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← The Britain-Australia Society Education Trust

2025-03-31-accounts

Approval of Financial Statements

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.

Please let us know if you have any questions.

Kind regards,

Oury Clark

www.ouryclark.com

© Oury Clark

1

REGISTERED CHARITY NUMBER: 803505

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025

TRUSTEES J May
L White
K Newton
G Mulley
S Martin
P Lyle-Smith
C Bridge
A L Payne (appointed 18.11.24)
C J W Benson (appointed 18.11.24)
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 2025

The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 pleased to report another year when BASET was able to provide life-changing awards to young people from Britain and Australia.

Our Pioneer School Awards program is now well established with our partner schools and four school students travelled to Australia to experience student life and make potentially lifelong friendships across the world which helped to give them the confidence to explore their full potential in their future careers. Four further Pioneer Awards have been made since our year end.

Endeavor Awards, available for young adults, fall into two categories:

Endeavour Heritage Awards give aspiring conservation students skills and connections which can preserve and enrich the shared heritage of Britain and Australia. We continue to work with our educational partners in identifying and supporting students for Endeavour Heritage Awards.

Endeavour Career Skills Awards have a more vocational focus working with industry partners to help young adults progress to practical careers where Britain and Australia have shared expertise. Further Endeavour Career Skills Awards were made during the year in the wine and thoroughbred racing industries.

The year to 31st of March 2025 saw BASET celebrate its 10th anniversary. The highlight was a well-attended dinner held in July at Grocers' Hall which raised BASET's profile and led to new donor support.

Our Benson Benefactors were thanked for their vital support to BASET at an event in February 2025 and reaffirmed the support for our work. These benefactors play an important role in endorsing BASET when we seek new financial donations.

We set ourselves an ambitious fundraising target in our 10th Anniversary Fundraising Campaign. Although there was an encouraging response which is underpinned our current awards programme and the campaign has undoubtedly raised BASET's profile it did not meet this target level of funding which would have enabled us to expand our activities. Mindful of the need to allocate as much of our resources as possible to our awards, we took steps during the year to reduce operating costs in order to maximise our ongoing award capacity.

We also welcome two new trustees, Alison Payne and Charles Benson, and look forward to BASET benefiting from the new ideas and energy which they bring.

As with any small charity, there are future challenges in raising the funding to support the good causes which BASET espouses. We face that future with the confidence the best advertisement for what BASET does are the increasing number of Australian and British young people whose lives we have been able to enhance and whose progress and achievements we follow with pride and great interest.

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.

Page 2

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

OBJECTIVES AND ACTIVITIES

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 2025, income amounted to £46,915 (2024: £48,890), Charitable grants of £14,515 (2024: £26,837) were made and administrative and other costs amounted to £64,316 (2024: £63,132). Unrestricted funds available for future activities decreased during the year from £99,657 to £67,741.

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 £67,741 (2023: £99,657).

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.

23/10/2025

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

John M May

........................................................................John M May (Oct 23, 2025 14:20:11 GMT+1) 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 2025.

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 (Oct 23, 2025 14:38:01 GMT+1)

Emma Crowley The Institute of Chartered Accountants in England and Wales

Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire SL1 1PG

23/10/2025 Date: .............................................

Page 4

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025

31.3.25
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
45,011
Investment income
3
1,904
Total
46,915
EXPENDITURE ON
Raising funds
4
28,915
Charitable activities
5
Charitable activities
49,916
Total
78,831
NET INCOME/(EXPENDITURE)
(31,916)
RECONCILIATION OF FUNDS
Total funds brought forward
99,657
TOTAL FUNDS CARRIED FORWARD
67,741		 31.3.24
Total
funds
£
46,629
2,261
48,890
30,849
59,120
89,969
(41,079)
140,736
99,657

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 2025

31.3.25
Unrestricted
fund
Notes
£
CURRENT ASSETS
Cash in hand
68,941
CREDITORS
Amounts falling due within one year
8
(1,200)
NET CURRENT ASSETS
67,741
TOTAL ASSETS LESS CURRENT
LIABILITIES
67,741
NET ASSETS
67,741
FUNDS
9
Unrestricted funds
67,741
TOTAL FUNDS
67,741		 31.3.24
Total
funds
£
100,857
(1,200)
99,657
99,657
99,657
99,657
99,657

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 23/10/2025

John M May John M May (Oct 23, 2025 14:20:11 GMT+1) ............................................. 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 2025

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 2025

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.3.25 31.3.24
£ £
Donations 45,011 46,629

The donations and legacies income in 2025 totalling £45,011 was fully attributed to unrestricted funds.

3. INVESTMENT INCOME

INVESTMENT INCOME
31.3.25 31.3.24
£ £
Deposit account interest 1,904 2,261

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

4. RAISING FUNDS

Raising donations and legacies

Raising donations and legacies
31.3.25 31.3.24
£ £
Event costs 17,338 6,445
Materials 387 -
Support costs 11,130 24,404
28,855 30,849
5. CHARITABLE ACTIVITIES COSTS
Grant Support
funding of costs (see
activities note 6) Totals
£ £ £
Charitable activities 14,515 35,401 49,916
6. SUPPORT COSTS
Governance
Management Finance costs Totals
£ £ £ £
Raising donations and legacies 11,130 - - 11,130
Charitable activities 34,153 288 960 35,401
45,283 288 960 46,531

continued...

Page 8

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25 31.3.24
£ £
Other creditors 1,200 1,200

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 1.4.24
£
99,657
99,657
Incoming
resources
£
46,915
46,915
At 1.4.23
£
140,736
140,736		 Net
movement
At
in funds
31.3.25
£
£
(31,916)
67,741
(31,916)
67,741
Resources
Movement
expended
in funds
£
£
(78,831)
(31,916)
(78,831)
(31,916)
Net
movement
At
in funds
31.3.24
£
£
(41,079)
99,657
(41,079)
99,657

continued...

Page 9

THE BRITAIN-AUSTRALIA SOCIETY EDUCATION TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025

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 48,890 (89,969) (41,079)
TOTAL FUNDS 48,890 (89,969) (41,079)

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2025.

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.

Page 10

Britain-Australia Society Education Trust

803505 Austalia Centre Strand London United Kingdom WC2B 4LG

Dated: 23/10/2025

Messrs. Oury Clark Chartered Accountants Herschel House 58 Herschel Street Slough Berkshire SL1 1PG

Dear Sirs

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] March 2025.

This representation letter is provided in connection with the financial statements of Britain-Australia Society Education Trust for the year ending 31[st] March 2025.

GENERAL REPRESENTATIONS RELATING TO THE FINANCIAL STATEMENTS:

Financial statements

  1. 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 BritainAustralia Society Education Trust as of 31[st] March 2024 and of the results of its operations for the year then ended and for making accurate representations to you.

  2. The methods, significant assumptions and data used by us in making accounting estimates and their related disclosures are appropriate to achieve recognition, measurement or disclosure that is reasonable in the context of the applicable financial reporting framework.

  3. We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.

  4. We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.

  5. We confirm that we have disclosed to you all related parties.

  6. a. Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.

  7. b. We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the charity that we are aware of.

  8. 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.

  9. We confirm the financial statements are free of material misstatements, including omissions.

  10. We further confirm our agreement to the journal adjustments to be reflected in the financial statements as shown in the attached list.

  11. 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.

  12. We confirm that we have approved any decisions or issues requiring the exercise of judgement in relation to any non-audit services. As such, all management decisions have been made by the charity.

Information provided

  1. All accounting records and relevant information have been made available to you for the purpose of your accounts preparation.

  2. All transactions undertaken by the charity have been properly reflected in the accounting records and are reflected in the financial statements.

  3. We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment of the risk that the financial statements may be materially misstated as a result of fraud.

  4. We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves, management, employees who have significant roles in internal control, or others, where fraud could have a material effect on the financial statements.

  5. We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.

  6. We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its business and which could affect the financial statements. The charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.

  7. The charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.

  8. There are no liabilities, contingent liabilities or guarantees to third parties other than those disclosed in the financial statements.

  9. The charity has at no time during the year entered into any arrangement, transaction or agreement to provide credit facilities (including loans, quasi loans or credit transactions) for directors, nor to guarantee or provide security for such matters, except as disclosed in the financial statements.

We confirm to the best of our knowledge and belief that the above representations 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.

Yours faithfully

Signed on behalf of the board of trustees by:

John M May John M May (Oct 23, 2025 14:20:11 GMT+1) ………………………………………… (Signature)

John M May

……………………………………….... (Trustee)

23/10/2025 Date…………………………………

BASET - Financial accounts pack 2025 Final Audit Report 2025-10-23

Created: 2025-10-23 By: Timothy Downes (tim.downes@ouryclark.com) Status: Signed Transaction ID: CBJCHBCAABAApGMENB8omRxFtRKJ7T6OiVYlBzyYdZFM

"BASET - Financial accounts pack 2025" History

2025-10-23 - 10:01:21 AM GMT

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

2025-10-23 - 10:01:26 AM GMT

2025-10-23 - 1:16:00 PM GMT

Document emailed to Emma Crowley (emma.crowley@ouryclark.com) for signature 2025-10-23 - 1:20:13 PM GMT

Email viewed by Emma Crowley (emma.crowley@ouryclark.com) 2025-10-23 - 1:37:31 PM GMT

Agreement completed.

2025-10-23 - 1:38:01 PM GMT