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.
Directors￿rustees
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 D1￿CtorS
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 rese￿e$ 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 3O￿un-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 3o￿vn-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