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2025-12-31-accounts

THE FIDELITY UK FOUNDATION

(Registered Charity Number: 327899)

Annual Report and Financial Statements for the year ended 31 December 2025

THE FIDELITY UK FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025

The Trustees submit their annual report and audited financial statements for The Fidelity UK Foundation (“the Foundation”) for the year ended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s Trust Deed, 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 (the “Charities SORP”).

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This 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and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005, which has since been withdrawn.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.

The Foundation’s strategy for achieving this objective is to build an 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 referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s objectives and in planning future activities and setting the grant-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 continue to reflect the Foundation’s objective 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 Foundation’s 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 applicant’s fit with the Foundation’s grant-making guidelines, other factors considered as part of the due diligence process include: the organisation’s impact 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

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

Grant-making guidelines (cont.)

The Foundation’s focus and approach to grant-making is outlined on the website www.fidelityukfoundation.com.

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

Grants made from the W L “Bill” Byrnes Global Scholarship Fund are made in line with that fund’s purpose (see Funds and reserves policy section for more details).

Achievements and performance in 2025

During 2025, 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 2025, 68 grants were awarded totalling £15,506,161.

In 2025, in addition to awarding grants that fall within the strategic frameworks for each Programme, the Foundation undertook a portfolio review of the Arts, Culture and Heritage Programme. As a result of this, the Foundation will primarily focus on building the capacity of organisations focused on three art forms: visual arts, theatre and music.

Grants were awarded in 2025 as follows:

Area
Disadvantaged children and young people
Arts, culture and heritage
Health and wellbeing
Environmental conservation
Other
Grant(s) from the W L “Bill” Byrnes Global
Scholarship Fund
Total
Grants were awarded in 2024 as follows:
Area
Disadvantaged children and young people
Arts, culture and heritage
Health and wellbeing
Environmental conservation
Other
Grant(s) from the W L “Bill” Byrnes Global
Scholarship Fund
Total		 Number of
grants awarded
Total amount
awarded
% of total by
amount
17
£4,437,595
29%
23
£5,045,000
32%
10
£2,623,250
17%
12
£2,740,316
18%
6
£660,000
4%
-
n/a
n/a
68
£15,506,161
100%
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%

Further details of the grants awarded are included in note 6. A full list of all grants awarded in 2025 is included in note 20 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 11.3% from £348,611,887 at the start of the year to £388,038,573 at 31 December 2025.

3

THE FIDELITY UK FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

Financial review (cont.)

Donations received were £3,436,153 (2024: £6,219,751) and the Foundation approved grants totalling £15,506,161 (2024: £14,786,660). A total amount of £224,223 was written back in the Statement of Financial Activities. This amount related to the amendment of three grants approved in previous years (2024: a total of £28,880 was written back, relating to the amendment of three grants approved in previous years).

Investment policy and performance

The Foundation’s assets have continued to be managed in accordance with the provisions of the Trust Deed, the Trustee Act 2000, the Charity Commission’s guidance and the Foundation’s Investment Policy, which was revised in July 2024 and sets out the long-term investment objective, risk profile, and the Foundation’s 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 Limited (“FIL”) and common shares in Eight Roads Shareholdings Limited (“ERS”).

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 arrangements are aligned with the Foundation’s Investment Policy.

At 31 December 2025, the total value of investments was £359,390,341 (2024: £349,367,830). The managed portfolio was valued at £285,646,780 (2024: £245,569,616), the FIL and ERS shares were valued at £72,848,156 (2024: £103,120,030) and investments held in the name of the W L “Bill” Byrnes Global Scholarship Fund were valued at £895,405 (2024: £678,184).

For the year to 31 December 2025 the investment portfolio (excluding the FIL and ERS shares) delivered a return of 18.1% compared with the benchmark return of 17.5% (2024: return of 9.7% compared with the benchmark return of 10.9%). The FIL and ERS shares delivered a return of 9.8% (excluding dividends) over the same year (2024: - 3%).

Trustees will continue to closely monitor performance during 2026.

Risk management

As outlined in the Foundation’s risk register, Trustees have identified the following risks: 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.

4

THE FIDELITY UK FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

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 - relates to the Foundation’s ability to achieve its grant-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.

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

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (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 ensure the Foundation’s long-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 2025, this resulted in a grant-making budget of £16,100,000 +/- 10% (2024: £15,200,000 +/- 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 2025 was £392,917,272 (31 December 2024: £349,893,667).

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 Foundation’s managed portfolio is sufficiently liquid to enable the redemption of amounts to be transferred to 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 £4,600,000 was redeemed from the managed portfolio during 2025 (2024: £8,200,000) and £3,344,595 was transferred to the unrestricted fund (2024: £6,444,467). The value of unrestricted funds at 31 December 2025 was a deficit of £5,566,123 (2024: deficit of £1,666,604). Any deficit in the unrestricted funds can be funded by redemptions from the managed portfolio and a transfer between funds at the Trustees’ discretion.

The restricted fund represents the W L “Bill” Byrnes Global Scholarship Fund, 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 2025 was £687,424 (2024: £384,824).

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 been considered to reflect a ‘worst case scenario’. 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 consider that there are no material uncertainties about the Foundation’s ability to continue as a going concern and the financial statements are prepared on this basis.

6

THE FIDELITY UK FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (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 to remain stable. While continuing to make grants in line with the strategic frameworks for each of the programmes and as outlined in the grant-making 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 Foundation’s policy 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 three Trustees that are unaffiliated to FIL (see note below in the Trustees section) 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 ‘unaffiliated’ 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 W L “Bill” Byrnes Global Scholarship Fund.

Day to day management of the Foundation’s operations is carried out by FIL Investment Management Limited (“FIML”), 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

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (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 P D Goldsbrough A P Johnson E C Johnson IV (Chair) E L Johnson M A Rogers S E Walden L Y Yueh

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. 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: Tadworth, Surrey KT20 6RP
Barclays Bank PLC, 73-75 Calverley Road, Tunbridge Wells, Kent TN1 2UZ
Solicitors:
Independent Auditors:
Registered Charity Number:		 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
327899

8

THE FIDELITY UK FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

Statement of Trustees’ responsibilities in relation to the financial statements

The Trustees are 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 27 March 2026 and signed on their behalf by:

Trustee: P D Goldsbrough Date: 27 March 2026

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 2025; 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.

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, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as relevant regulations made or having an effect thereunder, including The Charities (Accounts and Reports) Regulations 2008. 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.

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 27 March 2026

THE FIDELITY UK FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

Note
Income and Endowments from:
Donations
2
Investments
3
Total
Expenditure on:
Raising funds
(investment management costs)
4
Charitable activities
(including governance costs)
5
Total
Net expense and net movement
in funds before/gains on
investments
Net gains on investments and
cash
15
Net (expense)/income and net
movement in funds
Reconciliation of funds
Total Funds of the Foundation
brought forward at 1 January
Transfer between funds
Total Funds of the Foundation
carried forward at 31 December		 Unrestricted
Funds
2025
£
Restricted
Funds
2025
£
Endowment
Funds
2025
£
Total
Funds
2025
£
Total
Funds
2024
£
3,435,903
250
-
3,436,153
6,219,751
5,572,529
2,787
-
5,575,316
3,880,462
9,008,432
3,037
-
9,011,469
10,100,213
(2,784)
-
-
(2,784)
(2,070)
(16,249,762)
(17)
-
(16,249,779)
(15,560,923)
(16,252,546)
(17)
-
(16,252,563)
(15,562,993)
(7,244,114)
3,020
-
(7,241,094)
(5,462,780)
-
299,580
46,368,200
46,667,780
18,179,582
(7,244,114)
302,600
46,368,200
39,426,686
12,716,802
(1,666,604)
384,824
349,893,667
348,611,887
335,895,085
3,344,595
-
(3,344,595)
-
-
(5,566,123)
687,424
392,917,272
388,038,573
348,611,887

A comparative Statement of Financial Activities can be found in note 18 to the financial statements.

13

THE FIDELITY UK FOUNDATION

BALANCE SHEET AS AT 31 DECEMBER 2025

Total
Funds
Note
2025
£
Fixed assets
Investments
9
359,390,341
Total fixed assets
359,390,341
Current assets
Debtors
10
446,932
Cash at bank
11
48,305,430
Total current assets
48,752,362
Liabilities
Creditors: amounts falling due within one year
12
(15,145,626)
Net current assets
33,606,736
Total assets less current liabilities
392,997,077
Creditors: amounts falling due after more than
one year
12
(4,958,504)
Net assets
388,038,573
Endowment Funds
392,917,272
Restricted Income Funds
687,424
Unrestricted Income Funds
(5,566,123)
Total Funds of the Foundation
388,038,573		 Total
Funds
2024
£
349,367,830
349,367,830
441,908
17,200,974
17,642,882
(13,805,574)
3,837,308
353,205,138
(4,593,251)
348,611,887
349,893,667
384,824
(1,666,604)
348,611,887

A comparative Balance Sheet can be found in note 19 to the financial statements.

The financial statements on pages 13 to 33 were approved by the Board of Trustees on 27 March 2026 and were signed on its behalf by

Trustee

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………………………..
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P D Goldsbrough

14

THE FIDELITY UK FOUNDATION

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

Note
2025
£
Cash flows from operating activities:
Net cash used in operating activities
14
(10,538,044)
Cash flows from investing activities:
Investment income received
4,994,716
Investment management charges paid
(2,557)
Management fee rebates
1,265,871
Proceeds from sale of investments
126,279,471
Purchase of investments
(90,884,928)
Net cash provided by investing activities
41,652,573
Change in cash in the year
31,114,529
Effect of exchange rate changes on cash
(10,073)
Net increase in cash
31,104,456
Cash at beginning of the year
17,200,974
Cash at the end of the year
48,305,430		 2024
£
(4,760,734)
3,392,537
(2,252)
1,297,547
62,317,201
(56,214,668)
10,790,365
6,029,631
(11,333)
6,018,298
11,182,676
17,200,974

*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 2025

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 “Charities SORP”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011.

The Trustees are authorised to apply the capital of the Foundation’s endowment to the Foundation’s charitable activities. The Foundation’s investments are sufficiently liquid so as to permit the redemption of 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 uncertainties about the Foundation’s ability to continue as a going concern and the financial statements are prepared on a going concern basis.

Planned redemptions totalling £4,600,000 were made from the investment portfolio during 2025 (2024: £8,200,000), 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.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This 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.

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 2026, 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 sections of the Trustees’ Annual Report for more information). Estimates are also used in the 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 2025 (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 fund was established during 2019 in relation to the W L “Bill” Byrnes Global Scholarship Fund (see the reserves policy section of the Trustees’ Report for more detail). The unrestricted fund is available for use at the discretion of the Trustees in furtherance of the general activities of the Foundation.

Transfers from the endowment fund to the unrestricted fund, arising from the Trustees’ decision to apply the accumulated capital of the endowment to the Foundation’s charitable activities, are recognised when investments are sold, and the sales proceeds are redeemed from the Foundation’s investment portfolio.

(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 2025 (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 statutory requirements, such as Trustees’ meetings and the preparation of financial 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, based on net asset values (“NAV”) per share approved by the directors of 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 to investments and risk are included in the Trustees’ Report.

(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 2025 (cont.)

1 Accounting policies (cont.)

(j) Contingent liabilities

A contingent liability is identified and disclosed for those grants resulting from:

(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

Corporate donations
Donations to the W L “Bill” Byrnes Global Scholarship Fund
Other donations
Investment income
Listed equities
Other equities
Mutual funds
Cash funds
Mutual and cash funds (restricted fund)
Bank interest
Raising funds
Investment management costs:
Custodian fee		 2025
£
3,400,000
250
35,903
3,436,153
2025
£
257,764
3,428,513
1,284,776
570,384
2,787
31,092
5,575,316
2025
£
2,784		 2024
£
6,200,000
313
19,438
6,219,751
2024
£
243,863
1,422,998
1,649,815
521,646
1,897
40,243
3,880,462
2024
£
2,070

3 Investment income

4

19

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

5 Charitable activities

Grant-making activities (note 6)
Governance costs (note 7)
Grant-making activities (note 6)
Governance costs (note 7)		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total Funds
2025
2025
2025
2025
£
£
£
£
15,969,910
17
-
15,969,927
279,852
-
-
279,852
16,249,762
17
-
16,249,779
Unrestricted
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

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 2025
Arts, culture and heritage
Health and wellbeing
Disadvantaged children and young
people
Environmental conservation
Other
Grants from WL “Bill” Byrnes Global
Scholarship Fund
Grants written back
Grants returned
Total		 Number
of grants
23
10
17
12
6
-		 Grant value
Support
costs
(note 8)
Total
£
£
£
5,045,000
232,702
5,277,702
2,623,250
101,175
2,724,425
4,437,595
171,997
4,609,592
2,740,316
121,410
2,861,726
660,000
60,705
720,705
-
-
-
68 15,506,161
687,989
16,194,150
(224,223)
-
-
-
(224,223)
-
15,281,938
687,989
15,969,927

See note 20 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 2025 (cont.)

6 Grant-making activities (cont.)

Grants approved in 2024
Arts, culture and heritage
Health and wellbeing
Disadvantaged children and young
people
Environmental conservation
Other
Grants from WL “Bill” Byrnes Global
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

7 Governance costs

Trustee expenses
Legal fees
Audit fees
Support costs (note 8)		 2025
£
573
18,714
31,236
229,329
279,852		 2024
£
137
3,624
28,621
192,690
225,072

The eight Trustees in post during 2025 received no remuneration from the Foundation during the year (2024: the ten Trustees in post received no remuneration from the Foundation). Two Trustees were reimbursed for travel and subsistence expenses during the year, one for £276 and the other for £297, totalling £573 (2024: One Trustee was reimbursed for travel and subsistence expenses totalling £137).

Audit fees represent £25,309 (net of VAT) for the audit of the 2025 financial statements (2024: £24,572 (net of VAT) for the audit of the 2024 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 audit fees relating to the Foundation’s financial statements 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 2025 (cont.)

8 Support costs

----- Start of picture text -----
||||| |---|---|---|---| |Allocated to|Allocated to|Total| |grant-making activities|governance costs|2025| |£|£|£| |Administration and| |management costs|687,989|229,329|917,318| |Allocated to|Allocated to|Total| |grant-making activities|governance costs|2024| |£|£|£| |Administration and| |management costs|578,071|192,690|770,761|

----- 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 2025

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Listed|Mutual|Mutual|Other|Total| |Equities|Funds|Funds|Equities| |(Restricted| |Fund)| |£|£|£|£|£| |Market value b/f|7,512,884|238,056,733|678,183|103,120,030|349,367,830| |1 January 2025| |Additions at cost|-|56,255,686|76,813|34,552,429|90,884,928| |-| |Disposal proceeds|(58,186,130)|(151,600)|(67,941,740)|(126,279,471)| |Realised gains on|-|8,289,140|57,253|33,389,312|41,735,705| |disposals| |Unrealised FX loss|-|-|-|(5,773,779)|(5,773,779)| |Unrealised|2,275,680|31,442,787|234,756|(24,498,096)|9,455,128| |investment| |gains/(losses)| |Market value as at|9,788,564|275,858,216|895,405|72,848,156|359,390,341| |31 December 2025| |Movement in Investments during 2024| |Listed|Mutual|Mutual|Other|Total| |Equities|Funds|Funds|Equities| |(Restricted| |Fund)| |£|£|£|£|£| |Market value b/f|9,183,771|222,759,615|686,051|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)|(62,317,201)| |Realised gains on|1,535,116|9,788,511|15,638|-|11,339,265| |disposals| |Unrealised FX gain|-|-|-|1,737,031|1,737,031| |Unrealised|(810,225)|9,140,172|51,684|(4,575,249)|3,806,382| |investment| |(losses)/gains| |Market value as at|7,512,884|238,056,733|678,183|103,120,030|349,367,830| |31 December 2024|

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

Movement in Investments during 2024

*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 2025 (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
Total2025
£
£
£
£
9,788,564
-
-
9,788,564
142,117,758
133,740,458
-
275,858,216
895,405
-
-
895,405
-
-
72,848,156
72,848,156
152,801,727
133,740,458
72,848,156
359,390,341
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

There were no transfers between any of the levels for recurring fair value measurements during the year (2024: £nil). The Foundation’s 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. £7m (2024: £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. £11m (2024: £8m). If the value of shares in FIL Limited and ERS fell by 5%, the impact would be c. £4m (2024: £5m).

23

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

10
Debtors
2025
£
Management fee rebates
317,709
Dividend receivable
129,223
446,932
11
Cash at bank
2025
£
Cash at bank
48,305,430
12
Creditors
2025
Amounts falling due within one year:
£
Grants
14,909,744
Accrued administration services
156,975
Other creditors
78,907
15,145,626
Amounts falling due after more than one year:
Grants
4,958,504
20,104,130
Movement in grant commitments during the year:
2025
£
Grant commitments recognised at start of year
18,237,699
New grant commitments charged to SoFA in year (note 6)
15,506,161
Grants written back during the year
(224,223)
Grants paid during the year
(13,651,269)
FX loss on grants payable
(120)
Amount of grant commitments recognised at end of year
19,868,248
13
Contingent Liabilities
The Foundation had no contingent liabilities at 31 December 2025 (2024: nil).
14
Net cash used in operating activities
2025
£
Net movement in funds (excluding endowment)
(6,941,514)
Less: investment income earned
(5,004,931)
Add: investment management costs
2,784
Less: investment gains on restricted fund
(299,460)
Add: investment losses on unrestricted fund
-
Decrease in debtors
-
Increase in creditors
1,705,077
Net cash outflow used in operating activities
(10,538,044)		 2024
£
322,886
119,022
441,908
2024
£
17,200,974
2024
£
13,644,449
124,592
36,533
13,805,574
4,593,251
18,398,825
2024
£
14,115,988
14,786,660
(16,906)
(10,647,851)
(192)
18,237,699
2024
£
(5,388,099)
(3,358,817)
2,070
(74,425)
-
-
4,058,537
(4,760,734)

24

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

15 Net gains on investments and cash

Unrealised investment gains
Realised gains on disposals
Realised gains from rebates
Unrealised FX losses on cash
Unrealised FX (losses)/gains on investments
Realised FX losses on investments
Other exchange rate gains
Net gains on investments and cash		 2025
£
9,455,127
42,898,823
1,260,694
(10,073)
(5,773,779)
(1,163,118)
106
46,667,780		 2024
£
3,806,382
11,339,265
1,308,045
(11,333)
1,737,031
-
192
18,179,582

16 Analysis of movement in funds

Unrestricted funds
Restricted funds
Endowment funds
Total funds
Unrestricted funds
Restricted funds
Endowment funds
Total funds		 Balance
01 January
2025
Income
Expenditure
Net gains
on
investments
Transfer
between
funds
Balance
31 December
2025
£
£
£
£
£
£
(1,666,604)
9,008,432
(16,252,546)
-
3,344,595
(5,566,123)
384,824
3,037
(17)
299,580
-
687,424

349,893,667
-
-
46,368,200
(3,344,595)
392,917,272
348,611,887
9,011,469
(16,252,563)
46,667,780
-
388,038,573
Balance
01 January
2024
Income
Expenditure
Net gains
on
investments
Transfer
between
funds
Balance
31 December
2024
£
£
£
£
£
£
(2,796,162)
10,098,003
(15,412,912)
-
6,444,467
(1,666,604)
458,014
2,210
(150,017)
74,617
-
384,824

338,233,233
-
(64)
18,104,965
(6,444,467)
349,893,667
335,895,085
10,100,213
(15,562,993)
18,179,582
-
348,611,887

See Funds and Reserves Policy section of the Trustees’ Report for more details.

25

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

17 Related party transactions

During 2025, the Foundation received a donation of £3,400,000 from FIL Holdings (UK) Limited (“FHL”) (2024: £6,200,000 from FHL). FHL is a subsidiary of FIL. FIL is a company with three directors in common with the Foundation’s Trustees.

The Foundation investments include £285,646,780 of funds held in an investment portfolio managed by FIL Pensions Management (“FPM”) (2024: £245,569,617). FPM is a subsidiary of FIL. Within the investment portfolio, underlying funds valued at £183,134,356 (2024: £180,246,865) are managed by subsidiaries of FIL. The Foundation holds investments managed by subsidiaries of FIL valued at £601,203 (2024: £549,425) in a restricted fund for the W L “Bill” Byrnes Global Scholarship Fund. Annual management charges of £1,204,945 (2024: £1,308,045) were rebated to the Foundation during the year. Income in 2025 from these investments was £195,477 (2024: £961,197). At 31 December 2025, an amount of £317,709 was receivable from FPM in relation to rebated management charges (2024: £322,886) and an amount of £129,223 was receivable in relation to investment income (2024: £119,021).

Investments also include £50,187,839 of Common and Preferred Shares in FIL (2024: £40,350,606 of Common and Preferred shares in FIL). Dividend income in 2025 from these investments was £nil (2024: £nil).

Cash at bank and in hand includes £46,385,727 (2024: £15,607,342) 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 £780,431 including VAT (2024: £677,849). FIML is a wholly owned subsidiary of FIL. As at 31 December 2025, an amount of £181,816 was payable to FIML in relation to administration expenses (2024: £132,025).

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.

26

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

18 Statement of Financial Activities for the year ended 31 December 2024

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

27

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

19 Balance Sheets as at 31 December 2025 and 31 December 2024 analysed by fund

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2025 2025 2025 2025
£ £ £ £
Fixed assets
Investments - 895,405 358,494,936 359,390,341
Total fixed assets - 895,405 358,494,936 359,390,341
Current assets
Debtors 129,223 - 317,709 446,932
Cash at bank and in hand 14,198,784 2,019 34,104,627 48,305,430
Total current assets 14,328,007 2,019 34,422,336 48,752,362
Liabilities
Creditors: amounts falling due within (15,085,626) (60,000) - (15,145,626)
one year
Net current assets/(liabilities) (757,619) (57,981) 34,422,336 33,606,736
Total assets less current liabilities (757,619) 837,424 392,917,272 392,997,077
Creditors: amounts falling due after
more than one year		 (4,808,504) (150,000) - (4,958,504)
Net (liabilities)/assets (5,566,123) 687,424 392,917,272 388,038,573
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 2,716,647 594,824 349,893,667 353,205,138
liabilities
Creditors: amounts falling due after
more than one year		 (4,383,251) (210,000) - (4,593,251)
Net (liabilities)/assets (1,666,604) 384,824 349,893,667 348,611,887

28

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

20 Grants awarded during 2025

Enabling disadvantaged children and young people to fulfil their potential

During the course of the year 17 grants were given to organisations active in the field of tackling disadvantage among children and young people with a total value of £4,437,595 (2024: 21 grants, total value £4,790,328).

Grantee
Description of Grant		 Amount of Grant
Education attainment:
Get Further
Towards new posts of Director of Quality and Impact, Head of Fundraising and a Senior Operations
and Systems Manager, alongside technology upgrades to enhance the charity's programme
delivery.		 £460,000
Football Beyond Borders
Towards new posts of Digital Systems Manager and a Head of Statutory Partnerships, alongside
CRM and website upgrades.		 £415,000
Employability:
Snow Camp
Towards new post of Head of Digital and Communications and developing a new digital
accreditation platform.		 £241,000
The Springboard Charity
Technology upgrades.		 £150,000
The Girls Network
Towards new post of Project and Change Manager and technology upgrades.		 £150,000
ThinkForward
Towards new post of Business Support Coordinator and software integrations to increase
organisational efficiencies, beneficiary numbers and income.		 £149,500
Youth Development:
London Youth
Towards new posts of Digital Transformation Lead and Systems Administrator, alongside an
external technology partner to support digital transformation and enhance operational efficiencies.		 £414,000
OnSide
Towards a Data & Insight Manager and Salesforce Platform Manager, alongside Salesforce
consultancy and support for a marketing campaign.		 £358,000
AllChild (formerly West London Zone)
Towards newposts of COO and a Head of Systems.		 £289,000
Sister System
Towards newpost of Head of Monitoringand Evaluation and CRM upgrades.		 £204,000
Youth Options
Towards newpost of Digital Impact Lead,a new CRM and financial accountingsystem.		 £150,000
Merseyside Youth Association
Towards new post of Fundraising Officer, fundraising consultancy, and professional property
advice.		 £148,000
Youth Focus North East
Towards a newpost of Business Development Manager.		 £134,942

29

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

20 Grants awarded during 2025 (cont.)

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

Grantee
Description of Grant		 Amount of Grant
Wellbeing:
Zarach
Development and delivery of a new CRM and towards new posts of Corporate Fundraising
Manager and Operations Manager to support growth.		 £385,000
The Wave Project
Towards new posts of IT Support, Research & Impact Manager, and a fixed term IT strategist,
alongside a new CRM and IT system updates.		 £350,000
Adoption UK
Towards new posts of Digital Transformation Lead and Digital Change Manager, alongside a new
CRM and website upgrades.		 £308,000
Pause Creating Space for Change
Towards new post of Impact and Evidence Officer, alongside a consultant to inform scaling up
plans.		 £131,153
Total £4,437,595

Arts, Culture and Heritage

During the course of the year 23 grants were given to organisations active in the field of Arts, Culture and Heritage with a total value of £5,045,000 (2024: 30 grants, total value £5,977,788).

Grantee
Description of Grant		 Amount of Grant
Royal Liverpool Philharmonic
Towards new post of Director of Development, impact consultancy and building upgrades.		 £584,000
Beamish
Towards delivery of new retail, finance and CRM systems and new post of Project Manager to
support phase one of a digital transformation project.		 £400,000
Pallant House Gallery
Digital transformation programme, including new posts of Digital Systems Manager and Project
Archivist, the development of a new Digital Asset Management System and associated digital
projects.		 £383,000
The Hepworth Wakefield
Towards new posts of Head of Digital Experience and Social Manager, alongside website
upgrades and digital content development and delivery.		 £350,000
MK Gallery
Towards new posts of Head of Development, Digital Project Manager, new CRM and ticketing
system, website upgrades and building enhancements.		 £335,000
Mercury Theatre
Towards new posts of Head of Business Development & Partnerships, Audience & Insights
Manager and Operations Coordinator.		 £325,000
Create
Towards new post of Technical Project Lead and a Finance Manager, alongside CRM and finance
system upgrades.		 £320,000
Institute of Contemporary Arts
Towards new posts of Senior Events Manager and Events Officer, alongside consultancy support,
events management system updates and marketing.		 £320,000
The Fitzwilliam Museum
Towards a new post of Head of Commercial and IT upgrades to optimise ticketing and grow
earned income.		 £305,000
The Foundling Museum
Towards a new post of Director of Development and an IT consultant.		 £237,000

30

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

20 Grants awarded during 2025 (cont.)

Arts, culture and heritage (cont.)

Arts, culture and heritage (cont.)
Grantee
Description of Grant		 Amount of Grant
Dundee Contemporary Arts Limited
Towards the development of a capital campaign, an impact report to support the case for funding,
a new post of Events Assistant, and equipment to upgrade private hire facilities to support income
generation.		 £212,000
Venture Arts
Towards a new post of Project Manager, building redevelopment work and IT consultancy.		 £198,000
The Postal Museum
Towards new CRM and ticketing systems and new post of Project Manager to oversee delivery.		 £187,000
Ikon
Towards the new post of Director of Development and Audience Insights to grow earned and
philanthropic income.		 £150,000
Battersea Arts Centre
Towards the appointment of a Systems and Innovation Manager and IT updates.		 £139,000
Project Art Works
Towards new posts of Philanthropy, Patron and Donor Manager and Archive & Research
Associate.		 £131,000
Tender Education & Arts
Towards new post of Impact and Policy Officer and data system updates.		 £130,000
Site Gallery
Towards consultancy costs to support business planning, income generation, website
development and communications.		 £110,000
Turtle Key Arts
Towards new post of Development Lead.		 £94,000
NMC Recordings Ltd
Towards consultancy costs to support the development of music rights and licensing as an income
stream.		 £75,000
Whitechapel Gallery
Towards consultancy costs to support towards the 125th anniversary campaign.		 £20,000
Handel Hendrix House
Towards consultancy costs to review CRM, website and ticketing systems.		 £20,000
Old Fire station
Towards consultancycosts to support a review of website and data needs for the organisation.		 £20,000
Total £5,045,000

Health and Wellbeing

During the course of the year 10 grants were given to organisations active in the field of Health and Wellbeing with a total value of £2,623,250 (2024: 7 grants, total value £1,769,907).

Grantee
Description of Grant		 Amount of Grant
Young Lives vs Cancer (formerly CLIC Sargent)
Towards building a new Data Integration Platform and investing in data and digital capacity.		 £550,000
Young Epilepsy
Towards new post of Head of Transformation alongside website and CRM upgrades.		 £424,000
Bowel Cancer UK
Towards new post of Strategy & Insight Lead alongside website redevelopment.		 £391,000
Homeless Link
Technology upgrades to deepen impact and increase engagement across the charity's membership
network.		 £305,000
Resources for Autism
Towards a new HR system and CRM, and new roles of Transformation Project Manager and Data
and Information Manager.		 £300,000
Bliss - the National Charity for the Newborn
Towards new posts of Senior Digital Support Officer, Digital Support Officer and Digital Project
Manager, alongside website upgrades to enhance digital services.		 £264,000

31

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

20 Grants awarded during 2025 (cont.)

Health and Wellbeing (cont.)

Health and Wellbeing (cont.)
Grantee
Description of Grant		 Amount of Grant
Auditory Verbal UK
Towards new posts of Research Assistant and Executive Assistant, alongside IT consultancy
support to support growth.		 £143,750
The Lullaby Trust
Towards a new post of a Digital Bereavement Support Worker and costs for digitising the charity's
bereavement support.		 £132,000
Leukaemia Care
Towards website upgrades to enhance functionality.		 £93,500
British Deaf Association
Development of Training and Consultancy platform.		 £20,000
Total £2,623,250

Environmental Conservation

During the course of the year 12 grants were given to organisations active in the field of Environmental Conservation with a total value of £2,740,316 (2024: 7 grants, total value £1,958,637).

Grantee
Description of Grant		 Amount of Grant
Access and Connectivity to Nature:
Earth Trust
IT system upgrades, including ticketing, finance and volunteer management systems, and towards
site redevelopment and associated marketing.		 £390,000
Learning Through Landscapes
Towards new posts of Communications Lead and a Corporate Partnerships Lead, alongside the
development of a new impact measurement system.		 £332,000
The Orchard Project
Towards new posts of Business Development Manager and a Network Coordinator to access local
funding opportunities to grow the number of orchards and enhance the management of existing
orchards across the UK.		 £236,000
Earthwatch Europe
Towards new post of Individual Giving Manager.		 £150,000
Wiltshire Wildlife Trust
Towards new fixed term posts (Finance System Change Lead & Training Officer) and a new
financial management system.		 £131,000
CPRE - The Countryside Charity
Towards developing organisational capacity for interactive digital mapping.		 £104,866
Freshwater Conservation:
The South East Rivers Trust
Towards new posts of Director of Water, Land & Catchments and Chief Operating Officer.		 £394,000
Land Conservation:
Yorkshire Wildlife Trust
Towards new posts of Digital Transformation Manager and Digital Content Creator alongside data
storage system upgrades.		 £340,000
The Wildlife Trust for Lancashire, Manchester and North Merseyside
Towards new post of Income Generation and Development Director and consultancy support, and to
install new digital payment terminals across sites.		 £264,000
Northumberland Wildlife Trust
Towards new post of Deputy Chief Executive Officer and external consultancy to support strategy
development.		 £200,000
The Wildlife Trust of South and West Wales
Towards new post of Fundraising and Communications Manager to grow new and existing sources
of unrestricted income.		 £179,000
Trees for Life
Business Processes and Systems Review.		 £19,450
Total £2,740,316

32

THE FIDELITY UK FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 (cont.)

20 Grants awarded during 2025 (cont.)

Other

During the course of the year 3 grants were given to Cross Sector projects with a total value of £620,000 (2024: 0 grants, total value £0) and 3 grants were given to organisations at the request of the unaffiliated Trustees with a total value of £40,000 (2024: 7 grants totalling £140,000).

Grantee
Description of Grant		 Amount of Grant
Cross Sector Grants:
Centre for the Acceleration of Social Technology (operating as CAST)
Towards new posts of Head of Design for AI and Head of AI Technology, and development of AI
tools for use by UK Charities.		 £470,000
Community Foundation for Surrey
Grant-making to charities in Surrey.		 £75,000
Kent Community Foundation
Grant-making to charities in Kent.		 £75,000
Trustee Grants:
Birds of Poole Harbour
Camera equipment andpublic viewing platform to increasepublic engagement.		 £20,000
Longborough Festival Opera
Community Chorus for production of Macbeth.		 £10,000
The Friends of St Eadburgha's
St Eadburgha's Church residual repair and replacement work.		 £10,000
Total £660,000

Grants from the W L “Bill” Byrnes Global Scholarship Fund

During the course of the year no grants were approved from the W L “Bill” Byrnes Global Scholarship Fund (2024: 1 grant of £150,000).

33