(HARITY Trustees. Annual Report for the period Period start date Period end date Year 2024 Year 2024 From 01 01 To 31 12 Section A Reference and administration details Charity name THE NUGEE FOUNDATION Other names charity is known by Registered charity number (if any) 1123583 Charity's principal address DREWS MILL POTTERNE ROAD DEVIZES Postcode SN10 5LH Names of the charity trustees who manage the charity Trustee name Office (rf any) Dales acted if not for whole ear Name of person lor body) entitled toa oint trustee ifan LT GENERAL RICHARD EDWARD NUGEE CB CVO CBE Trustee SIR CHRISTOPHER NUGEE Trustee JOHN F NUGEE Trustee ANDREW JB NUGEE Trustee 10 12 13 14 15 16 17 18 19 20 TAR March 2012 Names of the trustees for the charity, if any, (for example, any custodian trustees) Name Dates acted if not for whole ear Names and addresses of advisers (Optional information) e of adviser Name Address Legal adviser Hunters, Katie Martin 9 New Square, LIn￿In'S Inn. London. WC2A 3QN Accountant 6 Trull Fam Buildings. Trull. Tetbury. Gloucestershire, GL8 8SQ Trust Accounting. Noel Cooper Independenl Examiner Dunkley s Chartered Accountants Woodlands Grange. Wijodlands Lane, Bradley Sloke, Bristol. BS32 4JY Investment Managers Brewin Dolphin Ltd 12 Smilhfield StreeL London, EC1A 9BD Bankers Royal Bank of Scotland Child & Co. Bankers, 1 Fleet Street, London, EC4Y 1BD Bankers The Co-operative Bank St. Pauls House, 10 Warwick Lane. London. EC4M 7BP Name of chief executive or names of senior staff members (Optional information) nla Section B Structure, overnance and mana ement Description of the charity's trusts Trust Deed dated 2810312007 Type of governing document How the charity is constituted (eg. trust, as: n, company) The foundation is constituted as a charitable trust. Trustee selection methods The current trustees are members of the Nugee family. New trustees would be appointed by the surviving or continuing trustees as the need arises. Additional governance issues (Optional information) The Nugee Foundation is an unincorporated grant-making charity established by Trust Deed. The Foundation has 4 trustees: JF Nugee, Sir Christopher Nugee, AJB Nugee and Lt General RE Nugee CB CVO CBE. You may choose to include additional information. where relevant, about: The Foundation's main purposes are twofold: policies and procedures adopted for the induction and training of trustees; the charity's organisational structure and any wider network with which the charity works; With respect to the Patronages of the parishes of Wymering and Cosham, Farlington and Great Oxenden, the object of the Foundation is: l) to hold the Patronages, or in the case of Great Oxenden, to hold the share of Patronage of the united benefice of Faxton; 2) to exercise the right and duties of the Patron in the respective relationship with any related parties; TAR March 2012 parishes; 3) to support the parishes covered by the Patronages both financially and in any other way the Trustees see fit. trustees, consideration of major risks and the system and procedures to manage them. With respect to the Foundation's other charitable activities, and especially its financial activities, the objective of the 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 UK li.e. it should have the powers to consider requests for grants from charities based oversea5). As a Charitable trust the Foundation has the power to accumulate income for up to 21 years without disbursement. However, and not withstanding this 21- year period of flexibility, 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. to distribute in any given year less than the full amount of that year's income}, to draw on accumulated income from previous years, and to make grants out of capital {i.e. distribute in any given year more than the full amount of that year's income). The Foundation is not limited to one off grants 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 of two 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 to prevent any improper conduct arising in their business dealings. Against the background of the Foundation's work as defined in its objects, the Trustees consider that the risk of the charity contravening The Bribery Act 2010 to be very small. For the avoidance of doubt, however, The Trustees expressly prohibit anyone a550ciated with the charity from offering, giving, soliciting or accepting any bribe (of whatever nature) in order to advantage in any way the charity, applicant charities, themselves or persons/businesses connected with either. TAR March 2012 Trustees attended a range of governance and investment workshops and seminars throughout the year and regularly review Charity Commission guidance and publications in order to ensure that the principles and recommended practice for good governance are observed. In addition, the Charity Governance Code (July 20171, compiled by a consortium of bodies including the Charity Commission, was reviewed during the year by the Trustees who will continue to give it due regard. The Trustees consider that they comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust. The Trustees give of their time freely. Apart from the Trustees there were no volunteer5 in 2024 (2023: nil). Remuneration of employees and key management personnel - The Foundation considers its key management personnel comprise the Trustees. The total employment benefits, including employer pension costs of key management personnel were £nil12023: £nil). There were no employees in this Foundation in 2024 or 2023. No Trustee received any remuneration from the Foundation nor were reimbursed any expenses during the year {2023: £nil). Ultimate Controlling Party- The Trustees are of the opinion that no one party exercises ultimate control of the Foundation. The following transactions have taken place between Trustees and the Foundation that are reportable under Financial Reporting Standards. The Trustees each made an annual donation to the Foundation of £1,000 {2023: £1,000 each) and in 2024 one trustee also donated a further £1,600. There were no other reportable transactions in 2024. The day-to-day management of the Trust is carried out by the Trustees. The Trustees are supported by The Trust Partnership with accounting and book- keeping and by their legal advisers, Hunters. Investment Policy and Objectives The overall financial objective is to maintain the real value of the capital of the Foundation, represented by a portfolio of financial assets, and to use the assets to generate a sustainable income to fund grant-making. As a rough guide, the Trustees would expect this income to be around 3-4% of the capital in real term. To assist them in this task, the Trustees have appointed Brewin Dolphin Ltd {the "investment manager") to manage the financial assets of the Foundation on a discretionary basis. The portfolio managed by the investment manager represents the entirety of the financial assets of the Foundation with the exception of working balances in the Foundation's cash bank accounts. The investment objective as given to the investment manager is to produce the optimum overall financial return (i.e. capital and income combined) over the long term within an acceptable level of risk. To achieve this, the investment manager is asked to manage the portfolio on a diversified risk basis with a balanced income/capital growth return objective, using the Brewin Dolphin Risk Level 6 a5 a guide for the portfolio. TAR 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 a55et 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 of 40Yo of the portfolio at the date of purchase Credit risk, mitigated by a lower limit of Baa3/BBB for any direct debt instrument in the portfolio at the date of purchase of the security, with the exception of bank "co-co" bonds Concentration risk, mitigated by a limit for any one security of 5/0 of the portfolio at the date of purchase. *the investment manager is to consult the Trustees for advice on action if any of these limits are breached through subsequent market moves and the position is established. B: Fiduciary risks Negligence by the investment manager, addressed by regular portfolio and compliance reporting Failure of the investment manager, mitigated by the separation and ring- fencing of client 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: l) The Foundation's portfolio will not be invested in Brewin Dolphin Stock, or any debt instrument issued by Brewin Dolphin Ltd or any associated company. 2) The Foundation's portfolio will not be invested in Imagineear Ltd stock, or any debt instrument issued by Imagineear Ltd or any associated company. The Trustees may change these restrictions at any time by giving due notice to the investment manager. TAR March 2012 The Trustees and the investment manager agree that: l) A summary of the Foundation's portfolio and its performance shall be supplied to the Trustees every 3 months covering calendar quarter periods (Januaryto March, etcl; 2) The investment manager will supply a commentary on the previous period with each report. 3) After the October to December report is ready the investment manager will, should the trustees request it, arrange an annual review meeting with the Trustees at which, inter alia, the expected income for the current year will be discussed. Internal Controls The Trustees have a duty to ensure that adequate systems and procedures are in place to safeguard the Trust's assets. The Trustees ensure that appropriate internal controls are implemented and monitored and that the risks are managed and controlled. Trustees, Responsibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charit¢s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16th July 2014. The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: o select suitable accounting policies and then apply them consistently; o obsenie the methods and principles in the Charities SORP; o make judgments and estimates that are reasonable and prudent; o state whether applicable UK Accounting Standards have been followed, subject to any material departures disc105ed and explained in the financial statements; o prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in business. TAR March 2012 The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Section C Objectives and activities The Nugee Foundation is an unincorporated grant-making charity established by Trust Deed. The Foundation has 4 trustees: JF Nugee, Sir Christopher Nugee, AJB Nugee and Lt General RE Nugee CB CVO CBE. The Foundation's main purposes are twofold: With respect to the Patronages of the parishes of Wymering and Cosham, Farlington and Great Oxenden, the object of the Foundation is: l) to hold the Patronages, or in the case of Great Oxenden, to hold the share of Patronage of the united benefice of Faxton; 2) to exercise the right and duties of the Patron in the respective parishes; 3) to support the parishes covered by the Patronages both financially and in any other way the Trustees see fit. Summary of the objects of the charity set out in its governing document With respect to the Foundation's other charitable activities, and especially its financial activities, the objective of the 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. TAR March 2012 As a grant-making Trust, providing public benefit is at the heart of the Trust's activity. In exercising their powers and duties, the Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aim5 and objectives and in planning future activities and setting grant- making policy. Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit) Additional details of objectives and activities (Optional infomiation) The Trustees, decision-making on grants in the period continued to follow the procedures laid down and applied in past years. You may choose to include further statements, where relevant, about: The distribution of grants between the sectors continues to be flexible, allowing Trustees to respond to the number and quality of applications. Charitable Trusts and Foundations, as independent grant-makers, exist to create a better society - and have the distinctive opportunity to determine their own agenda. Whatever the cause, the Trustees seek to direct their funds to where they can make a major difference, and this aim steers them away from significant appeals. policy on grant-making; policy programme related investment; contribution made by volunteers. The Trustees realise the vital impact their funding can make, and the encouragement it can give, particularly to smaller charities seeking to provide desperately needed services in the community. TAR March 2012 Section D Achievements and performance Summary of the main achievements of the charity during the year The Trustees make grants for charitable activity which they hope will enhance and improve the quality of life for people. The Trustees concentrate this activity by sUPPOrting charities in Specific areas of interest connected with (l) the three parishes of which the foundation is the patron or one of the patrons and (21 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 resident5 of the United Kingdom and overseas. Grant applications from individuals are not considered. During the year 15 applications were successfully granted by the Foundation, of which two were for 2023 repeat grantees. Grants and Donations 2024 Aurora Orchestra Bishopsland Educational Trust Devizes Organ Appeal Farlington Defribrillator Faxton Benefice Leicester Cathedral Diosing Mayor of London Scholarship NMC Rochester Huguenot Museum Scar Free Foundation for Big Give St Luke's Health for Clergy Streetwise Opera The African Theatre Wiltshire Music Centre Youth Music Centre £2,000.C £3,000.00 £5,000.00 £1,200.00 £1,000.00 £2,000.C £i,000.c £1,500.C £i,000.c £1,025.C £150.00 £2,000.00 £1,500.00 £2,000.00 £2,000.00 £26,375.00 Total Grants and Donations 2023 Dunster Festifd I £1.500.00 £i.soo.00 £i.soo.00 £i.000.00 £2.000.00 £2.000.00 £i.000.00 £i.000.00 £1.500.00 £2.000.00 £1,500.00 £3.000.00 Sinfonia C￿nrU Drumworks 8en eclelli Foundation Vache Baroque StreelMise Opera RSNO Youngcreative5 Sc ar Free Foundation fo r Big Give Intern ational G uttar Fe strval Vache Baroque Norfolk CommunityArts Cityof London Sinfonia Total £19,500.1)O TAR March 2012 Section E Financial review Reserves Policy The Trust Fund represents an amount allocated by the Trustees to secure the long-term future of the Foundation by ensuring there are adequate resources to meet the Foundation's anticipated charitable obligations. 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. Brief statement of the charity's policy on reserves It is the policy of the Trustees to protect a core of investments and cash assets to generate income for future years, grant awards. The reserve balance at the end of the year wa5 £764,08312023: £703,607). The Trustees will continue to review the level of grants they make on an annual basis. Details of any funds materially in deficit No funds were in deficit at the year end. Further financial review details (Optional information) For the year ended 31st December, total income from investments amounted to £20,386 compared to £18,999 in the previous year, an increase of 7.3%. Income in the form of donations and gift aid increased to £6,75012023: £5,265). Grants and donations agreed during the year amounted to £26,375 which was an increase of around 35% compared to the previous year when grants & donations totalling £19,500 were agreed. Governance costs paid during the year arnounted to £570, a decrease from £1,206 in 2023 and the costs of raising funds (Investment Management fees) increased from £6,553 last year to £6,755 in the year under review. You may choose to include additional information, where relevant about: the charity's principal sources of funds (including any fundraising)- how expenditure has supported the key objectives of the charity- investment policy and objectives including any ethical investment policy adopted. Section F Other information th The Dou- a Dutch 17 Century oil painting of a girl in red washing vegetables. The painting wa5 bought by the great grandfather of the Trustees and was part of the national collection, and therefore was exempt from tax. It was handed down to the mother of the Trustees and when she died, the Trustees decided to donate it to the Nugee Foundation in 2016. The painting was valued for probate at £20,000. To transfer ownership, the Trustees ceased to treat the painting as a national heritage asset, and thus paid inheritance tax on it. The probate valuation of The Dou and inheritance tax payment (funded by the trustees) st were included in the accounts of the Foundation, for the year ending 31 December 2017. TAR 10 March 2012 Section G Declaration The trustees declare that they have approved the trustees, report above. Signed on behalf of the charity's trustees Slgnatur•(s) Full namels) Position (eg Secratsry, Chair. atc) Richard Nugee Trustee Date 03/1012025 TAR March 2012 Matthew Dobbins FCA Dunkley's **----- Start of picture text -----**
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Bristol BS32 4JY Section B Disclosure Only complete if the examiner needs to highlight matters of concern (see CC32, Independent examination of charity accounts.. directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. TAR 13 March 2012 lif any) 1 ??483 The Nugee Foundation CHARITY COMMISSION FOR ENGLAND AND WALE5 Receipts and payments accounts CC16a For the period from To 0110112024 3111212024 Section A Receipts and payments Unrestricted income funds Unrestricted capital funds to the nearest £ Endowment funds Total funds Last year to the nearest to the nearest £ to the nearest £ to the nearest £ A1 Recei Donations Gift Ad Investment hcome Interest 5,750 5,750 1,000 4,265 1,000 18,999 437 20,386 Sub total (Gross income for AR) 27.1 27.136 24.701 A2 Asset and investment sales Investments Brewin Dol hin (Capital) 271.230 271.230 213.369 Sub total 271.230 271,230 213,369 Total receipts 27.136 271,230 298,366 238,070 A3Pa Grants Investments Brewin Dolphin Vonagement Paid from ca ments 26.375 26.375 19.500 6.755 6,755 570 6.553 1,206 27,259 Fees 570 Sub total 26. 33,7(W) A4 Asset and investment ur¢hases InvestrrEnts Brewin Dol hin ICapit811 267.824 267,824 212,354 Sub total 267. 267.824 212.354 Total payments 26.945 274.579 301,524 239,613 Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end 191 1,803 13,3491 1.803 13,1581 1,5431 11.495 8.337 13,038 11.495 4043 TAR 14 March 2012 Section B Statement of assets and liabilities at the end of the period Unrestricted income funds to nearest £ Unrestricted capital funds to nearest £ Endowrnent funds to nearest £ Categories Delails B1 Cash funds Cash at bank12023 oomparalive £4.0551 1.860 Capital cash12023 comparative £5.8401 4294 Investm￿1 in¢ome12023 C￿para £1,600) 2,183 Total cash funds 4,294 lajree balances *ith wwpts ¥vJ rOyM￿￿8 ctxjntlsll Unrestricted funds Restricted funds Endowment funds Details to nearest £ to nearest £ to nearest £ B2 Other monetary assets Fund to ￿1¢h asset belongs Unrèstricted eaprtal Unr•strict•d caprtal Cost {optlonall Current value loptionall 735.746 20.000 Details Investments Brewin Ddphin 2024 The Dou 2023 B3 Investment assets 675.849 20.000 Investmwts Brewin Ddthin 2023 Unrestricted capital J6,167 The Dou 20TJ Unrestricted captlal 20,000 20,000 Fund to ￿1¢h asset belon Current value ional Details Cost loptionall charity's own use Fund to vknich liability relates unt due loptionall Vthen due loptionall Details B5 Liabilities Signed by ￿e or trustees on behalf of all the trustees Date of roval Signature Print Nam Richard Nugee 0311012025 TAR 15 March 2012 Accounting Policies Basis of Accounting The financial statements have been prepared in accordance with section 133 of the Charities Act 2011 {'the Charities Act,). The Nugee Foundation constitutes a public benefit entity as defined by FRS 102. The Trustees consider Ihal there are no material Un￿rtaInlieS aboul the chartty's ability to operate as a going con￿rn. Income and Expenditure All cash income and expenditure arising during the year is dealt with through the receipts and payments account. Grants Payable Grants payable are recognised when they are paid. Status The Nugee Foundation is an unincorporated grant-making charity established by Trust Deed and has been granted charitable status by the Charity Commission (Charity Registration Number 1123583). Taxation The Foundation is a Registered Charity and as such its incorne and gains falling within Sections 471 to 489 of the Corporation Tax Acl 2010 or Section 286 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tsx to Ihe extent that they are applied to its charitable objectives. Value Added Tax Value Added Tax is not recoverable by the charity and as such is included in the relevant costs in the Statement of Financial Activities. Investments Investments are stated at cost and market value. Investment income plus aSs￿lated tax recoverable is credited to income on a cash basis. Cash at bank and in hand Cash at bank and in hand includes cash and short-term liquid investments. Costs of raising funds The costs relate to investmenl management fees for both income generation and capttal maintenan￿. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic finanaal instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Investments Historical Cost of Inveslments £675,848 (2023.. £635.648). All the Trusvs Investments are held in the United Kingdom. One of the investments held in the Portfolio represents 5010 or more of the total Portfolio value as shown below SSGA SPDR ETFS EUROPE PLC SPDP S&P 500 ETF USD NAV 8.98%. TAR 16 March 2012