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2024-12-31-accounts

THE FIDELITY UK FOUNDATION

(Registered Charity Number: 327899)

Annual Report and Financial Statements for the year ended 31 December 2024

THE FIDELITY UK FOUNDATION

2024

The Trustees submit their annual report and audited financial statements for The Fidelity UK Foundation ( 2024. The financial statements have been prepared in accordance the Charities Act 2011, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019 ( ).

departure has involved following the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.

Objective and activities for the public benefit

The objective of the Foundation is to make grants to organisations for charitable purposes, as recognised by the laws of England and Wales. The objective is consistent year to year.

n endowment out of which sustainable, long-term grant-making programmes can be established. The Trustees set annual grant budgets designed to balance current grant-making programmes and the long-term future of the Foundation. The Trustees confirm that they have public benefit when reviewing -making policy for the year.

Grant-making guidelines

The Foundation has established its grant-making guidelines to achieve its objective for the public benefit. Grantmaking guidelines are reviewed annually to ensure that they ive and thereby advance public benefit.

The Foundation directs the majority of its grants to UK registered charities operating in the UK, primarily in the fields of:

The Foundation aims to strengthen the impact, efficiency and/or sustainability of the charitable organisations that it supports. As such, the Foundation has a focus on supporting capacity-building, by which the Foundation means the capacity, knowledge and resources that charities need to be effective.

Each grant application is considered on an individual basis against the grant-making guidelines. Foundation representatives (and from time to time, Trustees) meet with applicants to establish a fuller understanding of an organisation and its needs.

In addition to reviewing an -making guidelines, other factors considered as part of the due diligence process include: and its role relative to other organisations in the field; strategic plans; leadership and governance; operations; financial health; and the degree to which the project for which funding is requested will strengthen an organisation s impact, efficiency and/or sustainability.

Grantees are requested to report to the Foundation on progress towards achieving the goals of the project supported as outlined in their application to the Foundation, on a periodic basis. Foundation representatives also have periodic contact with grantees so we can learn from grants made.

2

THE FIDELITY UK FOUNDATION

31 DECEMBER 2024 (cont.)

Grant-making guidelines (cont.)

-making is outlined on the website www.fidelityukfoundation.com.

The Foundation can make grants outside of the categories and grant-making guidelines described above.

Funds and reserves policy section for more details).

Achievements and performance in 2024

During 2024, the Trustees met their objective of awarding grants to charitable organisations with a view to strengthening their impact, efficiency and/or sustainability, thereby delivering public benefit. In 2024, 73 grants were awarded totalling £14,786,660.

In 2024, in addition to awarding grants that fall within the framework of the strategic frameworks for each programme, the Foundation undertook a portfolio review of the programme focused on children and young people, identifying strengths and opportunities for future grant-making.

Grants were awarded in 2024 as follows:

Area
Disadvantaged children and young people
Arts, culture and heritage
Health and wellbeing
Environmental conservation
Other
Scholarship Fund
Total
Grants were awarded in 2023 as follows:
Area
Disadvantaged children and young people
Arts, culture and heritage
Health and wellbeing
Environmental conservation
Other
Scholarship Fund
Total		 Number of
grants awarded
Total amount
awarded
% of total by
amount
21
£4,790,328
32%
30
£5,977,788
41%
7
£1,769,907
12%
7
£1,958,637
13%
7
£140,000
1%
1
£150,000
1%
73
£14,786,660
100%
Number of
grants awarded
Total amount
awarded
% of total by
amount
20
£3,356,215
26%
23
£5,266,604
40%
13
£2,823,256
22%
3
£1,034,007
8%
7
£400,000
3%
1
£150,000
1%
67
£13,030,082
100%

Further details of the grants awarded are included in note 6. A full list of all grants awarded in 2024 is included in note 21 to the financial statements.

Financial review

The Foundation is committed to building and maintaining an invested fund for the long-term benefit of the Foundation and its beneficiaries and remains in a sound financial position. The net assets of the Foundation increased by 3.8% from £335,895,085 at the start of the year to £348,611,887 at 31 December 2024.

3

THE FIDELITY UK FOUNDATION

31 DECEMBER 2024 (cont.)

Financial review (cont.)

Donations received were £6,219,751 (2023: £4,204,455) and the Foundation approved grants totalling £14,786,660 (2023: £13,030,082). During the year, an unspent amount of £11,974 was returned by an organisation whose grant was approved in 2020 and this amount was credited to the statement of activities. Additionally, the project budgets for two grants that were approved in 2023 were reduced, resulting in a total of £16,906 being written back. (2023: One grant of £129,374 was cancelled and written back during 2023 as the grantee organisation ceased operating and the project that the Foundation had agreed to fund was therefore cancelled. No grants were returned during 2023).

Investment policy and performance

accordance with the provisions of the Trust Deed, the and the Investment Policy, which was revised in July 2024 and sets out the long-term investment objective, risk profile, and the Foundat approach to Responsible Investing.

The financial objective of the portfolio of funds managed on behalf of the Foundation by FIL Pensions Management the managed portfolio is to achieve a real return of 4% per annum (calculated as 4% + UK Consumer Prices Index) over a rolling 5-year period. The portfolio is diversified across a broad range of asset classes, industries, geographies and investment strategies. The Foundation supports the view that the effective management of environmental, social and governance ( ESG ) issues by companies it invests in is an important component in achieving good financial performance and long-term growth. As such, the Foundation actively encourages its investment manager(s) to integrate ESG issues into investment analysis and decision-making processes, including voting and engagement.

The Foundation holds common and preferred shares in FIL ERS .

and Eight Roads Shareholdings Limited

The Finance & Investment Subcommittee is authorised by the Board to monitor, review and manage all aspects of the Investment Policy and strategy and to provide oversight of the operation of the investments, ensuring that these

.

At 31 December 2024, the total value of investments was £349,367,830 (2023: £338,587,685). The managed portfolio was valued at £245,569,616 (2023: £231,943,386), the FIL and ERS shares were valued at £103,120,030 (2023: £105,958,248) and investments held in the name of the were valued at £678,184 (2023: £686,052).

For the year to 31 December 2024 the investment portfolio (excluding the FIL and ERS shares) delivered a return of 9.7% compared with the benchmark return of 10.9% (2023: return of 8.4% compared with the benchmark return of 10.5%). The FIL and ERS shares delivered a return of -3% (excluding dividends) over the same year (2023: 3%).

Trustees will continue to closely monitor performance during 2025.

4

THE FIDELITY UK FOUNDATION

31 DECEMBER 2024 (cont.)

Risk management

: governance/compliance risk; operational risk; financial risk; grant-making risk; and reputational risk.

Governance/compliance risk - relates to the Foundation meeting regulatory, accounting and legal compliance requirements.

The Foundation actively manages these risks through robust internal controls, effective application of relevant policies, engagement with specialist advisers for legal requirements and regular reporting to Trustees.

Operational risk - relates to the Foundation being unable to deliver its work.

The Foundation actively manages these risks through robust internal controls, an Administrative Services Agreement with Fidelity International and a business continuity plan.

Financial risk - relates to the Foundation meeting its financial commitments and long-term objectives, financial reporting and record keeping, liquidity, market and credit risk.

The Foundation actively manages these risks, with oversight from the Finance & Investment Subcommittee, through robust internal controls, effective application of relevant policies, regular monitoring and reporting of the financial performance of investments, and regular cash flow and liquidity forecasting.

Grant-making risk -

-making objectives.

The Foundation actively manages this risk through annual review of grant-making guidelines, clear approach to grant-making, due diligence and grants administration, clear decision-making processes and monitoring of grantee performance against project goals.

Reputational risk - any incident that could affect the Fou

The Foundation actively manages this risk through application of all Foundation policies, and also through clear terms and conditions in grant agreements, and the monitoring of the application of grants made through reports received from grantees.

A detailed risk register, which includes details of the mitigating actions, is reviewed annually by the Trustees. The Trustees confirm that they are satisfied with the procedures which have been established to regularly monitor these risks and with the action taken to mitigate exposure to them.

5

THE FIDELITY UK FOUNDATION

31 DECEMBER 2024 (cont.)

Funds and reserves policy

The Trustees wish to build a substantial Foundation for long-term charitable purposes. As the level and frequency of future donations is uncertain, the Trustees have established an expendable endowment fund to provide sufficient future income and growth to -term sustainability and to meet its overall charitable objectives. The Trustees have targeted an expected level of overall growth (capital and income) from the invested funds and expect to be able to spend around 5% of the average endowment fund over the previous three years for grant-making, administration and other costs in the subsequent year, while preserving the real value of the endowment. For 2024, this resulted in a grant-making budget of £15,200,000 +/- 10% (2023: £14,000,000 +/- 10%).

The endowment fund represents the managed portfolio and shares in FIL and ERS. When donations are received, these are either invested into the managed portfolio or allocated to unrestricted funds as required. The Trustees have discretion to transfer some or all of the capital of the endowment to the unrestricted fund in circumstances which they consider would justify it, having regard to the need to maintain an appropriate balance between the interests of present and future beneficiaries. The value of the endowment fund at 31 December 2024 was £349,893,667 (31 December 2023: £338,233,233).

The unrestricted fund provides the working capital of the Foundation for grant-making, administration and other costs. The level of funds and estimates of likely future expenditure are monitored and reviewed on a regular basis and transfers are made from the endowment, if necessary.

the unrestricted fund allowing the Foundation to meet payment commitments as they fall due. The Trustees have concluded that, based on current conditions and considering their ability to transfer from the expendable endowment, the level of unrestricted funds should generally not exceed the value of one year's forecast expenditure.

A total amount of £8,200,000 was redeemed from the managed portfolio during 2024 (2023: £5,500,000) and £6,444,467 was transferred to the unrestricted fund (2023: £8,938,153). The value of unrestricted funds at 31 December 2024 was a deficit of £1,666,604 (2023: deficit of £2,796,162). Any deficit in the unrestricted funds can be funded

The restricted fund represents , which was established in 2019 as a restricted fund within the Foundation to honour one of the founders of Fidelity International, Bill Byrnes, by receiving, managing and investing donations received in his memory and using these funds to provide scholarships to talented business students from around the world via specific business schools. The value of the restricted fund at 31 December 2024 was £384,824 (2023: £458,014).

Each month, the Foundation prepares rolling cash flow forecasts of its financial position looking fifteen months ahead. Cash flow forecasts for the twelve months from the date of approval of the financial statements have also . This assumes: zero investment or donation income; that current grant-making budgets are sustained (based on an annual budget calculated as referenced above); and, together with anticipated administration and other expenses and payments of existing grant commitments, all expenditure is funded through transfers from the endowment into the unrestricted funds. Based on these forecasts, the Trustees and the financial statements are prepared on this basis.

6

THE FIDELITY UK FOUNDATION

31 DECEMBER 2024 (cont.)

Plans for future periods

The Trustees are committed to continuing to make grants in accordance with the stated objective of the Foundation and to source grant proposals matching the Foundation's grant criteria. The Trustees aim to set a grant budget at a level that will allow the Foundation to meet its objective, while maintaining a sustainable level of assets for future periods.

In the forthcoming period, the Trustees anticipate the overall value of grants awarded to increase. While continuing to make grants in line with the strategic frameworks for each of the programmes and as outlined in the grantmaking guidelines, the Foundation will also continue to review its work as it learns from grants made, reflects on impact and adapts to the changing context.

Structure, governance and management

The Foundation is a registered charity, number 327899, which is constituted as a charitable trust under a Trust Deed dated 13 July 1988. This Trust Deed authorises Trustees to make decisions regarding the allocation of funds.

Trustees meet three times a year, the Finance & Investment Subcommittee meets twice a year, and the Independent Trustees Subcommittee meets once per year. Various policies and guidelines are in place and are reviewed periodically to ensure sufficient governance arrangements and effective monitoring. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in notes 7 and 17 to the financial statements. From time to time a grant may be awarded to an organisation with which a Trustee is involved in some capacity. Trustees are required to disclose all relevant interests, which are then recorded in a conflicts of interest register, and in accordance with the withdraw from decisions where any conflict of interest arises.

Any new Trustees are appointed by the settlor, FIL Investment Services (UK) Limited, based on their ability to add value to the Foundation. Newly appointed Trustees are given an induction, during which they are briefed on investments, the grant-making process and the powers and responsibilities of the Trustee board. A brief history of the Trust, copies of board and sub-committee minutes, annual reports and financial statements, and a copy of the governing Trust Deed are made available to the incoming Trustee.

The Trustees of the Foundation have absolute discretion in the application of any income and capital of the Foundation for any purpose recognised as charitable by the law of England and Wales. Decisions regarding the application of funds and investment strategy are made at meetings of the board of Trustees.

Grant proposals are presented to Trustees at board meetings and between meetings via email. Decisions are arrived at on the basis of mutual agreement among Trustees. Some grants payable are subject to certain conditions being met by the recipients as outlined in grant offer packs.

The Trustees have established policies and procedures for delegated authority whereby grants of £150,000 and under are subject to approval by either one or two Trustees (dependent on grant size). Grants of £20,000 or under can be made at the discretion of the Foundation s Chief Executive.

The five Trustees that are unaffiliated to FIL (see note below) also have a small budget for allocation to charitable organisations; these donations fall within the overall grant-making strategy of the Foundation and are not normally made to charities in which the Trustee is involved in a formal capacity and in such cases, proposals are considered by the Board.

The Foundation has not carried out any fundraising activities during the year. The Foundation received an unsolicited donation of £250 during the year to the

Day to day management of the Foundation is carried out by FIL Investment Management Limited as outlined in an Administrative Services Agreement. FIML has been one of the principal donors to the Foundation. Further details are provided in note 17 to the financial statements.

7

THE FIDELITY UK FOUNDATION

31 DECEMBER 2024 (cont.)

Reference and administrative information

Trustees

The Trustees of the Foundation who were in office during the year and up to the date of signing the financial statements were:

A J Bolton S R Gandhi (retired 22 October 2024) P D Goldsbrough A P Johnson E C Johnson IV (Chair) E L Johnson J W Owen (retired 16 July 2024) M A Rogers S E Walden L Y Yueh (appointed 25 January 2024)

Trustees affiliated with the principal donors to the Foundation are A J Bolton, A P Johnson, E C Johnson, E L Johnson and S E Walden (affiliated from 28 February 2024, and previously unaffiliated). All other Trustees are unaffiliated.

Registered Office: Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey KT20 6RP
Administrators: FIL Investment Management Limited, 4 Cannon Street, London EC4M 5AB
(Foundations Chief Executive: Lenka Setkova)
Investment Advisors: FIL Pensions Management, Beech Gate, Millfield Lane, Lower Kingswood,
Bankers:
Solicitors:
Independent Auditors:		 Tadworth, Surrey KT20 6RP
Barclays Bank PLC, 73-75 Calverley Road, Tunbridge Wells, Kent TN1 2UZ
Bates, Wells and Braithwaite London LLP, 10 Queen Street Place, London
EC4R 1BE
PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors,
1 Embankment Place, London WC2N 6RH
Registered Charity Number: 327899

8

THE FIDELITY UK FOUNDATION

31 DECEMBER 2024 (cont.)

responsibilities in relation to the financial statements

The Trustees a re responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Foundation and of the incoming resources and application of resources of the Foundation for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website ~~.~~ Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent Auditors

The Trustees have re-appointed the auditors, PricewaterhouseCoopers LLP, for the year to 31 December 2025.

Approved by the Trustees on 21 March 2025 and signed on their behalf by:

Trustee: P D Goldsbrough Date: 21 March 2025

9

Independent auditors’ report to the trustees of The Fidelity UK Foundation

Report on the audit of the financial statements

Opinion

In our opinion, The Fidelity UK Foundation’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2024; the statement of financial activities for the year then ended, cash flow statement for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charity’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

Based on our work undertaken in the course of the audit, the Charities Act 2011 requires us also to report certain opinions and matters as described below.

10

Trustees’ Report

Under the Charities Act 2011 we are required to report to you if, in our opinion the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements. We have no exceptions to report arising from this responsibility.

Responsibilities for the financial statements and the audit

Responsibilities of the Trustees for the financial statements

As explained more fully in the Statement of Trustees’ responsibilities in relation to the financial statements, the trustees are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We are eligible to act and have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charity/industry, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011 and relevant regulations made or having an effect thereunder, including The Charities (Accounts and Reports) Regulations 2008, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated the incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) by the trustees and those responsible for, or involved in, the preparation of the financial statements, and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates and judgements. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the charity’s trustees as a body in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act (Part 4 of The Charities (Accounts and Reports) Regulations 2008) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

11

Other required reporting

Charities Act 2011 exception reporting

Under the Charities Act 2011 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 24 March 2025

12

THE FIDELITY UK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

----- Start of picture text -----
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2024 2024 2024 2024 2023
Note £ £ £ £ £
Income and Endowments from:
Donations 2 6,219,438 313 - 6,219,751 4,204,455
Investments 3 3,878,565 1,897 - 3,880,462 4,347,853
Total 10,098,003 2,210 - 10,100,213 8,552,308
Expenditure on:
Raising funds 4 (2,070) - - (2,070) (1,869)
(investment management costs)
Charitable activities
5 (15,410,842) (150,017) (64) (15,560,923) (13,825,531)
(including governance costs)
Total (15,412,912) (150,017) (64) (15,562,993) (13,827,400)
(5,314,909) (147,807) (64) (5,462,780) (5,275,092)
Net expense and net movement
in funds before /gains on
investments
Net gains on investments and 15 - 74,617 18,104,965 18,179,582 10,788,506
cash
Net (expense)/income and net
(5,314,909) (73,190) 18,104,901 12,716,802 5,513,414
movement in funds
Reconciliation of funds
Total Funds of the Foundation (2,796,162) 458,014 338,233,233 335,895,085 330,381,671
brought forward at 1 January
Transfer between funds 6,444,467 - (6,444,467) - -
Total Funds of the Foundation
carried forward at 31 December (1,666,604) 384,824 349,893,667 348,611,887 335,895,085
----- End of picture text -----

A comparative Statement of Financial Activities can be found in note 19 to the financial statements.

13

THE FIDELITY UK FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2024

----- Start of picture text -----
||||| |---|---|---|---| |Total|Total| |Funds|Funds| |Note|2024|2023| |£|£| |Fixed assets| |Investments|9|349,367,830|338,587,685| |Total fixed assets|349,367,830|338,587,685| |Current assets| |Debtors|10|441,908|465,133| |Cash at bank|11|17,200,974|11,182,676| |Total current assets|17,642,882|11,647,809| |Liabilities| |Creditors: amounts falling due within one year|12|(13,805,574)|(9,910,196)| |Net current assets|3,837,308|1,737,613| |Total assets less current liabilities|353,205,138|340,325,298| |Creditors: amounts falling due after more than| |one year|12|(4,593,251)|(4,430,213)| |Net assets|348,611,887|335,895,085| |Endowment Funds|349,893,667|338,233,233| |Restricted Income Funds|384,824|458,014| |Unrestricted Income Funds|(1,666,604)|(2,796,162)| |Total Funds of the Foundation|348,611,887|335,895,085|

----- End of picture text -----

A comparative Balance Sheet can be found in note 20 to the financial statements.

The financial statements on pages 13 to 33 were approved by the Board of Trustees on 21 March 2025 and were signed on its behalf by

Trustee

P D Goldsbrough

14

THE FIDELITY UK FOUNDATION

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
2024
£
Cash flows from operating activities:
Net cash used in operating activities
14
(4,760,734)
Cash flows from investing activities:
Investment income received
3,392,537
Investment management charges paid
(2,252)
Management fee rebates
1,297,547
Proceeds from sale of investments
62,317,201
Purchase of investments
(56,214,668)
Net cash provided by investing activities
10,790,365
Change in cash in the year
6,029,631
Effect of exchange rate changes on cash
(11,333)
Net increase in cash
6,018,298
Cash at beginning of the year
11,182,676
Cash at the end of the year
17,200,974		 2023
£
(6,567,776)
4,021,844
(2,490)
1,178,845
82,616,686
(75,092,269)
12,722,616
6,154,840
35,136
6,189,976
4,992,700
11,182,676

*All purchases and sales of investments took place within the Endowment Fund and the Restricted Fund.

The Fidelity UK Foundation does not maintain any debt and therefore a reconciliation of net debt has not been included as the cash movements above provide the same information.

15

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value except for investments which are recorded at fair value as disclosed in note 9. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) , the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011.

The Trustees are authorised amounts from the investment portfolio to allow the Foundation to make grant payments from unrestricted funds or endowment funds as they fall due. As a result, Trustees consider that there are no material prepared on a going concern basis.

Planned redemptions totalling £8,200,000 were made from the investment portfolio during 2024 (2023: £25,500,000 - £20,000,000 from the proceeds of a sale of FIL shares and £5,500,000 from the managed portfolio), comprising of transfers from the expendable endowment fund to the unrestricted fund with the balance being the portfolio income earned (recorded as unrestricted income in line with Charity Commission guidance), to enable the Foundation to make grant payments as they fall due.

T and have departed from the the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Foundation constitutes a public benefit entity as defined by FRS 102.

Judgements

Judgements are made in relation to the method of allocating support costs between grant-making activities and governance costs on the basis of the amount of time spent by Foundation representatives on each activity (see note 1(f) and note 8) and in relation to recognising the full amount of multi-year grants at date of approval (see notes 1(d) and notes 12 and 13 for more information).

Estimates

The most significant estimates and key assumptions that affect items in the financial statements are related to the valuation of unquoted investments (see note 1(h) and note 9 for more information). With respect to the next reporting period, the year ending 31 December 2025, the most significant areas of uncertainty that could affect the carrying value of the assets held by the Foundation are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management he assessment of exposure to market risk (see note 9).

16

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

1 Accounting policies (cont.)

(b) Funds structure

The Foundation funds are made up of an endowment fund, a restricted fund and an unrestricted fund. The endowment fund is an invested expendable endowment enabling the Foundation to maintain a sustainable long-term grant-making programme. The Trustees have discretion to expend some or all of the capital of the expendable endowment in circumstances which they consider would justify it, having regard to the need to maintain an appropriate balance between the interests of present and future beneficiaries. The restricted Byrnes Global Scholarship Fund (see the The unrestricted fund is available for use at the discretion of the Trustees in furtherance of the general activities of the Foundation.

Transfers f

investments are sold, and the sales proceeds are redeemed

(c) Income recognition

All income is recognised when the Foundation has entitlement to the income, it is probable that the income will be received, and the amount of income can be measured reliably.

Donations represent amounts received by the Foundation or where the Foundation has been notified that a donation has been irrevocably committed to be made to it during the financial year and include any associated tax credits.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the bank.

(d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Foundation to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note 1 (f) below.

Grants are payments made to third parties in the furtherance of the charitable objectives of the Foundation. Grants are recognised in the financial statements as liabilities after they have been approved by Trustees or by delegation, the recipients have been notified of the award (formally or informally) and it is fully expected that any terms and conditions to be fulfilled by the grantee(s) will be met. In these circumstances there is a valid expectation by the recipients that they will receive the grant. Once recognised in the financial statements, grants are only written back if the related project is cancelled, if there is a material change in the scope of the project, or if the organisation/project no longer meet the terms of the grant agreement. If any such scenario arises but the Foundation still wishes to make the grant payment, the related grant is written back and disclosed instead as a contingent liability to reflect the uncertainty around the timing of the payment.

Provisions for grants are made when recipients have been notified of the award but there is uncertainty as to the timing of the grant or the amount of grant payable.

(e) Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

17

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

1 Accounting policies (cont.)

(f) Allocation of support costs

Governance costs are a type of support costs and comprise all costs involving the public accountability of the Foundation and its compliance with regulation and good practice. These costs include statutory audit and legal fees together with an apportionment of the support costs considered to be incurred in complying with statements (see note 7).

Other support costs have been allocated between governance costs and grant-making activities on a 25:75 basis, reflecting an estimation of the time spent by Foundation representatives on the respective activities (as disclosed in note 1 (a)). Those support costs attributed to grant-making activities have subsequently been allocated between programme areas based on the number of grants awarded in each category. See notes 6 and 8 for further details.

(g) Management fees and rebates

Gross investment management fees are charged against investment fund prices with investment valuations being shown net of these charges. The Foundation receives rebates of investment management charges, which are received in cash and immediately reinvested into the managed portfolio. Management fee rebates are presented as realised gains on the managed portfolio and not as donated services.

(h) Fixed asset investments

Investments are a form of basic financial instrument.

Quoted investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Unquoted investments are stated at current value based on expected realisable value at the balance sheet date. The current value of FIL shares and ERS shares has been estimated to be equal to the value communicated by FIL and ERS, bas FIL and ERS. The unquoted investments in FIL and ERS can only be redeemed at the discretion of FIL and ERS and only at the quarterly NAV. FIL and ERS also have the right to apply restrictions to defer the payment of significant redemption proceeds; however, the Trustees do not foresee a circumstance under which this would be enforced, and the Trustees do not believe that there are any restrictions that would materially affect the fair value of the investment. Based on these investment characteristics, NAV is determined to be the best approximation of fair value. The current values of the holdings in Fidelity Common Contractual Funds are derived from the sum of the quoted prices of the investments in the underlying funds and are provided by FIL Fund Management (Ireland) Limited in its capacity as Manager of the fund.

The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Foundation does not acquire options, derivatives or other complex financial instruments.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or subsectors. More detailed disclosures relating

(i) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

18

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

1 Accounting policies (cont.)

(j) Contingent liabilities

(k) Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.

(l) Taxation

The Foundation is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, if these profits are applied solely for charitable purposes.

2 Donations

3

4

----- Start of picture text -----
2024 2023
£ £
Corporate donations 6,200,000 4,200,000
313 688
Other donations 19,438 3,767
6,219,751 4,204,455
Investment income
2024 2023
£ £
Listed equities 243,863 260,104
Other equities 1,422,998 1,742,688
Mutual funds 1,649,815 1,892,175
Real Estate funds - 33,294
Cash funds 521,646 370,041
Mutual and cash funds (restricted fund) 1,897 4,131
Bank interest 40,243 45,420
3,880,462 4,347,853
Raising funds
2024 2023
Investment management costs: £ £
Custodian fee 2,070 1,869
----- End of picture text -----

19

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

5 Charitable activities

Grant-making activities (note 6)
Governance costs (note 7)
Grant-making activities (note 6)
Governance costs (note 7)
rant-making activities		 Unrestricte
d Funds
Restricted
Funds
Endowment
Funds
Total Funds
2024
2024
2024
2024
£
£
£
£
15,185,770
150,017
64
15,335,851
225,072
-
-
225,072
15,410,842
150,017
64
15,560,923
Unrestricte
d Funds
Restricted
Funds
Endowment
Funds
Total Funds
2023
2023
2023
2023
£
£
£
£
13,418,097
150,017
128
13,568,242
257,289
-
-
257,289
13,675,386
150,017
128
13,825,531

6 Grant-making activities

All grants were made to institutions; no grants were made to individuals. Grant support costs have been allocated based on the number of grants awarded in each category.

Grants approved in 2024
Arts, culture and heritage
Health and wellbeing
Disadvantaged children and young
people
Environmental conservation
Other
Scholarship Fund
Grants written back
Grants returned
Total		 Number
of grants
30
7
21
7
7
1		 Grant value
Support
costs
(note 8)
Total
£
£
£
5,977,788
240,863
6,218,651
1,769,907
56,201
1,826,108
4,790,328
168,605
4,958,933
1,958,637
56,201
2,014,838
140,000
56,201
196,201
150,000
-
150,000
73 14,786,660
578,071
15,364,731
(16,906)
(11,974)
-
-
(16,906)
(11,974)
14,757,780
578,071
15,335,851

See note 21 for a full list of grants approved in year.

20

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

6 Grant-making activities (cont.)

----- Start of picture text -----
Grants approved in 2023 Number Grant value Support Total
of grants costs
(note 8)
£ £ £
Arts, culture and heritage 23 5,266,604 232,626 5,499,230
Health and wellbeing 13 2,823,256 131,484 2,954,740
Disadvantaged children and young
20 3,356,215 202,283 3,558,498
people
Environmental conservation 3 1,034,007 30,342 1,064,349
Other 7 400,000 70,799 470,799
1 150,000 - 150,000
Scholarship Fund
67 13,030,082 667,534 13,697,616
Grants written back (129,374) - (129,374)
Total 12,900,708 667,534 13,568,242
Governance costs
----- End of picture text -----

7 Governance costs

----- Start of picture text -----
2024 2023
£ £
Trustee expenses 137 51
Legal fees 3,624 6,106
Audit fees 28,621 28,621
Support costs (note 8) 192,690 222,511
225,072 257,289
----- End of picture text -----

The ten Trustees in post during 2024 received no remuneration from the Foundation during the year (2023: the nine Trustees in post received no remuneration from the Foundation). One Trustee was reimbursed for travel and subsistence expenses totalling £137 during the year (2023: One Trustee was reimbursed for travel and subsistence expenses totalling £51).

Audit fees represent £24,572 (net of VAT) for the audit of the 2024 financial statements (2023: £23,851 (net of VAT) for the audit of the 2023 financial statements). No other services were provided by the auditors.

In accordance with SORP paragraph 6.15, the audit fee is the amount paid directly by the Foundation and the fee level the Foundation is willing to pay in the open market. This is less than the total allocation of by PricewaterhouseCoopers LLP, who are also the auditor of other FIL related entities.

21

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

8 Support costs

----- Start of picture text -----
Allocated to Allocated to Total
grant-making activities governance costs 2024
£ £ £
Administration and
management costs 578,071 192,690 770,761
Allocated to Allocated to Total
grant-making activities governance costs 2023
£ £ £
Administration and
management costs 667,534 222,511 890,045
----- End of picture text -----

Support costs have been allocated between grant-making activities and governance costs on a 75:25 basis. This reflects a judgment on the amount of time spent by Foundation representatives on the respective activities. See note 17 for details of how administration and management services are provided.

9 Investments

Movement in Investments during 2024

----- Start of picture text -----
Listed Mutual Mutual Real Estate Other Total
Equities Funds Funds Funds Equities
(Restricted
Fund)
£ £ £ £ £ £
Market value b/f 9,183,771 222,759,615 686,051 (0) 105,958,248 338,587,685
1 January 2024
Additions at cost - 56,205,683 8,985 - - 56,214,668
Disposal proceeds (2,395,778) (59,837,248) (84,175) 0 0 (62,317,201)
Realised gains on 1,535,116 9,788,511 15,638 0 - 11,339,265
disposals
Unrealised FX gain - - - - 1,737,031 1,737,031
Unrealised (810,225) 9,140,172 51,684 (0) (4,575,249) 3,806,382
Investment
(losses)/gains
Market value as at 7,512,884 238,056,733 678,183 (0) 103,120,030 349,367,830
31 December 2024
Movement in Investments during 2023
Listed Mutual Mutual Real Estate Other Total
Equities Funds Funds Funds Equities
(Restricted
Fund)
£ £ £ £ £ £
Market value b/f
1 January 2023 9,076,386 187,030,667 673,418 3,592,753 136,118,823 336,492,047
Additions at cost - 75,017,178 75,091 - 35,601 75,127,870
Disposal proceeds (51,320) (53,103,941) (95,483) (3,533,454) (25,832,488) (82,616,686)
Realised
gains/(losses) on
disposals 45,738 3,566,705 (15,100) 1,222,965 25,090,307 29,910,615
Unrealised FX losses - - - - (6,509,711) (6,509,711)
Unrealised
Investment
gains/(losses) 112,967 10,249,006 48,125 (1,282,264) (22,944,284) (13,816,450)
Market value as at
31 December 2023 9,183,771 222,759,615 686,051 - 105,958,248 338,587,685
----- End of picture text -----

Movement in Investments during 2023

*Other equities comprised Common and Preferred Shares in FIL and ERS.

22

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

9 Investments (cont.)

Recognised fair value measurements

To provide an indication about the reliability of the inputs used in determining fair value, the Foundation has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

Listed Equities
Mutual Funds
Mutual Funds (Restricted Fund)
FIL Limited & ERS Shares
Total
Listed Equities
Mutual Funds
Mutual Funds (Restricted Fund)
FIL Limited & ERS Shares
Total		 Level 1
Level 2
Level 3
Total2024
£
£
£
£
7,512,884
-
-
7,512,884
127,861,827
110,194,906
-
238,056,733
678,183
-
-
678,183
-
-
103,120,030
103,120,030
136,052,894
110,194,906
103,120,030
349,367,830
Level 1
Level 2
Level 3
Total2023
£
£
£
£
9,183,771
-
-
9,183,771
97,291,540
125,468,075
-
222,759,615
686,051
-
-
686,051
-
-
105,958,248
105,958,248
107,161,362
125,468,075
105,958,248
338,587,685

There were no transfers between any of the levels for recurring fair value measurements during the year (2023: £nil). The policy is to recognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, overthe-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

Exposure to market risk

The values of the investments are subject to foreign currency risk related to amounts denominated in currencies other than GBP, mainly being the US Dollar. If the US Dollar weakened as compared to GBP by 5%, the investment values would reduce by c. £8m (2023: £8m). The values of the investments are also subject to market risk. If the equity markets experienced a 5% downturn, the investment values would reduce by c. £8m (2023: £10m). If the value of shares in FIL Limited and ERS fell by 5%, the impact would be c. £5m.

23

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

10 Debtors

----- Start of picture text -----
2024 2023
£ £
Management fee rebates 322,886 312,387
Dividend receivable 119,022 152,746
Other debtors - -
441,908 465,133
11 Cash at bank
2024 2023
£ £
Cash at bank 17,200,974 11,182,676
12 Creditors
2024 2023
Amounts falling due within one year: £ £
Grants 13,644,449 9,685,775
Accrued administration services 124,592 128,971
Other creditors 36,533 95,450
13,805,574 9,910,196
Amounts falling due after more than one year:
Grants 4,593,251 4,430,213
18,398,825 14,340,409
Movement in grant commitments during the year:
2024 2023
£ £
Grant commitments recognised at start of year 14,115,988 11,638,843
New grant commitments charged to SoFA in year (note 6) 14,786,660 13,030,082
Grants written back during the year (16,906) (129,374)
Grants paid during the year (10,647,851) (10,420,232)
FX loss on grants payable (192) (3,331)
Amount of grant commitments recognised at end of year 18,237,699 14,115,988
----- End of picture text -----

13 Contingent Liabilities The Foundation had no contingent liabilities at 31 December 2024 (2023: nil).

14
Net cash used in operating activities
Net movement in funds (excluding endowment)
Less: investment income earned
Add: investment management costs
Less: investment gains on restricted fund
Add: investment losses on unrestricted fund
Decrease in debtors
Increase in creditors
Net cash outflow used in operating activities		 2024
£
(5,388,099)
(3,358,817)
2,070
(74,425)
(0)
(0)
4,058,537
(4,760,734)		 2023
£
(5,280,094)
(3,977,812)
1,869
(37,150)
45,612
144,592
2,535,207
(6,567,776)

24

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

15 Net gains on investments and cash

Unrealised investment gains/(losses)
Realised gain on disposals
Realised gain from rebates
Realised loss on distribution received
Unrealised FX (losses)/gains on cash
Unrealised FX (losses)/gains on investments
Other exchange rate gains
Net gains on investments and cash		 2024
£
3,806,382
11,339,265
1,308,045
-
(11,333)
1,737,031
192
18,179,582		 2023
£
(13,816,451)
29,600,231
1,211,197
(47,354)
35,136
(6,509,711)
315,458
10,788,506

16 Analysis of movement in funds

----- Start of picture text -----
Balance Income Expenditure Net gains Transfer Balance
01 January on between 31 December
2024 investments funds 2024
£ £ £ £ £ £
-
Unrestricted funds (2,796,162) 10,098,003 (15,412,912) 6,444,467 (1,666,604)
-
Restricted funds 458,014 2,210 (150,017) 74,617 384,824
Endowment funds 338,233,233 - (64) 18,104,965 (6,444,467) 349,893,667
Total funds 335,895,085 10,100,213 (15,562,993) 18,179,582 - 348,611,887
Balance Income Expenditure Net losses Transfer Balance
01 January on between 31 December
2023 investments funds 2023
£ £ £ £ £ £
Unrestricted funds (6,558,937) 8,547,489 (13,677,255) (45,612) 8,938,153 (2,796,162)
Restricted funds 562,730 4,819 (150,017) 40,482 - 458,014
Endowment funds 336,377,878 - (128) 10,793,636 (8,938,153) 338,233,233
Total funds 330,381,671 8,552,308 (13,827,400) 10,788,506 - 335,895,085
----- End of picture text -----

See Funds and more details.

25

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

17 Related party transactions

During 2024, the Foundation received a donation of £6,200,000 from (2023: £4,200,000 from FHL). FHL is a subsidiary of FIL. FIL is a company with four directors in common .

The Foundation investments include £245,569,617 of funds held in an investment portfolio managed by FIL Pensions Management ( FPM ) (2023: £231,943,386). FPM is a subsidiary of FIL. Within the investment portfolio, underlying funds valued at £180,246,865 (2023: £185,552,683) are managed by subsidiaries of FIL. The Foundation holds investments managed by subsidiaries of FIL valued at £549,425 (2023: £569,075 Annual management charges of £1,308,045 (2023: £1,211,192) were rebated to the Foundation during the year. Income in 2024 from these investments was £961,197 (2023: £1,167,074). At 31 December 2024, an amount of £322,886 was receivable from FPM in relation to rebated management charges (2023: £312,388) and an amount of £119,021 was receivable in relation to investment income (2023: £152,746).

Investments also include £40,350,606 of Common and Preferred Shares in FIL (2023: £39,758,071 of Common shares in FIL). Dividend income in 2024 from these investments was £0 (2023: £35,601).

Cash at bank and in hand includes £15,607,342 (2023: £10,903,697) of units in a fund of Fidelity Institutional Liquidity Fund plc, which is managed by FIL Investment Management (Luxembourg) S.A., Ireland Branch, a wholly owned subsidiary of FIL.

The Foundation does not employ any staff directly. Management, overhead and administration expenses of the Foundation are initially paid by FIL Investment Management Limited ( FIML ) and subsequently recharged through an Administration Services Agreement set up with the Foundation. Costs attributed to the Foundation and recharged for the year were £677,849 including VAT (2023: £796,316). FIML is a wholly owned subsidiary of FIL. As at 31 December 2024, an amount of £132,025 was payable to FIML in relation to administration expenses (2023: £195,200).

FIML also provides administration services to Fidelity Asia Pacific Foundation, Fidelity Bermuda Foundation, and Fidelity Europe Foundation, separate charitable trusts (formerly one Foundation known as Fidelity International Foundation), which each have five Trustees in common with the Foundation. There have been no transactions between the Foundation and any of the other foundations during the year and there are no balances outstanding between the four entities.

18 Post balance sheet event

In February 2025, the Foundation was notified by a grantee that the project relating to a grant approved in 2023 is no longer on amount of £80,273 will be written back in the 2025 financial statements.

ERS preferred shares in exchange for new preferred shares issued by ERS worth $44,750,571.

26

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |19|Statement of Financial Activities for the year ended 31 December 2023| |Unrestricted|Restricted|Endowment|Total| |Funds|Funds|Funds|Funds| |2023|2023|2023|2023| |Note|£|£|£|£| |Income and Endowments from:| |Donations|2|4,203,767|688|-|4,204,455| |Investments|3|4,343,722|4,131|-|4,347,853| |Total|8,547,489|4,819|-|8,552,308| |Expenditure on:| |Raising funds| |4|(1,869)|-|-|(1,869)| |(investment management costs)| |Charitable activities| |5|(13,675,386)|(150,017)|(128)|(13,825,531)| |(including governance costs)| |Total|(13,677,255)|(150,017)|(128)|(13,827,400)| |Net (expense) and net movement| |in funds before (losses)/gains on|(5,129,766)|(145,198)|(128)|(5,275,092)| |investments| |Net (losses)/gains on investments| |15|(45,612)|40,482|10,793,636|10,788,506| |and cash| |Net (expense)/income and net| |(5,175,378)|(104,716)|10,793,508|5,513,414| |movement in funds| |Reconciliation of funds| |Total Funds of the Foundation|(6,558,937)|562,730|336,377,878|330,381,671| |brought forward at 1 January| |Transfer between funds|8,938,153|-|(8,938,153)|-| |Total Funds of the Foundation| |carried forward at 31 December|(2,796,162)|458,014|338,233,233|335,895,085|

----- End of picture text -----

27

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

20 Balance Sheets as at 31 December 2024 and 31 December 2023 analysed by fund

----- Start of picture text -----
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2024 2024 2024 2024
£ £ £ £
Fixed assets
Investments - 678,184 348,689,646 349,367,830
Total fixed assets - 678,184 348,689,646 349,367,830
Current assets
Debtors 119,022 - 322,886 441,908
Cash at bank and in hand 16,315,147 4,692 881,135 17,200,974
Total current assets 16,434,169 4,692 1,204,021 17,642,882
Liabilities
Creditors: amounts falling due within
one year (13,717,522) (88,052) - (13,805,574)
Net current assets/(liabilities) 2,716,647 (83,360) 1,204,021 3,837,308
Total assets less current liabilities 2,716,647 594,824 349,893,667 353,205,138
Creditors: amounts falling due after
(4,383,251) (210,000) - (4,593,251)
more than one year
Net (liabilities)/assets (1,666,604) 384,824 349,893,667 348,611,887
Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2023 2023 2023 2023
£ £ £ £
Fixed assets
Investments - 686,052 337,901,633 338,587,685
Total fixed assets - 686,052 337,901,633 338,587,685
Current assets
Debtors 152,746 - 312,387 465,133
Cash at bank and in hand 11,159,400 4,063 19,213 11,182,676
Total current assets 11,312,146 4,063 331,600 11,647,809
Liabilities
Creditors: amounts falling due
within one year (9,826,645) (83,551) - (9,910,196)
Net current assets/(liabilities) 1,485,501 (79,488) 331,600 1,737,613
Total assets less current 1,485,501 606,564 338,233,233 340,325,298
liabilities
Creditors: amounts falling due after
(4,281,663) (148,550) - (4,430,213)
more than one year
Net (liabilities)/assets (2,796,162) 458,014 338,233,233 335,895,085
----- End of picture text -----

28

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

21 Grants awarded during 2024

Enabling disadvantaged children and young people to fulfil their potential

During the course of the year 21 grants were given to organisations active in the field of tackling disadvantage among children and young people with a total value of £4,790,328 (2023: 20 grants, total value £3,356,215).

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Grantee Amount of Grant
Description of Grant
Education attainment:
The Reach Foundation
Building organisational capacity and stakeholder engagement through a digital transformation £362,000
project.
BookTrust
Development of a new Content Management System and improved website functionality, and
£271,500
appointment of a new fixed-term post of Digital Transformation Project Manager to enhance reach
and impact.
The National Literacy Trust £270,000
Towards a new post of Head of Effective Delivery and technology upgrades.
The Difference Education Ltd
Towards a new post of Research and Impact Officer to support high-quality monitoring and £121,000
evaluation.
Action Tutoring
Towards independent evaluation of primary school maths programme and migration to a new e- £94,005
learning platform.
£20,000
Towards appointing a consultant to undertake an audit of digital and IT systems.
Community-based interventions:
Thrive at Five
Towards new posts of Senior Data and Evaluation Manager and Senior Communications Manager,
£352,500
alongside consultancy support towards business planning and CRM development to expand reach
and impact.
Greenhouse Sports Limited
£315,600
Towards a new Impact Portal and software to improve data collection and evidence of impact.
Chance to Shine Foundation Ltd
Towards a new post of Leadership and Coaching Manager to support growth and an e-learning £232,000
platform to enhance training efficiencies.
XLP
Enhancing impact measurement through a re-design of Salesforce to support expansion. £150,000
Future Men
£144,500
Towards a new post of Head of Impact and Evaluation.
Employability:
Street League
Towards four new posts; Head of Marketing & Communications, Head of Operations and two £428,000
Functional Skills Tutors in Greater Manchester and Merseyside to support growth.
Environmental Vision
Towards three new posts: Partnerships Officer and two Delivery Managers in London and £248,700
Birmingham to expand reach.
upReach Charitable Company
Towards new posts of Product Consultant and Senior Product & Operations Manager to transform £232,003
upReach's technology capabilities.
Drive Forward Foundation
£146,000
Towards a new post of Impact and Evaluation Manager.
Breaking Barriers
£74,520
Towards a new finance system to support operational efficiencies.
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29

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

21 Grants awarded during 2024 (cont.)

Enabling disadvantaged children and young people to fulfil their potential (cont.)

----- Start of picture text -----
Grantee Amount of Grant
Description of Grant
Wellbeing:
Anna Freud Centre
Towards appointing three new posts (IT Manager, Head of Digital Learning, Salesforce £430,000
Administrator) to support the development and launch of the Anna Freud Digital Academy to
increase the training for mental health professionals.
Mental Health Innovations
Towards the costs of a merger between Mental Health Innovations and YouthNet UK (operating as £350,000
The Mix)
Lucy Faithfull Foundation
£330,000
Towards new posts of Director of Research and Impact and a Data Analyst.
Empire Fighting Chance
£143,000
Towards a new post of Head of Delivery
A new case management system and mobile device management system to increase operational £75,000
efficiencies and cyber security
Total £4,790,328
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Arts, Culture and Heritage

During the course of the year 30 grants were given to organisations active in the field of Arts, Culture and Heritage with a total value of £5,977,788 (2023: 23 grants, total value £5,266,604).

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Grantee Amount of Grant
Description of Grant
Chiswick House and Gardens Trust
Towards phase one of a site redevelopment to increase community access, grow visitor numbers £400,000
and volunteer engagement and increase earned income
Tullie House Museum and Art Gallery Trust
£400,000
Towards phase three of a major site redevelopment project - 'Project Tullie'
The Horniman Public Museum and Public Park Trust
Towards Nature + Love gallery and garden redevelopment project to widen audiences and support £342,731
environmental sustainability ambitions
The Roundhouse Trust
£330,000
Development of the Roundhouse Digital Platform to build a strong digital offer
Whitechapel Gallery
Towards two new fixed term IT roles (IT Systems Manager and IT Technician) and IT equipment £307,803
updates to improve efficiency and build capacity
Pitzhanger Manor & Gallery Trust
Towards new posts of Venue Hire Sales Executive and an Event Manager, alongside building £305,000
enhancements to grow commercial hires and earned income
FACT Liverpool
Towards two new posts of Producer and Technologist, business development consultancy, venue £301,871
facility upgrades and a new CRM.
Julie's Bicycle
£261,139
Towards a new post of Researcher, IT consultancy and a new CRM.
Pallant House Gallery
- £260,000
Towards a new ground source heat pump and air handling unit upgrades
Sir John Soane's Museum
Towards a new post of Head of IT Operations, alongside the completion of an IT infrastructure £255,000
upgrade and a Visitor Journey Analytics audit.
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30

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

21 Grants awarded during 2024 (cont.)

Arts, culture and heritage (cont.)

----- Start of picture text -----
Grantee Amount of Grant
Description of Grant
Kiln Theatre
Renovating the Kiln Theatre's current cinema space and public toilets, and towards a new post of £254,892
Event and Sales Manager to grow earned income and increase financial resilience
Yvonne Arnaud Theatre Trust
£250,000
Reconfiguration and improvements to ground floor to strengthen income and community use
The De La Warr Pavilion Charitable Trust
Towards new posts of Data & Insights Manager and Digital Research & Development Manager to £220,000
increase digital skills and drive income growth
The Public Catalogue Foundation
£218,000
Towards a new CRM, website upgrades and consultancy to improve audience data.
St
Towards a new post of Commercial Manager, marketing activity and external consultancy costs to
£215,000
support the development of new events and private hire offer i
n preparation for the public opening in 2025.
Compton Verney House Charity
£211,600
Towards two new posts: Data & Evaluation Coordinator and Audience Insight Manager.
Chapter (Cardiff) Limited
Venue facility upgrades to increase capacity to diversify programme activity and generate earned £150,000
income.
South London Fine Art Gallery and Library
Towards a new post of Partnerships Manager and a new CRM to increase commercial and £150,000
philanthropic income.
UK Music Masters Ltd
Towards new posts of Operations and Systems Manager, Digital Technology Specialist and IT £149,040
system updates
Eden Court Highlands
Enhancing commercial income through the appointment of a new post of Commercial Associate, £145,055
implementing a new data platform, and improving the layout and facilities of the café-bar
National Centre for Writing
Towards a new post of Digital Marketing and Content Coordinator to increase digital capacity and £142,141
to commission new learning content to diversify audiences and generate revenue
Royal Drawing School
£112,500
Towards a new CRM to increase and diversify participant reach to build future sustainability
The National Museum of Labour History
Towards a new post of Events Sales Officer, alongside updates to venue facilities, to grow earned £110,000
income from venue hire.
Fulham Palace Trust
A new CRM, IT and system updates and new conferencing equipment to build earned income £108,000
through corporate hires and events.
The Geffrye Museum Trust
Towards a new post of Public Programmes Manager to grow earned income through event sales £104,000
and commercial hires.
The Koestler Trust £101,408
Digitisation of
Outside In Art £84,608
Towards a new post of Commercial Co-ordinator and to build an e-commerce platform.
Painshill Park Trust Ltd
A new CRM, an integrated sales system and new hardware to improve data collection and £48,000
analysis to support increased earned and philanthropic income.
Creative Folkestone
£20,000
Appointment of an external consultant to undertake scoping work for the feasibility of developing a
new individual giving programme to grow new income streams.
The Clore Leadership Programme
£20,000
To appoint external consultants to support business planning.
Total £5,977,788
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31

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

21 Grants awarded during 2024 (cont.)

Health and Wellbeing

During the course of the year 7 grants were given to organisations active in the field of Health and Wellbeing with a total value of £1,769,907 (2023: 13 grants, total value £2,823,256).

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Grantee Amount of Grant
Description of Grant
Teenage Cancer Trust
- £400,000
Towards a new CRM, data migration and a fixed term Delivery Manager.
Society for Horticultural Therapy
Towards a new post of Business Development Lead and IT Manager, alongside IT system £270,000
upgrades.
Surviving Economic Abuse
Towards a new post of Data and Operations Officer to enhance data management and compliance, £149,132
and new financial management and HR tools to enhance operational efficiencies.
Friends, Families and Travellers
Towards a new post of Fundraising Manager and Donor Management Platform to support £145,576
organisational sustainability and improve efficiency.
Asthma and Lung UK
To enhance data and insight approaches and implement a new finance system to build efficiency £419,274
and enable the organisation to be more data-led.
The Maggie Keswick Jencks Cancer Caring Centres Trust
£236,000
New finance system to increase organisational efficiencies and support financial planning.
Action for M.E.
Towards a new post of Philanthropy Manager to increase fundraised income and support financial £149,925
sustainability.
Total £1,769,907
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Environmental Conservation

During the course of the year 7 grants were given to organisations active in the field of Environmental Conservation with a total value of £1,958,637 (2023: 1,034,007).

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Grantee Amount of Grant
Description of Grant
The London Wildlife Trust
Towards two posts of Director of Nature Recovery and Chief Operating Officer, alongside a new £552,000
remote sensing system and CRM upgrades
The Woodland Trust
Towards digital and data transformation programme to strengthen cyber security and become more £400,000
data, evidence and insight led.
Plantlife International - The Wild Plant Conservation Charity
Building knowledge and skills within Plantlife to influence and effectively harness nature-based £335,000
markets to improve biodiversity and generate income.
Trees for Cities
£198,866
Towards a new post of IT & Data Manager, and consultancy support to enhance data management.
Rewilding Britain
Towards a new post of Rewilding Landscapes Manager, alongside associated project delivery and £189,000
communications costs.
Bumblebee Conservation Trust
Towards new post of Head of Outreach and Volunteering, and consultancy to establish and £146,000
implement monitoring and evaluation frameworks.
Action for Conservation
Towards a new post of Fundraising Officer, alongside consultancy and technology costs to build a £137,771
new CRM platform and an organisational impact framework.
Total £1,958,637
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32

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (cont.)

21 Grants awarded during 2024 (cont.)

Other

During the course of the year 0 grants were given to Cross Sector projects with a total value of £0 (2023: 2 grants, total value £300,000) and 7 grants were given to organisations at the request of the unaffiliated Trustees with a total value of £140,000 (2023: 5 grants totalling £100,000).

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Grantee Amount of Grant
Description of Grant
Trustee Grants:
The Dorset Natural History and Archaeological Society
£20,000
Towards the Museum's running costs.
Parochial Church Council of Ecclesiastical Parish of St. Michael and All Angels, Broadway
£20,000
Towards repairs and upgrades to the organ electrical control system
The Chiltern Society
£20,000
Towards repairs to Lacey Green Windmill and towards programme costs.
Longborough Festival Opera
£20,000
Towards the filming of the summer production.
The PCC of the Ecclesiastical Parish of St Paul, Grove Park, Chiswick W4
£20,000
Upgrading the church s hall, kitchen and garden to increase fundraising revenue.
Solutions Not Sides
£20,000
Towards the youth Education programme.
Springvale Training Ltd
£20,000
Towards the Onwards & Upwards Programme.
Total £140,000
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During the course of the year 1 grant of £150,000 Fund (2023: 1 grant of £150,000).

----- Start of picture text -----
Grantee Amount of Grant
Description of Grant
London Business School
£150,000
Scholarships for students commencing a Masters in Financial Analysis programme.
Total £150,000
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