Bucha School

Dear Friends and Supporters of Bucha School,

On behalf of the Board and all those who make the work of the Support Fund for Bucha School possible, we are pleased to present this report to our donors alongside the independently audited financial statements for the year ended 31 December 2025. These statements have been audited by BDO LLC in accordance with International Standards on Auditing and prepared in conformity with International Financial Reporting Standards (IFRS), and we are proud to say that BDO issued an unqualified opinion on our financial position and performance.

Your generosity is at the heart of everything we do. This report is our commitment to keeping you fully informed of how your contributions have been received, managed, and put to work in Bucha.

Our Mission and Context

The Support Fund for Bucha School is a Ukrainian charitable organization founded in January 2023 by Lithuanian companies, whose purpose is the construction of a modern school and kindergarten complex in the city of Bucha, Kyiv region, a facility designed to ensure safety, comfort, and energy efficiency for the children of a community that has endured so much.

2025 Highlights: The Bucha Forest Classroom

The defining achievement of 2025 was the initiation and completion of the Bucha Forest Classroom, a smaller-scale, eco-friendly educational facility designed to serve as a pilot infrastructure project within the framework of the Fund's broader mission. This outdoor learning space was built to support workshops, educational activities, and children's development programmes in Bucha.

The Forest Classroom on 21 February 2026 was officially transferred to the City of Bucha, a proud and symbolic milestone demonstrating the Fund's capacity to deliver real construction and infrastructure outcomes in an active war environement. 

The vast majority of all financial and in-kind donations received during 2025 were directed towards the creation of this Forest Classroom. Programme-related expenditures included the acquisition of straw wall panels and furniture for the classroom, as well as VAT and customs duties incurred on imported goods. These costs were capitalised as construction in progress on the Fund's balance sheet and reflect the full scope of materials and supplies procured to bring this project to life.

Financial Overview

The following is a summary of the Fund's financial performance and position for the year ended 31 December 2025, drawn from the audited financial statements (all figures in thousand Euro):

Revenues and Donations

The Fund received charitable contributions totalling €170.1 thousand in 2025, compared to €72.9 thousand in 2024 — representing a growth of more than 130% year on year. These contributions comprised both financial donations and in-kind support from our founders and a growing network of private donors. Donations from related parties (companies under common control) accounted for €12.2 thousand, with the substantial majority coming from independent donors.

Administrative Expenses

Fund management expenses for the year totalled €11.0 thousand (2024: €7.6 thousand). We are pleased to report that these administrative costs carried no personnel-related charges, the Support Fund relies entirely on the dedication of volunteers for its day-to-day operations. Administrative expenses were incurred primarily in connection with accounting and audit services, which are essential to maintaining the standards of financial transparency and governance.

Financial Position

The Fund closed the year with total net assets of €274.8 thousand (2024: €148.7 thousand), with no outstanding liabilities. Cash and cash equivalents stood at €3.5 thousand, with €9.8 thousand in prepayments made. The Fund carries no debt and has a clean, liability-free balance sheet.

Stewardship and Governance

We take our responsibility to you seriously. Every euro donated to the Support Fund for Bucha School is deployed with discipline and care. The Fund is registered as a non-profit organisation in Ukraine and is exempt from income tax. Our accounts are maintained in compliance with IFRS, and we commission an independent external audit each year to provide you with the highest level of assurance over our financial reporting.

Our operational model is built on transparency and efficiency. With no paid staff and all management functions carried out by volunteers, administrative costs are kept to an absolute minimum, ensuring that your donations go as far as possible towards the Fund's charitable programme.

It is important to note that the auditors have drawn attention to a material uncertainty related to going concern, arising from the ongoing military conflict in Ukraine. The Board has carefully considered this matter and remains confident that the Fund has adequate resources and fundraising capacity to continue its operations for the foreseeable future.

Looking Ahead

The completion and handover of the Forest Classroom to the City of Bucha demonstrates to the city, to potential partners, and to the world that the Support Fund for Bucha School can plan, fund, and deliver real infrastructure in a city rebuilding from the devastation of war.

Our principal mission remains the construction of a full modern school and kindergarten complex in Bucha. Preparatory activities, including design, analytical, and organisational work, progressed meaningfully in 2025. We will continue to build on the momentum of this year, and we are deeply grateful for your continued support as we work towards this goal.

Thank you

None of this is possible without you. To every individual, family, and organisation that contributed to the Support Fund for Bucha School in 2025, whether financially or in kind, we extend our deepest and most sincere gratitude. You have helped to give the children of Bucha a place to learn, grow, and look to the future with hope.

The full audited financial statements for the year ended 31 December 2025, together with the Independent Auditors' Report issued by BDO LLC, are enclosed with this letter for your review.

With gratitude and determination,

Aivaras Karalius

• Audited Report (PDF)