Charity regi8trab.on number.. 265166 THE FOULKES FOUNDATION Annual Report and Financial Statements for the Year Ended 5 April 2024 BREBNERS Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D SAR
THE FOULKES FOUNDATION Contsnts (continued) Reference and Administrative Detwls 1to2 Trusteès. Report 3to8 Indepenilent AL[tOrS. Rep¢Jrt 9t012 Slgtsment of Fin8ndal Activifje8 13 8alan¢e Sheet 14 Not•s to the Financral St8tsm?nts 15to22
THE FOULKES FOUNDATION Reference and Administrative Detalls Ch•rlty Reglgtrauon Number 205168 Trust•OS MTS Maureen Foulkes•ajdu, Executive Chainnan Mr Andrew J Hall, S8ct8tary MTS Georgina Benton. Registrar Sir Watter Bodmer Mr Simon alan Mr Nicolas Hajdu Profe$$or Muzlifah Hanffa Profe88or SirAlex Mthham Professor Colin Self Advlsory panel - UK Professor Eileen Joyco- Chair Prolessor Alastair Cornpston CBE Professor Andr Copp Professor Denis TbOt Professor John Williams CBE Advl•ory pan81- Isra ProfeOr GId Rechaw- Chair Professor Yehudrt Bergman Professor Ohad Birk Professor Lior Gepstein Professor Y05si Shiloh Professor Ravid Straussrn8nn Secrntary Mr Andrew J Hall Pflnclpal offlce 37 Ringwood Avenue London N2 9NT Page 1
THE FOULKES FOUNDATION Referenco and Administrative Detalls (continued) Spocific investment powers The Tru¥tee5 have unfettered Investment powers and are currenlly 8dvised by Mr Andrew J Hall 8nd Mr Simon E118n on the overall investment stratsgy of funds held. Bank• National Westminster Bank plc Moorgate London EC2M 6UR Broker* Sarasin 8 P8rtners LLP London EC4M 8BU Auditor Brebners Chartered Accountsnts & Statutory Auditor 130 Sh8ftesbury Avenue London WIO SAR Page 2
THE FOULKES FOUNDATION Trustees. Report The Trustèès h8va ple8sure in psen'n9 their annual report together with th¢ audited fin8no81 statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance wmth the accounting pdicies 58t out in note 1 to the accounts and comply with the Foundab"on's Trust Deed, Charib'es Act 2Q11 and the second edition of the Charitw Ststement of Recommended Practice issued in Octobe¥ 2019. objecte$ and actlvltles PUOSes and main activitres The objectives of the Foundation continthe to be to promote rnedicAI research and the training Df scientists and others to study medirine by providing financial support for postdoctoral suentists who need a medical degree before they can undettske dedicated medical research, and similarfy for rnedital graduates who need a Pho degree. Putt1 benefil The TnJst8es believe that1he activities set out above benefil the public as they contribute io Ihe heatth and wellbeing ol mankind. The Trustees confirm that they have cornplied with the requirernerrt5 of section 17 of the Charth"es Act 2011 to have due regard to the public benefit guidanTr published by the Charity Cornmission for England an¢J Vvales. Achlevements and performance AB we go to press, the selection of both U.K. and Ivaeli Fd10 1$ underway, to be apwov¢d uth'mately by the Trustees at their forthcoming rneeting. Despite the considerable difficulties faced by all science and medicine students dve to the consequences of the Covid pandernic, the Standard of applirats.ons was pleasingly and consistently high, and we look forward to appoinbng another cohort of the highest aeaéemic standard. In the U.K. the 2023 land nirthl wnner of the Foulkes Foundation l Academy of Medical Soences Medal was won by Dr Sam Behj81i, a paediatriuan saents.st at the Welkome Sanger Institute and University of Cambridge. In 15rael, the Advisors have, for the first time, proposed ivm 5511Ae wnners for the 2024 Sents Foulke5 Research pZe, an¢J It wll be up lo the Truslees to decide hgw to 4pproath this unprecedented situation. The current volab.le and exceedingly unstable situation in the Middle East ha5 not impinged on the work of our Israeli colleagues. for whith we are irnfflensely grateful. It is pleasing to see Ihat our U.K. Fellows a at the forefront of cutb"ng*dge Search, and are regularfy featured In the mainstream press and media as well a5 in 5aentrfic jouma15. A matheting seminar was held al the Crid( Insty"tute in London recenuy, bmth another one scheduled al Wamck Universty Medical School at the end of June. These cdlaborations are extremely valuable in maintaining contact with presti9lOUS gGienb"fiG instftutions. and consolidate our vast nehyorking opportuniti8S. Page 3
THE FOULKES FOUNDATION Trustses. Report Icontinuedl Fln•nclal Trview The Foundation has slnce ts inception pursued a policy of using income derived from ts assets to fund educational grants in the field of medical saence. As such, the Trustees have aimed IL) produce an adequate and growng income whilst, at the same time. attempting to preserve the capital value ¢f the Foundats"on In real ternis. The assets Of the invested portion ofthe Foundation are split as follow5.. 2024 2023 Fixed Inccrtne 10.70 15.10 Equities Property Aernative investments Llquid 88sets 75.90 es.80 3.80 4.30 7.00 12.40 2.80 2.40 The Trustees are pleased to report that ihe Foundation's investrnents lafter alowing for resources expende(11 increased by 12.61 % over the financial year 2023124, as compared with a fall in the ICE BofA UK Glts All Stocks Index of 2.50k and an increase of 5.40A in the ICE BofA Sterfing Corporate Index. Over the same period the MSCI UK IMI (Nel Retuml Index showed an increase of 6.4% and the MSCI. All Countre5 World ex UK (Net TRI Index showed an increase of 20.8%. Al 5 April 2024 the FoUndatn was actively supportbng 8 Fellows in the UK and 16 FÈllows in Israel by way of grants of varying amounts payable for speoific periods ranging befften ¢)ne and three years, as more particularty detailed in note 18 to ihe financial statements. Poli¢yon resotves The Foundation h85 3 poliry of investing 1he majcthty of its reserves in order to use the income deriv from these investments to fund educational grants in accordance its Obje'Ve5. and reserves we thèrefore maintained at a level aimed at generaung adequate incorne. In doing so the Trustees GreIlY a5ses5 Ihe assoaated risk and ensure that the reserves are invested in Such a aY that they can be readily realised as cash *then needed. Thi5 policy Is regulady reviewed, taking into 8Kcount investment perforrnance. Reference and Admlnlstratlve Detarls Ch8rity Registration Numbèr 285166 Principal Office". 37 Rirwod Avenue London N2 gNT
THE FOULKES FOUNDATION Trustees. Report {continued) Audltc*.' Brebnars Chartered Aceountsnts & Statutcry Audltor 130 Shaftesbury Avenue London W1D5AR Bankers. N81ion81 W85tminst8r Bank Fle Moorgaie Londun EC2M 6UR Pgge 5
THE FOULKES FOUNDATION Trust8os' Report Icontinued) Trustees and officers The trustees and offirs selving during the year and since the year end were as follows.. Trustees. Mrs MauTeen Foulkes•Hajdu. Executive Chaim)an Mr Andrew J Hall, Secretary Mrs Georgina 8enton, Registr8r Sir Walter Bodmer Mr Sirnon Ellen Mr Nicolas Hajdu Professor Muzlifah Haniffa Professor SirAex Markham Professor Colin Seir Structure, governanc• and management NaluTr ofgoveming document The gtsvèming instrument is the Trust Deed dated 26 September 1974. R8cfUitment and appoNntm8nt oltrustoes The power of appointing new Trustee$ is vesied in the continuing Trust5. Org8nisalionalstruclure The charity Is consts"tuted ?s an unincorporated trust. Grantwm8klng pulicies The snnual selection of Fellows Is administered by the Registrar and Executive Chaiman 8nd advertised on medirA and saentffjc websites 8$ well as in all felevant universities. colleges medical schools and specialist institutions throughout the United ngdo[. A panel of eminent scholars adjudicates a sholst of highty qu81rfied candidates, for approval by the BL)8rd of Trustee5 Wth reference to their financial reqvirements and the lund¥ ¥¥ail3ble. The Tru5lee$ meet Mice a year to approve Fellowships and ensure continuity of activities and effioent investment and deployrnent of resources One soaal everit is held annually to enable all members of the Foundation to meet and exchange view5 and ideas- an occasion not only of infom)al enloyfflent but al80 of great value in bnnging togethèr young people wth ideas, ideals and ambth'ons fw impr¢)vins the health and wellbeiThJ of mankind. Related party trnnsactions Related paty transactions are disclosed in note g to the finandal statements. Page 6
THE FOULKES FOUNDATION Trustees, Report {contlnuedl M3lor r15k5 and Intgrnal Gontro15 The Trustees have overall responsibility for ensuring th81 the charity has appropriate systems of controls, financial and othefwise. They ore also respongiblg for kgeping proper accouFTts"ng records whKh di5dose with reasonable accuracy al any time the financial position of the charity. They are responsible for safegu8r4ing the 8s5ets of the chariiy and hence for taking reasonable steps for the preventic*) an detection ol fraud and other irregularitl8S and to provide re880n8ble 8ssuran that." . the charity is operating effi'ciently and effectively., its assets are safeguarded again51 unauthorised use or disposition proper records are maintained and finanaal infomiation used within the charity or for publiL2tion is reliable., . the charrty complies with relevant laws and regulations. The Tmstees. having assessed the Major risks to which the charity is exposed, in parb'cular those related to its operab'ons and finances, are satisfied that systems are in pl to mibgale the effecl of these risks. Staternent of Tru$tegs' Responslbllltles The trustees are spOnSible for preparing the trustees. report and the financial slatements in accordance with the United Kingdom Accounting St8ndhrd$ (United Kingdom Generally Accepted Accounting Practice} and appIlble law 8nd regulations. The law applicable to charits.es require5 the trustees tD prepare finanaal statements for each financial year which give 8 true and fair view of thè state of affairs of the Eharity and of the Incomlng resources and application of resources ol the charity for that period. In preparing these fin8nrAal statements. the trustees 8r8 required to". select suitable accounbng polioes and Ih¢n app thern ¢gn¥I5tenl,. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prvdent.. 31ate whether applirable accounting standards have been followed, subject 10 gny material departures disdosed and explained in Ihe finanrial statements., and prepare Ihe financial siatements on the going concern basis unless it is inappropriate to preSUTne that the tharity will continue in bu8ine5S. The trustees are responsitrAe for keeping proper accounting record5 that disdose wth Teasonable accuracy at any tirne the finanual posity'on of the charity and enable them lo Ènsure that the financial ststemenls compty with the Charities Acl 2011. the Charrties (Accounts and Reports) Regulations 2008, and the provisions of the constitthion. The trustees are 8150 responsible for safeguarding the 8sset5 of the charity and hence for taking reasonable steps for the wevention and detection of fraud and other Irregularities. The trusiees are responsible for the mainl?nance and integrity of the corporate and finanoal infoitnation included on the charitable company's webste. Legislation governing the preparab'on and di3semination of finan31 statements Tnay differ from legiaOn In other iurisdicbons. Page 7
THE FOULKES FOUNDATION Trustèes. Report (confjnued) Tho annual report vrd8 approved by the tru51ees ofthe charity on .................... signed on it3 behalf by.. Mrs MaLween FryJikes-HaJdu Trustee Mrs Georgina Benton TrJgtse Page 8
THE FOULKES FOUNDATION Independent Audltovs Report to the Members of The Foulkes Foundatlon Oplrrlon We have audited the finanoal statements of The Foue$ Foundatic (the 'charitll for the year ended S April 2024. vthich thg Stat¢rn8nt of Finan(>g1 Adiy.s. Balan Shggt. and Ngte8 to the Financial Statements. including a sumrnary of significant accounting policies. The financi81 reporbng framework that ha5 been applied in their preparats.on is Unrted Kingdom ACCnting S18ndards, eompnsing Charities SORP FRS 102 The Finanrial Reporting St8nd8rd applirable in the UK and Repubbic of Ireland 8nd applicable law Iunited Kingdorn Generally Accepted Accounting Practice). In our opinion th8 financdal 5tat8ments. give a true and fair view of the state of the tharit5 affairs a5 at 5 April 2024 and of its incornin9 resoUrS and application of sourCes, indvding its income and expenditu. for the year then ended., have been properfy prepared In accordance wth Unlted ngdoM Generally Aceepted Accounb'ng Practice., and have been pr8pared in accordance Tr•Ath the qUIrementS of the Charities Act 2011. Basis for oplnlon We conducted our ¥udit in atcordance International Standards on Audlting IUK) IISAS IUKII and appliCate law. Our responsibilities under those standards are further described in the auditor responsibillties for the audit of the finanoal statements sectiow of our reporL We are Independent of the charity in accordance with the ethic21 requirements that are relev8nt to our audit of the financial st8tement5 n the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical $prs[bilItIes in 8ccordance with these requirements. We believe trat the audit evidence we have obtained 15 suffirjent and appropriate to provide a ba515 for our onion. ¢onclu¥lon5 relatlng to golng concern In auditing the finan1 Statements. we have conduded that Ihe trustees, use of the gthng concem b8sls of accounting in the preparation of the financial statements 18 aptwopriale. Based on the work we have perfomied, we have not identified any material uncertainties rdating to events or conditions that, individually or colleclively. Fnay cast 5ignrficant doubt on the charitls ability lo continue as a going concem lor a period of at leasl 1ve months from the Original finanual 8taternents were 3Uthoiised lor 155U8. Our re5pon5ibiliti8s and the re5ponsibilits"85 01 th8 tru5te8s with r8spect to gL¥ng conc8m are d85crib8d in the relevant sections of this reporL Other InfoMatlon The trustees are re5pon5ible for the other informathon. The other information comprises the infcmiatyon included in the annual report, other than the finanaal skternents and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expligdy stated In our report. we do nct express any form of assuran condusion thereon. In connecbon wth our audit of the financial staternents. our responsibility is to read Ihe other inforrnalion and, in doing so, consider whether the other informthon Is matenally inconsistent wth the financial ¥tstements or our knowldge obtsinod in the audit or olheTW5e appears ¢0 b¢ fflalorially misstated. If we Identrfy such matenal Inconsistencies or apparent rnaterial misstatements, we are requi to determine whether there 15 a materi31 rn15slatement in the financial statBrnents or 3 Tnaterial rni55talement ol the other infomiats'on. If. based on th8 work we have perfomied. we condude that there is a rn8ten31 mi88tatemerrt of thi5 Other infortnation, we are required to report that lact. W8 have nothing to ieport in Ihi5 regard. Page 9
THE FOULKES FOUNDATION Independent Auditor's Report to the Members of The Foulkes Foundation (continued) Mattor5 on whlch we are requlred to report by exception In the light of our knowledge and understanding of the charity and its envtronment obtained in Ihe wur8e of the audit, we have Th)t identified material misstatements in the Tru8t8es' Report. We have nothing to report in respect of the followAng matter¥ where the Charities (Ants and Repc*ti Regulations 2008 require5 US to r8POrt to you il. in our opinion". adequate accounting re¢ords have not been k or retums adequate for our audit have not been received from branthes not visrted by us; or the finanual statements are not in agreement with the accounting records and returns., or certaln disdosures oftruslees remuntrab.on specifieij by law are not made., or we have not received all the informatlon and eXanationS we requi for our audit. Respon$lbiliti¢s of trustees As explained more fully in the Statement ol Truslees. Re5pDnsIb1.es1Set out page 71, the trusteés are responsible for the preparation of the financial statements and foi being satisfied that they give a true and fair view, and for such intemal control as the trustee5 dolermine is necessary to enable the pparation of financial staternenis Ihat are Ire8 from material misstatement. whether due to fraud or error. In preparing the financial slatements, the trustees are r¢sponwble for assessing the charity's ability to continue a5 8 going cCern. disdosing, as applicable, matters related to going canM and using the going concem basis of accounting unless the Iruslees either int8nd to ¥quidat8 the charity or to cease operations, or have no realistic aliernative bul to do so. Audltor Responslbllltles for the audlt of the Ilnanclal stat•mènts Our objectives are lo obtain reasonable 8S8ur8nce about thelher the ffiaral statements as a whcle are tree from material TniS5tatemenl. whether due to fraud or error, and lo issue an auditorfs report that indudes our opinion. Reasonable assuran Is a high 18V81 of assuran, but is not a guarantee that an audrt conducted in ac¢ordanEe wth ISA5 IUW wll aknys detect a material mlsslatement when it exists. Misstatements can arise from fraud or error and are considered materi81 rf, individualty or in the agggate, they could reason8bly be expected to influènce the 0orniC dedsions of users taken on the basis of th?se finanrial statement5. The extent to which our procedures are capable of detecting irregularib'es, including fraud is detailed bel.. Page10
THE FOULKES FOUNDATION Independenl AudltoV5 Report to the Members of The Foulkes Foundatlon (continued) Irregularities, induding fraud. are instances of non-cornpliance with laws and regulations. We design procedures in line wlh our responsibilities, outlined above, to detect material misstatements in respect of irregularibes. including fraud. The extent to thich our procedure5 aTe capable of detecting Irregulawib'es, including fraud is detsiled below.. Based on our understonding of the charity, we detennlned that the princypal risks of non-comlan bs4ih laws and gUlationS related to the reporting framework IFRS 102 and the Charities Act 20111 . These risk8 We cornmunicated to our audlt team and w8 remained alert to any indicats.ons of non-compllance throughout our avdit. We understood how the charity is complylng th relevent leglsl8tSon by makSng enqulries of trustees. We also considered the resutts of our 8udil procedures and to what extent th858 corroborate this understanding and assessed the susceptibility ol the charity's financial statements to material misststement. This induded consideration of how fraud might occur and evaluation of tru5tee5' Inc8ntNes and opportunth"e5 for fraudulent manipulation of the finanri81 statement8. We designed our audit procedures to identify any non-cornpliance with laws and regLd8tion8. SuclT procedures induded, but were not limited to, inspection of any regulatory or legal correspondence.. challenging assumptiDlls and judgements rnade by trustees,. idents"ty'ng snd testing journal entries wittt a focus on large or unusual transactions as d8temiined b88ed on our understanding ol the charity". and Identifying and assesgng the effectiveness of contro15 in place to prevent and detect fraud. to the inherent limitations of on audit. th8r& r8mains 8 risk th* a rnat¢ri81 mi$s13tgment may not have been detected, even though we have properly planned and perfomied our audit in accordance with audib'ng standards. We are not re5POn5ible for preventiTTg llDn-EOtnpliance wth law5 arTd regulations and cannot be expected lo detect all in518nces of non-compliance. A luriher descnption of our responsibilities is available on the Finanual Reporting Gouncil's website at.. V.frC.org.uk1audltOrSreSPC5lb1lltleS. Th15 descripthon form5 part of our auditorf5 report. The primary responsibility for the detection and pr•vention ol fraud re5t5 With the trustee5. The further removed non-compliance with laws and regulations is from the events reflected in the financial ststements. the les5 lik8ty the auditorwll becoTne avrare of it. The risk of not detecting a material rnisstatement due to fraud is higher than the risk of not detecting one rè5Lthing frorn error. as fraud rnay InvDlve deliberate cOnalMent, collusion, omission, misrepsetal10n or forgery. Use of our r•port This report is made solety to the charity trustees. as a body, in accordance with section 144 of the Charities Act 2011 and regu18tions made undeT sethon 154 01 that Act. Our audit wLYk has been undertaken so that rnight state to the truslees those matters we are required to stale to trustegs in an auditors, report and for no other purpose. To the fullest extent permitted ty law. we do not accept or assume responsikn'lity lo nyone oth¢r than Ihe charity and Its trustees as a body, lor our audit work, for this ieporl or for thè opinions we have formed. Page11
THE FOULKES FOUNDATION Independent Auditorfs Reportto the Members of The Foulkes Foundation lcontinued) Mgtbn Widdowson (Senior Statutory Auditor) For on behalf of Brebners, Staiutory AuditQT 13Q Shaftesbury Avenue London W1D5AR 8rebners is eligible for appoints7)tt as auditor ol the charity by Mrtue of Its gllglbility fry appointrnent as auditor of a company un(ler section 1212 of the Companies Act 2CN)6. Pggg 12
THE FOULKES FOUNDATION Statement of Financial Activities for the Year Ended 5 April 2024 Unr8strletèd funds 2024 Unr88tvlettd funds 2023 Not• Incorng and Endowments from: Donations and legacies Investrn8nt in¢omg Other income 8,927 60.543 11,519 58,261 1.074 Total Income Expendlture on". Charitable acts"vits"es 67 470 70,854 1145,3471 102,7811 Totsl expendiiure Gainsnosses on investment assets 1145,3471 133,564 1102.7811 1147,5081 Net incomellexpenditurel 55.687 179,435 Net movement In funds 55.6B7 1179,4351 R•conclllatlon of funds Total funds brought lorwar¢l 2.021,977 2,201.412 Total funds earrf•d fomard 2,077,664 2,021,977 l of the chartys actiwtie5 derive from continuing operations dunng the abjve p8ri0d¥. The notes on pages 1 S to 22 form an inte9r81 part of these fjnancial ststements. Page13
THE FOULKES FOUNDATION (Registration number.. 265166) Balance Shegt as at S April 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 13 2.128,231 2.128,234 1,994,667 1994,670 Current assets Debtors Cash at bank and in hand 14 15 1,185 46,854 2,104 82,101 48,039 84,205 Credltors- Amounts falllng duè within on? yeor 16 52.973 35,070 N•t cumnt Illabilltlesllassets 49.135 Total assets less currnnt Ilabilltl•s 2.123,3110 2,043.805 Credltors: Amounts falling due after more th•n one year Net assets 17 45.6 21,828 2,077,664 2.021.977 Funds of the charlty: Unrestrlct•d incorne funds Unre5tricl8d funds 2,077,664 2,021.977 Totsl funds 1077,664 1021.977 The finanaal staternenl¥ on pages 13 to 22 were approved by the Irustees, and auihorisad for issu• tsrt and signed on their behall by". Mrs MaUen Fouikethajdu Trustee The notes on pages 15 to 22 fomi an Integral part of these ffinand415talernents. Page 14
THE FOULKES FOUNDATION Notes to the Financial Statements for the Year Ended 5 April 2024 1 ACCOUNTING POLICIES statsrnent of compliance The financial statements have been prepared In accordan wth the secon(J e"on ol the Charitles Statement of Recomrnènded Practice issued in October 2019, the Financial Reporting Stsnd?rd applicable in the United 'ngdoM and RepU1C of Ireland IFRS 1021 and the Charities Act 2011. Basls of preparatlon The Foulke5 Foundation meets the definiti of a pubFic benefit entity under FRS 102. The financial statements have been ppared under the historical cost convention wrth iterns recognised at eost except for quoted Investrnents which are stated at their market values. Golng concern The trustees consider thal there are no malorial unrRrtainties aboul the charty's abilty to continue as a golng concem. Judgements anil key assumptlons There are no judgements or 8s5umptions made in th8 preparation of the financial stalements Ihat ihe TnJstees consider significant. Income and endoYMents Voluntary ihcome including donatsons. gffts. legacies anrl grant5 that provide core funding or are of a general nature is recognised when the charity has entitlernert lo the inccyne, it is probable that the incorne will be received and the amount can be measured with sufficient reliability. DonatKTrllS and lega$ Donations 8nd leg8aes are recognised an 8 receivable bass when receipt Is proba8 8nd the ornount ¢an be reliably measured. Investment income Dividends are recognised once the dividend h86 been dedared and nots'fication has been receiv8d of the dividend due. Expendltur• All expenditure 15 recogni5ed once there 15 3 legal or constructive obligation to that expenditure, it is probable setdement is wuired and the amount can be measured relably. All costs are allocated 10 the applicable expenditure heading that aggregate Similar costs to that category. Where costs cannot be directly altributed io particular heading5 they have been allocated on a basis consistent wth the use of resources, wth wtral staff costs allocated c*) the basis of time spent, and depreath.on charges alloeated on the prytion oflhe 055et'$ use. Other $upport w$t5 arg gllo¢at¢d tyad on Ihe spread of staff costs. Charilable ac11vil$ Charitable expenditure comprises Ihose costs incurred by the charity in the defivery ol its activities and seNires lor Its beneficiaries. It Includes both costs that can be allocated direcuy to such actlMtie5 and those osts of an indirect nature n8c8ssary to 5UPPUt Ihern. Page15
THE FOULKES FOUNDATION Notes to the Financial Statements forthe Year Ended 5 April 2024 (continued) Tangible fixed assets Fixed assets are Initially recorded at cost. less 8ny subsequent 8ccumulated depreci8knon and subsequent accumulated impairment losses. prqciation Depreciation Is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated r8sidu81 value, over thair expected useful 8wnornic life a5 follows.. Asset class Computer equipment offi equipm¢nl Portrxit Depreclatlon rnethod and rate 25Qh straight line 25% straight Ilne 25°h 5tr8ight line Flxed asset Invegtmgnts Fixed asset investTnent5 are included at market value at the balance sheet date. Realised gain5 and lo on investments are ralcufated as the difference bewjeen sale5 proceed5 and their rnalket value at the stsrt of lh8 y28r, Dr their subsequent C05t, and are charged or uedited to the Statement of Financial Activities in the period of disp0881. Unrealised gains and losse5 repr88ent the movement in market values cluring the year arnd a edrted or charged to the Statement of Financi81 Activities based on the market value at thè y[ end. Cash and cash equlvalents Cash and 5h equivalents compii8e cg¥h on hand and call deposits, and other short-temi highly liquid investmenls that are readdy aCvertIAe to a knowi amount ol cash and Bre subJect to an insignificant risk of change in value. Trade cr•dito art obligations to pay for goods or services that have been acquired in the ordinary course of business from 5uppli?r5. Accounts Payable are classified as current liabilits.es if the does not have an unconditional right, at the end of the reporting penod, to defer settlernent cf the edfLor for al lea51 1ve montrs after the reporting date. W there 15 an unconditional right to defer settlement lor at least twelve months arter the reporting date, they are wesented as non-current liabilities. are recognised initially at Ihe transaction price and subsequth measured at amortised cost uslng the effective inteiest method. Fund structure Unrestricted income lunds are general funds that are available for use at Ihe trustees disuets.on In furtherance of the objeth.ves of the charity. Pag• 16
THE FOULKES FOUNDATION Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) 2 INCOME FROM DONATIONS Unrestslcted 2024 Unrestrfctod 2023 Non-Gift Aid dOnaon$ Gift Aid donations Gift Aid tax redalml 1.002 4.740 1.185 1.000 8,415 2,104 11,619 6,927 3 INVESTMENT INCOME Unrestrfctsd 2024 Unr•strl¢t•d 20fJ Incorne from listed investments Interest on 5 deposits 59.576 967 57,805 456 60.$43 $8.261 4 EXPENDITURE ON CHARrrA8LE ACTivinES Unr•strieted 2024 Unrestroctsd 2023 Note Grants and prixe$ Support costs Publicity costs Management and administration 103.667 24,988 6.085 10,829 63,977 26,768 1.385 10.651 145.347 102,781 GRANTS AND PRIZES TO INDIVIDUALS 2024 2023 Grants paid to UK F8llDW5 Granis paid lo Israeli Fellows Prfzg¥". Pgid to UK Fdlcvw- The 2023 Foulkes FOundatiC Prlze 69,000 33,167 1,SOO 38,620 25.357 103.887 83.977 Page 17
THE FOULKES FOUNDATION Notes to the Financial Statemants for the Year Ended 5 April 2024 (contlnued) SUPPORT COSTS 2024 2023 Annual rneeting and conferène8 costs Registrar's fees- Mrs G C Benton ExecLrtive Chairrnan'5 fees- Mr$ M A Hajdu 986 12,000 12,000 24.986 2.768 12,000 12.Ot)o 26,768 7 PUBLICITY COSTS 2024 2023 Newsletter and website expenses Foulke5 Foundation Medal putlicity 965 5,100 1.385 6,065 1.385 MANAGEMENT AND AOhlNISTRATION OF THE CHARrrY 2024 2023 Trustee exp8n5es Postage, stationery, telephLx)a and fax Accountancy fees The audit of the th8ritys annual account5 Bank charges 1.C63 875 4,72S 3,9 197 1,370 766 4,500 3.780 235 10.629 10,6151 9 TRUSTEES REMUNERATION AND EXPENSES The sum of £12.000 12023. £12,000) was paid to Mrs Maureen Foulkes-Hajdu, the Executive Chairman and a Truslee of the Foundab"on, in accordance with powers contained in the governing inslrumenl, for acting as Trustee. encompassing the adminislralion of the entire grant4naknng application proGedure, including arranging and attending all Trustee and Advisory rneetinqs, processing references and applicats'ons, coordinating new51etters, arranging Adv150r5' and Trustees. meetings. administering despatth of grants to Fellows, arranging the Annual Dinner and general Trust administration Matters. The surn of £12,00012023'. £12,000) was paid lo Mrs Georgina Benton, Registrai. and 3 Trustee of the Foundab'on as assistant to Mrs Foulkes-Hajdu in all the admini8trabon mentioned above. l other Tnjstees give freety uf their b.me and expertise withwt any fomi of remuneration or other benefit in cash or kind12023'. £Nill. During the year, three Trustees have claimed expenseg: for the total sum of £1.063 in raspect Of Iravd. meeting costs, postage and stationery12023." £Nill. Page 18
THE FOULKES FOUNDATION Notes to the Financial Statements for the Yoar Ended 5 Aprll 2024 Icontinuedl 10 STAFF COSTS AND KEY MANAGEMENT PERSONNEL REMUNEIU4TION The Foundation doe5 not ernploy any staff and it considers Mrs Maureen Foulkes-Hajdu IExecutive Chairman) and Mrs Georgina Benton (Registrar) as its key management personntrl and their remkjneration is disclosed in note 9 above. 11 TAXATION All income and gain5 Were used for charitablé éxpendituré and thartorè thère Is no tAx due. No t8X3L4e incotne wa5 derived from developing land Dr property. 12 TANG18LE FIXED ASSETS Computer equipment Office equipment Portralt Total Cost At 6 April 2023 205 1,096 1,137 2,438 At 5 April 2a24 205 1,096 1.137 2.438 Depreciation At 6 April 2Q23 204 1,095 1.136 2,435 At S April 2Q24 Net book value 204 1.095 1,136 2,435 At S Aprfl 2024 At S April 2023 Page 19
THE FOULKES FOUNDATION Notes to the Financial Ststements for the Year Ended 5 April 2024 (continued) 13 FIXED ASSET INVESTMENTS Llsted inveslments Cost or Valuation At 6 April 2023 Unrealised gainslllosse51 M8rket valug at 5 April 2024 1.994,867 133.564 2,128,231 N•t book valu• At S Aprfl 20Z4 2.128.231 At 5 April 2023 1,994.667 Listed investments Hlstorlcal cost At 6 April 2023 2.007.337 5 April 2024 1007,337 The Trustees consider individual investrrenl holdings in excess of 5% of the portfolio valu8 to material. 100% of the portfolio value represents holdings in Sarasin Endowment Funds. 14 DEBTORS 2024 2023 Tax daimed from GiftAid donations 1.185 2.104 15 CASH AND CASH EQUIVALENTS 2024 2023 Cash on hand Cash at bank 50 46,8D4 82,051 82,101 46.854 Poge 20
THE FOULKES FOUNDATION Notes to the Flnanclal Statements for the Year Ended 5 April 2024 (continued) 16 CREDITORS: AMOUNTS FALLING DUE WTHIN ONE YEAR 2024 2023 Note Trade ditOrS Gr3nt5 payable 31 52,942 35,070 82.973 35.070 17 CREDITORS.. AMOUNTS FALLING DUE AFTER ONE YEAR 2024 2023 Note Grant5 payable 45.636 21.828 18 COMMITMENTS TO FOUNDATION FELLOW5 Grants are awarded lo Fellow5 for penods which vary befvleen one and the years and a paid at qU8rtedy intervals on 30 September, 31 December, 31 March and 30 June each year. During the year ended 5 April 2024, the following amounis were paid to Fellows.. Unlted Klngdom Grants Isra811 Grants Total Balance brought fonvard Amounts tslling due wthin one year Amounts falling due after more than y8aT Gr8nts commencing 3C September 2020 Grants comrnencing 30 September 2021 Grants commencing 30 septeTnlr 2022 Grants commencing 3Q Septemtr*r 2023 116,8551 110.8751 1,500 3.600 11.755 17,250 118,2141 110,9521 1.071 6,667 9,643 9,000 135,0701 {21,8281 2.571 10,267 21,398 26.250 Ba13nc& cafri8d fOard Amount5 falling due wthin one year Amounts falling due after rne than one year 31,77S 30.850 21,167 14,786 52,942 45,636 69,000 33,167 102,167 Page21
THE FOULKES FOUNDATION Notes to the Financial Ststements for the Year Ended 5 April 20241conlinued) Commitments to Fellow5 at S April 2023: Unlt•d Klngdom Grants Israell Grants Total Grants comm8ncing 30 Septernber2021 Last payments falling due on 30 Juna 2024 375 1,687 2.042 Grants commencing 30 Septernb8r2022 L8St payments falling due on 30 June 2024 Last payments falling ¢Jue on 30 June 2025 357 357 10,500 8,929 19,429 Gr8nls commoncing 30 S8pt8fflber2023 Last paymEnts lalling due on 30 June 2025 L351 payments falling due on 31 Junè 2028 2,500 22,500 2,500 74.250 51.750 Totsi Commitments 62,625 35,962 98,677 Page 22