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