Company number 82500SB Charfty number 1153481 Th¢ Sulgrave Foundation A company Ilmlted by guarantee Financlal $tstemont$ and TrusteeglDirectors' report for the p•riod to 30 June 2021
The Sulgravo Foundatlon L•gal & Admlnl$trative Infomiatlon at 30 June 2021 Company numb•r 825005 Charlty r•gl$tration numbor 1153481 Govtrnlng document The memorandum and art'¢les of association of The Sulgrave Foundation registed on 11 October 2012. Directorsrrrnsteas Mr Christopher lan Hammond Ms Sarah Mary Grant Federation of London Youth Clubs Principal addrev4 for corr•spondèn¢e and r•g1St•r office Penningtons Manches Coopef LLP 125 Vvood Street London EC2V 7AW Solicitors Penningtons Manches Cooper LLP 125 Wood Street London EC2V 7AVV Accountants Penningtofis Manches Cooper LLP 125 Wood Street London EC2V 7AW Indepondont E¥amlner8 Azets A5hcombe Court Woolsack Way Godalming Surrey GU7 1LQ Infomialion page Page 2
The Sulgravo Foundatlon TrustseslDlr¢¢torn' Report for th• perlod to 30 June 2021 DlrKlor¥, Trustees and Members The members of the Charity are qUired to be ils trustees and director5. A register of mernbers is maintained by the charity. New members are accepted by 3greemenl of all the members. The mernbers may al any lime aL%opl a new pdicy for accepting applications for membeiship. New members are expected to have adequate experience in matters concerning the objects of the charity or be able to advise on matters that will aid the ¢h8nty in achieving 115 objects. Doclslon makin9 by Dlrg¢tors The directors convene at an annual general meeting and at other board meetings as required throughout the year. At present, they commit lo decisions by unanimous votes at the meetings. The directors de¢i5ion making powers are governed by the arb'cles of associats'on of the charity. Objects ofth• Charlty For such chaiitable purpose as the directors Shall frorn lime to time in their abyolute and uncontrolled discretion think fil, and in particular lo further the developmenl and education of boys and youn9 men and gid5 and young women through their leisure-ts'me activities so as lo help them achieve their physical, mental and 5pirrtual potential so that they may grow to full maturity as individuals and members of society and that their conditions of life may be improved. In furtherance of the objects the directors wll have particular regard to the needs of those in poverty or financial hardship. Speclflc Inv•stsxonl Po*•r4 The directors. powers include full discretionary powers to make grants. They also have full discretionary pr lo make investments. A¢hlevements and P•rfornianc• The Foundation holds an investment portfolio to provide income and groth lo financially support the charity's objectives. In addrtion, the Foundation holds a propety where the Sulgrave Club operates, which is held in lurtherance ol the chaity's objectives. AJI fund5 are Unrestricted Funds. The value of the trust investments was £1.570.354 on 30 June 2020 and the value of investments was £1,797,864 on 30 June 2021, an increase of 13.851 Ok. The annualised retum (including income) since the investment manager began to manage the portfolio on behalf ¢f the Foundation is 6.60%. The directors consider the perfomiance against a composrte benchmark for charities adopb.ng a moderate risk approach. The annualised retum of the benchrnark since the investment manager began to manage the portlolio on behalf of the Foundation is 6.25%. The charity has agreed grants of £30.000 to the Svlgrave Club and £7.000 lo the Federation of London Youth Clubs in lurtherance of its objectives. Appll¢Jtl¢ns The charity does not accept applic3tsons for grants. continued ovefleaf Directors, Report Page 3
Th¢ Sulyrnve Foundation Tw$to8¥lDirector' Report for the p•riod to 30 June 2021 Reservès policy The charity wll establish a reserves policy followng receipt of assets and inlen(Js that this NMII be to hold 8ufficienl investments lo maintain an appropriate income level to meet ils grant commrtrnents. Risk managom•nt The charity has no operats'onal risks. When the Charity receives assets, it wll have risks associated %Mth its investment strategy and it wll guard again51 those risks by ensuring, wth adwce from investment Professionals, reasonable diversification of investment$. Relatlon8hlp wlth other charities The charity received all of the asse1$ ot The Sulgrave Charitable TYu$t Iregistered charity 2319521 on 28 March 2014. The charity has no relalionghip with any other general grant making charitie$. Grant making policy The Charity aims to expend an amoLnt on grant5 that is in line wth the income eamed each year. Public benefit The directors have continued lo apply funds to The Sulgrave Club along ¥Mth the use of the premises from thich it operates. In addition the director5 have applied funds to the Federation of London Youth Clubs. In undertaking these actwilie5 in futherance ol the Foundation's objecthves, the directors confirm that they have complied with the duty in Section 4 of the Gharitses Act 2011 lo have due regard lo the Charity Commi35ion's general guidance on public benefit. Signeil.. Date.. l.o./1 /2.1... q¢npJr , Director for an on behalfofihe D1CtOrS, Twslees and Members D1ctors, Report Page 4
Th& Sulgravè Foundatlon Stat¢m8nt of Flnanclal Activities For the year ended 30 June 2021 yle 30Jun-21 yle 30-Jun-20 Notes Incomin Resources Incoming SOurceS from generated funds.. Investment Income 44,926.57 54,728.69 Total Incomin Resou 44,926.57 54,728.69 en Charitable aclivitie$'. Grants to Charrties 37.000.00 37,000.00 Legal and At1minislrative costs 16.149.60 14,449.82 Total R so 53.149.60 51,449.62 el income I reco nised ex in endi re other 223.03 3.279.07 insl nvestment As Currency- Realised during the year Nll 10.031 Investments- Realised during the year 386A2 153.57 Inve$lmenls- Unrealised during the year 232.680.69 124.803.04 Net Movem inF nds 224,844.08 {121.370.43) Funds Brou htFo 1.594,526.06 1,715,896.49 rried Forward at 30th June 2021 I B19.370.14 1 594 526.06 The notes on pages 7 10 9 form part of these accounts. Statement of Financial Activ. Page 5
The SulgrdV• Foundati¢ - Company Number 8250058 Balance sh8at As at 30 Jun* 2021 30Jun-21 JoUn-20 Not•s Fixed a55ets Real property 2.850.00 2,850.00 Investments 1,797,864.10 1,570,353.59 1.800.714.10 1,573,203.59 Current ass•ts Cash al bank and in hand 18,656.04 28.322.47 Creditors: amounts falling du• wSthln one year 17,000.001 ¢t eurrent assets 18,656.04 21,322.47 Net assets 1.819.370.14 1594,526.06 represented by." Reserves Unrestricted Funds 1.819 370.14 1,819,370.14 1,594,526.06 1,594.526.06 tion statement Th• charitable company is entitled to ox•mption from audlt und•r S•ction 477 of thè C<)mpantes Act 2006 lor the year ended 30 June 2021. The members hav8 not roquir•d tho charltable company to obtain an audlt oi its financial stsl¢m¢nts for the year and8d 30 Jun• 2021 In accordance with S•ction 476 of the Companies Act 2006. The trustees acknowl8dge thgir responsibilities for al on$urlng that the charitable company kp$ accountlng records that comply wlth Sections 386 and 387 of the Companies Act 2006 and bl preparing financial statoments whlch glve a true and fair vlew of the State of affaiys of thè charitable company a$ at the end ol each financial yèar and of its surplus or deficit far each financial y?ar In accordance with the requirèmenls of Sections 394 and 395 and which OtheSe cornply with the requirèmants of the Companios Act 2006 rglating to financial statèments. so far as applicabl• to thè charitsblo company. Thosè financlal ststements have been prepared in a¢¢ordance ¥VFth the special provlslons of Part 15 of thè Companie5 Act 2006 relating to small charilable companies and with the Flnancial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021- The financial statèments were approved by tha Board of Trustees on ............................................. and wern signèd on it5 behalf by- Sianed". Date.. lQ/i 12 by.. gAoA¥4 qCAfvJi D1Clor for an on behamof the Directors. frustees and Members The notes on pages 7 to 9 fomi part of these accounts. Balance Sheet Page 6
The Sulgrave Foundatlon Notes to the Flnancial Statements for the year to 30 June 2021 ¢¢ountln Polici la) Ba$ls of pr•paratlon of financial ststsmènts The financial statements have been prepared under the historical cost convents'on, wlh the excepts'on of investmen15 which are induded at market value, and in accordance wlh the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS10212nd Edition issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the Charities Act 2011 and UK General Accepted Practice as il applies trom 1 January 2015. The accounts (financial ststemènts) have been prepared to give a 'true and faif and h8ve deported from the Charities (Accounts and Reports) Regulations 2008 only lo the extent Tequired lo prowde a 'true and fair vievl. This departure has involved followng the Accounting and Reporting by Charities preparing their accounts in accordance wth the Financial Repotring Stsndard applicable in the UK and Republic of Ireland IFRS10212nd Edrtion issued October 2019 rather than the Accounting and Reporting by Charitie$." Statement of Recommended Practice effective from 1 April 2005 which has since been wthdrawn. Ibl Incoming resourc•s All incoming resources are included in the Statement of Financial Actiwb'es vthen the charity is legalty entitled to the income and the amount can be quantified wth reasonale accuracy. Icl Resources expended All expenditure is accounted for on an accruals basis and has been included under expense categories Ihat aggregate all costs for allocats'on purposes. Grants payable are re¢ogni$ed in the year when the offer 1$ made, providing that any related conditions thin the ¢ontrol of the Trustees have been fulfilled. Grants offered subject to conditsons vthich remain wlhin the control of the Trustees and have not been met at the year end are noted as a commitment, but not a¢¢rued a5 expenditure. Value Added Tax is not rKoverable by the charity and, as such, is included in the relevant costs in the Statement of Financial Acts'wlies. {dl Cash flow The financial statements do not include a cash flow slalemenl because the charity. as a small reporb'ng entity wthin the provisions of FRS 102, is exempt from the requirement lo prepare such a statement leffeclive 16 July 20141. (el Invesbn8nts Investments are slated at Met value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals during the year. (Q Taxatlon The trust is a registere¢J charty and, as such, is not subject lo tax on ts income and gains to the extent thal they are applied lo its charitable purposey. notes continued overleaf Notes Page 7
The Sulgrave Foundation Notes to the Flnanclal Statements for the year to 30 June 2021 (contlnued) nv yle Joun-2l ylo 30Jun-20 Unil Trust l OEIC Interest Distributions Unil Trust l OEIC Diknidends 5,127.66 39,798.91 8.910.41 45,818.28 44,926.57 54,728.69 During the period, grants were paid as follows in furtherance of the charity's objectives.. ylo 30-Jun-21 yle 3OUn-20 The Sulgrave Club Federabon of London Youth Clubs 30,000.00 7,000.00 37,000 00 30,000.00 7.000.00 37,000.00 4. Le al & Administ Iv ylo 30-ju21 yle 3OUn-20 Legal & compliance f•es Investment manager fees Independent examineV$ fee 10.207.00 4,922.60 1.020.00 8,562.00 4,897.62 990.00 16,149.60 14,449.62 S. Fixed Ass• Rèa yle 3OUn-21 yle 30dun-20 287 Goldhawk Road, London W12 staled at orwinal cost to The Sulgrave Chantsble Trust 2,850.00 2,850.00 2,850.00 2.850.00 Propety is location from wh)ich 'The Sulgrave Club. operates not8s continued overteaf Notes Page 8
The Sulgrave Foundation Notes to the Financial Statements for the year to 30 June 2021 Icontlnued) 6. Fixed Asset- Inv yle JOUn-21 yle 304un.20 Historical cost at 1st July 2020 Additions al cost Disposals al cost Historical cost at 30th June 2021 1,532,831.98 1.538,319 37 5,170.18 1,527,661.80 5,487.39 1,532,831.98 Cumulatsve unrealised gaIn(lo$Se$l al 30th June 2021 270.202.30 37,521.61 Maiket Value Sheet 1.797,864.10 1,570,353.59 Structure of the rtfolio b rk value Mulli-Asset Class and Other Investments 100.00% 100.00% eri nvestments as % of ortfojio valu OT above Bardays Charity Ful R GBP Disl 100.00% 100.00% 7. Creditors: amo nts fallin due wl In one ear yle 30U-21 y1• JoUn-20 Due to Federabon of London Youth Clubs 7.000.00 7.000.00 ' Remune During the year no trustees received reimbursement for expenses or VMS in receipt of any other company monies. Notes Page 9
The Sulgrave Foundation Examinerfs Unqualified Report Independent Examinerfs Report to the Trustees of Sulgrave Charitable Trust I report on the accounts of the charity for the period ended 30 June 2021 which are set out on pages five lo nine. Respective rosponsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's Iruslees consider that an audit is not required for this year lunder Section 144121 of the Charities Act 2011 (the 2011 Aclll and that an Independent examination is required. It is my responsibility to.. examine the aecounts under Section 145 of the 2011 Act., follow the procedures laid down in the Geneml Directions given by the Charity Commission (under Sectson 14515llbl of the 2011 Act), and stste whether particular matters have come lo my allenlion. Basis of independent examinerfs ststement My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Iruslees concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited lo those matters sel out in the statement below. Independent examiner's statement In connection with my examination, no matter has come to my attention.. which gives me reasonable eause to believe that, in any material spect, the requirements.. to keep accounting records in accordance with secb'on 130 of the 2011 Act", and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been mel., or to which, in my opinion, attention should be drawn in order lo enable a proper understanding of the accounts to be reached. M S Leigh BA FCA CF Azets Chartered Accountants Ashcombe Court Woolsack Way Godalming, Surrey, GU7 1LQ Date.. 12 January 2022