2022-09-30-accounts - The Bunac Educational Scholarship Trust

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BUNAC EDUCATIONAL SCHOLARSHIP TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Registered Charity Number: 295868

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

Charity No. 295868

CONTENTS	PAGE
Trustees and Advisers	1
Trustees’ Report	2 - 3
Independent Examiner’s Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Financial Statements	7 - 9

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

Charity No. 295868

TRUSTEES AND ADVISERS

TRUSTEES: J Tabuteau A Robson (resigned 20 April 2023) C Kennedy S Gervaise-Jones P Bonner Hughes D Brooks (appointed 1 January 2023) PRINCIPAL OFFICE: 28a Bellefields Road London SW9 9UQ BANKERS: NatWest Bank plc 169 Victoria Street London SW1E 5BT INDEPENDENT EXAMINER: Simon Hammerton Beavis Morgan Audit Limited 82 St John Street London EC1M 4JN INVESTMENT MANAGER: BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue London EC2N 2DL

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

Charity No 295868

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2022

The trustees present their report and the financial statements for the year ended 30 September 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).”.

Governance

The charity is constituted under a trust deed dated 12 November 1986 as amended by further trust deeds dated 13 March 1997, 1 May 2006, 21 September 2012, 22 September 2012 and 20 February 2014 for subsequent change of trustees and variation of deeds.

Trustees

The trustees who held office during the year are listed on page 1. The power to appoint trustees to the Trust is held by the trustees.

Aims and organisation

The principal activity of the Trust is the advancement of education by granting scholarships and grants to persons to pursue courses of approved study or research. Grants have been made to people from Britain starting such courses in the USA and Canada. The trustees have had regard to the Charity Commission’s guidance on public benefit.

Review of the Trust’s activities

The Trust’s Statement of Financial Activities on page 5 shows Net Outgoing Resources of £(3,243) (2021 - Net Incoming Resources of £45,906). The Covid-19 pandemic has had a serious impact on further education and how it is delivered over the last two years, but thankfully there has now been a return to more normal provision and a relaxation of visa restrictions brought in to contain the spread of the pandemic. This has meant that the Trustees were able to invite applications for Scholarships starting in 2022, something which they had decided not to do in 2021. Although grants totalling £60,000 were allocated, one of the successful candidates subsequently withdrew, so Scholarship grants payable for the year were £52,500 (2021 - £3,500). The value of the investments held by the Trust has fallen by 11% which reflects a general fall in world stock markets over the accounting year. The Trustees consider the results for the year and the position at the yearend to be satisfactory, and that the Trust has sufficient assets to fulfil its obligations.

Investment policy

Under the terms of the trust deed, the charity has the power to invest in such investments as the Trustees see fit.

Risks

During the year the Trustees reviewed the general environment in which the Charity operates to identify potential serious risks and ensure that suitable arrangements exist to minimise the impact of the identified risks.

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

Charity No 295868

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2022- continued

Reserves policy

It is the policy of the Trustees to ensure that the Trust holds sufficient reserves to enable it to meet the operational needs of the Charity for at least the forthcoming year.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Annual Report and the financial statements in accordance with 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 the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the trustees are required to:

a) select suitable accounting policies and apply them consistently;
b) observe the methods and principles in the Charities SORP;
c) make judgments and accounting estimates that are reasonable and prudent;
d) state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

The trustees are responsible for keeping sufficient accounting records that 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 and the provisions of the trust deed. 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.

C Kennedy Trustee 28a Bellefields Road London SW9 9UQ

J Tabuteau Trustee

11 July 2023

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

TO THE TRUSTEES OF THE BUNAC EDUCATIONAL SCHOLARSHIP TRUST

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022

I report to the trustees on my examination of the financial statements of The BUNAC Educational Scholarship Trust (‘the charity’) for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

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

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 financial statements to be reached.

Simon Hammerton

82 St John Street London EC1M 4JN

11[th] July 2023

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

2021 £ 54,729 54,729 3,500 2,040 253 1,500 1,530 8,823 45,906 296,702	2021 £ 54,729	2021 £ 54,729
	54,729
		3,500 2,040 253 1,500 1,530
		8,823
342,608 1,554,088
1,896,696

All amounts relate to unrestricted funds and continuing operations.

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

BALANCE SHEET AS AT 30 SEPTEMBER 2022

Note Fixed assets Investments 5 Current assets Cash at bank Current liabilities Creditors: amounts falling due within one year6 Net current assets (liabilities) Net assets Funds - unrestricted Initial capital General Trust Fund	2022 £ 1,650,906 83,665 83,665 (40,610) 43,055 1,693,961 100 1,693,861 1,693,961	2021 £ 1,850,468 49,663 49,663 (3,335) 46,328 1,896,796 100 1,896,696 1,896,796	2021 £ 1,850,468 49,663 49,663 (3,335) 46,328 1,896,796 100 1,896,696 1,896,796


			100 1,896,696
			1,896,796

These financial statements were approved by the trustees on 11[th] July 2023

C Kennedy Trustees J Tabuteau

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1 ACCOUNTING POLICIES

(a) Basis of preparation

The accounts financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Charities Act 2011 and “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) (effective 1 January 2019)”.

The financial statements have been prepared on an accruals basis.

(b) Going concern

Following a review of the Charity’s assets, liabilities and future planned expenditures, it is considered that the Charity will be able to continue in operational existence for the foreseeable future. The Charity holds sufficient reserves to enable it to meet it’s operational needs for at least the forthcoming year. On this basis, the Trustees consider that the going concern concept continues to be appropriate and there are no material uncertainties over the Charity’s ability to continue.

(c) Incoming resources

Income is recognised in the year in which the Trust is entitled to receipt.

(d) Investments and investment income

Investments are included at closing market value at the balance sheet date being the estimated fair value of the investments. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Investment income is included in the Statement of Financial Activities in the period in which the charity is entitled to receipt. Gains and losses on investments are disclosed in the Statement of Financial Activities.

(e) Liabilities

Liabilities are recognised by the Trust as obligations to transfer economic benefits as a result of past transactions or events.

(f) Unrestricted general funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general charitable objectives of the Trust and which have not been designated for other purposes.

(g) Resources expended

All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. The Trust is not registered for VAT and accordingly expenditure is shown gross of irrecoverable VAT. Management and administrative expenses comprise costs of running the Trust itself as an organisation.

Grants and scholarships awarded during the year are included as expenditure in the Statement of Financial Activities in the period for which the award is given.

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 – continued

2 SCHOLARSHIPS

2 SCHOLARSHIPS
	2022	2021
	£	£
Grants and scholarships to individuals
Awarded during the year	52,500	3,500

3 TAXATION

The Trust is a registered charity and, therefore, is not liable to income tax on income derived from its charitable activities as it falls within the various exemptions available to registered charities.

4 TRUSTEE REMUNERATION

No trustee received any remuneration during either year. The amount of expenses reimbursed during the year was £224 (2021 - £0).

5 INVESTMENTS

INVESTMENTS
	2022	2021
	£	£
Market value at 1 October 2021	1,850,468	1,583,766
Sales	-	(30,000)
Net gains (losses) on revaluation during the year	(199,562)	296,702
Market value at 30 September 2022	1,650,906	1,850,468
Historical cost as at 30 September 2022	1,013,880	1,013,880

The Charity’s investments represent units in the BlackRock Charities UK Bond Fund (previously Charinco) and BlackRock Charities UK Equity Fund (previously Charishare) Common Investment Funds, which are registered in the United Kingdom.

6 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR

Sundry creditors Accruals	2022 £ 38,500 2,110 40,610	2021 £ 1,775 1,560
		3,335

BUNAC EDUCATIONAL SCHOLARSHIP TRUST

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 – continued

7 FUNDS

All the Trust’s funds represent unrestricted funds which the Trustees are free to use in accordance with the Trust’s objects.

Initial	Unrestricted	Total
Capital	Funds	Funds
£	£	£
At 1 October 2021 100	1,896,696	1,896,796
Net income for the year -	(202,835)	(202,835)
100	1,693,861	1,693,961

8 ULTIMATE CONTROLLING PARTY

The ultimate controlling party is considered to be the Trustees, as a body.