## ||||| |---|---|---|---| |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|||| ## ## ## ## ## ## ## ## ## ## ## ##