BUNAC EDUCATIONAL SCHOLARSHIP TRUST ANNUAL REPORT AND fiINANCJAL sfATEMEI NTS FOR THE YEI AR ENDJLD 30 SEI PTEMBER 2024 Reglstered Ch814ty Number,. 295868 BUNAC EI DUCATIONAL SCHOLARSHIP TRUST Cliarlty No. 295868 CONTENTS PACJ Trust¢es and Advisus Trustee5' lieport Ind¢pendent Exainlnei s Report Statetnent of Financial Activities Balance Sheet Notes to the Financial Statements UNAC DUCATIONAL SCHOLARSHIP TRUST ChArlty No. 295868 TRUSTEIIS AND ADVISERS TRUSTLI ES,. J Tabuteau C Kennedy S Gervaise-Jones P BotULa' Hiighes D Brooks PRINCIPAL OFFICE: 28a Bsllefields Road London SW9 9UQ BANKERS: Natwest Bank plc 169 Victoria Street London SWIE5BT INDEI PEI NDJLNT EXAMINER: Simon Hpmmerton Bebvis Morgan Audit Liinited 82 St John Sti'¢¢t London ECIM4JN INVJ£STMEI NT MANAGII R: BlackRock Investsttent Manageintnt (UK) Ltinited 12 Thro81￿01'ton Avenu6 London EC2N 2DL BUNAC DUCATIONAL SCHOLARSHIP TRUST Chhylty No 295868 TRUSTEfi S, REI PORT FOR THE YJ4AR ￿NDED 30 SEPTKMBI4R 2024 The trusle¢5 piesent their irport and the financial statements for the year ended 30 September 2024. The financial stateineots have been piypared ID accoiM1ance with the awountinE policies set out tn noie I to the financial stateihents And comply with the chai'ity's trust dced, (he Charities Act 2011 and 'Accoiintlll8 artd Repoi'ting by Charitie5.' Statement of Recominended Pi'octice applscable to charities preparing tlieir a¢counts in accoixlance with tlie Finanoial ReporlD)g Standaid applicable in the UK and Repiiblic of Ireland (FRS102) (effective l January 2019)." Governanc¢ Th¢ ¢hai'ity is con5tstuted linder a trust deed dated 12 Novejnber 1986 as aineryded by further trust deeds datcd 13 MarGh 1997, 1 May 2006, 21 S¢ptemb¢i' 2012, 22 SepteinbBr 2012 and 20 Febi'uary 2014 for subsequent change of trustees and vai'lation of deeds. Trustees The tt'ustCES who held office during the y¢8r ait listed on pag¢ l. The power to appoint ti'ustecs to the Ti'ust is held by the trustees. ARMS And organlspllon The principal activity of the Thst is the advanceincnt of education by giyntlng scholarship5 and grants to PBrsons to pursue couyses of approved study or research. Gixttis have been In8de to people from Bi'itain starting such courses in the USA ond Canada. The ttus¢ees have liad regard to the Chai'ity Coininission's giiidance on public benefit. Revlew of the Trust's aetlvllles Tlie Tj'ust's Stateinent of Financial Activities on page 5 shows Net Outgoing Resource5 of £{15,705)12023 - £16,039)). The Covid-19 pand¢mic has had a sei'ious llllpftot on furth￿. education and how it is delivered ov¢r the last few yeai's, but th8nkft)Ily ther¢ has now been a iEts]I'n to more norinal PlDvision and a irlaxation of visg restrletions broiight in to contain the spitad ufihe pwidemic. Tliis has ineant that the Trustees w¢re able to invite applications for Seholarships slai1ing in 2022 and given thc stitngth of applieatlts In 2024 it wa5 decided to inciEase the level of thnd5 available to alloeate to suc¢e5sful candidatts to £75.000. Scholarship gi'ants payable foi. the year weir £75,000 (2023 - £60,000). World stock maikets haye been subjec¢ to a fair amount of turbulence due to the after effects of the Covid-19 pandeinic and increasing interest rates as a itseasuir to ¢urb infl&tion, although thes¢ now seem to have peaked. The result lias beeii that the value of the Tiwst's investinents, at in exces5 of £2n)illion, now ex¢eeds their pir Coviik19 value. The Trustees consider the results for the year and Ihe position at tho year-end to be satisfactOryTr and that Lhe Trust has sufficient assets to fulfil its obligations. Investment pollcy Under the terms of th¢ trust deed. the chprlty has the pow￿. to invest in su¢h inv¢stEnents as the Trustees se¢ fit. Rlsl(s During the year th¢ Trustces review¢d the genei?l environment in which the Charlty operates to identify potential serious risks and ensure that suitsble ari'angein¢nts ¢xlst to minimise the impact of the iden¢ifi¢d risks. BUNAC EDUCATIONAL.SCHOLARSHIP Tlius'r Clijrlty No 295868 TRVSTCI ES, RCPORT liOII THL YC4 Atl NDED 30 Sfb PTf.MBER 2024- contlnuc Reserv￿ pollcy li is tli¢ poliLy of the Th18iees to eiisure Ihdl the Trusl Iiolds 511rriLicni YeseThe$ io ¢lliblL it to Ill¢Li III opeytiliunal iie¢d8 of ilie ChDriiy for ai leasl (hc fortli¢i)mIn￿ year. .8tAtLiip¢nl of truslees, re5ponslbllltle$ Tlie irusiees re responsible for preporiiib¥ ilie Aiiiiiidl Roport aiid Ilic IiiiunciDI ￿￿1¢11]ellI5 in accordoiicc iviih applicable lJiv nnd r¥LtiilalioThs. Thc IRIY uppllcublc lo cliaritles iii Englaiid & WlllBs r¢qiiires ilie ITuslccs lo prcpai'c fiiihiiclal sial¢mLbnls for r Iii aLLvrdnnLC iviih Uiiiled Kiiigtdoni QLnLiilly Accept¢d AL¢ouniing Piicti¢e (United Kiiigdoin ALcountiii8 Slandaixls und upplieoblc lllw). Tli¢ IrL15¢¢L'S Iniist not appiY>ve th¢ finnnciul slirylelliciils uiilcss III#y Ilrc slllisfi¢d Iliai tliey give a IriiL' Iiiid fftii vieii, of Ilie stole of ntlatr5 rTrf Ihe charity and or Ilie iIILoiiiliiuJ resou￿¢5 lliid llppli¥atlon ofr¢sourc¢5, in¢liidlDg Ilie iliLoine Jnd expeiidiliir¢, of Ilie cliarily foi. Iliai piriod. Iii pr¢i)ai.Iiig tlics¢ finoiicial sl8lcm¢nts. Ihe tn15tees are requireil to: I seleil 5uiiftI)Ic aCLoiinlin& polici¥s 4iid apply Iliciii consislciiily: bl vbservc Ilie iii¢iliods lliid prhiieiples it) Ilie Charities SORP; d) slLIIL iYIILiliei Jpplieiibli UK Accouiilinb Staiidards hAve bLCn folloived, subjecl io any Inaterihl depuriurcs disclos¢d aiid explniiied ilie finaii¢ial stli l¢nieLIIs. c) pirpaii. Ili¢ finllneial $iaicni¢nis the goiilg eon¢ern basls unless it is ill&PPTupfiRte lo presume Tli¢' Iriisl¢es lir¢ rcspoii%ible foi. Ke¢ping 8ullicient nccountliig r¢cords ihai di5¢1ose wlih r¢iisoiiable IlLLiiriicy wilh Ihv LhnriiiL'S A¢1 20 I I, IhL Ch&rily (A¢couii15 aiid Ileporls) RebTul&iiOllS 2008 dnd ilie pr()ViSiUn5 of Ilie Irusi deed.'I'liey ￿re #Iso resi)onsibl¢ lor s#fe¥uurdiiig ili¥ asseiy ofthc cliari15r lion¢c fur iakliibi reysonablo eps for tlir prevenlioii und deicctlon vf ITaud and oilier irr¢giiilarliiex. C K¢nncdy J Tabiiieiiu 1 ruslee 280 Bellcllelds Road London SW9 9UQ I l MorLh 2025 JIUNAC DUCATIONAL SCHOLARSHIP TRUST TO THE TRUSTEEI S OF THE BUNAC EDUCATIONAL SCHOLARSHIP TRUST INDEPENDEI NT EXAMINERJS REI PORT JfoR THE YEAR ENDILD 30 SIQPTEI MBER 2024 I r¢port to the trustees on my examination of the financial statements of Tli¢ BUNAC EducHtional Scholarship T]'ust ('Ihe ehai'ity,) foi. the ye￿. ended 30 September 2024 whi¢h ¢oinprise the Statement of Financial Aclivitios, the B&lan¢e Sheet and related notes. This repoi'l is Inade solely to the cliaj'ity's trustecs, as a body) in accoilan¢e with section 145 of the Charities Act 201 l. My woi'k has been undertaken so that I might state to tlie chai'ity's tt'ustees those mattels I ain I'cquii'ed to state to thein in tliis itport for no other puip05¢. To the fullost cxtellt pcnnitted by IAW, I do not a¢cept or as5111ne iysponsibllity to anyone other than the cliarity and the eharity's trllstoes as a body> for Iny work, for this reporl, oi. for the opinions I have f011ned. R¢sponslbllltle5 4nd b851s of report As tl)e trustees of the cliai'ity you are i'espon5ible fol. thB preparation of the f￿ancial stateinents in accoiYlan¢e with th¢ Irquireinents of thc Charities Act 2011 ('the Act.). Having satisfied rnyself that tlie financial statoments of the chai'itable ¢oinpany aiE notrequiiEd lo be aiidited undei. Part 16 of the Act and are eligible foi. independent exainination, I rcpoi"l in respect of my exajnination of th¢ chai'ltable ¢oinpany's fjnancial stateinent5 cai'i'icd out under section 145 of tlie Act aiid in cairying out my examination I hav6 followed all the appIl￿ble Diieclions givcn by the Cliarity Coininission undcr s￿tIon 145(5}(b} of the 2011 Act. An independent examination does not involve gathei'ijig all the evidence that would be requir¢d in an aiidit and conseqiiently does not coyer all the matte1% that an fiuditoi. consideis in giving their opinion on the financial stateinents. The planning and conduct of on audit goes beyoiid the limited assurance that an independent examinAlion con provide. Consequently l expirss no opinion as to whethei. the finanGial statements pirsent a'true pnd fair. vicw and my report IS lijnited to those specifio matteT5 Sct out in th¢ iDd¢pendent exainitLei"5 Statement. Independent exAnilner's statement I have coinpleted Iny examinatioii. l ¢onfum that no I￿aterial matteiE liave come to my attention in ¢onn¢ction with the exaEnination giving In¢ cause to believe that in any Inaterial respe¢t'. a¢wunting Itcoith were not kept in ]rsp￿t of the chai'lty as required by section 130 of the Act. or the finaiicial stalements do not accord with thos¢ r¢¢ords' oi. the flnancial statement5 do not coinply with the applicable irquirements ¢on¢eining lh¢ foTm Bnd eontent or accounts set out in the Chai'ilies (Accoiint5 and Reports) Regiilations 2008 other thall arty requiiEment that the accounts give a'th￿¢ and fair view whi¢h is not tt mattoi. considered as part of an indep¢nd6nt examination. I have no ￿nCe1'n5 and havt come across no otherinatters in COEmection with the ¢xamination to whith attention should be dixwn in this report in order lo enable a proper undastanding of the f￿8￿£￿al statements to be reach¢d. Sunon Hamineiton 82 S¢ John Street Lond¢)n ECIM 4tN BUNAC EDUCATIONAL SCHOLARSHIP TRUST STATEI Mli NT OF FINANCIAL ACTIVITICI S IIOR THE YJIAR EI NS)II D 3U SfiPTEI MBER 2024 Note 2024 2023 Incomlng Resourees esknnent incotne.. Divid¢nds fyoin rnana8cd funds Total Incoming R¢source Resource5 Expended Direct charitable ex enditur6'. Scliolai'shlps and tj'avel oiyards 75,000 60,OCrf) Mana emeMt and Rdinlnistratlve ex eiidituj'c: AdJniniskn?live charges Sundry expenses Legal and pJK)fessional ehayges Professional fee- exainination of finartcial %tateinents 6,000 614 6.000 586 ,500 900 Total R￿Q￿reeS Expended 856 N¢t (Outgoing) Resources (15,705) (6,039) Gains OD Lnvc5thnent a￿ets. Uiirealised 127 250 203 Net Movement In GentYAI Fund 111.545 197,633 Oen&'al Fund broiight forward 189149 General liund as at 30 September 2024 All ainounty relat¢ to utwestricted funds and oontinuing operatiOll8. BUNAC DUCATIONAL SCHOLARSHll>'fRusT ALANCESIIC4 fl. AS AI, 30 SEIITEMBER 2024 Nott 2ff14 2023 Flxed &45L't$ Inv¢51iii¢nts 2031828 Curreiil Lttsh thi bllnk 32,236 26.966 Curr¢iil Illlbllllles CrL'ililurs= *in)ounls flllling d￿e iyiiliin one yL'thr 39950. Ncl i)ssi,Is 2,0.OJJ12 riiiiids- uhr¢slrlettd 100 Geiieial Trusl l.'und 2 003 U34) .1￿1,594 Thcsc financilll sintcmcnls iv¢r¢ up])roved by IhL Iru&lees I l Murcli 2025 C Kcniiedy Triislecs J'rllbulcclu BUNAC EDUCATIONAL SCHOLARSHIP TRUST NOTILS ITORMING PART ofi THJ£ IIINANCIAL STATEMENTS roR THE YEAR ENDEI D 30 SEI PTEMBER 2014 I ACCOUNTING POLICIEI S (a) Basls of preparatlon Thc accounts financial statements have been piEpared ujid￿. the historical cost convention with iteins ITcognised at cost oi. transaction value Ullless cthei'wise stated in the JElevant notels) to these accounts. The rinancial statein¢nts have beej) pjrpared in accoi'dance with the Charities Act 2011 aiid"Ac¢ounting and Repoiting by Chai'ities.. Statement of Recoininended PJEctice Bpplioable to ¢haritles prepai'ing theii. accounts in accordance with tlie Financlal Repoi'ting Standail applicable in the UK aNd Repiibli¢ of IIEland (FRS 102) (effective l Jan4J8ry 2019)" The finaTL¢ial stateinents have been pirpai'ed on an aCCTua15 basis. (b) Going concei'n Following 8 review of the Chai'ity's assets, liabilities and fiittire planned expendih]Irs, it is considered t]iat the Chai'ity will be able to continue in operalioiial ¢xisteJice for tlie foieseeable fiiture. The Charity holds sufficient reserves to ejiable it to Ineet it's opei'ational needs for at least the foi'lhcoming yeai.. On this basis. the Tj'llstees consider ihat the going concei'n conccpt Continiies to be appropriate and there al'e no Inatei'ial un¢¢rtointies ovei. the Chai'ity'5 8bi1Sty to continue. (C) Ineornfing resources Income is Tecognlsed in the yepr In which the Trust 5s entitled to Irceipt. (d) Investnie￿1s and Investnient income Inveshnents air incliided at ¢losing Inatlcet value R¢ Ilie balat]ce slieet date being the esliinated fair value of thB investtnents. Any gain oi. I¢￿5 on revaluation is taken to the Slatenient of Finan¢ial Activities. Investtnent incoine is included in the Statejntnt of fiinan¢ial Activities in the p¢i'iod in which tlie chai'ity is entitled to receipt. Gains and105ses on iiivestinent$ are disclosed in the Stat¢mont of Financial Actlvlties. (e) Llabllltles Liabilities aiE recognised by tho Trnst as obligatlons to trAnsfer e¢oDoinio benefits as a result of past transA¢tions or events. (O Unreslrlcted genei'al fuiids General funds ar¢ unrestricted funds which are available for use at the discrelion of ih¢ Trustees irh furtherance of the geneipl GhaTjtable objective5 of the Trust and which have not been d￿]gnAted for oth￿. purposes. UNAC EDUCATIONAL SCHOLARSHIP TRUST NOTfi s f¢ORMING PART OF THE filNANCIAL sfATEI MEI NTS FOR THE Yfi AR ENDEI D 30 Sri PTLMBER 2024- continued I ACCOUIYTING POLICIES- eontSnued Ig) Resoui'ces expended All expenditure is included on an accruals basis and is recognlsed when tliere is a legal or constructive obligation to pay for expenditttre. The Tiust is not Ir8lStered foi. VAT and a¢coidingly cxpendiiure is shown gJvs5 of irrecoveJ?ble VAT. Mai)agement and adininistrative expens&% ¢ompYise costs of riinning the Triist itself w an organisation. Glints and scholarships awarded dLiring the yeai. are included 85 expBndithr¢ in the Statement of fiinan¢ial Activities in Ilie pei'iod foi. whi¢h Ilie awail 15 8iven. If the awaid is only pai'lially taken up. or not taken up. by the beneficiaiy then the amoiint of the awaiyl involved and Inatching liability is revetsed in the yeai. this is recogni5ed to have OCCUlTed. 2 SCHOLARSHIPS 2024 2023 Grants and scliolarships to individiiais Awarded during ihe yeai. 75,000 60,000 3 TAXATION Tlie Trust is a registered chai'ity and, theiyfoi'e. is not liable to income tax on in¢oine dei'ived fiDin ils ¢hai'itablo activities as it f8115 Wlthin the vaiious exeinptions available ¢0 regtstered charities. 4 TRUSTEI E REMUNERATION No trustee received any remiiiieration during ¢itli¢ryeai'. The Hinount of ¢xpenses rtiittbuised during the y¢aL' was £131 (2023 - £224). S INVESTMENTS 2024 2023 Mark¢l value at l October 2023 Pui'¢hases Net 8aiiis on revaluolion during the year ,904.578 1.650,906 50.0 203,672 127.250 Market value 8¢ 30 Soptember2024 2.031,828 1.9(M.578 His¢oricJl cost as at 30 Septetnber 2024 1,063,880 1,063,880 The Chai'ity's investsnenls J'epitsejit units in the Blackfiock Charities UK Bond (pi'eviously Cliai'&nco) and BlackRock Charities UIC Equity Fiind {piEvioiisly Ch8rishare) Coinmon Itjvesknnent Funds, wliieh are registered in thc United Kingdom. BUNAC EDUCATIONAL SCHOLARSHIP TRUST NOTCI s IfoRMING PART OIP THE FIINANCIAL STATEMIINTS VOR THE YEIAR fiNDED30 SEIPTfiMBlIR 2024-eoiitinued 6 CREDITORS: AMOUNT FALLING DU14 WITHIN ONE YEAR 2024 2023 Sundry ereditoi3 Acoi'uals 57,500 3.425 36.250 3,700 60.925 39,950 7 IIUNDS All the Ti'ust's funds represent uniEstt'ioted funds which the Ti'ustecs al'e fire to Use in accordance with the Trust's objects. Unreslrlcted Fll￿d5 Total Capltal At l Octobei. 2023 Net Ancom¢ for the year 100 1,891.494 111.545 1,891,594 111,545 100 2,003,039 2,003.139 8 ULTIMATE CONTROLLING PARTY The ultiinate controlling party is considered to be the Trustees, a8 u body.