Company number 8250058 Charity numbèr 1153481 The Sulgrave Foundation A company limited by guarantee Financial statements and TrusteeslDirectors' report for the period to 30 June 2023
The Sulgrave Foundalion Legal & Administrative Informatlon at 30 June 2023 Company number 8250058 Charity registration number 1153481 Governing document The rnemorandum and articles of association ol The Sulgrave Foundation registered on 11 October 2012. DirectOrslsteeS Mr ChristopheT lan Hammond M5 Sarah Mary Grant Federation ol London Youth Club5 Principal address for correspondence and règistered olGe Pennington5 Manches Cooper LLP 125 Vvood Street London EE2V 7AVV Solicitors Penningtons Manches Cooper LLP 125 Wood Street London EC2V 7AW Charity Administrators Penninglons Manches Cooper LLP 125 Wood Street London EC2V 7AW Independent Examiner5 A2ets Audit Service5 Limited A5hcombe Court Woolsack Vvay Godalming Surrey GU71LQ InYDimalion page Page 2
The Sulgrave Foundation Trustee51Directors' Report for the period to 30 June 2023 Directors, Trustees and Mernbers The members of the charity are required lo be Its tru5tee5 and directors. A register of member5 is maintained by the charity. New member5 are accepled by agreement of all the members. The members may at any time adopt a new policy for accepting applications for mernbership. New member5 are expected lo have adequate experience In matters concerning the objecls of the charity or be able lo advise on fflatte15 that will aid the charity in achieving its objects. Decision making by Director5 The directors convene at an annual general meeting anol 31 other board meetings as required throughout the year At present. they commit to dec15ions by unanimous voles al the meetings The directors, decision making powers ale governed by the articles of association ol the charily. Objects of the Charity For such charitable purpose as the directors shall frorn lime to time in their absolute and uncontrolled disGretion think lil and In particular to further the development and education ol boys and young men and girls and young wofflen through their leisure-time activities so as io help them achieve their physical, mental and spiritual potential $0 Ihal they may grow lo full rllalLJrity as individuals and mernbe15 of society and that their conditions of life may be Improved. In furtherance of the objects the directors will have particular regard lo the needs of those In poverty or financial hardship. Specific Investment Powers The directors, pawers Include full discretionary powers to rnake grants. They also have full di5Grelion3ry power to make Investments. Financial Review The Foundation hold5 an Investment portfolio to provide Income and growtb to financially support the h3rity's objectives. In addition. the Foundat10n holds a property where the Sulgrave Club operate5. which Is held In furtherance of the charity'5 objectives. All funds are Unrestricted Funds. The value of the trust Investments was £1.667.514 on 30 June 2022 and the value ol investments was £1,684,568 oll 30 June 2023, an Increase of 1.0230k. The anllualised return (including Incornel since the Investment manager began to manage the portfolio on behalf of the Foundation is 5.04U/. The directors considei the performance against a composite benchmark lor charities adopting a moderate r15k approach The annualised return ol the benchmark since the investment manager began to manage the portfolio on behalf of the Foundation Is 5.30°/0. Future performance ol the Foundation Investments will be linked lo the perfomance ol financial marke15 generally and the risks and rewards associated. The Income and gains generated by the Foundation investments are the sole funding sources of the Foundalion and help 5UPPOrt Its grant making objectives The Foundation ha5 agreed grant5 01 £35 000 lo the Sulgr8ve Club and £7,000 to the Federation of London YoLJth Clubs In lurtheiance ol Its objectives. curitiiiued overlcaf Directors, Report Page 3
The Sulgrave Foundation TrusteeslDirectors' Report for the period t¢) 30 June 2023 Appllcations Te Foundation does not accept applications for grants. Reserves policy The Foundation does not need to keep significiant cash reserves to maintain it's regular grant makirig objectives 2nd expense obligations as the Foundation holds Investments from which cash can be raised within a short Iimelrame. As of 5 Apri12023, cash reserve5 were £20,460.31 (£18 985 85 In 20221 which Ihe director5 COn51der to be an appropriate level The Foundation has no restricted funds. Risk management The charity has no operational risks. When the oharily receives assets, Il will have risks associated with Its Investment strategy and It wll guard against those risks by ensuring, with advice from investment professiona15, reasonable diversification ol investrnents. Relationship with other charilies The charity received all of the assets Df The Sulgrave Ch31itable Trust (registered charity 2319521 on 28 March 2D14. The charity has no relationship with any other general grant rnaking charities. Grant making policy The charity aims lo expend an amount on grants that Is In line wth the income earned each year. Public benefit The direc1015 have continued to apply funds to The Sulgrave Club along with the use of ihe premises from which It operates. In addition the directors have applied funlls lo the Federation of London YoLJth Glubs In undert3kin9 these activities In futher3nce of the Foundation's objective5, the directors confirm that they have complied with the duty In Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. Signed.. Date. ..{. /.3.1.a.4........ AQ_A 1.1 Director lor an on behalf of the 01ClorS, Truslce5 dnd Mefnbers Direclors, Report Page 4
The Sulgrave Foundation Statement of Financial Activities For the year endèd 30 June 2023 yle 30-Jun-23 yle 30-Jun-22 Notes Income Income frorn generated funds.. Investment Income 51,247.00 46771.95 Total Income 51,247.00 46.771.95 ndilur Charitable aGlivities Grants to Charities 42,000.00 37,000.00 Legal and Adminislralive cos15 13,410.38 15,067 59 Totsl Ex endilure 55,410.38 52,067.59 Gainsl Losses on Investment Asse15 Investments - Realised during the year 340.90 877.01 Investmenl5 - Unrea115ed during the year 21,030.71 (125.601.591 21,371.61 124.724 58 Net Income I Ex endi ure for the ear 17.208.23 (130,020.22 In Funds 17.208.23 1130.020.221 Funds Brou hlF rdat 1stJu 2022 1.689,349.92 1.819.370 14 30th June 2 1 706 558.15 1,689 349.92 The notes on pages 7 to 9 form part ol these accounts. Statement of Financial Activ. Page 5
The Sulgrave Foundation - Company Number 8250058 Balance shèet As at30 June 2023 30-Jun-23 30-Jun-22 Notes Fixed assets Real property 2,850.00 2,850 00 Investments 1,684,567.84 1.667.514.07 1,687.417.84 1 670 364.07 Current a55ets Cash al bank and In hand 20,460.31 18,985 85 Creditors.. amounts falling due within one year 11,320.001 Net current assets 19 140.31 18,985.85 Net a55ets 1 706 558.15 1689.349.92 represenled by. Reserves Unrestricted Fund5 1,706,558.15 1,706,558.15 1,689,349.92 1,689 349.92 Audit exem tion stst ment The chaiitable company Is entitled to exemption from audil under Section 477 of the Companies Act 2006 for the year ended 30 June 2023. The member5 have not required the chari13ble cornpany to obtain an audit of Its fin3ncial statements for the year ended 30 June 2023 In accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for al ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Cornpanies Act 2006 and bl preparing financial slatements which give a true and f31r view of the state of affairs of the charitable company a5 at the end ol each financial year and of Its surplus or deficit for each financial year In accordance with the requirernents of Sections 394 and 395 and which otherwise comply with the requirernents of the Companies Act 2006 relating to financial 5t3lements, so far as applicable to the charitable COTMpany These financial statements have been prep8red In accordance with thè special provisions of Part 15 of the Companies AGt 2006 relating to Small charitable cornpanies and with the Financial Reporting Siandard applicable In the United KINgdom and Republic of Ireland IFR51Q21. The financial stalemenls were approved by the Board ol Trustees on signed on Its behalf by and were Signed. Date. by Director for an on behalf of the Direrlors, Truslee.s and Member. The note5 on pages 7 to 9 form part ol these accounts. Balance Sheet Page 6
The Sulgrave Foundation Notes to the Financial Statements for the year to 30 June 2023 1. Le al Status The Sulgrave Foundalion Is a public benefit company limited by guarantee Incorporated In England and Wales. The registered office Is 125 Wood Street, London, EC2V FAW. The correspondence address for the charity is the same as the reg15tered office address. 2. Accountln Pollcles lal Basis of preparatlDn of financial statements The financial slalemenls have been prepared under the h15torical cost CDnVention with the exception of Investments which are Included at market value The financial slalernen15 have been piepared In accordance with the charity's governing document the Charities Act 2011 and 'Accounling 3nd Reporting by Charities. Slalèment of Recommpnded Practice applicable to chaiilies prep3riFIg their accoun15 In accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191" The ch8riW Is a Public Benefit Entity as defined by FRS 102. Ibl Incoming resotjrces All Incoming resources are Included In thE Sl3lemenl of Financial Aclivilie5 when the charity Is legally entitled lo the Income and the amount can be quantified with reasonable accuracy Icl Resources expended All expenditure Is accounted for an accruals basis and has been included under expense categories that aggregate all costs for allocation purposes. Grants payable are recognisecj in the year when the offer Is made, pioviding Ihal any related conditions within the control of the Trustees have been fulfilled. Grants olleied 5ubiecr to conditions which remain wilhin the control of the Trustees and have not been mel at the year end are nolEd as 2 commilmenl bLJt not accrued as expenditure. Value Added Tax 15 not recoverable by the charity and, as such. Is Includ2d in the relevanl costs In Ihe Statement of Financial Activities. Idl Investments Investments are stated al market value bl the balance sheet date The siaiemenl oy Financial Activities includes the nel g3ins and losses arising on revaluations and disposals during the year. lel Fixed assets Real Property Shown In these aCCDunls is rEllecled at an original acquisition cost to a charity knowr) as The Sulgrave Charitable Trust. from which all asset now held In Ihe Foundation were transferred frorn. As the properly Is the sile frotll which a youth club operates and will continue ID opeiaie for the foreseeable fulure. Il Is not practical to Include Ihe asset at market value. Furthermore, there Is no relevance In the application of a deprecialion policy lo the cost v31ue reflected In these accounts. Inveslmenls are reflected at market value. ID Taxation The trust Is a iegistered charily and. as such, is not subject to lax on Ils Income and gain5 to the exlenl th31 Ihey are applied to Its charitable purposes. riotcs Gontinijed c)verleAf Note5 PagE 7
The Sulgrave Foundation Notes to the Financial Statements for the year to 30 June 2023 Icontinuedl 3. Investment Income yle 30-Jun-23 yle 30Jun-22 Unil Trust l OEIC Interest Dislnbulions Unit Trust l OEIC Dividends 15.558.55 35,688.45 13.324.50 33.447 45 51 247 00 46,771.95 4. Grants During the period, gr3nts were paid as follow5 In furtherance of the charily'5 objectives.. yle 30-Jun-23 yle 30-Jun-22 The Sulgrave Club Federation of London Youth Clubs 35,000.00 7,000.00 42 000.00 30.000.OD 7,000.00 37 000.00 al & Admlnistratlve Co yle 30-Jun-23 yle 30-Jun-22 Legal & compliance fees Inveslmenl manager fees Indopendent exarniner's fee Ire- 2021-221 llldependenl examiner's fee lie 2022-231 5,905.60 4,984.78 1,200 00 1.320.00 8,473 00 5,454 59 1.140.DO 13.410.38 15.067.59 6. Flxed Asset- Real yle 30Un.23 yle 30-Jun-22 287 Goldhawk Road, London W12 .8fated al ongin81 cosl to The Siilgravtr Chantablo TriJ.st 2.850.00 2.850.00 2.850.00 2.850.00 PrDperty is location frorn which 'The Sulgrave Club, operates noles continued overleaf Notes Page 8
The Sulgrave Foundation Notès to the Financial Statemènts for the year to 30 June 2023 Icontinuedl 7. Flxed Asset- Inve yle 30-Jun-23 yle 30-Jun-22 Historical cost at 1 st July 2022 Additions al cost Disposals at cost Historical cosl al 30th June 2023 1,522,913.36 1,527,661.80 13,976 941 1.518.936.42 4,748.441 1.522.913.36 Cumulative unreali5Ed gainslllossesl a1301h June 2023 165.631 42 144,600.71 M8rket Value as er Bal Sheet 1 684 567.84 1.667.514 07 truct reo the market valu Mulli-Asset Class and Other Inve51menls 100.OOG/¢ 100.00'1. Mat nv sas%of f 5% or abov Barclays Chaiity Fund R GBP Dist 1QO.OOD/. 8. Creditors.. moun fallin due wlthi yle 30-Jun-23 yle 30-Jun-22 Independent exarniner's fee Ire." 2022-231 1,320.00 1,320 00 9. Staff costs There were no staff eTMployed for the ye2r ended 30 June 2023 nor the year ended 30 June 2022 10. Tr stees. Remuneratlon and Ex en5 Durin9 the year no Iruslees received reimbursement for expen5e5 or was in receipt of any other company monies. 11. Re ate Transaetlons Ouring the year grants of £7.ODO 12022." £7.0001 were paid to the Federation of London Youth Clubs, a Iruslee of the charity. Not25 Page 9
Independènt Examiner's Report to the Trusteès of The Sul8rave Foundation I report on the accounts for the year ended 30 June 2023 set out on pages five to nine. Respeetive responsibilitlès of trustèes and examiner The charity'5 tru5tee5 (who are also the director5 for the puip05es of company lawl are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 144121 of the Charities Act 2011 Ithe 2011 Actll and that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company13w and is eligible for independent examination, it 15 my re5pon5ibility to.. examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 14515llbl of the 2011 Act)., and to State whether particular malters have come to my attention. Basis of the independent examiner's report My examination was carried out in accordance with the General Directions given by the Charity Commission. An examinètion 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 a5 trustees concerning any such matter5. 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 statements below. Independent examiner's Statement In connection with my examination, no matter has come to rny attention.. which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting record5 in accordance with Section 386 and 387 of the CompaNie5 Act 2006,. and to prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities have not been met,. or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Debra Saunders FCA, BSC (Honsl Independent Examiner Azets Audit Services Limited Chartered Accountants Ashcombe Court Woolsack Way Godalming Surrey GU7 ILQ 12 March 2024 Date................................................................