2021-04-05-accounts - Staples Trust

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Report ofthe	Trustees		2-7
Statement of	Trustees'	Responsibilities
Statement of	Financial	Activities
Balance Sheet			10
Cash Flow Statement
Notes to the	Accounts		12-20
Independent	Auditors'	Report	21-24

Trustees	Jessica Sainsbury
	Professor Peter Frankopan
	James Sainsbury OBE
	Judith Portrait OBE
Registered	The Peak, 5 Wilton	Road
Office	London SW1V 1AP
Principal	Karen Everett		Chief Operating	Officer
Officers	Elaine Ponte		Executive
	All the Principal Officers are employed		on a part-time	basis.
Bankers	Child gt Co
	1Fieet Street
	London EC4Y 1BD
Solicitors	Portrait Solicitors
	21Whitefriars Street
	London EC4YSJJ
Auditors	Saffrey Champness	LLP
	71Queen Victoria Street
	London
	EC4V 4BE
Investment	Cazenove Capital Management
Advisers	12Moorgate
	London EC2R 6DA

ories set ou	t below:
		Number	Value of
		ofgrants	grants	Payments
		approved	approvedf	made f
Environment				5,000
Frankopan	Fund	26	23,500	18,500
Gender		2	3,000	26,000
General		2	5,553	15,553
Indigenous	Peoples			290,000
Local			15,000	15,000
		33	47,053	370,053

following inst	following inst	itutions:
Scholarships
King's College Royal College		London(3 scholarships) of Art				f6,000 f2,000
University University	of of	Manchester (2 scholarships) Nottingham				f2,000 f1,000
University University	of of	Oxford - Department Oxford —Department	of Experimental ofMaterials		Psychology	f2,000 f2,000
Awards
California	Institute ofArts					f500
Central European University						f500
National	University of Ireland, Galway					f500
The European		Court of Human Rights, Strasbourg				f500
Technical	University of Munich (5		awards)			f2,500
University	of	California, Berkeley				f500
University	of	Cambridge				f500
University	Greenwich					f500
University	of	Music and Performing	Arts, Graz			f500
University	of	Oxford —School ofGeography		and the	Environment	f500
University	of	Oxford —Faculty of Law				f500
University	of	Toronto				f500
Uppsala	University					f500

			Unrestricted	Unrestricted	Expendable	Total Funds
			Notes	Funds	Endowment	2021	2020
				E
Income
Investment income			3	322,658		322,658	417,780
Bank deposit interest and other		income		127		127	5,946
Total income and endowments				322,785		322,785	423,726
Expenditure
Cost ofraising funds:
Investment management	costs				50,090	50,090	43,389
Charitable activities
Grant-making:
Grant expenditure			5	344,553		344,553	693,596
Grant-related support costs			6	58,665		58,665	65,409
Cost ofgrant-making				403,218		403,218	759,005
Tata'I Expenditure				403,218	50,090	453,308	802,394
Net operating deficit				80,433)	(s0,090	130,523i	~(378,868
Net gains/(losses) on investment		assets			3,063,443	3,063,443	(2,346,708)
(Lasses)/gains an foreign exchange					(27,948)	(27,948)	328,905
Transfers between funds			12	81,000	(81,000)
Net movement in funds				567	2,904,405	2,904,972	(2,396,471)
Reconciliation offunds
Total funds brought forward			12	3,478	12,473,277	12,476,755	14,873,226
Total funds carried forward				4,045	15,377,682	15,381,727	12,476,755

		Notes		2021	2020
FIXEDASSETS
Tangible fixed assets				3,817	1,940
Investments				15,574,662	12,478,087
				15,578,479	12,480,027
CURRENT ASSETS
Debtors		10	52,761		29,491
Cash at bank and in hand			108,177		335,607
			160,938		365,098
CURRENT LIABILITIES
Creditors - amounts	falling due within 1year	11	(357,690)		(368,370)
NET CURRENT LIABILITIES				(196,752)	(3,272)
NET ASSETS				15,381,727	12,476,755
CAPITAL FUNDS
Expendable endowment				15,377,682	12,473,277
INCOME FUNDS
Unrestricted funds				4,045	3,478
				15,381,727	12,476,755

RECONCILIATION OF NET EXPENDITURE	RECONCILIATION OF NET EXPENDITURE	RECONCILIATION OF NET EXPENDITURE	RECONCILIATION OF NET EXPENDITURE	TO	NET CASH INFLOW	NET CASH INFLOW	NET CASH INFLOW	FROM OPERATING ACTIVITIES	FROM OPERATING ACTIVITIES	FROM OPERATING ACTIVITIES
									2021	2020
Cash flows from operating	activities
Net cash used in operating	activities								(481,497)	(399,418)
Cash flows from investing	activities:
Fixed asset additions									(3,321)
Dividends and income									290,520	424,448
Purchase of investments									(6,316,195)	(3,464,636)
Sale of investment									5,986,153	3,105,312
Net cash used in investing	activities								(42,843)	65,124
Change in cash and cash equivalents			in	the		year			(524,340)	(334,293)
Cash and cash equivalents	at the	beginning				ofthe	year		1,022,048	1,356,341
Cash and cash equivalents	at the	end ofthe year							497,708	1,022,048
Reconciliation of net cash	provided		by	operating			activities
									2021	2020
									f
Net movement in funds as	per statement			of	financial		activities		2,904,972	(2,396,471)
(Gains) / losses on investments									(3,035,495)	2,017,803
Dividends and income									(290,520)	(424,448)
Effect offoreign exchange	rate changes								(27,948)	328,905
Depreciation charges									1,444	970
(Increase) / decrease in debtors									(23,270)	5,550
(Decrease) / increase in creditors									(10,680)	68,274
Net cash used in by operating activities									[481,497i	(399,418j
Analysis ofincrease in cash during		the		year
										Change in
								2021	2020	year
									f	f
Cash at bank and in hand								108,177	335,607	(227,430)
Cash balances held by investment		manager			for investment			389,531	686,441	(296,910)
								497,708	1,022,048	(524,340)

Income rec	eived on investments	may be analysed as follows:
			2021		2020
			0/
Fixed interest		28,949	9	64,242	15
UK equities		89,269	28	124,405	30
Overseas	equities	134,623	42	150,568	36
Property		5,240	2	19,653	5
Alternatives		64,577	19	58,912	14
		322,658	100	417,780	100

GRAN	TS PAYABLE
			2021		2020
Reconciliation ofgrants payable:
Commitments at 6 April 2020			351,000		239,750
Grants	not accrued at6 April 2020	1,040,000		110,000
Grants	approved in the period	47,053		1,623,596
Grants	cancelled	(2,500)
Grants	not accrued at 5 April 2021	740,000		1040000
Grants	payable for the period		344,553		693,596
Grants	paid/refunded during the period		(370,053)		(582,346)
Commitments at 5April 2021			325,500		351,000
Conmitments at5April 2021 are payable as follows:
			2021		2020
Within	one year (note 11)		325,500		351,000
Corrrnitme nts

GRANTS PAYABLE (continued)	GRANTS PAYABLE (continued)
The amount payable in the period		consisted of		the following:
Gender							F
Prince's Trust							25,000
Trojan Women Scotland	CIC						3,000
General
National Federation ofCroatian Americans Cultural					Foundation		2,053
The Sainsbury's Archive							5,000
University ofCambridge,	Jesus College						3,500
Indi enous Peo les							f
InsightShare							20,000
University ofCambridge,	School ofHumanities			and	Social Sciences		250,000
Local
Oxford Food Bank							5,000
Swindon Women's Aid							5,000
Swindon Food Collective							5,000
California Institute ofArts							500
Central European University							500
King's College London (3scholarships)							6,000
National University of Ireland, Galway							500
Royal College ofArt							2,000
The Council ofEurope (The European			Court of Human			Rights, Strasbourg)	500
Technical University of Munich (5		awards)					2,500
University ofCalifornia,	Berkeley						500
University ofCambridge							500
University ofGreenwich							500
University of Manchester	(2scholarships)						2,000
University of Music and	Performing	Arts Graz					500
University of Nottingham							1,000
University ofOxford							500
University ofOxford - Department		ofExperimental			Psychology		2,000
University ofOxford - Department		of Materials					2,000
University ofOxford - Faculty ofLaw							500
University ofToronto							500
Uppsala University							500
Newcastle University							(2,000)
University ofOxford							(500)
Total grants payable per Statement			ofFinancial Activities				344,553

GRANT RELATED S	UPPORT COS	TS
				2021	2020
		Grant-	Governance	Total	Total
		Making
			F
Staffcosts		34,655	2,366	37,021	33,861
Share ofjoint office costs		10,423		10,423	10,239
Direct costs including	travel	984		984	5,700
Legal and professional	fees	2,388		2,388	11,364
Depreciabon		1,444		1,444	970
Auditors' remuneration			6405	6,405	3,275
		49,894	8,771	58,665	65,409

ANALYSIS OF STAFF COSTS
	2021	2020
	f
Salaries and wages	30,167	27,428
Social security costs	3,448	3,115
Other pension costs	3406	3,318
	37,021	33,861

Lease hold Improvements
	2021	2020
Cost
At 5 April 2020	9,700	9,700
Additions	3,321
At 5April 2021	13,021	9,700
Depreciation
At 5 April 2020	7,760	6,790
Charge for the period	1,444	970
At 5 April 2021	9,204	7,760
NET BOOK VALUE
At 5April 2021	3,817	1,940
NET BOOK VALUE
At 5 April 2020	1,940	2,9'l0

		2021	2020
Market value 6April 2020		11,791,646	13,779,030
Add: Acquisitions	at cost	6,316,195	3,464,636
Less: Disposals	at proceeds	(5,986,153)	(3,105,312)
Gains/(losses) on revaluation		3,063,443	2,346,708
Market value 5	April 2021	15,185,131	11,791,646
Cash		389,531	686,441
Total investments		15,574,662	12,478,087
Historical cost 5	April 2021	13,414,104	12,264,392

					2021		2020
				Cost	Market	Cost	Market
					Value		Va/ue
Fixed Interest				1,979,382	1,929,820	1,686,233	'l,657,295
UK Equities				2,317,213	1,949,216	3,465,877	2,323,957
Overseas Equities				7,500,300	9,721,376	5,699,552	6,542,489
Property				195,963	247,195	363,734	400,971
Alternatives				1,421,246	1,337,524	1,048,996	866,934
				13,414,104	15,185,131	12,264,392	11,791,646
10.DEBTORS
						2021	2020
						E
Income tax	recoverable					13,914	1,176
Accrued income						27,169	28,315
Other debtors						11,678
						52,761	29,491
11.CREDITORS -		amounts	falling	due within	one year
						2021	2020
Grants payable		within one	year			325,500	351,000
Professional	charges					7,400	5,009
Investment	management		fee			12,929	11,985
Other creditors						11,861	376
						357,690	368,370

NALYSIS OF NET ASSETS BETWEEN FUND	S
	Unrestricted	Expendable	Totals
	Funds	Endowment	2021
Fund balances at 5 April 2021 are represented	by:
Tangible fixed assets		3,817	3,817
Investments		15,574,662	15,574,662
Current assets	348,806	(187,868)	160,938
Current liabilities	(344,761)	(12,929)	(357,690)
Tata I net assets	4,045	15,377,682	15,381,727
Movement in the year
Opening balance as at 5 April 2020	3,478	12,473,277	12,476,755
Total income and endowments	322,785		322,785
Cost of raising funds		(50,090)	(50,090)
Cost of grant-making	(403,218)		(403,2'}8)
Net gains on investments		3,063,443	3,063,443
Net gains on income
Net losses on foreign exchange		(27,948)	(27,948)
Transfer between funds	81,000	(81,000)
Closing balance as at 5 April 2021	4,045	15,377,682	15,381,727
A transfer of281,000 (2020: 2207,500) was made fiom Expendable Endowments to Unrestricted Funds
to cover the deficit for the year.
	Unresb icted	Expendable	Totals
	Funds	Endowment	2020
			E
Fund balances at 5 April 2020 are represented	by:
Tangible fixed assets		1,940	1,940
Investments		12,478,087	12,478,087
Current assets	359,863	5,235	365,098
Current liabilities	(356,385)	(11,985)	(368,370)
Total net assets	3,478	12,473,277	12,476,755
Movement in the year
Opening balance as at 5 April 2019	131,257	14,741,969	14,873,226
Total income and endowments	423,726		423,726
Cost ofraising funds		(43,389)	(43,389)
Cost ofgrant-making	(759,005)		(759,005)
Net losses on investments		(2,346,708)	(2,346,708)
Net gains on foreign exchange		328,905	328,905
Transfer between tunds	207,500	(207,500)
Closing balance as at 5 April 2020	3,478	12,473,277	12,476,755

			Unrestricted	Expendable	Total Funds
		Notes	Funds	Endowment	2020
Income
Investment income		3	417,780		417,780
Bank deposit interest and	other income		5,946		5,946
Total income and endowments			423,726		423,726
Expenditure
Cost ofraising funds:
Investment management	costs			43,389	43,389
Charitable activities
Grant-making:
Grant expenditure		5	693,596		693,596
Grant related support costs		6	65,409		65,409
Cost ofgrant-making			759,005		759,005
Total Expenditure			759,005	43,389	802,394
Net operating deficit			(335,279)	(43,389)	(378,668)
Net losses on investment	assets			(2,346,708)	(2,346,708)
Gains on foreign exchange				328,905	328,905
Transfers between funds			207,500	(207,500)
Net income			(127,779)	(2,268,692)	(2,396,471)
Reconciliation offunds
Total funds brought forward		12	131,257	14,741,969	14,873,226
Total funds carried forward			3,478	12,473,277	12,476,755
		20