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 2024
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA. CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA) CONTENTS Reference and Administr8tNe Detalls Report of the Twstees 2to4 Independent Examinerfs Repcfft 5t06 Statement of Financial Activities 7t09 Balance She8t 10 Notes to th8 Fln8n¢ial Stalem8nts 111021
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA. SERBIA) REFERENCE AND ADMINISTRATIVE DETAILS Chalr Mrs. Cella Hawkesworth TrustOe8 Mrs. Celia Hawkeswcfth Dr. Cathie Carmlchael Prof. Kenneth Morrison Dr. Alun Thomas Dr. Tanja Radu Mr. Poter Morris Dr. Radmila Mileusnlc Mr. Robln Brown Dr. cornel Sor8bji Dr. Mark Thompson Ms. Sanja Bosak Prlnclpal Offlc• Woodbin8 Cottage Troy Lane Kirkllnglon OX5 3HA Charlty R•glstrallon Numb•r 1198302 Independent Examlner Timothy William Slater ACA,CTA Shaw Gibbs Limited 79a High Street Teddington Middlesex TW118HG Page 1
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATI KOSOVO, MONTENEGRO. NORTH MACEDONIA, SERBIA) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present the annual report together with the financi81 statements of th8 charity for Ihg year ended 31 August 2024. Trustees The following trustees seNed on the Board during the year and up lo th& date of approval of this report. Mrs. Celia Hawkesworth Dr. Calhle Carmichael Prof. Kenth Morrison Dr. Alun Thoma5 Dr. Tanja Rad Mr. Peter Morris Or. Radmlla Mlleusnic Mr. Robin Brown Dr. Cornelia Sorabi'l Dr. Mark Thompson {appoinled 8 November 2023) Ms. Sanja Bosak {appoinled 24 February 20241 ObJectlve• and •¢tlvltlfr8 Publlc ne11t To promote the educatlon of graduate student5 primarily but not exclusively under the age of 30 years who are residents and are studying in the cijunlries of Bosnia and Her£6govina, Croatia, Kosovo, Montenegro. North Macedonia and Serbia. The CIO will do this by 8warding scholarships to enable such persons lo undertake short Peri19 of res&arch In the United Kingdom al any universlty, College of education, or other institution of further education lincludlng professional and technicall approved fly the purpose by th8 Trusl88S. The tTuste8s confirm that thèy have complied with the requirements of secllcn 17 of the Charfties Act 2011 to havg due regard to the publlc beneflt guldance published by the Charlty Commls8ion for England and W8le¥. Achl•v•m•nts, perforniancè and flnanclal rovlaw Investment incom8 dunng the year was £43,27312023". £40,520). During the year the trustees awarded grants of £25,90212023'. £38,512}. The net incoming sOUrCeS after grants and admlnislratlon was £10.92712023'. net outgoing resources of £5,345}. There were realised and unrealised gains on investments of £91,671 {2023'. unrealised losses of £20,407). The balance on funds increased fiDm £1,372,963 to £1,475,561 and are sufficient to cover expected operating expenditure for the foreseeable fvture. Page 2
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Twelve stud8nts were supported to come to the UK in th8 2022123 nala1 year. SIX students C8m& from Croatia. three from Serbia. from North Maeedonia and one from Kosovo. There were no students from Bosnia and Herzegovina or Montenegro. The students were all awarded grants for eith8r iwo or three months of study. The Vola Kondic Memorial Prize was awarded to one of the North Macedonian students for his report on engineering research project on reducing hamiful dlesel emissions for public transport busses at Bath University. The fomial CIO process w86 completed wilh lh& Charfty CommIssl reglster of mergers In July 2024. Sanja Bosak was appointed as a trustee and new TTe89urer In February 2024. wf(h an ¢Jngoing support from Robin Brown. A number of policies goveming the Charlty w8re updated and approved by tW8tees and Chalr 81 AGM on 23 May 2024. These are.. Financial R&seTves Policy, Conflict of Interest Pollcy, Safeguarding Pollcy, Sedou5 Incidanl R8POrting Policy. Trustee Expenses Pollcy and Risk Management land matrix) Pollcy. Some small Ghangeslclarificalions wer8 made to th& website lo make Clearer the Charity's position on extending grants and place of studying v residency of students. Trustees considered various actions on how lo increase the number of applications from Bosnla and Herzegovln8, Kosovo and Monlenegro. Structurn, govornanc• and manag•m•nt Naeure of governlng docum•nt The British Scholarshlp Trusl {Bosnla and Herzegovina, Croatia. Kosovo, Montenegro. North Mac8don18. Serblal I'charlty'l 1$ 8 Charltable Incorporated Organisation and was regisl8red by Ihe ChBrSty Commi58ion on 21 March 2022 with charity registration number 1198302. On 10 May 2023 the Charity acquired the assets and assumed the Ilabilities of The British Scholarship Trust (Bosnla Herzegovlna, Croatia. M8cedonla, Montenegro, Serbial I'Fomi&r Charity") (charity number 10314281. Rlsk Managemont The trustees have assessed th8 m8lor rl8ks lo which the charity1$ 8XPO8ed, in particular those relaled lo the operation and finances of the Irusl. and are satlsfl8d that systems are In place to mltigal8 our 8XPOsure to tha major risks. As advised by our professlonal advisors, the INsl'g PQrtfollo continues to be acllv•ly managed. The whole portfolio is held withln the Bardays Chadty Fund. Page 3
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA) REPORT OF TrIE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 ststement of Trustegs. Respon8lbllltlas Th8 trustees are responsible for preparing the trustees, report and the financial statements in accordanc8 with the United Kingdom Aecounting Standards (United Kingdom Generally AC(Pte Accountsng Practice) and applicable law and regulations. The law appllcabl& to charities in England & Wales requires the trustees to Prepa financial statements for each financial year in accordance with United Kingdom Generally Accepted Accountlng Pra¢li¢e {Unlted Kingdom Accounting Standards and applicable law}- The trustees musl nol approve the financial statements unloss they are satisfied that they give a true and fair view of th8 slate of affairs of the charlty and of its incoming resources 8nd application of resources, indudlng Its in(x)m8 and expeThJilure, for that period. In preparlng these finan¢lal stslements, the IDJStees ar8 required lo.. select suitsbb accounting poliGl&s and apply them consistently: observe the mathods and principles In the Charttl8s SORP: make judgements and eslimales that are reasonable and prudenl; slate whether appllcable UK Accounllng Standards have been followed. Subject to any material departures disclosed and explained in the flnanci81 statements- and prepare th8 flnancial Statements on the golng concern basis unless it is inappropnale to presume that the chadty wlll conllnue in business. The Iruslee8 are responsible for k8&ping adequate 8ccounllng records that are sufficient lo Show and explain Ihg Gh8rity's transactions 8nd disclose wilh reasonable accuracy at any tlme the financlal position of the charity and enable them lo ensure that the financial stslements comply with the CharttSes Act 2011, the Charity {Accounls and Reports) Regulations 2¢)08. They aT8 also r8sponslble for safeguarding the as$8ts of the charity and hence for 18king reasonable steps for the pievenlion and detection of traud and olher Irregularities. The 8nnual report was approved by Ihe trustees of the charity on 17 March 2025 and signod on Its behalf by.. (L0knr Mrs. C811a Hawkesworth Chair and Trustee Page 4
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA) INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA. CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA) I report to the Gharity trustees on my ex8mlnalion of the accounts of the ch8rlty frjr the year ended 31 August 2024 which ale set out on pages 6 to 13. R•spectlve ra$ponslbllltl•s of tru¥t•os and examlnor As the charity's trustees of Th8 British Scholarship Trust (Bosnia and Herzegovina. Croatia. Kosovo, Montenegro, North Macedonla, Serbial you are responsible for the preparation of the accounts In accordanc8 wlth the requirements of the Charities Act 20111'the 2011 ACV). Having satlsfied myself that the accounts of The British Scholarship Trust (Bosnia and Henewvina, Croalia, Kosovo. Monlenegro. North Macedonia, Serbia} are not required to be audited under Section 14412) of th& 2011 Act and a18 eligi8 for independent examlnalion. I report in rgspect of my examinallon of your charlly's actxfyunts as carried out under section 145 of the Charitles Act 2011 Ilhe 2011 Ad'l. In carrying out my examln81ion I have followed the Directions glven by the Charity Commlssion under section 145(5llb} of the 2011 Act. Indepondont examlner'• stat•m8nt I have ox)mpleled my examlnation. I confirm that no m8tt8r8 have me to rny attention In ¢onnecllon th the examination givlng me cause to beli8V&-. 1. ac¢ountlng records were not kept in r8sp8Ct of The Brltlsh Scholarshlp Trust 18osnla and HerLegovina, Croatla, Kosovo, Monlen8gro, North Macedonla, Serbial as required by section 130 of th8 2011 Act,. or 2. the a¢UnIS do not accord wlth those records; or 3. the accounts do not comply with the accounting requirements of the 2011 Act other than any requirement that thg accounts give a 'lrue and fair view, which is r1 a matter Considered as part of an Independent ex8minallon' or 4. the accounts have not been prepared in accordanc& wlth the methods and principles of the Stat8m8nt of Recommended Pr8Ctl¢e for accounting and porting by charitres lappllcabl& to charrties preparing their accounts In accordance wrth the Flnancial Reporting Stsndard applicable in th8 UK end Republlc of Ireland IFRS 102}1. I have no concems and have come across no other matters In connectton wlth th8 examlnation to whlch attention should be drawn in this report in order to enable a proper undersl8ndlng of the accounts to be reached. Timthy William Slater Institute of Chartered AOuntants In England and Wales 798 High Stffjet Teddington Middlesex TW118HG Dat8: 17 March 2025 Page 5
THE BRITISH SCHOLARSHIP TRUST {BOSNIA AND HERZEGOVINA, CROATI KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Income from: Donations and legaci8S Investment income 46 40,520 Total income Expendlture on: Raising funds Charitable activllies Governance costs 13.9221 13,8101 125,902) {38,5121 Total expenditure Nel incomellexpendllurel b6fore net movements on Investments Gainslllossesl on Investments Net income/lexpenditur&l 10,927 {5.3451 102 598 Ro¢onclllallon of fund8 Total funds brought foard 1372963 1 398715 Total funds carried loard 11 1475 561 1 372 963 The nel incomellexpenditurel b8fore the net movem8nts on investments was credltsdllcharg8d} lo unrestrlcled funds. The galns on Investments were credited lo the ¢rQWment funds Isee note 11 }. Page 6
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO. NORTH MACEDONIA, SERBIA) (REGISTRATION NUMBER: CE028641) BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notg Flx•d assets Investmènts 1,363.804 1277 088 Curr•nt assots Cash at sliKkbrokers Cash at bank and in hand 1,688 111,209 655 97,320 Crodltors: Amotsnts falllng du• wlthln one year Not current assati 10 111 757 Not a•••tB 1.475.561 1.372.963 Funds of the chailty: Endowment funds Unrestrlcled fvnds 1,074,581 400,980 982,910 390.053 Total fund8 11 1475 561 1372 963 The financial ststemenls on pages 8 to 13 were approved by th8 trustee8 8nd authorfsed for issue on 17 March 2025 and stgned on IheST 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 2024 1 Charity status The British S¢holarship Trust (Bosnia and H8rzegovina, Croatia, Kosovo, Montenegro. North Macedonia. Serbia} (the 'Chan) is a Charitable Incorporated Organisation. The principal address is glven on page 1. The nature of the charitys operations is set out In the Report of the trustees on page 2. 2 Accountlng policles The prlnclpal accounting pollcks applS8d in the preparatlon of these ffinanclal statements are set out below. Tho88 policw have been conslstently applied to all the years presented, unles5 Othe188 slated. Golng concorn The flnanclal stalenntS have been pr8pared on a wing conc8m basis. The Iruslees as5es$ whether the use of golng concem is approprlate 1.8. whether there are any mater4al urertaInlieS related lo events conditions that may cast significant doubl on the abllity ol the charity to contlnue as a golng Goncem. The tnjslees make this assessment in resp8Ct of a perlod of one year from the dale of approval of the financpl statements. Statement of ¢ompllanc8 The financial st8lem8nts have begn prepared In a¢cordan¢e wth AccounlirvJ and Reporting by Ch8ri118s.' Slatem8nl of Recommended Practice lappllcable lo charities preparing their accounts in 8crordance with the Flnanclal R&portlng Sland8rd applicable In the UK and Republic of Ireland IFRS 10211 {issued in October 2019I- {Charities SORP IFRS 10211. Bas1$ of preparatlon The British Scholarghlp Trust (Bosnia and Herzegovina, Croatia, Kosovo, Mont8negro, North Macedonia, Serbial meets the definiJon of a public ben8fl1 enlity under FRS 102. Assets and liabblltles are initially recognised at hislorlcal cost or transactton value unless otherwise stated in the relevant accountlng policy notes. The functlonal currency of the charity is considered to be pound sterling {£} because that is the currency of the primary economic envimnment in which the charty operates. The financial statements are pr88enled in pound sterling {£)- Incomo and ondowmonts l income is regnISed once the charity has entitlement to th8 income. it is probable that the income wlll be received and the amount of the income reiVable can be measured reliably. Page 8
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO. NORTH MACEDONIA, SERBIA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Donatk)ns and10gacles Donations are recognised when the charity has teen notrfied in writing of both thè amount and settlement dale. In the event that a donatlon is subject to conditions that requir8 a level of pgrformance by the chartty before the charily18 entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of thos6 conditions is wholly within the control of the charity and il is prob8ble that these conditlons wlll be fulhlled in the reportin9 period. Expgndlturo All expenditure is recogn198d once there 18 a legal or constructive obllg8tion to that expenditure, it Is probable semement is required and the amount Gan b6 measured reliably. All costs are allocated to the applScable expenditure heading that aggregate similar costs to that category. Where costs cannot b& directly attribu18d lo particular headings they have been allocat8d on a basis consislenl with the use of resources. wlth central staff costs allo¢ated on the basls of tlme spent, and depreciatlon charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Ralslng funds These are costs Incurred In attracting voluntsry Income, the management of investments and th088 incurred in Ir8ding aclivllles that raise funds. Charltable actlvltl•• charitab expenditure compri888 those costs incurred by the charlty In the delivery of Its actlvities and S8rvices for tts beneficiaries. 11 Indudes both costs that can be allocated directly to such actlvilles and those costs of an indirect nature neSSary to support them. Grant provl8lons Provisions for granlg are made when the intentlon to make a grant ha$ baen communlcaled to th8 cipient there is uncertalnty about elther th& tlmlng of the grant or the amount of grant payable. Support Costs Support costs include centr81 functions and have been allocated to activity cost categories on 8 basss consislenl wlth the use of resources. for example, allocating property costs by lloor areas, or percapita. staff costs by the tlme spent and other $ts by their usage. Gov•rnan¢o c08ts These include the costs attributable to the charTrty's compliance wlth consts'tutional and statutory requirements, induding audit, strategic management and truste69 rneets'ngs 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 2024 Taxatlon The charity is a registered charity and Is therefore exempt from taxation. Invgstmgnts Investments are included al market value at the balance sheet dale. Raalised gains and losses on investments are calculatsd as the drfter6nce between sales proceeds and their market value at the stsrt of trte year. or their subsequent cost, and are charged or Gredited to the Ststement of Financial Activities in th8 perlod of disposal. Unrealised gains and losses represent the movement in market Values durlng the year 8nd are credited or charged lo the Statement of Financial Aclivlties based on the market value at the year end. Cash and cash oqulv¥lents Cash and cash equivalents comprlse cash on hand and call deposits, and other short-temi highly liquid investment5 that are readily convertible to 8 known amount of cash and affj subled lo an insignificant risk of change in value. Fund slrudurn Unrestricted income funds are general funds that 8re avallable for use at the dl3cretlon of the tnJst8es in furtherance of the objectives of th8 charty. Endowmenl funds repr&8ent hos8 8S88ts, prlndpally Investments whlch must b& held permanently by the charfty. Income ariglng on the peimanenl endowment fund can be used in accordance wrth the oblects of the ¢hanty and Is included as unrestrlcted Sncome. Any capllal galns or losses arislng on the investments form part of the fund. Flnan¢lal Instruments The charity only h05 Oth&r fln8ncial assets and liabilits'es of a klnd that quallfy as basic flnanclal Inglruinenls. 8aslc financial Instwments are Initially recognised at transaction value and subs8qu8nUy measured al their settlement Value. Page 10
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO. MONTENEGRO, NORTH MACEDONIA. SERBIA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 3 Income from donations and legacles 2024 2023 Don411ons and lega¢l&8 Donations from individuals 46 4 Investment Incom• 2024 2023 Inve8tment Income 40,520 5 Expendlturn on charltablo actlvltles 2024 2023 Residentlal costs. maintenance. vlsa fees and StY prize8 25,902 6 Govarnancè costs 2024 2023 Accountancy fe8s Trustees expenses 8ank charges Professional fees Room hire 1,140 166 122 682 412- 2,160 345 167 509 Page11
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA, CROATIA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 7 Trustees remuneration and ralated party transactions None of th8 trustees rec8ived any remuneration during the year12023: £nill. Roimburse expanses of £166 were paid to trustees during tho year12023.' £3451. There were no paid employeés in the year or previous year. 8 Taxatlon The Gharity is a reglstered tharty and Is th8refor8 exempt from taxatlon. 9 Investmènts 2024 2023 L18ted inv88lments 1,363,804 1 277 088 Llsted Inve8tment8 Total V•luatlon Al 1 September 2023 Revaluallon Disposals 1,277,088 91,530 1,277,088 91.530 At 31 August 2024 1363 804 1 363 804 Nfrt b¢)ok value At 31 Au9usI 2024 1363 804 1 363 804 At 31 August 2023 1277 088 1,277,088 10Cred5tors: amounts falling due within one year 2024 2023 Accruals Pagg 12
THE BRITISH SCHOLARSHIP TRUST (BOSNIA AND HERZEGOVINA. CROATIA, KOSOVO. MONTENEGRO, NORTH MACEDONIA, SERBIA) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11 Funds Balanca at 1 S•ptembor 2023 Incomlng resour¢g5 Rosources expended Balancé at 31 August 2024 Unrestricted funds 3,053 43,273 {32.3461 400.980 Pemianant endowment funds 982 910 91.671 1.074.581 Total funds 1,372,963 134,944 32,346 1,475,561 Balanco ot 1 Soptembor 2022 Incomlng r•$ourc85 Rosources exp8ndod Balanc& at 31 August 2023 Unreslricted funds 395.398 40,566 (45.9111 390,053 Permanent 8ndowm8nt fijnds 1003 317 982.910 Total funds 1398,715 40.566 1.372.963 12Analysls of net assets between funds Unrw4tr1ct•d Funds Endowmont Funds Tolal fund8 At 31 August 2024 Flxed asset investments Current assets Current liabi1Stles 289,223 112,897 1,140 1,074,581 1,363,804 112,897 Total net assets 1074 581 1475 561 At 31 August 2023 Fixed asset investments Current ass&ts Current liabilities 294,178 97.975 982.910 1,277,088 97,975 Tolal net assets 39).053 982,910 1.372.963 Page 13