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 Adn￿n￿tr4lfvs Dtsi6 1102 Tr￿t￿, Rep)rt 3to7 1nd•Fe￿lenl Audltor8' Raport 8t0 11 Slatomnt of Flnandal ACbwt￿S 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 RIn9￿ud Avenue L¢￿d0￿ N2 gNT Sp•Cl￿¢ Inv•stsnpnt powqv• The Trustee¥ tr￿e vnfelterod irbvostrnent p￿￿T3 8TrJ arè ￿M￿lIFY 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 M￿rjraIe London EC2M 6UR Page I THE FOULKES FOUNDATION Reference and Admlnlstratlve Detalls (contlnuedl In¥esbTr•nt Mangg•iB Sarllsln & F4rtI￿r5 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 p￿sentry their annu81 repcfft t¢gelhw w5th the 8u¢*"ted fjnanoial statements ol the charity for the yEar Ended 5 Apil 2D25. Th8 fina￿cIal statements ha￿ beeD pr8p8red In acrA)rdance with the 8c¢wnts'ng roll¢les $61 out in note 1 10 th¢ 8cwunts and comply ￿th the Founda￿0￿,$ Truat Deed, Charities Act 2011 and the second editson of Ihe Charits"es Stslemenl ol Recommended Pmclice 1SSUEd In October 2019. Oblactlva• and actlvttlex Pu￿0895 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 fin￿n￿81 suppjrt for postdgctoral ?clentist8 wtr￿ need 8 rned1￿1 éegro8 bafore they can undertake dÉdicaled medi￿1 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 c￿tn'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 gu*anc8 published by the Charity c0rnrnis￿0n 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 A￿deMY. W8 ar8 indebted to the ccmsclentious and willlng conlributions of all our Tru8t885 and A￿￿80T3 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 por1￿5 raThJlr¥a behvoen on? 8n¢J thro• ars, as mor8 part￿UlarlY del8lled in note 18 lo the flD8nclal stal8mgnt$. Pollcyon r•s•Th•s Th8 Fovnd811on h8$ a poiicy of invosling the rn8Sorily cl ils le￿1¥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 rea￿lY 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 ￿o￿la￿Y 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 SINC￿r0, 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 $81oction ol Fellows Is admlnlsi8red by the R8gistrar and Exerthlve Chalrnian and advert on medical and sclenlrfic webslt85 a5 W811 as in 811 rolev8nt universltles. colleges. medical 8chools and speclall81 In8litutions throughout the United Kj'ngdom, A panel of gminenl stholars a¢Jjudicai•R g Shtsrtlist of highly qu*ified eandidaies, for approval by Ihe Board of Trustees with reference to th8ir financial requirem8nts and tht fufidJ 8viilable. Tho Trustees rneet Iwlce 8 year to 8pprove Fello%thipB and gn¥urn CDndnuty of UGt￿￿e3 and effjtient investment 8nd dephjyrnont DI resources One soclal event 1$ 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 Irnpfov￿rsll 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 ￿￿o￿or 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 proV￿e 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 regUlatIc￿5. Tho Trust808. h8￿ng 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 A￿OuntIng 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 suita1￿8 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)n￿b￿ 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 prD￿Slons 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. Lagislat￿n governing the preparauon and dissaminwlion of rinancial st81Brnents m8y differ from legI￿atron In otherlurisdictions. P8ae 6 THE FOULKES FOUNDATION Trusts￿. Rgport Iconlinued) The annL￿1 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 2B4C8M￿5Is9￿As2-998￿SB07SB8E4CD THE FOULKES FOUNDATION Independent AudIt0￿8 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 ap￿icable 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 ￿$0Vr￿S, 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 responslbili￿s 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 r￿ponsibilitieS in accordance wlth these requirements. We believe that the audit ewdence we have obtained is Sufficient and appropriate to provide a basis lor our O￿n￿n. 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 finan￿￿1 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 othe￿Ise 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 rn1￿tated. 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>516￿62-998&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 ￿81t￿rt 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 al￿1t. R¢¥pon¥lbllltlo# DI tru*t••* A¥ gxplained more fully in the Statement of Trustees, Regpon5ibilltip8 13et out on ppge 81, the trusteeg arn responsible for the p￿Paration 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 $t8ternents, the trustees responsibl• for assegsing th• chanvs ability to contr'nue ès a goino concam. disclosing, 88 applicable, mgiter5 related to going Mn¢ern 8nd using tho going ¢onearn basis ol accounting unless the tru5tets èith8r intend to liquidata th8 charty or lo cease oper8tions. or have no rn81i&tic 8ltem8ts.ve but to do 80. Audltor RMpon•lbll1U￿ for the •udSt of tho fln•n¢l•l Jt•t•m•nt• Our objectives are to obtain rea50nable assurance about whtsther the financi81 ststements as 8 whole gre free Irom material misstatement, whether due to fraud or error, and to I¥BUg audilorfs report that includes our opinion. Re?Jonabl? 93suran￿ 19 a high level of Assurance, but is not a gu8rantee that un audrt ¢ondu¢tsd In accor(JancA wlth ISAS IUKI will a￿ayS detect 8 rnalerial rnlsstatement whan it exi8ts. Misslatoment5 can arise frorn frjud or erTor and are Considerèd materig111, indiwdually or in the B99wate. they etsuld rèasonably bè expected to influence the economic deci¥ion$ 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 Env*É ID.. 2B4C8A2&5l6￿￿62.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