Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **REGISTERED COMPANY NUMBER: 03565051 (England and Wales) REGISTERED CHARITY NUMBER: 1069681** **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2025** **FOR** **BARROW FOUNDATION (UK)** Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Cash Flow Statement**|8| |**Notes to the Cash Flow Statement**|9| |**Notes to the Financial Statements**|10 to 15| |**Detailed Statement of Financial Activities**|16| Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 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** ## **Objectives and aims** The trustees have had due regard to the Charity Commission guidance on public benefit. To this end, they ensure that the objective of the charity is to further the neurosciences. The trustees of the Barrow Foundation (UK) prioritise education and training in Neurosciences, the provision and promotion of research and education into all aspects of neuroscientific medicine, health care and rehabilitation. They are particularly focussed on the benefits that can be gained by cross-border cooperation between UK neuroscience training and that offered by its sister organisation which serves the Barrow Neurological Institute (BNI) in Phoenix, Arizona, one of the leading neuro hospitals in the world, and its associate CommonSpirit. To that end, one of the primary functions is to find exceptional individuals in the neurosurgery field from the UK, offering opportunities to study at the Barrow with an annual travel/study bursary for the winner of the top neurosurgical prize in the UK as arbitrated by the Society of British Neurological Surgeons. There is also a similar programme aimed at specialist neurosurgical nurses, as selected by the British Association of Neurological Nurses, 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. ## **Review of the year - Future of the Charity** Following on from last year's decision to deregister the Charity from the US - given the onerous nature of reporting in two jurisdictions - the Board then carefully considered the options for the Charity given its relatively modest resources. It was unanimously decided that the Charity should spend out its funds and embark on an orderly closure. Over the course of the year, it was agreed: - The Board would now proceed to spend out the UK charity's funds in accordance with our charitable purposes. - In doing so, it would continue to recognise its support for appropriate projects at the Barrow Neurological Institute (BNI) as well as seeking to support other projects including those that have been initiated by the UK charity to date so as to ensure their legacy endures. - A process was started to ascertain the amount of funding it had available to deploy, whilst ensuring it had sufficient funds available to cover the costs of an orderly managed closure of the charity, its de-registration as a company at Companies House and its de-registration as a charity with the Charity Commission. This process as of the end of year was underway: those charged with governance have made this decision prior to the approval of these accounts, so the report will be giving a true and fair reflection of the charity's operations. ## **FINANCIAL REVIEW** Total income for the year was £169,484 (2024: £110,001) of which £82,733 (2024: £80,690) was in respect of the endowment fund. Total expenditure amounted to £2,443,813 (2024: £59,954) of which £2,380,806 (2024: £14,083) was in respect of the endowment fund. Grant expenditure totalled £2,365,510 (2024: £12,635). As part of the phased closure of the charity major grants were made to the following in line with the charity’s objects: Society of British Neurological Surgeons £1,168,193 Barrow Neurological Foundation £1,179,318 The overall deficit for the year before transfers and exchange movements was £2,024,165 (2024: surplus £434,276). Page 2 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025** ## **FINANCIAL REVIEW** Total investment gains for the year were £250,164 (2024: gains £384,229) and total exchange losses were £154,960 (2024: gains £16,108). Overall funds have decreased to £1,500,283 as at 30 June 2025 compared to £3,679,408 at the previous balance sheet date. ## **Investment Portfolio** The Charity maintained an investment portfolio managed by Mercer Investment Advisors (formerly Pavilion) during the year. As part of the phased closure of the Charity the listed investments were realised in full and part of the proceeds were utilised in the payment of grants as noted above. The remainder of the portfolio is now held as cash and will be disbursed in due course as part of the winding up of the Charity’s affairs. Due to the actions as noted above there is no requirement for the board to maintain an investment policy other than to maximise the investment return on the cash fund held until these are expended. ## **Going concern** As noted above the board has taken the decision to wind down the affairs of the Charity and expend all funds in accordance with the charitable purposes in a managed time period. This process is likely to be completed during the course of 2026. In the intervening period the Charity maintains considerable liquid funds and is able to meet all liabilities as they fall due. The board is of the view that the Charity remains a going concern and the financial statements have been prepared on this basis. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** Barrow Foundation (UK) (the 'Charity') is governed in accordance with its articles of association, and constitutes a company - limited by guarantee, as defined by the Companies Act 2006. ## **Recruitment and appointment of new trustees** There are currently 8 trustees, including a representative of Common Spirit, and also of St Joseph's Hospital and Medical Center in Phoenix, Arizona, which houses the BNI and runs joint research initiatives with them. The Board is made up of UK (the majority), and American nationals. No trustee remuneration was paid in the year (except in the case of expenses, if appropriate). Trustees are required to disclose all relevant interests and register them in accordance with the Charity's policy. The trustees' experience is varied and reflects medical, legal and philanthropic knowledge, both national and international. ## **Organisational structure** The Charity is an English registered charity, number 1069681, established by an initial gift from a UK-based donor, Ms Marjorie Newsome, a supporter of Barrow Neurological Institute. The Charity manages its funds for education and research in global neuroscience, endowing significant international projects at the Barrow Neurological Institute in Phoenix, Arizona, and funding travelling Fellowships for UK-based neurosurgeons and neurosurgical nurses to study there. The charity also looked to build strategic partnerships on an ad-hoc basis for the BNI and its parent (and our Founder Member), CommonSpirit, formerly DignityHealth, with some of the world's best academic institutions in the UK to further the cause of global neuroscience. Judith Beresford is the executive consultant, whom the trustees appointed to manage the day-to-day administration of the Charity and to lead its strategic direction. Page 2 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management** The risks to which the Charity is exposed have changed as a result of the decision to close it down in due course. As the listed investment portfolio has been fully realised the Charity has mitigated the risks around the volatility of the stock markets. The board considers there are no material risks at present other than the continued ability to wind down the affairs of the Charity in an orderly manner. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 03565051 (England and Wales) **Registered Charity number** 1069681 ## **Registered office** Third Floor 20 Old Bailey London EC4M 7AN ## **Trustees** Y Allalouf T W Bible R Bowser Lady P C Malloch-Brown C S S Priestley A J Sheikh Dr S Thomson V Prendergast ## **Independent Examiner** Sarah Alexander FCCA FCA Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ ## **Solicitors** Withers LLP Third Floor 20 Old Bailey London EC4M 7AN ## **Investment managers** Mercer Investments LLC 21875 Network Place Chicago, Illinois 60673-1218 USA Page 3 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025** This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. 30 March 2026 | 01:45 PDT Approved by order of the board of trustees on ............................................. and signed on its behalf by: ## | (luisDocuSignedPricstleyby: .............................................................. E448B9A3559D4DC... C S S Priestley - Trustee Page 4 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BARROW FOUNDATION (UK)** ## **Independent examiner's report to the trustees of Barrow Foundation (UK) ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2025. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). 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. [ Sanat by: Sarah Alexander FCCA FCA Lewis Brownlee (Chichester) Limited Chartered Accountants Appledram Barns Birdham Road Chichester West Sussex PO20 7EQ 30 March 2026 | 01:49 PDT Date: ............................................. Page 5 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025** |Notes
**INCOME AND ENDOWMENTS**
**FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
Education and research costs
**Total**
Net gains on investments
**NET**
**INCOME/(EXPENDITURE)**
**Other recognised**
**gains/(losses)**
Unrealised exchange losses
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED**
**FORWARD**|Unrestricted
fund

£
**86,751**
**-**
**86,751**
**16,593**
**46,414**
**63,007**
**-**
**23,744**
**-**
**23,744**
**-**
**23,744**|Restricted
Endowment
fund
fund
£
£
**-**
**-**
**-**
**82,733**
**-**
**82,733**
**-**
**15,296**
**-**
**2,365,510**
**-**
**2,380,806**
**-**
**250,164**
**-**
**(2,047,909**)
**(1,468)**
**(153,492)**
**(1,468)**
**(2,201,401**)
**18,775**
**3,660,633**
**17,307**
**1,459,232**|**2025**

**Total**
**funds**
**£**
**86,751**
**82,733**
**169,484**
**31,889**
**2,411,924**
**2,443,813**
**250,164**
**(2,024,165)**
**(154,960)**
**(2,179,125)**
**3,679,408**
**1,500,283**|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| |---|---|---|---|---| The notes form part of these financial statements Page 6 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **BALANCE SHEET 30 JUNE 2025** ||||||||**2025**|2024| |---|---|---|---|---|---|---|---|---| |||Unrestricted||Restricted||Restricted
Endowment|Endowment
**Total**|Total| |||fund|fund|fund|fund|fund|**funds**|funds| ||Notes|£||£||£|**£**|£| |**FIXED ASSETS**||||||||| |Investments|9||**-**||**-**|**-**|**-**|3,743,677| |**CURRENT ASSETS**||||||||| |Debtors|10||**-**||**-**|**9,730**|**9,730**|-| |Cash at bank||**26,144**||**17,307**||**1,486,729**|**1,530,180**|9,075| |||**26,144**||**17,307**||**1,496,459**|**1,539,910**|9,075| |**CREDITORS**||||||||| |Amounts falling due within one||||||||| |year|11|**(2,400)**|||**-**|**(37,227)**|**(39,627)**|(73,344)| |**NET CURRENT ASSETS**||**23,744**||**17,307**||**1,459,232**|**1,500,283**|(64,269)| |**TOTAL ASSETS LESS**||||||||| |**CURRENT LIABILITIES**||**23,744**||**17,307**||**1,459,232**|**1,500,283**|3,679,408| |**NET ASSETS**||**23,744**||**17,307 **||**1,459,232 **|**1,500,283**|3,679,408| |**FUNDS**|12|||||||| |Unrestricted funds|||||||**23,744**|-| |Restricted funds|||||||**17,307**|18,775| |Endowment funds|||||||**1,459,232 **|3,660,633| |**TOTAL FUNDS**|||||||**1,500,283**|3,679,408| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 30 March 2026 | 01:45 PDT ............................................. and were signed on its behalf by: ## | (luisDocuSignedPricstleyby: ............................................. C S S Priestley - Trustee E448B9A3559D4DC... The notes form part of these financial statements Page 7 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025** |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of fixed asset investments
Dividends received
Net cash provided by investing 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**|**2025**
**£**
**(2,512,543) **
**(2,512,543) **
**(98,231)**
**4,049,146**
**82,733**
**4,033,648**
**1,521,105**
**9,075**
**1,530,180**|2024
£
(46,510)
(46,510)
(353,476)
330,506
80,690
57,720
(2,873)
11,948
9,075| |---|---|---| The notes form part of these financial statements Page 8 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2025** ## **1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**2025**
**£**
**Net (expenditure)/income for the reporting period (as per the**
**Statement of Financial Activities)**
**(2,024,165)**
**Adjustments for:**
Gain on investments
**(250,164)**
Dividends received
**(82,733)**
(Gains)/losses on exchange
**(112,034)**
Increase in debtors
**(9,730)**
(Decrease)/increase in creditors
**(33,717)**
**Net cash used in operations**
**(2,512,543) **|2024
£
450,384
(400,337)
(80,690)
(56,025)
-
26,075
(46,510)| |---|---| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** |**Net cash**
Cash at bank
**Total**|At 1.7.24
£
**9,075**
**9,075**
**9,075**|Cash flow
£
**1,521,105**
**1,521,105**
**1,521,105**|**At 30.6.25**
**£**
**1,530,180**| |---|---|---|---| ||||**1,530,180**| ||||**1,530,180**| The notes form part of these financial statements Page 9 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. ## **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. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to 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. ## **Governance costs** Governance costs comprise the costs of governance arrangements, which relate to the general running of the Charity. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Investments** Fixed asset investments are stated at market value at the balance sheet date. The Statement of 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. 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. Endowment funds can be expended in line with the governing document of the charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Foreign currencies** Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. ## **Financial instruments** The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. continued... Page 10 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** ## Going concern As detailed in the report of the trustees it is intended that the charity will be closed down within twelve months of the date of the financial statements. However the charity remains able to meet its obligations as they fall due and on this basis the charity is considered to be a going concern and the financial statements reflect this position. ## **2. DONATIONS AND LEGACIES** |Grants
Grants received, included in the above, are as follows:
St Joseph's Hospital and Medical Center
**3.**
**INVESTMENT INCOME**
Dividend income
**4.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**5.**
**GRANTS PAYABLE**
Education and research costs
The total grants paid to institutions during the year was as follows:
Neurosurgery Newsome Chair
Society of British Neurological Surgeons
Barrow Neurological Foundation
BD Travel Fellowship|**2025**
**£**
**86,751**
**2025**
**£**
**86,751**
**2025**
**£**
**82,733**
**2025**
**£**
**15,296**
**2025**
**£**
**2,365,510**
**2025**
**£**
**17,999**
**1,168,193**
**1,179,318**
**-**
**2,365,510**||2024
£
29,311
2024
£
29,311
2024
£
80,690
2024
£
1,450
2024
£
12,635
2024
£
9,733
-
-
2,902
12,635| |---|---|---|---| ||||| ||||| continued... Page 11 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025** ## **6. SUPPORT COSTS** |**SUPPORT COSTS**|| |---|---| ||Governance| ||costs| ||£| |Education and research costs|**3,566**| ## **7. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): |Auditors' remuneration
Auditors' remuneration - under / over accrual in prior year|**2025**
2024
**£**
£
**-**
6,600
**(1,234)**
-| |---|---| ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' benefits or remuneration for the year ended 30th June 2025 nor for the year ended 30th June 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 June 2025 nor for the year ended 30 June 2024. ## **9. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |At 1 July 2024|**3,743,677**| |Additions|**98,231**| |Disposals|**(3,798,982)**| |Exchange gains|**(42,926) **| |At 30 June 2025|**-**| |**NET BOOK VALUE**|| |At 30 June 2025|**-**| |At 30 June 2024|3,743,677| As of 30 June 2024, all investment assets were held outside the UK. During the year, all holdings within the investment portfolio were disposed of. continued... Page 12 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025** |**10.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued income
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
Accruals and deferred income
**12.**
**MOVEMENT IN FUNDS**
At 1.7.24
£
**Unrestricted funds**
General fund
**-**
**Restricted funds**
Split Immunity Project
**18,775**
**Endowment funds**
Expendable Endowment Fund
**3,660,633**
**TOTAL FUNDS**
**3,679,408**
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
**86,751**
**(63,007)**
**Restricted funds**
Split Immunity Project
**-**
**-**
**Endowment funds**
Expendable Endowment Fund
**82,733**
**(2,380,806)**
**TOTAL FUNDS**
**169,484**
**(2,443,813) **|**2025**
**£**
**9,730**
**2025**
**£**
**-**
**34,827**
**4,800**
**39,627**
Net
movement

in funds
£
**23,744**
**(1,468)**
**(2,201,401)**
**(2,179,125)**

Gains and

losses
£
**-**
**(1,468)**
**96,672**
**95,204**|2024
£
-
2024
£
6,300
44,800
22,244
73,344

At
30.6.25
£
**23,744**
**17,307**
**1,459,232**
**1,500,283**

Movement
in funds
£
**23,744**
**(1,468)**
**(2,201,401)**
**(2,179,125) **| |---|---|---| continued... Page 13 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025** ## **12. 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**|At 1.7.23
£
-
18,683
3,210,341
3,229,024|Net
movement
in funds
£
(16,560)
92
466,852
450,384|Transfers
between
funds
£
16,560
-
(16,560)
-|At
30.6.24
£
-
18,775
3,660,633
3,679,408| |---|---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**Restricted funds**
Split Immunity Project
**Endowment funds**
Expendable Endowment Fund
**TOTAL FUNDS**|Incoming
resources
£
29,311
-
80,690
110,001|Resources
expended
£
(45,871)
-
(14,083)
(59,954)|Gains and
Movement
losses
in funds
£
£
-
(16,560)
92
92
400,245
466,852
400,337
450,384| |---|---|---|---| ## **Restricted funds** The money donated to Barrow Foundation (UK) is in respect of a joint venture project between the Barrow Neurological Institute and Tel Aviv's Sourasky Medical Center. This project aims to develop a vaccine for the treatment of malignant brain tumours (Glioblastonas, or GBMs), which will depend crucially on philanthropic giving for its advancement. The donations were sought as a part of an event run by the Tree of Life Foundation, which raises funds in the UK for Jewish causes. We were delighted to be the recipient of their fund-raising efforts. We are still in the planning stage of the project and funds have not yet been disbursed to either institution. ## **Expendable Endowment fund** The expendable endowment fund was established following a gift from Ms Majorie Newsome a supporter of Barrow Neurological Institute. Both the income and capital of the fund is expendable in line with the charitable purposes of Barrow Foundation (UK). continued... Page 14 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2025** ## **13. RELATED PARTY DISCLOSURES** During the year, there were professional fees totalling £3,264 (2024: £7,100) paid to Withers LLP, a law firm of which C Priestley is a member. Page 15 Docusign Envelope ID: EFAE9AFA-07F0-4EF7-9D97-680B4B43F1EC ## **BARROW FOUNDATION (UK)** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025** |2025
£
**INCOME AND ENDOWMENTS**
**Donations and legacies**
Grants
**86,751**
**Investment income**
Dividend income
**82,733**
**Total incoming resources**
**169,484**
**EXPENDITURE**
**Raising donations and legacies**
Consultancy fees
**16,593**
**Investment management costs**
Portfolio management
**15,296**
**Charitable activities**
Exceptional items – US tax liabilities paid
**42,848**
Grants to institutions
**2,365,510**
**2,408,358**
**Support costs**
**Governance costs**
Auditors' remuneration
**(1,234)**
Independent examiner fee
**4,800**
Professional fees
**-**
**3,566**
Total resources expended
**2,443,813**
**Net (expenditure)/income before gains and**
**losses**
**(2,274,329)**
**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**250,164**
Realised exchange gains/losses
**-**
**Net (expenditure)/income**
**(2,024,165) **|2024
£
29,311
80,690
110,001
30,765
1,450
-
12,635
12,635
6,600
-
8,504
15,104
59,954
50,047
188,606
123
238,776| |---|---| This page does not form part of the statutory financial statements Page 16