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
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