2023-09-30-accounts

THE FULBRIGHT FOUNDATION FINANCIALSTATEMENTS FOR THEYEAR ENDED 30 SEPTEMBER 2023 REGISTERED CHARITY NUMBER 328571

THE FULBRIGHT FOUNDATION FINANCIAL sTATEmE￿rs FOR THE YEAR ENDED 30 S£PTEM8ER2023 CONTENTS Trustee's Report: Objectives and Activitie5 Achievements and Performance Financial Review Structure, Governance and Management Reference and Administrative Details Independent Auditors, ReF)Qrt Financial Statements.. 13 Statement of Financial AttDlities 13 Balance Sheet 14 Notes to the Financial Statement5 15

THE FULBRIGHT FOUNDATtON FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 TRUSTEE'S REPORT OBJECTIVES AND ACTIVITIES Purpose of the charity The mission of the Fulbrighi Foundalion I'Foundation"l 15 to advance knowledge, profnote 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 theii home country and are participating in educational exchanges, to engase in programme5 of studyi teaching, research, and training in the other country, and for that purpose facilitating Studentship5, scholarships, fellowships and other awards. facilitating and producing evenis and conferences Ivirtual and in personl on a range of subject where academic meets public interest. Attivitles The Foundation carries out these objects by supportin8 the work of the United States-united Kingdom Educational Commission (commonly known as the US-UK Fulbright Comrnis5ionl, which administers Fulbright scholarships and other academic exchanges between the US and UK. as well as events and colloquia relating to such èxchanges. The charity receives grants and donations from a range of organisations and ind¢viduals who wish to support its charitable purposes. These include other charitable foundations irh the UK and US, as well as UK and US alumni of the Fulbright scholarship programme. The Foundation make5 grants to the US-UK Fulbri8ht Commission to help fund Fulbright scholarships and other educational exchange programmès 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 scholarships 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.orE.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'5 general guidance on public benefit, including the guid)nce on "Public Benefit.. running a charity IPB21"

TRUSTEE'S REPORT ACHIEVEMENTSAND PERFORMANCE The Foundation pursued its objects by using funds to support scholarships and other programmes run by the US-UK Fulbright comm￿510￿. The Foundation received donations of £20,665 from the Louis and Gannett Foundation5 for the purpose of supporting the Fulbright Commi5510n'5 UK Summer Institute programme. The programme recommenced this year and the Foundation expects to contribute to the programme in 2024. The Foundation received a total of £24,86212022.' £11,192) in donations of which £5,804 were received from general donor5 and £19,058 from alumni of the US UK Fulbright 5cholar5hip programme. A grant of £13,85512022- £5,000) was made during the year to the Fulbright Commission to contribute to furiding the Alumni UK P05tgraduate awards. The Year Ahead The primary aim of the Fulbright Foundation in 2024 is to continue to support the strategic priorities of the US-UK Educational Commission. In pU￿Ult of these aims, Ihe Foundation will seek to expand it5 fundraislng efforts with foundatlons and trusts as well as with alumni. Rlsk Management The trustee5 regularly review and discuss the risks to which the charity is exposed and the potential mitigating artions. The risk register is reviewed at least annuallv.

TRUSTEE'S REPORT FINANCIAL REVIEW Total donation5 received in the year amounted to £ 45,52712022- £65,183). Unrestricted reserves were £110,42012022= £103,581), in line with approved target free reseNes. The Foundation earned £3,75612022= £3661 in bank interest during the year. A total of £42,65512022.. £77,5031 was expended on charitable activities for scholarships and other grants from restricted fund5. Governancè and management costs are primarily borne by the US-UK Educational Commi55ion. During the year the Foundation incurred governance costs of £5,521 12022= £4231 of which £167 was from restricted fund5 and £5,354 from unrestricted funds. Reserves Policy The Trustees established 3 rev4sed reserves policy and decided to reduce progressively the level of free unrestricted reseNe5 of the Foundation to £IOO,000 in order to use the excess for additional Fulbright awards. Restricted reserves are held where donation5 or grants to the charity have been defined by the donor as to be used for a Specific charitable purpose. As at 30 September 2023, the total reserves of the charity amounted to £477,195. Of thes@, £366,77512022.. £379,689), were held in restricted funds,. the principal balances are in the Nursten Fund £143,569, the Barztjn Fund, founded to promote community outreach by US students studying in the UK which holds £63,362 and the LouislGannett Fund, which support5 the Fulbright Commission's Summer Instltute programme, which holds £110,854. STRu￿URE, GOVERNANCE AND MANAGEMENT The Fulbright Foundation was establlshed by the United St3tes-United Kingdom Educational Commission Icommonly known a5 the US-UK FLSlbright Commission) on the 9 March 1989. It 15 now governed by a trust deed dated 9 March 1990. The Foundation Is a reg55tered charity (number 3285711. On 30 September 2014, the British Fulbrighl Scholars Association (registered charity number 2922421, the alurnni organisation for Fulbright scholar5 in the UK, merBed with the Fulbright Foundation. The BFSA has now been "linked" by the Charity Commission to the Foundatlon and the *undraising by the BFSA has been intègrated into the Foundation. Trustees The sole trustee is the Fulbright Foundation (Trusteel Limited, a company limited by 8uarantee and incorporated in En8land and Wales, company number 9155112.

TRUSTEE'S REPORT Directors of the Fulbri8ht Foundation (Trustee) Limited who Served durin8 the year and up to the date of this report are as follows.. Other occupation Former VI￿ Chancellor at the University of Birmingham Chief Operating Officer, Business in the Community Detective Superintendent, Metropolitan Poli UK Government International Education Champion, Department for Education Director. The Open Univer51ty of Scotland Director for Disadvantage and International, Department for Education. Editor of Audio Programming. New York fimes Senioi Director at International Capital Market Association Non-Executive Director of Unity Trust Bank and Asia Dragon Trust Deputy Vice-chancellor (Extemal EnEagementl at University of Glasgow Founder and Managing Director. Global Change Network Minister Counsellorfor Public Affairs, US Embassv Chief Innovation Officer at UnitedHealth Group Managing Partner. Clearbrook Capital Partners LLP Cultural Affairs Officer, US Embassy Chair and Professor of Social Justice, Newcastle University Company Dirertor Cultural Attaché at US Embassy London MirJi5ter Counselor for Public Affairs- U.S. Embassy Founder & CEO of Honor Bound LLC Sir David Eastwood Ichair from I, September 20231 Drake Dubin luntil I" November 20231 Victoria Garnett Professor Sir Steve Smith Susan Stewart (until 31, August 20231 Graham Archer (until 12, May 20231 Mukul Devichand Miriam Patterson Susan Sternglass Noble Ifrom I" September 20231 Rachel Sandi50n (from I" September 20231 Sara Cèrrell (Chair until 31" August 20231 Kathryn Crockart (until 13, lune 20231 Dame Vivian Hunt (until 31" August 20231 Robin saunders Christina Tribble (Lintil 31, July 20231 Professor Revd. Keith Magee Paul O'Neill Pamnella Devolder (from 1" September 2023 Rodney Ford (from I" September 20231 Carla Matero Ifrom I September 20231 The directors of the Ftjlbright Foundation ITrusteel Limited are appointed by its eKlSting board of directors and are generally drawn from the directors of the US UK Fulbright Cornmi5sion Iwhich is the sole corporate ommissioner of the US UK Educational Commission) up to seven of whorn are US citiiens appointed bv the US Ambassador, and up to seven are UK citizens appointed by the Secretary of State for Education, gne of whom is in prattice nominated by the Scottish Government. Secretary and Treasurer Maria Balinska-szczerba Nelson Garcia-Narvaez (from 29, November 20221 Executive Dirertor, US UK Fulbrlght Commission Director of Finance

TRUSTEE'S REPORT The trustee meets three times a year; supporting cornmittees meet regularly and report to the trustee at the trustee meetings. The supporting committees are Finance, Audit & Risk, Alumni & Outreach ané Remuneration and Nominattons.

TRUSTEE'S REPORT REFERENCE AND ADMINISTRATIVE DETAILS Charity Name- The Fulbright Foundation Charity registration number (England and Walesl.. 328571 Addre55 Unit 3D2, Third Floor, Camelford House 89 Albert Embankment London SEI 7TP Bankers Lloyds Bank Oxford Street London WID 2HW COIF Charities Deposit Fund 85 Queen Victoria Street London, EC4V 4Er Auditors Moore Kingston Smith LLP Chartered Accountants and R@gist@rèd Aurlitors 9 Appold Street, London, EC2A 2AP Solicitors Bates Wells Braithwaite 10 Queen Street Place London EC4R IBE

TRUSTEE'S REPORT Statement of Trustee's Responsibilities The tnjstee is responsible for preparing the Trustee's Report and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice), including FR5102 'The Financial Reporting Standard applicable in the UK and Ireland,. The law applicable to charities in England and Wales requires the trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity nd of the incoming resources and application of resources of the charity for that period. In preparing these financial statement5, the trustee is required to-. select suitable accounting policies and then apply them consistently; observe the method and principles 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 disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless 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 assets 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 15 no relevant audit information of which the charity's auditor is Unawa￿,. 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 IAccounts 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 'The 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 preparin@ a Strategic Report. Slgned on behalf of the trustee: Sir David Eastwood Chair of the Fulbright Foundation (Trusteel Limited Dated: 2510712024

THE FVL8RIGHT FOUNDATION FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OFTHE FULBRIGHT FOUNDATION Opinion We have audited the financial 5tatement5 of The Fulbright Foundation for the year ended 30 September 2023 which cornprise the Statement of Financial Activities, the Balarnce Sheet and notes to the finèncial statement5, including a summary of 5igNificant accounting policies. The financial reporting frameworkthat has been applied in their p￿pa￿tIOn is applicable law and United Kingdom Accounting Stand3rds, including FRS 102 The Financial Reporting Standard Applicable in the UK alld Republic Of Ireland, (United Kin8dom Generalty 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 2023, and of its incoming resources and application of resource5, 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 requirement5 of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicablè 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 staterllents 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 obtailled is sufficient and appropriate to provide a basis for our opinion. Conclusions ￿lating to golng ¢on¢ern In auditing the financial statements, we have concluded that the trustèes, usè 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 condition5 that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going collcern for a period of at least twelve months from when the linancial statement5 are authorised for issue. Our responsibilities and the responsibilities of the tru5tee5 Wlth 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 auditols report thereon. The trustees are responsible for the other informatlon. 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 State￿ents, 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 materlal inconsistencies or apparent maierial misstatements, we are required to deterrnine whether there is a material mi5Statement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that ihere 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 whi¢h we are required to report by exception We have nothing to report in respect of thè following matters where the Charities Att 2011 requires us to report to you if, in our opinion.. the Information given in the Trustee5' Annual Report is inconsistent in any material respect with the financial statements- or the charity has r)ot kept adequate accounting records,. or the financial statements are not in agreement with the accounting records and retums: or we have not received all the information and explanatioris we required for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 8. the trustees are responslble for the preparatlon of the financlal statements and for being satisfied that they give a true and fair view, and for such snternal control as the trustees deterrnine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing thè financial stat@mÈnts, the trustees are responsible for asse55ing the charity's ability to continue as a going concern, disclosin& as applicable, matters ￿lated to going concern and using the going concern basis of accounting unless the trustees @ithèr intend to liquidate the charity or to cease operations, or have no realistic alternative but to do 50. Auditorfs 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 regulation5 made under section 154 of that Act. Our objettives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assvrance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance wilh 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. Irregularities, including fraud, are instances of non-compliance with law5 and Tegulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect io

of irregularities, including fraud. The extent to which our procedures are capable gf detecting irregularities, includin8 fraud is detailed be50w. Explanation as to what extent the audit was considered capable ol detecting irregularities, including fraud The oblectives of our audSt 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 rlsks of materlal mlsstatement due to fraijd, through designing and implementing appropriate responses to those assessed ris￿,. and to respond appropriately to instances of fraud or suspected fraud identified durin8 the audil. However, Ihe primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follow5.. 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 issijed by the Financial Reporting Council,. we obtained an understanding Df how the charitable company complies with these requirements by di5CUS510nS Wlth management and th05e charged with governance and thiough reviews of relevant accounting and management records,. we assessed the risk of material misstatement of the financial 5tatemenls. including the risk of material misstatemènt due to fraud and how it might occur, based on ourwork as OEJtlined 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 regu13tions, using associated documentary evidence to better understand items of interest: ased on thls understandlng, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. ￿ well as specific audit testing, this included approaching accounilng retords with an inquisltive and sceptical mindset such thai we examined items that were felt to be of interest or of higher risk in this area, and obtaininE addilional corroborative evldence as ￿qUIre(l. To address the risk of fraud through management override of controls, we carried oyt the following work.. procedures were undertaken to identify any unusual or unexpected matters, and the rationale behind any such matters wa5 exarllined,. journal entries were reviewed to identify unusual transattions. judgements and assumptions made in determining the accounting estimates set out ir) the accounting policies were r&viewed. Its part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. li

Identtfy 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 rM3terial misstatement resuliing from fraud is higher than forone resulting from error, as fraud may involve collusion, forgery, intentional Dmissions, misrepresentaiions, 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 the circumstance5, b￿t not for the purposes of expressin£ an opinion on the effertiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reosonableness 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, wheiher a materlal uncertainty exlsts related to event5 or conditions that may cast significant doubt on the charity's ability to continue as a goihg concern. If we conclude that a material uncertalnty exists, we are required to draw attention in our auditor's report to the related disclosures the financial 5taternent5 or, if such disclosures are inadequate, io modlfy our opinion. Our conclusions are based on the audit evidence obtained up to the date of OLtr auditorfs report. However, future events orconditions may causè the charity to cease to continL¢e as a going concern. Evaluate the overall presentation, strueture and conteni of the flnanclal statements, Includingthe disc105ure5, alld whether the financial statements represent the underlying transaction5 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 auditfindings, including any Significant deficiències in internal control that we Identify durlng our audit. Use of our report Thls 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 ir) 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 ènd charity's trustees as a body, for our audit work. for this report, or for ihe opinion we have forrned. 25 July 2024 statutory auditor 9 Appold Street London EC2A2AP Moore Kingston Smith LLP 15 eligible to act as auditor in terms of Section 1212 of the Companies Act 2006. 12

THE FULBRIGHTFOUNDATION FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 2023 2023 Restr(rted F￿rtdS 20Z3 Total 2022 Llnrestikted Funds Z022 Restr￿e4 Funds 2022 Toial ole urnrestrkted Funds INCOME Aritj EKPENDITURE INCOME Donations 5,804 39,723 45,527 65,183 65,183 lrtvestment irt¢ome- interest 2,910 3,756 78 288 366 oiher incDrne 5.543 5,543 TOTAL INCOME 12.193 42.533 54,826 78 65.471 65.549 8XPENDITURE Chèritable Actiwtie5 5,354 42,822 48,176 247 77,679 77,926 TOTAL EXPEND￿uRE 5,354 42,822 48,176 147 77,679 77.926 Ngf IEXPENDITUREI / IP4COME 6,839 11891 6,651 11691 IIZ08 12,377 Other retogn1sed galns Illossesl Exchange gain5111055esl on cash balance5 23.302 23302 NE[ MOVEMEMt IN FU140S 6,839 I12.9￿) 16.0741 11691 il, 10.925 RECONCILIATION OF FUNDS Totsl funds brought forward 103,S81 379,689 483,270 103,750 368,595 472.345 Totsl funds rarried fotivard 110,420 366,775 4T1,196 103,581 379,689 483,270

THE FULBRIfjHTFOVNDAllON BALANCE SHEET ASAT30SEPTEMBER 2013 Note 2023 2022 CURRENT ASSETS Debtors 7,408 516,404 523,812 Cash at Bank 485,587 485,587 Total current assets CURRENT UABILITIES Creditors falling due within one year.. 46.617 2.317 Total current liabrlitie5 46,617 2.317 TOTAL NET ASSETS 477,195 483,270 FUNDS OF THE CHARITY Restricted funds 366,775 379,689 Unrestricted funds 110,420 103,581 TOTAL FUNDS 477.195 483,270 The notes on page5 15 to 21 form part of these accounts. The financi31 statements were approved by the Board and authorised for issue on and were signed on its behalf by.. Sir Dzvid Eastwood &rD3.,dE35'.,. Chair Date.. 2510712024 Maria Balinska-szczerba Secretary Date.. 2510712024 14

THe FUL8RIGHT FOUNDATION NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENOED 30 5EpfEM8ER 20 I ACCOUNTING POLICIES Charity Information The Fulbright Faundation is a charity domiciled in England and Wales, The Registered office is Unit 302, Third Floor, Camellord House, 89 Albert Embankment, London SEI 7TP. al Accountin£ convention These financial statements have been prepared in accordance with FRS 102'The Financial Reporting Stsndard applicable in the UK and Ireland, I'FRS 102.1 Issued on 16 July 2014 and the requirements of the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The financt31 st3tÈmÈnts are prepared in sterling, whith is the functional turrency of the charity. Monetary amount5 in these financial statements are rounded to the ne3re5t pound. The finanual statements have been prepared under the historic cost convention. As a small charity with less than £500,000 of income, a cèshflow statement is not required. The principal accounting policies adopted are set out below. bl Goin8 Concern These financial st3tements are Prepared on a going concern basi5. The Trustee has assessed whether the use of the going Concern ba$15 15 appropriate and has Considered possible events or conditions th3t might cast 5ignific3nt doubt on the ability of the Foundation to continue as a going concern. The Trustee has rnède thi5 assessmentfor a period of at least one year from the date of the approval of the tinancial statements. The Trustee is of the view that there are no material uncertainties for the corning yearthat affect their assessment. particularly in the light of the continued support of the Foundation's sponsorlng orgasnisations. Following due consideration, the Trustee hBs concluded that there 15 a reasonable expectation that the Foundation has adequate resourcÈs to continue in opÈrational existence for the foreseeable *uturE. For this reason the Trustee continues to adopt the going concern basis in preparing these financial Statements. cl Income All income Is Included in the Statement tsf Flnanci21 Attivitles when the Charity is legèlly entitled to the income, the arnount can be quantified with re350nable accuracy and the receipt of income is prot>able. dl Expendityre Expenditure is accounted for on an accru81s basis. el Cash flow rhe charity h25 made use of the exemption, as a small charity, from the requirement to prepare a cash flow Statement. Forel8n currencie5 Tr3n58ctions in foreign currencies are recorded at the rate ruling in the period of the transactitrn. All assets held at the balance sheet date which ère denominated in US dolSars are translated at the tlosing rate of $1.2197 to sterling12022.. $1.11651. Gain5 and 1055es 8rising on translation are included in the Statement of Financial Activlties for the perlod. gl Cash and tash èquivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short term liquid investments with original maturit1È5 of three rnonths trr less, and bank overdrafts. h) Debtors Debt¢r5 Bre rnea5ured at the amounts recoverable. il Creditors Creditors are recognised where there is a present obligation at the reporting date as a result of a past event, it Is probable that a transfer of economic benefit will be required in settlement and the amount can be estimated reliably. 15

TH£ FULBRIGKT FOUNDATJON NOTES TOTHE FINANCIALSTATEMENTSFOR THE YEAR ENDED 30SEPT£MBER 2023 I ACCOUNTING POLICIE5 Icontinuedl Il Financial instruments The Charity h35 elected to apply the provi5iolls of section 11 'Basic Financial Instruments, and section 12 '0ther Financi31 Instruments Issues, of FRS 102 to all its financial instruments. Financi31 instruments are recognised in the ch8ritY'5 tr)2lanc@ sheet when the charity become5 party to the contrartual provision5 of the instrument. Finanei31 èssets and liabilities are olfset, with the net amount5 presented in the financial statements, when there is a legally enforceable riBht to set off the recognised amount5 and there is an Intention to settle on a net basls or to realise the asset and settle the Ilabllity simultaneously. 805icfJnanciul cssetS Basic financial 8$5et5, which includE trade and other debtor5 and cash and bank balances, are initially measured at tr3n53Ction price including transaction costs and are subsequently carried at amortised cost Using the effective interest method unless the arrangement constitutes a financing transaction, where the tran5actlQn IS mea5L(red at the present value of the future receipts discounted at a market rate of interest. OerecognAtion OA fin¢7nciul ussets Financial assets are derecoEnised only when the contractual rights to the ￿5h flows from the asset expire, or when the chariry transfers the financial asset and substantially all the risks and rewards ol ownership to another entity. CJLrssification of finunciol litibilitles Fin3nci81 liabilitie5 and equity in5trutlletTrt5 are classified acccirding to the substance of the contractual arr3ng&ment5 enterecl into. An equity instrument IS 3ny tontract that ÈvidÈncÈs a residual Inte￿$t in the assets of the charity after deducting all of its liabilities. 8asttfinontitsl liobilities asic financial liabilities. including trade and other creditors and bank loans, are initially recognised at transaction price unles5 the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted ai a market rate of Interest. Debt instrument5 are 5ub5equently carried at arnortised cost using the effective interest rate method. Trède creditors are Dbligations to pay for goods or services that havo been 3cquired in the Ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment Is due within ane year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised Cost U51ng the effective interest method. Derecognition of finoncial liobiltttes Financlal liabilliles are derecognlsed when. aftd only when. the charity's obligation5 are discharged, ￿nCelled. cr they expire. kl Judgements and key sources of estlmatlon uncertalnty In the application of the charity's accounting policies, the trustee is requir@d to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent fmm other sources. In the view of the trustee, in applying the accounting policies 8dopted. no judgements were required that have a significant effect on the amounts recognised in the financial 5tatement5, nor do any estimates or assumptions made carry 3 significant risk of material adjustment in the next financial year. 16

THE FULBRIGHT FOUNOAfiJ4 NOTES TOTHE FINANCIAI STATEMENTS FOR THE YEARENOED 3Q SEPTEMBER2013 Z ANALYSISOFINCOME Unwe5trkted Fu Restrbrted Funds Total 2Q23 Unrestrided Fund5 RestriLtEd FU￿d5 Totsl zozz Donations L£gaiie5and dDfk3bon5 G￿llt5 Other Incorne 19.ts8 20,665 24.861 20.665 5,543 11,192 53,YJl 11.192 53,991 S.543 11,347 39,723 5¥07Q 65,183 65,183 Inve5tfflent incorne Bank Interest recebve 2,910 3.756 78 366 Total Investmenr Incorne 2,910 3,756 366 3 ANALY51S OF CA4RITABLE EXPENDITURE SupKort Totsl 2023 SuppNt Costs Total 2022 endlture on Ch S¢hol8rship progtsmme Summer inStiiute5 Total note 9 42,655 42,655 77,503 77,503 41655 42,655 77,503 77.SO3 167 5.354 5.521 176 247 42.822 5.354 176 77.679 247 77.926 Notes-. fjoverE)ance costs above Include auditors remuneratlon of nll12022'. nlll as the costs are met by the Uniied St3teg- unrEed EduCat￿nal Commlsslon. The chèrity does not employ any Staff and there a￿ no employeÈ$12022.- nil) who recelve emoluments ol more than £60,(th. 17

THEFVL8RIGHT FOUryDAnoN NOTES TOTHE FINANCIALSTATEMENT5 FOR THE YEAR ENDE030SEPTEM8ER 2023 4 DEBTOR5 22 Oue from the Fulbrlabl Commissl 7,408 S CAEDThORS 2023 20 other ryditar5 46.617 2J17 6 ANALYSISQF NET ASSETS Unre5til(ted Fur￿5 Re5trirtEd Fund5 Total 7023 Unre5trtcted Funds RE5trkted F¥nd5 2fj22 CurrentAssets'. Debtors Cash at Sank 7.408 149.629 7,408 516,404 146.617Tr 366,775 I￿,898 379.689 485,587 IIOA20 366.775 477.195 103,581 3n,689 483.170 18

E FVLBRIGHT%WNDAThON NOTES TO THE FINANCIAL STATEMEN15 FOR THE YEAR ENDED 30 SEPTEMBER ZDZ3 7 MOVEMENT OP4 RESTRicfED FUNDS Currentyear Baknce 10rt22 £Dme E4)enditure Galn5 &110sse51 Ba￿n 30 Sept 23 Anthony Edeo Fund U5 FulbrlÉht FDundation Profe550r R Worcester 5,586 206 8.1 3,087 102,0 171,2 13,435 13,052 45 S,631 67 8,257 3,112 110.8Y 143,569 13,544 18.238 LouislGannett Foundations Nursten Food Se¢urityAward Diamond Fthjndation Fund Alumni Fund 21,499 1,164 109 19.208 112,7251 128,8001 114.0221 Amb355ador 8arzun Fund 62,848 379.689 514 63.362 366,775 42,63a 1418221 112.7251 Balar IOct21 Income Experdiiwe Galns &119ssesl Balance 30 Sept 22 Anthony Eden Fund US Fulbright Foundati Professor R Worcester Zurich (formerly BAn Louislfjanneii Foundations Nuisten Food Securiry Award Dlamond Foundation Fund Alumni Fund 5,582 206 8,184 5,586 8,190 3,087 102,080 171,205 13,435 13,052 51.828 194,060 13.425 7,022 49,503 35,701 368,595 15,830 145 io 11,206 14.422 123,(KYJI 149.5031 Ambassador B3r2un Fund 18,267 65.471 8.480 23,302 61848 379,689 The Anthony Eden Fundttrmpri5es donatSons received fram Fulbright alumni and to which current graTrte￿ may apply for a55i5t8nce with eMer￿nCytraVel costs. The US Fulbright Foundation lund cornprises the previously unrestricted funds of the Fulbright Foundation for Educatlon & Cultu￿1 Exch?nge IUKI Inc. Professor Sir Robevt Woicester donated money to sponsor p05tgraduates studying8overnment at the London School of Economics. The Zurith Fund was oTrgI[￿1IY given by BAT Industrie5 to sponsar stJdent5 Df Busine55 Administration. The Ellzabeth and Jefl Louis Foundation and the Gannett Foundation rnake donatiDn5 to support the summer instltLrte5. Jeat) Nutsten fund reflects donation received to fund UK citizen5 undertaking a postgraduate dpgree in the US in Food The Diarnond Famlly Foundatioth made a donation in 2014 to fund awards which include a project in Africa after initial P05tgr3du4ie study in the US or UK_ An Alumni re5trlcied fL¢nd was èstablished follo￿￿￿ the merger with the British Fulbright Scholar5 A550ciation to hold reserves transferred from the BFM 3nd new donation5 received from Alumni. This iÈstrirted fvnd is to SUPPDrt the UK P05t8r3duate award programme. The Wallltt Found&tion made a donatlon In 2021 to fund the Global Challenges Teaching Award focused on Ra£ial lustre The forrner US ambassador In London, Matthew Barzun, has made, tOEeiher with his Mrife, 8 donation to fund communitv outreèch by US students and scholars studyin8 In the UK. 19

THE FULBRIGHTFOUNDATIQN NOTES TOTHE FINANOALSTATEhA£NTS FOR THE YEAR ENDeD 305EPTEMBER 2023 MOVEMENT ON UNREsTRI￿Eo FUNDS Gains & Ilosse51 Current year Balance 10rt22 Income Expenditure alance ao Sept 23 Unrestricted Fund5 103,581 12.193 15,3541 110,420 L03,581 12,193 15,3541 IIOA20 Galns & Ilossesl PriDryear Bal4nce Income Expendituie Balance 10tt21 30 Sept 22 ljnrestricted Fund5 103.750 78 103,581 103,750 78 103,581 The uTrrÈstri¢ted funds will be used to support the work of the United Ststes- United Kingdom Educational Commission (the US-VK Fulbright Cotnmis5ionl. 9 CMARITABLE AcfiviTIES Grants pald io ihe Unlted siaies-united Kfjngdom Educatlonal Commission Unrestritted Funds 2023 Restritted Funds 2Q21 Total Unresrricted Funds 2022 Restrirted Funds 2022 Total Z023 2022 Alumni Fund NurstenFood Security Fund From Other Fundra15ing 13,855 28,800 13,855 28,81X) 5,000 23,000 49,503 5.000 23,000 49.503 Total Chiritable Expenditure 42,655 42,655 77,503 TI,503 10 GOVERNANCE COSTS General man3gement, administration. and publicity costs 8re currently incurred by the United States- United Kingdom Educational Commission (US UK Fulbright Commissionl on behalf of tho charity. The direttors of the trustee who are considered to be the charity's key manaEement personnel, did not receive any remuneration trr reimbursed expenses12022- nill. 20

THE FULBRIfjHTFOUNDAnON NOTE5 TOTHE FINAf40ALSTATEMENTS FOR THEYEAR ENDED30SEPTEMBER2013 11 RELATED PARTYTRANSACTIONS i) US UK Educational Commission During the yE3r tran5aCtion5 took place with the United States- United Kingdom Education31 Corntni55ion, which has common objective5 3nd 15 under common control with the Found3tion. Outstanding balances at 30 September were.. 2023 202Z ed bv.. US-UK Educational Commission 7,054 7,054 Owed to.. US-UK Educatlonal Commission 42.098 247 42.098 247 These transattions are in respect of granis from sponsors or donors tot3lling £42,09812022,. £77,503) less net payrnent5 Of £ NIL12022. £65,207) and expen5e5 recharged of £ NIL12022.. £7301. ill Brit15h Fulbright Scholar5 A550CIBtion On 30 September 2014, the British Fulbright Scholars Association IBFSAI Ire8lStered charity number.. previously 292242,- now 328571-11 formally merged with the Fulbright Foundation. These financial statements do not consolidate the result5 of the BFSA as the charity has taken adwantage of the small group exemption as perrniited by FRS 102. Following the merger, the Foundation received the closing reserves of the 8FSA at 30 September 2014 of £5,693 Any income received by the BFSA since the merger date is due to the Foundation. As at 30 September 2022, Ihe net assets of the BFSA were zero. iiil None of the trustees have been paid any remuneration or received any other benefits from an employment with the Charity. No trustee expenses have been incurred. 21

THE FULBRIGHT FOUNDATION Final Audit Report 2024-07-25 Create(*.. 2024-07-25 Jo Downey [e-mail] Status." Signed Tr8nsa¢tlon ID". CBJCHBcA4BNAy5￿>U1HrDsa2wW87YRk￿55vPwmxV9X- "THE FULBRIGHT FOUNDATION" History Docurnent created by Jo Downey [e-mail] 2024-07-25- 3..50..03 PM Gmr * Docurnenl emailed lo Maria Balinska [e-mail] for signature 2024-07-25- 3..50.10 PM GMT Email viewed by Maria Balinska [e-mail] 2024-07-25- 3".50.45 PM GMT Documènt 8-sign8d by Maria Balinska [e-mail] Signatura Date". 20244)7-25- 3".51."02 PM GMT- Tim8 Sourcé." servér * Document emailèd to Sir David Ea$b￿00d [e-mail] for signature 2024-07-25- 3..51'.04 PM GMT Email wewed by Sir David Eastwood Isirdavideastwood@gmail.¢oml 2024-07-25- 3'.52'.05 PM GMT Document e-signed by Sir David Eastwood IsirdavideastrNood@gmail.¢oml Signature Date. 2024-07-25- 3."52'52 PM GIJT- Time Soure". server * Document emailed to Moore Kingston Smith LLP [e-mail] for signature 2024-07-25- 3..52..54 PM GMT Email viewed by Moore Kingston Smith LLP [e-mail] 2024-07-25- s..{￿..13 PM GMT Document e-signed by Moore Kingston Smith LLP [e-mail] Signatur& 08ts.. 2024-07-25- 6..08..18 PM GbAT- Time SourcE'. server Agréamenl completed. 2024-07-25- 6..08..18 PTrA Gmr Q Adobe Acrobat Slgn