2023-12-31-accounts - The Sturgeon Foundation

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Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329

Trustees’ Annual Report for the period

From: 11 May 2023 To. 31 March 2024

Charity name: The Sturgeon Foundation

Charity registration number: 1203033

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	To advance education in the area of benefit in particular by but not limited to awarding scholarships, grants and educational allowances to students or educational institutions.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	The Sturgeon Foundation has provided higher education tuition scholarships to students studying STEM subjects in Uzbekistan.
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	Trustees have had regard to the guidance issued by the Charity Commission on public benefit.

Additional information (optional) You may choose to include further statements where relevant about:

	SORP reference
Policy on grant making	Para 1.38	The Sturgeon Foundation makes tuition grants directly to university for students selected to be Sturgeon Scholars. The students are selected via written application and interview. The students are pursuing their degrees in their home countries. Half of the scholars are women.
Policy on social investment including program related investment	Para 1.38	The Sturgeon Foundation has made no investments.
Contribution made by volunteers	Para 1.38	The volunteers of the charity are the trustees who in addition to running the scholarship also mentor the scholars.
Other

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Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	We appointed four new scholars at two universities in Tashkent. We revised the application form to better identify students from economically disadvantaged backgrounds. We set up a website and communications channels for our students to stay in touch and share their achievements. Trustees have run workshops for the scholars.

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against objectives set	Para 1.41	The first objective was to set up the charity as a legal entity and to register with the Charity Commission. We aimed to make our awards better known. This resulted in doubling the number of applicants.
Performance of fundraising activities against objectives set	Para 1.41	We had no fundraising goals for our first year.
Investment performance against objectives	Para 1.41	We do not have investments.
Other

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Financial Review

Financial Review
Review of the charity’s financial position at the end of the period	Para 1.21	During the period the charity received funding from Sturgeon Capital Limited totalling £20,877. £10,877 was spent on establishment costs for the charity (as this was its first year). £8,802 was deployed in scholarships, of The remaining £1,198 is held in reserves (see below).
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	Funds received during the period which were not deployed in scholarships are held for deployment in future scholarships as well as for administrative costs.
Amount of reserves held	Para 1.22	£1,198
Reasons for holding zero reserves	Para 1.22	N/A
Details of fund materially in deficit	Para 1.24	N/A
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23	N/A

Additional information (optional) You may choose to include further statements	Additional information (optional) You may choose to include further statements	where relevant about:
The charity’s principal sources of funds (including any fundraising)	Para 1.47	The source of funds is Sturgeon Capital, the originators of the scholarships.
Investment policy and objectives including any social investment policy adopted	Para 1.46	N/A
A description of the principal risks facing the charity	Para 1.46	The principal risk is the geopolitical situation in Central Asia and the Caucuses where our current scholars are located and where we hope to expand. This would affect not only our scholars but our UK funder.
Other

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Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed, royal charter)	Para 1.25	CIO
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	CIO
Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees	Para 1.25	The Board of Trustees includes six trustees. Sturgeon Capital may appoint no more than two trustees. Currently there are four independent trustees who may be reappointed by the board at the end of their 3 year term.

Additional information (optional)

You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51
The charity’s organisational structure and any wider network with which the charity works	Para 1.51
Relationship with any related parties	Para 1.51	The Sturgeon Foundation has a relationship with Sturgeon Capital, the current funder of the scholarship. They provide administrative and practical support.
Other

Reference and Administrative details

Charity name	The Sturgeon Foundation
Other name the charity uses
Registered charity number	1203033
Charity’s principal address	1a Britannia Street London, WC1X 9JT United Kingdom

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Names of the charity trustees who manage the charity

Trustee name	Office (if any)	Name of person (or body) entitled to appoint trustee (ifany)
Carol Graham	Chair
Saul Tendler	Vice Chair
Robin Butler	Treasurer	Sturgeon Capital
Denise Odaro
Glenn Svensson
Kiyan Zandiyeh		Sturgeon Capital

– Corporate trustees names of the directors at the date the report was approved

Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year

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Funds held as custodian trustees on behalf of others

Description of the assets None held in this capacity Name and objects of the None charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for N/A safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

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Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Robin Butler Position (eg Secretary, Treasurer Chair, etc) Date 7/28/2024

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The Sturgeon Foundation 1203033
Receipts and payments accounts CC16a
For the period 11/05/2023 31/03/2024
To
from
Section A Receipts and payments
Unrestricted Restricted Endowment
Total funds Last year
funds funds funds
to the nearest £ to the nearest £ to the nearest £ to the nearest £ to the nearest £
A1 Receipts
Sturgeon Capital Limited - regular 10,000 - - 10,000 -
Sturgeon Capital Limied - establishment 10,877 - - 10,877 -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
Sub total (Gross income for AR) 20,877 - - 20,877 -
A2 Asset and investment sales, (see table).
- - - -
- - - - -
Sub total - - - - -
Total receipts 20,877 - - 20,877 -
A3 Payments
University of Tashkent scholarships 2023/24 4,792 - - 4,792 -
Westminster University in Tashkent scholarships 2023/24 4,010 - - 4,010 -
Legal costs 6,774 - - 6,774 -
Website development 3,113 - - 3,113 -
Marketing 990 - - 990 -
- - - - -
- - - -
- - - - -
- - - - -
Sub total [ 19,680 ] - - 19,680 -
A4 Asset and investment purchases, (see table)
- - - -
- - - -
Sub total [ - ] - - - -
Total payments 19,680 - - 19,680 -
Net of receipts/(payments) 1,198 - - 1,198 -
A5 Transfers between funds - - - - -
A6 Cash funds last year end - - - - -
Cash funds this year end 1,198 - - 1,198 -
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CCXX R1 accounts (SS)

20/06/2024

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Section B Statement of assets and liabilities at the end of the period

Categories Signed by one or two trustees on behalf of all the trustees B1 Cash funds B2 Other monetary assets B4 Assets retained for the charity’s own use B5 Liabilities B3 Investment assets	Signature Details Details Virgin Money - GBP Details Details *Total cash funds* (agree balances with receipts and payments account(s)) Details	Unrestricted funds Restricted funds to nearest £ to nearest £ 1,198 - - - - - 1,198 - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) - - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) - - - - - Print Name Robin Butler	Endowment funds to nearest £ - - -
			-
			OK
			Endowment funds to nearest £ - - - - - - Current value (optional) - - - - - Current value (optional) - - - - - - - - - When due (optional) Date of approval 21/06/2024

Signed by one or two trustees on behalf of all the trustees

CCXX R2 accounts (SS)

20/06/2024