Docusign Envelope ID: 173298BB-6C23-47C6-AFFA-05AEEA3B80B1
Trustees’ Annual Report for the period
From: 1 April 2024 To. 31 March 2025
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: 173298BB-6C23-47C6-AFFA-05AEEA3B80B1
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 five scholars at two universities in Tashkent and held a reception as well as informal meetings with the scholars in Tashkent. We continue to assist the scholars and alumni with career advice and mentoring. |
| Additional information (optional) You may choose to include further statements |
Additional information (optional) You may choose to include further statements |
where relevant about: |
|---|---|---|
| Achievements against objectives set |
Para 1.41 | Our objective has been to further stabilise and promote the foundation and its work. We have done so through participation in educational events and by hiring a part time administrator to relieve the board of some of the admin work. Our goal next year is an an increase in scholarships. |
| Performance of fundraising activities against objectives set |
Para 1.41 | Our goal next year is an increase in scholarships. |
| Investment performance against objectives |
Para 1.41 | We do not have investments. |
| Other |
Docusign Envelope ID: 173298BB-6C23-47C6-AFFA-05AEEA3B80B1
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 £10,903. £510 was spent on admin costs for the charity. £10,711 was deployed in scholarships. **£879 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 reservesheld | Para 1.22 | £879 |
| 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 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: 173298BB-6C23-47C6-AFFA-05AEEA3B80B1
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 |
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: 173298BB-6C23-47C6-AFFA-05AEEA3B80B1
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled to appoint trustee(if any) |
|---|---|---|---|---|
| Carol Graham | Chair | |||
| Saul Tendler | Vice Chair | |||
| Robin Butler | Treasurer | Sturgeon Capital | ||
| Denise Odaro | 01/04/24 - 09/12/24 | |||
| Glenn Svensson | ||||
| Kiyan Zandiyeh | Sturgeon Capital | |||
| Aziza Zakhidova | 09/12/24 - 31/03/25 | |||
| Gulnara Yunusova | 09/12/24 - 31/03/25 | |||
| MaryStiasny | 17/03/25 - 31/03/25 | |||
– 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: 173298BB-6C23-47C6-AFFA-05AEEA3B80B1
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: 173298BB-6C23-47C6-AFFA-05AEEA3B80B1
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, Chair, etc) Treasurer Date 6/30/2025
Docusign Envelope ID: AB59C36D-66BA-4DA5-9B7A-8921905DAB59
| The Sturgeon Foundation | The Sturgeon Foundation | The Sturgeon Foundation | The Sturgeon Foundation | The Sturgeon Foundation | CC16a | |
|---|---|---|---|---|---|---|
| For the period from |
4/1/2024 | To | ||||
| Section A Receipts and payments | ||||||
| A1 Receipts | Unrestricted funds to the nearest £ 10,903 - - - - - - - 10,903 - - - 10,903 4,835 5,876 - - - 123 163 126 98 11,221 - - - 11,221 |
Restricted funds to the nearest £ |
Endowment funds to the nearest £ |
Total funds to the nearest £ |
Last year to the nearest £ |
|
| Sturgeon Capital Limited - regular | 10,903 | - - - - - - - - - |
- | 10,903 - - - - - - - 10,903 |
10,000 | |
| Sturgeon Capital Limied - establishment | - | - | 10,877 | |||
| - | - | - | ||||
| - | - | - | ||||
| - | - | - | ||||
| - | - | - | ||||
| - | - | - | ||||
| - | - | - | ||||
| Sub total(Gross income for AR) | 10,903 | - | 20,877 | |||
| A2 Asset and investment sales, (see table). | ||||||
| - | - - - |
- | - - - |
|||
| - | - | - | ||||
| Sub total | - | - | - | |||
| Total receipts A3 Payments |
||||||
| - | - | 10,903 | 20,877 | |||
| Universityof Tashkent scholarships | 4,835 | - - - - - - - - - - |
- | 4,835 5,876 - - - 123 163 126 98 11,221 |
4,792 | |
| Westminster Universityin Tashkent scholarships | 5,876 | - | 4,010 | |||
| Legal costs | - | - | 6,774 | |||
| Website development | - | - | 3,113 | |||
| Marketing | - | - | 990 | |||
| Administration | 123 | - | - | |||
| Travel | 163 | - | - | |||
| Bank Charges | 126 | - | - | |||
| Other | 98 | - | - | |||
| **Sub total ** | 11,221 | - | 19,680 | |||
| A4 Asset and investment purchases, (see table) | ||||||
| - | - - - |
- | - - - |
|||
| - | - | |||||
| **Sub total ** | - | - | - | |||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end |
11,221 | |||||
| - | - | 19,680 | ||||
| - 318 | - | - |
- 318 | 1,198 | ||
| - | - - |
- | - 1,198 |
- | ||
| 1,198 | - | - | ||||
| 879 | - | - |
879 | 1,198 |
CCXX R1 accounts (SS)
6/30/2025
1
Docusign Envelope ID: AB59C36D-66BA-4DA5-9B7A-8921905DAB59
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 Payables (Sturgeon Capital) Details Details Virgin Money - GBP Details Details Total cash funds (agree balances with receipts and payments account(s)) Contributions receivable (Sturgeon Capital) Details |
Unrestricted funds to nearest £ 879 - - |
Restricted funds to nearest £ |
Endowment funds to nearest £ |
|---|---|---|---|---|
| - - - |
- | |||
| - | ||||
| - | ||||
| 879 | - | - | ||
| OK | ||||
| Endowment funds to nearest £ |
||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| Current value (optional) |
||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| Current value (optional) |
||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| - | ||||
| When due (optional) |
||||
| Date of approval |
||||
| 6/30/2025 | ||||
CCXX R2 accounts (SS)
6/30/2025
2