Page I THE SUDBOROUGH FOUNDATION Trusteeg report for the year ended 5 April 2024 TrustÈes Kate CDIIIS Liz Engel Richard Engel (Chairl Rachel Engel Sue Leathem Hugh Lowther Tim Parker Simon Powis Lucy Watson Mari Woolfson Princlpal offl¢e 8 Hazelwood Road Northampton NNI ILP Charity number 272323 Independent ExamlnÈr Cottons Accountants LLP l Billing Road Northampton NNI SAL Bankers HSBC Bank plc 47 Market Street Wellingborotjgh Northanrs NN8 IAE Stockbrokers MHA Caves Wealth Lockgates House Rushmills Bedford Road Northampton NN4 7Y8 Brewln Dolphin Seeurities Limited 12 Smithfield Street London ECIA 9BD Page 2 Trustee< Report (Continued) Structurei governance and management The Foundation is established by a Trust Deed dated 26 October 1976. There are no specific restrictions imposed by the governing document concérning the way in which the Foundation can opèrate except that the Trustees do not have the power to borrow money. The Trust Deed authorises its Trustees to invest Its resources without restriction and to apply its income and capital for the benefit of such charitable institution or institutions as they see fit. The B03rd tsf Trustees is a self-appointlng b03rd and nobody is entitled to 3ppoint Trustees. New fru5tees are nominated by members of the Board of Trustees and appointed by mutual agreement. When new Trustees are appointed they are givén an introduction to the work of the Foundation and provided with the information they need to fulfil their roles. Richard Engel is the Trustee responsible for the day to day management of the Foundation. The Trustees meet once or twicè annEJ311y to consider what grants they will make and to review any fèedbatk that they have recelved. Nominations for grants are elicited by informal means. Decisions in between meetings are made by correspondence. Objectives and activities The objèctive of the Sudborough Foundatioll is to apply its income for the benefit of charities and educational and recognised religious establishments. The Trustees have referred to the guidance issued by the Charity Commission on public benefit and are happy that the Foundation's activities meet this guidance. The Foundation operates by making charit3ble grants or by making bursary grants to Èduc3tional establishments for the benefit of students or by way of establishing or maintaining scholarship awards. Throughout the year a property has been occupied rent free by a ¢harity. The Foundation supports a V3ried range of grants but tends to SUPPL)rt charitable endeavours in the county of Northamptonshire. The Trustees are continually assessing their donation strategy to ensure that it is consistent W4th making best use of available resources. Income from which the grants are made is generated from a porrfolio of quoted investments. The Trustees aim over a period of years to use all dividends and interest received net of expenses incurred to Make grants. Proceed5 of the dispos31 of investments are reÈnvested. Page 3 Trustee￿ Report Icontinuedl Achievèments and performance The Trustees consider the achievements and performance during the year to be sat15factory. The main risks that the Foundation faces relate to investment rnonagement. Th￿e risks are reduced ljy holdinE a diversified portfolio and tsking adv4¢e from the appointed stockbrokers. The risk associated with making grants (for example, fraud) is reduted by not making grants to individuals, checking that the recipÈents are recognised charitie5 Ind obtainlng receipts for grants. In addStion, this risk is further reduced because often at least one Trustee has sufficient knowledge of the dL3nee to make an informed decision. Financial review. investment poliry and reserve5 The results can be sèen in the annexed statement of receipts and payments. Income from investments totallèd £69,1971202>£62,2011. The Trustees have set a policy that the tapitsl funds should be invested so as to maximise the total return Icapital growth plus £ncomel with a medium level of risk. The Trustees consider that 311 the assets shown in thè statement in the account should be viewed as a perrllanent endowment to produce income or provide rent-free or reduced-rent accommodation tts charities. Future plans The Trustees intend to continue providing grants in a simllar way to the recent past and retaining flexibility as to the ttming and scale of grant making. Si8r¢ed n behalf of t e Trustees RICHARD ENGEL Chair Report of the Independent Examiner5 to the Trustees of Thè Sudborough Foundation Page 4 I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which is set out on page 5. Responsibilities and basis of report A5 the charivs trustees you are responsible for the prepardtion ot the accounts in accordance with the requirements of the Chariries Act 20111'the Act'l. I report in respect of my èxamination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the appllcable Directions given by the Charity Commission under section 1451Sllbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no rnaterial matters have come to my attention In Connection with the examination giving me cause to bèlieve that in any material respect.. accounting records were not kept in respect of the charity 35 reqLJired by section 130 of the Act., or the accounts do not sccord with those records. I have no concerns and have come across no other matters in connection with the e￿Mination to which attention should be drawn in this report in order to enable a proper undèrstanding of the accounts to be reached. Charles Hill Bsc ACA Cottons Accountants LLP l Billing Road Northampton NNI SAL Date . 16 November 2024 Page ¥ TheSudborouKh Fpundation Receipts and payments aeeourt FortheyEarendÈd5 Aptn 2024 Untestrlrted fvnds La5tye3r Re¢¢lpts onations dividends interest R*funded 8rant New trustfund5 received Grossineome .000 61J29 272 67,800 IA97 18,197 101.478 69,197 As5etand Investhent sales Receipts frorn 5alE5 of investménts 350,083 154A82 Tètsi ￿e￿Ipts 419280 235.960 Payments charitable donations $overnanee cos 53,870 11494 66.364 S2.000 12,925 64.925 sh¥r& purch35e5 26&630 106228 Totsl payrnents 171,IS3 N*t ￿e￿pts 84286 Cash fvrsds lastyear- Cash fttndsthisyear end 176,234 280￿20 111,427 176,234 Statementof Jssets¥t the end •fthg p•rf Unrestrictedfunds Cashfunds Deposits Mth stocktsrokets H58C current 3ctount Hodge bank 11SA66 90*81 14.17> 260.$20 Total cash fvnds Invesknent a¥¢ts Freehold property Investments 167A64 &661.093 Sstned on behalf of all the trustees Richard Engel Chair Dat¢