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. Ken￿th 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 Peri￿19 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 ￿na￿la1 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..
(L0kn￿r
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 eligi￿8 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 r￿1 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 A￿Ountants 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 fo￿ard
1372963 1 398715
Total funds carried lo￿ard
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 ¢r￿QWment 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 Othe￿188
slated.
Golng concorn
The flnanclal stalen￿ntS 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
ur￿ertaInlieS 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 re￿gnISed once the charity has entitlement to th8 income. it is probable that the income
wlll be received and the amount of the income re￿iVable 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 ne￿SSary 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 St￿￿Y 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