2021-12-31-accounts

Names	ofthe	trustees	for	the	chadity,	ifany,	(for	example, any custodian trustees)
Name								Dates acted ifnot for whole ear

Names and addresses	Names and addresses	ofadvisers (Optional	ofadvisers (Optional	ofadvisers (Optional	information)
T eofadviser		Name			Address
Legal adviser		Hunters,	Katie Martin		9 New Square,	Lincoln's Inn, London, WC2A 3QN
Accountant		Trust Accounting, Noel			6 Trull Farm Buildings, Trull, Tethury, Gloucestershire,						GL8 8SQ
		Cooper
Independent	examiner	Dunkley's	Chartered		Woodlands Grange, Woodlands			Lane, Bristol,	BS32		4JY
		Accountants
Investment Managers		Brewin Dolphin Ltd			12 Smithfield Street,		London, ECIA 9BD
Bankers		Royal Bank ofScotland			Child &Co. Bankers,		1Fleet Street, London, EC4Y			1BD
Name ofchief executive or names ofsenior					staff members	(Optional information)
n/a
	~ g				~ ~	~	~ ~	~ ~
Description ofthe charity's trusts
Type	of governing	document	Trust Deed	dated 28/03/2007
		It t d	The foundation is constituted			as a charitable		trust.
	e686l8ctI0n m6thod$		Thecurren	t	trustees are mem	bers	of the Nugeefam iIy.		New tru			stees w		ou Id
			be appointed		by the surviving	or continuing trustees as the need						arises.
Additional	governance	issues (Optional information)
You may choose to include			The Nugae		Foundation is	an	unincorporated grant-making						charity
additional information, where			established		by Trust Deed. The Foundation			has 4 trustees:		JF		Nugee,		Sir
relevant, about:			Christopher		Nugae, AIB Nugae	and	Lt General	RE Nugee	CBCVQ			CBE.
~ policies	and procedures		The Foundation's main purposes are twofold:
adopted	for the induction and
training	of trustees;		With respect		to the Patronages of		the parishes of Wymering				and		Cosham,
~ the charity's organisational			Farlington	and Great Qxenden,		the	object of	the Foundation		is:
structure	and any wider
network works;	with which the charity		1) to	hold the Patronages, or			in the case of Great		Qxenden,				to hold
			the	share of Patronage		ofthe united		benefice of	Faxton;
~ relationship with any parties;		related	2) to	exercise the right		and	duties of	the Patron	in	the		respective
TAR												March 2012

parishes;
3) to support the parishes covered by the Patronages both financially
and in any other way the Trustees see fit.
With respect to the Foundation's other charitable activities, and especially
its financial activities, the objective ofthe Foundation is:
4) to support the provision of music in schools and among young
people;
5) to support the use of music as a therapy to help those suffering
from physical and mental illness;
6) to support other charitable activities that the Trustees may from
time to time agree on.
The Trustees have explicitly agreed that the Foundation should remain
apolitical (i.e.it should not make grants to any political cause), and should
not be limited to causes based in the U K(i e, it should have the powers to
consider requests for grants from charities based overseas).
As a Charitable trust the Foundation has the power to accumulate income for
up to 21years without disbursement. However, and notwithstanding this 21-
year period offlexibility, the Foundation aims in general to distribute the bulk
of its income in grants each year. Within this, the Trustees have the power to
hold back income for future years' grant making (i.e.ta distribute in any
given year less than the full amount ofthat year's income), to draw on
accumulated income from previous years, and to make grants out ofcapital
(i.e.distribute in any given year more than the full amount ofthat year' s
income).
The Foundation is not limited to one offgrants and entertains repeat
requests for donations, but as a general principle the trustees prefer to avoid
committing the Foundation to multi-year grant-making, to match income for
each financial year.
The Foundation aims wherever possible to base its decisions and actions on
unanimity among the Trustees, but in matters legal and financial the
Foundation can operate on the signature oftwo Trustees acting together.
The Nugee Foundation is committed to applying the highest standards of
ethical conduct and integrity in its business activities. The Trustees recognise
their duty to ensure that the charity is compliant with the law and they are
committed to good governance and to implementing and enforcing effective
systems throughout the organisation ta prevent any improper conduct
arising in their business dealings.
Against the background ofthe Foundation's work as defined in its objects,
the Trustees consider that the risk ofthe charity contravening The Bribery
Act 2010to be very small. Far the avoidance ofdoubt, however, The Trustees
expressly prohibit anyone associated with the charity from offering, giving,
soliciting or accepting any bribe (ofwhatever nature) in order to advantage	in
any way the charity, applicant charities, themselves or persons/businesses
connected with either.
March 2012

Risk Management
The main risks that the Trustees have identified and	discussed			with the
investment manager are:
A: Investment risks
Inflation risk, mitigated through investment in real assets
Capital risk, tolerated in the short term and mitigated		over the		long term	by
asset diversification
Liquidity risk, mitigated by a general ban on non-marketable			securities or
private placements
Currency risk, mitigated by an upper limit for non-sterling-denominated
assets of40%ofthe portfolio at the date of purchase*
Credit risk, mitigated by a lower limit of Baa3/888 for		any direct debt
instrument in the portfolio at the date ofpurchase	of	the security, with the
exception of bank "co-co"bonds*
Concentration risk, mitigated by a limit for any one	security of			5%ofthe
portfolio at the date of purchase*
*the investment manager is to consult the Trustees	for advice			on action if
any ofthese limits are breached through subsequent		market	moves and the
position is established.
8:Fiduciary risks
Negligence by the investment manager, addressed	by	regular	portfolio and
compliance reporting
Failure ofthe investment manager, mitigated bythe separation				and ring-
fencing ofclient assets
The Trustees confirm to the investment manager that		they have no
investment restrictions based on conflicting interests		or any	ethical policy
with the following two exceptions:

The Trustees make grants for charitable	The Trustees make grants for charitable	The Trustees make grants for charitable		activity	activity	which they hope will	which they hope will
enhance and improve the quality		oflife	for		people. The Trustees
concentrate this activity by supporting			charities			in specific areas ofinterest
connected with (1)the three parishes of				which		the foundation	is the patron
or one ofthe patrons and (2) support to				education and development
through the medium of music.	The Trust			invites		applications	from charities
whose operational area is within		the United			Kingdom and overseas, for the
benefit of residents ofthe United		Kingdom			and	overseas. Grant applications
from individuals are not considered.
During the year 12applications	were successfully made to the Foundation,
of which 10were new.
Grants and Donations 2021
South London Strings						E1,500.00
Ernest Read Symphony Orchestra						E1,500.00
Wiltshire Music Centre Zone Club						E1,000.00
City of London Sinfonia						E1,500.00
Aurora Orchestra						E1,500.00
Leeds International Pianoforte	Competition					E1,000.00
Laycock Primary Sc boo I						E1,500.00
NMC Ltd						E1,500.00
Olympias Music Foundation						E1,500.00
Gallions Music Trust						E2,000.00
Halle Concerts Society						E2,000.00
London Sinfonietta						E2,500.00
Total					E19,000.00
Grants and Donations 2020
Farlington Patron's Fund						E560
Wymering Patron's Funds						E495
Bookplates for Wymering						E45
Faxton Benefice for 6 months'	Zoom					E86
Mothers Union CV19 appeal						E1,000
London Music Masters						E2,000
Apollo Music Projects						E2,000
Youth Music Centre						E1,000
Dingle Dee Club						E2,000
Warwickshire Choristers						E1,000
World Heart Beat						E2,200
International Guitar Festival						E1,000
Barbican Box						E1,000
Roundhouse Choir						E1,000
The Music Works						E1,000
Clapton Common Boys Club						E2,000
Faxton Benefice for 6 months'	Zoom					E86
Total						E18,472

				Reserves Policy
Brief statement ofthe charity's policy on reserves				The Foundation does not have a Reserve Policy as such. It is run as an Endowment, and the Trustees aim to secure the long-term future ofthe
				Foundation by preserving and growing the Foundation's capital and only
				using the income generated in any year to fund the donations made that
				year, limiting grant-giving in any year to the income available.
				The Trustees monitor investment performance and continue to set the
				Investment Managers the task of preserving the capital while looking for
				long-term sustainable growth. The Trustees rarely make formal multi-year
				grants and review the level ofgrants they make on an annual basis.
Details of any funds in deficit			materially	No funds were in deficit at the year end.
Further financial review details				(Optional information)
You may choose to additional information,		include where		Forthe year ended 31st December, total income from investments amounted tof20,979compared to E19,562 in the previous year, an
relevant about:				increase of7%.Income in the form ofdonations and gift aid was unchanged
~	the charity's principal sources offunds (including			at E5,000(2020:E5,000).Grants and donations agreed during the year amounted to E19,000which was an increase of3%compared to the
	any fundraising);			previous year when grants totalling E18,472were agreed. Governance costs
~	how expenditure has supported the key objectives ofthe charity;			paid during the year amounted to f360, a reduction from f780 in 2020; the costs of raising funds (Investment Management fees) increased by 16,2% from E5,858 last year to E6,988 in the year under review.
~	investment policy		and
	objectives including		any
	ethical investment		policy
	adopted.