REGISTERED CHARITY NUMBER: 803505
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
FOR
THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire SL1 1PG
THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024
| 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 | 10 |
| Detailed Statement of Financial Activities | 11 |
THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 March 2024
| 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 | 803505 |
| NUMBER | |
| 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 2024
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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
The year under review to 31 March 2024 saw further encouraging progress for BASET and evidence that both its Pioneer and Endeavour Award programmes can make a life-changing difference to young people from Britain and Australia.
We built upon the sound foundations of our Pioneer School Awards with our educational partners at Haileybury Turnford and Royal Hospital School and, for the first time, with the Southwark Schools' Learning Partnership, run in conjunction with Dulwich College. During the UK summer holidays, five Pioneer School Award students from our partner schools in the UK enjoyed unforgettable experiences in Australia and returned enriched and with confidence to pursue the next steps in their careers. We refined our application process and then made a further four Pioneer School Awards and one additional discretionary award to enable a previous award winner to undertake a thrilling placement working for Haileybury Rendall School in Darwin, a leading Centre for Indigenous Educational Excellence.
We continued to develop our Endeavour Heritage Award programme to support young Australian conservation students by making an award to support an Australian student completing their degree in musical instrument conservation at West Dean College of Arts and Conservation. We also offered a new award to an Australian student undertaking a BA in Conservation Studies at City and Guilds London School of Art. Both these awards benefited from matched funding from our educational partners.
We also launched our new Endeavour Career Skills Awards to help young adults to take their first steps in practical careers where Britain and Australia have shared interests and expertise. Awards were made to 2 young people embarking on careers in the racing industry. The first award was granted to an Australian award winner so they could participate in a six month placement, organised by the British Racing School. The second award supported a UK award winner as they took part in an Australian placement arranged by Thoroughbred Industry Careers. In each case these placements involved working at world leading racing stables and would not have been possible without the cooperation between our British and Australian industry partners.
Endeavour Career Skills Awards were also made to two students studying Viticulture & Oenology at Plumpton College which enabled them to travel and work in the Hunter Valley at one of Australia's leading vineyards.
In both these industries we see potential to build our partnerships and offer more life-changing opportunities to our BASET award winners.
We maintain contact with as many of our award winners as we can and are delighted to follow their progress and see the tangible evidence of the difference that BASET's awards can make to their futures.
Looking ahead, we are very conscious that BASET would not have been able to achieve this progress without the incredible financial support of our donors. In recognition of their commitment and contributions, we have established a major donor recognition group, The Benson Benefactors' Society, named after our president and founder Sir Christopher Benson who sadly passed away in January 2024.
The success of his legacy and BASET's future development and expansion depend upon being able to raise further funding. To do this in an increasingly competitive charitable sector with challenging economic headwinds requires professional expertise and effort so we invested carefully in these resources and launched a fundraising campaign at the end of 2023 to coincide with BASET's 10th anniversary, taking place in July 2024. We have seen early signs of success for this campaign but do not underestimate the challenge we have. Our priority going forward is to build upon the progress made over BASET's first 10 years and ensure that as much of our income as possible finds its way through our award programmes to help the future generations of deserving British and Australian young people realise their potential.
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THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
REPORT OF THE TRUSTEES for the Year Ended 31 March 2024
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 2024, income amounted to £48,890 (2023: £71,217), Charitable grants of £26,837 (2023: £11,067) were made and administrative and other costs amounted to £63,132 (2023: £31,008). Unrestricted funds available for future activities decreased during the year from £140,736 to £99,657.
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 £99,657 (2023: £140,736).
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 2, 2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
John May John May (Nov 2, 2024 08:24 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 2024.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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 4, 2024 07:46 GMT)
Emma Crowley The Institute of Chartered Accountants in England and Wales
Oury Clark Chartered Accountants
Herschel House 58 Herschel Street Slough Berkshire SL1 1PG Nov 4, 2024 Date: .............................................
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THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 March 2024
| 31.3.24 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 46,629 Investment income 3 2,261 Total 48,890 EXPENDITURE ON Raising funds 4 30,849 Charitable activities 5 Charitable activities 59,120 Total 89,969 NET INCOME/(EXPENDITURE) (41,079) RECONCILIATION OF FUNDS Total funds brought forward 140,736 TOTAL FUNDS CARRIED FORWARD 99,657 |
31.3.23 Total funds £ 70,440 777 |
|---|---|
| 71,217 | |
| 8,566 33,509 |
|
| 42,075 | |
| 29,142 111,594 |
|
| 140,736 |
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 2024
| 31.3.24 Unrestricted fund Notes £ CURRENT ASSETS Cash in hand 100,857 CREDITORS Amounts falling due within one year 8 (1,200) NET CURRENT ASSETS 99,657 TOTAL ASSETS LESS CURRENT LIABILITIES 99,657 NET ASSETS 99,657 FUNDS 9 Unrestricted funds 99,657 TOTAL FUNDS 99,657 |
31.3.23 Total funds £ 146,406 (5,670) |
|---|---|
| 140,736 | |
| 140,736 | |
| 140,736 | |
| 140,736 | |
| 140,736 |
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: Nov 2, 2024
John May John May (Nov 2, 2024 08:24 GMT)
.............................................
J May - Trustee
The notes form part of these financial statements
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THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024
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...
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THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Donations | 46,629 | 70,440 |
The donations and legacies income in 2024 totalling £46,629 was fully attributed to unrestricted funds.
3. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.3.24 | 31.3.23 | |
| £ | £ | |
| Deposit account interest | 2,261 | 777 |
Interest income is received on deposit account and are fully attributed to unrestricted funds.
4. RAISING FUNDS
Raising donations and legacies
5.
| Raising donations and legacies | |||
|---|---|---|---|
| 31.3.24 | 31.3.23 | ||
| £ | £ | ||
| Event costs | 6,445 | 466 | |
| Support costs | 24,404 | 8,100 | |
| 30,849 | 8,566 | ||
| CHARITABLE ACTIVITIES COSTS | |||
| Grant | Support | ||
| funding of | costs (see | ||
| activities | note 6) | Totals | |
| £ | £ | £ | |
| Charitable activities | 26,837 | 32,283 | 59,120 |
6.
SUPPORT COSTS
| Management £ Raising donations and legacies 24,404 Charitable activities 30,937 55,341 |
Information Governance Finance technology costs £ £ £ - - - 276 50 1,020 276 50 1,020 |
Totals £ 24,404 32,283 |
|---|---|---|
| 56,687 |
continued...
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THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 9. 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 1.4.23 £ 140,736 140,736 Incoming resources £ 48,890 48,890 At 1.4.22 £ 111,594 111,594 |
31.3.24 31.3.23 £ £ 1,200 5,670 Net movement At in funds 31.3.24 £ £ (41,079) 99,657 (41,079) 99,657 Resources Movement expended in funds £ £ (89,969) (41,079) (89,969) (41,079) Net movement At in funds 31.3.23 £ £ 29,142 140,736 29,142 140,736 |
|---|---|---|
continued...
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THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 March 2024
9. 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 | 71,217 | (42,075) | 29,142 |
| TOTAL FUNDS | 71,217 | (42,075) | 29,142 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2024.
11. 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.
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