Charity registration number: 265166
## **THE FOULKES FOUNDATION**
Annual Report and Financial Statements for the Year Ended 5 April 2023
## **BREBNERS**
Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue
London W1D 5AR
## **THE FOULKES FOUNDATION**
## **Contents (continued)**
|Reference and Administrative Details|1 to 2|
|---|---|
|Trustees' Report|3 to 6|
|Independent Auditors' Report|7 to 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12 to 18|
**THE FOULKES FOUNDATION**
## **Reference and Administrative Details**
**Charity Registration Number** 265166 **Trustees** Mrs Maureen Foulkes-Hajdu, Executive Chairman Mr Andrew J Hall, Secretary Mrs Georgina Benton, Registrar Sir Walter Bodmer Mr Simon Ellen Mr Nicolas Hajdu Professor Muzlifah Haniffa Professor Sir Alex Markham Professor Colin Self **Advisory panel - UK** Professor Eileen Joyce - Chair Professor Alastair Compston CBE Professor Andrew Copp Professor Denis Talbot Professor John Williams CBE **Advisory panel - Israel** Professor Moshe Oren - Chair Professor Yehudit Bergman Professor Ohad Birk Professor Lior Gepstein Professor Yossi Shiloh **Secretary** Mr Andrew J Hall **Principal office** 37 Ringwood Avenue London N2 9NT
Page 1
## **THE FOULKES FOUNDATION**
## **Reference and Administrative Details (continued)**
**Specific investment powers** The Trustees have unfettered investment powers and are currently advised by Mr Andrew J Hall and Mr Simon Ellen on the overall investment strategy of funds held.
**Bankers** National Westminster Bank plc Moorgate London EC2M 6UR **Brokers** Sarasin & Partners LLP London EC4M 8BU **Auditor** Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR
Page 2
## **THE FOULKES FOUNDATION**
## **Trustees' Report**
The Trustees have pleasure in presenting their annual report together with the audited financial statements of the charity for the year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Foundation's Trust Deed, Charities Act 2011 and the second edition of the Charities Statement of Recommended Practice issued in October 2019.
## **Objectives and activities**
## _Purposes and main activities_
The objectives of the Foundation continute to be to promote medical research and the training of scientists and others to study medicine by providing financial support for postdoctoral scientists who need a medical degree before they can undertake dedicated medical research, and similarly for medical graduates who need a PhD degree.
## _Public benefit_
The Trustees believe that the activities set out above benefit the public as they contribute to the health and wellbeing of mankind.
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Achievements and performance**
Following last year's Report, normal business was indeed resumed during the current year, with Advisors' and Trustees' meetings and our Annual Dinner in Cambridge taking place in person. Six new Fellows were appointed in the UK and seven in Israel.
Our Fellows continue to do cutting-edge research throughout the world in all areas of medical scientific endeavour. One of our earliest (1980) Fellows - and the first woman to be appointed professor - was made a Dame in the 2023 New Year's Honours, to our great delight. Our Israeli branch continues to appoint highly talented Fellows, who tend to be somewhat older than their UK counterparts as they have to include a mandatory term in the armed forces during their post-doctoral and medical studies.
We continue to have excellent relations with the Crick Institute, where we have held several "marketing" seminars which have led to applications from those attending; and the Acadamy of Medical Sciences, which will again this year be administering with us the nomination of the 9th biennial Foulkes Foundation Medal. This has become a highly prestigious and sought-after award since its inception in 2007.
## **Financial review**
The Foundation has since its inception pursued a policy of using income derived from its assets to fund educational grants in the field of medical science. As such, the Trustees have aimed to produce an adequate and growing income whilst, at the same time, attempting to preserve the capital value of the Foundation in real terms.
The assets of the invested portion of the Foundation are split as follows:
||**2023**|**2022**|
|---|---|---|
||**%**|**%**|
|Fixed income|15.10|7.00|
|Equities|65.80|69.80|
|Property|4.30|5.60|
|Alternative investments|12.40|12.70|
|Liquid assets|2.40|4.90|
Page 3
## **THE FOULKES FOUNDATION**
## **Trustees' Report (continued)**
The Trustees have to report that the Foundation's investments (after allowing for resources expended) decreased by 3.51% over the financial year 2022/23, as compared with a fall in the ICE BofA UK Gilts All Stocks Index of 15.5% and a fall of 10.6% in the ICE BofA Sterling Corporate Index. Over the same period the MSCI UK IMI (Net Return) Index showed an increase of 4.9% and the MSCI All Countries World ex UK (Net TR) Index showed a decrease of 2.7%.
At 5 April 2023 the Foundation was actively supporting 11 Fellows in the UK and 16 Fellows in Israel by way of grants of varying amounts payable for specific periods ranging between one and three years, as more particularly detailed in note 18 to the financial statements.
## **Reference and Administrative Details**
Charity Registration Number: 265166 Principal Office: 37 Ringwood Avenue London N2 9NT Auditor: Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR Bankers: National Westminster Bank plc Moorgate London EC2M 6UR **Trustees and officers** The trustees and officers serving during the year and since the year end were as follows: Trustees: Mrs Maureen Foulkes-Hajdu, Executive Chairman Mr Andrew J Hall, Secretary Mrs Georgina Benton, Registrar Sir Walter Bodmer Mr Simon Ellen Mr Nicolas Hajdu Professor Muzlifah Haniffa Professor Sir Alex Markham Professor Colin Self
The trustees and officers serving during the year and since the year end were as follows:
Page 4
**THE FOULKES FOUNDATION**
## **Trustees' Report (continued)**
## **Structure, governance and management**
## _Nature of governing document_
The governing instrument is the Trust Deed dated 26 September 1974.
## _Recruitment and appointment of trustees_
The power of appointing new Trustees is vested in the continuing Trustees.
## _Organisational structure_
The charity is constituted as an unincorporated trust.
## **Grant-making policies**
The annual selection of Fellows is administered by the Registrar and Executive Chairman and advertised on medical and scientific websites as well as in all relevant universities, colleges, medical schools and specialist institutions throughout the United Kingdom. A panel of eminent scholars adjudicates a shortlist of highly qualified candidates, for approval by the Board of Trustees with reference to their financial requirements and the funds available.
The Trustees meet twice a year to approve Fellowships and ensure continuity of activities and efficient investment and deployment of resources One social event is held annually to enable all members of the Foundation to meet and exchange views and ideas - an occasion not only of informal enjoyment but also of great value in bringing together young people with ideas, ideals and ambitions for improving the health and wellbeing of mankind.
## **Related party transactions**
Related party transactions are disclosed in note 9 to the financial statements.
## **Major risks and internal controls**
The Trustees have overall responsibility for ensuring that the charity has appropriate systems of controls, financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that:
- the charity is operating efficiently and effectively;
- its assets are safeguarded against unauthorised use or disposition
• proper records are maintained and financial information used within the charity or for publication is reliable;
- the charity complies with relevant laws and regulations.
The Trustees, having assessed the major risks to which the charity is exposed, in particular those related to its operations and finances, are satisfied that systems are in place to mitigate the effect of these risks.
Page 5
## **THE FOULKES FOUNDATION**
## **Trustees' Report (continued)**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable 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 it is inappropriate to presume that the charity will continue in business.
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 Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees 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.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The annual report was approved by the trustees of the charity on 6 June 2023 and signed on its behalf by:
......................................... Mrs Maureen Foulkes-Hajdu Trustee
......................................... Mrs Georgina Benton Trustee
Page 6
## **THE FOULKES FOUNDATION**
## **Independent Auditor's Report to the Members of The Foulkes Foundation**
## **Opinion**
We have audited the financial statements of The Foulkes Foundation (the 'charity') for the year ended 5 April 2023, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
- In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the 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 auditor 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 UK, including the FRC’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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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**
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities (Accounts and Report) Regulations 2008 requires us to report to you if, in our opinion:
Page 7
## **THE FOULKES FOUNDATION**
## **Independent Auditor's Report to the Members of The Foulkes Foundation (continued)**
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 6), the trustees 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 control as the trustees determine 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 trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor Responsibilities for the audit of the financial statements**
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 auditor’s 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
Based on our understanding of the charity, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Charities Act 2011) . These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the charity is complying with relevant legislation by making enquiries of trustees. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the charity's financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of trustees' incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by trustees; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the charity; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 8
## **THE FOULKES FOUNDATION**
## **Independent Auditor's Report to the Members of The Foulkes Foundation (continued)**
The primary responsibility for the detection and prevention of fraud rests with the trustees. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.
## **Use of our report**
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Martin Widdowson (Senior Statutory Auditor) For and on behalf of Brebners, Statutory Auditor
130 Shaftesbury Avenue London W1D 5AR
Date:.............................
Brebners is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Page 9
## **THE FOULKES FOUNDATION**
## **Statement of Financial Activities for the Year Ended 5 April 2023**
|**Note**
**Income and Endowments from:**
Donations and legacies
2
Investment income
3
Other income
Total income
**Expenditure on:**
Raising funds
Charitable activities
4
Total expenditure
Gains/losses on investment assets
**Net (expenditure)/income**
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2023**
**£**
11,519
58,261
1,074
70,854
-
(102,781)
(102,781)
(147,508)
**(179,435)**
**(179,435)**
2,201,412
**2,021,977**|**Unrestricted**
**funds**
**2022**
**£**
6,963
58,758
1,118|
|---|---|---|
|||66,839|
|||(15)
(93,366)|
|||(93,381)
54,841|
|||**28,299**|
|||**28,299**
2,173,113|
|||**2,201,412**|
All of the charity's activities derive from continuing operations during the above periods.
The notes on pages 12 to 18 form an integral part of these financial statements. Page 10
## **THE FOULKES FOUNDATION**
## **(Registration number: 265166) Balance Sheet as at 5 April 2023**
|**Note**
**Fixed assets**
Tangible assets
12
Investments
13
**Current assets**
Debtors
14
Cash at bank and in hand
15
**Creditors: Amounts falling due within one year**
16
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
17
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**|**2023**
**£**
3
1,994,667
1,994,670
2,104
82,101
84,205
(35,070)
**49,135**
**2,043,805**
(21,828)
**2,021,977**
2,021,977
**2,021,977**|**2022**
**£**
3
2,140,134|
|---|---|---|
|||2,140,137|
|||1,193
113,010|
|||114,203
(37,215)|
|||**76,988**|
|||**2,217,125**
(15,713)|
|||**2,201,412**|
|||2,201,412|
|||**2,201,412**|
The financial statements on pages 10 to 18 were approved by the trustees, and authorised for issue on 6 June 2023 and signed on their behalf by:
......................................... Mrs Maureen Foulkes-Hajdu Trustee
The notes on pages 12 to 18 form an integral part of these financial statements. Page 11
**THE FOULKES FOUNDATION**
**Notes to the Financial Statements for the Year Ended 5 April 2023**
## **1 ACCOUNTING POLICIES**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
The Foulkes Foundation meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared under the historical cost convention with items recognised at cost except for quoted investments which are stated at their market values.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
## _Donations and legacies_
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
## _Investment income_
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _Raising funds_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _Charitable activities_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Tangible fixed assets**
Fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 12
## **THE FOULKES FOUNDATION**
## **Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)**
## **Depreciation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
|**Asset class**|**Depreciation method and rate**|
|---|---|
|Computer equipment|25% straight line|
|Office equipment|25% straight line|
|Portrait|25% straight line|
## **Fixed asset investments**
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
## **2 INCOME FROM DONATIONS**
|Non-Gift Aid donations
Gift Aid donations
Gift Aid tax reclaimed|**Unrestricted**
**2023**
**£**
1,000
8,415
2,104
**11,519**|**Unrestricted**
**2022**
**£**
1,000
4,770
1,193|
|---|---|---|
|||**6,963**|
## **3 INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
|Income from listed investments
Interest on cash deposits|**Unrestricted**
**2023**
**£**
57,805
456
**58,261**|**Unrestricted**
**2022**
**£**
58,746
12|
|||**58,758**|
Page 13
## **THE FOULKES FOUNDATION**
## **Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)**
## **4 EXPENDITURE ON CHARITABLE ACTIVITIES**
|**Note**
Grants and prizes
5
Support costs
6
Publicity costs
7
Management and administration
8|**Unrestricted**
**2023**
**£**
63,977
26,768
1,385
10,651
**102,781**|**Unrestricted**
**2022**
**£**
56,242
24,434
3,110
9,580
**93,366**|
|---|---|---|
## **5 GRANTS AND PRIZES TO INDIVIDUALS**
|**5**
**GRANTS AND PRIZES TO INDIVIDUALS**|||
|---|---|---|
|Grants paid to UK Fellows
Grants paid to Israeli Fellows
Prizes: Paid to UK Fellow - The 2021 Foulkes Foundation Prize
Prizes: Paid to the Foundation's New Pre-Selector
Prizes: Paid to Israeli Fellow - 2021 Research Prize
**6**
**SUPPORT COSTS**
Annual meeting and conference costs
Registrar's fees - Mrs G C Benton
Executive Chairman's fees - Mrs M A Hajdu
**7**
**PUBLICITY COSTS**
Newsletter and website expenses
Foulkes Foundation Medal publicity
**8**
**MANAGEMENT AND ADMINISTRATION OF THE CHARITY**
Trustee expenses
Postage, stationery, telephone and fax
Accountancy fees
The audit of the charity's annual accounts
Bank charges|**2023**
**£**
38,620
25,357
-
-
-
**63,977**
**2023**
**£**
2,768
12,000
12,000
**26,768**
**2023**
**£**
1,385
-
**1,385**
**2023**
**£**
1,370
766
4,500
3,780
235
**10,651**|**2022**
**£**
25,500
26,667
1,500
75
2,500|
|||**56,242**|
|||**2022**
**£**
434
12,000
12,000|
|||**24,434**|
|||**2022**
**£**
610
2,500|
|||**3,110**|
|||**2022**
**£**
365
738
4,500
3,780
197|
|||**9,580**|
Page 14
## **THE FOULKES FOUNDATION**
## **Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)**
## **9 TRUSTEES REMUNERATION AND EXPENSES**
The sum of £12,000 (2022: £12,000) was paid to Mrs Maureen Foulkes-Hajdu, the Executive Chairman and a Trustee of the Foundation, in accordance with powers contained in the governing instrument, for acting as Trustee, encompassing the administration of the entire grant-making application procedure, including arranging and attending all Trustee and Advisory meetings, processing references and applications, coordinating newsletters, arranging Advisors' and Trustees' meetings, administering despatch of grants to Fellows, arranging the Annual Dinner and general Trust administration matters.
The sum of £12,000 (2022: £12,000) was paid to Mrs Georgina Benton, Registrar, and a Trustee of the Foundation as assistant to Mrs Foulkes-Hajdu in all the administration mentioned above.
All other Trustees give freely of their time and expertise without any form of remuneration or other benefit in cash or kind (2022: £Nil).
No expense allowance was made to any Trustee in respect of travel, subsistence and secretarial assistance provided during the year (2022: £Nil).
## **10 STAFF COSTS AND KEY MANAGEMENT PERSONNEL REMUNERATION**
The Foundation does not employ any staff and it considers Mrs Maureen Foulkes-Hajdu (Executive Chairman) and Mrs Georgina Benton (Registrar) as its key management personnel and their remuneration is disclosed in note 9 above.
## **11 TAXATION**
The charity is a registered charity and is therefore exempt from taxation.
## **12 TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**|||||
|---|---|---|---|---|
|**Cost**
At 6 April 2022
At 5 April 2023
**Depreciation**
At 6 April 2022
At 5 April 2023
**Net book value**
**At 5 April 2023**
At 5 April 2022|**Computer**
**equipment**
**£**
205
205
204
204
**1**
**1**|**Office**
**equipment**
**£**
1,096
1,096
1,095
1,095
**1**
**1**|**Portrait**
**£**
1,137
1,137
1,136
1,136
**1**
**1**|**Total**
**£**
2,438|
|||||2,438|
|||||2,435|
|||||2,435|
|||||**3**|
|||||**3**|
Page 15
## **THE FOULKES FOUNDATION**
## **Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)**
## **13 FIXED ASSET INVESTMENTS**
|**Cost or Valuation**
At 6 April 2022
Additions at cost
Unrealised gains/(losses)
Market value at 5 April 2023
**Net book value**
**At 5 April 2023**
At 5 April 2022
**Historical cost**
At 6 April 2022
Additions at cost
Historical cost at 5 April 2023|**Listed**
**investments**
**£**
2,140,134
2,041
(147,508)|
|---|---|
||1,994,667|
||**1,994,667**|
||**2,140,134**|
||**Listed**
**investments**
**£**
2,338,223
2,041|
||**2,340,264**|
The Trustees consider individual investment holdings in excess of 5% of the portfolio value to be material.
100% of the portfolio value represents holdings in Sarasin Endowment Funds.
## **14 DEBTORS**
|**14 DEBTORS**|||
|---|---|---|
|Tax claimed from Gift Aid donations
**15 CASH AND CASH EQUIVALENTS**
Cash on hand
Cash at bank|**2023**
**£**
**2,104**
**2023**
**£**
50
82,051
**82,101**|**2022**
**£**
**1,193**|
|||**2022**
**£**
50
112,960|
|||**113,010**|
Page 16
## **THE FOULKES FOUNDATION**
## **Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)**
## **16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|---|---|---|
|**Note**
Grants payable
18
**CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR**
**Note**
Grants payable
18|**2023**
**£**
**35,070**
**2023**
**£**
**21,828**|**2022**
**£**
**37,215**|
|||**2022**
**£**
**15,713**|
## **17 CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR**
## **18 COMMITMENTS TO FOUNDATION FELLOWS**
Grants are awarded to Fellows for periods which vary between one and three years and are paid at quarterly intervals on 30 September, 31 December, 31 March and 30 June each year.
During the year ended 5 April 2023, the following amounts were paid to Fellows:
|_Balance brought forward_
Amounts falling due within one year
Amounts falling due after more than one year
Grants commencing 30 September 2019
Grants commencing 30 September 2020
Grants commencing 30 September 2021
Grants commencing 30 September 2022
_Balance carried forward_
Amounts falling due within one year
Amounts falling due after more than one year|**United**
**Kingdom**
**Grants**
**£**
(20,500)
(5,475)
2,050
7,500
10,950
16,365
16,855
10,875
**38,620**|**Israeli**
**Grants**
**£**
(16,714)
(10,238)
1,000
4,643
10,000
7,500
18,215
10,953
**25,357**|**Total**
**£**
(37,214)
(15,713)
3,050
12,143
20,950
23,865
35,070
21,828|
|---|---|---|---|
||||**63,977**|
Page 17
## **THE FOULKES FOUNDATION**
## **Notes to the Financial Statements for the Year Ended 5 April 2023 (continued)**
## **Commitments to Fellows at 5 April 2023:**
|**United**
**Kingdom**
**Grants**
**£**
_Grants commencing 30 September 2020_
Last payments falling due on 30 June 2023
1,500
_Grants commencing 30 September 2021_
Last payments falling due on 30 June 2023
2,100
Last payments falling due on 30 June 2024
1,875
_Grants commencing 30 September 2022_
Last payments falling due on 30 June 2023
3,355
Last payments falling due on 31 December
2023
-
Last payments falling due on 30 June 2024
-
Last payments falling due on 30 June 2025
18,900
**Total commitments**
**27,730**|**Israeli**
**Grants**
**£**
1,072
833
8,334
-
1,071
1,786
16,072
**29,168**|**Total**
**£**
2,572
2,933
10,209
3,355
1,071
1,786
34,972|
|---|---|---|
|||**56,898**|
Page 18