Company number 8250058 Charity number 1153481 The Sulgrave Foundation A company limited by guarantee Financial statements and Tru5teeslDirectors' report for the period to 30 June 2024
The Sulgrave Foundation Legal & Administrative Information at 30 June 2024 Company number 8250058 Charity registration number 1153481 Governing document The memorandum and articles of association of The Sulgrave Foundation registered on 11 October 2012. Directorsrustees Mr Christopher lan Hammond Ms Sarah Mary Grant Federation of London Youth Clubs Principal address for correspondence and registered offlce Penningtons Manches Cooper LLP 125 Wood Street LondDn EC2V 7AW Solicitors Penningtons Manches Cooper LLP 125 Wood Street London EC2V 7AW Charity Administrators Penningtons Manches Cooper LLP 125 Wood Street London EC2V 7AW Independent Examiners Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ Information page Page 2
The Sulgrave Foundation TrusteeslDirectors' Report for the period to 30 June 2024 Directors, Trustees and Members The members of the charity are required to be its twslees and directors. A regisler of members is maintained by the charity. New members are accepted by agreement of all the members. The members may at any time adopt a new policy for accepting applications for membership. New embers are expected to have adequate experience in matters cancerning the objects of the charity or be able to advise an matters that will aid the charity in achieving Its object5. Decision making by Directors The directors Gonvene at an annual general meeting and at other board meeting5 a5 required throughout the year. At present, they commit to decisions by unanimous votes at the meetings. The directors. deGision making powers are governed by the articles of association of the charity. Objects of the Charity For such charitable purpose as the directors shall from time to time in their absolute and uncontrolled discretion think fit, and in particular to further the development and education of boys and young men and girls and young women through their lei5ure-time activitie5 so a5 to help them achieve their physical, rllental and Spiritual polenlial 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 director5 will have particular regard to the needs of those in poverty or financial hardship. Specific Investment Powers The directors, powers include full discretionary powers to make grants. They also have full discretionary power to make investments. Financial Review The Foundation holds an investment portfolio to provide income and growth to financially support the charity's objectives. In addition, the Foundation holds a propety where the Sulgrave Club operates, which is held in furtherance of the charity's objectives. All funds are Unrestricted Funds. The value of the trust investments was £1,684.568 on 30 June 2023 and the value of investments was £1,819.406 on 30 June 2024, an increase of 8.004°A. The annualised return {including Income} since the investment manager began lo manage the portfolio on behalf of the Foundation is 5.64°1.. The directors consider the performance against a composite benchmark for charities adopting a mDderate risk approach. The annualised return of the benchmark since the investment manager began to manage the portfolio on behalf of the FoLJndation is S.96°A. Future performance of the Foundabon investments will be linked to the perfomance of financial markets generally and the risks and rewards a550ciated. The income and gains generated by the Foundation investments are the sole funding sources of the Foundation and help SLJPPOrt its grant making objective5. The Foundation has agreed grants of £35.000 to the Sulgrave Club and £7,000 to the Federation of London Youth Clubs in furtherance of its Objectives. continued overleaf Directors, Report Page 3
The Sulgrave Foundation TrusteeslDirectors' Report for the period to 30 June 2024 Applications The Foundation does not accepl applications for grants. Reserves policy The Foundation does not need lo keep significiant cash resee5 lo maintain it's regular grant making objectives and expense obligations as the Foundation holds investments from which cash can be raised within a short timeframe. As of 30 June 2024, cash reserves were £19,874.54 (£20,460.31 in 20231 which the directors consider to be an appropriate level as this will cover expenses payable. Funds will be raised if necessary from trust Investments to adequately cover future grant commitments. The Foundation has no restricted funds. Risk management The charity has no operational risks. When the charity receives a55ets, it wll have risks associated with Its investment strategy and it will guard against those risks by ensuring, with advice from investment professionals, reasonable diversification of investments. Grant making policy The charity aims to expend an amount on granls that is in line vAth the incorne earned each year. Public benefit The directors have continued to apply fund5 to The Sulgrave Club along with the use of the premises from which it operates_ In addrtion the directors have applied fund5 to the Federation of London Youth Clubs. In undertaking these activities in futherance of the Foundalion'5 obieGtives. 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.. by AC414 Qr.A*Jl Director for an on behalf ol the Directors. Trustees and Mombers Directors. Report Page 4
The Sulgrave Foundation Statement of Financial Activities For the year ended 30 June 2024 yle 30-Jun-24 yle 30-Jun-23 Notes Income Income from generated funds.. Investment Income 52.749.12 51,247.00 Total In ome 52,749.12 51,247.00 Ex enditure Charitable activities.. Grants to Charities 42,000.00 42,000.00 Legal and Administrative cost5 17.000.75 13,410.38 Total Ex enditure 59,000.75 55,410.38 Gains on Investrnent Assets Investments - Realised during the year 599.92 340.90 Investments- Unrealised during the year 139,543.72 21,030.71 140,143.64 21,371.61 Net Income for the ear 133,892.01 17,208.23 Net Movement in Funds 133.892.01 17,208.23 F nds 8rou ht Forward al 1 s UI 2023 1,706,558.15 1,689,349.92 Funds Carried Forward at 30th June 2024 1.840,450.16 1,706,558.15 The notes on pages 7 to 9 form part of these accounts. Statemenl of Financial Actsv. Page 5
The Sulgrave Foundation - Company Number 8250058 Balance sheet As at 30 June 2024 30-Jun-24 30-Jun-23 Notes Fixed assets Real property 2,850.00 2,850.00 Investments 1.819,405.62 1,684,567.84 1.822.255.62 1,687,417.84 Current assets Cash at bank and in hand 19,874.54 20,460.31 Creditors- amounts falling due within one year (1,680.00) (1,320.001 Net current assets 18.194.54 19,140.31 Net assets 1,840,450.16 1,706,558.15 represented by." Reserves Unrestricted Funds 1,840,450.16 1.840.450.16 1,706,558.15 1,706.558.15 Audit exem tion statement The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. The members have not required the charitable company to obtain an audit of its fi'nancial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. The trustees aCknOedge their responsibilities for a) ensuring that the charitable company keeps accounbng records that comply wilh Sections 386 and 387 of the Companies Act 2006 and b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwse comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small chantable companies and wth the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102). The financial statements were approved by the Board of Trustees on ............................................. and were signed on ils behalf by: Signed 11IL/I_f by L.oi4 l Director for an on behalf of Ihe Directors. Tnistees and Members The notes on pages 7 to 9 foim part of these accounts_ Balance Sheet Page 6
The Sulgrave Foundation Notes to the Financial Statements for the year to 30 June 2024 1.Le al Status The Sulgrave Found8tion is a public benefit company limiled by guarantee incorporated in England and Wales. The registered office is 125 Wood Slreel, London, EC2V 7AW. The correspondence address for the charity is the same as the registered office addres5. 2. Accountin Pollcles lal Basis of preparation of financial statements The financial statements have been prepared under the hislorical cost convention, with the exception of investments which are included al market value. The financial slalemenls have been prepared in accordance with the charity's goveining docurnenl, the Chanlies Act 2011 and Accounting and Reporting by Charities". Statement of Recomfflended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effeclive 1 January 20191" The charity is a Public Benefit Enlity as defined by FRS 102. (bl Incoming resources All incoming resources are included in the Slatement of Financial Activities when the charity is legally entitled lo the income and the amount can be quanb.fied with reasonable accuracy. {c} Resources expended All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all cost5 for allocation purposes. Grants payable are recognised in the year when the offer is made, providing that any related conditions within the conlrol of the Tnjslees have been fulfilled. Gran15 offered subject lo conditions which remain within the control of the TTUStees and have not been mel al the yeai end are noted as a commitment, bul nol accrued as expendilure. Value Added Tax is not recoverable by the chanly and. as such, Is Included in the relevant costs in the Statement of Financial Activities. Idl Investments Investments are slated al market value at the balance sheet dale. The Statement of Financial Activities includes the nel gains and losses arising on revaluations and disposals during the year. lel Fixed assets Real Property shown in Ihese account5 is reflected al an original acquisilion cost lo a charity known as The Sulgrave Charitable Trust, from which all asset now held in the Foundation were transferred from. As the property is the site fTom which a youth club operates and will continue lo operate for the foreseeable future, il is not practical lo include Ihe asset at market value. Furthermore, there is no relevance in the application of a depreciation policy lo the cost value reflected in these accounts. Investments are reflected al market value. ifj Taxation The trust is a registered charity and, as such. is not subject to lax on its income and gains lo the extent that they are applied lo ils charitable purpose5_ notes continued overleaf Noles Page 7
The Sulgrave Foundation Notes to the Financial Statements for the year to 30 June 2024 (continued) 3. Investment Income yle 30-Jun-24 yle 30Jun-23 Unit Trust l OEIC Interest Distributions Unit Trust l OEIC Dividends 23,861.85 28,887.27 15,558.55 35,688.45 52,749.12 51,247.00 4. Grants During the period, grants were paid as follows in furtherance of the charity's objectives.. yle 30-Jun-24 yle 3CUn-23 The Sulgrave Club Federation of London Youth Clubs 35,000.00 7,000.00 42.000.00 35,000.00 7,000.00 42 000.00 5.Le al & Administrative Costs yle 30Jun-24 yle 30-Jun-23 Legal & compliance fees Investmenl manager fees Independenl examiner's fee (re.. 2021-22) Independent examinevs fee (re.. 2022-231 Independent examinerfs fee {re". 2023-241 9,913.00 5,107.75 5,905.60 4,964.78 1,200.00 1,320.00 300.00 1.680.00 17.000.75 13,410.38 6. Fixed Asset- Real Pro yle 3Oun-24 yle 30Jun-23 287 Goldhawk Road. London W12 stated al onginal cosl to The Sulgrave Charilable Trust 2.850.00 2,850.00 2.850.00 2,850.00 Propety Is location from which'The Sulgrave Club. operates notes continued overleaf Noles Page 8
The Sulgrave Foundation Notes to the Financial Statements for the year to 30 June 2024 (continued) 7. Fixed As5et- Investments yle 30-Jun-24 yle 30Jun-23 Historical cost at 1st July 2023 Disposals al cost Historical cost at 30th June 2024 1,518,936.42 4,705.941 1,514,230_48 1,522,913_36 3,976.94 1,518,936.42 Cumulative unrealised gains at 30th June 2024 305,175.14 165,631.42 Market Value as er Balance Sheet 1.819,405.62 1.684.567.84 Structure of the ortfolio b market value Mulli-Asset Class and Other Investment5 100.00 /0 Material Investments as Y• of ortfolio value of 5% or above Barclays Charity Fund R GBP Disl 100.000 100.00'/0 8. Creditors: amounts fallln due within one ear yle 30-Jun-24 yle 3Oun-23 Independent examiner's fee 1,680.00 1,320.00 1,680.00 1,320.00 9. Staff costs There were no staff employed forthe year ended 30 June 2024 nor Ihe year ended 30 June 2023 10. Trustees, RernuneratSon and Ex enses During the year no trustees received reifflbursement fof expenses or was in receipt of any other company monies. 11. Re ated Part Transactlons During the year grants of £7.00012023". £7.000) were paid to the Federation of London Youth Clubs, a trustee of the charity. Notes Page 9
Independent Examiner's Report to the Trustees of The Sulgrave Foundation I report to the charity trustees on my examination of the accounts of the company for the year ended 30 June 2024 which are set out on pages five to nine. Responsibilities and basis of report As the charity trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 Act'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement I have completed My examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or the accounts do not accord with those records- or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination- or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Debra Saunders FCA. BSC IHons) Independent Examiner Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 ILQ 3 March 2025