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.
Directors￿rustees
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 rese￿e5 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 aCknO￿edge 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 3C￿Un-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 3O￿un-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 3O￿un-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