BUNAC EDUCATIONAL SCHOLARSHIP TRUST ANNUAL REPORT AND FINANCIALSTATEMEINTS FOR THE YEIAR ENDED 30 SEPTEI MBER 202S Registered Charity Number: 295868 BUNAC EDUCATIONAL SCHOLARSHIP TRUST Charity No. 295868 CONTF.NTS Trustees and Advisers Tru5tees' Report Iiidependent Examiner's Report Statejnent of Financial Activities Balance Sheet Notes to the finartcial Stateinents BUNAC EI DUCATIONAL SCHOLARSHIP TRUST Charity No. 295868 TRUSTEEI S AND ADVISERS TRUSTEI ES: J Tabuteau C Kennedy S Geivaise-Jones P Bonner Hughes D Brooks PRINCIPAL OFFICE: 28a Bellefields Road London SW9 9UQ BAP4KERS.. Natwest Bank pl¢ 169 Victoria Street London SWIE 5BT INDEPENDENT EXAMINER: Simon Hainmerton Beavis Morgan Audit Limited 82 St John Street London BCIM4JN INVESTMENT MANAGER: BlackRock Investinent Manageinent (UK) Limited 12 Throgmorton Avenue London EC2N 2DL BUNAC II DUCATIONAL SCHOLARSHIP TRUST Ch8rity No 295868 TRUSTE4 ES, REPORT FOR THE YEAR ENDED 30 SEpfEMBER 2025 The trustees present their report and the financial statements for the year ended 30 September 2025. The rinancial statements have been prepared in accordance with the a¢countiiig policies set out in note I to the financial statemenis and coinply with the charily's trust deed. the Chai'ities Act 201 l and "Accounting and R¢porting by Charities.. Stateinent ofRecoinmended Practice applicable to charities preparing theii. accounts in accoi'dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRSI 02) (effective l January 2019). Governance The charity is constituted under a trust deed dated 12 November 1986 as amended by fuither trust deeds dated 13 Mairh 1997, 1 May 2006, 21 Scptember 2012, 22 September 2012 and 20 February 2014 for subsequent change of trustees and vai'iation of deeds. Trustees The tI￿SteeS who held office during the year al'e listed on page l. The power to Appoint trustees to the Trust is held by the trustee5. Aims and organisation The principal activity of the Trust 15 the advanceinent of education by granting scholarships and grants to persons to pursue courses of approved study or research. Grant5 have been made io people from Britain starting such courses in the USA and Canada. The trustees have had ifLFard to the Charity Cominission's guidance on public benefit. Review of the Tru51's activitie5 The Trust's Statement of Financial Activities on page 5 $how$ Net Outgoing Resources of £(19,627) (2024 - £(15,705}). The pastyear has seen a fair ainount of turbulence both politically, with the result of the US Genei?I Election, and economically again in fair part due to the action5 Of the new incuinbent of the White House. The Trustees were in receipt of sufficient stsEngth of applications in 2025 to enable thein to Inainlain the higher level of funds available agiEed in 2024 of £75,000. ScholgTship grants payable for the yeai. were £75,000 (2024 £75,000). Despite the turbulence in world stock mai'kets over the last few inonths they ended the period in a position of some strength with the result that the value of the Ti'ust's investinents have fui'ther increased beyond the £2million mark. Although given that inflation and interest rates hav¢ not fallen a5 far as anticipated a year ago, this does Inask a small decrease in the value of the Trust's bond fund holding. The Trustees consider the results for the year and the position at the year-end to be satlsfactoiy, and that the Trust has su￿1¢1ent assets to fulfil its obligations. Investrnent poliey Under the temis of the trust deed, the charity has the power to invest in such investments as the Trustees see fit. Risks During the year the Trnstees reviewed the general environment in which the Charity operates to identify potential serious risks and ensure that suitable arrangements exist to Ininimise the llnpact of the identified risks. BUNAC EDUCATIONAL SCHOLARSHIP TRUST Charlty No 29S868 TRUSTEES, REPORT FOR THE YEAR ENDED 30 SEPTEMBER 202> £ontIn￿ed Reserves poli£y It is the policy of the Tnjstees to ensure ihat th¢ Tntst holds sulTicient reserv¢s to enable it lo meet the operational needs of the Chartty for at least the forthcoming year. Statement of trustees. responsibilitie5 The truslees ftre responsible for prepaTing the Annual Report and the fmancial statements in accordance with 8ppIic¥Lble law and regulations. The law applicable to charities in England & Wales requires the tnJ5t¢es t(Tr prepare financial statements foi eacli financial year in ac¢ordanc¢ with United Kingdom Generally Actepted Accountirjg PrActice {United Kingdom Accounting Standard5 and applicable law). The trustees must not approve the financial slatetnents uiiles5 they are satisfied that tliey give a irue and fair view of the siale of affair5 Of tlie charity and ol the incoming resources and application of resources, including the irscome and expenditure, of the charity for that period. In preparing these financial Statements. the trustees ar¢ r¢quired to.. a) select suitable accounting policies and apply them consistently. b) observe the methods aTrd principles in the Charitie5 SORP.. ¢) make judgments and accounting ¢%timates that are reasonable and prudent.. d) stale whether applicable UK Accounting Sthndwds have been followed, 5ubjecl to any material departures disclosed and explained in the financial statements. e) prepare the financial siatemenls OD the goin¥ concem basis unless it ts inappropriate to pr¢suine that the charity ivill continue to operate. Tlie trusl¢es are responsible for keeping sufficient accounting records that disc105e with reasonable awuraey at any titne the financial position of the charity and enable them to ensure that the financial slatcmtnls comply with the Cljarilies Act 2011. the Charity {Ace(Trunls and Reports) Regulations 2008 and the provision5 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 frdud and other ijregularilies. J T￿b￿teaU Trustee C Kenn Trustee 2811 Bellefields Road London SW9 9UQ 026 BUNAC EDUCATIONAL SCHOLARSHIP TRUST TO THE TRUSTEEIS OF THE BUNAC EDUCATIONAL SCHOLARSHIP TRUST INDfi PENDENT EXAMINER'S REPORT FOR THE YEAR ENDEID 30 SE¢PTEIMBEIR 2025 I Irpoil to the tn]stees on my examination of the financial statements of Bunac Educational Scholarship Trust ('the cliarity,) for the year ended 30 September 2025 which coinprise the Statement of Financilll Activities, the Balance Sheet and related notes. This report is made solely to the charity's kn'uslees, as a body, in accordance with Section 145 of the Charitie5 Act 201 l. My work has been undertaken so that l inight state to the charity's th￿Ste¢S those matters l am required to state to them in this report and for no other purpose. To the fullest extent peTmitted by law, I do not accept or ￿sume responsibility to anyone othei. than the charity and ihe charity's trllstees a5 a body, for my work, for this report, or for the opinions I have follned. Responsibilities and bxsis of report As the trustees of the chai'ity yoii aiE responsible for the preparation of the financial Statements in a¢¢oJ'dance with the requiirments of the Charities Act 2011 ('the Aev). Having satisfied myself that the financial statements of the charitable company are not required to bc audit under Part 16 of the Act and are eligible for independent examination, I report in rcspect of my examination of the charity's financial stateinents caij'ied out uiidci. section 145 of thc Act and in carrying out my exainination I have followed all the applic2ble Directions given by the Charity Coinmission under section 145{5}(b) of the Act. An independent examinatioii docs not involvc gathci'ing all thc cvidcnce that would be r¢quired in an audit aiid consequently does not cover all the Tnatteis that an auditor consideis in giving their opinion on the financial statemeiits. The planning and conduct of all audit goes beyond the limited assurance that an independent exainination can provide. Consequently, l expres5 no opinion as to whcther the financi31 statements present a'trlle and fail, view and Iny Teport is liinited to thosc spceific Inatters set out in the independent exainineEs stateiment. Independent Examiner'5 St8tement I have completod my oxainination. I confjrm that no material mattels have come to Iny attention in ¢onnection with the exainination giving me cause to believc that in any mat¢ribl r¢sp¢ct'. accounting recoi'ds were not kept in respect of the charity as required by section 130 of the Act; or the financial stateinenls do nol accoixl with those recoi%ls,' or the financial statements do not comply with the applicable requirements concerning the fomi and content accounts set ollt in the Charity's (Accounts and Reports) RegulatÈon5 2008 other than any requirement that the financial statements give a true and fair, vi¢w which is not a Inatter considered a5 part of an independent examination. I haye no concerns and have come aciDss 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 reach¢d 17 &6iy Simon Hammerton Independent Exaininer Beavis Morgan LLP 82 St John Street London ECI M 4JN BUNAC EIDUCATIONAL SCHOLARSHIP TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEI D 30 SEvfEMBER 2025 Note 2025 2024 Iiicoming Resour¢e5 Investinent income.. Incoine froin inanaged ￿ndS Total IncorniThg Resources Resource5 Ei xpenijed Dii'ect eliaTltable ex Cnd1￿1t'. Seholarships trav¢1 awards 75,000 75,000 Mana einent and administrative ex eiiditure: AdiiiiJJislt'ative charges Sundi'y ¢xpeJise5 Professional fee- exainination of fJnan¢ial stateinents 10,800 483 6,000 614 Total Resource5 Expended Net (Outgoing) Resources (19,627) (15,705) Gains on inY¢strnent assets.. Unre#lised 127250 Net Movement in General Fund 66,863 111,545 General Fund biK)ught forward 2 003 039 1891494 General Fund as at 30 September 2025 All amounts relate to unrestricted funds and continuing operations. BUNAC EDUCA TIONAL SCHOLARSHIP TRUST BALANCE SHEET AS AT30 SEPTEMBER 2025 Nott 2025 2024 Flxed Issets Irbveslmeiits 2093318 2031828 Current sssets Cash at bank 31,909 32,236 Current liabilities Creditors.. .iinounls falling due within one year Net current (liabilitie5) 689 Net a5se15 Funds- unrestrlcted 100 100 General Trust Fund ? 069 902 2 003 039 These financial statements were approved by the trustees on 026 J Tabuteau Trustee5 C Kennedy BUNAC EDUCATIONAL SCHOLARSHIP TRUST NOTES PIORMINC PART OF'fHE fi INANCIAL STATEMENTS VOR THE YEAR ENDED 30 SEPI'EI MBEI R 2025 ACCOUNTING POLICIES (a) Jlasis of preparation The accounts financial statements have been prepared under the historical cost convention with items recognised at cost oi. ti'ansaction value uiiless othetivise stated in the rel¢vant note(s) to these accounts. The fll)ancial statement5 have been prepared in accoi'dance with the Chai'ities Act 2011 and "Accounting alld Reporting by Charities.. Statement of Re¢oinincnded Practice applicable to charities preparing their accounts in accoi'dance with the Financial Reporting Standaixt applicable in the UK and Republic of Ireland {FRS 102) (effective l J￿lu￿Y 2019)" The financial stateinents have been prepared on an accruals basis. (b) Going eoncerD Following a review of the Charity's assets, liabilities and future planned expenditures, it is considered that the Cl)ai'ity will bc able to continue in operational existcnce foi. the foreseeable futUlE. The Charity holds sufficient reserves to cnable it to meet it's opeiational needs for at least the foi1h¢oining year. On this basis, the Trustees consid¢r that the going concern concept contiiiues to be appropriate and theiE are no material uncertainties over the Charity's ability to continue. (c} Incoming resource5 Income is recognised in the year in which the Trust is entitled to receipt. (d) liive5tments and investment income Investsnents are includ¢d at closing Inarket value at th¢ balance sheet date being tlie estiimated fair value of the investments. Any gain or loss on revaluation is taken to the Stateinent of Financial Activities. Investinent income is included in the Stateinent of Fiinancial Activities in the period in which the charity is entitled to receipt. Gains and losses on investtnents 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. (fj Vnrestricted general funds General funds are unrestricted fundswhich are available for use atthe discretion of the Trustees in furtherance of th¢ geneizl chai'itable objectives of the Trust and which have not been designated for other purpose5. (g) Resources expended All expendiknre 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 V AT and accordingly expenditUTe is Shown gross of irrecovei.able VAT. Management and administrative expenses comprise costs of running the Trnst itself as an organisation. Grants and scholarships awarded duj'ing the year are included as expenditure in the Stateinent of Financial Activities in the pei'iod for which tho award is given. If the award is only partially taken up, oi. not taken lip, by the beneficiary then the amount of the award involved and matching liability is reversed in the year this is recognised to have occurred BUNAC EDUCATIONALSCHOLARSHIP TRUST NOTES f4OIIMINC PART OF THf, FINANCIAL STATEMF.NTS FOR THI YEAR LINDED 30 SEI PTEMII£4 11202S_ continucd 2 SCHOLARSHIPS 2025 2024 Grants and scholarships to individuals Awarded during the year 75.000 75,000 3 INCOMING REISOURCKS 2025 2024 Dividend income Interest income 63.011 5,645 62,034 5,774 68,656 67,808 4 TAXATION The Trust is a iEgistered charity and, therefore. is not liable to incoine tax on ijicoine derived from its charitable activities as it falls within the various exeinptions available to registered charities. S TRUSTEE REMUNERATION No trustee received any rejnuneration during either year. The amount of expenses reiinbuTsed during th¢ year was £Nil (2024 £131). INVESTMENTS 2025 2024 Mai'ket value at l October 2024 Sale5 Net gains on revaluation during the year 2,031,828 (25,000) 86,490 1,904,578 127250 Market value at 30 Septeinber 2025 2,093,318 2,031,828 Histoi'ical cost a5 at 30 September 2025 1,051,889 1,063,880 The Charity's investmcnls represent iinit5 ITI the BlackRock Charities UK Bond Fund (previou51y Charinco) aiid BlackRock Charities UK Equity Fund (piEviously Chai'ishare} Comintsn Investinent Funds, which al'e registered in the United Kingdom. BUNAC EI DUCATIONAL SCHOLARSHIP TRUST NOTES fioRMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDfi D 30 SEPTEIMBER 2025-£ontinued 6 CREDITORS.. AMOUNT FALLING DUE WITHIN ONE YEAR 2025 2024 Siindry cr¢ditor5 Accruals 50,500 4,725 57.500 3,425 55,225 60,925 FUNDS All the Trust's funds represent uniEstricted funds which the Ti'ustees are fl'ee to Use in accordance witli the Ti'ust's objects. Unrestricted Funds Total ri und5 Capital At l October 2024 Net incon)e foi. the year 100 2,003,039 66,863 2,003,139 66,863 100 2,069,902 2,070,002 ULTIMATE CONTROLLING PARTY The ultiinate controlling paty is considered to be the Trustee& as a body.