Meijs
Auditors: HaysMac LLP
10 Queen Street Place
London
EC4R 1AG
Bankers: Handelsbanken
2nd Floor, High Hill House
6A Hampstead High Street
London NW3 2HR
Investment managers: UWC Endowment Management
at year end 5 Earlsfort Terrace
Dublin
D02 CK83 Ireland
Vanguard Investment Series plc
Brown Brothers Harriman Fund
Administration Service (Ireland) Ltd
30 Herbert Street, Dublin D02 W329
Ireland

1

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Trustees’ report for the year ended 31 August 2025

TRUSTEES’ REPORT

For the year ended 31 August 2025

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Bridge to the Future (the company) for the year ended 31 August 2025. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019).

Structure, governance and management

a. Constitution

The company is registered as a charitable company, limited by guarantee and was set up by a Memorandum of Association.

The company is constituted under a Memorandum of Association and is a registered charity, number 1153559.

The principal object of the company is, for the public benefit, to advance the education (including social and physical training) of persons of any age, in such ways as the charity Trustees think fit.

b. Method of appointment or election and induction and training of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The Board of Trustees is responsible for the search and appointment of new Board members. As part of the induction program, new Board members are provided with information about the company and it’s regulator, such as the Memorandum of Association, the Articles of Association, general information about the company and UWC Mostar, the Charities Commission guidance for trustees. Annually the Board of Trustees receive an update on any regulatory changes that impact the company as part of ongoing training.

The trustees who served during the year and to the date the accounts were signed were as follows:

Guglielmo Verdirame (Chair)

Ewald Engelen

Jutta von Falkenhausen

Fleur Meijs

Emma Goddard

Sir Michael Jackson passed away on 15 October 2024

2

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Trustees’ report for the year ended 31 August 2025

c. Organisational structure and decision making

The Trustees are responsible for the oversight and strategy of the charity and for decisions in respect of the grants to be made to beneficiaries. The Trustees are also the Key Management personnel of the charity and are not remunerated for their services to the charity. The management of the charity’s investments is delegated to the Investment Committee who have been appointed for their specific knowledge of this field. The day-to-day administration of the charity is delegated to the clerk of the Trustees.

d. Key risks and principal uncertainties

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

The uncertainty of investment returns is managed by the UWC Endowment Investment Management to the best of their abilities. The UWC Endowment Fund diversifies the endowment investments by placing the funds with a wide range of global fund managers. The endowment is exposed to volatility of the prices in its investments. However, as the endowment has a long term horizon, it only needs a smaller proportion of funds available for annual donations to UWC Mostar.

To manage the liquidity risks, the Trustees ensure that sufficient liquid funds are available to meet the endowment’s short and medium term donations. The UWC Endowment Fund makes annual distributions from the Fund according to a standard formula and therefore the Trustees can estimate with some certainty what cash will be available to make the annual donations to UWC Mostar.

The overall aim is to achieve a 5% plus inflation investment return over the long term. Further analysis is included in the Investment Review on page 5.

Public Benefit

The Trustees have considered the Charity Commission guidance on public benefit and consider that the charity is compliant.

Objectives and Activities

The object of the charity is the advancement of education.

A declaration of trust was approved by the Board on 9 August 2016 to hold the funds specifically to promote education by supporting the educational work of United World Colleges Mostar (UWC Mostar) and its students by means only of the award of scholarships for students at UWC Mostar or grants to UWC Mostar. The charitable trust is administered as an expendable endowment and safeguards are implemented to protect the capital of the endowment in the long term. It is the intention of the Trustees to continue to raise funds for the endowment fund to increase the number of scholarships at UWC Mostar. The Trustees will determine the amount of grants to be made each year to UWC Mostar.

a. Review of activities and achievements

The charity’s funds increased to € 24,297,341 in the current year (€23,033,650 in 2024). The increase in net funds consisted of additional donations €18,707 (€38,197 in 2024), investment income €681,115 (€15,044 in 2024), charitable expenditure of €829,407 (€769,178 in 2024) and other net gains of €1,393,276 (gains €2,405,444 in 2024). The Trustees are content that total funds have increased by 5.5%.

3

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Trustees’ report for the year ended 31 August 2025

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----- Start of picture text -----
30.0
25.0
20.0
15.0
10.0
5.0
0.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
----- End of picture text -----

The Trustees approved grants for scholarships at UWC Mostar from the endowment. The table below shows the number of students receiving a scholarship per year of attendance at UWC Mostar and the amounts and the period when the costs were recognised in the financial statements. In the year ended Aug 2022 financial statements, a restricted donation was received for one scholarship for a student attending UWC Mostar in Sept 2022- June 2024 and the grant was awarded to UWC Mostar, this student has not been included in the table below as it was not a grant from the endowment funds.

Number of students Attending school-year at
UWC Mostar		 Amounts recognised as
charitable expenditure		 Recognised in period/year
ending
24 Sept 2022- June 2024 €689,298 31 Aug 2022
24 Sept 2023- June 2025 €687,000 31 Aug 2023
25 Sept 2024- June 2026 €715,000 31 Aug 2024
25 Sept 2025- June 2027 €803,000 31 Aug 2025

Students are selected and awarded their scholarship in the year preceding the school-year and as such the costs need to be recognised at the point that the scholarship is awarded, being one year in advance of the student attending UWC Mostar. The costs of scholarship increased for all students at the College in September 2025, and as such an increase for the fees has been included in the charitable expenditure from €14k per student to €15.8k per student. So whilst the number of endowed students have only increased by 1, the actual donation to the College will increase by 12%.

4

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Trustees’ report for the year ended 31 August 2025

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----- Start of picture text -----
48 49 50
46
41
36
33 34
27
22
11
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
----- End of picture text -----

Financial review

The Trustees have reviewed the amount raised in the year and reviewed the investment performance and are satisfied with the overall performance of the company. Following the 10[th] year anniversary of funding students at UWC Mostar, the Trustees have achieved the initial target of raising the sum of €20m to secure the long-term viability of the charity. However, the Trustees continue to focus on fundraising and capital growth to achieve an overall 50% scholarship provision to UWC Mostar from the endowment which would require a minimum of €40m in endowment funds.

a. Investment review

The Board decided in November 2023 to invest its assets with the new UWC Endowment Fund. The UWC Endowment Fund has been created to professionally and better manage the endowments of the UWC entities globally. A small investment is held with Vanguard and the remaining funds are held in cash, partly to manage the liquidity risk.

Due to the nature of the charity being an endowment fund, the investment returns are generated by both investment income and capital gains/losses realised on those investments. Therefore, the Trustees will assess the performance of the investments, by reviewing these in aggregate. The UWC Endowment Fund announced its first distributions to the charity in 2025, which have been accounted for as Investment Income and represented 3% of the value of the value of the investment.

The overall return on the investments for the year was 8.4% (10.4% in 2024) based on a simple average of funds invested and fixed term deposits.

The UWC Endowment Fund was launched in January 2024 and had a return of the USD share class of 24.4% at the end of June 2024, 3.9% above its benchmark. Unfortunately, the USD currency and thus some investments devalued significantly compared to the EUR, so the overall percentage investment gains are lower in EUR terms as a result. Total net investment gain of €1,394,492 and €681,115 in investment income was generated for the charity during the financial year.

The Trustees are content with the overall performance of the fund, with a 8.6% average performance on the invested funds. Nonetheless, with inflation still elevated and geopolitical tensions continuing, it will remain challenging to find investment opportunities that will generate a significant return in the short term.

Another key risk is the uncertainty of monetary exchange rates, this is mitigated by diversifying the underlying investments in more than one currency.

5

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Trustees’ report for the year ended 31 August 2025

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----- Start of picture text -----
Asset allocation at 31 Aug 2024 [1 ] Asset allocation at 31 Aug 2025 [1]
Equities Fixed Income Cash Equities Fixed income Cash and receivables
5% 3%
13%
29%
68%
82%
----- End of picture text -----

Note 1 – the analysis above is based on the UWC Endowment Fund allocation as at 30 June and other investments at 31 August

b. Reserves policy

The reserves of the charity totalled €24,297,341 at 31[st] August 2025 (€23,033,650 in 2024). These funds will be held to provide grant funding to students at UWC Mostar. The amount available for distribution will be made available from a mixture of income and capital growth, whilst at the same time aiming to preserve the underlying value of the endowment. The Trustees have considered the timing of the cash distributions and the funds available to ensure sufficient readily available cash is available to cover the grants during the next 12 months.

c. Principal funding

A variety of donors have given to the charity with more details on the donors on the Charity’s website.

In June 2017, an UWC Mostar alumni fundraising campaign was started to encourage the relative young cohort of alumni of the College to donate a small amount, “the €1 campaign”. The overall aim is to raise sufficient funds to provide a full endowment donated by UWC Mostar alumni. Two matching schemes exist to encourage the alumni to donate. As a result of 8 years of cumulative small donations into the UWC Mostar alumni endowment fund, the first partial scholarship was awarded to a student who started at UWC Mostar in August 2022 and the second student started in August 2024.

Financial
year
Recurring
donors
Recurring donations in €		 Financial
year
Recurring
donors
Recurring donations in €		 Financial
year
Recurring
donors
Recurring donations in €		 One-off donations in € Total alumni fund in €
2017 68 2,581 20,307 22,888
2018 74 1,855 - 1,855
2019 89 3,549 779 4,328
2020 119 2,704 - 2,704
2021 155 5,099 1,134 6,233
2022 150 8,108 330 8,438
2023 188 8,049 915 8,964
2024 180 9,563 3,696 13,259
2025 189 10,600 1,593 12,193
80,862
Matched funding bringing to a total of EUR 242,589

6

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Trustees’ report for the year ended 31 August 2025

Following the implementation of the Charities (Protection and Social Investment) Act 2016, the charity has reviewed its fundraising activities and confirms that it complies with the regulation. The charity did not make use of any external fundraisers. No complaints were received in respect of its fundraising activities.

Going concern

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The Trustees have considered the net current liability position as at the year-end of €119,155 (2024: €32,354) and have projected the cash flows in the future to ensure that the charity has sufficient liquid funds to meet its liabilities. The Trustees conclude that the charity is a going concern.

Plans for the future

a. Future developments

The Trustees will continue with their fundraising campaign.

Subsequent to the announcement by the UWC Endowment Fund Board that the fund will be closed due to insufficient funds being attracted by the wider UWC network, it is expected that the charity will redeem its investment with the UWC Endowment fund by the end of December 2025. The Investment Committee and the Board will review and make investments with a range of fund managers as it did before it invested with the UWC Endowment Fund.

Trustees' responsibilities statement

The Trustees (who are also directors of Bridge to the Future for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustee are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

7

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Trustees’ report for the year ended 31 August 2025

Disclosure of information to auditors

Small Companies Provisions

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

The auditors, HaysMac LLP, have indicated their willingness to continue in office. The Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

This report was approved by the Trustees on 27 November 2025 and signed on their behalf by:

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Guglielmo Verdirame Director

8

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Auditor’s report for the year ended 31 August 2025

Independent auditor’s report to the members of Bridge to the Future

Opinion

We have audited the financial statements of Bridge to the Future for the year ended 31 August 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Bridge to the Future's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

9

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Auditor’s report for the year ended 31 August 2025

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on pages 7 & 8, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the use of endowment funds and Charity Law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Charities SORP.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to recognition of income. Audit procedures performed by the engagement team included:

10

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Auditor’s report for the year ended 31 August 2025

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

SWilks

Simon Wilks (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditor

10 Queen Street Place London EC4R 1AG

Date: 2 December 2025

11

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Statement of Financial Activities

Income and Expenditure Account for the year ended 31 August 2025

Note
Income and endowments from:
Donations and legacies
2
Investment income
Total income
Expenditure on:
Raising funds
3
Charitable activites
4
Total expenditure
Net income / (expenditure)
before other gains and losses
Gains and losses on investments
Other gains and losses
Net movement in funds
Transfer between funds
Reconciliation of funds
Funds brought forward
Total funds carried forward
13		 Expendable
Endowment
Funds
€
18,707
-
18,707
-
-
-
18,707
1,394,492
(1,216)
1,411,983
(874,820)
23,760,178
24,297,341		 Unrestricted
Funds
€
-
681,115
681,115
-
829,407
829,407		 Total Funds
2025
€
18,707
681,115
699,822
-
829,407
829,407
(129,585)
1,394,492
(1,216)
1,263,691
23,033,650
24,297,341		 Total Funds
2024
€
38,197
15,044
53,241
27,606
741,572
769,178
(148,292)
-
-
(148,292)		 (715,937)
2,219,860
185,584
1,689,507
874,820
(726,528)
-		 21,344,143
23,033,650

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

The accompanying Notes to the Accounts on pages 15-21 form part of these financial statements.

12

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Company number: 08497337

Balance sheet

as at 31 August 2025

Fixed assets
Investments
Current assets
Debtors
Cash at bank and in hand
Total current assets
Creditors: amounts falling due
within one year
Net current liabilities
Total assets less current liabilities
Creditors:Amounts falling due
after more than one year
Net assets
The funds of the charity:
Eexpendable Endowment funds
Unrestricted funds
Total charity funds		 Note 2025
€
24,805,496
674,548
85,762
760,310
(879,465)
(119,155)
24,686,341
(389,000)
24,297,341
24,297,341
-
24,297,341		 2024
€
23,411,004
3,863
679,991
8
9
10
11
12
13&16
683,854
(716,208)
(32,354)
23,378,650
(345,000)
23,033,650
23,760,178
(726,528)
23,033,650

Approved and authorized by the trustees on 27 November 2025 and signed on their behalf by

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Guglielmo Verdirame Director

The accompanying Notes to the Accounts on pages 15-21 form part of these financial statements.

13

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Statement of cash flows

for the year ended 31 August 2025

Note
Cash flows from operating activities
A
Cash flows from investing activities
Dividends and interest
Purchase of investments
Proceeds from sale of investments
Net cash generated from/(used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Change in cash and cash equivalents due to exchange rate movements
Cash and cash equivalents at the end of the year
(A)Reconciliation of net income to net cash flow from operating activities:
Net income
Adjustments for:
Dividends and interest from investments
Increase in debtors
Increase in creditors
Net cash outflow from operating activities
Analysis of cash and cash equivalents
Cash at bank and in hand		 €
(1,274,128)
681,115
-
-
681,115
679,991
(1,216)
85,762
€
(129,585)
(681,115)
(670,685)
207,257
(1,274,128)
€
85,762
2025
2025
2025		 €
(692,984)
15,044
(21,704,700)
21,457,852
(231,804)
1,419,195
185,584
2024		 €
(692,984)
15,044
(21,704,700)
21,457,852
(231,804)
1,419,195
185,584
2024
679,991
2024
€
(715,937)
(15,044)
(3,863)
41,860
(692,984)
2024
€
679,991

14

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Notes to the accounts for the year ended 31 August 2025

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.

(i) Preparation of financial statements

The financial statements have been prepared in accordance with 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 (FRS102), (Charities SORP FRS 102) and the Companies Act 2006.

Basis of accounting

Assets and liabilities are inititally recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

Areas of judgement and uncertaintity

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost, with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used at working capital. Financial liabilities held at amortised cost comprise all creditors. Investments are recorded at fair value using quoted prices in an active market.

Asset management fees are charged in the period that they relate to, included under Fundraising Expenditure, investment management costs.

(ii) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Expendable Endowment funds are intended to create a long term fund, the income from which will be used to fund the Charities future activities.

15

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Notes to the accounts for the year ended 31 August 2025

(iii)

Revenue recognition

All income is included in the Statement of Financial Activities when the charity is entitled to the

income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

(iv)

Expenditure

Expenditure is accounted for on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

(v) Financial investments

Quoted investments are included in the financial statements at market value at the balance sheet date.

Investment income, representing dividends and interest income on investments, is recognised on an accruals basis. Gains and losses on investments are represented separately on the Statement of Financial Activities.

For investment funds where valuation dates are not coterminous with the charity’s year end, the valuation as at the last available traded price is used, unless market conditions make that valuation inaccurate.

Cash held with investment managers is included within the total value of investments as at the year-end.

(vi) Debtors

Debtors are recognised at the settlement amount.

(vii) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

(viii) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

16

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Notes to the accounts for the year ended 31 August 2025

(ix) Foreign currency translation

Functional currency and presentation currency

The financial statements of the charitable company are presented in Euros. The charitable company resides in the UK however expenditure arises mainly in Euros, the functional currency is also Euros. Donations are received in Sterling, Euros and US Dollars.

(x) Transactions and balances

In preparing the financial statements, transactions in currencies other than the functional currency (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in income and expenditure in the period in which they arise.

17

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Notes to the accounts

for the year ended 31 August 2025

2 Donations and legacies
2
Donations and legacies
Donations
Gift Aid
Total
3
Expenditure on raising funds
Fundraising
Investment management costs
Total
4
Expenditure on Charitable activities
Administration costs
Grant awarded
Governance Costs
Audit fee - current year
Administration and Compliance
Legal fees
Total		 Expendable
Endowment
Funds
€
17,841
866
18,707
Expendable
Endowment
Funds
€
-
-
-
Expendable
Endowment
Funds
€
-
-
-
-
-		 Unrestricted
Funds
€
-
-
-
Unrestricted
Funds
€
-
-
Unrestricted
Funds
€
-
803,000

18,728
7,679
-
829,407		 Total
2025
€
17,841
866
18,707
Total
2025
€
-
-
-
Total
2025
€
-
803,000
18,728
7,679
-
829,407		 Total
2024
€*
34,334
3,863
38,197
Total
2024
€*
-
27,606
27,606
Total
2024
€*
-
715,000
17,764
8,808
-
741,572

Grants awarded represent the endowments for 24 students to attend UWC Mostar and 1 further student on partial scholarship in respect of 2025/26 & 2026/27. Grants awarded in 2024 are in respect of 2024/25 and 2025/26 for 24 students to attend UWC Mostar and 1 further student on partial scholarship.

All support costs are allocated in full to the single grant making charitable activity.

Net income for the year
This is stated after charging / (crediting):
Auditors' remuneration (excluding VAT):		 2025
€
15,607		 2024
€
14,803

5 Net income for the year

6 Staff costs and numbers

The charity did not employ any staff in this accounting period (2024: none), and therefore there were no staff costs during the year (2024: €nil). The trustees are the key management personnel of the charity and are not remunerated for their services.

18

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Notes to the accounts

for the year ended 31 August 2025

7 Trustee remuneration and expenses

No trustees received any remuneration during the year. No trustees were reimbursed for travel in the year (2024: €2,794 was reimbursed to 2 trustees).

8
Investments
Market value at 1st September 2024
Additions at cost
Disposal proceeds
Realised gain
Unrealised gain
Market value at 31st August 2025
Historical cost at 31st August 2025
The portfolio is made up as follows:
Overseas/UK equities
Hedge funds
Fixed income
Cash
Others		 2025
€
23,411,004
-
-
-
1,394,492
24,805,496
21,781,629
-
24,805,496
-
24,805,496		 2024
€
20,944,296
21,704,700
(21,457,852)
578,255
1,641,605
23,411,004
21,781,629
-
23,270,292
140,712
23,411,004

The UWC Endowment fund, shown as 'Overseas/UK equities' is a mixed fund. The Fund invests with carefully vetted external investment managers, globally and across all asset classes with an investment objective to preserve capital and to achieve capital growth in the long term.

9
Debtors
Gift aid debtor
Total
10
Creditors: amounts falling due within one year
Grant commitments
Accruals
Total
Accrued income is in respect on investment income distributed
from the UWC Endowment Fund.		 2025
€
669,819
4,729
674,548
2025
€
809,000
70,465
879,465		 2024
€
-
3,863
3,863
2024
€
676,000
40,208
716,208

19

BRIDGE TO THE FUTURE

(Limited by Guarantee)

Notes to the accounts for the year ended 31 August 2025

11
Creditors: amounts falling due outside one year
Grant commitments
Total
12
Analysis of net assets between
Expendable
Endowment
Unrestricted
Total
Funds
Funds
Funds 2025
€
€
€
Fixed assets
24,805,496

-
24,805,496
Current assets
760,310
-
760,310
Current liabilities
(879,465)
-
(879,465)
Long term liabilities
(389,000)

-
(389,000)
Net assets at 31 August
24,297,341
-
24,297,341
The net assets of the charity are all held as endowment funds with no unrestricted funds.
13
Movements in funds
At 1 September
Net income/
Other gains
2024
(expenditure)
and losses
€
€
€
Expendable Endowment fund
23,760,178
18,707
1,393,276
Unrestricted Funds
(726,528)
(148,292)
-
Total funds
23,033,650
(129,585)
1,393,276
14
Movements in funds
At 1 September
Net income/
Other gains
- comparative 2024
2023
(expenditure)
and losses
€
€
€
Expendable Endowment fund
21,344,143
10,591
2,405,444
Unrestricted Funds
-
(726,528)
-
Total funds
21,344,143
(715,937)
2,405,444

It is the policy of the trustees to transfer to unrestricted funds of the charity an amount based on the budgeted costs for the year to finance grants to be awarded to UWC Mostar and other costs.

20

BRIDGE TO THE FUTURE

(Limited by Guarantee) Notes to the accounts for the year ended 31 August 2025

15 Related Party Transactions

Adriaan de Mol van Otterloo is the spouse of Fleur Meijs, a Trustee of the charity. He is the CIO of UWC Endowment Management which manages the UWC Endowment fund. The charity invested €21.4m with the UWC Endowment fund in 2024 and holds €24.7m in funds in the UWC Endowment fund as at the balance sheet date.

Guglielmo Verdirame donated £3,000 during the year (2024: £3,000).

There were no other related party transactions in the year ended 31 August 2025 (2024: Nil).

16 Expendable Endowment Fund

A declaration of trust was approved by the Board on 9 August 2016 to hold the funds specifically to promote education by supporting the educational work of United World Colleges Mostar (UWC Mostar) and its students by means only of the award of scholarships for students at UWC Mostar or grants to UWC Mostar. The charitable trust is administered as an expendable endowment and safeguards are implemented to protect the capital of the expendable endowment in the long term.

17 Legal status of the charity

The charity is a company limited by guarantee, incorporated in England and Wales (registration no.: 08497337) and has no share capital. The liability of each member in the event of winding up is limited to £1.

21