2024-06-30-accounts - Barrow Foundation UK

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REGISTERED COMPANY NUMBER: 03565051 (England and Wales)
REGISTERED CHARITY NUMBER: 1069681

REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

FOR

BARROW FOUNDATION UK

Sheen Stickland Chartered Accountants
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

BARROW FOUNDATION UK

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

		`Page`
`Report of the Trustees`	`1`	`to`	`4`
`Report of the Independent Auditors`	`5`	`to`	`7`
`Statement of Financial Activities`		`8`
`Balance Sheet`		`9`
`Cash Flow Statement`		`10`
`Notes to the Cash Flow Statement`		`11`
`Notes to the Financial Statements`	`12`	`to`	`17`
`Detailed Statement of Financial Activities`		`18`

BARROW FOUNDATION UK

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024`

ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended30June2024.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

ThetrusteeshavehaddueregardtotheCharityCommissionguidanceonpublicbenefit.Tothisend,theyensure that
the objective of the charity is to further the neurosciences.

ThetrusteesoftheBarrowFoundationUKprioritiseeducationandtraininginNeurosciences,theprovision and
promotionofresearchandeducationintoallaspectsofneuroscientificmedicine,healthcareandrehabilitation. They
areparticularlyfocussedonthebenefitsthatcanbegainedbycross-bordercooperationbetweenUK neuroscience
trainingandthatofferedbyitssisterorganisationwhichservestheBarrowNeurologicalInstituteinPhoenix, Arizona,
one of the leading neuro hospitals in the world, and its associate CommonSpirit.

Tothatend,oneoftheprimaryfunctionsistofindexceptionalindividualsintheneurosurgeryfieldfromthe UK,
offeringopportunitiestostudyattheBarrowwithanannualtravel/studybursaryforthewinnerofthe top
neurosurgicalprizeintheUKasarbitratedbytheSocietyofBritishNeurologicalSurgeons.Thereisalsoa similar
programmeaimedatspecialistneurosurgicalnurses,asselectedbytheBritishAssociationofNeurologicalNurses, as
well as one in Neuro Rehab, as selected by ACPIN.

The benefits of the Charity's work , therefore, are threefold:

the widely disseminated and published research findings of the beneficiaries of our research funds;

-  the education and training of the future leaders of neurosurgery, neurosurgical research and nursing worldwide; and

the funding of education mechanisms which will undoubtedly result in better patient outcomes worldwide.

`Grantmaking`

TheCharityisalwaysintheprocessofrefiningitsgrant-makingpolicyandthereductionofcoststhatmayfocus grant
moneys on the recipients themselves. The charity does not accept unsolicited requests for funding.

During the year the Charity made grants totalling £12,635 (2023: £134,590).

`FINANCIAL REVIEW`

`Investment policy and performance`

TheCharityhasestablishedaninvestmentpolicywithMercerInvestmentAdvisors(formerlyPavillion)that provides
foradiversifiedportfoliowithaprimaryobjectiveofbalancinglong-termrealinvestmentreturnsand capital
preservation.Selectionofspecificinvestmentvehiclesisdonewiththesupportofourinvestmentadvisorsand a
sub-committeeoftheBoardthemselvesforfinancialoversight.TheBoardhashistoricallyoperatedaninformal policy
of paying out an absolute maximum of 60% of our investment income through any given year.

Page 1

BARROW FOUNDATION UK

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024`

`FINANCIAL REVIEW`

`Review of the year`

Asabove,themostsignificantdriveroftheCharity'sabilitytofulfillitsaimsandobjectivesistoensurethatit has
sufficientfundstomeetitsobligations..Thisisaveryconservativepolicybutithasgivenusroomformanoeuvre in
the event of significant potential investment shocks.

Oneofthekeyfeaturesoftheyearwasacontinuationofourpolicyofreviewingwherethecharityisandwhere it
shouldgo.ThustheBoardcontinuedtoconsiderwhethertheCharityshouldmovetotheUK.Thelogicof this
argument was as below, and there are significant issues to consider, which were explored throughout the period..

OngoingregistrationintheUSisputtingonerouscomplianceandreportingrequirementsontheCharityand the
trusteeshavebeenconsideringwhetherthereareanybenefitstotheCharityofhavingcharitystatusintheUS. After
someconsiderablediscussion,andadvicefromourlegaladvisorsbothintheUSandtheUK,itwasdecidedthat the
CharityshouldnolongerberecognisedasacharityintheUS.Thiswillmeanthatasuccessorcharitable company
limitedbyguaranteewillneedtobeestablished,withtheCharity'sassetstransferredtothatnewcharityonceit has
beenregisteredbytheCharityCommission.Thisprocesscontinuedintheyearunderreviewbutthe administration
ofitwilltakesometimetocomplete.ItwillnotaffecttheaimsandobjectivesoftheCharity,ortheexisting projects
to which the Charity is committed.  All the Trustees will continue to serve on the board of the successor charity.

TheTrusteeswerealsopleasedtowelcomeanewBoardmember,VirginiaPrancer's,PhD,NP-C,FAAN,CNRN, of
both the BNI and CommonSpirit, for her invaluable insight in neuroscience nursing practice.

Atthesametime,oursisterorganisationintheUSBarrowFoundationUS,aUScharityestablishedbythe Barrow
NeurologicalInstitute(the'BNI'),receivedsignificantfundingin2023/4(andongoing)tocreateaproject entitled
BarrowGlobal.OurTrusteeshavespentconsiderabletimeinconsideringhowwecansupporttheirefforts and
whether the Charity should invest directly in their new initiatives in Africa and beyond.

Therehavebeenprojectsconsidered-allaligningwithouroverallmissionineducationandtraining-inEastAfrica as
well as those in Phoenix.

TheBoardalsoapprovedanewprojectinNeuro-RehabilitationtoaddtotherangeoftravellingFellowshipsin the
neurosciences.ThiswasdevelopedinconjunctionwithoneofthemainprofessionalbodiesofNeuro-Rehab specialists
in the UK and the first student will visit in the coming year.

The Board is also minded to step up its investment into Epilepsy at the BNI and a range of projects were considered.

TheCharityalsobegantheprocessofconsideringarangeofsimilartravellingfellowshipsforvariousspecialties within
neuroscienceinadditiontoourexistingstrategies.Itwasfeltthattheeducationalpieceofthesefellowships sits
perfectly within our remit.

`Income and Expenditure Snapshot at 30 June 2024`

Total income for the year was £110,001 of which £80,690 (2023: £73,141) was in respect of the endowment fund.

Total expenditure amounted to £59,954 of which £14,083 (2023: £236,752) was in respect of the endowment fund.

The overall surplus for the year before transfers and exchange movements was £434,276 (2023: surplus £184,243).

Totalinvestmentgainsfortheyearwere£384,229(2023:gains£273,373)andtotalexchangegainswere £16,108
(2023: losses £134,902).

Overallfundshaveincreasedto£3,679,408at30June2024comparedto£3,229,024atthepreviousbalance sheet
date.

`FUTURE PLANS`

Thetrustees'mainconsiderationisalwaysthattheworkoftheCharitycaninsomewayameliorateoutcomes for
patientsworldwide,inparticularthroughtheeducationandtrainingthatcanbeprovidedbytheBNI and
CommonSpirit,theUSnon-profithealthsystemwhichrunstheStJoseph'sHospitalandMedicalCenterwherethe BNI
isbased.Thetrusteescontinuetoworkonpartnershipsinternationallythatcanmoresuccessfullywiden the
knowledge and understanding of neuroscience.

Page 2

BARROW FOUNDATION UK

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024`

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

BarrowFoundation(UK)(the'Charity')isgovernedinaccordancewithitsarticlesofassociation,andconstitutes a
company - limited by guarantee, as defined by the Companies Act 2006.

`Recruitment and appointment of new trustees`

Therearecurrently8trustees,includingarepresentativeofCommonSpirit,andalsoofStJoseph'sHospital and
MedicalCenterinPhoenix,Arizona,whichhousestheBNIandrunsjointresearchinitiativeswiththem.TheBoard is
made up of UK (the majority), and American nationals.

Notrusteeremunerationwaspaidintheyear(exceptinthecaseofexpenses,ifappropriate).Trusteesare required
todiscloseallrelevantinterestsandregistertheminaccordancewiththeCharity'spolicy.Thetrustees'experience is
varied and reflects medical, legal and philanthropic knowledge, both national and international.

`Organisational structure`

TheCharityisanEnglishregisteredcharity,number1069681,establishedbyaninitialgiftfromaUK-baseddonor, Ms
Marjorie Newsome, a supporter of Barrow Neurological Institute.

TheCharitymanagesitsfundsforeducationandresearchinglobalneuroscience,endowingsignificant international
projectsattheBarrowNeurologicalInstituteinPhoenix,Arizona,andfundingtravellingFellowshipsfor UK-based
neurosurgeonsandneurosurgicalnursestostudythere.Thecharityalsolookstobuildstrategicpartnershipson an
ad-hocbasisfortheBNIanditsparent(andourFounderMember),CommonSpirit,formerlyDignityHealth,with some
of the world's best academic institutions in the UK to further the cause of global neuroscience.

JudithBeresfordistheexecutiveconsultant,whomthetrusteesappointedtomanagetheday-to-dayadministration of
the Charity and to lead its strategic direction.

`Risk management`

ThetrusteesconsideronanongoingbasisthemajorriskstowhichtheCharityisexposedandreviewthem regularly.
TheCharity'smajorfinancialriskremainsthevariabilityofinvestmentreturnsandvolatilityinglobalstockand bond
markets.Fundsareawardedannuallytosupporttheworkofneuroscienceprofessionals.Theawardsaregivenas a
resultofconsiderationsbyrecognizedprofessionalbodies,suchastheRoyalCollegeofSurgeonsintheUKor the
SocietyofBritishNeurologicalSurgeons.Grantexpenditurecontinuestobelimitedbyinvestmentincomeand is
managed with prudence to counteract investment market shocks.

`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`

03565051 (England and Wales)

`Registered Charity number`

`Registered office`

Third Floor
20 Old Bailey
EC4M 7AN

`Trustees`

Y Allalouf Managing Director
T W Bible Photojournalist
R Bowser Professor And Chair, Department Of Neuro
Ms L Hunt Hospital President
Lady P C Malloch-Brown Consultant
C S S Priestley Solicitor
A J Sheikh Nhs Hospital Doctor
Dr S Thomson Doctor

Page 3

BARROW FOUNDATION UK

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024`

`REFERENCE AND ADMINISTRATIVE DETAILS`

`Auditors`

Sheen Stickland Chartered Accountants
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

`Solicitors`

Withers LLP
Third Floor
20 Old Bailey
London
EC4M 7AN

`Investment managers`

Mercer Investments LLC
21875 Network Place
Chicago, Illinois 60673-1218
USA

`STATEMENT OF TRUSTEES' RESPONSIBILITIES`

Thetrustees(whoarealsothedirectorsofBarrowFoundationUKforthepurposesofcompanylaw)are responsible
forpreparingtheReportoftheTrusteesandthefinancialstatementsinaccordancewithapplicablelawand United
Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueand fair
viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationof resources,
includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthose financial
statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywiththeCompaniesAct2006.Theyarealsoresponsibleforsafeguardingtheassetsofthecharitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompaniesAct2006 relating
to small companies.

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

..............................................................
C S S Priestley - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARROW FOUNDATION UK

`Opinion`

WehaveauditedthefinancialstatementsofBarrowFoundationUK(the'charitablecompany')fortheyear ended
30June2024whichcomprisetheStatementofFinancialActivities,theBalanceSheet,theCashFlowStatement and
notestothefinancialstatements,includingasummaryofsignificantaccountingpolicies.Thefinancial reporting
frameworkthathasbeenappliedintheirpreparationisapplicablelawandUnitedKingdomAccounting Standards
(United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
give a true and fair view of the state of the charitable company's affairs as at 30 June 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

`Basis for opinion`

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicable law.
OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors'responsibilitiesfortheauditof the
financialstatementssectionofourreport.Weareindependentofthecharitablecompanyinaccordancewith the
ethicalrequirementsthatarerelevanttoourauditofthefinancialstatementsintheUK,includingtheFRC's Ethical
Standard,andwehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeserequirements.We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

`Conclusions relating to going concern`

Inauditingthefinancialstatements,wehaveconcludedthatthetrustees'useofthegoingconcernbasis of
accounting in the preparation of the financial statements is appropriate.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoevents or
conditionsthat,individuallyorcollectively,maycastsignificantdoubtonthecharitablecompany'sabilityto continue
as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Ourresponsibilitiesandtheresponsibilitiesofthetrusteeswithrespecttogoingconcernaredescribedinthe relevant
sections of this report.

`Other information`

Thetrusteesareresponsiblefortheotherinformation.Theotherinformationcomprisestheinformationincluded in
the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Ouropiniononthefinancialstatementsdoesnotcovertheotherinformationand,excepttotheextent otherwise
explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationand, in
doingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsor our
knowledgeobtainedintheauditorotherwiseappearstobemateriallymisstated.Ifweidentifysuch material
inconsistenciesorapparentmaterialmisstatements,wearerequiredtodeterminewhetherthisgivesrisetoa material
misstatementinthefinancialstatementsthemselves.If,basedontheworkwehaveperformed,weconclude that
thereisamaterialmisstatementofthisotherinformation,wearerequiredtoreportthatfact.Wehavenothing to
report in this regard.

`Opinions on other matters prescribed by the Companies Act 2006`

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARROW FOUNDATION UK

`Matters on which we are required to report by exception`

Inthelightoftheknowledgeandunderstandingofthecharitablecompanyanditsenvironmentobtainedinthe course
of the audit, we have not identified material misstatements in the Report of the Trustees.

WehavenothingtoreportinrespectofthefollowingmatterswheretheCompaniesAct2006requiresustoreport to
you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

`Responsibilities of trustees`

AsexplainedmorefullyintheStatementofTrustees'Responsibilities,thetrustees(whoarealsothedirectorsof the
charitablecompanyforthepurposesofcompanylaw)areresponsibleforthepreparationofthefinancial statements
andforbeingsatisfiedthattheygiveatrueandfairview,andforsuchinternalcontrolasthetrusteesdetermine is
necessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whetherdue to
fraud or error.

Inpreparingthefinancialstatements,thetrusteesareresponsibleforassessingthecharitablecompany'sability to
continueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoing concern
basisofaccountingunlessthetrusteeseitherintendtoliquidatethecharitablecompanyortoceaseoperations, or
have no realistic alternative but to do so.

`Our responsibilities for the audit of the financial statements`

Ourobjectivesaretoobtainreasonableassuranceaboutwhetherthefinancialstatementsasawholearefree from
materialmisstatement,whetherduetofraudorerror,andtoissueaReportoftheIndependentAuditorsthat includes
ouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconducted in
accordancewithISAs(UK)willalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarise from
fraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpected to
influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-enquiryofmanagement,thosechargedwithgovernanceandtheentity'ssolicitorsaroundactualand potential
litigation and claims; and

enquiry of entity's staff to identify any instances of non-compliance with laws and regulations
reviewing minutes of meetings of those charged with governance.

-receivingfinancialstatementdisclosuresandtestingtosupportingdocumentationtoassesscompliance with
applicable laws and regulations.

Afurtherdescriptionofourresponsibilitiesfortheauditofthefinancialstatementsislocatedonthe Financial
ReportingCouncil'swebsiteatwww.frc.org.uk/auditorsresponsibilities.ThisdescriptionformspartofourReportof the
Independent Auditors.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
BARROW FOUNDATION UK

`Use of our report`

Thisreportismadesolelytothecharitablecompany'smembers,asabody,inaccordancewithChapter3ofPart 16
oftheCompaniesAct2006.Ourauditworkhasbeenundertakensothatwemightstatetothecharitable company's
membersthosematterswearerequiredtostatetotheminanauditors'reportandfornootherpurpose.To the
fullestextentpermittedbylaw,wedonotacceptorassumeresponsibilitytoanyoneotherthanthe charitable
companyandthecharitablecompany'smembersasabody,forourauditwork,forthisreport,orfortheopinions we
have formed.

Sheen Stickland Chartered Accountants

2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Date: .............................................

Page 7

BARROW FOUNDATION UK

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024`

`Unrestricted` `fund` `Notes` `£` `INCOME AND ENDOWMENTS` `FROM` `Donations and legacies` `2` `29,311` `Investment income` `3` `-` `Total` `29,311` `EXPENDITURE ON` `Raising funds` `4` `30,767` `Charitable activities` `Education and research costs` `15,104` `Total` `45,871` `Net gains on investments` `-` `NET` `INCOME/(EXPENDITURE)` `(16,560)` `Transfers between funds` `11` `16,560` `Net movement in funds` `-` `RECONCILIATION OF FUNDS` `Total funds brought forward` `-` `TOTAL FUNDS CARRIED` `FORWARD` `-`	`Restricted` `Endowment` `fund` `fund` `£` `£` `-` `-` `-` `80,690` `-` `80,690` `-` `1,448` `-` `12,635` `-` `14,083` `92` `400,245` `92` `466,852` `-` `(16,560)` `92` `450,292` `18,683` `3,210,341` `18,775` `3,660,633`	`2024` `Total` `funds` `£` `29,311` `80,690` `110,001` `32,215` `27,739` `59,954` `400,337` `450,384` `-` `450,384` `3,229,024` `3,679,408`	`2023` `Total` `funds` `£` `46,516` `73,141`
			`119,657`
			`14,882` `193,905`
			`208,787`
			`138,471`
			`49,341` `-`
			`49,341` `3,179,683`
			`3,229,024`

The notes form part of these financial statements

Page 8

`BARROW FOUNDATION UK`

`BALANCE SHEET 30 JUNE 2024`

`Unrestricted` `fund` `Notes` `£` `FIXED ASSETS` `Investments` `9` `-` `CURRENT ASSETS` `Cash at bank` `-` `CREDITORS` `Amounts falling due within one` `year` `10` `-` `NET CURRENT ASSETS` `-` `TOTAL ASSETS LESS` `CURRENT LIABILITIES` `-` `NET ASSETS` `-` `FUNDS` `11` `Restricted funds` `Endowment funds` `TOTAL FUNDS`	`Restricted` `Endowment` `fund` `fund` `£` `£` `18,775` `3,724,902` `-` `9,075` `-` `(73,344)` `-` `(64,269)` `18,775` `3,660,633` `18,775` `3,660,633`	`2024` `Total` `funds` `£` `3,743,677` `9,075` `(73,344)` `(64,269)` `3,679,408` `3,679,408` `18,775` `3,660,633` `3,679,408`	`2023` `Total` `funds` `£` `3,264,345` `11,948` `(47,269)` `(35,321)` `3,229,024` `3,229,024` `18,683` `3,210,341` `3,229,024`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
............................................. and were signed on its behalf by:

.............................................

C S S Priestley - Trustee

The notes form part of these financial statements

Page 9

`BARROW FOUNDATION UK`

`CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024`

`Notes` `Cash flows from operating activities` `Cash generated from operations` `1` `Net cash (used in)/provided by operating activities` `Cash flows from investing activities` `Purchase of fixed asset investments` `Sale of fixed asset investments` `Sale of social investments` `Dividends received` `Net cash provided by investing activities` `Cash flows from financing activities` `Expenditure attributable to endowment` `Net cash used in financing activities` `Change in cash and cash equivalents in` `the reporting period` `Cash and cash equivalents at the` `beginning of the reporting period` `Cash and cash equivalents at the end` `of the reporting period`	`2024` `£` `(46,510)` `(46,510)` `(353,476)` `330,383` `123` `80,690` `57,720` `(14,083)` `(14,083)` `(2,873)` `11,948` `9,075`	`2023` `£` `29,417` `29,417` `(100,313 )` `129,058` `-` `73,141` `101,886` `(135,807 )` `(135,807 )` `(4,504)` `16,452` `11,948`

The notes form part of these financial statements

Page 10

BARROW FOUNDATION UK

`NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2024`

`1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES`

`Net income for the reporting period (as per the Statement of` `Financial Activities)` `Adjustments for:` `Gain on investments` `Dividends received` `Expenditure attributable to endowment` `(Gains)/losses on exchange` `Decrease in debtors` `Increase in creditors` `Net cash (used in)/provided by operations`	`2024` `£` `450,384` `(400,337)` `(80,690)` `14,083` `(56,025)` `-` `26,075` `(46,510)`	`2023` `£` `49,341` `(138,471 )` `(73,141)` `135,807` `3,261` `25,415` `27,205` `29,417`

`2. ANALYSIS OF CHANGES IN NET FUNDS`

`At 1/7/23` `Cash flow` `At` `£` `£` `Net cash` `Cash at bank` `11,948` `(2,873)` `11,948` `(2,873)` `Total` `11,948` `(2,873)`	`30/6/24` `£` `9,075` `9,075` `9,075`

The notes form part of these financial statements

Page 11

BARROW FOUNDATION UK

`NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024`

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January 2019)',
FinancialReportingStandard102'TheFinancialReportingStandardapplicableintheUKandRepublic of
Ireland'andtheCompaniesAct2006.Thefinancialstatementshavebeenpreparedunderthehistorical cost
convention,withtheexceptionofinvestmentswhichareincludedatmarketvalue,asmodifiedby the
revaluation of certain assets.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothe funds,
it is probable that the income will be received and the amount can be measured reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
andhasbeenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.

Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.

`Governance costs`

Governancecostscomprisethecostsofgovernancearrangements,whichrelatetothegeneralrunningof the
Charity.

`Taxation`

The charity is exempt from corporation tax on its charitable activities.

`Investments`

Fixedassetinvestmentsarestatedatmarketvalueatthebalancesheetdate.TheStatementof Financial
Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

`Fund accounting`

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

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

`Foreign currencies`

Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesofexchangerulingat the
balancesheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingattherateof exchange
rulingatthedateoftransaction.Exchangedifferencesaretakenintoaccountinarrivingatthe operating
result.

continued...

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BARROW FOUNDATION UK

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024`

`2024` `£` `29,311`			`2023` `£` `46,516`
`2024`			`2023`
`£`			`£`
`29,311`			`46,516`

`2024` `£` `80,690` `2024` `£` `1,450` `2024` `£` `12,635`		`2023` `£` `73,141` `2023` `£` `1,217` `2023` `£` `134,590`

`2024`		`2023`
`£`		`£`
`12,635`		`134,590`


`12,635`		`134,590`


	`Governance` `costs` `£` `15,104`

continued...

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BARROW FOUNDATION UK

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024`

`7. NET INCOME/(EXPENDITURE)`

Net income/(expenditure) is stated after charging/(crediting):

	`2024`	`2023`
	`£`	`£`
`Auditors' remuneration`	`6,600`	`6,360`

`8. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'benefitsfortheyear(2023:benefitstotalling£4,531).Therewasno trustee
remuneration for the year ended 30th June 2024 nor for the year ended 30th June 2023.

`Trustees' expenses`

During the year no expenses were reimbursed to trustees (2023: £13,076).

`9. FIXED ASSET INVESTMENTS`

`FIXED ASSET INVESTMENTS`
	`Listed`
	`investments`
	`£`
`MARKET VALUE`
`At 1 July 2023`	`3,264,345`
`Additions`	`353,476`
`Disposals`	`(141,777)`
`Revaluations`	`251,538`
`Exchange gains`	`16,095`
`At 30 June 2024`	`3,743,677`
`NET BOOK VALUE`
`At 30 June 2024`	`3,743,677`
`At 30 June 2023`	`3,264,345`
`As at 30 June 2024, all investment assets were held outside the UK.`
`As at 30 June 2024 the cost of listed investments were £2,715,963.`
`Cost or valuation at 30 June 2024 is represented by:`
	`Listed`
	`investments`
	`£`
`Valuation in 2024`	`3,743,677`

continued...

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BARROW FOUNDATION UK

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024`

`10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`

`Trade creditors` `Other creditors` `Accruals and deferred income` `11.` `MOVEMENT IN FUNDS` `Unrestricted funds` `General fund` `Restricted funds` `Split Immunity Project` `Endowment funds` `Expendable Endowment Fund` `TOTAL FUNDS` `Net movement in funds, included in the above a` `Unrestricted funds` `General fund` `Restricted funds` `Split Immunity Project` `Endowment funds` `Expendable Endowment Fund` `TOTAL FUNDS`	`At 1/7/23` `£` `-` `18,683` `3,210,341` `3,229,024` `re as follows:` `Incoming` `resources` `£` `29,311` `-` `80,690` `110,001`	`Net` `movement` `in funds` `£` `(16,560)` `92` `466,852` `450,384` `Resources` `expended` `£` `(45,871)` `-` `(14,083)` `(59,954)`	`2024` `£` `6,300` `44,800` `22,244` `73,344` `Transfers` `between` `funds` `£` `16,560` `-` `(16,560)` `-` `Gains and` `losses` `£` `-` `92` `400,245` `400,337`	`2023` `£` `10,599` `15,095` `21,575` `47,269` `At 30/6/24` `£` `-` `18,775` `3,660,633` `3,679,408` `Movement` `in funds` `£` `(16,560)` `92` `466,852` `450,384`

continued...

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BARROW FOUNDATION UK

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024`

`11. MOVEMENT IN FUNDS - continued`

`Comparatives for movement in funds`

`Unrestricted funds` `General fund` `Restricted funds` `Split Immunity Project` `Endowment funds` `Expendable Endowment Fund` `TOTAL FUNDS` `Comparative net movement in funds, included in` `Unrestricted funds` `General fund` `Restricted funds` `Split Immunity Project` `Endowment funds` `Expendable Endowment Fund` `TOTAL FUNDS`	`Net` `movement` `At 1/7/22` `in funds` `£` `£` `-` `(26,576)` `17,197` `1,486` `3,162,486` `74,431` `3,179,683` `49,341` `the above are as follows:` `Incoming` `Resources` `resources` `expended` `£` `£` `46,516` `(72,980)` `-` `-` `73,141` `(135,807 )` `119,657` `(208,787 )`	`Transfers` `between` `funds` `At 30/6/23` `£` `£` `26,576` `-` `-` `18,683` `(26,576)` `3,210,341` `-` `3,229,024` `Gains and` `Movement` `losses` `in funds` `£` `£` `(112)` `(26,576)` `1,486` `1,486` `137,097` `74,431` `138,471` `49,341`

`Restricted funds`

ThemoneydonatedtoBarrowFoundation(UK)isinrespectofajointventureprojectbetweenthe Barrow
NeurologicalInstituteandTelAviv'sSouraskyMedicalCenter.Thisprojectaimstodevelopavaccinefor the
treatmentofmalignantbraintumours(Glioblastonas,orGBMs),whichwilldependcruciallyon philanthropic
givingforitsadvancement.ThedonationsweresoughtasapartofaneventrunbytheTreeof Life
Foundation,whichraisesfundsintheUKforJewishcauses.Weweredelightedtobetherecipientof their
fund-raisingefforts.Wearestillintheplanningstageoftheprojectandfundshavenotyetbeendisbursed to
either institution but are expected to be in this financial year.

`Transfers between funds`

Thetransferfromtheexpendableendowmentfundtothegeneralfundrepresentsayearlytransferto ensure
there are sufficient general funds to cover the accrued general expenditure.

continued...

Page 16

BARROW FOUNDATION UK

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2024`

`12. RELATED PARTY DISCLOSURES`

Duringtheyear,therewereprofessionalfeestotalling£7,100(2023:£4,180)paidtoWithersLLP,alaw firm
of which C Priestley is a member.

Page 17

BARROW FOUNDATION UK

`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024`

2024
£
INCOME AND ENDOWMENTS
Donations and legacies
Grants
29,311
Investment income
Dividend income
80,690
Total incoming resources
110,001
EXPENDITURE
Raising donations and legacies
Consultancy fees
30,765
Investment management costs
Portfolio management
1,450
Charitable activities
Grants to institutions
12,635
Support costs
Management
Travel and subsistence
-
Governance costs
Auditors' remuneration
6,600
Professional fees
8,504
15,104
Total resources expended
59,954
Net income/(expenditure) before gains
and losses
50,047
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
188,606
Realised exchange gains/losses
123
Net income/(expenditure)
238,776 2023
£
46,516
73,141
119,657
13,665
1,217
134,590
25,154
6,360
27,801
34,161
208,787
(89,130)
18,841
-
(70,289)

This page does not form part of the statutory financial statements

Page 18