2024-09-30-accounts

The Bursary Foundation .com The Bursary Foundation CIO Charity Number 1178542 Annual Trustees, Report Year ended 31 August 2024 "I have said this before and I will say this again.- The work The Bursary Foundation does is truly inspirational and transformative. Having taught for many years in schools seNing areas of significant deprivation, I've witnessed countless xceptionally talented and academically gifted children missing out on achieving theirpotenlial. The woth of The Bursary Foundation is a powerful force for social equity and the greater good of society" Headteacher, Webster Primary School, Moss Side

Name: The Bursary Foundation CIO Charity Nurnbor: 1178542 R8glstered address and prfnclpal offlce: The Embankment Business Park, 11 Vale Rd, Heaton Mersey. Stod¢port SK4 3GN Trustees: The Irustees who served the CIO during this period were Laura Firth, Jennifer Hopkinson and Edward Preston Reporling Period: 1 September 2023 - 31 August 2024 The Bursary Foundation is registered as a charitable incorporated organisation whose only voting members ara its charty truslees. statement of Trustees, Responsibilities The trustees are responsible for. Ensuring proper awunting re￿rdS are maintained. Preparing financial statements in accordance wth ralevant lavts. Safeguarding the assets of tho charity and ensuring proper use. 1. Struclur8, Gov8mance and Management The Foundation is govemed by a constttution and managed by the board of trustees. It operates through a small staff team supported by partner schools, volunteers, and independant educational consultants. Day-t041ay operations are delegated to the Programme Director, reports to the trustees. Trustees meet regularty to oversee strategic dlrection, risk managamant, and financlal control. The Foundation mainlains strong safeguarding policies and conducts r8gular impact evalualions. 2. Objectives and Activities Charitable Object: To promote the education of children and young people aged up to 18 years, particularly through bursaries anabling accass to ind8pendent schools and through the provision of academic tutoring.

Publlc Beneflt statement: The trustees they have complied wtth the duty under the Charities Act 2011 to have due regard to public benefit guidance issued by the Charity Commission. The charit￿$ work promotes equity of opportunty in education for disadvantaged children, aiming to reduce structural barriers and improve long-lerm social mobility. 3. Achievem8nts and P8rforman¢8 Overview The Bursary Foundation identifies high-potential pupils from disadvantaged backgrounds and prepares them for admission to top-performing selectiv8 schools through tutoring, family support. mentoring and enrichment activities. The Bursary Foundation works wtth primary schools in So￿allY and financially disadvantaged communities and, together with their headteachers, worf(s to identify enthusiaslic, curious, and motivated pupils who demonstrate outstanding educational potential. We help families lo realise the scope of the educational prospects available to their children, and demystify the application process for selectiv8 schcKils. Our qualrfied teachers ensure that gifted children are acadamically supported and emotionally nuriured throughout their entire entrance examination joumey and beyond. We are proud to be a charity influenong change in the independent school sector. We believe that bursary funding should be assigned to the brightest children from the most disadvantaged backgrounds and that with appropriate support throughout their time at secondary school these pupils can thrive and that social mobility can be achieved. We believe that it is only when we work with primary school headteachers to identify top lalent that we can truly add the most value to the most able chikyren from the pooresl backgrounds. The Foundation understands that educational opportunities can be transformational. Th8y have the power to change the lives of indiwduals and the generations that might follow-this is the power of potential.

1. Our Programmos l) Tutoring programme- the backbone of our work a. To date we have tutored 247 pupils. At the erKI of the 2025 summer term, we will have delivered appr0￿matety 6,700 hours of tuition. an additional 1,700 hours in the last academic year. b. Of those pupils who applied for grammar schools, 33°A have passed the 11+ exam and 751 have passed at least one independent school exam. c. Over all our cohorts, 43.3/0 of pupils who applied to these schools will be attending an independent school or a sLale grammar school in September 2024. d. From September 2025. there ￿ryI1 be: i. 39 children in fully funded places (or vary high levels of fee support) al independent sthools. ii. 13 children attending state grammar schools. This indudes 5 children from the most recent year 6 cohort: 780/. of children who passed the exam were offer6d places {2 went on to accept places al independent schools), which is a record number of successful applicants in our cohorts so far. e. As of Sepiember 2025, our pupils wll be attending 7 diff8rent ind8P8nd8nt schools 5 state grammar schools in the Greater Manchester arpa. f. These children were identif18d to us through our partner primary schools and have all taken part in The Bursary Foundation tuition programme. In addilion, their farnilies have received support aimed to guide th&m through the application process. g. In 2023-24, 54 pupils were nominated for our Manchester programme, ich has resulted in investments of around £400,000 in bursary funding for our pupils. h. In 2024-25, we are working wtth a further 53 pupils across Manchester and Salford, and have worked in 17 schools in thos8 ar6as. In total. upwards of £4m has been invested in our pupils, futures in the fomi of bursary funding. 2) Parent partners - engaged and supporbve parents are key For The Bursary Foundation to be a sU￿$S for its beneficiaries. familie5 must be engaged throughout the process. We know that applying for an independent school can be daunling. For this reason. work closaly with participating families before, during and after they make applications for their children. Connecting prospective parents with others who are in re￿Ipl of bursaries at our partner schools goes a long way to making this process a little easi&r for them. We guide families through application prijcesses with School workshops to share information atM)Ut applications

Workshops to help famili8s complet8 application forms Home visits to grve families tailored support and advice Support with financial assessments Support with the social aspects of attendlng a fee-paying school 3) Connections programme - A structtJr8d enrichment and pastoral programm8 Our connections programme makes sure that pupils arè well supported with the transition to secondary school and beyond. Examples of activit188 Wlthin our connections programme inclLKIe: Meetings with year 6 parents postryoffer to help them prepare for attending an independent school & understand tha support availabl8 b. Link ups with other Bursary Foundation pupils attending the school in year 7 and higher years in the schoot c. Identfying where pupils need fiJrth8r finanaal support Liaising v￿th schools to ensure that extras costs are in place & d. Check-ins at the start of year 7 to wish them well with the new school year an reiterate where support can be found in-school and with TBF e. Phonelzoom call in Ihe haff term of year 7 to (check how thelre settling in and rf parents are coping with everything) f. Link events wilh KS3 pupils to meetlreconnect with other children from their cohort & older thildren in TBF'S programme g. Termly phone calls or simiiar with all year groups to check all's going well h. Enrichment ev&nts- e.g. theatre trips, museum trips, conneded to careers Support with finding work 8xperience opportunities for older pupils j. Annual Oxford University trip for years 8-10.

1. Strategic Partnerships Bond (Oxford University Press): Tuitson resources worth £100+ per child. Since slarting tuition in 2018, The Bursary Foundation h8s partnered with the Bond publishing arm of Oxford Universty Press to provide tutees with high- qualty resource6 for tuition and home leaming. This has included their revision guides and handbooks, puzzle books, and a subscription to Bond Online., altogether, these resources are worth over £100 per child. 213 of children used Bond Online regularfy to help wth their revision, and parents consistently name these resources as being a huge help for their child's progress in annual fe8dback (see appendix 1 }. Atom Learning: Free Atom Home access for Pupil Premium KS2 pupils. 2025 brought a new partnership with Atom Leaming, who are now offering free access to Atom Home for all Key Stag& 2 pupils eligible for PLTpiI Premium. Normally costing over£500 8 year, Alom Home is a high￿ua[ty online platform Ihat helps children build confidence in core subjects and prepare for the 11+ in a way that adapts to their ability. The offer is open to all eligible pupils, not just those formally on our programme. which means schools can use il flexibly to support a wider group of chiklren. We are delighted to be working with Atom to support disadvantaged pupils bwth 11 + preparation. Quest Progress: Free pupil tracking and assessmenl tools. We've re￿ntlY developed a new partnership vnth Quest Progress to support our pupil selection and assessment pro￿5S. This curriculum-aligned tool provides standardisÈd, 8asy-tO-use data to help track attainment and progress ovar timo in core subjects. We'll be using tl for the first time during this next round of pupil selection, and we hope it wll give us a clearer, more consistent picture of where support is most needed. Allhough Quest is a paid-for service, we've secured this as a free resource for our use at present. Also. any school that completes the assessments for us will also receive free access to Quest Prog￿$$ for an enti￿ year group. It's a real added benefit for schools. even outside of our programme. Parallel: Long-ierm maths mentoring for gifted pupils from Year 6 to 11. In 2025, began working with the Parallel, an organisation created by Simon Singh. with the aim of pulting bright, young mathematicians on the path to

studying math5. scierlce. engineering or economics at a top university. They have offered the opportunity for our y8ar 5 and y8ar 6 students to tak8 part in some sample Parallel Academy maths sessions, and keen pupils will be invited to their weekly small group online tutorials for six years, from Year 6 to Year 11. This is an exciting opportunity which is available to all our pupi15 regardless of whether they attend a selective school. and we are proud to offer this opportunity as part of our Connedions programme. Out of our currenty eligible pupils in years 5-6, - of them signed up for the tuition lessons and roughly- of those pupils attended at least one session. They havo all been invited to take the assessment for the full Parallel Academy and invited to join Parallel Circles. We are very grateful to Parallel for including our pupil in this fantastic programme. 6. Benefi￿ary Profile and Areas of Focus Pupll Demographlcs - an overvlew 52Vo FSM-eligible', 67Q/o of 2024-25 cohort Pupil Premiumeligible. 82Yo of supported families eam below £35.OOOlyear. Bursary Foundation pupils are from low income and low opportunty families. Across all cohorts. 529/0 of pupils we tutor have been eligible for Free School Mea15 (FSM} in year 5 and 6, an incr8as8 in 3pp from last y8arfs av8rage. Across all cohorts, 620/0 have been eligible for Pupil Premium funding based on current or historical FSM oligibility, LAC, or other criteria. In tha 2023-24 Ixjhort. 63 /0 of children were eligible for Pupil Premium funding. and thk8 rose to 670A in the 2024-25 cohort. Furthermore. a nUTnber of families in low-income households {£25,000 or less, rf historical FSM 81igibilily had incr8ased with inflation) do not qualtfy for free sGhiK)I meals as their income is above the threshold of £16,190, or due to other factors such as in81igibilty for public funds. In th8 2024-25 cohort, this is the case for 35°/o of our year 5 pupils who are not eligible for FSM. In 2024-25, 821kn1 of the families we have supported have eamed less than £35,OOOlyear. which is beneath the national average wage of £37.500. Since bringing Salford schools into the programme, we have noticed mor8 variation in the range of family incomes in this area. In part, this is due to Salford having a high proportion of new arrivals to the country, where both parents are well-educated and, as children be￿me older, a￿ more likely to both go intr) higher eaming jobs. There are also a number of families who are established in the area where both parents work in fields which are not individually highly-paid, but as a combined income their household income eX￿edS a 1000/0 bursary threshold. Often, these families are working in

traditionally 'bluwollarf roles which are welFpaid. but do not have knowtedge of education systems such as the processes for selective schools or universities. Geographic and School Context 17 primary schools engaged to date in Greater Manchester: Manchester, Salford, Trafford. N8w exploration in Botton,. cont8xt-sensitiv8 targeting Schools selected based on Pupil Premium rates (average 50¥0) and poor outcomes for high-abilty disadvantaged children. Worked in areas ranked in the k)west de￿leS on national deprivation indices. The Bursary Foundation uses IndI￿S of Multiple Deprivation to identify primary schools for our programme. Schools are invited to participate when they: a) have above average levels Pupil Pr6mium (this has risan from 15.4Yo in 2018 to 25.7010 in 2025), and b) where educational outcomes for high achieving disadvantaged pupils are beneath expected progress 8 levels {i.e. pupils who do not continue on a high achieving trajectory once they have transitioned to Se￿ndary school). We have worked In 17 schools across Greater Manchester. In tha araas of Manchoster, Salford and Trafford. We have begun work to establish partnerships with primary schools in the Bolton area. We are also exploring different ways to identify high potents-al pupils in anlj'cipab'on of increased primary school budget restraints.

The national average of Pupil Premium eligibility across the UK is 25.7%. In our schools, an average of 50% of pupils are eligible for Pupil Premium funding. The range of PP eligibility in schools we have wort(ed in duiing the 2024-25 academic year is 28°/.- 64 /0. 5 schools have PP eligibility of 40-50%. 4 schools have PP eligibiltty of 50-60'h. The most deprived schools are Brtscoe Lane Academy in Clayton (63% PP) and P8el Hall in Wythenshawe (640A PP). S¢hool Location School Locatlon PPY• Manchester Iwythenshawe) 64% Salford (Salford) Manchestsr (Clayton) sa￿Ord (Little Hulton) 52% Manchestsr (Clayton) 600 SaifrKd (Patiicroft. Eccles) Manchester {Miles Platting) 58% Salford (Salford) 48% Manchester {Gorton) 550 Saiford (Patri¢Yoft, Eccles) 41% Manchester (Gorton) 48% Saword (Salford) 38% Manchester (Moss Side) 47% Salford (Swnton) 28°A Figure 1.. Pupil Premium Percentages at 2024125 parlner primary sGhools

Manchester is ranked as the 5 most deprived local authority in England (2019), with 43.3% of the Local Authorty Districts in the 100/0 most deptived. Salford has much greater variation in income; it is ranked as the 19 most depriv8d kscal authority in England (2019), with 30 % of the Local Authority Districts in the 100/0 most deprived. The Bursary Foundation has V￿rked in all 4 of Ihe most deprived wards of Greater Manchester (Newton Heath, Harpurhey, Clayton & Openshaw. and Gorton). Index of Multiple Deprivation Rank Index of Multlple Deprivatlon De¢lle Educatlon and Skllls Rank Educatlon and Skllls Declle 219 385 4364 822 5193 1268 2674 1494 2593 1517 4549 1593 5374 1732 4007 4035 2012 3578 4146 8179 4982 8341 5401 14749 Figure 2.. Deprivation daLq for 2024125 partner primary schools. local neighborhoods 10

1. Piloting the Programme In London: 2024-2025 London Pilot Programme- an overwew Outreach to primary schools across the capital has begun New partnerships formed wtth three leading independent schools Hosted inaugural London Bursaries Summit with 20+ ind8P8ndent schools. Supported first London pupil through full application joume This has been a foundational year forThe Bursary Foundation's work in London. With dadicat6d staffing now in place. we have begun to pilot elements of our progrdmme in the capital. We hav8 focused on understanding the local context, building meaningful rolationships wtth schools. and adapb'ng our mod81 in ways that will support long-temi. sustainable impacL The London landscape presents both opporiunt￿eS and complexities. This year has involved significant groundwork: contacting schools, ￿arnIng how access and admissions work across the city, and supporting our first London bursary pupil through tha full application joumey. State Primary School Outreach Be￿een the autumn and summer tenn, vrfe held meetings with several primary schools across a range of borough5 and areas just outside Ihe capTtal. These conversations helped us understand how our offer ffts wtthin the London landscape. As part of this early work, we also devebped a more streamlinad onboarding process for schools. It is intended io make things more effi￿ent for our staff and sthools alike, so that less tirne is spent on admin and more time can be focused on pupils and their familias. Independent School Partnershlps We have established partnerships with three leading independent schools. Work has begun to support with a consisten( collaborative approach to access. Events have been attended to understand and support schools. wider community engagement. One of the hlghlights was being able to bring the headleacher of ourfirst London partner primary school along to a 'School in Action" moming at a partnerindependent school. Although they had known of the school for over a decade, they had never been inside or imagined they could work in partnership them. Th8 Visit gave them a clear sense of what the school could offer their pupils. sin￿ then, Ihe two schools have begun convarsations aboLrt using St Helen's facilities to benefit local state school Children. It felt lik8 a small but important slep in breaknng down assumptions about what is possible belween stste and independent schools.

Other schools have commissioned The Bursary Foundation to conduct Holistic Reviews of their bursary processes. These bespoke reports explore th8 full bursary experience for pupils within their schools and offer strudured. praclical recommendations for strengthening a￿esS and inclusion. These reports fomi important early steps in our relationship-building and have already given us valuable insight into how bursary provision is approached in the schools. This consultancy-style work supports us lo deliver a targeted approach to ongoing partnership work as no tsvo schools are alike and helps to build our reputation as a credible and inform8d presence in the bursary sector. Supportlng Our Flrst London Pupll This year also saw us support our first bursary pupil in London. We worked closely with the family throughout the entire process. offering personalised mentoring, application guidance, and one-toaone 11 + bjition. While tuition is not typically part of the delivery role in London, this was a valuable leaming opportunity and ensured the pupil received Ihe preparation and reassurance needed to complete the proces5 Wlth confidence. The family has since shared that this support made a real difference in their decision to proceed. To support this work and begin building local delivery capacty, are currently in the final stages of recruiting our first London-based tutor. As part of this process, we reviewed and refined our recruitment approach to help us find someone well-suited to the role. This marks an importanl stap towards ensurtng we can deliver consistenl, high- quality 5UPPOrt as the programme grows. 12

The London Bursaries Summit In November 2024, we hosted the first ever London Bursaries Summlt. attended by ovèr 20 independent schools from across the capital. The event focused on widening access and supporting bursary pupils through theirfull joumey. from identffication to thriving within school. Sessions included pradical case studies, VAT guidan￿. and presenlations from Bursary Foundation staff and partner sthwls, inGluding insights from King's College School. Fe8dback was overwhelmingly positive. Attendees spoke of the value in hearing from other schools, sharing best practice, and reflecting honastty on their own provision. Several commented on how muth they had leamed, with one describing the event as "inspiring" and another noting they could have °discussed the topic for another hour." There was also praisa for the breadth of content. from practical guidance on VAT to thoughthjl discussions on impact evaluation. with many schools axpressing Inte￿$t in future events and pathe￿hlp. Constructive suggestions were also welcomed. including requests for longer ne￿OrkIng time, hearing from bursary recipients, and r8ceiwng anonymisèd benchmarking data. Th6 f86dback mad8 tt cl8ar that the Summit was useful and well received. It also suggested that schools are beginning to see us as a trust8d and constructive presence in this area of work. Looklng Ahead This has been a year of careful groundwork. reflection and leaming. While we are still In the early stages of our work in London. the relationships and systems we have put in place provlde a strong foundation for growth. The capital offers real potential to increase the number of pupils we reach. We now feel V￿11 placed to expand our tuition and mentoring offer, grow our ne￿Ork of school partners, and deepen our understanding of what long4erm Suc￿sS in London will look like. 13

1. Measurlng Success The Bursary Foundation monitors and tracks the impact of our work through a variety of channels. An oveNiew of feedback: Parent Feedback: Parents continue to report that their Chlldren grow in many ways from wothing with a Bursary Foundation tutor and taking part in our Connections events. 92 % more likely to apply to selective schools post-programme. 70Yo report clearer understanding of bursary systems. 1 000￿ satisfied or very satisfied with tuition and application support. Pupil Faedba¢k: Average Confiden￿ increase of 0.6 across all subjects. 71 Yo feel completely prepared for secondary school. Significant gains in verbal reasoning. arithmetic, SPAG, and independent learning. Pupils evaluate themselves and how confident they are (on a 1- 5 scale) in difference subjects at the start and end of the tuition prTr3ramme. Across all curriculum areas, pupils increase in confidence by an average of 0.6 points. with some striking examples boing: Tuition start score Tuition end score Difference Answering SATS- le questions Arithmetic R8ading books new authors Fractions, de￿rnalS and ercenta Spelling. punctuation and grammar 1.4 points oints 0.9 points 0.9 points 0.9 points 14

Figur& 4.. Tut88s' academic confidence before and after Bursary Foundation tuition Destlnatlons: Pupils now attend 7 different independent schools and 5 grammar schools across Greater Manchester and London. As well as measuring numbers of pupils going on to independent schools. we also support pupils to secure places at state funded grammar schools and a broader range of successful state secondary schools that they might not have Considered. The Bursary Foundation has supported pupils ￿ appeals to secure places at th8ir preferred state school & have been consistently successful. Independent School Testimonlals: Schools nots high levels of preparation and the value of Bursary Foundation's holistic approach to widening access. Feedback from primary schools: This is consistentty excellent. Schools report increased attainment in Year 6 SATS exams, improved confidence and higher family aspirations as an effect of children taking part in our tuition s8Nic8. In a rec8nt booster dass. we conducEed a short survey of our current year 5s' families, and found that.. 460K had never considered sending their chikJr&n to a setective school. A further 460A had considered sending their children to a selective school- these parents were primarily from primary schools with a longstanding partnershlp with The Bursary Foundation. In comparison. in ourfirst cohort, only 130/. had previously considered sending their child to a selective school. 92¢/0 felt they were more likely to apply for a sel8ctive sthool. However, only 54 1 felt COMp￿telY confKlent about their child attending an Indèpendent school. 23 % were mostly Comfortable, and a further 230/0 were unsure whether they were comfortable with their chikt attending an independent school. Those who felt Confident about their child attending an Independent school said... Those who weren't sure whether they were comfortable with their child attending an independent school sald... I feel our child has had great exposure due to The Bursary Foundation. I think this has given my daughter a better opportunity and I believe in h8r. M is excited and feels he woukl definitely fit well as he loves leaming and the school have a lot to offer in terms of extra actiwtEs. I'm w(Mrfed about the distan A lot of changes in a short peri(xl of time. We see next year. IVS a wonderful opp(Kiunty for her and I believe she has the skills to, however still worried. 15

Figure 3.. Parents, thoughts on their child attending an Indep￿dent school 8. Plans for the Future Expand London-based operations and increase independent school partnerships. Strengthen Connections programme for KS3+ pupils and alumni. Pilot new methods for identtfying pupils Increase capaedty for consultancy work wtth schools and widen impact. "Mit wasny for The BU￿ary Foundation. I wouldnl even think about attending that school" Year 5 pupil Prepared by the Trustee5 Of The Bursary Foundation CIO Date: June 2025 16

The Bursary Follnd2tion TTUStees' Report Stwtsmellt of trnsteey, respOn￿bilItIe8 The trustees (who are also the dire¢tors of ThE Foundation for the pu￿OSeS of co]npany lawl &re responsi])le for prepitig the trustees, ryort the fiDatLcial siaiemeiits ÉD accordance with applicable law and Utiited Kingdom Accounting StaDdards (United Kingdom Generally Acceptrd A￿oUnting Prncti¢eA including FRS 102"Th¢ Finan¢ial Reponing Standard appli¢8ble in lh¢ UK and Republic of ttelatLd'. CoTW)any law requires tht tsuslees to prepare fiDallcial statements for each fijjonciel year. Uuder (x)mpany law the tr￿8 mL5t not approyc thc financial 8tsterttnts ulllcs5 they are Satisffi￿ that they give a In￿ and fair ￿l¢W of the state of affairs of the clwit8ble CoMpa￿Y and of the 5n¢oming resources and aFTtlication of resources, i]￿1UdIng its income alld expenth"ture, of tbe charitable company for th8t wiod. In PTeparing these fllwncial statementy th¢ tn2st¢es ar¢ r¢quired to.. sele¢t yuit&ble accoullting policies and wplytht￿ conssstently. observ¢ the ￿￿thodS and principles in the Cl]arAties SORP. (e judg¢￿ellts and e5tin)ates that are reasot]able and pnty. state whether ￿plIcable accounting 5tandar(Ls. COmPTi5iDg FRS 102 have been follow& subjecl to any ]natcrial departurc5 disclosed and explaiued inthe fillanciai staknRnts" aryl prepar¢ the financial ststemenis on the going eoncem b&s]s uDle&8 it i5 illappropriate to presunK that tbe haritable con￿allY contittue in busine& The trus￿$ are Tesponsible for keeping proper a¢couniitig recotd8 tEMt call disclose witb re&8onable aCC￿Y at any lime the finallcial position of the charitable compwjy enable them to EiWUTe that tlie financial $lxiem¢nts COD]ply with ￿ Con]panies Act 2006. They are also responsible for safeguar(ling the assets of the ¢hwitabl¢ ¢onwauy &nd hen¢e for takijig Twonable steps for the prevention alld del￿tion of fraud and otlLer i￿C8U1aritIc$. The trustees are respo￿lb1$ for the lluiThteDance 8t￿ illte8Tity of the corpora aryl financial information included on the clharitable ¢ompanYs website. 18gi518rion goveming the preparalioii and dissemination of financial $tat¢m¢DLs rna￿ ditT¢r from legis]otioD it) other juristh"¢iiotLs. D15closure of inform#tion to auditor Each trustee has taken steps that tbey Ou￿1 to taktll &$ a trustee in order to nJ&ke thenyelves awBr¢ of any Televattt audit infornmtion alld to egtabLish that the charity's audttor is aw2re of infomjation. The truste¢s fjnf￿ that there is no relevant inform￿100 that they kAOW of aod of whhGh ktLOW the auditor 15 unawar& The amual rqh)rt appmed by the tro8tees of the eharity OD 27 June 2025 and siglled on it5 behaifby.. JE Hopkinson T￿￿￿tee Page 17

The Bursary Foundation llldependent Examln¢r'$ Report to the trn$tee8 of The Bursary Foundation ('the CompaDy I report to the charity tsustees on nry exarninthon of the *couttts of the Cowy for the year ended 31 2024. Responglbi]ltiu gnd basis of report As the Charity's trustees of tbe Company (aT]d ajso its directo￿ for the pwposes of cotryjany lawl you arc rqM)llsiblE for the prq)aratioll of the accounts in aceorthe the wujreo￿ts of the Corop8nies Act 2006 {'th¢ 2006 Art,). Having satigfied myself that the accounts of the co[[￿1￿Y are not rryllir￿ to b¢ audit>J ullder Port 16 of th¢ 2006 A¢t alld are eii8ible for independent ex8nJJnthoffj I report ill respect of my examination of yow charity's accounts L8 carried out under 5eaiott 145 of the Clwities A¢t 2011 {'the 2011 Act.). In our my ex&min&tion I have followed the Direetiolls wen by the Cbarity COD)￿10￿ under Section 145(5Xb) of the 2011 Act. Indepelldent erarnlner's stxtement I bave Gompleted T￿Y eXa￿￿nation. I wifffm that no D￿tte[S have to w attetrtioll in wnnection with the eX￿]natIOn giving tne ca]]8¢ to b¢ltev¢: l. a¢countsng record8 were not kept in reSp￿t of The Bwsary Fomdatioll &8 required by ￿tiott 386 of tbe 2006 A¢t; or 2. the ￿counts donot 4K¢ord with those r￿ord&. or 3. the accounts do t￿[ cowly the aceouthtnjg reqlliren￿its of section 396 of the 2006 Act other than y requirem¢ni that the a￿OUnts give 8 'trne and fair vieRA which is not a Matter considered as part of an ind¢pendem ¢xaminatioD,' or 4. the accounts have not been Prep￿ itl accordance tht methods PTinciplGS of the Stat¢llKut of Re￿mm￿l¢d Practice for accounting and rep)rtitig by ¢hatities. I hav¢ no concerns Bnd have come a¢r0$3 no othermatters in connection with the examitiation to which attention should b¢ drawti irt this re￿rtin order to euable a proper U￿1￿Illg of the accounts to be reached. Paul Roper McK¢llellS Lin]ited CTrartered Accoutttattts I l RiY¢ryiew The Embankment Bu5in&5s PaTk V￿¢ Road Heaton Mer5Cy Stockport SK4 3GN Pagc 18

The Bursary Follndatloll Ststement of Financial Activitie5 for the Year Ended 31 August 2024 (Including Income and Expenditure Accoullt and Ststement of Totsl Recognlsed Galns and L055es) L.tsrestrlrted fund5 Restriettd funds Total 2024 Note llleome and Endowmellts from: D¢)nations and lega¢ies Charitabl¢ acttvtties ItlvestEr￿ illcome 38,112 5l,924 6J 60.957 99,069 51,924 6J90 T<>thl income 96,426 60,957 157J83 Expendlthre on: Raisillg fillMIs Charitabl¢ a¢tivitie$ Other exp¢ndilu (2,3431 (83.498} (92,350} (2J43) (144.784) 92,350 (61286) Total wAp¢ndittwe {178,191} 61,286) 239,477) Net expenditur¢ 81,765) (3291 {82,094 Netmovejnent in fiuyjs (81,765} (329) (82,094) Recotttlliation of fund$ Total finds brou8bt forward Totsl funds caDi¢d foTrvdrd 233,059 70,790 303,849 16 151.294 70.461 221,755 The note8 on pa8&8 22 ts) 31 forni an iDt¢wl part of the6e finallc1￿ statelnen Pa8¢ 19

The Bursary Foundallon Statement of Financial Activities for the Year Ended 31 August 2024 (Including ID¢ome and Expendlthre Ac¢ount and Ststement of Total Recognised Gains d L05ses) Restricted fnnds Total 2023 Note Income and EDdow]ne]tt8 DoThations and legacies Charitable activities Invest[t￿t IJKome 88,166 36280 8,057 55,341 143,507 36,280 8.057 Totsl In￿rne 132,503 187.844 Eipenditore on: Rai8ing fimds Charitable Activities Otb¢r ¢xp¢nditur¢ 12.251) (42.237) 49.716 {2.25l) 154.4181 (49,716 (12.181) {94,204 12,181 106,385 Net Ène4)n 38,299 {18,786) 81,459 18,786 Net Dwvement in fimds 19513 61,946 81,459 ReconclllarfoD of tsndg Total fimds brougtlt forwdrd 213.546 222.390 TotrLI fuuds Carried fonwd 16 232,059 70,790 303,849 Ail of th¢ ¢baTity's activiti¢8 derive from conttlluti￿ opeNions dwiDg the above two periods. The not¢s on pages 22 tts 31 forni att integrnl part of these financial State￿￿nts. Page 20

The Bursary Found4tion (Registration number= ) Bal4n¢e Sbett as at 31 August 2024 2024 21)23 r4ote Flxed aisets Tansible assets 816 cllrre￿t &5sets Debtors Cash at Imnk arnl in hAlld 12 13 31.146 196.177 74.5YJ 232,537 227J23 307.130 Credltor&: AnM>WLts fallkng whbln ont yeAr 14 Net current as9ets 221,030 303,033 Net asgets 221,755 303 849 Funds of the eh•rity: Restrl¢ted lllcome fvn Restri¢ted fw 70.461 70,790 UnrestYl¢t¢d IMcon* fullds Unrestricttd fullds l51294 233,059 Totsl funds 16 221755 303,849 For the f￿cial year endiJJ8 31 August 2tr24 the chariry was entided to exemption from audit utlller section 477 of the Companies Act 2006 re]atiDg to s￿￿11 ¢ompatiies. Directors, respollsibiliti£8: The mcrnbers hav¢ not rcqll7T¢d the charity ts obtiin an atyjit of its xcounts (or the year in question i a¢cordan¢e with s¢ction 476" The dtrector5 acknowledge their rcsponsibilities for complyll)g with the rEquirem￿ts of th¢ Act with re8pect to ac¢oun(ing rK¢)rds and the pytp8ratioll of acco￿￿. The finallcial 5tatellJellts on pageB 19 to 31 were 4Ttroved by th¢ trustees. and authori8¢d for issue on 27 Julle 2025 and SI￿£d on their behalf by. opktllgOtL TnisÈe reston Trustee The notes on pages 22 to 31 fi)rnL an ithtegral part ofthe5e finar￿lai statell￿nts. Page 21

The Bunary FoulldatioD Notes to the Finallci81 Ststenwits for the Year Ended 31 August 2024 I ChaTIty ststus These fi￿anGla1 statEmellts wer¢ aUth￿l5¢d for ]￿u¢ bythe trusa on 27 Julle 2￿25. 2 Ac¢ountlDg policie SuTnmary of slgnlfic&nt 4cco￿￿tIllg pollcles key Xe0￿￿￿￿2 eBtlmat The principal a¢counting poli¢i¢s applied in th¢ preparnion of these fthanciAI stltements are set out below. Th&s£ p)li¢ies hav¢ b¢eD consistently applied kn all thc years pr¢sente4 un1¢55 otherwi5E Stat£¢L Ststement of e&n4)liAn£e 1lie finallcial staternents have been prepared in aceordallce Tr%ith Accountill8 a￿1 Re￿¥r￿ll8 by Charities.. Statement of Reconllnended Practice lapplieable to charitics preparujg thcir actoutn in accorda￿¢ with the Financial Reporting Standard applicable in the UK 01￿ Republic of trelalld IFRS 102)) (issued in October 2019> - (CEMrities SORP (FRS 102)}. the Financ￿1 Rewrting sta￿ applicable the UK and Republic of Ireland IFRS 1021 and the Cotnpatkies AGI 21M)6. Bsls of prepar*tlo The Bursary Fowbthtion m¢¢ts the d¢finitson of a public Ixn¢fit Mtity under FRS 102. Assets and liabiliti¢s 4r¢ inÈti&lly recognssed al bi8t()Ti¢al ¢ost or ITaDsa¢tion value Unle￿ othettyise stated to the televant ac£ountiAg policy notC5. Golng concern The tsvstees collsider that there are no material uncertailltieB about the charity s ability to colltinue as & gDillg oncem llor any si￿1￿￿1 area8 of thai aff¢ci the v￿u¢ of assets h¢ld by rh¢ cl)arity. Exemption from prepHring x fash flow 5taternent xe ¢hariry opted ￿ adopt Bulletin I publislhed oll 2 Febnwy 2016 ard h&ve theref(pre rM)t included a cash flow statement ill these financial statejwts. Income and endowyn¢nts All income is iecogni5ed oncc the chatity h&8 entitiernent to the inc0t￿, it is ptobable that the incornc will be re￿]Ved and the amount of th¢ iD¢Qll% re¢¢ivabl¢ Can be nKasured reliably. Don8lion5 ￿Ndles￿¢le5 Donations are recogttised wben the cbarity bas been ootifjed in writing of ix)th the ank)unt alld settlement date. In the ev¢nt that a doDation 15 subJ￿t to conth'tioDS that require a level of perfornkioce by the charity before the charity is entitled to the fllnd4 the incoine is deferred and not ffcognised until either those condition6 are fully meL or the fu]filJn¢nt ol thos¢ ¢ondition8 is wholly withio the contsol of the charity aTrJ it 18 probable that dwe condktiolls will be ftdfdied iu tbe Tfporting peri(KJ. Page 22

The Bumry Follndatlon Notes to the Financial Statements for the Year Ended 31 August 2024 Gifv in kind Gitis inkilld are rvAEtiised iu differeut ways depelldellton they are wed by the charity. {1) Thos¢ donated for rwle pmduce inwme when they are sold Tbey a￿ vahJ¢d at the mount acttdly realised. (li) Those donated for onward transmission to berteficiAries ¥sc included in the Stste￿ of FIn￿CIat ActiTrities as incomi￿g rtsourc¢s and resource5 ewded they are d1stribut￿. They valued at th¢ amount th¢ charity would havc had to pay to acqllirc thcrn. {lll) Those donaT¢d for use by tbe cb8rity Itself inc1￿led when mceivable. They are vatued at the anM)unt tho cEwity' would have had to pay to acquire ther(L Dividends are rccognise<t oncc the divid¢nd hLg bc¢D de￿lar￿ and notific￿101} bas beer¢ recetved of the dividend due. Expendlthre All exp¢ndiNre is [￿o￿lsed once there is a legat or constrwtive obli￿•0￿ to that extknditur4 it is pmb£bl¢ settlBrnEnt is reqU￿¢d and the all￿￿￿1 call tlleasured reli&b]y. All costs are allocated to the applicable expenditure headillg that agEregate simi]ar costs to that category. Where costs carjnot be direcdy attributed to pthcular headings they bave been allocAkd oll a basis wL8tsteDt with the use of re5ource5. with celltral stsff oyts allccalcd on the basis of till￿ spen( and depreciation £lLaTges allocated on the portion of the asset's ￿e. Other sUPPOrt costs are allocated b&%ed the spread of staff costs. R&isingfunds These we costs inculred in attractins voluntary It￿m4 the maDa8ement of illvestm¢Dts aJKi those incwred in tradin¥ a¢tiviti¢8 thattyise fimds. Cknrll4ble Auivlties Charitable ¢Kpendiiwr ¢oytJpri￿s ¢05ts incwred by the ¢1￿1"ty in the delivery of its &¢tivities and services for its beneficiarirs. It includes both costs that can be allocated directly to ￿ activities and those costs of an indirect llature nece&8ary to support thenL GOverna￿ce costs These include the c(tsts attributsble to the charity's eompbffj¢e with rotistituts.onal and st8bJtory re4wir¢rnents, includuw audir, strategic I1]ail￿ alld tr￿tt¢s ￿￿etIngS and Teimbursed &Xl￿se5. TgXatlDn The charity is considered to P88s th¢ tests set out im Parawh I sChed￿e 6 of the Finance Act 2010 ond Iber¢for¢ it m¢ets the defsniti.ott of a charitsble Company for corpotauon ￿ pwses. ACcordin￿y. the charitv is poteLtially exempt from taxation iti rwi of illcon]e or wital gati)s received within cateEorie$ covered by Chapt¢r 3 Pan I l of tbe Corporation Act 2010 or Se¢tion 256 of the Taxation of Chargeable Gains Art 1992, ro the extent that swtL iwffjm¢ or gains are applied exclusively to Charitsble purpose5. TaDgibIe fixed assets Indi￿dUal &xed &85ets c05tiD8 £SIK).￿ or ￿Ore are iDibally ￿ed at cosL Page 23

The Buwry Found•tion Notes to the Trlnancial Statements for the Year Ended 31 August 2024 Depr￿latiOn and amortisation Depreciation is provided tallgible fixd ￿Sets so ￿ to off th¢ cost or vahmti0￿ less any estimated residud value, oyu their expecteAi usefi]l ttononuc Jife as folloThs: Asset Class Fixtur￿ and fitiings Depreciat￿ll method &nd rate I￿10 str￿ght linE TrAde debtory Trade debtots are allM)ullts due fn)m CUth￿er5 for mer¢bth sold or services p¢rfornMI ill the ordinary Cash and tash eqllivaknts Cash and cash equival¢nt$ comprise ¢43h otk ba￿] aud caEI Ikposits. and other short-tern higbly liquid investments thAt are reathly ￿￿Ver￿7)le lo a allM)unt of c&8h and are subject to an i]￿lED]rIcant risk of challg¢ in value. Trllde credltOTS Trdde creditors are obligations to pay for or services that have been acquired in the ordinvry coutse of b￿sInesS from suppl5¢￿. kncouuts pa3ible classified 88 Current liabi]ities if the ¢haTity does llot have Bn UTLconditiotVdl rig￿l at tlLe cnd of the reporting pcriol to deftr settlement of the for at least tw'¢lve month5 after the reporting d&te. If ther¢ is 80 Unco￿{1¢10￿al right to defer settlement for At least twelve ll¥)nths after th¢ repOrti￿g date, they presented as Iiabilitie8. Fund strurture Unrestricted ittcome futth gener￿ that are available for use at the Ir￿e5 discretion fi￿￿er￿ of the objectives oFthe Charity- RestTi¢t¢d iu¢ome ftmds aTe those dotsoted for ￿ in & prticuJsr #rea or for Specific PUTfK)s¢4 the w¢ of is restricted to thai area orpurw. Penslons and other post redrement •bllgtlons The charity operates a der￿ed contribution P¢N8ion scheme wbicb is a pension plan under Mthieh fiKed Contributions are p￿d into a pension fund and the clwity h85 no legal or constrnctive obligation to pay funher ontributiolls evrn if the fi]Dd doa8 not knld sufficient asq¢ts to F4y 811 ¢Dwloyee8 the benefits relating io employee service in the curreot atKI priOrperi￿S. Contributiom to defined contribution plan5 are trcognised ID the Statement of Financial Activities when they aye due. If contt]lTrution pay￿￿llts exceed the contribution due for8¢rvice, the ¢x¢ess is re¢ognised as a prepaym¢n The ¢haTity is o ch•n"table incoryw)ratd otgatii5atio Pag¢ 24

The Bursary Foundation Notes to the Financial Statements for the Year Ended 31 Augy5t 2024 3 lllcome from domtiolls *#d le8adts UDrestricted fuDds General Restrlcted Total 2024 Total 2023 DollatioDS and leg&cie4 DoDation8 from con￿3n1¢S. tNsts a￿] similar proceeds Dot)atioDs frorrl illdlvith￿IS Gift aid reclaimed Gifts in kiid 7241 9226 8,445 1321Kl 60957 68,198 9226 8.445 13,200 55341 24,466 62 JOO 1200 38,112 60,957 99.069 143507 4 Income from t1￿17t&￿Ie Activit Unrestricted rtd5 General Totsl 21ll4 Totsl 2¢)23 Tiiiorins 51,924 51,924 36,280 S Illve5tmeDt illcome Unrestrlrted ruDds CeDeral TolAI 2024 Total 21)23 lllterest r¢cetV8ble and similar in¢ome' tnterest reeeiyable on ballk de￿)511$ Oth¢r inter&5t receivable 6,3 6,390 5.687 2.370 6J90 6,3 8,057 Py25

The Bursary FoundatRon otes to the Financial Statements for the Year Ended 31 August 2024 6 Expendjthre on ch•rl¢able reatricted Res¢rkted futhds Total 2024 Tot#1 2023 Gener¥1 Not¢ Tutoring B￿BarIes Trip5 Staff costs 1.029 1.029 61286 7,221 11181 61286 79,412 79,412 82.441 61.286 143,727 52,833 In Addition to the expclldibjre analysed tbere are a]so governanc¢ (x)sts of £1,057 {2023- £1.585) wbi¢h relate dir¢¢tlyto ellatitsble aetivities. See ￿te 7 for further detsti& 7 Analysls of governance •nd support cwtj CovernAnte ¢o$t$ funds Gener*l Total 21124 Totsl 2023 Indep¢nd¢A)t exAtylltw fee8 EA￿DinatiOn of the financial statements Other goYernan¢e costs 660 397 397 945 1.057 1,057 1,585 Page 26

The Bursary Foundation Notes to the Financial Statements for the Year Ended 31 August 2024 oItLer expendlture Unrestsl¢ted fund5 Gellergl Total 2024 Totsl 2023 Nots Staff costs Wages and sal￿1¢5 Social security Pe￿810￿ costs Oth¢r staff costs Office space Insurance Corwtrr ruDning Costs Website and hosting Printin& postage aTLd statiottery Subscriptions ChaTLtable dollations Sundry costs T￿¥¢]1]￿8 costs Events Other interest D¢pre¢iation Tcaching rcsouTCeS Software eosts A¢ounts preparation Book-keeping alld admin support Pa)roll 55J48 919 926 260 12,0(Kl 55J48 919 926 260 12,000 640 lJ88 4,030 097 81 2,959 1.585 3.726 36,711 713 779 649 711 lJ88 4,030 697 81 2.959 1.585 3.726 593 55 1.066 1170 l9 14 91 1,708 923 1,192 1.890 432 22 91 22 91 2.678 812 1,8(K) 744 2,678 812 1,8(K) 92,350 92,-350 49,716 9 Stsff costs The aggt¥gate payroll costs were as follows.. 2024 2023 Staff costs during the y￿r were: Wages a]Jd salaries Social security costs PEnsiDTI G05t5 Other staff costs 133,5fA) 9l9 1126 260 69,669 1,186 779 136,865 71,634 PA8e 27

The Bursary Found*tion Not￿ to the Financial Statements for the Year Ended 31 August 2024 The ny)nthly average nUME￿ of persons (incltyjing senior I leadersknp trathl eD]ployed by the charity during the year Yns &$ follom: 2024 2D23 No Teather and tutors Office administration 5 (2023 - 21 of the above employees participated in the Defmed Cotkn7wtion PeJ)sion S¢beme Contributioos to the employee pension %heme$ fortbe year tot4lld £2,126 {2023- £1,180. No eTllpIoyeE r￿e1Ved enwlutDellts of more than £60.IKK>during the y¢ar. 10 Taxatiott The cEMrity is a rewtercd clwity a￿1 is cxernpt from tsxalioD. 11 Tallgfjble fixed Assets P￿rnIture and equipment Tot•1 Cost At I Septemb¢r 2023 907 907 At 31 August 2024 907 907 Depr¢¢lation At I September 2023 Charge For the year 91 91 91 91 At 31 August 2024 182 182 Nel book vglue At 31 Augt]st 2024 725 725 At 31 AugLL5t 2023 816 816 Pa8e 28

The Burs*ry Foundation Note5 to the FiD&ncial Statements for th¢ Year Ended 31 August 2024 12 Debtors 2D24 2023 Trnde debttsrs Gift Aid Prep&iryiKnts 12.603 7,863 62,500 4,230 18,543 31.146 74,593 13 Ca$h iujd ush ¢qMlv4leMts 2024 2023 C&slL ai bglljk 232,537 14 Credltors: falling due w1lb1￿ ODe year 2024 21123 Trade cr￿lItOrY Other taxation alld social SeCt￿ty Other tteditors A￿rL￿8 1,058 2,445 878 1.912 2,186 43 1,868 6293 4.097 15 Tntstees remullerxtion and expenst4 No tru8tee8, nor any persons conne¢t&l with thenL ha￿ received aDy renNll￿tI0n frorn the clwhty duriJ]g the year. No trustees h&v¢ Te¢eived ally ttimbur5cd expe￿￿ts or any other beDefits from the clwity duTiJJg the ye8r. Pa8e 29

The Bursary Foundation Notes to the Financial Statements for the YeAr Ended 31 AUg￿5t 2024 16 Fullds Biall¢t at I September lllcorniDg 2023 resoor¢¢6 ResDurc expended Balance &t 31 Auguit 2024 UllreJtri¢t¢d fllnds General 233.059 96.426 (178,191) 151,294 Re8trkted F￿ndS Bwsary Fund 70,WJ) 60,957 61 70,461 Total funds 303.849 l i7.383 (239,4771 221,755 Bxltte at I Septsmber 2022 B4ian¢e at 31 August 2023 Incoming resonrcej Rtsoure expended Transfers Unrestrlcted fun General 2I3y6 132503 (94204) (18.786) 233.059 Restricted fun<ls 55,341 l2,181 18.786 70,790 Total fullds 222Jg1 106,385) 303,849 The specific purposes for the fiumls are to be applied are as follows.. The Bursary F￿d ielt4tes to dotsatioLq givett to fillld secondary ethc*ion buT3ary pla¢es for ¢bildren. Page 30

The Bursary Foundatlon Notes to the Financial Statsments for the Year Ended 31 August 2024 17 AAatyslg of net assets between Iwids Total fllDd5 Jit 31 August 2024 fllmdg General Re5trTreted fuDds Tangible fixed usets Current assets Cl￿￿¢￿t liabilities 725 156.862 62931 725 227,323 (6.293) 221755 70,461 Total T￿t 151,294 70.461 unrt5trl￿td fullds General Tot#1 funds *t 31 August 2023 funds Tangible fixed ￿￿ets Current Current liHbiliti¢s 816 236J40 816 307,130 70.790 Totsl ￿et assets 233,059 18 Related pxrty tratssactiotss During the y¢u. di)nation5 weff received frorn parti￿ related to the charity IDtslling £5.(K)0 {2023.. £34,670). Page31