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2023-03-31-accounts

Approval of Financial Statements Oury Clark Dear John, We hope you are welL We wanted to thank you and your team for your assistance during the preparation of the financial statements. The financial statements have now been completed and are being sent for approval. Below is a list of the documents for your review and signature by the Directors. il Full financial statements for filing., 21 Letter of representation. Provides the various representations which you are making formally to us and upon which we have relied upon in conductingour duties, along with a list of any adjustments made. Please let us know if you have any questions. Kind regards, Emma e Oury Clark www.ouryclarkcotn

REGISTERED CHARITY NUMBER: 803505

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 11

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 March 2023

TRUSTEES J May
L White
K Newton
G Mulley
S Martin
P Lyle-Smith
C Bridge
PRINCIPAL ADDRESS Australia Centre
Strand
London
WC2B 4LG
REGISTERED CHARITY NUMBER 803505
INDEPENDENT EXAMINER Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG
ADMINISTRATOR The Britain-Australia Society
Australia Centre
Strand
London
WC2B 4LG
BANKERS CAF Bank Ltd
25 Kings Hill Avenue
West Malling
ME19 4JQ

Page 1

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 March 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Review of Activities

We are delighted to report on a year of progress and growth for BASET in the 12 months to 31 March 2023 and pleased to see that progress continue into the current year with our new award programmes and partnerships taking shape.

As international travel opened up after the pandemic, and educational organisations began to plan for the future with more confidence, we resumed our Pioneer School Awards to give deserving secondary school students an opportunity which they would never be able to have without BASET.

Thanks to our new partnership with Dulwich College and the Southwark Schools Learning Partnership, as well as our existing partnerships with Haileybury Turnford and Royal Hospital School, we received an unprecedented number of applications for our Pioneer School Awards and selected 5 outstanding students to benefit from the opportunity in 2023. We witness the long-term benefits of the placements as we follow the progress of our past Pioneer School Award winners and so we are confident this year's students will return enriched from their trips.

Our matched Endeavour Heritage Awards at West Dean College have continued, supporting emerging Australian artists and restorers who aspire to work in traditional crafts and conservation. We have also resumed our partnership with City and Guilds of London Art School and will be restarting our matched Endeavour Heritage Awards there in 2024. Many of our former Endeavour Heritage Award winners are now applying their new knowledge and expertise back in Australia.

We have also launched our Endeavour Career Skills Awards to fund internships and placements to provide young adults from Britain and Australia with career experience they would not otherwise be able to access. The placements have also been designed to promote an exchange of knowledge and expertise between Britain and Australia. Two young aspiring British winemakers, studying at Plumpton College, completed a BASET funded placement at one of Australia's leading wineries and have seen that experience boost their education and career prospects in the British wine industry. And, in partnership with British Racing School and Australia's Thoroughbred Industry Careers, BASET has been able to sponsor a ground-breaking experience for a young Australian equestrian working at two of the UK's foremost racing stables.

Financially, our position has strengthened thanks to the generosity of our supporters and an increasingly professional and focused approach to fundraising. As a result, we have been able to increase the level of our award programmes and expand and strengthen our executive team. Key financial highlights (compared to last year) are:

Our fundraising capabilities have been enhanced through match funding schemes with both educational partners and a significant donor, and we have established a route by which supporters who are US taxpayers may make tax-deductible donations. We are aiming to do the same in Australia, where our plans are to develop an Australian-based network of BASET supporters.

So, BASET is facing the future with enthusiasm, confidence and momentum. We thank all our partners, donors, supporters and award winners for their contribution, and our small but hard-working executive team for their efforts in making BASET successful.

Page 2

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

REPORT OF THE TRUSTEES for the Year Ended 31 March 2023

OBJECTIVES AND ACTIVITIES

Objectives and aims

The object of the Charity is to advance public education in the United Kingdom about Australia in general and in particular Australian history, geography, arts and cultural affairs and, in furtherance of this object, amongst other things, to promote annual scholarships and fellowships to nationals of both countries.

The Trust was registered as a charity with the Charity Commission on 16th July 1990. The governing document for the Trust is the Deed of Trust dated 2nd June 2015.

Statement of public benefit

The Trustees consider that The Britain-Australia Society Education Trust has complied with the duty in Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission and in accordance with its objectives.

FINANCIAL REVIEW

Financial position

During the year ended 31st March 2023, income amounted to £71,218 (2022: £18,197), Charitable grants of £11,067 (2022: £8,333) were made and administrative and other costs amounted to £34,526 (2022: £20,621). Unrestricted funds available for future activities increased during the year from £111,594 to £148,286.

Reserves policy

The policy of the Trustees is to ensure that reserves are retained in the Trust to provide awards consistent with the Trust's objectives. Unrestricted reserves are currently £148,286 (2022: £111,594).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Appointment of trustees

Trustees are appointed by resolution of Trust Deeds.

Organisational and Administration

The Trustees meet regularly and oversee the management of the Charity. Day-to-day administration is undertaken by The Britain-Australia Society.

Nov 20, 2023

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

John M May ..........................................................................John M May (Nov 20, 2023 15:49 GMT)

J May - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

Independent examiner's report to the trustees of The Britain-Australia Society Education Trust

I report to the charity trustees on my examination of the accounts of The Britain-Australia Society Education Trust (the Trust) for the year ended 31 March 2023.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

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:

  1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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 accounts to be reached.

Emma Crowley

Emma Crowley (Nov 20, 2023 15:55 GMT)

Oury Clark

Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire SL1 1PG Date: .............................................Nov 20, 2023

Page 4

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2023

31.3.23
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
70,440
Other trading activities
3
-
Investment income
4
777
Total
71,217
EXPENDITURE ON
Raising funds
5
8,566
Charitable activities
6
Charitable activities
33,509
Total
42,075
NET INCOME/(EXPENDITURE)
29,142
RECONCILIATION OF FUNDS
Total funds brought forward
111,594
TOTAL FUNDS CARRIED FORWARD
140,736		 31.3.22
Total
funds
£
17,343
835
19
18,197
2,485
26,469
28,954
(10,757)
122,351
111,594

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 5

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

BALANCE SHEET 31 March 2023

31.3.23 31.3.22
Unrestricted Total
fund funds
Notes £ £
CURRENT ASSETS
Debtors 9 - 200
Cash in hand 146,406 112,594
146,406 112,794
CREDITORS
Amounts falling due within one year 10 (5,670) (1,200)
NET CURRENT ASSETS 140,736 111,594
TOTAL ASSETS LESS CURRENT
LIABILITIES 140,736 111,594
NET ASSETS 140,736 111,594
FUNDS 11
Unrestricted funds 140,736 111,594
TOTAL FUNDS 140,736 111,594
Thefinancialstatementswerearovedb theBoardofTrusteesandaut orisedforissueon
Nov 20,		 2023

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

John M May John M May (Nov 20, 2023 15:49 GMT) .............................................

J May - Trustee

The notes form part of these financial statements

Page 6

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations are accounted for as receivable by the Charity. No permanent endowments were received during the year.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third part, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Share costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Financial instruments

Basic financial instruments, as covered by Section 11 of FRS 102, are measured at amortised cost. The company does not have any Other Financial Instruments, as covered by Section 12 of FRS 102.

continued...

Page 7

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.3.23 31.3.22
£ £
Gifts - 2
Donations 70,440 17,341
70,440 17,343

The donations and legacies income in 2022 totalling £17,343 was fully attributed to unrestricted funds.

3. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
31.3.23 31.3.22
£ £
Fundraising events - 835
INVESTMENT INCOME
31.3.23 31.3.22
£ £
Deposit account interest 777 19

4. INVESTMENT INCOME

Interest income is received on deposit account and are fully attributed to unrestricted funds.

5. RAISING FUNDS

Raising donations and legacies

Raising donations and legacies
31.3.23 31.3.22
£ £
Event costs 466 1,885
Support costs 8,100 600
8,566 2,485

continued...

Page 8

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

6. CHARITABLE ACTIVITIES COSTS

6. CHARITABLE ACTIVITIES COSTS
Grant Support
funding of costs (see
activities note 7) Totals
£ £ £
Charitable activities 11,067 22,442 33,509
7. SUPPORT COSTS
Information
Management Finance technology
£ £ £
Raising donations and legacies 8,100 - -
Charitable activities 17,816 294 174
25,916 294 174
Human Governance
resources costs Totals
£ £ £
Raising donations and legacies - - 8,100
Charitable activities 3,198 960 22,442
3,198 960 30,542

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23 31.3.22
£ £
Other debtors - 200

continued...

Page 9

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
11.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
At 1.4.22
£
111,594
111,594
Incoming
resources
£
71,217
71,217
At 1.4.21
£
122,351
122,351		 31.3.23
31.3.22
£
£
5,670
1,200
Net
movement
At
in funds
31.3.23
£
£
29,142
140,736
29,142
140,736
Resources
Movement
expended
in funds
£
£
(42,075)
29,142
(42,075)
29,142
Net
movement
At
in funds
31.3.22
£
£
(10,757)
111,594
(10,757)
111,594		 31.3.22
£
1,200
At
31.3.23
£
140,736
140,736
111,594

continued...

Page 10

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2023

11. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 18,197 (28,954) (10,757)
TOTAL FUNDS 18,197 (28,954) (10,757)

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

13. GRANTS PAYABLE

Grants are recognised on approval by the Trustees and are paid either directly to Pioneer and Endeavour Award recipients or for Pioneer Awards to reimburse their relevant schools or academic institutions for agreed travel and subsistence payments within the parameters of those Awards or directly to academic or other tertiary institutions in support of Endeavour Award payments.

Page 11

Britai]FAustralia Society Education Trust 803505 Austalia Cent Strand London United Kingdom WC2B 4LG Dated. Nov 20, 2023 Messrs. Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire SLI IPG Dear Sirs FINANCIAL STATEMENTS FOR THEYEAR ENDED ￿5t March 2021 This representation letter is provided in connection with the financial statements of Britain-Australia Society Education Trust for the year ending 31st March 2023. Financial stoternents We have provided all relevant information and access and fulfilled our responsibilities as directors. as set out in the terms of your engagement, under the Companies Act 2006, for preparing financial statements in accordance with the applicable financial reporting framework and for approving the financial statements which you have drafted on our behalf. which give a true and fair view of the financial position of Britain- A￿tralIa Society Education Trust as of 31St March 2023 and of the results of its operations for the yearthen ended and for making accurate representations to you. The methods. significant assumptions and data used by usin making accounting esLimates and their related disclosures are appropriate to achieve recognition, measurement or disclosure that is reasonable in the context of the applicable finanaal reporting framework. We have no plans or intentions that may materially alter the carrying vatue and where relevant the fair value measurements or classiflcation of assets and liabilities reflected in the financial statements. We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the finanaal statements and these have been disclosed in accordance with the requirements of accounting standards. We confirni that we have disclosed to you all related parties. Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.

We confirni that we have disclosed to you the identity of the entitys related parties and all related party relatio￿hlps and transactions relevant to the company that we are aware of. All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements. We confirni the finanaal statements are free of materiat misstatements, induding omissions. We further confirm our agreement to the journal adjustments to be reflected in the financial statements as shown in the attached list. Additionally, in the event that the financial statements show a prior period adjustment, we specifically confirm our agreement with this and the consequential impact on the comparative data. io. We conflrm that we have approved any decisio￿ or issues requiring the exercise of judgement in relation to any non-audit services. As such. all management decisions have been made by the company. Informotion provided ll. All accounting records and relevant information have been made available to you for the purpose of your accounts preparation. li All transactions undertaken by the company have been properly reflected in the accounting records and are reflecLed in the financiat statements. 13. We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disdosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a resutt of fraud. 14. We have disclosed to you all information in relation to fraud or $￿pected fraud that we are aware of and that affecLS the entity and involves. management, employees who have SiEnificant roles in intemaL control. or others. where fraud could have a material effect on the financial statements. 15. We have disclosed to you all infornlltion in relation to allegations of fraud, or suspected fraud affecting the entity s financial statements communicated by employees, former employees, analysts, regulators or others. 16. We confirni that we are not aware of any possible or actual instance of non-compliance with those laws and reEulations which provide a legal framework within which the company conducts its business and which could affect the financial statements. The company has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non<ompliance. 17. The company has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements. . There are no liabilities. contingent liabilities or guarantees to third parties other than those disclosed in the financial statements. 19. The company has at no time during theyear entered into any arrangement. transaction or agreement to provide credit facilities lincluding loans, quasi loans or credit transactions) for directors. nor to guarantee or provide security for such matters, except ￿ disclosed in the financial statements. We confirni to the best of our knowledge and belief that the above representatio￿ are made on the basis of enquiries of management and staff with relevant knowledge and experience and. where appropriate. of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you.

John M May John M May (Nov 20, 2023 15:49 GMT)

John M May

Nov 20, 2023

JNL #
JNL 1
JNL 2		 Account
Description
2
Donations
594
Other debtors
Being the writing off of old debtor balance
259
Management fees
786
Accrued expenses
Being the accrual of BAS management fees		 DR
CR
DR
CR
199.85
199.85
4,470.00
4,470.00
199.85
-
Initial Surplus per TB:
Revised Surplus:
33,811.62
£
Balance Sheet
P&L
29,141.77
£
4,470.00
-		 DR
CR
DR
CR
199.85
199.85
4,470.00
4,470.00
199.85
-
Initial Surplus per TB:
Revised Surplus:
33,811.62
£
Balance Sheet
P&L
29,141.77
£
4,470.00
-
DR CR
DR
199.85
199.85
4,470.00
4,470.00

BASET - Financial accounts pack 2023

Final Audit Report

2023-11-20

Created: 2023-11-20 By: Marion Bishop (marion.bishop@ouryclark.com) Status: Signed Transaction ID: CBJCHBCAABAATWsgsuQVNP4PpYkGzHGnwGvZBXfAucm5

"BASET - Financial accounts pack 2023" History

Document created by Marion Bishop (marion.bishop@ouryclark.com)

2023-11-20 - 3:08:55 PM GMT- IP address: 85.255.16.238

Document emailed to chairman.baset@britain-australia.org.uk for signature

2023-11-20 - 3:11:12 PM GMT

Email viewed by chairman.baset@britain-australia.org.uk

2023-11-20 - 3:47:54 PM GMT- IP address: 104.28.86.100

Signer chairman.baset@britain-australia.org.uk entered name at signing as John M May 2023-11-20 - 3:49:00 PM GMT- IP address: 82.132.236.241

Document e-signed by John M May (chairman.baset@britain-australia.org.uk)

Signature Date: 2023-11-20 - 3:49:02 PM GMT - Time Source: server- IP address: 82.132.236.241

Document emailed to Emma Crowley (emma.crowley@ouryclark.com) for signature 2023-11-20 - 3:49:03 PM GMT

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Document e-signed by Emma Crowley (emma.crowley@ouryclark.com)

Signature Date: 2023-11-20 - 3:55:09 PM GMT - Time Source: server- IP address: 85.255.16.222

Agreement completed.

2023-11-20 - 3:55:09 PM GMT