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.
DirectOrs￿l￿steeS
Mr ChristopheT lan Hammond
M5 Sarah Mary Grant
Federation ol London Youth Club5
Principal address for
correspondence and
règistered o￿lGe
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
T￿e 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 01￿ClorS, 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 30￿Un.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................................................................