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 re￿Ived, 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 i1p￿dIs 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
He￿rICted
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
SI￿9)
ExPEF1￿yUft£
216
67,304
67.510
176
94,611
TOTAL EXPENDITUIIE
216
67,364
67*0
94,611
•?
riET INCOMEIIEXPENDirJr¢t
39 1451 ￿L
3.106
41,057
Olhi r•t￿nI￿d ylrnllloue•
Exchinvylnslllo￿sI 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•lkndJuth￿I0rnmrd
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 kroUn￿nG 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 Charlt*5Aci 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 ta*en •ttount of
Ihe effètt on Ihtome and aetlth ind yessuies an Investmeni Income from the cov1￿19 pandernlc.
In m•klni ihls assessment the Trusee h•s tom￿dered 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 readily*vailJbk 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$tee contIn￿5 to adopt the 8oln6 concern basls In prep•rln8these hnantlal statements.
All Incornels InCI￿led In the Statement of Flnanclal Activttle$when theCh¥rity Is le8ally Èntltled to Incom<
the èmount ¢r*n 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
st*temÈnt.
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 reco￿1*ble.
11 Cv•dltorn
Creditors are recoghised w*erethere15 a present obllÈatlon atthe reportin8date as a result Df J p35tevent, it
Is probable that a tr•nsfer ofeconomlc teneflt wlll be requlred in settleM￿t 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 r*a1158 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 EffeCt￿e
Interest methr*Y 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$5
Flnanclal assets are derecoenised ontywhen the contyKiual rl8hts ¢¢ the ush flowsfrom the isset explre. or
when the tharlty trnhslErs the nnandal Jsset and 5ubstènUalty ill the r15ks and rewords of ownershlp to another
enllty.
aossffj¢otkni oAfvanrlolNabJlllles
Finènclal118blllties and equlty Instruments are tla151hed a¢cordln8 to the 5ub5tsnce of the contractual
Irfanuernent5 entered Into. ATheqully instrument is any contrxl that evldences a resldual Intere5l In the
•55qt5 of the charity after deductinlall of Its Il•bIllt￿s.
DslcfvgfvclolllublNtItS
B•$lc flnanclal113bllltles, Includlni trade and other credltNs and blnk loans, are Inltlally reco8n15ed at transaC￿on
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 sor￿Ces￿•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 JUd￿mmt5 •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 AW*IY$￿oF CHl4RnABLE EMPENDrruRE
Gr•rt lundl
of 4¢tl¥ltl
Support
Totil
Gr•nifundl
•cU¥lti
Totsl
1019
Scholar5hlp proyBmrn•
Sumrner Instltutes
T￿11
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*Kper￿lIure
67,364
216
67,$80
94,611
276
94,887
Notes..
Governanco tsst5 obgve Indude a￿ditor'S remufier•tlon ol nll12019'. thlll as the eosts are met by the Unknd St•tes- Unlted KI￿Orn
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 funds1￿11 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 FU1br￿hI 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
Pe*d¢ied
F￿dI
Tot•1
Fundb
2020
From Unrestricted Funds
LDu151Gannett Foundotlons
Alumnl Fund
Dlamond Found*lon 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 Con￿dered 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, ar￿11￿ Fulbrl¥ht kholor5 A550clatlon IBFSAI Ire815tered charlty numter.. prevIou￿V
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(lo￿ni res0￿e5 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