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 T￿bOt
Professor John Williams CBE
Advl•ory pan81- Isra
Profe￿Or 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 p￿sen￿'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.
object￿e$ and actlvltles
PU￿OSes 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 p￿Ze, 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
A￿ernative 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 FoUndat￿n 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 G￿re￿IlY
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 offi￿rs 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 Trust￿5.
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 sho￿lst 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 appIl￿ble 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
finan￿31 statements Tnay differ from legi￿a￿On 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 Fou￿e$ 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 ACC￿nting 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 tharit*5 affairs a5 at 5 April 2024 and of its incornin9
resoUr￿S 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
appliCat￿e 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 ￿$pr￿s[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 o￿nion.
¢onclu¥lon5 relatlng to golng concern
In auditing the finan￿￿1 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 knowl*dge 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 (A￿nts 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 eX￿anationS we requi￿ for our audit.
Respon$lbiliti¢s of trustees
As explained more fully in the Statement ol Truslees. Re5pDnsIb￿1￿.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 p￿paration 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 c￿Cern. disdosing, as applicable, matters related to going can￿M 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 ffi￿ar￿al 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 agg￿gate,
they could reason8bly be expected to influènce the ￿0￿orniC 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-com￿lan￿ 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.uk1audltOrSreSPC￿5lb1lltleS. 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 cOn￿alMent, collusion, omission, misrep￿se￿tal10n 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 MaU￿en 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 RepU￿1C 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 p￿pared 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 proba￿8 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 tya￿d 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￿ e￿drted 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 aC￿vertI￿Ae 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 dOna￿on$
Gift Aid donations
Gift Aid tax redalm￿l
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 th￿e 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 septeTnl￿r 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 fO￿ard
Amount5 falling due wthin one year
Amounts falling due after rn￿e 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