|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:||||||
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|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.||||
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