Charity registration number 1203615 IEngland and Wales) Company registration number 14647091 THE PHAROS FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE PHAROS FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor D S H Abulafia Professor Nigel Biggar N Record G E S Robinson Secretary DrPSNash Charty number (England and Wales} 1203615 Company number 14647091 Rggl$ter&d offl¢g cjo Farrer & Co 66 Lincoln's Inn Fields London WC2A3LH Audltor Gravita Audit Oxford LLP First Floor, Park Central 4041 Park End Street OxFord OX1 1JD
THE PHAROS FOUNDATION CONTENTS Page Trustees Report report Stslemenl of Trustees report responsibilities Independent auditorfs report Statement of financial activities Balance sheet Stslemenl of cash flows Notes lo the financial statements
THE PHAROS FOUNDATION TRUSTEES REPORT REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Reference andAdministrative Inforniation Charity Name.. The Pharos Foundation Incorporatlon Date.. 8th February 2023 Flnan¢lal Pgrlod.. 1 st April 2024 to 31 st March 2025 Charty Registration Number: 1203615 Company Registration Number.. 14647091 Principal Office". Boxall Buildings, 1 &14 Broad Street, Oxford, OX13AS Rogl$ter&d Offlco.. First Floor, 10 Queen Street Place, London, United Kingdom, EC4R 1BE Trustees- George Edward Silvanus Robinson18ppointed 18th March 2024} Neil Record lappoinled 19th June 20231 Professor David Samuel Harvard Abulafia CBE lappoinled 19th June 20231 Professor Nigel John Biggar CBE lappoinled 19th June 20231 Senior Management Team: Patrick Nash, CEOISecretary Professor David Samuel Harvard Abulafia CBE, Director Professor Nigel John Biggar CBE, Director Neil Record, Director Audltors: Gravits Audit Oxford LLP First Floor. Park Central, 40- 41 Park End Street, Oxford, OX1 1JD The TrLJStees are pleased to present their annual directors, report together with the consolidated financial statements of the charity and its subsidiaries for the year ending 31 March 2025 which are prepared to meet the requirements for a directors, report and accounts for Companies House. The financial statements have ken prepared in accordance with the accounting policies set out In note 1 to the financial statements and comply with the charitsble company's Memorandum and Articles of A550ciation, thè Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. Objectlves and actlvltles The purpose of the charity is the advancement of education for the public benefit, with a focus on arts, humanities, and social sCiens. Operating throughout England and Wales, the charity helps the general public by providing education and training, making grants to individuals and organisalions, offering advocacy, advice, and informats"on, and sponsoring or undertaking research. We achieve this by awarding research grants to cover research scholarshipslfellowships, maintenance allowances, research expenses, and the promotion of reseaichlfindings for the public benefit", and we produce a high-qualily programme of free public education for students, academics and the general publi¢, the recordings of which are subsequently uploaded online for the benefit of the national and global public.
THE PHAROS FOUNDATION TRUSTEES REPORT REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Our strategy for our second year has been lo continue to focus on excellent researchlprojecls in the artsl humanitieslsocial sciences. Vve are now funding 9 mulliyear-posldocloral research fellowships, 3 new one-off book grants, and around 50 public lèctureslsalons throughout the academic yèar. Vve plan lo expand again over subsequent years by adding additional cohorts of postdoctoral fellows, book grants and lectures. We also aim lo expand our Core team by hiring adminislrativelevenls support during the 2025-6 academic year. Achlevements and perfom)ance The Pharos Foundation has produced a high-quality programme of free PLJblic lectures and other educational evenls which speaks for itself and is freely available online IPharos Lectures YouTubel. Our YouTube channel has grown to over 10,000 subscribers and ticket reservations often exceed 1500 for our larger events. Audience composition continues to be a diverse cross-seclion of students, academic5 and members of the general public. Thanks lo our posldocloral fellowship awards, our first cohort of Research Fellows are now halfway through their mulli-year research projects and have begun lo publish some ol their articleslchaplerslbooks via reputable university presses and publishing houses. This is lo the benefit of their a¢ademi¢ careers, the a¢ademi¢ reputation of Pharos. and the advancement of knowledge in each of their fields of expertise. In the year ahead we will continue lo promote their work and findings online and via our public education programme, and support our second cohort of postdoctoral fellows as they enter their second year with us. Our first book grants are already coming to fruition with Pharos scholars, publications appearing via Allen Lane and other prestigious presses, which further demonstrates our ability to Identify and support superb intellectual talent at every career stage within and outside the universities. Financial review Overview of the Year The second financial year of the charity has proven lo be another period of strong perfomiance, exceeding expectslions and building upon the success of the initial 13 month period. The charity achieved a significant increase in both income and net assets, strengthening ils financial resilience through the growth of both reslri¢ted and unrestricted reserves. Income and Expenditure During the year ending 31 March 2025, totsl income increased ID £1,436,252 12024.. £866,596), with donations conlribuling £1,434,357, and a further £1,895 received in interest income. This increase in donations reflects the charity's growng supporter base and fundraising success. Total expenditure rose to £1,185,251 12024". £622,7571, primarily driven by the continued expansion of charitable aclivilies, lectures and events whi¢h accounted for £1.153.493 of the lolal spend. The remaining £31.758 was attributed to the associated costs of raising funds. Despite this increased activity the charity delivered a net income of £251,001 12024.. £243,839) split beeen unrestricted1£76,2301 and restricted1£174,7711 funds. Ststement of Financial Position At the balance sheet dale, the charty held nel assets of £494,839 12024.. £243,8391. Current assets comprised £546,326 In cash, with £51,487 in current liabilities. This signific8nl increase in cash reserves reflects prudent financial management and growing fundraising capacity. Of the year end reserves £335,838 12024.. £186,955) were reslricled, and £159.001 12024.. £56.8841 were unrestricted. These figures demonstrate the Charity's ability to grow its unrestricted funding base while continuing lo attract substantial support for specific programme work. Reserves Pollcy and Po$ltlon The management committee has reviewed the reserves policy considering the organisations operational needs and risk profile. In accordance with the policy, unrestricted reserves not already earmarked for designated purposes are targeted lo be maintained al a level equivalent lo 3 10 5 months of expenditure, lo ensure Continuty of operatlDns in thè event of a significant drop in funding. Based on projected 2025126 expenditure of £1,733,000 the targeted range for general reserves is between £433.250 and £722,083. As of year end, general unrestricted reserves stood al £371,326, slightly below the lower end of the target range. However, management is confident that confirmed unrestricted funding al the start of the new financial year will allow the charity to reach this tsrgel within the first quarter of 2025126.
THE PHAROS FOUNDATION TRUSTEES REPORT REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Future Plans The charity remains ¢ommitted to sustaining and expanding ils progiamme of activities in line with ils mission. Future plans include pursuing additional grant funding, launching new fellowship programmes, and scaling event promotion. Furthermore, efforts are underway lo diversify revenue streams, such as through the introduction of streamlined online donation tools and enhand donor engagement via the Charity's website and events. The management committee is confident in the organisations ability lo sustain its current operations and pursue strategic growth opportunities, underpinned by continued strong financial perfomiance and oversight. structure, governance and management The charity is run day-t&day by the delegated authority of the CEOIFounding Director, wlh practical assistance and specialised advice from both the DepulylResearch Director and the Finance Director. This includes all logistical, financial and personnel matters. The CEO is accountable lo the Board of TrusleeslDire¢tors for all decisions and must consult them on all potential major or ongoing financial commitments and report lo them quartedy on the charity's progress. The Chairman is the final intemal point of reference for any internal staff disputes, and all decisions affecting the charity's composition le.g. admitting a new trustee) are taken by majority board vote. The Board is responsible for setting paylremuneralion standards and the benchmarks used for setting the management's pay included comparable educational charities SLJch as standard smalllmid-sized think-tsnks, development directors. and other private research institutions across the English-speaking world. Any new trustees are selected on the basis of their proven commitment to the charity's aims., relevant and distinguished experience.. and Commitment to the charity's a¢livilies. All current members are experienced trustees, however an induction from the board allows them to be properly embedded into the organisation and ensure internal govemance remains consistent. The charity is not part of any wder netrork or umbrella group. Any arrangements ¥Mth any other charitable groups or businesses are done on a case by case basis, considering the overall impact on the charity and ils overall objectives. The charity operates under a Memorandum and Articles of Association, initially incorporated on February 8, 2023, and later amended by a special resolution registered al Companies House on June 15, 2023. 11 is conslituled as a Charitable Private Limited Company by guarantee, wilhoul share capital, and uses the 'Limiled' exemption. Trustees are selected through a unanimous vol& by the existing tiuslees, in consullalion with the leadership team, based on their relèvance and demonstrated commitment lo the Foundation's charitable objectives. Auditor In accordance with the company's articles, a resolution proposing that Gravita AudV( Oxford LLP be reappointed as auditor of the company will be pul al a General Meeting. The Trustees report report was approved by the Board ofTruslees. Ni 8151 Professor Nigel Biggar 1310812025 Date..
THE PHAROS FOUNDATION STATEMENT OF TRUSTEES REPORT RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The Iruslees, who are also the directors of The Pharos Foundation for the purpose of company law, are responsible for prèparing the Trustèes Report Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pracli¢el. Company law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial stalemenls, the trustees are reqUId lo". select suitable accounting policies and then apply them ¢onsistenlly', observe the methods and principles in the Charities SORP", make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in operatlon. The trustees are responsible for keeping adequate accounting records that disdose wth reasonable accuracy at any lime the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE PHAROS FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PHAROS FOUNDATION Opinion We have audited the financial slalements of The Pharos Foundation for the year ended 31 March 2025 which comprise the stslemenl of financial activities. the balance sheet. the slalement of cash flows and notes lo the financial ststemenls, including significant a¢counling 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 SlandaKI applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. In our opinion, the financial slatemenls.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming SoUrceS and application of sourCes, for the year then ended," have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are ftjrther described in the Audilorts SponsIbl1rfAes for the audit of the financial statements section of our report. We are independent of the charitable company in a¢¢ordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance ¥Mth these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the Trustees report use of the going concem 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 charitable company'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 responsibilibes of the ttuslees wth respect lo going concern are described in the relevant sedions of this report. Other inforniation The other information comprises the information included in the annual report other than the financial slalements and our audilorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomialion and we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knoedge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo dètermine whether thi5 gives rise lo a material misstalemenl in the financial statements themselves. If, based on the work we have performed, we con¢lud& that there is material misstslement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on whlch are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation lo which the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the financial stslemenls is inconsislenl in any material respect wth the Trustees report report.. or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records", or we have not received all the information and explanations we require for our audit.
THE PHAROS FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PHAROS FOUNDATION Re5ponsibilitie5 of trustees As explained more fully in the statement of Trustees report responsibilities, the trustees. who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal ¢ontrol as the trustees determine is necessary lo 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 charitable company's ability lo continue as a going COnrn, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease opeialions, or have no realistic attemalive but to do so. Auditorfs 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 wth the Act and relevant regulations made or having effect there under. Our objectives are lo obtain reasonable assurance about whether the financial stslemenls as a whole are free from material misslalemenl, whether due to fraud or error, and to issue an auditor's report that in¢ludes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI 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 slatemenls. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouuined above, lo delecl material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling Irregularf(ies, including fraud, is detailed below. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussion$ with directors and other management, and from our kno¥Medge and experience.. 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., we assessed the extent of Complian with the laws and regulations identified above through making enquiries of management and inspecting legal Corresponden where applicable., and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the aLJdit. We assessed the susceptibility of the charity's financial slalements to maleiial missl8temenl, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knowledge of actual, suspected and alleged fraud,. and considering the intemal controls in place to miligale risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. perfomied analytical procedures to identify any unusual or unexpected relationships., lesled joumal entries lo identify unusual Iransaclions., assessed whether judgements and assumptions made in determining the accounting eslimales were indicative of potents.al bias", and investigated the rationale behind signrficant or unusual transactions.
THE PHAROS FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PHAROS FOUNDATION In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to". agreeing financial ststement disclosures to underfying supporting documentation., reading the minutes of meetings of those charged with govemance., enquiring of management as to actual and potential litigation and daims,. reviewing relevant correspondence. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Auditing standards also Iimil the audit procedure5 required lo identify non<ompliance with laws and regulations lo 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 lo detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al.. https'.11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reportsl Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trLJStees those matters we are required to slate lo them in an auditor's 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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Katherine Wilkes FCA DChA (Senior Statutory Auditor) For and on behalf of Gravita Audit Oxford LLP, Slatulory Auditor Chartered Accountants First Floor, Park Central 4041 Park End Street Oxford OX1 1JD Date.. .......181.812&......
THE PHAROS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Restrlcted funds funds 2025 2025 Total Unrestrlcted Restrlcted funds fund$ 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Investments 796,848 1,895 637,509 1,434,357 1,895 481,100 385,496 866,596 Totsl income 798,743 637,509 1,436,252 481,100 385,496 866,596 Expendlturg on: Raising funds Charitable activities 48,618 673,804 48,618 462,739 1,136,543 44,193 380,023 44,193 578,564 198,541 Total expenditure 722,422 462,739 1,185,161 424,216 198,541 622,757 Net income and movement in funds 76,321 174,770 251,091 56,884 186,955 243,839 Reconciliation of funds: Fund balances al 1 April 2024 56,884 186,955 243,839 Fund balances at 31 March 2025 133,205 361,725 494,930 56,884 186,955 243,839 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
THE PHAROS FOUNDATION BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Current assets Cash at bank and in hand 546,326 282,307 CredFtors: amounts falllng due wlthln one year 11 {51,3961 138,4681 Not current assets 494,930 243,839 The funds of the charitabl& company Restricted income funds Unrestricted funds 13 14 361,725 133,205 186,955 56,884 494,930 243,839 The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo a¢¢ounling records and the preparation of finan¢ial statements. These financial stslemenls have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial stslemenls were approved by the Iruslees on . 1310812025 Professor Nigel Biggar Company registration number 14647091 (England and Wales)
THE PHAROS FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng actlvltles Cash generated from operations 17 262,124 282,307 Invgstlng actlvltles Investment income reiVed 1,895 Net cash generated from investing activities 1,895 Nat Cash ggngrat9d from flnan¢lng actlvltl8s Net Increase In cash and cash equlvalents 264,019 282,307 Cash and cash equivalents at beginning of year 282,307 Cash and cash equivalents at end of year 546,326 282,307 10-
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity inforniation The Pharos Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is clo Farrer & Co, 66 Lincoln's Inn Fields, London, WC2A 3LH. 1.1 Accounting convention The financial statements have been prepared in a¢¢ordan¢e with the charitable company's memorandum and articles of association. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland I'FRS 102.1 and the Charities SORP Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffeclive 1 January 20191. The charitable company is a Public Benefit Enlily as defined by FRS 102. The financial slaternenls are prepared in sterfing, which is the functional currency of the charitable company. Monetary amounts in these financial stslemenls are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are sel out below. 1.2 Going concern Al the lime of approving the financial slalemenls, the Iruslees have a reasonable expectation that the Charitsble company has adequate resources lo Continue in operational existence for the foreseeable future. Thus the Iruslees ¢ontinue lo adopt the going conrn basis of accounting in preparing the financial slalements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial slalements. Endowment funds are subject to specific conditions by donors that the capitsl musl be maintained by the charitsble company. 1.4 Income Income is recognised when the charitable company is legally enlilled lo il after any perfomiance cond(tions have been mel, the amounts can be measured reliably, and (( is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performan conditions require deferral of the amount. Income tax recoverable in relation to donations reiVed under Gift Aid or deeds of covenant is recognised at the ts'me of the donation. Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending dislribulion, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a conlingenl asset.
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Icontlnuedl 1.5 Expendltu Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, il is probable that a transfer of economic benefits will be required in selllemenl, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The c051s of each activity are made up of the lolal of direct cost5 and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated dire¢lly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks. other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown thin borrowings in current liabilities. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price Including transaction costs and are subsequently carried al amorb.sed cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrLJment is measured at the present value of the fvture payments discounted at a market rate of interest. Financial liabilities classified as payable thin one year are not amortised. Debt instruments are subsequendy earned al amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially al Iransa¢lion price and subsequenuy measured at amortised wst using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. 1.7 Employee benefits The cost of any unused holiday enlidement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably Committed to terminate the employment of an employee or lo provide lerminalion benefits. 1.8 Retlrgment bgneflts Payments to defined contribution rets"remenl benefit schemes are charged as an expense as they fall due. 12-
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and ftjture periods where the revision affects both current and future periods. The most significant area involving estimab.on and judgement Is the recognition of accruals. Accruals are based on management's assessment of the amount of goods or services received and the related obligations al the reporting dale, which may not yel have been Invoiced or formally documented. These eslimales are based on historical experience, current conditions, and other relevant factors. bul actual results may differ from these estimates. Any revisions to estimates are recognised in the period in which the estimate is revised and in any ftjlure periods affected. Income from donatlons and legacles Unrestricted Restricted fund$ funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Donations and ghls Grants 84,687 712,161 5,000 89,687 632,509 1,344.670 4,100 477.000 35,496 350,000 39,598 827,000 796,848 637,509 1.434.357 481.100 385,496 866,596 Income from investments Unr9$tr1¢ted Unrg$trldgd funds funds 2025 2024 Bank Interest receivable 1,895 Expenditure on raising funds Unrestricted Unrestricted funds funds 2025 2024 Fundralslng and publlclty Staging fundraising events Advertising 40,248 8,370 34,236 9,957 48,618 44,193 13-
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities Total 2025 Total 2024 Direct costs Staff costs CharitableActivilies'. Grants and Scholarships Charrtable Aclivilies." Events, Advertising and Travel Travel & Insurance Bank Fees Printing & Postsge Books IT Software and Consumables Research Expenses General Expenses Bank Revaluations 695,265 142,000 183,158 37,875 862 1,028 1,069 1,490 2,189 99 24 366,457 25,000 89,324 11.933 310 609 943 5,691 1,065,059 500,267 Share of support and governance costs Isee note 71 Governance 71,484 78,297 1,136,543 578,564 Analysis by fund Unrestricted funds Restricted funds 673,804 462,739 380,023 198,541 1,136,543 578,564 Support costs allocated to activities Total 2025 Totsl 2024 Governance 71,484 78,297 2025 2024 Governance costs comprise.. Audit fees Accountancy Legal and professional 9,000 48,044 14,440 34,263 44,034 71,484 78,297 14-
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 Trustees None of the trustees lor any persons connected wth them) received any remuneration or benefits from the charitable company during the year. Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employm&nt ¢o$ts 2025 2024 INages and salaries Social security costs Other pension costs 615,000 68,598 11,667 335,000 28,595 2.862 695,265 366,457 The number of employees whose annual remuneration was more than £60,000 is as follows.. 2025 Number 2024 Number Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 230,000 115,000 10 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15-
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 11 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals and deferred income 17,843 24,553 9,000 16,320 19,398 2,750 51,396 38,468 12 Retlrement beneflt schemes 2025 2024 Defined contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 11,667 2,862 The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitsble company in an independently administered fund. 13 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 April 2024 Incoming resources Resources At31 Mar¢h expended 2025 Sequoia Trust Grant Other Restricted Donations River Farm Trust 151,459 35,496 350,000 137,509 150,000 1325,1261 138,4641 199,1491 176,333 134,541 50,851 186,955 637,509 1462,7391 361,725 Prevlous Perlod.. At 1 Aprll 2023 Incomlng Resources At 31 March resourG&$ &xpendgd 2024 Sequoia Trust Grant Olhei Restricted Donations 350,000 35,496 1198,5411 151,459 35,496 385,496 1198,5411 186,955 16-
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 13 Restrfcted funds Icontlnuedl Sequoia Trust Grant To support 5 fellows with the primary purpose of getting young scholars working on serious subjects, and onto the career ladder through Publication of books, edited volumes, and peer-reviewed articles in respected journals, Integration into the Oxford collegiate system and Public engagement. Other reslricled donations- To SUPPDrt one research fellow and a grant towards a research project. River Farm Trust- To fund the fellowship programme for two research fellowships. 14 Unrestricted funds The unrestricted funds of the charty comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These indude designated funds which have been sel aside out of unreslricled funds by the trustees for specific purposes. At 1 April 2024 Incoming resources Resources At 31 March expended 2025 General funds 56,884 798,743 1722,4221 133,205 Prevlous Perlod.. At 1 Aprll 2023 Incomlng Resources At 31 March resource$ expended 2024 General funds 481,100 1424,2161 56,884 15 Analys1$ of net a$$ets between funds Unrestricted funds 2025 Restricted funds 202S Total 2025 At 31 March 2025: Current assetsllliabililiesl 133,205 361,725 494,930 133,205 361,725 494.930 Unrestrfcted funds 2024 Restrlcted funds 2024 Total 2024 At 31 March 2024: Current assetsllliabililiesl 56,884 186,955 243,839 56,884 186,955 243,839 16 Related party transactions 17-
THE PHAROS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2025 16 Related party transactlons Icontlnuedl Transactlons wlth lated partles During the year the charitable company entered into the following transactions with related parties.. £100,000 grant from a charity with a connected trustee, £14,854 payments lo a trustee for consultancy services and £472 of expenses reimbursed lo 2 Irustees12024.' £35,496 donation was reiVed from one Irusteel. 17 Cash generated from operations 2025 2024 Surplus for the year 251,091 243,839 Adlustments for: Investment income recognised in statement of financial activities 11,8951 Movements in working capital: Increase in creditors 12,928 38,468 Cash generated from operations 262,124 282,307 18 Analysis of change5 in net funds The charitsble company had no material debt during the year. 18-