Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **Registered Charity number: 1155582** ## **CHARLES AND JULIA HENRY FUND** ANNUAL REPORT AND FINANCIAL STATEMENTS **FOR THE YEAR ENDED 31 JULY 2025** Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **CHARLES AND JULIA HENRY FUND** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025** The Trustees present their annual report and financial statements of the charity for the year ended 31 July 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015), as amended by Update Bulletin 1 (effective 1 January 2016). ## OBJECTS AND ACTIVITIES OF THE FUND FOR THE PUBLIC BENEFIT In accordance with the governing documents, the objective of the Henry Fund is to provide scholarships (Henry Fellowships) to UK and to American students to study for one academic year at the Universities of Harvard, Yale, Cambridge and Oxford. The Fellowships provide full university and college tuition fees for the course of study approved by the Trustees and any requisite student health insurance, a stipend for living costs, and a grant for travel. They enable a small number of British and American University graduates to take advantage of particular educational opportunities and are awarded annually, in competition. In fulfilling their obligations, the Trustees have had regard to the guidance issued by the Charity Commission on public benefit. ## **ACHIEVEMENTS AND PERFORMANCE** ## Henry Fellowships Scheme For 2024/25, the Trustees pursued the Fund’s objectives by agreeing to use its funds to award four Henry Fellowships* of good value: one at Harvard and one at Yale, filled by competition from eligible students based in the UK, and two at Oxford or Cambridge at the preference of the candidate, one nominated by the Harvard Trustees and one nominated by the Yale Trustees. The Trustees determined that the level of maintenance grant for 2024/25 should be: $37,500 for the Henry Fellows at Harvard and Yale; £26,250 for the Henry Fellows at Oxford or Cambridge. The Henry Fund also met the tuition fees for the five Fellows and provided each with a travel grant of £3,000. _* The Trustees initially agreed to award five Henry Fellowships in 2024/25. However, following the annual meeting, Yale nominated only one Fellow to study in the UK rather than two, and therefore four Henry Fellowships were awarded in 2024/25._ Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## UK students to Harvard and Yale, 2024/25 The eligibility criteria for the Fellowships were, following the Resolution of December 2013 referred to above, were that candidates must be:- - (a) enrolled as full-time students at universities in the British Isles— including all universities and equivalent higher education institutions with degree-awarding powers in the United Kingdom of Great Britain and Northern Ireland and in the Republic of Ireland (the ' _qualifying HEIs_ ' for the purposes of condition (b) below); and ## _either_ — - (i) **undergraduates** of a _qualifying HEI_ who had completed at least two years undergraduate work on 1 January 2025 _or_ — - (ii) **graduates** of a _qualifying HEI_ - who were in their first year of postgraduate study in a _qualifying HEI_ in the academic year 2024-25; and - who were normally of not more than one year's standing from the time of taking their first degree or equivalent at the _qualifying HEI_ . While a very high, and sustained, standard of academic achievement is required of successful UK candidates, the Trustees also attach importance to other attainments and personal qualities relevant to the Founder's intentions. Candidates are therefore required to provide evidence of full engagement in the broader intellectual life of their university, and of participation – and achievement – in relevant non-academic activities, for instance in the wider cultural, social, and community life of their university. In essence, the Trustees wish also to consider the Fellow's potential for full involvement in the intellectual, social and communal life of the host American university, and their future promise to make a mark in public life or for leadership. Candidates must produce evidence of character and intellectual ability, and must also submit a definite scheme of study or research to be carried out at the American universities. The Trustees must be satisfied that the proposed work falls within ordinary university facilities. In February 2025, at a meeting of the Trustees, fifteen outstanding candidates were called for interview and two candidates selected for nomination to Henry Fellowships – one at Harvard and one at Yale. The Henry Fellows appointed in 2024/25 for their funded year abroad in 2025/26 were: _At Harvard_ : Luca Geary (ex Merton College, Oxford) _At Yale_ : Elizaveta Kozharinova (ex London School of Economics and Political Science (LSE)) ## **US students to Cambridge or Oxford, 2024/25** Nominations to Henry Fellowships to be held at Oxford or Cambridge universities by graduates of Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 Harvard and Yale were made separately by the two universities on the authority respectively of the Harvard and Yale Trustees, through the established Harvard or Yale open competition machinery for postgraduate visiting awards. The Henry Fellows appointed in 2024/25 for their funded year abroad in 2025/26 were: _At St Cross, College, Oxford_ : Krisha Tejendra Patel (reading for Master of Science in Paediatrics), the nominee of Harvard University _At Clare College, Cambridge_ : Lucía Amaya Martínez (reading for the MPhil in Development Studies), the nominee of Yale University ## Procter Fellowships (Princeton) In 2024/25 the Henry Trustees made two nominations to the Princeton University authorities: Sean Lavender (Trinity Hall, Cambridge) and Samuel Burry (University College, Oxford). ## Choate Fellowship (Harvard) In 2024/25 the Henry Trustees advised the University of Cambridge on two nominations to Harvard for appointment to the Choate Fellowship: Kate Lucas (ex Homerton College, Cambridge) and Hannah Gillott (ex Sidney Sussex, Cambridge). ## **FINANCIAL REVIEW** ## Financial summary and performance For the year ended July 2025, The Henry Fund had a gain before investment of £172,003, compared with a gain of £ 123,686 for the year ended 31 July 2024. The income from investments was £401,167 (2024: £400,721) and there were net gains on investments in the year of £235,823 (2024: £479,896). Year end funds amounted to £9,958,926 (2024: £ 9,551,100). Details of the Henry Fund’s financial activities and performance can be found in the accounts and financial statements of the charity for the year ended 31 July 2025, which were subject to an Independent Audit. ## Reserves Policy The Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately six months of unrestricted charitable expenditure (approximately £115,000). The Trustees consider that this level will ensure that there are sufficient funds available to meet their commitment to fund the Henry Fellowships scheme, support and governance costs. Total unrestricted reserves at 31 July 2025 were £9,958,926. Reserves include investments valued at £10,026,654 which are used to generate the income to allow the grant awards to be paid. The Trustees review reserve levels annually when deciding how many Henry Fellowships to award at interview. Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## Investment management The Fund’s investments have been managed by Cazenove Capital Management (Schroder & Co. Ltd) since April 2014. ## _Investment Policy_ Cazenove Capital Management acts as investment adviser to the Henry Fund and manages its funds. There are no restrictions on the charity’s power to invest. The portfolio aims to sustain the level of income in real terms, whilst maintaining the capital value. This has been achieved through a balanced risk portfolio of pooled equity and fixed income funds. The portfolio allocates a high weighting to equity in order to support the income requirements. The investment policy is reviewed annually. ## **STRUCTURE, GOVERNANCE & MANAGEMENT** ## The Foundation The Charles and Julia Henry Fund (the ‘Henry Fund’) is governed by the Will dated 7 February 1927 of Lady Julia Lewisohn Henry and was set up by her ‘in the earnest hope and desire of cementing the bonds of friendship between the British Empire and the United States of America’. Income from the Henry Fund provides for Fellowships for British subjects to study for a year at Harvard or Yale Universities, and for American subjects to study for a year at Oxford or Cambridge Universities. By resolution dated 20 December 2013 the Trustees amended the purposes of the Fund, specifically changing the references to nationality in Clause 11(3) of the Will of Lady Julia Henry (1927): We, the undersigned Trustees of the Charles and Julia Henry Fund Henry Fund, in exercise of the power of amendment at Clause 11(9) of the Will dated 7 February 1927 of Lady Julia Lewisohn Henry and being mindful of the specification in Clause 11(3) as to the relevant American and English universities, resolve to adopt, with effect from 20 December 2013, the following revised wording altering the purposes, stated at the commencement of Clause 11 of the Will, for which the income of the Fund shall be applicable with respect to providing Scholarships at American and English Universities: - a. Scholarships tenable at the Universities of Harvard and Yale for students currently enrolled at universities in the British Isles; ## and b. Scholarships tenable at the Universities of Oxford and Cambridge for students currently enrolled at universities in the United States of America. _For the purposes of paragraph (a), ‘universities in the British Isles’ shall include all universities and equivalent higher education institutions with degree-awarding powers in the United Kingdom of Great Britain and Northern Ireland and in the Republic of Ireland._ ## Charitable status Because of the nature of its activities and its connection with the universities of Oxford and Cambridge the Henry Fund has since its establishment been treated as an exempt charity. During 2013/14 the English Trustees sought registration with the Charity Commission. The Henry Fund Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 secured registration with the Charity Commission with effect from 31 January 2014: Registered Charity Number 1155582 – Charles and Julia Henry Fund. ## Organisation Structure The Will provides that the Fund shall be administered by twelve Trustees, three appointed by each of these four universities: University of Oxford; University of Cambridge; Harvard University (‘the Harvard Trustees’); Yale University (‘the Yale Trustees’). The six Trustees appointed by the universities of Oxford and Cambridge – referred to as ‘the English Trustees’ – are appointed as individuals for whatever period, if any, the appointing University determines. They are normally heads of Colleges, or senior professors or officers, and are appointed after consultation with the other English Trustees, so that an appropriate balance of disciplines can be assured for the selection of Fellows. The Harvard and Yale Trustees are normally appointed _ex officio_ , being the President, the Dean of the undergraduate College or School, and the Secretary of each respective University. The six are referred to as ‘the American Trustees’. The Chairman is one of the English Trustees, appointed by them. The Secretary is normally an officer of the University of Oxford or of the University of Cambridge, approved by the English Trustees. A Deputy Secretary may also be approved. At present there are currently no Oxford Trustees; we are actively looking for new Trustees to join the Board to ensure twelve trustees administered the fund ## Finance and Investment Because the Henry Fund is a UK foundation the twelve Trustees delegate financial and investment management to the six English Trustees. The English Trustees appoint investment managers and/or investment advisers, and if necessary investment custodians. The English Trustees appoint the Independent Examiner annually (currently Peters, Elworthy and Moore, Cambridge). Routine financial administration under the direction of the Trustees is undertaken by the Finance Division of the University Offices, the University of Cambridge, on payment of an annual charge. Payments and other transactions from the Henry Fund are made on the instructions of a Trustee or the Secretary (or the Deputy Secretary); no such person can authorise a payment to himself or herself. ## Fundraising The Charles and Julia Henry Fund does not engage in public fundraising and does not use professional fundraisers or commercial participators. ## Fellowships Scheme ## _Henry Fellowships held at Harvard and Yale_ Nominations to Fellowships to be held at Harvard and Yale by graduates of UK universities are made collectively by the English Trustees after national advertisement and competition. Each Fellow Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 nominated must be accepted by the University authorities concerned at Harvard or Yale. The Harvard and Yale Trustees respectively use their best endeavours to ensure acceptance. ## _Henry Fellowships held at Oxford and Cambridge_ Nominations to Fellowships to be held at Oxford and Cambridge by graduates of Harvard and Yale are made separately by the latter two universities on the authority respectively of the Harvard and Yale Trustees, through the established Harvard or Yale selection machinery for postgraduate visiting awards. Each Fellow so nominated must be accepted by a College in Oxford or Cambridge, and if necessary by the University authority concerned (for example, in the case of postgraduate courses). The English Trustees use their best endeavours to ensure acceptance. ## Princeton University, Graduate School – Procter Fellowships By arrangement with the universities of Oxford and Cambridge, the English Trustees recommend – as part of the national competition referred to above– candidates for nomination (formally, by the two universities) to the Graduate School of Princeton University for appointment to Jane Eliza Procter and William Cooper Procter Fellowships (‘Procter Fellowships’) held in the Graduate School. The final appointment is made by Princeton University, after review and approval by the appropriate academic department of the University. ## Harvard University, Joseph Hodges Choate Memorial Fellowship The Choate Fellowship was established in 1919 by members of the Harvard Club of New York City in memory of Joseph Hodges Choate, US Ambassador to the UK 1899-1905. It is awarded each year by Harvard University on the recommendation of the Vice-Chancellor of the University of Cambridge, for study in any Department of Harvard University; under the terms of the Harvard trust only candidates from the University of Cambridge are in practice eligible. By arrangement with the University of Cambridge, the English Trustees on occasion recommend – as part of the national competition referred to above, – a candidate for nomination to the Harvard authorities. ## **Annual meeting** The English Trustees hold an annual meeting, which considers in particular matters concerning finance and investment, and the Henry Fellowships scheme. A governance statement is reviewed annually by the English Trustees and re-adopted, following any necessary changes. ## **STATUS & ADMINISTRATION** ## The Foundation of the Henry Fund The Charles and Julia Henry Fund (the ‘Henry Fund’) is governed by the Will dated 7 February 1927 of Lady Julia Lewisohn Henry and was set up by her in order to provide (i) Fellowships for British subjects to study at Harvard and Yale universities and (ii) for American subjects to study at Oxford and Cambridge universities. Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## The Trustees The Trustees who served during the year were: ## _University of Cambridge:_ Lord Smith of Finsbury, Master of Pembroke College (Chairman until July 2025) Lord Simon Woolley, Principal of Homerton (Chairman since August 2025) Dr Elisabeth Kendall, Mistress of Girton (stepped down in February 2025) Ms Mary Hockaday, Master of Trinity Hall (Trustee since August 2025) Lord Simon McDonald, Master of Christ’s College (Trustee since February 2025) ## _University of Oxford:_ Ms Dinah Rose QC, President of Magdalen College (stepped down in October 2025) Ms Helen Mountfield KC, Principal of Mansfield (stepped down in June 2025) Stephen Blyth, Principal of Lady Margaret Hall, Oxford (stepped down in September 2025) ## _Harvard University:_ Dr Alan Garber, President of Harvard University Mr Marc Goodheart, Vice President and Secretary of Harvard University Dean Rakesh Khurana, Dean of Harvard College (Trustee until July 2025) Professor David Deming, Dean of Harvard College (Trustee since July 2025) ## _Yale University:_ Dr Maurie McInnis, President of Yale University Ms Kimberley Goff-Crews, Secretary and Vice President for Student Life, Yale University Professor Pericles Lewis, Dean of Yale College ## Secretaries Ms Bahar Abdi, Cambridge Bursary Scheme Administrator (Operations), University of Cambridge (Secretary) The day-to-day running of the Trust is managed by the Secretary. ## Principal Address The Charles and Julia Henry Fund University of Cambridge Student Funding and Fee Policy Team Student Services Centre Bene’t Street Cambridge CB2 3PT Website: https://www.henry-procter-choate.fund.cam.ac.uk/ Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## Independent Auditor **Independent auditor PEM Audit Limited Registered Auditors Salisbury House Station Road Cambridge CB1 2LA** ## Bankers Barclays Bank plc 9 – 11 St Andrews Street Cambridge CB2 3AA ## Accountancy Services Finance Division - Treasury & Investments University of Cambridge Greenwich House Madingley Road Cambridge CB3 0TX ## Investment Managers Cazenove Capital Management Schroder & Co. Limited 1 London Wall Place EC2Y 5AU ## Statement of Trustees’ Responsibilities The Trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Disclosure of information to auditors** Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and • that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. ## **AUDITORS** Our auditor, Peters Elworthy & Moore, transferred its audit registration and therefore that part of its business to a newly incorporated limited company, PEM Audit Limited, on 1 September 2025. Accordingly, Peters Elworthy and Moore formally ceased to be the Charity’s auditor with the Trustees duly appointing PEM Audit Limited to fill the vacancy arising. ## For and on behalf of the Trustees of the Charles and Julia Henry Fund ## _**Lord Simon Woolley**_ ## **Chairman** > 03 March 2026 Date: ________________ Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **The Charles and Julia Henry Fund Independent Auditors’ Report Year ended 31 July 2025** ## **OPINION** We have audited the financial statements of The Charles and Julia Henry Fund (the 'charity') for the year ended 31 July 2025 which comprise the Statement of financial activities, the Balance sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019. In our opinion the financial statements: • give a true and fair view of the state of the charity's affairs as at 31 July 2025 and of its incoming resources and application of resources 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 Charities Act 2011. ## **BASIS FOR OPINION** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 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** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the relevant sections of this report. ## **OTHER INFORMATION** The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **The Charles and Julia Henry Fund Independent Auditors’ Report Year ended 31 July 2025** information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: • the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or • sufficient accounting records have not been kept; or • the financial statements are not in agreement with the accounting records and returns; or • we have not received all the information and explanations we require for our audit. ## **RESPONSIBILITIES OF THE TRUSTEES** As explained more fully in the Trustee's responsibilities statement[1] , the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **The Charles and Julia Henry Fund Independent Auditors’ Report Year ended 31 July 2025** Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the charitable company through discussions with trustees and other management, and from our commercial knowledge and experience of the sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Charities Act 2011. - in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the company's ability to operate or to avoid material penalties; - we obtained an understanding of the legal and regulatory framework applicable to the charity and of the charity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance; - we made enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - we obtained an understanding of the entity’s risk assessment process, including the risk of fraud; - we assessed the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur; and - laws and regulations identified were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. As a result of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of fraudulent revenue recognition. We considered the risk of fraudulent revenue recognition to be most prevalent in the cut-off and completeness of revenue. In response to these identified risks, we designed procedures which included, but were not limited to: - performed analytical procedures to identify any unusual or unexpected relationships; - performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business; - we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias; Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **The Charles and Julia Henry Fund Independent Auditors’ Report Year ended 31 July 2025** - performed substantive testing for a sample of transactions from investment reports to the nominal to ensure that investment income was appropriately recognised in the correct period; and - performed substantive testing for a sample of transactions from grant applications to approval records and subsequent payment to ensure that all labilities were recognised in the correct period and the correct recipient paid. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - we agreed the financial statement disclosures to underlying supporting documentation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - we read the minutes of meetings of those charged with governance. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. ## **USE OF OUR REPORT** This report is made solely to the charity's trustee in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustee those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustee, as a body, for our audit work, for this report, or for the opinions we have formed. ## **PEM Audit Limited** Registered Auditors Salisbury House Station Road Cambridge CB1 2LA 03 March 2026 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ||**Charles and Julia Henry Fund**|**Charles and Julia Henry Fund**|**Charles and Julia Henry Fund**|Charity No
(if any)|**1155582**|| |---|---|---|---|---|---|---| ||Annual accounts for the period|||||| ||Period start date|**01-Aug-24**|**To**|Period end
date|**31-Jul-25**|| |||||||| |**Section A**|**Statement of financial activities**|||||| |**Recommended categories by**
**activity**
Guidance Notes
**Incoming resources (Note 3)**
**Income and endowments from:**
Donations and legacies
S01
Charitable activities
S02
Other trading activities
S03
Investments
S04
Separate material item of income
S05
Other
S06
S07
**Resources expended (Note 6)**
**Expenditure on:**
Raising funds
S08
Charitable activities
S09
Separate material item of expense
S10
Other
S11
S12
S13
Net gains/(losses) on investments
S14
S15
**Extraordinary items**
S16
S17
S18
Other gains/(losses)
S19
S20
**_Reconciliation of funds:_**
S21
S22
**_Total_**
**_Net movement in funds_**
Total funds brought forward
**_Total funds carried forward_**
**_Total_**
**Net income/(expenditure) before investment**
**gains/(losses)**
**Net income/(expenditure)**
**Transfers between funds**
**Other recognised** **gains/(losses):**
Gains and losses on revaluation of fixed assets for the charity’s own use||**Unrestricted**
**funds**
**£**
F01|
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
F02
F03
F04
F05|||| |||-|-|-|-|-| |||-|-|-|-|-| |||-|-|-|-|-| |||401,167|-|-|401,167|400,721| |||-|-|-|-|-| |||-|-|-|-|-| |||401,167|-|-|401,167|400,721| |||||||| |||11,561|-|-|11,561|11,119| |||217,602|-|-|217,602|265,916| |||-|||-|-| |||-|-|-|-|-| |||229,163|-|-|229,163|277,035| |||||||| |||172,003|-|-|172,003|123,686| |||235,823|-|-|235,823|479,896| |||407,826|-|-|407,826|603,582| ||||-|-|-|| |||-|-|-|-|-| |||||||| |||-|-|-|-|-| ||||-|-|-|| |||407,826|-|-|407,826|603,582| |||||||| |||9,551,100|-|-|9,551,100|8,947,518| |||9,958,926|-|-|9,958,926|9,551,100| - Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section B Balance sheet** |**Fixed assets**
**Intangible assets (Note 15)**
**Tangible assets (Note 14)**
**Heritage assets (Note 16)**
**Investments (Note 17)**
**_Total fixed assets_**
**Current assets**
**Stocks (Note 18)**
**Debtors (Note 19)**
**Investments (Note 17.4)**
**Cash at bank and in hand (Note 24)**
**_Total current assets_**
**Creditors: amounts falling due within**
**one year (Note 20)**
**_Net current assets/(liabilities)_**
**_Total assets less current liabilities_**
**Creditors: amounts falling due after**
**one year (Note 20)**
**Provisions for liabilities**
**_Total net assets or liabilities_**
**Net income/(expenditure)**
**Endowment funds (Note 27)**
**Restricted income funds (Note 27)**
**Unrestricted funds**
**Revaluation reserve**
**_Total funds_**
Signed by one or two trustees on behalf of all
the trustees|Guidance Notes
B01
B02
B03
B04
B05
B06
B07
B08
B09
B10
B11
B12
B13
B14
B15
B16
B17
B18
B19
B20
B21|**Unrestricted**
**funds**
**£**
F01|**Restricted**
**income**
**funds**
**£**
F02|**Endowment**
**funds**
**£**
F03|**Total this**
**year**
**£**
F04|**Total last**
**year**
**£**
F05| |---|---|---|---|---|---|---| |||-|-|-|-|-| |||-|-|-|-|-| |||-|-|-|-|-| |||10,026,654|-|-|10,026,654|9,680,243| |||10,026,654|-|-|10,026,654|9,680,243| |||||||| |||-|-|-|-|-| |||116,574|-|-|116,574|96,259| |||-|-|-|-|-| |||-|-|-|-|| |||116,574|-|-|116,574|96,259| |||||||| |||184,302|-|-|184,302|225,402| |||||||| |||- 67,728|-|-|- 67,728|- 129,143| |||||||| |||9,958,926|-|**-**|9,958,926|9,551,100| |||||||| |||-|-|-|-|-| |||-|-|-|-|-| |||||||| |||9,958,926|-|-|9,958,926|9,551,100| |||||||| |||-|||-|-| ||||-||-|-| |||9,958,926||-|9,958,926|9,551,000| ||||||-|| |||9,958,926|-|-|9,958,926|9,551,000| |||||||| |||Signature||Print|Name|Date of
approval
dd/mm/yyyy| |||||
Lord Simon Woolley||03 March 2026| |||||||| CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts** ## Note 1 **Basis of preparation** _**This section should be completed by all charities** ._ **1.1 Basis of accounting** These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with: the Statement of Recommended Practice: Accounting and Reporting by Charities • and with* ✓ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 the Financial Reporting Standard applicable in the United Kingdom and Republic of • and with* ✓ Ireland (FRS 102) • and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by ✓ FRS 102.* * -Tick as appropriate **1.2 Going concern** _**If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:**_ An explanation as to those factors that support At the year end, the Fund reported net current liabilities of £67K. This position is temporary and primarily reflects timing differences between the receipt of investment income, related cash flows, the conclusion that the charity is a going and liabilities due within the next 12 months. These timing differences are expected to reverse in concern; the following financial period as the outstanding income is received, and the related cash flows are realised. Disclosure of any uncertainties that make the going concern assumption doubtful; Where accounts are not prepared on a going concern basis, please disclose this fact together with the basis on which the trustees prepared the accounts and the reason why the charity is not regarded as a going concern. **1.3 Change of accounting policy** The accounts present a true and fair view and the accounting policies adopted are those outlined in note { }. |Yes*
No*||* -Tick as appropriate|* -Tick as appropriate| |---|---|---|---| ||✓||| |**_Please disclose:_**|||| |**_(i) the nature of the change in accounting policy;_**|||| |**_Net income/(expenditure)_**|||| |**_(iii) the amount of the adjustment for each line affected in_**
**_the current period, each prior period presented and the_**
**_aggregate amount of the adjustment relating to periods_**
**_before those presented, 3.44 FRS 102 SORP._**|||| ||||| **1.4 Changes to accounting estimates** No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP). Yes* * -Tick as appropriate No* ✓ _**Please disclose: (i) the nature of any changes; (ii) the effect of the change on income and expense or assets and liabilities for the current period; and (iii) where practicable, the effect of the change in one or more future periods.**_ **1.5 Material prior year errors** No material prior year error have been identified in the reporting period (3.47 FRS 102 SORP). Yes* No* _**Please disclose: (i) the nature of the prior period error; (ii) for each prior period presented in the accounts, the (iii) the amount of the correction at the beginning of the earliest prior period presented in the accounts.**_ CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 2 Accounting policies 2.2 INCOME** _This standard list of accounting policies has been applied by the charity except for those ticked "No" or "N/a". Where a different or additional policy has been adopted then this is detailed in the box below._ |**Recognition of income**
Donated services and facilities that are consumed immediately are recognised as
income with an equivalent amount recognised as an expense under the appropriate
heading in the SOFA.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be
the fair value of those gifts at the time of their receipt and they are recognised on receipt.
In the reporting period in which the stocks are distributed, they are recognised as an
expense at the carrying amount of the stocks at distribution.
**Donated services and**
**facilities**
Donated services and facilities are included in the SOFA when received at the value of
the gift to the charity provided the value of the gift can be measured reliably.
**Income from interest,**
**royalties and dividends**
This is included in the accounts when receipt is probable and the amount receivable can
be measured reliably.
**Income from membership**
**subscriptions**
Membership subscriptions received in the nature of a gift are recognised in Donations
and Legacies.
Membership subscriptions which gives a member the right to buy services or other
benefits are recognised as income earned from the provision of goods and services as
income from charitable activities.
These are included in the Statement of Financial Activities (SoFA) when:
• the charity becomes entitled to the resources;
· it is more likely than not that the trustees will receive the resources; and
• the monetary value can be measured with sufficient reliability.
**Donated goods**
**Contractual income and**
**performance related**
**grants**
**Offsetting**
There has been no offsetting of assets and liabilities, or income and expenses, unless required or
permitted by the FRS 102 SORP or FRS 102.
**Grants and donations**
Grants and donations are only included in the SoFA when the general income
recognition criteria are met (5.10 to 5.12 FRS102 SORP).
This is only included in the SoFA once the charity has provided the related goods or
services or met the performance related conditions.
Donated goods are measured at fair value (the amount for which the asset could be
exchanged) unless impractical to do so.
In the case of performance related grants, income must only be recognised to the extent
that the charity has provided the specified goods or services as entitlement to the grant
only occurs when the performance related conditions are met (5.16 FRS 102 SORP).
**Legacies**
Legacies are included in the SOFA when receipt is probable, that is, when there has
been grant of probate, the executors have established that there are sufficient assets in
the estate and any conditions attached to the legacy are either within the control of the
charity or have been met.
**Government grants**
The charity has received government grants in the reporting period
**Tax reclaims on**
**donations and gifts**
Gift Aid receivable is included in income when there is a valid declaration from the
donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift
and is treated as an addition to the same fund as the initial donation unless the donor or
the terms of the appeal have specified otherwise.
Gifts in kind for use by the charity are included in the SoFA as income from donations
when receivable.
**Support costs**
The charity has incurred expenditure on support costs.
**Volunteer help**
**Net income/(expenditure)**
Donated goods for resale are measured at fair value on initial recognition, which is the
expected proceeds from sale less the expected costs of sale, and recognised in 'Income
from other trading activities' with the corresponding stock recognised in the balance
sheet. On its sale the value of stock is charged against 'Income from other trading
activities' and the proceeds from sale are also recognised as 'Income from other trading
activities'.
Goods donated for on-going use by the charity are recognised as tangible fixed assets
and included in the SoFA as incoming resources when receivable.
The value of any voluntary help received is not included in the accounts but is described
in the trustees’ annual report.|Yes
No
N/a|Yes
No
N/a|Yes
No
N/a| |---|---|---|---| ||✓||| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||✓||| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||✓||| ||Yes
No
N/a||| ||||✓| ||Yes
No
N/a||| ||||✓| Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 |**2.4 ASSETS**
**Intangible fixed assets**
**Heritage assets**
Debtors (including trade debtors and loans receivable) are measured on initial recognition at
**Stocks and work in**
**progress**
Stocks held for sale as part of non-charitable trade are measured at the lower or cost or net
realisable value.
Goods or services provided as part of a charitable activity are measured at net realisable value
based on the service potential provided by items of stock.
Work in progress is valued at cost less any foreseeable loss that is likely to occur on the contract.
Support costs include central functions and have been allocated to activity cost
categories on a basis consistent with the use of resources, eg allocating property costs
by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
They are valued at cost.
**Investments**
Fixed asset investments in quoted shares, traded bonds and similar investments are
valued at initially at cost and subsequently at fair value (their market value) at the year
end. The same treatment is applied to unlisted investments unless fair value cannot be
measured reliably in which case it is measured at cost less impairment.
Investments held for resale or pending their sale and cash and cash equivalents with a
maturity date of less than 1 year are treated as current asset investments
**Grants with performance**
**conditions**
Where the charity gives a grant with conditions for its payment being a specific level of
service or output to be provided, such grants are only recognised in the SoFA once the
recipient of the grant has provided the specified service or output.
**Grants payable without**
**performance conditions**
Where there are no conditions attaching to the grant that enables the donor charity to
realistically avoid the commitment, a liability for the full funding obligation must be
recognised.
The charity has intangible fixed assets, that is, non-monetary assets that do not have
physical substance but are identifiable and are controlled by the charity through custody
or legal rights. The amortisation rates and methods used are disclosed in note 9.5
They are valued at cost.
The charity has heritage assets, that is, non-monetary assets with historic, artistic,
scientific, technological, geophysical or environmental qualities that are held and
maintained principally for their contribution to knowledge and culture. The depreciation
rates and methods used as disclosed in note 9.6.1.4.
This includes any realised or unrealised gains or losses on the sale of investments and
any gain or loss resulting from revaluing investments to market value at the end of the
year.
**2.3 EXPENDITURE AND LIABILITIES**
**Liability recognition**
Liabilities are recognised where it is more likely than not that there is a legal or
constructive obligation committing the charity to pay out resources and the amount of the
obligation can be measured with reasonable certainty.
**Investment gains and**
**losses**
The charity accounts for basic financial instruments on initial recognition as per
paragraph 10.7 FRS102 SORP. Subsequent measurement is as per paragraphs 11.17
to 11.19, FRS102 SORP.
**Tangible fixed assets for**
**use by charity**
The depreciation rates and methods used are disclosed in note 9.2.
**Governance and support**
**costs**
Support costs have been allocated between governance costs and other support.
Governance costs comprise all costs involving public accountability of the charity and its
compliance with regulation and good practice.
**Settlement of insurance**
**claims**
Insurance claims are only included in the SoFA when the general income recognition
criteria are met (5.10 to 5.12 FRS102 SORP) and are included as an item of other
income in the SoFA.
They are valued at cost.
These are capitalised if they can be used for more than one year, and cost at least
**Redundancy cost**
The charity made no redundancy payments during the reporting period.
**Deferred income**
No material item of deferred income has been included in the accounts.
**Creditors**
The charity has creditors which are measured at settlement amounts less any trade
discounts
**Provisions for liabilities**
A liability is measured on recognition at its historical cost and then subsequently
measured at the best estimate of the amount required to settle the obligation at the
reporting date
**Basic financial**
**instruments**||Yes
No
N/a|Yes
No
N/a|Yes
No
N/a| |---|---|---|---|---| |||||✓| |||Yes
No
N/a||| |||✓||| |||Yes
No
N/a||| |||✓||| |||Yes
No
N/a||| |||✓||| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||✓||| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||✓||| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||✓||| |||Yes
No
N/a||| |||||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||✓||| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| |||||✓| |||Yes
No
N/a||| Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ( g ) g **Debtors** settlement amount after any trade discounts or amount advanced by the charity. Subsequently, ✓ they are measured at the cash or other consideration expected to be received. The charity has has investments which it holds for resale or pending their sale and cash and Yes No N/a **Current asset** cash equivalents with a maturity date less than one year. These include cash on deposit and **investments** cash equivalents with a maturity date of less than one year held for investment purposes rather ✓ than to meet short term cash commitments as they fall due. Yes No N/a They are valued at fair value except where they qualify as basic financial instruments. ✓ **POLICIES ADOPTED ADDITIONAL TO OR DIFFERENT FROM THOSE ABOVE** Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **Section C Notes to the accounts (cont)** |Donations and gifts
Gift Aid
Legacies
General grants provided by government/other
charities
Membership subscriptions and sponsorships
which are in substance donations
Donatedgoods,facilities and services
Other
**Total**
Other
**Total**
Other
**Total**
Interest income
Dividend income
Rental and leasing income
Other
**Total**
**Total**
Conversion of endowment funds into income
Gain on disposal of a tangible fixed asset held
for charity's own use
Gain on disposal of a programme related
investment
Royalties from the exploitation of intellectual
propertyrights
Other
**Total**
**Other information:**
**TOTAL INCOME**
**Other:**
**Other trading**
**activities:**
**Net**
**income/(expe**
**nditure)**
**Separate**
**material item**
**of income:**
**Note 3 Analysis of income**
**Analysis**
**Donations**
**and legacies:**
**Charitable**
**activities:**|**Analysis of income**
**Analysis**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**| |---|---|---|---|---|---|---| ||Donations and gifts|-|-|-|-|-| ||Gift Aid|-|-|-|-|-| ||Legacies|-|-|-|-|-| ||General grants provided by government/other
charities|-|-|-|-|-| ||Membership subscriptions and sponsorships
which are in substance donations|-|-|-|-|| ||Donatedgoods,facilities and services|-|-|-|-|-| ||Other|-|-|-|-|| ||**Total**|-|-|-|-|-| |||||||| |||-|-|-|-|-| |||-|-|-|-|-| |||-|-|-|-|-| ||Other|-|-|-|-|-| ||**Total**|-|-|-|-|-| |||||||| |||-|-|-|-|-| |||-|-|-|-|-| |||-|-|-|-|-| ||Other|-|-|-|-|-| ||**Total**|-|-|-|-|-| |||||||| ||Interest income|16,082|-|-|16,082|14,564| ||Dividend income|385,085|-|-|385,085|386,157| ||Rental and leasing income|-|-|-|-|-| ||Other|-|-|-|-|-| ||**Total**|401,167|-|-|401,167|400,721| |||||||| |||-|-|-|-|-| |||-|-|-|-|-| |||-|-|-|-|-| |||-|-|-|-|-| ||**Total**|-|-|-|-|-| |||||||| ||Conversion of endowment funds into income|-|-|-|-|-| ||Gain on disposal of a tangible fixed asset held
for charity's own use|-|-|-|-|-| ||Gain on disposal of a programme related
investment|-|-|-|-|-| ||Royalties from the exploitation of intellectual
propertyrights|-|-|-|-|-| ||Other|-|-|-|-|-| ||**Total**|-|-|-|-|-| |||||||| |||401,167|-|-|401,167|400,721| |||||||| |**All income in the prior year was unrestricted except for: (please**
**provide description and amounts)**||||||| |**Where any endowment fund is converted into income in the**
**reporting period, please give the reason for the conversion.**||||||| |||||||| |||||||| |**Within the income items above the following items are material:**
**(please disclose the nature, amount and any prior year**
**amounts)**||||||| CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 6 Analysis of expenditure** |**Expenditure on**
**charitable**
**activities**
**Separate material**
**item of expense**
**Other**
**Expenditure on**
**raising funds:**|**Analysis**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**£**
**£**| |---|---|---|---|---|---|---| ||Incurred seeking donations|-|-|-|-|-| ||Incurred seeking legacies|-|-|-|-|-| ||Incurred seeking grants|||||| ||Operating membership schemes and
social lotteries|||||| ||Staging fundraising events|||||| ||Fudraising agents|||||| ||Operating charity shops|||||| ||Operating a trading company
undertaking non-charitable trading
activity|||||| ||Advertising, marketing, direct mail and
publicity|-|-|-|-|-| ||Start up costs incurred in generating
new source of future income|-|-|-|-|-| ||Database development costs|-|-|-|-|-| ||Other trading activities|||||| ||Investment management costs:|11,562|-|-|11,562|11,119| ||Portfolio management costs|-|-|-|-|-| ||Cost of obtaining investment advice|-|-|-|-|-| ||Investment administration costs|-|-|-|-|-| ||Intellectual property licencing costs|-|-|-|-|-| ||Rent collection, property repairs and
maintenance charges|-|-|-|-|-| ||**Total expenditure on raising funds**|11,562|-|-|11,562|11,119| |||||||| ||British Fellows in USA|89,090|-|-|89,090|143,495| ||American Fellows in UK|92,482|-|-|92,482|93,900| ||Independent Examination Fee||||-|| ||CU fee|20,800|||20,800|12,601| ||Audit Fee|12,756|-|-|12,756|12,960| ||Bank Charge|-|||-|-| ||Communications|-|||-|-| ||Hospitality/Entertainment/Courtsey|2,474|-|-|2,474|2,961| ||**Total expenditure on charitable**
**activities**|217,602|-|-|217,602|265,916| |||||||| ||||-|-|-|| |||-|-|-|-|-| |||-|-|-|-|-| |||-|-|-|-|-| ||**Total**|-|-|-|-|-| |||||||| ||||-|-|-|| |||-|-|-|-|-| |||-|-|-|-|-| CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ||-|-|-|-|-| |---|---|---|---|---|---| ||-|-|-|-|-| |**Total other expenditure**|-|-|-|-|-| |**RE**|||||| ||229,164|-|-|229,164|277,035| ## **TOTAL EXPENDITURE** ## **Other information:** ## **Analysis of expenditure on charitable activities** |**Activity or**
**programme**|**Activities undertaken directly**|**Activities undertaken directly**|**Grant**
**funding**
**of**
**activities**|**Support**
**Costs**|**Total this**
**year**|**_Total_**
**_prior year_**| |---|---|---|---|---|---|---| |||**£**|**£**|**£**|**£**|**£**| |Charitable expenditure
Activity 2
Activity 3
Activity 4
Activity 5|||181,572|36,030|217,602|265,916| ||||-|-|-|-| ||||-|-|-|-| ||||-|-|-|-| ||||-|-|-|-| |Other|||-|-|-|-| |**Total**|||181,572|36,030|217,602|265,916| |||||||| |**Prior year expenditure on charitable activities**
**can be analysed as follows:**||2024: Grant Funding £237,395 - support costs £28,522||||| |||||||| |**Within the expenditure items above the**
**following items are material: (please disclose**
**the nature, amount and any prior year amounts)**||There were five appointed scholars.||||| CC17a (Excel) 09/02/2026 2 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts** ## **Note 10 Details of certain items of expenditure** ## **10.1 Fees for examination of the accounts** _**Please provide details of the amount paid for any statutory external scrutiny of accounts and other services provided by your independent examiner. If nothing was paid please enter '0' in the appropriate box(es).**_ |**Other fees (for example: financial advice, consultancy, accountancy services) paid**
**to the independent examiner**
**Independent examiner’s fees**
**Audit Fee**
**Tax advisory fees**|**This year**
**£**|**Last year**
**£**| |---|---|---| |||| ||12,756|12,960| |||| |||| Net income/(expenditure) CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 13 Grantmaking** _**Please complete this note if the charity made any grants or donations which in aggregate form a material part of the charitable activities undertaken.**_ ## **13.1 Analysis of grants paid (included in cost of charitable activities)** |**Analysis**|**Grants to**
**institutions**|**Grants to**
**individuals**|**Support costs**|**Total**| |---|---|---|---|---| |Fellowships||181,572|36,030|**217,602**| |Activity orproject 2|||-|-| |Activity orproject3|||-|-| |Activity orproject 4|||-|-| |**_Total_**|**-**|**181,572**|**36,030**|**217,602**| ## _**Please enter “Nil” if the charity does not identify and/or allocate support costs.**_ ## **13.2 Grants made to institutions** |**13.2 Grants made to institutions**|**13.2 Grants made to institutions**||| |---|---|---|---| |**_My charity has made grants to particular institutions that are material in_**
**_the context of its grantmaking. Details of the institution supported,_**
**_purpose of the grant and total paid to each institution is available on the_**
**_charity's web site._**||**_No_**|**_Please provide_**
**_details of charity's_**
**_URL._**| |||**_No_**|**_Provide details_**
**_below_**| ||||| |**Names of institution**|**Purpose**||**Total amount of**
**grantspaid £**| ||||-| ||||-| ||||-| ||||-| ||||-| ||||-| |Net income/(expenditure)|||-| ||||-| ||||-| ||||-| |**_TOTAL GRANTS PAID_**
**_Other unanalysed grants_**
**_Total grants to institutions in reporting period_**|||**-**| ||||-| ||||-| CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 17 Investment assets** _**Please complete this note if the charity has any investment assets.**_ ## **17.1 Fixed assets investments (please provide for each class of investment)** |Carrying (fair) value at beginning of
period
**Add:**additions to investments during
period*
**Less:**disposals at carrying value
**Less:**realised loss
**Less: impairments**
**Add: Reversal of impairments**
**Add/(deduct):**transfer in/(out) in the
period
**Add/(deduct):**net gain/(loss) on
revaluation
Carrying (fair) value at end of year|**Cash & cash**
**equivalents**|
**Listed**
**investments**|**Investment**
**properties**|**Social**
**investments**|**Other**|**Total**| |---|---|---|---|---|---|---| ||390,750|9,289,493|-|-|-|9,680,243| ||110,588||-|-|-|110,588| ||||-|-|-|-| |||||||-| ||||-|-|-|-| ||||-|-|-|-| ||||-|-|-|-| |||235,823|-|-|-|235,823| ||501,338|9,525,316|-|-|-|10,026,654| ***Please specify additions resulting from acquisitions through business combinations, if any.** _**Please note that Fair Value in this context is the amount for which an asset could be exchanged between knowlegable and willing parties in an arm's length transaction. For traded securities, the fair value is the value of the security quoted on the London Stock Exchange Daily Official List or equivalent. For other assets where there is no market price on a traded market, it is the trustees' or valuers' best estimate of fair value.**_ ## **17.2 Please provide a breakdown of investments shown above agreeing with the balance sheet row B04 differentiating between those held at fair value and those held at cost less impairment.** |**Analysis of investments**
**Cash or cash equivalents**
**Investment properties**
**Net income/(expenditure)**
**Social investments**
**Grand total (Fair value at year end+Cost less impairment)**
**Other investments**
**Total**|||| |---|---|---|---| ||**Fair value at year end**|**Cost less impairment**|| ||**£**|**£**|| ||501,338|-|| ||9,525,316|-|| ||-|-|| ||-|-|| ||-|-|| ||10,026,654|-|| ||||| ## **17.3 If your charity holds investment properties, please complete the following note:** **(i) Explain the methods and significant assumptions in determining the fair value of investment property held by the charity (ii) Name or independent valuer, if applicable, and relevant qualifications (iii) Provide details of any restrictions on the ability to realise investment property or on the remittance of income or disposal proceeds (iv) Explain any contractual obligations for the purchase, construction or development of investment property or for repairs, maintenance or enhancements** CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **17.4 Please provide a breakdown of current asset investments, if applicable, agreeing with the balance sheet.** |**Analysis of current asset**
**investments**
**Cash or cash equivalents**
**Investment properties**
**Social investments**
**17.5 Guarantees**
**Listed investments**
**Please provide details and amount of any**
**guarantee made to or on behalf of a third party**
**Name of the entity or entities benefitting from**
**those guarantees**
**Please explain how the guarantee furthers the**
**charity's aims**
**17.6 Concessionary loans**
**Amount of concessionary loans made (****_Multiple_**
**_loans made may be disclosed in aggregate provided_**
**_that such aggregation does not obsure significant_**
**_information_ ).**
**Other investments**
**Total**
**Terms and conditions eg interest rate, security**
**provided**
**Value of any concessionary loans which have**
**been committed but not taken up at the reporting**
**date**
**Amounts payable within 1 year**
**Amount of concessionary loans received****_(Multiple_**
**_loans received may be disclosed in aggregate_**
**_provided that such aggregation does not obsure_**
**_significant information)._**
**Amounts receivable after more than 1 year**
**Amounts payable after more than 1 year**
**Amounts receivable within 1 year**||**This year**|**Last year**|**Last year**|**Last year**| |---|---|---|---|---|---| |||**£**||**£**|| |||-||-|| |||-||-|| |||-||-|| |||-||-|| |||-||-|| |||-||-|| ||||||| ||||||| ||||||| ||||||| ||||||| |||**_Description_**||**This year £**|**Last year £**| ||||||| ||||||| ||||||| ||||||| ||**_Total_**||||| ||||||| |||**_Description_**||**This year £**|**Last year £**| ||||||| ||||||| ||||||| ||**_Total_**||||| ||||||| ||||||| ||||||| ||||||| ||||||| ||||||| CC17a (Excel) 09/02/2026 2 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **17.7 Additional information** **Please provide information about the significance of investments to the charity's financial position or performance eg. terms and conditions of loans or the use of hedging to manage financial risk.** All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and openended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by central banks and market regulators has continued to provide for orderly trading in the markets and so their ability to buy and sell quoted equities and stock is anticipated to continue. The Charity's investments are mainly traded in markets with good liquidity and high trading volumes The Charity has no material investment holdings in markets subject to exchange controls or trading restrictions. The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides a medium degree of diversification of holdings and within investment asset classes that are quoted on recognised stock exchanges. The charity does not make use of derivatives or similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular year period will normally be corrected. **For all investments measured at fair value, the basis for determining the value, including any assumptions applied when using a valuation technique. Where a charity has provided financial assets as a form of security, the carrying amount of the financial asset pledged as security and the terms and conditions relating to its pledge.** CC17a (Excel) 09/02/2026 3 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 19 Debtors and prepayments** _**Please complete this note if the charity has any debtors or prepayments.**_ |**19.1 Analysis of debtors**
**Trade debtors**
**Prepayments and accrued income**
**Other debtors**
**Total**|**This year**
**£**|**Last year**
**£**| |---|---|---| ||-|-| ||-|-| ||95,946|96,259| ||20,628|| ||116,574.0|96,259.0| _**Please complete 19.2 where a material debtor is recoverable more than a year after the reporting date.**_ ## **19.2 Analysis of debtors recoverable in more than 1 year (included in debtors above)** |**Prepayments and accrued income**
**Other debtors**
**Total**
**Trade debtors**|**This year**
**£**|**Last year**
**£**| |---|---|---| ||-|-| ||-|-| ||-|-| ||-|-| ||-|-| Net income/(expenditure) CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 20 Creditors and accruals** ## _**Please complete this note if the charity has any creditors or accruals.**_ ## **20.1 Analysis of creditors** |**Accruals for grants payable**
**Bank loans and overdrafts**
**Trade creditors**
**Payments received on account for contracts or**
**performance-related grants**
**Accruals and deferred income**
**Taxation and social security**
**Other creditors**
**Total**|**Amounts falling due**
**within oneyear**|**Amounts falling due**
**within oneyear**|**Amounts falling due after**
**more than oneyear**|**Amounts falling due after**
**more than oneyear**| |---|---|---|---|---| ||**This year**
**£**|**Last year**
**£**|**This year**
**£**|**Last year**
**£**| ||170,243|207,301|-|-| |||4,185|-|-| ||||-|-| ||||-|-| ||14,059|13,916|-|-| ||-|-|-|-| ||||-|-| ||184,302|225,402|-|-| ## **20.2 Deferred income** ## _**Please complete this note if the charity has deferred income.**_ ## _**Please explain the reasons why income is deferred.**_ |**_Movement in deferred income account_**
Net income/(expenditure)
**Balance at the start of the reporting period**
**Amounts added in current period**
**Amounts released to income from previous periods**
**Balance at the end of the reporting period**|**This year**
**£**|**Last year**
**£**| |---|---|---| ||-|-| ||-|-| ||-|-| ||-|-| CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **Section C Notes to the accounts (cont)** ## **Note 24 Cash at bank and in hand** |**Note 24 Cash at bank and in hand**||| |---|---|---| |**Other**
**Cash at bank and on hand**
**Total**
**Short term cash investments (less than 3 months maturity date)**
**Short term deposits**|**This year**
**£**|**Last year**
**£**| ||-|-| ||-|-| |||| |||| ||-|-| Net income/(expenditure) CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 25 Fair value of assets and liabilities** **25.1 Please provide details of the charity's exposure to credit risk (the risk of incurring a loss due to a debtor not paying what is owed) , liquidity risk (the risk of not being able to meet short term financial demands) and market risk (the risk that the value of an investment will fall due to changes in the market) arising from financial instruments to which the charity is exposed at the end of the reporting period and explain how the charity manages those risks.** The charity has very few debtors and cash forecasts are provided to determine any potentional shortfalls. The charity is exposed to market risk through its investments owned. The risks are managed by investing through a fund manager who reports directly to the charity each month. **25.2 Please give details of the amount of change in the fair value of basic financial instruments (debtors, creditors, investments (see section 11, FRS 102 SORP)) measured at fair value through the SoFA that is attributable to changes in credit risk.** Net income/(expenditure) CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 ## **Section C Notes to the accounts (cont)** ## **Note 27 Charity funds** ## **27.1 Details of material funds held and movements during the CURRENT reporting period** _**Please give details of the movements of material individual funds in the reporting period together with a balancing figure for 'Other funds'. The 'Total funds' figure below should reconcile to 'Total funds' in the blanace sheet.**_ _*** Key: PE - permanent endowment funds; EE - expendible endowment funds; R - restricted income funds, including special trusts, of the charity; and U - unrestricted funds**_ |**_funds_**||||||||| |---|---|---|---|---|---|---|---|---| |**Fund names**|**Type PE, EE**
**R or UR ***|**Purpose and Restrictions**|**Fund**
**balances**
**brought**
**forward**
**£**|**Income**
**£**|**Expenditure**
**£**|**Transfers**
**£**|**Gains and**
**losses**
**£**|**Fund**
**balances**
**carried**
**forward**
**£**| |Unrestricted fund|UR|Transfer fellowships across the UK and US|9,551,100|401,167|-229,163|-|235,823|9,958,926| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| ||||-|-|-|-|-|-| |**_Other funds_**|**N/a**|**N/a**|-|-|-|-|-|-| |**Total Funds**|||9,551,100|401,167|- 229,163|-|235,823|9,958,926| Net income/(expenditure) CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **Section C Notes to the accounts (cont)** ## **Note 28 Transactions with trustees and related parties** _**If the charity has any transactions with related parties (other than the trustee expenses explained in guidance notes) details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box or "False" if there are transactions to report.**_ ## **28.1 Trustee remuneration and benefits** ## **None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity (True or False)** **TRUE** _**In the period the charity has paid trustees remuneration and benefits. Please give the amount of, and legal authority for, any remuneration or other benefits paid to a trustee by the charity or any institution or company connected with it.**_ |**Name of trustee**|**Legal authority (eg**
**order, governing**
**document)**|**Amounts paid or benefit value**|**Amounts paid or benefit value**|**Amounts paid or benefit value**|**Amounts paid or benefit value**|**Amounts paid or benefit value**| |---|---|---|---|---|---|---| |||**This year**||||**Last year**| |||**Remuneration**|**Pension**
**contribution**|**Redundancy**
**(including**
**loss of**
**office)/ex**
**gratia**|**Other**|**TOTAL**| |||**£**|**£**||**£**|**£**| |||||||| |||||||| |||||||| |||||||| _**Please give details of why remuneration or other employment benefits were paid.**_ _**Where an ex gratia payment has been made to a trustee, provide an explanation of the nature of the payment.**_ ## **28.2 Trustees' expenses** _**If the charity has paid trustees expenses for fulfilling their duties, details of such transactions should be provided in this note. If there are no transactions to report, please enter “True” in the box below. If there are transactions to report, please enter "False".**_ |**No trustee expenses have been incurred (True or False)**||**_TRUE_**| |---|---|---| |||| |**Net income/(expenditure)**|**This year**|**Last year**| ||**£**|**£**| |**Travel**||| |**Subsistence**||| |**Accommodation**||| |**Other (please specify):**||| |||| |**TOTAL**|**-**|**-**| **Please provide the number of trustees reimbursed for expenses or who had expenses paid by the charity** ## **28.3 Transaction(s) with related parties** _**Please give details of any transaction undertaken by (or on behalf of) the charity in which a related party has a material interest, including where funds have been held as agent for related parties. If there are no such transactions, please enter 'true' in the box provided.**_ |**There have been no related party transactions in the reporting period (True or False)**|**There have been no related party transactions in the reporting period (True or False)**|**There have been no related party transactions in the reporting period (True or False)**|**There have been no related party transactions in the reporting period (True or False)**|**There have been no related party transactions in the reporting period (True or False)**|**There have been no related party transactions in the reporting period (True or False)**|**_TRUE_**|**_TRUE_**| |---|---|---|---|---|---|---|---| ||||||||| |**Name of the trustee or**
**related party**|
**Relationship**
**to charity**|**Description of the**
**transaction(s)**|**Amount**|**Balance at**
**period end**|**Provision for bad debts**
**at period end**||**Amounts**
**written off**
**during**
**reporting**
**period**| ||||**£**|**£**|**£**||**£**| ||||||||| ||||||||| ||||||||| ||||||||| _**In relation to the transactions above, please provide the terms and conditions, including any security and the nature of any payment (consideration) to be provided in settlement.**_ _**For any related party, please provide details of any guarantees given or received.**_ CC17a (Excel) 09/02/2026 1 Docusign Envelope ID: 35255940-180F-403D-A04C-C2CB08E30726 **Section C Notes to the accounts (cont)** ## **Note 29 Additional Disclosures** **The following are significant matters which are not covered in other notes and need to be included to provide a proper understanding of the accounts. If there is insufficient room here, please add a separate sheet.** CC17a (Excel) 09/02/2026 1