2023-08-31-accounts

Charity registration number: 1198302

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

(A CHARITABLE INCORPORATED ORGANISATION)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

CONTENTS

Reference and Administrative Details	1
Report of the Trustees	2 to 4
Independent Examiner's Report	5 to 6
Statement of Financial Activities	7 to 9
Balance Sheet	10
Notes to the Financial Statements	11 to 21

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

REFERENCE AND ADMINISTRATIVE DETAILS

Chair

Mrs. Celia Hawkesworth

Trustees

Mrs. Celia Hawkesworth Dr. Cathie Carmichael Prof. Kenneth Morrison Dr. Alun Thomas Dr. Tanja Radu Mr. Peter Morris Dr. Radmila Mileusnic Mr. Robin Brown Dr. Cornelia Sorabji Dr. Mark Thompson Principal Office

Woodbine Cottage Troy Lane Kirklington OX5 3HA

Charity Registration Number

1198302

Independent Examiner

Timothy William Slater ACA,CTA Harmer Slater Limited 79a High Street Teddington Middlesex TW11 8HG

Page 1

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present the annual report together with the financial statements of the charity for the year ended 31 August 2023.

Trustees

The following trustees served on the Board during the year and up to the date of approval of this report.

Mrs. Celia Hawkesworth

• Dr. Cathie Carmichael

Prof. Kenneth Morrison

• Dr. Alun Thomas

• Dr. Tanja Radu (appointed 10 May 2023)

• Mr. Peter Morris

• Dr. Radmila Mileusnic

• Mr. Robin Brown

• Dr. Graham Burdge (resigned 9 November 2022)

• Dr. Cornelia Sorabji

• Dr. Mark Thompson (appointed 8 November 2023)

Objectives and activities

Public benefit

To promote the education of graduate students primarily but not exclusively under the age of 30 years who are resident in the countries of Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia and Serbia. The CIO will do this by awarding scholarships to enable such persons to undertake short periods of research in the United Kingdom at any university, college of education, or other institution of further education (including professional and technical) approved for the purpose by the Trustees.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements, performance and financial review

Investment income during the year was £40,520 (2022: £37,682).

During the year the trustees awarded grants of £38,512 (2022: £28,339).

The net outgoing resources after grants and administration was £5,345 (2022: net incoming resources of £423). There were unrealised losses on investments of £20,407 (2022: £90,034).

The balance on funds reduced from £1,398,715 to £1,372,963 and are sufficient to cover expected operating expenditure for the foreseeable future.

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THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Fifteen students were supported to come to the UK in the 2022/23 financial year. Nine students came from Croatia, two from North Macedonia and one each from Kosovo, Montenegro, Bosnia and Herzegovina and Serbia. The students were all awarded grants for either two or three months of study. The Reid Scholarship was awarded to one of the North Macedonian students, remembering the generous donation to the trust from the Reid family who had strong connections with North Macedonia. The Kondic prize of £1,000 for 2021 was paid in the current financial year. The Kondic award for 2022 was shared between two students, one who visited the Cancer and Genetic Sciences department at Birmingham University and one who visited the Wellcome Trust Centre for Cell Matrix Research at the Biology, Medicine and Health Department, University of Manchester.

The main development project undertaken by the trustees has been the conversion of the trust from an unincorporated structure governed by trust deed to a Charitable Incorporated Organisation with a new constitution. The updated constitution includes objectives that reflect the countries served by the charity following the breakup of the former Federal Republic of Yugoslavia, the grant giving practice of the charity and modernised governance arrangements. It is anticipated that adoption of an incorporated structure will help with the recruitment and retention of trustees in the future. The trustees also continue to improve and adapt the charity’s website, develop policies and improve record keeping with shared electronic storage.

Structure, governance and management

Nature of governing document

The British Scholarship Trust (Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia) ("Charity") is a Charitable Incorporated Organisation and was registered by the Charity Commission on 21 March 2022 with charity registration number 1198302. On 10 May 2023 the Charity acquired the assets and assumed the liabilities of The British Scholarship Trust (Bosnia Herzegovina, Croatia, Macedonia, Montenegro, Serbia) ("Former Charity") (charity number 1031428). The acquisition has been treated as a merger for accounting purposes. The accounts show the results of the Former Charity for the year ended 31 August 2022 and its results to 9 May 2023. The period from 10 May 2023 to 31 August 2023 show the results of the combined charities.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the trust, and are satisfied that systems are in place to mitigate our exposure to the major risks.

As advised by our professional advisors, the trust’s portfolio continues to be actively managed. The whole portfolio is held within the Barclays Charity Fund.

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THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The trustees 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 charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• 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 statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008. 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.

The annual report was approved by the trustees of the charity on 23[rd] May 2024 and signed on its behalf by:

......................................... Mrs. Celia Hawkesworth Chair and Trustee

Page 4

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 August 2023 which are set out on pages 6 to 13.

Respective responsibilities of trustees and examiner

As the charity’s trustees of The British Scholarship Trust (Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

Having satisfied myself that the accounts of The British Scholarship Trust (Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia) are not required to be audited under section 144(2) of the 2011 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of The British Scholarship Trust (Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia) as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of the 2011 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... Timothy William Slater Institute of Chartered Accountants in England and Wales

79a High Street Teddington Middlesex TW11 8HG

Date: 23[rd] May 2024

Page 5

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

	Period from 1 September 2022 to 9 May 2023 £ Period from 10 May 2023 to 31 August 2023 £ 2023 £ 2022 £
Note
Income from:
Donations and legacies 3	46 - 46 - 28,721 11,799 40,520 37,682 28,767 11,799 40,566 37,682
Investment income 4
Total income
Expenditure on:
Raising funds	(2,845) (965) (3,810) (4,083) (37,512) (1,000) (38,512) (28,339) (1,588) (2,001) (3,589) (4,837) (41,945) (3,966) (45,911) (37,259) (13,178) 7,833 (5,345) 423 (20,407) - (20,407) (90,034) (33,585) 7,833 (25,752) (89,611)
Charitable activities 5
Governance costs 6
Total expenditure
Net income/(expenditure) before net movements on investments
Losses on investments
Net income/(expenditure)
Reconciliation of funds
Total funds brought forward	1,398,715 1,365,130 1,398,715 1,488,326 1,365,130 1,372,963 1,372,963 1,398,715
Total funds carried forward 11

The net income/(expenditure) before the net movements on investments was credited/(charged) to unrestricted funds. The losses on investments was charged to the endowment funds (see note 11).

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THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

(REGISTRATION NUMBER: CE028641) BALANCE SHEET AS AT 31 AUGUST 2023

	2023 £ 2022 £ 1,277,088 1,298,920 655 3,039 97,320 99,199 (2,100) (2,443) 95,875 99,795 1,372,963 1,398,715 982,910 1,003,317 390,053 395,398 1,372,963 1,398,715
Note
Fixed assets
Investments 9
Current assets
Cash at stockbrokers
Cash at bank and in hand
Creditors: Amounts falling due within oneyear 10
Net current assets
Net assets
Funds of the charity:
Endowment funds
Unrestricted funds
Total funds 11

The financial statements on pages 8 to 13 were approved by the trustees and authorised for issue on 23[rd] May 2024 and signed on their behalf by:

......................................... Mrs. Celia Hawkesworth Chair and Trustee

Page 7

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Charity status

The British Scholarship Trust (Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia) (the 'Charity') is a Charitable Incorporated Organisation.

The principal address is given on page 1. The nature of the charity’s operations is set out in the Report of the trustees on page 2.

2 Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The financial statements have been prepared on a going concern basis.

The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

Statement of compliance

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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)).

Basis of preparation

The British Scholarship Trust (Bosnia and Herzegovina, Croatia, Kosovo, Montenegro, North Macedonia, Serbia) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The functional currency of the charity is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the charity operates. The financial statements are presented in pound sterling (£).

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

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THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Page 9

THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Taxation

The charity is a registered charity and is therefore exempt from taxation.

Investments

Investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.

Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

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

Endowment funds represent hose assets, principally investments which must be held permanently by the charity. Income arising on the permanent endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.

Financial instruments

The charity only has other financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3 Income from donations and legacies

	2023	2022
	£	£
Donations and legacies
Donations from individuals	46 -

4 Investment income

		2023	2022
		£	£
Investment income		40,520 37,682

5 Expenditure on charitable activities

		2023	2022
		£	£
Residential costs, maintenance, visa fees and study prizes		38,512 28,339

6 Governance costs

		2023	2022
		£	£
Accountancy fees		2,160 1,650
Trustees expenses		345 -
Bank charges		167 44
Website costs		- 72
Professional fees		509 2,714
Room hire		408 357
		3,589 4,837

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THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7 Trustees remuneration and related party transactions

None of the trustees received any remuneration during the year (2022: £nil). Reimburse expenses of £345 were paid to trustees during the year (2022: £nil).

There were no paid employees in the year or previous year.

8 Taxation

The charity is a registered charity and is therefore exempt from taxation.

9 Investments

9 Investments
	2023 2022
	£ £
Listed investments	1,277,088 1,298,920

	Listed investments Total
	£ £
Valuation
At 1 September 2022	1,298,920 1,298,920
Revaluation	(20,407) (20,407)
Disposals	(1,425) (1,425)
At 31 August 2023	1,277,088 1,277,088
Net book value
At 31 August 2023	1,277,088 1,277,088
At 31 August 2022	1,298,920 1,298,920
10 Creditors: amounts falling due within one year
	2023 2022
	£ £
Accruals	2,100 2,443

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THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

11Funds

11 Funds
	Balance at 1
	September Incoming Resources Balance at 31
	2022 resources expended August 2023
	£ £ £ £
Unrestricted funds
	395,398 40,566 (45,911) 390,053
Permanent endowment funds
	1,003,317 - (20,407) 982,910
Total funds
	1,398,715 40,566 (66,318) 1,372,963
	Balance at 1
	September Incoming Resources Balance at 31
	2021 resources expended August 2022
	£ £ £ £
Unrestricted funds
	394,975 37,682 (37,259) 395,398
Permanent endowment funds
	1.093,351 - (90,034) 1,003,317
Total funds
	1,488,326 37,682 (127,293) 1,398,715

12Analysis of net assets between funds

	Unrestricted Endowment
	Funds Funds Total funds
At 31 August 2023	£ £ £
Fixed asset investments	294,178 982,910 1,277,088
Current assets	97,975 - 97,975
Current liabilities	(2,100) - (2,100)
Total net assets
	390,053 982,910 1,372,963
At 31 August 2022
Fixed asset investments	295,603 1,003,317 1,298,920
Current assets	102,238 - 102,238
Current liabilities	(2,443) - (2,443)
Total net assets
	395,398 1,003,317 1,398,715

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