2022-06-30-accounts

Company Th￿nbOr 826005B Charfty nmb•r 1153481 Th• Sulgr•v• Found•lSon A comp•ny Ilmltsd by guarnnt•• Fln•ncSal ¥tstwn•nt• •nd Twu•t•••lDlractorn' rnport for th• p•rSod to 30 Jun• 2022

The Sulgrave Foundatlon L•gal & Adminlstratlve Infomiatlon at 30 Juno 2022 Company numbor 8250058 Charlty reglstrntion number 1153481 Gov•rning document The memor8ndum and arts'cles of a5yoclation of The Sulgrave Foundation registered on 11 October 2012. Dlrnctornrrru•t••s Mr Christopher lan Plammond Ms Sarah M8ry Grant Federation of London Youth Clubs Pilnclp•l •ddr•ss for coTre•pondgnce •nd r•gl•t•rod offic• Penninglons Manches Cooper LLP 125 Wood Street London EC2V 7AW Sollcltorn Penninglons Man¢h•s Cooper LLP 125 Wood Street London EC2V 7AW Ac¢ount•nts Penninglons Manche8 CoJper LLP 125 Wood Slreel London EC2V 7AW Ind•p•nd•nl Ex•mln•rn Azels Ashcombe Court Wool3ack Way Godalming Surrey GU7 1LQ Infomiab'on page Page 2

The Sulgr•v• Foundatlon Trust•eslDlrtttors' Report for th& period to 30 Junè 2022 Directors, Trustees and M•mbers The members of the charty are required lo be 115 Iruslees and directors. A register of members is maintained by the charity. New member5 are accepted by agreement of 811 the members. The members May al any lime adopt a new policy for accepting applications for membership. New mernbers are expected to have adequate experience In matters concerning the objects of the charity or be a￿e to advise on matter5 that wll aid the charity in achiewng its objests. Declslon maklng by Dlrnctors The directors convene at an annual general meeting and at other board me•lings a8 required throughout the year. Al present, they commit lo decisions by unanimous voleg 81 the meetings. The directors, deusion making powers are governed by the articles of a880ciation of the Qharity. ObJ•ct8 of the Charlty For ¥uch charitable purpoje ay the directors shall from lime lo lime in their 8b8olule and uncontrolled digcrelicn think fil, and in particular to lurther the development and education of ljoys and young men and girf5 and young women through their lei3ure-lirne activities so as to help them achieve their physical. rnenlal and spiritual potential 50 that they may grow lo full maturity as individuals and members of society snd that their conditions 01 life may be Improved. In furtherance of the objects the dbrectors will have particular regard lo the needs of IhoBe in poverty or financial hardship. Sp•clflc Inv••trn•nt Pow•r4 The directors. power8 include full discrelion4ry powers lo make grants. They also have full dlgcrelionafy power to make Investments. Achlevem8nt• and P•rfornianc• The Foundation holds an investrnenl portfolio to provlde income and grovrth lo financially support the charily'g objectives. In addition, the Foundation holds a property where the Sulgrave Club operates, which is held In furtheT8nce of the ch8rlty's obje¢ts'ves. All funds are Unrestricted Fund¥. The value ol the trust investments was £1,797,864 on 30 June 2021 and the value of investments w8$ £1,667.514 on 30 June 2022, 8 decrease of 7.25%. The annualised relum lincluding income} since th investment manager began lo rnanage the portfolio on behalf of the Foundation 18 5.16%. The directors consider the performance against a composite benchmark for charities adopting a moderate risk approach. The 8nnu3lised relum of the benchmark since the investment manager began lo manage the portfolio on behalf of the Foundation 18 5.23%. The charity has agreed grants of £30.000 lo the Sulgrave Club and £7,000 lo the Federats'on of London Youth Clubs In furtherance of its objectives. Appli¢alion• The charity does not accept application5 for grants. continued overtea Director5, Report Page 3

Th• Sulgr•ve Foundatlon Trusts•9￿lItttor¥. Raport for the perlod to 30 Juno 2022 R•J•Trv•$ pollcy The charity wll establish a reservey policy followng receipt of assely and intend8 that thi9 wll be lo hold sufficient inveslmenls to mainlain an appiopriate income level to meet its grant ￿mMItments. Rlsk manag•m•nt The charity has no operational risks. When the charity receives assets, il wll have risks associated wth its investment strategy and il wll guard against those risks by ensuring, wth advice from investment prOfeS￿Onal$, reasonable diversfficalion of investrnenls. A•latlonshlp wlth othèr ch•rltlo• Th? charity recelved all of the 8$￿t8 of The Sul9rave Chartsble Tnjsl Ireglslered ¢haTrty 2319521 on 28 March 2014. The charity has no relationship vllh any other general grant rnaking charbtles. Grnnt maklng pollcy The charlty alms to expend on amount on gr8nt$ that 18 in Ilne with the income earned each year. Publ1¢ ben•fft The dlreclors have conllnu•d to apply fvnd$ lo The Sulgr8ve Club along wSth the uje of the premises Irom which il operates. In addrtlon the d1￿ctorS havg applied fund5 to the Federation of London Youth Clubs. In un¢Jertaking these a¢livibes in futherance of the Foundation'g objectives, th8 directors confirm that they have complled wlh the duly in Secbon 4 of the Charities Act 2011 to have due regard lo the Charrty Comml$$Son's general guldance on publlc benefit. Slgned.. Dalg.. by.. Dirèclor ror 8n on b8h8llof tlje Directors. T￿￿teeS and Membe Director3, Report Page 4

Th• Sulgvave Foundation Statement of Financl•l Actlvltl•8 For tho yèar onded 30 June 2022 y1• 304un.22 y1• 30￿￿n-21 Nots$ In Incoming resources from generated funds.. Investment Income 46,771.gS 44,926.57 sources 46,771.95 44,926.57 Ex Charrtable aetlvlllej.. Grants lo Charitie$ 37,000.00 37,000.00 Legal and Administrallve costs 15,067.59 16,149.60 S2,067.S• 53,14960 in ,295.04 8,223.03 In n Inve Curr•ncy- R•all8ed durlng the yeor Inve$lments- Realised dudng the year 877.01 386.42 Inve8lrnenl$- Unreall$ed during th• year 125,801.59 232,680,69 el Movement in Fund (130,020.22) 224,844,08 hlF 1,819,370.14 1.594,528.08 Funds Carried Forward al h Jun• 202 1689 349.92 1,819,370.14 The notes on p8ge$ 7 10 9 fomi part of these accounly. Statement of Financial A¢tiv. Page 5

The Sulgrav• F¢undatlon - Company Number 82SOOS8 Balance sheet A• at 30 Jun• 2022 30-Jun-22 30Jun-21 Notes Flx•d ass•ts Real property 2,850.00 2.850.00 Investments 1.667.514.07 1,797,864.10 1,670,364.07 1,800,714.10 Current assets Cash al bank and in hand 18,986.80 18.e56.04 Cv•dltor•: amounts falllng dug wlthln one y•ar N•t currnnt a•t 18.985.85 18,656.04 Net ••s•t8 1,689,349.92 1,819,370.14 rep￿Sented by.. R•s•r¥ Unreslrleled Fund8 1.689,349.92 1.689,349.92 1,819.370.14 1,819,370.14 Th• charitable comp•ny is •ntitl•d to 8x•mptlon from •udlt undor S•ctlon 477 of tho Comp•nl•• Act 2006 for th• year •nd•d 30 Jun• 2022. Th• m•mbors hav• not roqulred th8 chadtabl• company to obtaln an audlt of Its ff nan¢l•l •tst•m•nts for th• year •nd•d 30 Jun• 2022 In •c¢ordance wlth 8•ctJon 476 of ¢h• Companl•s Act 2006. Th• trust•￿ acknowledgo th•lr r••ponslbllltbfr• for 41 ensurlng that th• charltablg ct)mpany k••p• accountlng r•covd8 th•t comply wlth Soctlon• 386 and 387 of th• cornpanl￿ Act 2006 •nd bl pr•parlng financial st•tomnt• whl¢h glv• a tru• and falr vlew of th• state of aff*Srn of the charltsblè company as at th• •nd of •a¢h flnancial y•ar and of Its ¥urplus or d•flclt for each Ilnanclal y••r In accordanc• with the r•qulr•m•nts of Soction• 394 and 395 and whlch otherwls? comply wlth the r8qulrom•nts of the Compan1￿ Act 2006 r•latlng to financiil •tatements. lo tar as appllcable to the charltable company. Thfrse Ionanclal ststementg hav• been prnparnd In accord•nce wlth th• 8pèclal provlslons of Part 15 01 th• Companies Act 2006 re14ting to small charitable eompanl•s and with the FlnancS•l R•portlng St•ndard appllcablg in th• Unht•d Klngdom and R•publl¢ of Irgljnd IFRS1021. Th• financial statements w•r• approved by th• Board of Trusts85 on............ woro ¥ign•d on Itj behalf by.. .and Signed.. Date.. by A14 qo fy.5 Director lor an on behallolthe Directors, Truslees 8nd Members The notes on pages 7 to 9 lorm part of these accounts. Balance Sheet Page fj

The Sulgrave Foundatlon Notgs to the Flnancial Statements for the year lo 30 June 2022 1. Accountin Policie lal Ba$1¥ of prepor•tlon of finan¢lal •t•tem•nts The linanclal statements have been prepared under the historical cost convention, with the excepts'on of inveslments vthich are included al market value, and In accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS10212nd Edition issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the Charities Aet 2011 and UK Generalty Accepted Practice as it applies from 1 January 2015. The accounts (financial statements} have been prepared lo give a 'lrue and fairf ￿eW and have departed from the Ch￿itIeS (Accounts and Report51 Regul81ion5 2008 only to the extent required lo provide a 'true and lair view. Thls departure has involved following the Accounting and Reporting by Charltses preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland IFRS10212nd Erlltlon Issued October 2019 rather than the Accounting and Reporting by Charilie8.' Statement of Recommended Pracllce effective from 1 April 2005 %thich has since been withdravm. {bl Incomlng Y••ourc•• All incoming resourc88 are Included in the Slalement of Financial Actsvilie5 when the charity 15 legally entiued lo the income and tho amount be quantified with rea8on8ble accuracy. (GI R￿Q￿r¢•I expendod All expenditure iy accounted for on an accruals basis 8nd has been included under expense categorfeg that aggregate all costs lor alloc8lion purpose$. Grant8 payable are recognised In the year when the offer is made, providing th81 ony related condiliong thin the control of the Tru¥lee8 have been lulfilled. Granlg offefftd gublecl lo condits'ons Ythich remaln wthin the control of the Tru51ee3 and have not been rnel al the year end are noted as a commltmenl, but not accrued as expenditure. Value Added Tax ig not recoverable by the charity and. 8$ such, is included in Ihe relevant costs in the Statement of Financial Ath'vilies. Idl C••h flow The financial statements do not Include a cash Ilow stalom8nl becauge the charity, as 8 small reporting enlily wlhin the provisions of FRS 102, is exempt from the requirement lo prepare such statement leffeclive 16 July 20141. lel Invg$lment• Inve5trnent$ are Slated al market value al Ihg balanc? sheol date. Tho Statement of Financial Activities in¢lude$ Ihg net gain5 and losses arising on revaluations and disposals during the year. lfj Taxatlon The trust 18 a registered charity and. as such, Is not subject to tax on its income and gain¥ lo the extent that they are applled lo ils charltable purposes. notes continued overfeaf Notes Page 7

Thè Sulgrave Foundation Notes to the Flnancial Statements for the year to 30 Juno 2022 (continuedl 2. Inv••tm nt Income y1• 30Jun-22 ylo 30￿￿￿•21 Unit Tru$l l OEIC Interest Distributions Unit Trust l OEIC Dividends 13.324,50 33,447.45 5,127.66 39.798.91 46,771.95 44.926.57 During the period. grants Y￿re pald a8 follows in furtherance of the charWs objectives.. y1• J0￿un-22 y1• 3o￿Un-2l The SulgTa¥e Club Federatr'on of London Youth Club8 30,000.00 7,000 00 37,000.00 30,000.00 7,000.00 37,000.00 mln Iv yle 30￿￿n.22 yle 30Jun-21 Legal & compliance fees Inveglmenl manager fees Independent examlnef8 fee 8,473.00 5,454.59 1,140.00 10.207.00 4,922.60 1,020.00 15.067.59 18,149.60 Ix y1• 30￿Un.22 y1• 30Jun-21 287 Goldhawk Road. London W12 slated 8t Iviginal cost lo The Sulgr8v8 Charitable Trust 2,850.00 2,850.00 2.850.00 2 850.00 Property Ss locatlon frc<n vhich 'The Sulgrave Club, operaleg notes continued overfoof Notes Page 8

The Sulgrave Foundation Notes to the Flnanclal Statements for the year to 30 June 2022 (continued) 8. Flxed Asset- Investfflents ylo 30￿Un.21 yle 30Jun-21 Hi51orlcal cost al 1$1 July 2021 Additions at cost Disposals al co81 HistOTlcal cost at 30th June 2022 1,527,661.80 1.532,831.98 4,748.44 1,522,913.36 5,170.18 1,527.661.80 cumulats.ve unreali$ed gain51{105yes1 at 30th June 2022 144,600.71 270,202.30 rk 1,687,514.07 1,797.884.10 rtfolio rkel value MUll￿A&Sel Class and Other InveBtmen18 100.00% 100.00% 8arday8 Charity Fund R GBP DI81 100.00% 100.00% ra Ex During the yo•r no tru8lee8 recelved relmbur8ement for expen8e8 or was In r•celpt of any other company monles. Notes Page 9

The Sulgrave Foundation Examiner's Unqualified Report

Independent Examiner's Report to the Trustees of Sulgrave Charitable Trust

I report on the accounts of the charity for the period ended 30 June 2022 which are set out on pages five to nine.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under Section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is required.

It is my responsibility to:

• examine the accounts under Section 145 of the 2011 Act;

• follow the procedures laid down in the General Directions given by the Charity Commission (under Section 145(5)(b) of the 2011 Act); and

• state whether particular matters have come to my attention.

Basis of independent examiner's statement

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 trustees concerning any such matters. 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 to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

• 1 which gives me reasonable cause to believe that, in any material respect, the requirements:

• to keep accounting records in accordance with section 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 met; or

• 2 to which, in my opinion, attention should be drawn in order to 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: 11 January 2023