Charfty reglsirntknn number 265166 THE FOULKES FOUNDATION Annual Report and Financial Statements for the Year Ended 5 April 2025 BREBNERS Chartered Accountants & Ststutory Auditor 130 Sh8ft8sbury Avenue London W1D5AR
THE FOULKES FOUNDATION Contsnts l¢ontlnuod Rolw•rnY and Adnntr4lfvs Dtsi6 1102 Trt, Rep)rt 3to7 1nd•Felenl Audltor8' Raport 8t0 11 Slatomnt of Flnandal ACbwtS 12 Bal8rr She•¢ 13 Not•• to th• Finand•l sr•m6nts 14to21
THE FOULKES FOUNDATION Reference and Administrative Delalls Ch•rfty Regl•lr•tlon Numbor 265166 Tru•tse• Mrs Maurean Foulke&Hajdu, ExoQJtive Ch¥Jrman Mr Andrew J Hall, Secret*y Mrts Gecygina Benton, Registrar Sir W811tr Bodmer Mr Sirnon Ellen Mr NScoLg9 H8fvJu Profèssormuzlwah Hanlffa Professor Slr Ak9x Markham Prof8860r Colln Sdl Advt•ory pon•l. UK Piole5sor Eileen Joyeè- Chair Profe550r 99t81r Compston CBE Professor And Copp Prof•Mor Denth Tthot Profos8rx John Willlam$ C8E Ad¥l•ory p•n•l- Im Professor Gid•on R&cha- Cha Profas&cfj Yahudlth 8ergffl• ProfessLY Ohad Birk Ptof85sor Gop8t•ln Profe88or Ra Strau88mann Seerntary Kfr Andrèw J H811 Prlnclyl office 37 RIn9ud Avenue L¢d0 N2 gNT Sp•Cl¢ Inv•stsnpnt powqv• The Trustee¥ tre vnfelterod irbvostrnent pT3 8TrJ arè MlIFY advised by Mr Andrew J Hall and MT SirtTh)n Ellen on Ihe ovaran inv8strnent strat8gy of lunds h&kl. Bonker• National WestnM'nsler Bank pk MrjraIe London EC2M 6UR Page I
THE FOULKES FOUNDATION Reference and Admlnlstratlve Detalls (contlnuedl In¥esbTr•nt Mangg•iB Sarllsln & F4rtIr5 LLP EC4M 8BU Audltor Bmbner8 Charterwl At¢oufitanl$ & Statu¢¢ry hjjdttcrf 130 ShaftgsburyAvenu8 Loffl¢Jon W1DSAR
THE FOULKES FOUNDATION Trusto•s' Report The Trustees have pleasure In psentry their annu81 repcfft t¢gelhw w5th the 8u¢"ted fjnanoial statements ol the charity for the yEar Ended 5 Apil 2D25. Th8 finacIal statements ha beeD pr8p8red In acrA)rdance with the 8c¢wnts'ng roll¢les $61 out in note 1 10 th¢ 8cwunts and comply th the Founda0,$ Truat Deed, Charities Act 2011 and the second editson of Ihe Charits"es Stslemenl ol Recommended Pmclice 1SSUEd In October 2019. Oblactlva• and actlvttlex Pu0895 and maln aeiivlllgs Tha obj8ctives of the Foundation conlinute to to prornolo medk81 reB8arch and th8 trwning of scientists ond others to sludy medlryn¢ by prowding finn81 suppjrt for postdgctoral ?clentist8 wtr need 8 rned11 éegro8 bafore they can undertake dÉdicaled medi1 rnsgarch, and, in excep¢ional circurn81an¢8s. for madical gradu8188 who n88d a PhD d8gr8e. Pumc benvfft The TnJstee8 belleve that th• sel out above beneflt (he publlc as they ctn'bUt8 to the hoallh and welkeSng of manklnd. The Tru8tee8 CODfirrn that they hBve cornplied wlth the rgouirern¢nts of 8ecticfj 17 of th8 Charities Act 2017 lo have due regard lo the public benefit guanc8 published by the Charity c0rnrnis0n lor England and WaK•s. Aehhv•m•nl• •nd pNlomanc• 2025 $ee6 us cglebr8lwiG th8 60th 3nnlv¢r88ry of the 8PPUntm8nt of the fir8t Foulk85 F8llows in 1975. Sln¢e then, a totsl of 311 have been 8ppointgd in tre UK and IsinrK 19821194 F&llows havts bèen appL4nied by our sister branch in Israel. With f8w exceptions. we are still in contscl wth the rnajc4ty of Ihem and are very proud of all Ih¢y have achieved in every branch of medleal sdtnce. in the LIK in Europe and in every other continant. W8 a markin9 this mileston? wSth 8ever81 ¢vonis, including an online serninBr (to which n8ady 100 pooplo Subscribed) 8lming to bring the opportunitles the Foundetion offers to 8 wider and relevant audience,. a symFosium lor Fellows only where wo wll $h¢)wcase many outstandlng career trajectorfes 8nd success storles from Fellows In every fleld from Ihe eaTllest deys ol Ihe Foundat5cn's exl$ience, 8nd whèr8 w8 will also display Fellows. poslets-, and a Gala R8cepts'on and Dinner for Fellows. Trust8•S 8nd AdvlBors. Thls yèar w• wll Olso be 8w8rdlng ¢yJr 1 OItT Foulkes FoundAUon l Acaderny of Medic81 Sciences Medal, the winner of which will no doubt be another high flyer fc4knvlng In the illu5triQUs foutsieps of hls I h8r forebear5.ThB Medal has become a highly presllgious addition to our portfdio since Ils incepb'on in 2CX)7, and we continB ID enloy ovr ¢ollabcY8tion with the AdeMY. W8 ar8 indebted to the ccmsclentious and willlng conlributions of all our Tru8t885 and A80T3 bolh In the UK and in Israel. vtho have gumyed and assured our success over the last 50 years.. W8 loc folward to rnany more fruitful y88rs to come. Page J
THE FOULKES FOUNDATION Trustees. Report Icontinuod) Flnanclal rwl8W Th8 Fcunrjation has slwe Its Inc•pNon Pufsued b porky of using Income derived from its ass6tS to fund educational granls In the field of medlc815cience. A$ such. Ihe Truste8s havè aiffled lo produce an adequ8le and growing incorne whi5st, al Lhe 58me lima, att8mpting to prgsem the c8Pit81 value ol Ihg Foundaiion in real term$. Tha assets of th8 Inve8ted portion of the Foundation arg split as follows.. 2025 2024 Flxed Incorn• Equlles Proparty lemaliv8 inv881m•ni 11.20 1D.70 65,70 75.90 4.00 3.80 10.30 Llquid a•16 2.80 Th& Trustees are ple8sad to report that the Foundallon's Investments (after allowlng lor resources expendadl increased by 3.70% ovor thè flnancS81 year 2024125. as compared wilh an increase h the ICE 8olA UK Gill$ All Slocks Indem 01 1.60% gn(J an increase of 3.600A in the ICE BolA Slerfing Corporata Index. Ovei tho sam8 P8riod MSCI UK IMI (Nel Rotuml Indox showed an incr09 of 4.30% the MSCI. All CtyJnirl•s World Éx UK (Nel TRI Index showed a 1011 ol of 2.6Q%. Al 5 Aprti 2025 the Found811c wo$ 8dlvely supporting 12 Fell¢)ws In ltre UK and 17 Feltows In IsrA•l by way of grants of varying amounts p8yable for sp6clflc por15 raThJlr¥a behvoen on? 8n¢J thro• ars, as mor8 partUlarlY del8lled in note 18 lo the flD8nclal stal8mgnt$. Pollcyon r•s•Th•s Th8 Fovnd811on h8$ a poiicy of invosling the rn8Sorily cl ils le1¥88 In order 10 Ltse th8 incoma derlv&d from Ihe5e inv881m8nls lo fvn¢J educalton81 grants In accordance wilh Its oblecllves. 8nd reservtrs are Iher8for8 molniained al a 18¥el ahn8d al ggnerating ad8qU81e Income. In doing $0 the Tru$lee$ carefully 858888 Ihe a550El8l&J rf8k 8nd ensurtr that the se[vO5 are invested In stsch 8 way Ihat th8y &8n bg realY rgalised as cash when needéd With divid8nd 010$ décllning. the Tiustees hHve, over rocenl yèars, ggroad ID adopt 8 lotal r&bJrn approsch by funding the needs ol Ihe FouThdalion frorn a mixtur8 of Income and ¢8PIt81 gains. This polky is olaY revbwed, iaking into account lTrveslment pÈrformanc8. Page 4
THE FOULKES FOUNDATION Trustses, Report (contlnued) TFust805 and offl¢qr¥ Th8 IN$tge$ officers serving durfng year and Since the y8ar end tre ag follows.. Trustees.. Mrs MaLJr8en FrAJlke&HaJdu, ExerAJlive Chaim)an Mr Andrew J H811, SecretBry Mr8 Georgina 88nton, Reg16trar Slr VV8tter 8odrn8r Mr Sirnon E118n Mr Nicolas Hajdu Piofa5sor Muzlifah Hanrfla Pfof¥ssor Sir 8X Markham Profess Colln Self SINCr0, gov•manG• •nd m•n•4•rn•nt N•lvre of qov•minq documonl The goveming in51rumenl15 the Trust 08ad dat 26 S8pt•mt•r 1974. Rwultm8nl andapwntmonl oltwst8•s The power o18ppwUng new TN8levs Is vuled In th• cth)15nulng TfU8te•8. Organisatlonal stnjclut The charfty fXbnKtitui&d Aft unlncafpor•t•d trugt. Grant4nakln8 polld Tha annual $81oction ol Fellows Is admlnlsi8red by the R8gistrar and Exerthlve Chalrnian and advert on medical and sclenlrfic webslt85 a5 W811 as in 811 rolev8nt universltles. colleges. medical 8chools and speclall81 In8litutions throughout the United Kj'ngdom, A panel of gminenl stholars a¢Jjudicai•R g Shtsrtlist of highly quified eandidaies, for approval by Ihe Board of Trustees with reference to th8ir financial requirem8nts and tht fufidJ 8viilable. Tho Trustees rneet Iwlce 8 year to 8pprove Fello%thipB and gn¥urn CDndnuty of UGte3 and effjtient investment 8nd dephjyrnont DI resources One soclal event 1$ hell Bnnudly lo enab 811 mpmbers 01 th FDund8tion to mèti and omchange views and ida88- an occasion not only of Informal enjoyment bul also of great value in bringing together young peoF4e wth ideas, ide819 anl bIllonS Irnpfovrsll the heallh end wollbeing of mankind. R•lat•d p•rty transactlon* Rdate¢J paty transacts.cns aw disclosed in nola g to the finanaal stai•monlS. P8ge 5
THE FOULKES FOUNDATION Trustées. Report Iconlinued) Major r15ks and Intornal conlrol• Tho Trustees have 0¥gr811 r8sponsibility for enstsring that the th8rity has appropriale sy8tems of controls, financial and otherwise. They 8r8 alsp responsSble for kegplng oor accounting r8wrds whlch dlsck)so wlth re&sonaN• aceur8cy al ary Ime th8 finanrial p051tion DI the Ghartty. They are Tesponsible for S8feguarding the a55ets of the charity and hence for taking tyasonable 51eps for the prevention and detection of fraud an¢ Dlh8r Irreguladlle8 and lo proVe reasonable as6urance that.. . the charitylg opergung efflelently And effectiv81y.' . Its assets are safeguarded wjalnst unauthorised u8e or dlsposllion proper records a malntalneij 8n¢J finanaal InlomatlLW Used wlthbn th¢ ¢h•ty or for public81*)n is rnli8ble', . Ihe chartty e4mplSes wlth relevant la? and regUlatIc5. Tho Trust808. h8ng 888486ed the major rl8ks to whlch the charlty exposed. In wrtkular thos related to its operaliThis and finances, ar• sauslled Ihat systems are in plac• to rnitigal8 th8 8ff8cI of the88 rfsks. 8t4t•rn•nt of Twst•••' R••ponilbll1 The INstee8 gre responslble for prepartnq the tnJ8t••8' rerort and tha Ilnanclg18t81am8M8 In accNdancg wrth the Uni¢eé Kingdom knounting Stsn¢Jard• Iuniiod Kingdom Gon•r8lly Accepted AOuntIng Pradcel and applic8b1818w and regul8llons. Tho law applicBble to chgriltes r¢qutre3 Ihe tTrJ8teeB to prepw fln8ncl81 •talemenlJ for each fin8nclal wr which give a trug and fair view of Ihe s18te ol BIIBlr8 of the chadty gnd of Ihe Incomlng r88OUTceJ ?nd aWicaJon of resources of the charity lor that pertod. In pr8parfng 11788e fln8ncl61318tefflents, the truJtoe$ are VIre to." select suita18 8c¢ounling policiej and then •ppty thqm c¢nslslenlly." observe th8 fflelhods and principle3 in the ch8rfts.es SORP., m•ke luttgeryxnts 8né estlrn8toi th8t are reasonaNé and prudenL stale whether apF4icablo occOunt standards have b•en lolk)wed, subject to any departur dlsck)&ed and eyplalned In the financi81 statemont5; and prepare Ihe finan¢Aal stal6menl8 on the Bolno eoncem basis vnlos8 it 15 inappropriat8 lo wesume that the ch8rity bwll ntinue in busines8. Th8 Iruslees row)nb lor k8•pSng prop8r 8ccounts.ng records that disclo80 wllh re8gonabl• aecur8Cy at any tlme the financial position of the Gharity ihgm to ensur¢ that ihe finanuBI stBternents eAynply ¥th the CharilK15 Act 2011, Ihe ch8rili85 (Accoun15 and Reports) Reg¥ilalioF15 08, and the prDSlons of IhÉ con$iitulh)n. Tho trusto6s 8 alsts raspon5ible fDr safeguarding the assois of Ihe charity and hence fortsknng rea50nabl8 8tep5 lor the prevention and deteth.on of fraud and other irr8gularits'es. The trustees are responsible for Ihe mairntenanG9 and integrity of corporate and finaniial infcwrnation ncluded on Ihe chariiable cLYnp8llyS WBb5rte. Lagislatn governing the preparauon and dissaminwlion of rinancial st81Brnents m8y differ from legIatron In otherlurisdictions. P8ae 6
THE FOULKES FOUNDATION Trusts. Rgport Iconlinued) The annL1 report was &pwov8d try the Iwst8e8 ofthe chailty (y) 3 June 2025and slgn8d on Its b8h4r ty. Mrd Maureen Foulk88-trlajdu Truste• Mr¥ G•orylnB Bonton P8ge 7
EnvelDpe10 2B4C8M5Is9As2-998SB07SB8E4CD THE FOULKES FOUNDATION Independent AudIt08 Report to the Members of The Foulkes Foundatlon Oplnlon W8 have auditsd th8 finanaal statern8nts of The Foulk85 FoundBtion Ilhe 'tharity'l the y88r ended 5 April 2025, which comprise the Statement of Financial Actririthes, Balance Sheet, and Notes io the Financial St8tgmènts, indudirrfJ a summary ol si9nificant account'ng policies. The financial r•portin9 fr8m8work that has been applied In their preparation is United Kingdom Accounting StandardB. comprising Chgribe6 SORP FRS 102'The Financial Reporting Standard applicable In th? UK and Republie ol Irel*nd' and apicable law Iunitsd ngdom Generally Accepted Accounting Practicel. In our opinion tha financial 8tat8mants'. givè a true and fair vlow of tha 8tAt8 af the charity'8 affairs as 8t 5 Aprfl 2025 and ol Its Incomlng rèioure•s and application of $0VrS, including its inccffie and expenditure, for the year then ended., have btr•n proparly prtrparad in acetsrdBnce with Unitgd Klngdom Gènerally Aceapled Aceountlng Practle•'. and hav8 been prepared In accordanc• with th8 r•qulrèmants of thé Charlt'•s Act 2011. 81•l• lor oplnlon We conducted our 8udlt In 8ccordance with International Stsndard5 on Audits'ng IUKI IISAS IUKII and applicable law. Our r6sponsiblllli8s under those standards are further d&scribed In the 8udltor responslbilis for the audit of the fin¥nryal statements 3ecty.on of our report, We are independent of the tharity in accordgn with the ethical requirements that are relevant to oui audit ol the financial statsmenis In th8 UK, induding the FRC'¥ Etrical StèndArd, and wè hav8 fulfilled our other ethlcgl rponsibilitieS in accordance wlth these requirements. We believe that the audit ewdence we have obtained is Sufficient and appropriate to provide a basis lor our Onn. Conclu8lon8 r•l4tlng to golng conc•m In auditsng the finanaal statements, wa haw concludéd that th• tru8te•8' U88 Of going cone•m b8818 of accounting in the preparats'on of th8 financial statements Is aPFyopriate. Based on the work we have p8rform•d, wa hav• not Idantifiad any materiBI uncèrtainties re18ting to 8v&nt8 or ndiVons that, Indlvldually or collectively. rnay ca9t $19niflc8nt doLrt)t on the ch8rty's abillty to rAnlnue 88 8 going concem for a period of at l&&st months from wh&n the original financial slatements were 8uthori8gd for l¥¥ug. Our responsibilit$ and the responsibllitJe8 of the trustees wth respect to going concem ere described in the relevant sections of this report. Oth•r Infomi•tlon The trustees are responsible for the other Informatton. The Othef Infom)ation cornpnses the informatson included in the Bnnual report. oth?r thon the finan1 st•tements and our auditor'g report thereon. Our opinion on the financial ststements does not cover th• other Infomiation and, except to the extent otheIse expllduy stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit ol the financial statamonts, our responsibility 1$ to read the other informmb'on and, in doing so, considar ¥vh•th•r thè othèr inftsmiatittn is materially ineonsistènt with thè finanelal statèmènts or our knoWedge obtained in the audit or othewse 8ppears to be matenally rn1tated. If we Identify Such material Incon515t8nci6s or apparent rnat8rial fflisstatem8nt8. we are r8quir8d to deleirnin8 whether ther8 is a rnat8ri81 mi68taternent in the financial statements or a material rnisstatement of the other information. If, based on the work we have perfomia(J, w6 conclude that there is a material mlsstatamènt of thls other information, we A rttquired to report that fact. We have nothing to report in this reg8rd. Pagè 8
Envelope10.. 284C8A2>51662-998&Es6O7s68E4co THE FOULKES FOUNDATION Independent Auditorfs Report to the Members of Tho Foulkes Foundation (continued} Matt•rn on whkh w• ar• r•qulr•d to r•port by •xc•ptlon In the li9ht ol our knowledge and understanding of the charity and its environrnent ckntslned In the ¢ours¥ of th8 audit, we have not identified rnatgrlal misstatsments In tha Trust8. R&port. W& have nothiThJ to report in respect ol the loll¢iwng mattèrs wham th• Chariti88 (Accounts and Report) Regulations 2008 requires us lo report to you if, in our opinlon". adequats accountsng CordS have not been kept, Dr lUMS adèquAt• lor our audrt have not been received trom branchas not 81trt by us., or the financial ststsrnents ar8 not in agregment wlth Ihe aceounJng racords and return$., or cèrtain disclosur8s ol trustO•g r•munerats'on specified by law oro not madè.. or have not recelv8d all thè inlc¢matlon and 8xpl8nalons we requlre for our al1t. R¢¥pon¥lbllltlo# DI trut•• A¥ gxplained more fully in the Statement of Trustees, Regpon5ibilltip8 13et out on ppge 81, the trusteeg arn responsible for the pParation of the financial 5tstements and lor being sats'slied that they give a trLJ8 and lair ew, And for such internal control as the Iru8tees detemiine is ne¥sary to ènablè th• prap8fAts"on of hnancial 8tatgrnents that arn fra• from matèrial mlsstatèmant, whether due to fraud or error. In preparing the financi&l $t8ternents, the trustees responsibl• for assegsing th• chanvs ability to contr'nue ès a goino concam. disclosing, 88 applicable, mgiter5 related to going Mn¢ern 8nd using tho going ¢onearn basis ol accounting unless the tru5tets èith8r intend to liquidata th8 charty or lo cease oper8tions. or have no rn81i&tic 8ltem8ts.ve but to do 80. Audltor RMpon•lbll1U for the •udSt of tho fln•n¢l•l Jt•t•m•nt• Our objectives are to obtain rea50nable assurance about whtsther the financi81 ststements as 8 whole gre free Irom material misstatement, whether due to fraud or error, and to I¥BUg audilorfs report that includes our opinion. Re?Jonabl? 93suran 19 a high level of Assurance, but is not a gu8rantee that un audrt ¢ondu¢tsd In accor(JancA wlth ISAS IUKI will aayS detect 8 rnalerial rnlsstatement whan it exi8ts. Misslatoment5 can arise frorn frjud or erTor and are Considerèd materig111, indiwdually or in the B99wate. they etsuld rèasonably bè expected to influence the economic deci¥ion$ of usèrs takan on tha bagis ol these financial statements. The exiant to vthlch our procadures C8pabl8 ol d8tscJng Srre9ularib'es, indudlng fraud is dètall•d below.. Page 9
Dowwg7 EnvÉ ID.. 2B4C8A2&5l662.gg8B.E9B075B8E4CD THE FOULKES FOUNDATION Independent Audltotrs Report to the Members of Th8 Foulkes Foundatlon (Gontinuedl Irr8guladties, Includlna fraud, ara Inst8nctt of notKcmpliance with laws and f8gulations. W• design procedures in line wth our responsibilrtie8. Outlined above, to dètect material mli$t8ternents in resped of irregularltiès, including fraud. Th• èxt•nt to which our procedures are capable DI dotecting irregularibes, induding fraud 18 detailed below., Based on our understandlng of th8 charity, we deternined Ihal the prinapal ri¥k¥ of non<ompliance with laws and regulalons related to the reporting frarn8work IFRS 102 and the Charits'e8 Act 20111 Th88e risks were cornmunicat¢(I to our audit t¢arn and remgined 81rt to any indieA*'ons of non-compliance throughout our audit. W? understood how thg charfty i¥ ¢ornplying th relevant laglslation by maklng enqulrfes of trustaes. We also considered the results of our audrt procedures and to what extent these corrobor8te Ihi5 understgndlng and assèssod th8 susceptibility of thè ehadty's finAnelal statèm•nts to matérial misstatam8nt. This indud8d con$ideraU'on of how Irqud might occur and evaluation ol trust98s' incentlv8s and opportunltie6 fraudulent manipulation ol th8 finanei81 stat•m•nts. We d88ign8d our auE1it procedures to Identify any non-compliBnce with laws and gUlations. Such prOdre3 included, but wer8 not Ilmrted to, in8pectipn of any regulatory or legal correspondencg, challenglng assumpts.ons And ju(Jgemenls rnade by truslee5', idents'fying and ¢egting joum81 entries with a focus on large or unusual tran5acts.ons as determlned based on our understanding of the charity,. and Idantifylng and 8ssasslng the effectiV8nesg ol controls in place to prevent and detect Ir8ud. Owino to the Inherent IlmttAlon3 ol an Judlt, thèra rèmains a risk that a malèriAI m188tstèment may not havè b88n detected, 8ven though we hav8 properly planned and perforned our audit in accordance with auditing standards. Wé arè not m9pon810 for prèv8ntng non-comi8nce wtth 18Wg and wu18tions and cannot be pected to detect all instsnces ol nonwcornplianc•. A futhar d•sCripOn of our r•spon8lbilikn'•s is availabl8 on the Fingndal Reportlng Councll'g w•b8ite at.. .frc.org.uklauditor3respon8ibility'eB. Thia d8scdpt]on forns part ol our audltoffs r•porL The pdmary responsibility tor the detectlon and prevents'on of fraud rests with th8 IruBtees. The ijrther removed norFeompliAnc• wth law8 and r8gulalion$ 1$ fr¢m th¢ •v¥nts rofleeted In th• fin8n¢id ststoment8, th8 b$$ likoty the auditor wlll become aware ol il, The risk ol not detecl+ng B rn8terial ml3staternenl due lo traud is higher than the iisk of not dets¢ty'ng on• resulting from wror. os fraud may knvolve delib8r8t8 conc8alrnent, c&lusion, omission, Misrep$entatIOn or forgery. Page 10
Dowuion EnvgArK• IP.. 284cSl62.9s89b07SB8E4Co THE FOULKES FOUNDATION Indèpendent Auditorfs Report to the Members of The Foulkes Foundatlon (continued) U•9 Of our rnport This report is rnodè aolaly to the charity trusteei. a8 a body, in aecordanee with section 144 of the Ch&ritses Act 2011 and regulations made under Section 154 01 that Act. Our Budit work has baen und8rt8k8n 50 that W8 might stste to the trustees those matters we are required to state to trustees in an auditors, report and for no other purpose. To Lhe fullest extent pelmltted by law. w8 do not accept or assume re5POn5ibility to anyon• other than the charty 8nd rts trustees as a body, for our gudit work, for thi6 report. or lor the opinion8 we have lorrned. Marbn W*iidowson (Senior Stslutory Audllorl For and on tehalf ol Brabner8, Stabjlory Auditor 130 Shaftesbury Avenue London W1D5AR D¥to'. Brèbnèrn is èllgiblt lor 8ppolntm•nt 89 auditor ol thè charity by Mrtu• of its allgibility for 8ppointment as auditor of a cornpany under Bectlcn 1212 ofth8 Companle8 Act 2W6. 2J-26 Pay 11
THE FOULKES FOUNDATION Statsfflent of Flnan¢lal Aclivitie6 for the Year Ended 5 Aprll 2025 Unre•trfctod funds 2025 lJnrestrlct•d funds 2024 Incorn• and Endowm•nts from: Dona05 legaLYE5 v8slrnenl incorn8 8,588 58,421 8,927 60,543 Total inccffle Exp•ndbturo on.. Charitable acttht'•s 67,009 67.470 142,238 145,347 Tot•1 •4)endlture GaJnw108888 on Inveslmenl 88sets 1142.236} 30,623 1145,3471 133,564 Net l•xwndlturnlrtncom• 101850 55.687 Il•t fflovwTr•nl In fvnd• 1105.8501 55,687 R•Gonclll•tlon of fund Total furds brought lorw•rd Tot•1 lunds G*ff5•d fr+•Id 2,077.664 2 021.977 1 •71 B14 All DI the rhaAiV8 adlvllle6 derfve Ircffj eonb'nulng eparatS dudng the 8t8 pellodi. The notes on p88 14 to 21 form 8n Inte p8rt of the&8 finanraal slaternant Page 12
THE FOULKES FOUNDATION (R?gi8tration number: 265166) Balanc• Sheet as at S April 2025 2025 2014 Flx•d •JMt• Tanglblo assets Inveglments 12 13 2.087,537 2.128,231 2,087,$40 2.128.234 Current DebtOTS Cash al bank and In hand 14 15 1,478 682 1.185 46,B54 2.160 48,039 Cr•dllor•: Amounts IAlllfig du• wlthbn on• y••r 16 74.388 52,973 N•¢ ¢urr•nt Il•bllltl 4.934 To¢al Mq•t• l•M curr•nt IIAbllllle• Z,010.314 2.123JOO Cr•dltorn.' Amounts tsmng du• aft•r rnor• th•n one y•4r Not ••i•ts 17 43.500 45.636 1 971,814 Fund• ofth• ¢hArfty: Unr•itrlct•d Incom• fund• Vnregtrlcted funds 1,971,814 2.077,664 Totol funth 1971814 20n664 The ffnanclal ststem•nts on pag•* 12 to 21 wera Approwd ty lh• buslee•, and authori lor168uo on 3 June 2025 8nd wgn?d on their behawby.. Mr8 Maureen Foulk•s-Haléu TNsl88 The noto5 on pag88 14 to 21 fom an irrt8grd part of these finandBI statement& Page13
THE FOULKES FOUNDATION Notos to th• Financlal Statements for the Year Ended 5 April 2025 1 ACCOUNTING POLICIES stat•m•nt ¢f complianco The ffrancial slat8m•nts havè b8en pr8par8d in 8curd8nc8 &th the s8cond edlllon of the Ch8rftie# 5taiemeni of RecoThrnended Pracllce issued in Oclobar 2019, Ihe Finanaal Rèporting Stsndard pIcable Ihe United Kingdom and Republlc ol Ireland IFRS 1021 and lh¢ Chodb88 Act 2011. Basls of prnpar¥tl The Foulkes FDundalion rneels Ihe definltlon Df a publlc benefit tIty under FR5 102. The ffnanclal Stale16 h8ve b88n preparod under tho hlstorlcal cost convention Items roccwJni58d at co?t except lor qkrotgd Investments whlth 8re ¥t81gd 81 thgir rn8thel values. Golng concern Tha Irusteas con&dar that iherg are no malerial unc•rtalrttles at tho charity's ability to conllnu8 88 golng ¢onc8m. Judgom•nts and k•y imumptloni There are no judgements or 818umplonB rn•J¢ In the pr•parJtion of the flnandal 8tatement8 that th rrusteos ronsidor slgnlficant. In¢om• •ftd Indowments Voluntary Income inrluding dDnatpJns. grfts. 189adei Bnd grBnts th81 provide ccrfe ftsnding or are of * pan•ra naluro 15 r8cogn168d when thè tharity has 8ntilJ8rnanl to Ihe It18 wthble that thg Income 11 be r8celved and the amount C4n b• mèasurnd wrth 8ufficient r•liats'lity. Don8tlon¥ Jnd leg&eiès Donations and1ogarAes are recognlsed on a rpcelv8blfr b8816 wh8n roGglpl Is probablo Bnd th8 arnount can be rellably me•$urnd. Inwjstrnenl inGo Dfvid8nds are Tecogniaod onco the dlvldend h88 b88n d8cl8r8d and nofiCaOn h88 been recelved of th8 divhlend du8. xp•ndS¢ur• All exp8nditur8 is mccwis¢d on¢0 thgrg 1$ a legal or ¢onslruclve obligation to that expendilurn, It itt prOb9b setuement is requlred and the mwnt e8n be ffltB5urod roliabty. Al Gosts are allocated to tha appllcable ?wendibJre heading thal aggTe9ate 5irnilar costs to that category. WherE CQ515 cannot b directly 8ttributed lo parj18r headings they have been 811(K8d on a basi5 cons5tent wlh th8 use of ruourc¢$. central staff costs allocated on the ba&¥ of b.rrye spent. and depffj¢l8tion th8rges Bllocat8d cffj the Portlon of the asset's use. otr JUPFQrt co$t8 are oloeatèd basèd on thè sptsad of stsff co$ts. Chantsèle adme$ Charitable expenditure ¢omprises those costs Tncurred by th? charity in the dellvery ol Its a¢tivttlBS and sewlte$ for115 bEnefiooTIE$. It includes both c05t5 that can be 8lbcaled dlrecuy to such AdvitiEs and tho o)$¢8 of en indireci nature necessaryto supp)rtthem. Page 14
THE FOULKES FOUNDATION Notes to the Flnanclal Statémonts for the Year Ended 5 April 2025 (continued) Tanqlbl• Ilx•d ass•ts Fixed 895et8 are Inlllally rewrded at cost. sess any sub#aqu8nt 8etumvlated deyeciobon ond subsequent xJla18d impaimienl108ses. D•pr•cb•tlon Depreciats"on Is provld•é an tan9ible fixod as8¢ts Jo as to wrrte off th& cosl or valuatlon, 8$ any t8Mated r8sithJal vBlue, ov•r thdr exp8Cted uBaful economlc Ilfe 08 follows.. Depr•cSatlon mothod and rAIv 25% slralghl line 25% 8lralght Ilno 25% stralght15n Computer equ1¥xnt Offlce equlpmenl Portrait Flxed assel Inv•slm•nt¥ Flxed 8B88t Inv8strnenl8 ore Included at market valué at the balance sheet date. Re18•d galn$ and losi•s on Investments are c8lcu*ted as dthrence b8Nwen sal68 pfoLzed$ and thèir rnat value 8t Ihe stsrt of tre year. or thelr 8ubs8qv8nt ¢091, and are tharged or crèdlt8d to th• Stht•ment of Financial AclivlU8B in Ihe perfod of dlspogal. Unr8alis8d g8ln6 8nd lo$seA represent th& movwn8nl In m8thet values dufig th8 y8•r and ar• crqdltod e< charged lo the Stalernenl ol Flnaneial A¢tleS bB98d the market value al the year end. C•ih and Cash •qtAval•nts Cash and co$h equlvalenls Corn60 caoh on hand and cill deposlts, and ¢Jth•r 8h¢)rt4errn highly Ilquld Investrnents that Ar• r•adlly ¢onv&lL4e to J known amount of cAAh and 8r• fjubject to •n in8kJnificant rfsk ol ch8nge value. TMd• cr•<or• TheB8 are 19Son9 to pay for 9d$ or ser¥lc•s that hm t)een oCqr In the ordlnory course of business Irorn suppliers. Accounts pOyab 8re ¢18ssthed 89 current labilliles do not have 8n ncondillonal fighl, at Ihe end of th8 repcrtlng pertod, lo delor SettrneD¢ of the for 18asl dv•lv• months aftff the reporbng datè. If Iharè IB an uneontjitional right to ¢Jeler settlement for at least tsY•l fflontlTS 8ft8rthe repoltsng date. they are presented 88 Thon4xJrnI Ilabilitiey. They are recogThsed initially at the transa¢b"on 8nd subsequenuy rnea6ur8d #l 8mortl$ed txjtsl uslng tho èffèclive int8rest rnelhoj. Fund •tru¢lur• Unrestricted Incomo lund$ 8r• gEntl funds Ih•t Ore &¥8ilgtAe for use al Ihe tru3tees diS¢retiC in turtheranc8 ol ¢he objecbvos ol ¢h• chartty. Page 15
THE FOULKES FOUNDATION Notes to the Flnancial Statamonts for the Y•ar Ended 5 Awil 2025 {continuod) 2 INCOME FROM DONATIONS Unr••¢rlct•d 2025 Unre•trf¢t•d 2024 NoThrft AILI dona06 Grfl Aid donallons fy'ft tax redairned 1,2 4,740 1,185 5.910 1.478 6.927 3 INVESTMENT INCOME Unr•Jtrfct•d 2025 Unrestrlctsd 2024 Corn8 froffl li8ted Inve9trnants Intwul on c88h dePts S7,157 69,576 4 expeNDITURE ON CHARrrABLE ACTIvlES Unr•strlct•d 2026 UM•8trlct•d 2024 Noi• Grani8 and prtzes Support cosls Publicty costs MBnaaernent and adrnlnlstratbn 102.500 28,924 1,441 11,371 103,667 24,988 6,065 10,629 142 238 GRApifs AND PRIZES TO INDMDUALS 2025 2014 Grants pold to UK Felbws Gran paid lo l$raell Fellows PrizB5' P#id to Isr881i Fe1k- The 2024 Senta Foulkes ReB8arc Award 70.oc 30,000 69.000 33,167 1,50Q 102 $00 103667 P48 16
THE FOULKES FOUNDATION Notss to tho Financlal Statements for the Year Ended 5 April 2025 (continued) 6 SUPPORT COSTS 2025 21724 Annual m88Ing and conferenGB CO8ts Regtslr8rf¥ fee8. Mr8 G C Bent Execu. ChalThan3 fee8- Mrg M A H8ldu 2,924 12,000 12.000 12,000 26,924 24.986 7 PUBLICITY COSTS 2025 2024 N8wsl8tt•r and webslle •xp•nses Fwlk08 FndatIon Medal pUty 1,441 965 5,100 0085 MANAGEMENT AND ADMINI8TR4TION OF THE CHARI 2025 2024 Tru8te8 expan6•s Posl8qe. Stallonery, telaphone Bnd fax Acoiunlancy fees The audlt of Ihe chadtys annud accounts èonk th4rgo¥ 1,798 1,063 675 4,725 3,969 197 4,72S 3,98S 11,371 10,829 TRUSTEES REMUNERAfioN AND EXPENSES The sum Df £12.000 12024.. £12,000) WBS P8Id to Mrs Maureen Foulk05.Hajdu, the Exocutive Chairman and a Tru8tee of the Foundatlon, in accordance with powers contsined In tho govèming Instrumènt, for acting as Twstee. encomp89slng the o¢Jmlnlstratton of tre enllre grant-making application prvc8dura. Including arr8ngin9 and attending all Tnjstse and Advisory meetings. pro$$19 reference3 and appllcaUon5, coordlnalng neW$tter$, arranging Advlsors. and TnJ8teas' meetings, 8drninistering d?W of grants to Fellows, arranging th• Annual Dinner and general Tlust 8dmlnlstrallon rnatter5. The sum of £12,00012024.' £12.000) w89 p¥lJ to Mrs Georgina Benton, Registrar. and 8 Trustèa of the Foundallon as asslstant to Mrs Foulkes•laj(lu in all the adrninistralon rngnton8d above. l other TrusteBS give fre8ly of thdr Ilmg and expertlse without any fomi cl mmun8ratlon or other benent in agsh or klnd12024.. £Nil}. tJring thg yeAr. thrgè Tmslees hav8 dalmed 8xnSeS for th8 total of £1,798 re8P¢rt of travel, rneeting costs, postage and stationery12024.. £1,oe3I. Page17
THE FOULKES FOUNDATION Nots5 lo the Flnanclal Statements for the Yoar Ended 5 April 2025 (continued) 10 STAFF COSTS AND KEY MANAGeMENT PERSONNEL ReMUNERATION The Foundation does nol employ any staff It con$l¢Jern Mrs mayen Foulkeg-Haldu (Execuuvè Chaim)anl and Mrs Georgina Benlcffi IRegi5trJrl its key manag8mgnl personnel and lh rUnerAl4) 1$ di8da%d In note 9 above. 11 TAXATION AJI income 8nd gains %we USBd for charflable expendthre •nd ttKreth IhBro Is no tax du•. No taxab Income was dqrtvod frC developing land w prop•ty. 12 TANGIBLE FIXED A8SEr8 Comput•r •qulpm•nt •qulpm•ni Portralt Total Co•t At 6 Awll 2024 205 1,137 2,438 Ai 5 Aprfl 2025 205 1,137 2,438 D•prnd*tlon At 6 April 2024 1.136 2,435 At S +¥Jrll 2025 1,095 1,138 2.435 N•t bgok vJlu• At 5 A1 2025 At 5 Ap1 2024 Ppye18
THE FOULKES FOUNDATION Nots6 to the Flnancial Slatsmonts for tho Year Ended S Aprll 2025 (continued) 13 FIXED AsseT INvesTMENTS ¥t•d In¥•stment¥ Colt orV•luatlon At 6 Aprfl 2024 Addlllons al ¢xsl UweaUs8d galnfJllcrfse61 Obposal8 2,128.231 165,0 145,B181 1160,07S1 M¥k•t v*u• ai 5 Aprfl 20Z5 2.087,537 N•t book valu• At S Aprl 2025 At 5 Aprfl 2024 2 128 231 14 DEBT(IRS 2025 2024 T ¢18lm&J from Ghl Ad don8tlons 1,478 IS CASH ANO CASH EQUNALENTS 2024 Cash on hand Cash at bank 50 632 so •82 P8g8 19
THE FOULKES FOUNDATION Nots8 to tho Flnancial Statements for tho Year Ended S April 2025 (contlnued 16 CREDITORS: AMOUNTS FALLING DUE WITHIN Ome YEAR 202S 2024 Not• Trade credltor5 Grants payut4e 31 S2,942 18 74,386 74.386 17 CREDITORS.. AMouKfs FALUNG DUE AFTER ONE YEAR 2025 2024 Nots 18 GrBnt# payable 18 COMMITMENTS TO FOUNDATtON FELLOWS Grants are 8w8rded to Fellows for period8 which vary betsveen one and three year8 and are pdd ot quarterty Intervals on 30 September, 31 December, 31 March and 30 June each year. Durfng the yyar endad 5 Aprll 2025. th• folln9 amwnt5 W8re paid to Fèllovjs: UnSt•d Klngdoffl Gr•nt8 Tot•1 Gr•rt* 8818nce brought fonvard Aryts falling due thIn (ffle year AM015 falling due ofter mow IhBn one year Grants cornmendng 30 S8ptémb8r 2021 C?r4nts cornrnewng 30 September 2022 Grants cornmendng 30 Septemter 2023 Gr4nts comrnenryng 30 S•pt•mb•r 2024 131,7751 130,8501 375 8,400 23,000 18,7SO 121,1671 114,7861 1.667 7.5QO 12.QQO 9,000 152,9421 145,6361 2,042 15,900 35,000 27,750 8818nC8 c8rrt8d forw8rd Arnounts fBlllng due within one yèAr Arnounts fallffio due after moro Ihan one year 50,100 32.000 24,286 11.500 74,386 43,500 70.000 30.000 100.OIJO P•08 20
THE FOULKES FOUNDATION Notes to the Financial Statements for tho Yoar Ended S April 2025 Icontinu•d) COMMOnt5 to Follow8 at 8 Apdl 2025.. Unlted Kingdom arnnt• Israall Total GranlB commencry 30 58Pt8mb8r2021 Lo8t P419n1$ folllng due on 30 June 2024 Grnnts commonoing 30 S•ptèmb•r2022 L881 payments tslling due on 30 June 2D24 Last payrnents falling due on 30 Jun8 2025 2.100 1,786 Gr8nls Gomrnencing 30 S8pt8rnber 2023 Last ppyments falling due on 30 June 2025 Last paTronI5 ts11ins due on 30 June 2026 suo 28,79) 12,500 41.250 Grants commendng 30 Septernbor 2024 Lail falllng due on 30 Jufia 2Q26 Last payThents lalling due on 30 JU 2027 6,250 45,0 7,500 13.500 13,750 58,500 Tot•1 Gomm5trn•nt¥ 82.100 35,786 117,886 Pag8 21