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||| Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 ## **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||| Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 ## **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||| Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 ## **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| ||| Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 ## **Names of the charity trustees who manage the charity** |1
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20|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year **|**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** Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 ## **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** Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 ## **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 Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 **----- Start of picture text -----**
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 -
**----- End of picture text -----**
CCXX R1 accounts (SS) 20/06/2024 1 Docusign Envelope ID: 578AE74F-71A6-4323-9277-2F957F1F9329 ## **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 2