THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 REGISTERED CHARITY NUMBER 328571 THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 CONTENTS Trustee's Report: Objectives and Activities Achievements and Performance Financial Review Strurture, Governance and Management Reference and Administrative Details Independent Auditors, Report Financial Statements: 13 Statement of Financial Activities 13 Balance Sheet 14 Notes to the Financial Statements 15 THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 TRUSTEE'S REPORT OBJECTIVES AND ACTIVITIES Purpose of the charity The mission of the Fulbright Foundation I"Foundation"l is to advance knowledge, promote civic engagement and develop compassionate leaders by: enabling citizens of the United States of America and of the United Kingdom, who are normally resident in their home country and are participating in educational exchanges, to engage in programmes of study, teaching, research and training in the other country, and for that purpose facilitating student5hips, scholarships, fellowships and other awards. facilitating and producing events and conferences (virtual and in person) on a range of subject where academic meets public interest. Activities The Foundation carries out these objects by supporting the work of the United States-united Kingdom Educational Commission Icommonly known as the US-UK Fulbright Commissionl, which administers Fulbright scholarships and other academic exchanges between the US and UK, as well as events and colloquia relating to such exchanges. The charity receives grants and donations from a range of organisations and individuals who wish to support its charitable purposes. These include other charitable foundations in the UK and US, as well as UK and US alumni of the Fulbright scholarship programme. The Foundation makes grants to the US-UK Fulbright Commission to help fund Fulbright scholarships and other educational exchange programmes such as the UK Summer Institutes programme. Further information is provided in the Achievements and performance section below. Applications for Fulbright scholarships are encouraged from all sections of the community and are made through the US-UK Fulbright Commission and are open to those at postgraduate level and above; opportunities to participate in short-term exchange schemes are available for students aged 18 and above,. all scholar5hip5 and grants are offered on the basis of academic merit. Application forms and details of the schemes are available at the US-UK Fulbright Commission website www.fulbright.org.uk. The trustee confirms that it has complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit, including the guidance on 'Public Benefit.. running a charity IPB21" TRUSTEE'S REPORT ACHIEVEMENTS AND PERFORMANCE The Foundation pursued its objects by using funds to support scholarships and other programmes run by the US-UK Fulbright Commission. In the current year, we have stepped up our support for the Commission as its programmes regain a more normal level of activity. The Foundation received donations of £35,764 from the Louis and Gannett Foundations for the purpose of supporting the Fulbright Commission's UK Summer Institute programme. The programme recommenced this year and the Foundation expects to contribute to the programme in 2023. Last year's generous bequest of £194,047 from the estate of lean Nursten has made possible the creation, by the US-UK Fulbright Commission, of an award in Food Security which will enables a UK student to pursue a masterfs degree at the College of Agriculture and Life Sciences at the University of Florida. During the year, the Foundation also received a donation of £18,227 from the former US Ambassador Matthew Barzun and Mrs. Barzun. This will increase the funds available for the Barzun prizes which promote community outreach by US students studying in the UK. The Foundation received a total of £11,192 12021.. £13,022) of donations from alumni of the US UK Fulbright scholarship programme. A grant of £5,00012021.. £16,0001 was made during the year to the Fulbright Commission to contribute to funding the Alumni UK Postgraduate awards. The Year Ahead The primary aim of the Fulbright Foundation in 2023 is to continue to support the strategit priorities of the US-UK Educational Commission. In pursuit of these aims, the Foundation will seek to expand its fundraising efforts with foundations and trusts as well as with alumni. Risk Management The trustees regularly review and discuss the risks to which the charity is exposed and the potential mitigating actions. The risk register is reviewed at least annually. TRUSTEE'S REPORT FINANCIAL REVIEW Total donations received in the year amounted to £65,18312021.. £282,083). The Foundation earned £36612021.. £461 in bank interest during the year of which £288 is attributable to restricted funds and £78 attributable to unrestricted. A total of £77,50312021: £16,460) was expended on charitable activities for scholarships and other grants from restricted funds. Governance and management costs are primarily borne by the US-UK Educational Commission. During the year the Foundation incurred governance costs of £423 12021.. £4601 of which £176 was from restricted funds and £247 from unrestricted fund5. Reserves Policy The Trustees recently established a revised reserves policy and decided to reduce progressively the level of free unrestricted reserves of the Foundation to £IOO,000 in order to use the excess for additional Fulbright awards. Restricted reserves are held where donations or grants to the charity have been defined by the donor as to be used for a specific charitable purpose. As at 30 September 2022 the total reserves of the charity amounted to £483,270. Of these, £379,68912021.. £368,595), were held in restricted funds,. the principal balances are in the Nursten Fund £171,205, the Barzun Fund, founded to promote community outreach by US students studying in the UK which holds £62,848 and the LouislGannett Fund, which supports the Fulbright Commission's Summer Institute programme, which holds £102,080. Unrestricted reserves were £103,58112021.. £103,750), in line with approved target free reserves. STRUCTURE, GOVERNANCE AND MANAGEMENT The Fulbright Foundation was established by the United States-united Kingdom Educational Commission (commonly known as the US-UK Fulbright Commission) on the 9 March 1989. It is now governed by a trust deed dated 9 March 1990. The Foundation is a registered charity Inumber 3285711. On 30 September 2014, the British Fulbright Scholars Association (registered charity number 2922421, the alumni organi5ation for Fulbright scholars in the UK, merged with the Fulbright Foundation. The BFSA has now been "linked" by the Charity Commission to the Foundation and the fundraising by the BFSA has been integrated into the Foundation. Trustees The sole trustee is the Fulbright Foundation (Trusteel Limited, a company limited by guarantee and incorporated in England and Wales, company number 9155112. TRUSTEE'S REPORT Directors of the Fulbright Foundation (Trusteel Limited who served during the year and up to the date of this report are as follows: Other occu ation Founder and Managing Director, Global Change Network Graham Archer (Appointed I September 20221 Director for Disadvantage and International, Department for Education. Zamila Bunglawala (Resigned 31 August 20221 Director International Education Directorate, Department for Education Minister Coun5ellor for Public Affairs, US Embassy Editor of Audio Programming, New York Times Chief Operating Officer, Business in the Community Detective Superintendent, Metropolitan Police Chief Innovation Officer at UnitedHealth Group Chair and Professor of Social Justice, Newcastle University Company Director Senior International Know-How Editor at Practical Law, Thomson Reuter5 Managing Partner, Clearbrook Capital Partners UK Government International Education Champion, Department for Education Director, The Open Univer51ty of Scotland Cultural Affairs Officer, US Embassv Sara Cerrell (Chairl Kathryn Crockart Mukul Devichand Drake Dubin Victoria Garnett Dame Vivian Hunt Professor Keith Magee Paul O'Neill Miriam Patterson Robin Saunders Professor Sir Steve Smith Susan Stewart Christina Tribble The directors of the Fulbright Foundation ITrusteel Limited are appointed by its existing board of directors and are generally drawn from the directors of the US UK Fulbright Commission (which is the sole corporate commissioner of the US UK Educational Commission) up to seven of whom are US citizens appointed by the US Ambassador, and up to seven are UK citizens appointed by the Secretary of State for Education, one of whom is in practice nominated by the Scottish Government. Secretary and Treasurer Maria 8alinsk3-Szczerba Executive Director, US UK Fulbright Commission The trustee meets three times a year- supporting committees meet regularly and report to the trustee at the trustee meetings. The supporting committees are.. Finance, Audit & Risk, Alumni & Outreach and Remuneration and Nominations. TRUSTEE'S REPORT REFERENCE AND ADMINISTRATIVE DETAILS Charity Name: The Fulbright Foundation Charity registration number (England and Walesl: 328571 Address Unit 302, Third Floor, Camelford House 89 Albert Embankment London SEI Ttp Bankers Lloyds Bank Oxford Street London WID 2HW COIF Charities Deposit Fund 85 Queen Victoria Street London, EC4V 4ET Auditors Moore Kingston Smith LLP Chartered Accountant5 and Registered Auditors g Appold Street, London, EC2A 2AP Solicitor5 Bates Wells Braithwaite 10 Queen Street Place London EC4R IBE TRUSTEE'S REPORT Statement of Trustee's Responsibilities The trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 The Financial Reporting Standard applicable in the UK and Ireland, The law applicable to charities in England and Wale5 requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustee is required to= select suitable accounting policies and then apply them consistently- observe the method and principle5 in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material departure5 di5c105ed and explained in the financial 5tatements- prepare the financial statements on the going concern basis unles5 It is inappropriate to presume that the charity will continue in business. The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the asset5 of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustee is aware.. there is no relevant audit information 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 audit information and to establish that the auditor is aware of that information. 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 in the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 he Financial Reporting Standard applicable in the UK and Republic of Ireland, and the requirements of the Charities Act 2011. Advantage is taken in preparing this report of the provisions applicable to small entities including from preparing a Strategic Report. Signed on behalf of the trustee: Cektell Sara Cerrell (Mar 17, 2023 15:29 GMT) Sara Cerrell Chair of the Fulbright Foundation ITrusteel Limited Dated: 9 March 2023 THE FULBRIGHT FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 INDEPENDENT AUDITORS, REPORTTO THE TRUSTEE OF THE FULBRIGHT FOUNDATION Opinion We have audited the financial statements of The Fulbright Foundation for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of Significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 30, September 2022, and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern 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. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collettively, may tast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The tru5tee5 are responsible for the other information. INDEPENDENT AUDITORS. REPORTTO THE TRUSTEE OF THE FUL8RIGHT FOUNDATION Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express 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 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 such material inconsistencies or apparent material misstatements, we are required to determine whether there 15 a material misstatement in the financial statements or a material mi5Statement 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 in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requ ires us 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,. or the charity ha5 not kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trustee5' responsibilities statement set out on page 7, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal tontrol as the trustees 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. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 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 auditor's 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. INDEPENDENT AUDITORS. REPORTTO THE TRUSTEE OF THE FUL8RIGHT FOUNDATION 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. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud- to obtain sufFicient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks,. and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company- Our approath wa5 as follows.. we obtained an understanding of the legal and regulatory requirements applicable to the charitable company through the use of permanent audit file information, updated this year for any changes that have been identified by management or by our own investigations and considered that the most significant are the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council- we obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance and through reviews of relevant accounting and management records- we assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, based on our work as outlined above,. we enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations, using associated documentary evidence to better understand items of intere5t,' based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. As well a5 specific audit testing, this included approaching accounting records with an inquisitive and sceptical mindset such that we examined items that were felt to be of interest or of higher risk in this area, and obtaining additional corroborative evidence as required. To address the risk of fraud through management override of controls, we carried out the following work.. procedures were undertaken to identify any unusual or unexpected matters, and the rationale behind any such matters was examined- journal entries were reviewed to identify unusual transactions,. 10 ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FULBRIGHT FOUNDATION** - judgements and assumptions made in determining the accounting estimates set out in the accounting policies were reviewed. As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the 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 expressing an opinion on the effectiveness of the charity’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 11 ## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE FULBRIGHT FOUNDATION** ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed. Statutory auditor 24 March 2023 9 Appold Street London EC2A 2AP Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 12 THE FULBRIGTrtr FOUNDATION STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDEO 30 SEPTEMBER 2022 2022 Unrestrkted Funds 2022 ftestrlcted Funds 2022 Total 2021 U￿restr*1ed Funds 2021 Restrkted Funds 2D21 Toral Note INCOMEANDEXPENtXTURE INIOME DDnaiion5 65.183 65.183 282.083 282.083 Investment Income- intere51 78 366 13 33 46 TOTAi INCOME 78 65.471 65.549 13 282,116 282,129 EXPENDITURE 247 77.6 77.926 261 16.1 16,4 TOTAi EXPENDrruRE 247 77.679 77.926 261 16,199 16A60 NET IEXPENDITUREII INCOME 112.377 265,917 265,fj69 OthBr recwisBd8aiThsl I1¢￿? 23.302 23.302 I1.6￿} NET MOVEMENT IN FUNDS 11.094 10,92S 264,218 263,970 RECONCILIATION OF FUNDS Total funds brought lo￿ard 103.750 368,595 472.34S 103,998 104,377 208,375 Totslfvnd5 rarrled ft>rward 103.581 379,689 483.270 103.750 368,595 472,345 The note50n pages IS to 21 form part of these accounts. THE FULBRIGHT FOUNDATION BALANCE SHEET AS AT 30 SEPTEMBER 2022 Note 2022 2021 CURRENT ASSETS Debtors 11,319 Cash at Bank 485.587 463,096 Total current assets 485,587 474,415 CURRENT LIABILITIES Creditors falling due within one year: 2,317 2,070 Total current liabilities 2,317 2,070 TOTAL NET ASSETS 483,270 472,345 FUNDS OF THE CHARITY Restricted funds 379,689 368.595 Unrestricted funds 103,581 103,750 TOTAL FUNDS 483,270 472,345 The notes on pages 15 to 21 form part of these accounts. The financial statements were approved by the Board and authorised for issue on 9 March 2023 and were signed on its behalf by.. Sara Cerrell Chair Date: 9 March 2023 Maria Balinska-szczerba Secretary Date.. 9 March 2023 14 THE FULBRIGHT FOUNDATION NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 202Z I ACeOU14llNG POLICIES Charitylnformabon The Fulbright FoundotlQn 15 o charity domiciled In Englind and Wile5. The Registered office 15 Unit302.Third Floor. Cimelford House. 89 Albert Embankment. London SEI 7TP. l AccountlnKconventiDn These financial 5tatement5 have been prepired In accordance with FRS 102'The Finincial RepDrtingStindard pplicable in the UK and IrelaDd' l FRS 102 1 issued on 161uly 2014 and the reqLJirement5 of the Charitie5 Act 2011. The charity constitutes 3 public benefit entity a5 defined by FRS 102. The financial 5tatement5 are prepared in sterling, which isthe functional currency of the charty- Monetary amount5 In the5efinancial statements are rounded to the nearest pound. The financial 5tatement5 have been prepired underthe h15toricco5t convention. The prin(ip31 accounting policie5 adopted hre set out below. bl Goingtonceffl These finan(iil statement5 are prepared on i going concem bas15. TheTrustee has as5e55ed whether TheTru5tee ha5 rnade thisa55e55ment fora period of 3t le35toneyearfrorn the date of the approval TheTru5tee is of the viewth3tthere 3re no rnateri31 uncertaintiesforthe comingyearthat affecttheirasse55tneDt. cl I￿(￿rne the amountian be quantified with re350nable accuracy and the receiptol incorne Is probable. dl Expenditure Expenditure 15 ac(ounted foron an a￿rual5 ba515. el Cash flow The charity ha5 made LJ5e of the exernption. a5 a 5rnall charrty.from the reqLJirementto prepare a cash flow statement. fl Forelgn currenries forthe period. gl Cash and cash equwalents inve5trnent5 Wlth original maturities of three month50r le55, and bank overdrafts. h) Debtor5 Debtor5 are measured at the amounts recoverable. il Credftors Creditor5 are recognised wherethere 15 a present obligation at the reporting date as a result of a p35t event, It 15 probable that a transfer of economic benefrtwill be required in settlement and the amount can be estimated THE FULBRIGHT FOLINDAnON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30SEPTEMBER 2022 I ACCOUNTING POLKIES Icontlnuedl l Flnandal InstNments The EhÈrity ha5 eleEtEd tu ipplythE prtsvi5i0nsof Section Il'Basic Financial In5truTnÈThts' 5Èction 12'0ther Finantial Instruments t￿ reco¥nised Inthe tharity's bÈl£nte sheet when the tharitybetomes party tothe asicfinanclvlosset5 ttran5aaion price Iniluding tran￿ctIon co*s are 5ub5equently ￿rrIed li amortjsed U51ngthe effeciive DÈieLo9nitiOt)4>ffmtYnCifrlossets Financial assets are derecogn15ed only whenihe co￿tra￿U?1 rightsio ihe c35h flows from the assw expire. or rfingement5 entEred intD. An equity in5trutn2nt IS anytontract thèt evidence5 a residuèl interest in the price unle551he arringementcon51itute5 a finanringtrinsittion, where the debt in5twtnent is me15ured Debt ill5trument5 are 5ub5Equentlyiarried at amort15ed c05t U5inE thE effective Interest rate rnethod. Dererogrri*onolfmancwlliabilities kl Jvdgwnents and key $ovr¢e$tyf esbmatN>n uncert81￿tY assurnption5 about the carryingitnount uf 155ets and Iiabilit￿sthat are not rezdilyippirent frotn othEf50urces. THE FLILBRIGHT FOUNDATION NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 2 ANALYSISOF INCOME Unrestrlcted F￿ndS Restrlcted FU￿￿5 Total Z02Z Unrestricted Funds Restrlcted Funds 2021 Le￿rIES and donitlQn5 Grants 11.192 53.991 11.192 53,991 207.￿9 75.014 207.069 75.014 65,183 65.183 282,083 Z82,083 Investment income 78 366 13 33 Total Investment income 78 288 366 13 33 3 ANALYSIS OF CHARrrABLE EXPENDITURE Grantlunding Support Costs Total 2022 Support Costs 20ZI note 9 Scholarship programme Summer Institutes 77,503 ,503 16,WO Is.cxi) 77.503 TF.503 16.000 16.0 overnance c05ts note 10 176 247 423 199 261 460 77,679 247 77.926 16,199 261 16A Notes. Governance costs 3bove includeaudltor's remuner3iion of nll12021.' nlll as thecosis are met by the Unlted States- United Klngdom Educational Commls5ion. The charity does not employany Staff and Ihere are no employees12021.' nil) who receive ernoluments of rnore than E60,000. THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 30 SEPTEMBER 2022 4 DE6TORS zozz zozi Due fromthe FulbrighlCommiSSion 11,319 5 CREDITORS 2022 Z021 Other creditors 2,317 2,070 6 ANALYSIS OF NET AsseTS Unre$tritted Funds Re$trided Funds Total 2022 Unrestrirted Funds Re*tritted T4)ts1 2021 Debtor5 Cash ai Bank 11,319 94.501 11,319 463.096 105.898 379,689 485.587 368.595 103.581 379,689 48a.270 103.750 368.5* 472,345 THE FULBRIGHT FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEMBER 2022 7 MQVEMENT ON RESTRICTED FUNDS Balance 10rt21 Incorne Expenditure 63in5&1lD55esl Balance 30Sept 22 Anthony EdeTr Fund S,S82 206 8,184 3,084 51.828 194.060 13.425 7.022 49.503 3S,701 368,595 5.586 206 8,190 3.087 102.080 171.205 13.435 13.052 Professor R Wortester 35.830 14.422 Nursten Food SecurityAward Diamond Foundation Fund 123.OQN)I io 11.206 Wallitt Foundation Ambzssador èarzun Fund 18.267 8.S80 23,302 62,848 379,689 65.471 Balance Income Expendlture Galn5 &1105ses Balance 30SEPt 21 101¢2Q Anthony Eden Fund 5.581 5.582 206 8.124 3.084 51,828 194,06D 13,425 7.022 49.503 35.701 368.595 Professor R Worc&ster 8.182 3,083 27,329 25,518 194,060 Nursten Food SeCufityAward Diamond Found3tiDn Fund 13,424 10,197 13.024 49.503 Amba55ador Barzun Fu￿d 36.375 104.377 16801 282.116 TheAnthonyEden Fund compri5e5 donations re￿iVed from Fulbrightalumni and towhich currentgrantees fflayapplyfor a551stan￿ with emergencytravel cost5. Thè us Fulbright Foutsdation fund cotnprise5 th& Pr￿VIOUSlY unrestricted fund5Df the Fulbright FouTrd3tlDn fDr EdU￿tIOn & Professorsir RobErtWorcesterdon3ted monEVto sponsor poStgraduateSStudyin¥¥overnmentat the London Schotsl of Econofflir5. The EliEabEth aThOJeff louis Foundation and theG4nThEtt FoUndat￿n make donationst0 5UPPQrtthe5ummer institute5. lean Nursten fvnd reflects donation received to fund UK Citizens undertakin4è POSt4raduate degree in ihe US in Food Secunty The Diamond FarnIlyFo￿TrddI1C•Tr made 3 don*ion in 2014 tofund awards whlch include 3 project in Africa after Initlal Alumni restricted fund was established following the mergerwiih the eri115h Fulbright ScholarsAssoci31i9n lo hold reserve5 prograrnme. Thewallitt FoundatloTh made a donation in 2021 to fund the Global Challenges Teaching Award focu5eO on Racial lu51ice. Theformerus ambassador in London, MatthÈw Barzun. has made, togÈtherwith hi5wife, I donation to fund ctsmmuThity outreach by U5 5ruden15 and xholar5 *udying in the UK THE FULBRIGHTFOUNDAnON NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER ZOZZ 8 MOVEMENTON UNRESTRICTEDFUNDS BJlJn¢e LOIt2L In¢¢yne Expendiwre 3U5ept 22 u￿r￿tricted Fund5 103.750 103.750 78 78 103,581 PYiorye?r lJnce IOrt20 Expendlture 30 kpt 21 u￿r￿tricted Fund5 103,998 103.998 103,750 103,750 13 20 THE FULBRIGHT FOLINDAnoN NOTES TO THE FINANCIALSTATEMENTS FOR THEYEAR ENDED 30 SEPTEMBER 2022 CHARITABLE ACTIWTIES Grants pald to the Unlted States-unlted Klngdom Educatknnal Comm15s1on Unre5rricred Resrricred Fvni15 22 Total Unrestrfcted Fwnd5 2011 Restricted Funds 2011 Total 2022 2Q21 2021 Alutnni Fund Nu￿tEnFoOd Seiurity Fund s,ocx) 23,0 49,503 5,000 23,mO 49,503 16,0 16,OOD 77,503 77,503 16,[ I6￿0 10 GOVERNANCECOSTS GeneTrl m3nagetnent, adtninistration, 3nd publicity costs are currently incurred bythe United %t3tes- United The directors ol the trustee who are considered to bethecharity's key management personnel, did not receive any 11 RELAIED PARTYTRANSACTIONS has comtnun obi2ctives and Is underiornmon contrDlwith the FDundition. OulStandin8 balances ai 30Sepiemberwere-. 2022 2021 Owedbv.. US-UK Educational Cornmission 11.319 11,319 Owedto.. US-UK Educational Commission 247 247 le55 net payment5 of £65.20712021. £16,￿0) and expen5&s recharged of £73012021-. £5.5811. COn501idate the results ofihe BFSA as the charrty ha51aken advamage of the small group exemption as permitted by FRS 102. Following the merger, the Foundation ￿ceIved the closin£ ￿serveS ofthe BFSA at30 September 2014of £5,693 Any income received byihe BF5A51n￿ ihe mergerdaie i5due io the Foundaiion. As at 30 September 2022. the net Bsset5 of the BFSAwere zero. iiil None of thE trustees have been Paid any remuneration of reteived anyoth2r benef￿ frtsm an Èmployment