2022-04-05-accounts

STAPLES TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

5 APRIL 2022

T H E P E A K 5 Wilton Road London SW1V 1AP

STAPLES TRUST 5 April 2022

CONTENTS	CONTENTS	PAGE
1	Report of the Trustees	2 – 7
2	Statement of Trustees’ Responsibilities	8
3	Independent Auditor’s Report	9 – 12
4	Statement of Financial Activities	13
5	Balance Sheet	14
6	Cash Flow Statement	15
7	Notes to the Accounts	16 – 25
8	Appendix to the Accounts	26 – 27

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STAPLES TRUST 5 April 2022

REPORT OF THE TRUSTEES

Legal and Administrative

The Staples Trust (No. 1010656) was established under a Trust Deed dated 31 March 1992.

Trustees Registered Office Principal Officers Bankers Solicitors Auditors Investment Advisers

Jessica Sainsbury Professor Peter Frankopan James Sainsbury OBE Judith Portrait OBE The Peak, 5 Wilton Road London SW1V 1AP Karen Everett Chief Executive Officer Elaine Ponte Executive All the Principal Officers are employed on a part-time basis. Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA Portrait Solicitors (until 31stJuly 2022), now BDB Pitmans LLP (from 1stAugust 2022) 21 Whitefriars Street 1 Bartholomew Close London EC4Y 8JJ London EC1A 7BL Sayer Vincent LLP Invicta House 108 - 114 Golden Lane London EC1Y 0TL Cazenove Capital Management 12 Moorgate London EC2R 6DA

Objects

The objects of the Trust as given in the Trust Deed are for general charitable purposes. The current areas of interest are reflected in the grant-making activities, as detailed in the Report of the Trustees.

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REPORT OF THE TRUSTEES (continued)

The trustees present their report and the audited financial statements for the year ended 5 April 2022.

The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Organisation

The Trust is one of the Sainsbury Family Charitable Trusts (SFCT) which share a common administration.

Trustees are appointed by the Settlor, Jessica Sainsbury, and are provided with relevant information relating to their responsibilities as Trustees. The day-to-day running of the Trust and grant administration is delegated to trust executives, with strategic decisions undertaken by the Trustees.

Trustees are aware of the Charity Governance Code published in 2017 (refreshed 2020) which sets out the principles and recommended practice for good governance within the sector. The Trust has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code, whilst maintaining its need to operate its governance efficiently. Trustees have had due regard to the guidance published by the Charity Commission when reviewing the Trust’s aims and objectives and planning future activities.

The remuneration of the senior staff (including key management personnel) is reviewed by the Trustees on an annual basis taking into account the requirements of their role and performance during the year. From time to time, the SFCT Management Committee benchmarks pay levels against comparable positions in similar organisations.

The Trust and its Trustees are fully aware of the requirements and the duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators.

The income of the Trust is not bound by any regulatory scheme, and the Trust does not consider it necessary to comply with any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fundraising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.

The Trust has no fundraising activities requiring disclosure under Section I62A of the Charities Act 2011.

Grant-making policy

Proposals are generally invited by the Trustees or initiated at their request. Unsolicited applications are discouraged and are unlikely to be successful, even if they fall within an area in which the Trustees are interested. The Trustees prefer to support innovative schemes that can be successfully replicated or become self-sustaining. Apart from the awards made under the Frankopan Fund, grants are not normally made to individuals. The Trustees’ priorities are set out under each category heading in the report on grants approved below.

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REPORT OF THE TRUSTEES (continued)

In future the Trust will continue to support the activities set out on page 5 by the award of grants.

Reserves Policy and going concern

It has been the policy of the Trustees to approve grants for payment over a period of years, subject to certain conditions over the life of the grant. Those expected to be paid within twelve months of the year-end are accrued in the accounts, whilst those due to be paid later than this are not accrued. These are referred to in note 5 to the accounts and amount to £642,672. They represent funds earmarked for continued support to certain existing beneficiaries, although binding commitments have not yet been made. Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available reserves is adequate and that the Trust is in a position to meet all its commitments.

As at 5 April 2022, the Trust held total funds of £15,863,531 (2021: £15,381,727), comprising an expendable endowment fund of £15,858,916 (2021: £15,377,682) and unrestricted funds of £4,615 (2021: £4,045).

In the event that the Trustees find themselves unable to meet current commitments from unrestricted reserves, they would be willing to draw on expendable endowment in order to meet those commitments, as they see fit.

The trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis

Investment Policy

Trustees meet with their investment managers regularly to discuss investment strategy and also to seek to ensure that the Trust’s income requirements are met, and that long-term capital growth is in line with relevant indices. The Trustees normally hold investments for the long-term.

During the period, the portfolio returned 6.2% which compares to the 5.1% return on the ARC Steady Growth Index.

Having assessed the Trust’s financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.

The Charity has adopted a total return basis to budget for its annual income. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.

The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees.

Risk Assessment

The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.

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REPORT OF THE TRUSTEES (continued)

Risk Assessment (continued)

The Trustees identified the uncertainty of financial returns to constitute the Trust’s major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major

investment house. The Trustees regularly review their investments’ strategy and monitor financial performance. They also operate a grant distribution formula which helps to ensure the stability of resources available for grant awards in any given year.

The Trustees have identified as a key risk the misuse of funds by a grantee charity. To mitigate this risk, the Trustees normally restrict grants to charities registered with the Charity Commission (England and Wales) or equivalent bodies. The awards are made following a thorough assessment and grants are regularly monitored; multi-year grants are paid only on receipt of satisfactory progress reports.

Environmental Policy

The Trustees are committed to using some of the Trust’s expendable endowment for impact investing that will not only result in a financial return, but also produce social and environmental benefits that accord with the Trust’s objectives. In the coming years impact investing is expected to commence and increase as a percentage of the total expendable endowment.

Review of the Past Year

During the year the asset value of the Trust increased by 3% from £15,381,727 at 5 April 2021 to £15,863,531 at 5 April 2022, whilst the net unrestricted income of the Trust for the year after charging support costs decreased to £196,688 compared to £264,120 for the year to 5 April 2021.

The Trustees met twice during the year to make grants and twice to review investment activity.

During the year the Trustees approved 32 grants totalling £295,290.

Grants approved and payments made during the year may be analysed by number and by value in the categories set out below:

Frankopan Fund Gender General Indigenous Peoples Local	Number of grants approved Value of grants approved £ Payments made £
	20 3 20,000 15,500 23,000 42,500 5 22,500 22,500 3 232,290 290,000 1 5,000 5,000 32 295,290 383,000

Payments made included grants approved in prior year, either on multi year commitments or because of payment schedules delayed at the request of the beneficiary.

The full list of grants approved in the financial year can be found on pages 6-7.

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REPORT OF THE TRUSTEES (continued)

GRANTS APPROVED

FRANKOPAN FUND - £20,000

Trustees have established a fund to assist exceptionally talented postgraduate students from Croatia to further or complete their studies. Twenty grants from the Fund were awarded to students at the following institutions:

Scholarships	£
Aberystwyth University Old College Project, Wales	£1,000
Imperial College London - Department of Bioengineering	£2,000
Royal College of Music, London	£1,000
University of Cambridge	£2,000
University of Glasgow	£2,000
University of Manchester (2 Scholarships)	£3,000
University of Nottingham	£1,000
University of Oxford - Department of Materials	£2,000
Uppsala University, Sweden	£1,000
Awards	£
University of Music and Performing Arts, Graz	£500
City University of New York - Queens College	£500
Technical University of Munich (6 Awards)	£3,000
University of Oxford – Law Faculty and Said Business School	£500
University of Split - Art Academy	£500

GENDER - £15,500

Trustees are interested in a range of issues about gender and society, including supporting academic research and practical interventions. Unsolicited applications are rarely considered in this category.

Grants approved in this category were to:

One Small Thing – £8,000

Towards its Hope Street project in Hampshire for women in the justice system.

Orchid Project - £5,000

Towards core costs.

SWA (formerly Swindon Women's Aid) - £2,500

Towards the Swindon Domestic Abuse Support Service.

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GENERAL - £22,500

Grants approved at the discretion of the Trustees were as follows:

Disasters Emergency Committee (DEC) – £5,000

Towards the Ukraine Humanitarian Appeal.

The Felix Project - £5,000

Towards core costs.

Oxford Food Hub - £2,500

Towards core costs.

Sunningdale School - £5,000

Towards the build of a new cricket pavilion.

Twins Trust - £5,000

Towards its Family Crisis Support Service.

INDIGENOUS PEOPLES - £232,290

Trustees are interested in overseas projects which support the rights of indigenous peoples.

Grants approved in this category were to:

InsightShare - £70,000

Two grants towards its core costs.

Pitt Rivers Museum - University of Oxford - £162,290

Towards its Living Cultures Project.

LOCAL - £5,000

St Mary's Church, Cricklade - £5,000

Towards the cost of installing a new heating system.

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP

• Make judgements and estimates that are reasonable and prudent

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 25 October 2022 and signed on their behalf by:

……………………………………….

JESSICA SAINSBURY TRUSTEE

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INDEPENDENT AUDITORS’ REPORT

Opinion

We have audited the financial statements of Staples Trust (the ‘charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• Give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of

• its incoming resources and application of resources, for the year then ended

• Have been properly prepared in accordance with United Kingdom Generally

• Accepted Accounting Practice

• Have been prepared in accordance with the requirements of the Charities Act 2011

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Staples Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears

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to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• The information given in the trustees’ annual report is inconsistent in any material

• respect with the financial statements;

• Sufficient accounting records have not been kept; or

• The financial statements are not in agreement with the accounting records and

• returns; or

• We have not received all the information and explanations we require for our audit

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144/145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

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Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

• We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we

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do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

7 December 2022

Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act

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5 April 2022

STAPLES TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Unrestricted Expendable Total Funds Notes Funds Endowment 2022 £ £ £ Income Investment income 3 263,200 - 263,200 Bank deposit interest 86 - 86 Total income and endowments 263,286 - 263,286	Unrestricted Expendable Total Funds Notes Funds Endowment 2022 £ £ £ Income Investment income 3 263,200 - 263,200 Bank deposit interest 86 - 86 Total income and endowments 263,286 - 263,286	Total Funds 2021
	£ £ £ 263,200 - 263,200 86 - 86	£ 322,658 127
	263,286 - 263,286	322,785
Expenditure Cost of raising funds:
Investment management costs 4 Charitable activities	- 56,202 56,202	50,090
Grant-making: Grant expenditure 5 Grant-related support costs 6	392,118 - 392,118 66,598 - 66,598	344,553 58,665
Cost of grant-making	458,716 - 458,716	403,218
Total Expenditure	458,716 56,202 514,918	453,308
Net expenditure before other	(195,430) (56,202) (251,632)	(130,523)
Net gains on investment assets 9 Gains/(losses) on foreign exchange Transfers between funds 12 Net movement in funds Reconciliation of funds Total funds brought forward 12 Total funds carried forward gains/(losses)	- 724,600 724,600 - 8,836 8,836 196,000 (196,000) -	3,063,443 (27,948) -
	570 481,234 481,804 4,045 15,377,682 15,381,727	2,904,972 12,476,755
	4,615 15,858,916 15,863,531	15,381,727
The notes on pages 16 to 25 form part of these accounts.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

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BALANCE SHEET AS AT 5 APRIL 2022

----- Start of picture text -----
Notes 2022 2021
£ £ £
FIXED ASSETS
Tangible fixed assets 8 2,373 3,817
Investments 9 15,785,467 15,574,662
15,787,840 15,578,479
CURRENT ASSETS
Debtors 10 42,882 52,761
Short term deposits 100,000 -
Cash at bank and in hand 325,814 108,177
468,696 160,938
CURRENT LIABILITIES
Creditors - amounts falling due within 1 year 11 (393,005) (357,690)
NET CURRENT ASSETS/(LIABILITES) 75,691 (196,752)
NET ASSETS 15,863,531 15,381,727
CAPITAL FUNDS
Expendable endowment 12 15,858,916 15,377,682
INCOME FUNDS
Unrestricted funds 12 4,615 4,045
15,863,531 15,381,727
----- End of picture text -----

The financial statements were approved and authorised for issue by the Trustees on 25 October 2022 and were signed on their behalf by :

JESSICA SAINSBURY, TRUSTEE

……………………………………………

The notes on pages 16 to 25 form part of these accounts.

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CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022

RECONCILIATION OF NET EXPENDITURE TO NET CASH INFLOW FROM OPERATING ACTIVITIES

		2022	2021
Cash flows from operating activities		£	£
Net cash used in operating activities		(459,358)	(481,497)
Cash flows from investing activities
Fixed asset additions		-	(3,321)
Dividends and income		263,200	290,520
Purchase of investments		(3,138,335)	(6,316,195)
Sale of investment		4,164,526	5,986,153
Net cash provided by/(used in) investing activities		1,289,391	(42,843)
Change in cash and cash equivalents in the year		830,033	(524,340)
Cash and cash equivalents at the beginning of the year		497,708	1,022,048
Cash and cash equivalents at the end of the year		1,327,741	497,708
Reconciliation of net cash provided by operating activities		2022	2021
Net movement in funds as per statement of financial activities		£ 481,804	£ 2,904,972
Gains on investments		(733,436)	(3,035,495)
Dividends and income		(263,200)	(290,520)
Effect of foreign exchange rate changes		8,836	(27,948)
Depreciation charges		1,444	1,444
Decrease / (increase) in debtors		9,879	(23,270)
Increase / (decrease) in creditors		35,315	(10,680)
Net cash used in by operating activities		(459,358)	(481,497)
Analysis of increase in cash during the year	2022	2021	Change in year
Cash at bank and in hand	£ 325,814	£ 108,177	£ 217,637
Cash held in short term deposit account (6 months)	100,000	-	100,000
Cash balances held by investment manager for investment	901,927	389,531	512,396
	1,327,741	497,708	830,033
The notes on pages 16 to 25 form part of these accounts.

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NOTES TO THE ACCOUNTS

1. CHARITABLE STATUS

The Staples Trust is an unincorporated charity (Charity registration number 1010656), registered in England and Wales. The address of the registered office is The Peak, 5 Wilton Road, London, SW1V 1AP.

2. PRINCIPAL ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS 102.

Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.

The Charity has adopted a total return basis to budget for its annual income. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.

b) Income recognition

• i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable.

ii) Dividends are included by reference to their due dates. iii) Interest is included when receivable.

c) Expenditure on charitable activities

Costs of generating funds represent amounts paid to the Trust's external investment advisors.

Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

The view of the trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued. Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.

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NOTES TO THE ACCOUNTS

• 2[ACCOUNTING POLICIES (cont …)]

c) Expenditure on charitable activities (cont.)

Grants approved subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.

Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.

Costs include a share of the staff and office costs of the joint office costs of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.

d) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment.

e) Depreciation/Fixed assets

Items of equipment are capitalised where the purchase price exceeds £5,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Fixed assets are depreciated at rates which reflect their useful life to the Trust. Leasehold improvements are depreciated over the outstanding life of the lease at te time the work was completed. The following rates have been used:

Leasehold improvements (2012) - straight line over 10 years Leasehold improvements (2021) - straight line over 7 years

f) Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

g) Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

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NOTES TO THE ACCOUNTS

2[ACCOUNTING POLICIES (cont …)]

i) Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

j) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

j) Pensions

Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.

k) Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

l) Exchange and currency gains and losses

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Realised exchange differences are included within the relevant transaction as part of expenditure. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. The unrealised exchange differences are included in other gains and losses, where material.

3. INVESTMENT INCOME

Income received on investments may be analysed as follows:

----- Start of picture text -----
2022 2021
£ % £ %
Fixed interest 38,473 15 28,949 9
UK equities 50,680 19 89,269 28
Overseas equities 114,161 43 134,623 42
Property 1,808 1 5,240 2
Alternatives 58,060 22 64,577 20
Social investments 18 - - -
263,200 100 322,658 100
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Report and Accounts – 5 April 2022

STAPLES TRUST 5 April 2022

NOTES TO THE ACCOUNTS

4. COST OF GENERATING FUNDS

These costs relate to the investment manager's fees. The Trustees are of the opinion that these relate to the generation of a total return on the investment portfolio and, as such, have charged the Expendable Endowment with these fees.

5. GRANTS PAYABLE

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2022 2021
£ £ £ £
Reconciliation of grants payable:
Commitments at 6 April 2021 325,500 351,000
Grants not accrued at 6 April 2021 740,000 1,040,000
Grants approved in the period 295,290 47,053
Grants cancelled (500) (2,500)
Grants not accrued at 5 April 2022 (642,672) (740,000)
Grants payable for the period 392,118 344,553
Grants paid/refunded during the period (383,000) (370,053)
Commitments at 5 April 2022 334,618 325,500
Commitments at 5 April 2022 are payable as follows:
2022 2021
£ £
Within one year (note 11) 334,618 325,500
Commitments
In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain
grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not
accrued as expenditure at 5 April 2022 was £642,672 (2021: £740,000).
A complete list of grants payable for the current and prior years can be found as Appendix A to the accounts.
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Report and Accounts – 5 April 2022

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NOTES TO THE ACCOUNTS

6. GRANT RELATED SUPPORT COSTS

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2022 2021
Grant- Governance Total Total
Making
£ £ £ £
Staff costs 35,190 2,012 37,202 37,021
-
Share of joint office costs 12,685 12,685 10,423
Direct costs including travel 1,445 - 1,445 984
-
Legal and professional fees 4,032 4,032 2,388
-
Depreciation 1,444 1,444 1,444
Auditor's remuneration - 9,790 9,790 6,405
54,796 11,802 66,598 58,665
Auditor's remuneration for the year is £5,900 exclusive of VAT.
Included within support costs for 2021 are governance costs totalling £8,771. This is comprised
of staff costs of £2,366 and auditor’s remuneration of £6,405.
No Trustee received remuneration or was reimbursed expenses during the period.
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7. ANALYSIS OF STAFF COSTS

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2022 2021
£ £
Salaries and wages 30,474 30,167
Social security costs 3,497 3,448
Other pension costs 3,231 3,406
37,202 37,021
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the
Registered Office. 0.5% (2021: 0.5%) of the total support and administration costs of these trusts have been
allocated to the Staples Trust, including a proportionate share of the costs of employing the total number of
staff serving in the office in 2021/22. The actual number of staff employed during the year was 8, all on a part- part-
time basis (2020/21: 6). This equates to 0.4 full time employees (2020/21: 0.5) The Trust considers its key
management personnel to comprise the Principal Officers. The total employment benefits, including
employer contributions to group personal pensions, of these key management personnel, were £18,231
(2020/21: £18,004).
No Trustee received any remuneration for their services as Trustees in the year.
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The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.5% (2021: 0.5%) of the total support and administration costs of these trusts have been allocated to the Staples Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2021/22. The actual number of staff employed during the year was 8, all on a part- parttime basis (2020/21: 6). This equates to 0.4 full time employees (2020/21: 0.5) The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer contributions to group personal pensions, of these key management personnel, were £18,231 (2020/21: £18,004).

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Report and Accounts – 5 April 2022

STAPLES TRUST 5 April 2022

NOTES TO THE ACCOUNTS

8.TANGIBLE FIXED ASSETS

Leasehold Improvements

Cost At 5 April 2021 Additions p At 5 April 2022 Depreciation At 5 April 2021 Charge for the period At 5 April 2022 NET BOOK VALUE At 5 April 2022 NET BOOK VALUE At 5 April 2021	2022 2021
	£ £ 13,021 9,700 - 3,321
	13,021 13,021
	9,204 7,760 1,444 1,444
	10,648 9,204
	2,373 3,817
	3,817 1,940

All assets are used for charitable purposes.

9. FIXED ASSET INVESTMENTS

Market value 6 April 2021 Add: Acquisitions at cost Less: Disposals at proceeds Gains/(losses) on revaluation Market value 5 April 2022 Cash Total investments Historical cost 5 April 2022	2022 2021
	£ £ 15,185,131 11,791,646 3,138,335 6,316,195 (4,164,526) (5,986,153) 724,600 3,063,443
	14,883,540 15,185,131 901,927 389,531
	15,785,467 15,574,662
	13,214,357 _13,414,104 _

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Report and Accounts – 5 April 2022

STAPLES TRUST 5 April 2022

NOTES TO THE ACCOUNTS

9. FIXED ASSET INVESTMENTS (continued)

The investments held as at 5 April 2022 were as follows:

Fixed Interest UK Equities Overseas Equities Property Alternatives Social investments	2022 2021	2022 2021
	Cost Market Value	Cost Market Value
	£ £ 1,513,276 1,386,498 2,234,322 1,946,542 7,602,211 9,718,939 - 25,094 1,760,899 1,702,818 103,649 103,649	£ £ 1,979,382 1,929,820 2,317,213 1,949,216 7,500,300 9,721,376 195,963 247,195 1,421,246 1,337,524 - -
	13,214,357 14,883,540	13,414,104 15,185,131
10. DEBTORS
Income tax recoverable Accrued income Other debtors		2022 2021
		£ £ 13,914 13,914 28,968 27,169 - 11,678
		42,882 52,761
11. CREDITORS - amounts falling due within one year
Grants payable within one year Professional charges Investment management fee Other creditors		2022 2021
		£ £ 334,618 325,500 9,468 7,400 13,847 12,929 35,072 11,861
		393,005 357,690

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Report and Accounts – 5 April 2022

5 April 2022

STAPLES TRUST

NOTES TO THE ACCOUNTS

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Expendable Totals Funds Endowment 2022 £ £ £ Fund balances at 5 April 2022 are represented by: Tangible fixed assets - 2,373 2,373 Investments - 15,785,467 15,785,467 Current assets 383,776 84,920 468,696 Current liabilities (379,161) (13,844) (393,005) Total net assets 4,615 15,858,916 15,863,531 Movement in the year Opening balance as at 5 April 2021 4,045 15,377,682 15,381,727 Total income and endowments 263,286 - 263,286 Cost of raising funds - (56,202) (56,202) Cost of grant-making (458,716) - (458,716) Net gains on investments - 724,600 724,600 Net losses on foreign exchange - 8,836 8,836 Transfer between funds 196,000 (196,000) - Closing balance as at 5 April 2022 4,615 15,858,916 15,863,531 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) Total net assets 4,045 15,377,682 15,381,727 A transfer of £196,000 (2021: £81,000) was made from Expendable Endowments to Unrestricted Funds to cover the deficit for the year.	Unrestricted Expendable Totals Funds Endowment 2022
	£ £ £ - 2,373 2,373 - 15,785,467 15,785,467 383,776 84,920 468,696 (379,161) (13,844) (393,005)
	4,615 15,858,916 15,863,531
	4,045 15,377,682 15,381,727 263,286 - 263,286 - (56,202) (56,202) (458,716) - (458,716) - 724,600 724,600 - 8,836 8,836 196,000 (196,000) -
	4,615 15,858,916 15,863,531
	£ £ £ - 3,817 3,817 - 15,574,662 15,574,662 348,806 (187,868) 160,938 (344,761) (12,929) (357,690)
	4,045 15,377,682 15,381,727
Movement in the year Opening balance as at 5 April 2020 Total income and endowments Cost of raising funds Cost of grant-making Net gains on investments Net losses on foreign exchange Transfer between funds Closing balance as at 5 April 2021	3,478 12,473,277 12,476,755 322,785 - 322,785 - (50,090) (50,090) (403,218) - (403,218) - 3,063,443 3,063,443 - (27,948) (27,948) 81,000 (81,000) -
	4,045 15,377,682 15,381,727

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Report and Accounts – 5 April 2022

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NOTES TO THE ACCOUNTS

13. RELATED PARTY TRANSACTIONS

Included within grant-related support costs is a total of £4,032 (2021: £2,388) payable for legal services to Portrait Solicitors, a firm in which Miss J S Portrait was a partner.

During the year, no grants were approved where a conflict of interest with the beneficiary was identified.

All grant-making is made at arm's length, and in the normal course of the trusts' activities. Where any conflicts of interest may occur, appropriate action is taken to mitigate any risk of undue influence or control in the decision-making process. Applicant organisations are not controlled by the Staples Trust, and the Trustees are mindful of the need to consider any potential conflicts of interest when making grant awards.

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Report and Accounts – 5 April 2022

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NOTES TO THE ACCOUNTS

14. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

		Unrestricted	Expendable	Total Funds
	Notes	Funds	Endowment	2021
		£	£	£
Income
Investment income	3	322,658	-	322,658
Bank deposit interest and other income		127	-	127
Total income and endowments		322,785	-	322,785
Expenditure
Cost of raising funds:
Investment management costs	4	-	50,090	50,090
Charitable activities
Grant-making:
Grant expenditure	5	344,553	-	344,553
Grant related support costs	6	58,665	-	58,665
Cost of grant-making		403,218	-	403,218
Total Expenditure		403,218	50,090	453,308
Net expenditure before other gains and	losses	(80,433)	(50,090)	(130,523)
Net losses on investment assets	9	-	3,063,443	3,063,443
Gains on foreign exchange		-	(27,948)	(27,948)
Transfers between funds		81,000	(81,000)	-
Net income		567	2,904,405	2,904,972
Reconciliation of funds
Total funds brought forward	12	3,478	12,473,277	12,476,755
Total funds carried forward		4,045	15,377,682	15,381,727

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APPENDICES TO THE ACCOUNTS

APPENDIX A – Grants payable

– Grants payable year ended 5 April 2022

The amount payable in the period consisted of the following: Gender One Small Thing Orchid Project SWA (formerly Swindon Women's Aid) General Disasters Emergency Committee (DEC) Felix Project, The Oxford Food Hub Sunningdale School The Sainsbury Archive Twins Trust Ltd Indigenous Peoples InsightShare Pitt Rivers Museum - University of Oxford University of Cambridge - School of the Humanities and Social Sciences Local St Mary's Church, Cricklade Frankopan Fund Aberystwyth University Old College Project Imperial College London - Department of Bioengineering Queens College, City University of New York Royal College of Music Technical University of Munich (6 Awards) University of Cambridge University of Glasgow University of Manchester (2 Scholarships) University of Music and Performing Arts Graz University of Nottingham University of Oxford - Department of Materials University of Split - Art Academy Uppsala University, Sweden Total grants payable per Statement of Financial Activities

£ 8,000 5,000 2,500 £ 5,000 5,000 2,500 5,000 5,000 5,000 £ 45,000 29,618 250,000 £ 5,000 £ 1,000 2,000 500 1,000 3,000 2,000 2,000 3,000 500 1,000 2,000 500 1,000

392,118

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Report and Accounts – 5 April 2022

STAPLES TRUST 5 April 2022

– Grants payable year ended 5 April 2021

The amount payable in the period consisted of the following:

Gender Prince's Trust Swindon Women's Aid Trojan Women Scotland CIC General National Federation of Croatian Americans Cultural Foundation The Sainsbury's Archive University of Cambridge, Jesus College Indigenous Peoples InsightShare University of Cambridge, School of Humanities and Social Sciences Local Oxford Food Bank Swindon Food Collective Frankopan Fund California Institute of Arts Central European University King's College London (3 Scholarships) National University of Ireland, Galway Royal College of Art The Council of Europe (The European Court of Human Rights, Strasbourg) Technical University of Munich (5 Awards) University of California, Berkeley University of Cambridge University of Greenwich University of Manchester (2 Scholarships) University of Music and Performing Arts Graz University of Nottingham University of Oxford University of Oxford - Department of Experimental Psychology University of Oxford - Department of Materials University of Oxford - Faculty of Law University of Toronto Uppsala University, Sweden Cancelled grants Newcastle University University of Oxford Total grants payable per Statement of Financial Activities	£ 25,000 5,000 3,000 £ 2,053 5,000 3,500 £ 20,000 250,000 £ 5,000 5,000 £ 500 500 6,000 500 2,000 500 2,500 500 500 500 2,000 500 1,000 500 2,000 2,000 500 500 500 (2,000) (500)
	344,553

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Report and Accounts – 5 April 2022