Company number 8250058 Charity number 1153481 The Sulgrave Foundation A company limited by guarantee Financial statements and TrusteeslDirectors' report for the period to 30 June 2025
The Sulgrave Foundation Legal & Administrative Infomiation at 30 June 2025 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 office Penningtons Manches Cooper LLP 125 Wood Street London EC2V 7AW Solicitors Penningtons Manche5 Ct)oper LLP 125 Wood Street London EC2V 7AW Charity Administrators Penninglons Manches Cooper LLP 125 Wood Street London EC2V 7AW Independent Examiners Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU71LQ Infomiation page Page 2
The Sulgrave Foundation TrusteeslDirectors' Report for the period to 30 June 2025 Directors, Trustees and Members The members of the charity are required to be its trustees and directors. A register 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 members are expected to have adequate experience in rnatters concerning the objects of the charity or be able to advise on matter5 that wll aid the charity in achieving its objects. Decision making by D1CtorS The directors convene at an annual general meeting and at other board meetings as required throughout the year. At present, they commit to decisions by unanimous votes at the meetings. The director5, decision making power5 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 ts'me 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 leisure-time activities so as to help them achieve their physical, mental and Spiritual potential so that they may grow to full maturity a5 individuals and members of society and Ihat their conditions of life may be improved. In furtherance of the objects the directors 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 property where the Sulgrave Club operates, which is held in furtherance of the charity's objeclives. All funds are Unrestricted Funds. The value of the trust investments £1.819.406 on 30 June 2024 and the value of investments was £1,821,967 on 30 June 2025. an increase of 0.1410k. The annualised retum (including income) since the investment manager began to manage the portfolio on behalf of the Foundation is 5.43Q/.. The director5 consider the performance against a composite benchmark for charities adopting a moderate risk approach. The annualised return of the benchmark since Ihe Investment manager began to manage the portfolio on behalf of the Foundalion is 6.07'10. Future performance of the Foundation investments wll be linked lo the perfomance of financial markets generally and the risks and reward5 associated_ The income and gains generated by the Foundalion investments are the sole funding sources of the Foundation and help support its grant making objectives. 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 Director5, Report Page 3
The Sulgrave Foundation TrusteeslDirectors' Report for the period to 30 June 2025 Applications The Foundation does not accept applications for grants. Reserves policy The Foundation doe5 not need to keep 5ignificiant cash reserves to maintain it's regular grant making objectives and expense obligations as the Foundab'on holds investments from which cash can be raised within a short timeframe As of 30 June 2025, cash resee$ were £24,870.16 (£19,874.54 in 2024) which the directors consider to be an appropriate level as thi5 wll 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 assets, it will have risks associated wth 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 grants that is in line wth the income eamed 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 addition the directors have applied funds to the Federation of London Youth Clubs. In undertaking these activities in futherance of the Foundation's objectives. 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 Comrnission's general guidance on public benefit. Date.. 2113/26 by: SALA14 Director for an on behalf of the Directors, Trustees and Mefflbers Directors. Report Page 4
The Sulgrave Foundation Statement of Financial Activities For the year ended 30 June 2025 yle 30-Jun-25 yle 30-Jun-24 Notes Income Income from generated funds". Investment Income 56.217.82 52,749.12 tal In 56,217.82 52,749.12 enditure Charitable activities". Grants to Charities 42.000.00 42,000.00 Le9al and Administrative costs 14,780.43 17,000.75 Total Ex enditure 56.780.43 59,000.75 Gains on InvestTnent A55ets Investments - Realised during the year 749.27 599.92 Investments - Unrealised during the year 7,070.70 139,543.72 7 819.97 140 143.64 et Income for he 7,257.36 133,892.01 7,257.36 133,892.01 F nds Bro Forward at 1 st 24 1,840,450.16 1,706,558.15 Funds Carried Forward at 2025 1 847 707.52 1,840,450.16 The notes on pages 7 to 9 form part of these accounts. Statement of Financial Activ. Page 5
The Sulgrave Foundation - Company Number 8250058 Balance sheet As at 30 June 2025 30-Jun-25 30-Jun-24 Notes Fixed assets Real property 2.850.00 2,850.00 Investments 1,821,967.36 1,819,405.62 1824 817.36 1 822,255.62 Current assets Cash al bank and In hand 24,870.16 19,874.54 Creditors- amounts falling due within one year (1.980.001 11,680.001 Net current assets 22 890.16 18,194.54 Net assets 1847 707.52 1,840,450.16 represented by." Reserves Unrestricted Funds 1.847.707.52 1,847,707.52 1,840,450.16 1,840,450.16 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 2025. The members have not required the charilable company to obtain an audit of its financial statements for the year ended 30 JLJne 2025 in accordance with Seth'on 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for a) ensuring that the charitable company keeps accounting records that comply wth Sections 386 and 387 of the Companies Act 2006 and bl 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 othetwise comply with the requirements of the Companies Act 2006 relab'ng to financial statements. so far as applicable to the charitable company. These financial statements have been prepared in accordance Nvith the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with 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 . signed on its behalf by: and were Signed.. ..(4 (JtL( Date.. by." gALA,'4 C. Director ror an on behalf of the Directors, Tnistees and Members P4 TJI" The notes on pages 7 to 9 form part of these accounts. Balance Sheet Page 6
The Sulgrave Foundation Notes to the Financial Statements for the yearto 30 June 2025 1.Le al Statu The Sulgrave Foundalion is a public benefit company limited by guarantee incorporaled in England and Wales. The registered office is 125 Wood Street. London, EC2V 7AW. The correspondence address for the charity is the same as the registered office address. 2. Accountln Policles lal Basis of preparation of financial statements The financial statements have been prepared under the histOTical cosl convenlion, with the exception of inveslmer7ts which are inclLJded at market value. The financial slalements have been prepared in accordance with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by ChaTilies'. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repotting Standard applicable in the UK and Republic of Ireland IFRS 102) {effeclive 1 January 20191" The charity is a Public Benefit Entity as defined by FRS 102. {bl Incoming resources All incoming resources are included in Ihe St31ement of Financial Aclivilies when the charity is legally entitled lo the income and the amount can be quanlilied with reasonable accuracy. {c) Resources expended All expenditure Is accounted for on an accruals basis and has been included under expense categories Ihal aggregate all costs for allocation purpose5. Grants payable are recognised in Ihe year when the offer is rnade, providing that any related conditions within the control of the Truslee5 have been fulfilled. Grants offered subject to conditions which remain within the control of the Trustees and have nol been mel al the year end are noted as a commitment, but not accrved as expenditure. Value Added Tax is not recoverable by Ihe charity and, as such, is included in the relevant costs in the Statement of Financial Activities. Id} Investments Investments are slated al market value al the balance sheet dale. The Slalement of Financial Activities includes the net gains and losses arising on revaluations and disposals during the year. lel Fixed assels Real Property shown in these accounls is reflected at an onginal acquisition cost to 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 from which a youth club operates and will continue to operate for the foreseeable future, il is not practical to include the asset at market value. Furthermore, there is no relevance in the application of a depreciation policy to the cost value reflected in Ihese accounts. Investments are reflected at markel value. ifj Taxation The trust is a iegistered charity and. as such. is not subject lo tax on its income and gains to the extent that they are applied to it5 charitable purposes. notes continued overleaf Notes Page 7
The Sulgrave Foundation Notes to the Financial Statements for the year to 30 June 2025 (continued) 3. Investment Income yle 30-Jun-25 yle 3Oun-24 Bank Interest Received Unit Trust l OEIC Interest Distribulions Unit Trust l OEIC Dividends 151.40 22,857.77 33.208.65 23,861.85 28,887.27 56.217.82 52,749.12 4. Grants During the period. grants were paid as follows in furtherance of the charity's objective5.' yle 30-Jun-25 yle 30-Jun-24 The Sulgrave Club Federation ol London Youth Clubs 35,000.00 7,000.00 42.000.00 35,000.00 7,000.00 42 000.00 5.Le al & Administratlve Costs yle 30-Jun-25 yle 30-Jun-24 Legal & compliance fees Investment manager fees Independent examinerfs fee Ire.. 2022-231 Independent examinerfs fee Ire.. 2023-241 Independent examiner's fee Ire." 2024-251 8,700.00 4,100.43 9,913.00 5,107.75 300 00 1,680.00 1,980.00 14.780.43 17,000.75 6. Flxed Asset- Real Pro yle 30-Jun-25 yle 30Jun-24 287 Goldhawk Road. London W12 stated at original cost lo The Sulgrave Gharitable Trust 2.850.00 2,850.00 2 850.00 2 850.00 Property is location frorn which 'The SulgTave Club. operales notes continued overleaf Notes Page 8
The Sulgrave Foundation Note5 to the Financial Statements for the year to 30 June 2025 (continued 7. Fixed Asset- Investments yle 30-Jun-25 yle 30Jun-24 Hisloric81 c05t al 1 st July 2024 Disposals at cost Historical cost al 30th June 2025 1.514,230.48 4 508.96 1,509,721.52 1,518.936.42 4,705.94) 1,514,230.48 Curnul3tive uniealised gains al 30th June 2025 312,245.84 305,175.14 Market Value as er Balance Sheet 1.821,967.36 1,819,405.62 Structure of the ortfolio b market value Multi-Asset Class and Other Investments 100.00° 100.00°/. Material Investments as % of rtfolio value of 5% or above Barclays Charity Fund R GBP Disl 100.00/0 100.00'/. 8. Creditors: amounts fallin due within one ear yle 30Jun-25 yle 3ovn-24 Independent examiner's fee 1,980.00 1,680.00 1,980.00 1,680.00 9. Staff costs There were no staff employed for the year ended 30 June 2025 nor the year ended 30 June 2024. 10. Trustees. Remuneration and Ex ens During the year no Iruslees received reimbursement for expenses or was in receipt of any other company monies. 11. Re lon During the year grants of £7,00012024". £7,otM)) were paid lo 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 2025 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 26 March 2026