THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 REGISTERED CHARifrf NUMBER 328571
THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THEYEAR ENDED 30 SEPTEMBER 2020 CONTENTS Trust•e's Report: Oblertlves and Actlvltles Achlevements and Perfomiance Flnancial Review Structure, Governance and Management Reference and Admln15tratlve Detalls Ind•p•nd¢nt Audltors. Report Fln•nclal Statements: li Statement of Flnanclal Activltles li Balance Sheet 12 Notes to the Financial Ststements 13
THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 TRUSTEE'S REPORT OBJECTIVES AND AcfiviTIES Purpose of the charlty The mlsslon of the Fulbrlght Foundatlon I"Foundatlon"I Is to advance knowledge, prornote clvlc engagement and develop compassionate leaders by.. enablln8 cltlzens of the Unlted States of America and of the Unlted Klngdom, who are normally resident in their home country and are participatlng educational exchan8es, to Èng38e in programmes of Study, teachln8, research and tralnlng In the allen country, and for that purpose facilltatln8 studentshSps, scholarshlps, fellowships and other awards facilltatlng and produclng events and conferences Ivlrtual and In personl on a lange of sublect where academic meets publlc Interest, Artlvltl•s The Foundatlon carrles out these objects by supportlng the work of the Unlted State5-Unlted KSngdom Educatlonal Commlsslon (commonly known as the US-UK Fulbrl8ht Commissionl, which administers Fulbright scholarships and other academic exchanges between the US and UK, as well as events and colloqula relatSn8 to such exchanges. The charlty recelves grants and donatlons from a range of organisations ind Indivlduals who wish to support its charltable purposes. These irtclude other charltable foundatlons In the UK and US, as well as UK and US alumni of the Fulbrlght scholarship pro8ramme. The Foundatlon makes grants to the US-UK Fulbri8ht Commlssion to help fund Fulbrl8ht scholarships and other educatlonal exchange programmes such as the UK Summer Institutes programme. Further Informatlon Is provided In the Achlevements and performance sectlon below. Appllcations for Fulbright scholarships are welcomed from all sectlons of the communlty and are made through the US-UK Fulbright Commission and are open to those at post8raduate level and above,. opportunitie5 to participate in short-term exchange schemes are avallable for students ageil 18 and above. all stholarships and 8rants are offered on the bas55 of academic merit. Application forms and details of the schemes are available at the US-UK Fulbri8ht Commi55ion web51te wwv4.fulbriBht.org.uk. The trustee conflrms that It has complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commi$5ion'$ general guidance on public benefit, including the guidance on "Public Beneflt.. running a charity IpB21'.
TRUSTEE'S REPORT ACHIEVEMENTS AND PERFORMANCE The Foundatlon pursued its oblerts by using funds to support stholarships and other programmes run by the US-UK Fulbrlght Commisslon. The impact of the Covld-19 pandemlc on the actlvltSes of the Foundatlon have been relatlvely Ilmited 50 far. Our fundralsing efforts have not yet been partlcularly affected, but because some programme activities at the US-UK Fvlbright Commission have been curtailed, some grants that we might norrnally have made have been deferred until the future. The Foundation received donatlons of £28,522 from the Louls and Gannett FoundatSons for the purpose of supportinB the Fulbrlght Commisslon's UK Summer Instltute programme. However, because of the global pandemlc, the programme had to be replaced by online events. As the Commission did not requlre addltbonal fundin8 for the replacement programme, no 8rant was made thls year and the Foundation has preserved Its resources to better support future Summer Instltute5. A grant of $40,)0 was made towards the Barzun prlzes, awarded to support communlly outreach by US Fulbrl8ht students In the UK. The Barzun prizes are made posslble by the Benerous support of Matthew Barzun, former US Ambassador to ihe United Kingdom, Mrs. BarzLSn. Wlth support from the US Ambassador and one of the dlrertors of our Corporate Trustee, we ralsed £17,850 which was donated to the US-UK Fulbright Commisslon in support of a new entrepreneurshlp award to be awarded for 2021122. Together wlth othef donatSons the Comm1551on has reIved, this wlll allow a talented UK entrepreneur to attend a top US buslness school. The Foundatlon recelved a total of £17,53512019.' £17.4331 of donatSons from alumnl of the US UK Fulbright scholarship programme. A grant of £16,000 was made durlng the year to the Fulbrlght Commission to contrlbute to fundlng the Alumni UK Postgraduate award to Willlam J Carter who wlll be supported for the flrst year of hls PhD In Polltlcal GeoBraphy at the UnSverslty of CallfornSa, Berkeley. The Year Ahead The primary alm of the Fulbrlght Foundatlon in 202115 to contlnue to support the work of the US-UK Educational Commission in promoting educatlonal eKchan8es between the UK and US. In pursuit of this alm, the Foundation wlll seek to further develop its fundralslng efforts wlth alumnl and other potential donors. It remain5 to be seen whether the contlnuin8 pandemlc will affect our fundraising abilities. On the other hand, some grants that we would normally have made to the US-UK Fulbright Commlsslon have been deferred and will likely now be made once activities return to a more normal level, funds permitting. Rlsk Management The trustee5 regularly review and discuss the risks to which the charity is exposed and the potential mltigating artlons. The risk register is reviewed at least annually.
TRUSTEE'S REPORT FINANCIAL REVIEW Total donatlon5 received in the year amounted to £63,83812019.' £52,920). The Foundatlon earned £63612019: £1,573) In bank Interest on restrltted1£3811 and unrestrlcted funds 1£255I. A total of £67,58012019: £94,887) was expended on charltable actlvltles for scholarshlps and other 8rants, of which £67,364 wa5 from restricted funds and £216 from unrestricted fund5. Governance and management costs are prlmarlly borne by the US-UK Educatlonal Commisslon. Durlng the year the Foundation incurred 8overnance costs of £1,43512019.. £5171. Reserves Pollcy The Trustees recently established a revised reserves pollcy and declded to reduce progresslvety the unrestrScted reserves of the Foundatlon to £lOO,000. Restricted reserves are held where donation5 or grants to the charlty have been deflned by the donor as to be used lor a speclflc charltable purpose. As at 30 September 2020 the total reserves of the charlty amounted to £208,375. Of these, £104,37712019.' £110,430), were held In restrlcted funds,. the prlnclple balances are Sn the Barzun Fund, founded to promote communlty outreach by US students studyln8 sn the UK1£36,3751 and the LouSslGannett Fund1£27,3291 whlch supports the Fulbri8ht Commission'5 Summer Institute programme. Unrestrlcted reserves were £103,99812019'. £103,959), close to the balance targeted under the reserves pollcy. 5TRUCTUflE. GOVERNANCE AND MANAGEMENT The Fulbrbght Foundation was established by the Un5ted States-united Klngdom EducatSonal Commission (commonly known as the US-UK Fulbri8ht Comrni55ionl on the 9 March 1989. It Is now governed by a trust deed dated 9 March 1990. The FoL4ndatlon15 a reB15tered charlty Inumber 3285711. On 30, September 2014, the British Fulbri8ht Scholars Assoclation Ireglstered charlty number 2922421, the alumni organlsation for Fulbright scholars in the UK, merged with the Fulbright Foundation. The BFSA has now been "linke(J" by the Charity Commlsslon to the Foundation and the fundraising by the BFSA has been Integrated into the Foundatlon. Trustees The sole trustee is the Fulbrlght Foundatlon ITrusteel Limited. a company limited by guarantee and incorporated in England ancl Wales, company number 9155112.
TRUSTEE'S REPORT Director5 of the Fulbright Foundation (Trusteel LSmited who served during the year and up to the date of this report are as follows: Sir Nigel Sheinwald Ichair until 29 February 20201 Sara Cerrell Ichalr from l March 20201 Non Executive Company Director Founder and Managing Director, Global Change Network Mlnister Counsellor for Publlc Affalrs, US Emba5SV DiieLLui lui Hi¥livi E¢JuLdLiuii PuliLy, STEM and Tei'tiary Provlders, Department for Education Minister Coun5ellor for Publlc Affairs, US Embassv Chief Operating Officer, Business in the Communlty Cultural Affairs Offlcer, US Emba55y Detective Superlntendent. Metropolltan Pollce Executlve Director, Investor Forum Senior Partner, UK & Ireland, McKSnsey & Company Chief Executive, Bloomsbury Publishing plc Founder and Managin8 Partner, Merlan Venture5 President & Vlce Chancellor, Cardlff Llniversity M3na8ln8 Partner, Clearbrook Capltal Partners UK Government Internatlonal EducatSon ChampS0n, Department for Education Dlrertor, The Open Universlty ol Scotland Cultural Affalrs Offlcer, US Embassy Principal Consultant. PA Consultln8 Group General Practloner Courtney Austrlan lunt5119 June 20201 lan Coates Kathryn Crockart (from I September 20201 Drake Dubin Klm Dubois luntil 14 February 20201 Victorla Garnett Andrew Grlffith5 luntll 31 August 20201 Dame Vivlan Hunt Nlgel Newton Alexsls de Raadl St James Professor Colin Rlordan Robln Saunders Professor Slr Steve Smith Ifrom 5 June 20201 Susan Stewart Chrlstina Trlbble Ifrom I September 20201 Ollvla Horsf1eld luntll 20 February 20201 Loulsa HardSn8-EdBar (from 9 March 20201 The dlrectors of the Fulbri8ht Foundation (Trusteel Llmited are appolnted by Its exlstSn8 boird of dSrector5 and are generally drawn from the dSrector5 of the US UK Fulbrlght Commisslon (which 15 the sole corporate cornmissioner of the US UK Educational CommlssSonl up to seven of whorn are US cltlzens appolnted by the US Amba55ador, and up to seven are UK cltlzens appolnted by the Secretary of State for Education, one of whom is In prartlce nomlnated by the Scottlsh Government. Secretary and Treasurer Marla Ballnska-szczerba Executive Director, US UK Fulbrl8ht Commission The trustee meets three time5 a year; supporting committee5 meet reBularly and report to the trustee at the trustee meetlngs. The sUPPOrtlng commlttees are: Finance, Audit & Risk, Alumni & Outreach and Remuneration and Nominations.
TRusfEE'S REPORT REFERENCE ANO ADMINISTRATIVE DETAILS Charlty Name: The Fulbrlght Foundatlon Charity reglstratlon number IEn8land and Walesl.. 328571 Addr•ss Unit 302, ThSrd Floor, Camelford House 89 Albert Embankment London SEI 7TP B•nkers Uoyds Bank Southampton Row London WCIB SHR COIF Charltles Deposlt Fund 85 Queen Victorla Street London, EC4V 4ET Audltors Moore Klng51on Smlth LLP Chartered Accountants and Re81stered Audltors Devonshire House, 60 G05well Road London ECIM 7AD Solldtors Bate5 Wells 8ralthwiSte 10 Queen Street Place London EC4R IBE
TRUSTEE'S REPORT Ststement ol Trustee's Responslbllltbes The trustee is responsible for preparing the Trustee's Report ind the financial statements in accordance wlth appllcable law and Unlted Kingdom Accounting Standards (United Kin8dorn Generally Accepted Accountlng PractScel, Includlng FRS102 The Financial Reporting Standard applicable in the UK and Ireland,. The law applicable to charlties In England and Wales requlres the trustee to prepare flnanclal 5tatement5 for each financial year which give a true and fair view of the State of affairs of the charitv and of the Incoming resources and applicatlon of resources of the charlty for that perlod. In preparlng these flnanclal statements, the trustee Is requlred to,. select svitable accr>untin8 polScles and then gpply them consistentlyi observe the method and prlnclples In the Charlties SORP,. make ludgements and estlmates that are reasonable and prudent,. state whether applicable UK accountlng standards have been followed, Subject to any material departures dlsclosed and explalned in the fSnancSal statementS,' PTepare the financial statements on the going concern basis unless It Is Snappropriate to presume that the charlty wlll contlnue Sn buslness. The trustee Ss responsible for keepln8 proper accountlng records that disclose with Tea50nable accuracy at any tlme the financlal posltlon of the charlty and enable them to ensure that the flnancial statements comply with the Charltles Act 2011. 11 Is also responsible for safe8uardln8 the assets of the charlty and hence for taklng reasonable steps for the prevention and detection of fraud and other irre8ularilies. In so far as the trustee Is aware.. there Is no relevant audit Informatlon of which the charity's auditor is unaware, and the trustee has taken all steps that It ought to have taken to make itself aware of any relevant audlt Informatlon and to establlsh that the auditor15 aware of that information. The flnanclal statements have been prepared to glve a true and falr vlew and have departed from the Charities (Accounts and Reportsl Regulatlons 2008 only to the extent required to provide a 'true and fair, view. Thls departure has involved followin8 in the Accountlne and Reporting by Charities.. Statement of Recommended Practlce applScable to charities preparSng thelr accounts in accordance wlth FRS 102 'The Financial Reporting Standard appllcable In the UK and Republic of Ireland, and the requirements of the Charlties Act 2011. Advantagels taken In preparln8 thls report of the provislons applicable to small entities including from preparin8 a Strate8ic Report. $18ned on behalf of th• irustee: Sara Cerrell Chair of the Fulbright Foundation ITru5teel Limited Dated: 11 February 2021
THE FULBRIGHT FOUNDATION FINANCIAL STATEMÉNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 INDEPENDENT AUDITORS, REPORTTOTHE TRUSTEE OF THE FULBRIGHT FOUNDATION Oplnlon We have audlted the financlal statements of The Fulbrlght FoundatSon for the year ended 30, September 2020 whlch comprise the Statement of Financial Activitie5, the Balance Sheet and notes to the financial statements, including a summary of si8nificant accountlng policies. The flnancial reporting framework that has been applied in thelr preparatlon Is appllcable law and Unlted Kingdom Accounting Standards, ncluding FRS 102 The Financlal Reportlng standard Applicable in the UK and Republlc of Ireland, Iunlted Klngdom Generally Accepted AccountlnB Practice). In our opinion the financial statements: give a true and fair vlew of the state of the charltls affalrs as at 30, September 2020, and of Its Incomlng resource5 and appllcat5on of resources, for the year then ended,. have been properly prepared In accordance wlth United KSn8dom Generally Accepted Accountlng Practice,. and have been prepared in accordance wlth the requlrements of the Charltles Act 2011. Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Au(iitlng IUKI (ISA5 IUKII and appllcable law. Our responsibllities under those standards are further described In the Auditorfs Respon5ibilitie5 for the audit of the financlal statements sectlon of our report. We are independent of the charlty In accordance wlth the ethlcal requlrements that are relevant to our audlt of the flnanclal statements in the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled OUT Other ethlcal responsibilitles In accordance with these requlrements. We belleve that the audlt evldence we have obtained Is sufflcient and approprlate to provSde a basls for our oplnlon. Concluslons rel•tln8 to lolni concwn We have nothlng to report In respect of the followln8 matters in relatlon to whlch the ISA5 IUKI requlre us to report to you where: the trustees. use of the 80ing concem bas15 of accountlng in the preparation of the flnancial statement$1s not appropriate,. or the trustees have not disclosed in the flnanclal statements any Identffled materlal uncertainties that may cast significant doubt about the charlty's ablllty to contlnue to adopt the going concern basis of accounting for a perlod of at least twelve months from the date when the financial statements are authorised for issue. other Informatlon The other informition comprises the informatlon Included In the annual report, other than the flnancial statements and our auditorf5 report thereon. The trustees are responsible for the other information. Our
opinion on the financial statements does not cover the other information and, except to the extent otherwlse expllcltly stated in our report, we do not expre55 any form of assurance conclusion thereon. In connection with our audit of the financial Statements, our responsibility is to read the other information and, In dolng so, consider whether the other information is materially incon515tent wlth the financial Statements or our knowledge obtalned In the audlt ur utli¥rwise i1pdIs lu ribdl¥ri¢*lly ITll¥S1il(¥d. If we identify such material inconsistencies or apparent material misstatèments, we are required to determine whether there is a material misstatement in the financlal statements or a materlal mlsstatement of the other information. If, based on the work we have performed, we conclude that there Is a material mSsStatement of thSs other information, we are required to report that fart. We have nothing to report in this re8ard. Matters on whlch we are requlred to report by exceptlon We have nothlng to report in respect of the followlng matters where the Charltles Act 2011 requlres us to report to you if, in our opinion.. the Information given In the Trustee5' Annual Report Is Inconslstent In any materlal respect wSth the flnancial statements., or the charity has not kept adequate accountlnB records; or the flnancial statements are not in agreement wlth the accountln8 record5 and returns,. or we have not received all the Information and explanatlons we requlred for our audlt. Responslbllltl•s of tru$te•s A5 explained more fully In the trustees, responsibllities statement set out on page 7, the trustees are responslble for the preparatlon of the flnanclal Statements and for being Satlsfied that they glve a true and fair vlew, and for such internal control as the trustees determlne Is necessary to enable the preparotlon of flnanclal statements that are free from materlal mlsstatement, whether due to fraud or eiror. In preparln8 the flnanclal statements, the trustees are responsible for assesslng the charlty's ability to contSnue as a goln8 concern, disc105in8, as appllcable, matters related to goin8 concern and uslng the golng concern basis of accounting unle55 the trustees either intend io liqui(Jate the charlty or to Cease operatlons, or hive no rea115tlc alternative but to do so. Audltorfs responslbllltles for the audlt of the flnanclal statements We have been appointed as audltor under section 145 of the Charities Act 2011 and report In accordance wbth regulatlons made under section 154 of that Act. Our objectives are to obtaln reasonable assurance about whether the financial Statements a5 a whole are free from rnaterlal mlsstatement, whether due to fraud or error, and to 155ue an auditor's report that indudes our opinion. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a materlal rni55tatement when it exist5. Misstatements can arise from fraud or error and are consldered materlal if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial statements.
As part of an audit in accordante with ISAS IUKI we exercise professional judgement and maintain professlonal scepticism throughout the audit. We a150'. Identify and assess the risks of material misstaternent of the financial statements, whether due to fraud or error, desSgn and perform audlt procedures responslve to those risks, and obtain audit evidence that Is sufficient and appropriate to provide a basls for our opinion. The risk of not detecting a material misstatement resulting from fraud 15 hi8her than for one re5ultin8 from error, a5 fraud may Involve collusion, forgery, intentional omissions, misrepresentation5, orthe override of internal control. Obtain an understanding of Internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expresslng an oplnion on the effectlveness of the charltWs Internal control. Evaluate the approprlatene5s ol accountln8 pollcles used and the reasonableness of accountln8 estimate5 and related disclosures made by the trustees. Conclude on the approprlatene55 of the trustees, use of the golng concern basls of accountlng and, based on the audlt evldence obtained, whether a material uncertainty exists related to event5 or condltlons that may cast sl8nSflcant doubt on the charltvs ablllty to contlnue as a 80Sn8 concern. If we conclude that a material uncertainty exlsts, we are requlred to Llraw attentlon in our auditor's report to the related dSsc105ures In the financlal statements or, If such dlsclosures are Inadequate. to modlfy our oplnlon. Our concluslons are based on the audlt evldence obtalned up to the date of our auditor's report. However, future events or conditions may cause the chaTItv to cease to contlnue as a 8oln8 concern. Evaluate the overall presentatlon, strurture and content of thefinancial statements, includin8 the disclosures, and whether the fSnanclal statements represent the underlying transactions and events in a manner that achleves falr presentatlon. We communlcate wlth those charged wlth 8overnance re8ardln8, amon8 Other matters, the planned Scope and timlng of the audit and signlflcant audlt findings, Including any significant deficiencies in internal control that we IdentSfy durlng our audlt. Use of our report Thls report Is made solely to the charity'5 trustees, as a body, in accordince th Chapter 3 of Part 8 of the Charltles Aci 2011. Our audit work has been undertaken 50 that we mi8ht state to the charity's trustee5 those matters we are required to State to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbillty to any party other than the charlty and charity's trustees as a body, for our audit work, for thls report, or for the oplnlon we have formed. Dsl8.' 17 Februsry 2021 Devonshire House 60 Goswell Road London ECIM 7AD Statutory auditor Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2(K)6. 10
ThE FUL8RIGHT FOUNDATION STATEMENT OF FINANCIALAcfiviTIES FOR THE YEAR ENDED 30 SEPTEMBER 2020 2019 HerICted Fwds 1019 ¢#rfcted fvjn Tot41 Urntrtrfded Fw Totil Fun INCOMEAFKI EXPENDmiRE INCOME 63.838 326 525y 51910 Investment Income- Interesi 255 3BI 613 960 1.571 TOTAL INCQWE 255 64,219 74 939 S3554 SI9) ExPEF1yUft£ 216 67,304 67.510 176 94,611 TOTAL EXPENDITUIIE 216 67,364 670 94,611 •? riET INCOMEIIEXPENDirJr¢t 39 1451 L 3.106 41,057 Olhi r•tnId ylrnllloue• ExchinvylnslllosI on c•sh ot bink 1,604 NET P•lOVEMEMflN FLV4DS 39 i&rts31 16.0141 663 138,4531 IECONCILLITION OF FUNDS Toial fundsbruuihlforw•rd 103,559 IJO,430 103,2 148,883 ,179 T0t•lkndJuthI0rnmrd iOJ.991 104.377 2OK375 103.959 110.430 18Hlnsor loss4sarI51n8ln th•y•4r ar Inilud•d In th• 5tst¢mEnt of FlninclalAcrivld•s4nd all lic¢n cDntlnulN4 operitlons. The nolej On Pèles la ¢0 181orrn part olthe* xcounis.
THE FULBRIGHT FOUNDATION BALANCE 5HEEr AS AT 30 SEPTEMBER 2020 Nt)te 20ZO 2019 CURRENT ASSETS Debtors 5,738 Cash at Bank 205,274 216.427 Total current assets 211.012 216,427 CURRENT UABIUTies Credltors fallln8 due wlthln one year: 2,637 2,038 Total £urrent Il•bllltl•s 2,637 2,038 TOTAL NET ASSETS 208,375 214,389 FUNDS OF THE CHAFIITY Re5trlrted fvnds 104.377 110,430 Unre5trlcted funds 103,998 103,959 TOTAL FUNDS 208.375 214,389 The flnanclal statements were approved by the Board and author15ed for Issue on 11 February 2021 and were slgned on Its behalf bv- Chalr Seryetary 12
THE FULBRIGHT FOUNDAIION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEfvIBER 2020 I ACCOU14TING POLICIES Charfty Inlorrnlltlu The Fulbri8ht Foundatiun is a charity dumSciled In En8land and Wale5. Th• ReWsier8d offlca Is Unli 3gi Thlrd Flaor, Camdford House, 89 Albert Embankment, London SEI 7TP. I kroUnnG conventlon These flnanclal 5tatemertts hlve been prepared In accordance wlth FR5 102 Yhe Flnanclal Ileportlni standard pplicablo In the LJK and Irdand, I'FRS 102.1 Issued on 16 July2014 and the requlremen15 of the Charlt5Aci 2011. The chailty constitutes a publk benefft entltyi% defined by FRS 102. The financial 5rotemen15 are prepared in 51erlln& whlch Is the funttianal tuttentyof the charlty. Monetary 8mounts in these flnano41 staternents ore rounded to the fiearest pound. The financS•15tateMenis have been prewred underthe historic cost convention. The prSnclp•l 8ccountin8pollcles adoptqd èri set oul below. bl Golrrf Con¢•rn These flnènclil sutemenis are prepared on a 8rln8 concern b0515. TheTrustee h¥b5 •51essed whether thE Use of IhE 8LTrill8 concern basls Ss approprlare and ha5 ton51d•red p055ible event5or condlilons that mliht cast sl8Thlfltant doubton Ihe abllfty of the Foundatlon to contlnue a5 4 8oln8 concern. The Trustee ha5 madethls assessmeni lor a perlod of ai leasi one year frorn the date of the appro¥11 of the finantial statemènts. In partlculai, the Trustee hès tonsldered the Foundètlon's lorec8st5 and prole¢tlons Dnd taen •ttount of Ihe effètt on Ihtome and aetlth ind yessuies an Investmeni Income from the cov119 pandernlc. In m•klni ihls assessment the Trusee h•s tomdered that whllst Income siream5 have been afletted thls wlll not aff2ct thE Found3tlon'5ablllty to continue Its attlvitles. The Foundation holds sufflclent reserye5 nd these ère readilyvailJbk if regulrèd. The Tu5tee15 01 the vlewthot thEre arp no rnllter411 uncertJintles furthe tomSni ye•r thot affect Its as5e5sm•nt. Followlni due conslderatlon, the Trustee his ¢oncluded thtyt there Is i reasonablt oMpoct•llon that the Foundètlon adequate resource5 to contlnue In operJtlonal ex15teDce for thefufeseeable future. Forthls r•ason theTru$tee contIn5 to adopt the 8oln6 concern basls In prep•rln8these hnantlal statements. All Incornels InCIled In the Statement of Flnanclal Activttle$when theCh¥rity Is le8ally Èntltled to Incom< the èmount ¢rn be quèntlfied th re3%onable accuracy and lh• recelpt ollncorne Is probable. dl Exwdture Expenditure is aetountedfor on an acuuils basls. ¢1 C•5hflow The thailty h•$ m•Oe use ofthe exemptlon, as a small ch•rlty, from the regulrement to prepare a cath flL sttemÈnt. Forelin curronclei Tran5artlons In forelzn currencles are recorded it the rote rullni In the perlad ofthe transartlon. All assws held at ihe balance sheet date whlch aredenorninated in US dollar$ are ¢ran51ated ot tfve ¢loslh8 rète of $1.2916to sterlin812019,, $1.22891. Galns Ios5e5 art51n8 on tran51atlon are Included Sn th Sta1?nr ol FlnaThclal ActNiti2s forthe period. gl •h and ca•h •qulwl•nts Cash and ca$h e4uhvalen15 Include cash ifi hand, deposit5 held at call with banks, other shortterm Ilquld Inve5trnents with oriBinal maturities of three months ar le55, and bank QVErdrafts. hl Debtor5 Debtors are measured the amounts reco1ble. 11 Cv•dltorn Creditors are recoghised werethere15 a present obllÈatlon atthe reportin8date as a result Df J p35tevent, it Is probable that a tr•nsfer ofeconomlc teneflt wlll be requlred in settleMt and the amount can be estlrnated 13
THE FULBRIGHT FOUNDATION NOTESTO THE FINANCIAL STATEME14TS FOR THE YEAR ENDED 30 SEPTEM8ER 2020 I ACCOUNTING POLiaES ICoh¥nutdl 11 Flnanclal InstNmenis The charity has elected tOaP¥the pro¥lslons of settlon 11'8aslc Flnanclal Instrument5, and section 12'0ther Flnanclal InstrumEnts15511E5' of FAS 102 to all itsfinancial instruments. Flnancial instruments ort re(nISed in the charity's bal theet the eharlLV becomes party tothe contractual promsions of the insrrument. Flnèntlal assetsand Ilèbilities are oftset, 1 the net presented in the financial statements, when therÈ Is a le8ally enforceable rl8ht to set off the reco8nlsed arnounts and there 15 an Intention to settle on a net 515 or to ra1158 th• 3558t and settle the Ilablllty s1multaneou¥. 8asl¢finam¢ial a$5ets, which in¢lude trade and othei debtors and cash and bank balances, are Inltlally measured t trJnsKtion price includini transaction costs and are subsequently carrled ar amortlsed cost uslng the EffeCte Interest methrY unless the èrraniement constltutos a fifiancln8 transattion, where the trinsathon Is measured at the presen¢ ¥alue of Ihe fuiure rttelp¢s dl%ounted it a morket rate gf Interest. D•r•rognttlonoJJlnun¢Wo$5 Flnanclal assets are derecoenised ontywhen the contyKiual rl8hts ¢¢ the ush flowsfrom the isset explre. or when the tharlty trnhslErs the nnandal Jsset and 5ubstènUalty ill the r15ks and rewords of ownershlp to another enllty. aossffj¢otkni oAfvanrlolNabJlllles Finènclal118blllties and equlty Instruments are tla151hed a¢cordln8 to the 5ub5tsnce of the contractual Irfanuernent5 entered Into. ATheqully instrument is any contrxl that evldences a resldual Intere5l In the •55qt5 of the charity after deductinlall of Its Il•bIllts. DslcfvgfvclolllublNtItS B•$lc flnanclal113bllltles, Includlni trade and other credltNs and blnk loans, are Inltlally reco8n15ed at transaCon prlce unless the arrangement constitures a flnèn£ln8 transactlon, where the debl Instrumeni Is measured at the present value of the future paymeht5 dlsCOUThtpd Ot a miiktt rate gf Interest. Dtbt Instruments are subsequently carrled at amort15ed cost uslni the effertI interest rite methTrJ. Trade credltors are obll8atlons to pay for 8oods or sorCes•t have boon ¥cqulrod In the ordinary course of operarsons from supplle15. Accounts payable are cla551fied J5current Ilabllitie5 if payment is due thin ont trJn5Irt1on prlce and 5ub5equentty mea5ureO atamortysed cost U51n8 the effethve lrterest method, Flnonclol Ilabilltie5 are dereco8nised when, and only when, the rIty'S obll8alons are dlscharged, cancelled, or they ewlre. kl JUdmmt5 •nd k•¥loU•S 01•51kn•tlon untertolnty In the appllcatlon otthe charlty's atcouniin8 palicles. the trustEE is rpoulred to make jud8ements. estirnate5 and assumptions about Ihe carryln8 amountaf assets and liabillUe5that are not re3dlly apparent from other sources. ifi the e¥l ofthe trustee, In applylng the accountin8 pollcle5 adopted, no lud8ements were requlred that ha¥* 5SgnSficant effect on the amounts recognlsed in thE finbn¢ial statements. nor do any e5tlmat45 or a55umptlgThs made carry a si8nificant risk of rn3terial adjustment in the next flnanrièl year. 14
THE FUL8RIGlff FOUNDATIOII NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ao SEPTEM8ER 2020 2 A14ILY5150F INCOME Total Uttrestrirted Fwth Ratrf¢ted Funth Totsl 1019 Funds Donatian5 Donatlon5 35,38S 28.453 35,38S 28.453 326 17.433 35.161 17,759 35,161 Grants Total Domtlorhs 63.838 63.838 326 52,594 52,920 5tment In me •n interest reeeNtd 255 381 636 613 1.573 Totol Inve5tThent Income 255 381 636 613 1,573 J AWIY$oF CHl4RnABLE EMPENDrruRE Gr•rt lundl of 4¢tl¥ltl Support Totil Gr•nifundl •cU¥lti Totsl 1019 Scholar5hlp proyBmrn• Sumrner Instltutes T11 66,145 66.145 56,015 38,355 94,370 56,015 38,355 94,370 66.145 66,145 1,219 216 1,435 241 276 517 Ttstal thartLable*KperlIure 67,364 216 67,$80 94,611 276 94,887 Notes.. Governanco tsst5 obgve Indude aditor'S remufier•tlon ol nll12019'. thlll as the eosts are met by the Unknd St•tes- Unlted KIOrn Edu¢Jtlonal Cornffii$51ph. The th•rity does employ any stèlf and there are no emplo¥ee$12019.' nlll who receive emoluments of more thon £f4),IXrfJ. 15
THE FULBRIGHT FOUNDATION NOTE5 TO THE FINANCIAL STATEMEP4TS FOR THE VEAR ENDED 30 SEPTEMBER 2020 4 DEBTORS 2019 The Fulbrlght CommlssS0Th Other debtors Total debtors 5,738 5.738 5 CREDITOAS 1019 The FulbrfBhtCcffjmi55lon Other crÈdltors Totol creditors 2,637 2,637 2,038 2,038 6 ANALYSIS OF NEfASSErs UThr•Mrf¢i•d R•itr*Md Fur41 Fun Toi•l Toiil F¥ffld• Fur 2019 Current A55ets.. D•btori C•sh it 8•nk 5,738 100,897 12,6371 5,738 104,377 205,273 12,6371 105,997 110.430 216,427 12.0381 12,0381 Current Llabllltle5 103,998 104,377 208.375 103.959 IIQ.430 214,389 7 UNRESTAicfED FU140S The unreitrfrtÈd funds111 be used to support the work of the Llnlted St•tes- Unlted dom Educatlonal Comrnlsslon Ithe U>UK Fulbrl4ht Commlsslonl. 18
THE FVLBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 8 MOVEMENT ON RESTRICTED FUND5 6aln5 & Ilossesl Current year B•l•nte IOct19 Income Empendlture 30 S•w 20 Anthony Eden Fund US Fulbrlght Foundatlon Professor R Worcester Zurlch Iformerly BATI Louls/Gannett Foundation5 Dlamond Foundatlon Fund Alumni Fund Ambassador Barzun Fund From Other Fundfaisin8 S.567 206 ,162 3.076 53 13,391 9,815 70,160 14 5,581 206 8,182 3,083 27,329 13,424 10,197 36,375 20 28,522 33 17.602 171 17.850 11,2461 117,2201 132.2941 117,8501 11,6621 G•lns & IlossMI Prlor year B•l•n¢e IO¢tl8 In¢orne Expendlty nc• 30 S•pt 19 Anthony Eden Fund Turner BrDadc&5ting US Fulbright Foundatlon Professor R Worcester Zurlch (formerly BATI LoulslGannell Foundatlons NuTSten Fund Dlamond Foundatlon Fund Alumni Fund Ambassador Barzun Fund Anniversary Fund 5,534 33 5,567 206 .114 3,057 3,228 206 ,162 3,076 53 19 35.180 138,3551 20.969 8,S68 70,974 28,233 102 17,488 417 267 17,6801 116,2411 13,8351 128,5001 13,391 9,815 70,160 2,604 the Anthony Eden Fund comprise5 donations received from FU1brhI alurnni and to whlch current grantees may apply for a$51stance with emergency travel costs the US Fulbright Foundation fund cornprises the previously unrestricted funds ol the Fulbright Fuundation for Education & Cultural Exchange IUKI Inc Professor Sir Robert Worcester donated money to spon50r p05t8raduate5 5tudyin8 government at the London Sthool of Economics rhe Zurich Fund was orl8lnallv Biven by BAT Industries to Sponsor student5 of Business Administratlon The Elizabeth and Jeff Louls Foundation and the Gannett Foundation made donations to support the summer institutes Jean Nursten, wife of a Fulbright 5¢hular, made a donatlon in 2014 to fund UK citizen5 undertaking a post8raduate degree in the US in medical studie5 The Diamond Family Foundation made a donation in 2014 to fund awards which include a project in Africa after initial postgraduate study in the US or UK An Alumnl resiritted fund was establlshed followlng the rnerger wlth the Brltish Fulbright Scholars A550ciation to hold reserves transferred from the BFSA and new donations received from Alumni The former US ambassador In London. Matthew Barzun, has made, together wlth his wife, a donation to fund community outreach by US students and scholar5 5tudyin8 in the UK. The Anniversary Fund has been established with the support of current and forrner commissioners to support the Fulbright Commission's efforts to develop new sources uf funding. 17
THE FULBRIGHT FOUNDATION NOTE5 TO THE FINANaAL STATEMENTS FOR THE YEAR ENDEO 305EPTEMBER 2020 9 CHARITABLE Acn¥iTIES Grarts wld tothe UnlEed St•tes-UnllEd KlnBdllm Educ•llonil Cornm1 Totsl UM¢sMrted Funth 2019 Ped¢ied FdI Tot•1 Fundb 2020 From Unrestricted Funds LDu151Gannett Foundotlons Alumnl Fund Dlamond Foundlon Fund Ambassador 8a12un Fund From Other Fundralsln8 38,355 16,(K4) 38,355 16,000 7,680 3,835 28,500 16.DJO 16,r 32.295 17,850 32.295 17,850 3,835 18.5CKI Totsl CharltablE Expendlture 10 60VERN114CE COSTS Generil m4na8ement, admlnlstration, and publldty COSt53re cuirentl¥ Incurred b¥the Urtted5tstes- Llnlted Kln8dom EducatSonal Commlsslon IUS UK Fvlbrl8ht Cornrnlsslonl on bEhalf of the [rIty. Thedlrectors of the trustee who are Condered to bethe th•rllV'S key m•ni8empnt ppr50nnel. dld not recehe remunerotlon or rElmbur5ed expen5e512019,' nlll. 11 RELATED PARTYTRANSACDOPIS 11 V5 LIK Educ•UMal Commlsslon Duilng iheyear transa¢tlons took place wlth the Unlted Stite5- Unlted Knidom Educatknnal Cornmlsslon, whkh ho5common oblectlve5 and15 under common control the Foundatlon. Outst•ndln8 balances at 305eptember were.. 2020 1019 Owedbv,, U>UK Educ3tlonal CDmm1551on 5.738 S.738 Owedto.. U>UK EthJ¢atlDnal QJmrnlsslon These tran5artlons are In respertof ¥raTrts from Sponsors or donorstotallin8 £66.14512019'. £94.3701 less net payments Df £66.14512019.. £90.5Q81 and vxpen5e5 r•char8ed of £5,73812019.. £nlll. 111 Bvltlsh Fylbritht 5cholarsA55Dclaiion On 30SeptembEr 2Q14, ar11 Fulbrl¥ht kholor5 A550clatlon IBFSAI Ire815tered charlty numter.. prevIouV 292242, now 328571-11 forni81 merged th the Fulbrlght Foundatlon. Thesefinancial ststements do not ¢on$olldate the resultsof the BFSA •5 the charlty ha5 taken advantage of the smèll 8mup exemption as permitted ty FR5 102. Followin8 the merger, the Ftsundgtion retEived the(loni res0e5 of the BFSA ot 30 September 2014 of£5,693 Any income receNed by the BFSA slncèthe merger date Isdue to thE Foundatkbn. A5 at 30 SEptember 2020, the netassets ofthe BFSA were 12rD. 1111 Noneof the trustees havÈ been paid any rÈmuneration orrecelved any otherbenefits from an employment with the tharlty. No trustee expenses haw been Incurred. 18