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2023-04-05-accounts

STAPLES TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

5 APRIL 2023

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

STAPLES TRUST 5 April 2023

CONTENTS CONTENTS PAGE
1 Legal and Administrative 2
2 Report of the Trustees 3 - 7
3 Statement of Trustees’ Responsibilities 8
4 Independent Auditor’s Report 9 - 12
5 Statement of Financial Activities 13
6 Balance Sheet 14
7 Cash Flow Statement 15
8 Notes to the Accounts 16 - 23
9 Appendix to the Accounts 24 - 25

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Report and Accounts – 5 April 2023

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LEGAL AND ADMINISTRATIVE

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

Trustees Jessica Sainsbury Professor Peter Frankopan James Sainsbury OBE Judith Portrait OBE (resigned 25 October 2022) Registered The Peak, 5 Wilton Road Office London SW1V 1AP Principal Karen Everett Chief Executive Officer Officers Elaine Ponte Executive All the Principal Officers are employed on a part-time basis. Bankers Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA Solicitors BDB Pitmans LLP 1 Bartholomew Close London EC1A 7BL Auditor Sayer Vincent LLP Invicta House 108 - 114 Golden Lane London EC1Y 0TL Investment Cazenove Capital Management Advisers 1 London Wall Place London EC2Y 5AU

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

The trustees present their report and the audited financial statements for the year ended 5 April 2023.

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 the trust executive, 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 162A 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

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normally made to individuals. The Trustees’ priorities are set out under each category heading in the report on grants approved below.

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 £295,277. 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 2023, the Trust held total funds of £15,460,560 (2022: £15,863,531), comprising an expendable endowment fund of £15,455,176 (2022: £15,858,916) and unrestricted funds of £5,384 (2022: £4,615).

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 0.9% which compares to the -4.5% loss 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

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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.

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 investment 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.

Review of the Past Year

During the year the asset value of the Trust decreased by 3% from £15,863,531 at 5 April 2022 to £15,460,560 at 5 April 2023, whilst the net unrestricted income of the Trust for the year after charging support costs increased to £245,664 compared to £196,688 for the year to 5 April 2022.

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

During the year the Trustees approved 24 grants totalling £148,000.

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

Environment
Frankopan Fund
Gender
General
Indigenous Peoples		 Number of
grants
approved
Value of
grants
approved
£
Payments
made
£
1
5,000
5,000
19
1
23,000
5,000
19,500
-
3
115,000
30,000
-
-
304,618
24
148,000
359,118

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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.

REPORT OF THE TRUSTEES (continued)

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

GRANTS APPROVED

ENVIRONMENT - £5,000

NGO Vidra - Green Squad Section - £5,000

To help preserve Croatian forests from ongoing deforestation.

FRANKOPAN FUND - £23,000

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

Scholarships £
University of Cambridge 2,000
University of Cork 2,000
University of Glasgow 2,000
University of Manchester (2 Scholarships) 4,000
University of Nottingham 2,000
University of Oxford (2 Scholarships) 4,000
University of Toronto 2,000
Awards £
Goldsmiths 500
Ludwig-Maximilians University, Munich 500
Columbia University School of the Arts, New York 500
Georgetown University McDonough School of Business 500
Technical University of Munich (3 Awards) 1,500
Queens College, City University of New York (Cancelled) 500
University of Oxford, New College (2 Awards) 1,000

GENDER - £5,000

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.

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Grant approved in this category was to:

One Small Thing - £5,000

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

GENERAL - £115,000

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

University of Cambridge - £100,000

Towards the establishment of the Stephen Toope Studentship Fund.

Choose Love - £5,000

Towards the Syria earthquake appeal.

St Mary the Virgin's Church, Castle Eaton - £10,000

Towards the restoration of its nave ceiling.

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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 Trust’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:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust 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 Trust 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 Trust'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 27 September 2023 and signed on their behalf by:

JESSICA SAINSBURY TRUSTEE

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INDEPENDENT AUDITORS’ REPORT

Opinion

We have audited the financial statements of the Staples Trust (the ‘charity’) for the year ended 5 April 2023 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:

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

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the financial statements or our knowledge obtained in the course of the audit or otherwise appears 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:

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

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respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out on the next page.

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:

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

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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 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.

Date : 28 November 2023

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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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2023		 STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2023
Unrestricted
Expendable
Total Funds
Total Funds
Notes
Funds
Endowment
2023
2022
£
£
£
£
Income
Investment income
3
268,949
-
268,949
263,200
Bank deposit interest
31,802
-
31,802
86
Total income and endowments
300,751
-
300,751
263,286
Expenditure
Cost of raising funds:
Investment management costs
4
Charitable activities:
Grant-making:
Grant expenditure
5
Grant-related support costs
6
Cost of grant-making
Total Expenditure
Net (losses)/gains on investment assets
9
Gains on foreign exchange
Transfers between funds
12
Net movement in funds
Reconciliation of funds
Total funds brought forward
12
Total funds carried forward
Net expenditure before other
(losses)/gains		 -
54,970
54,970
56,202
494,895
-
494,895
392,118
55,087
-
55,087
66,598
549,982
-
549,982
458,716
549,982
54,970
604,952
514,918
(249,231)
(54,970)
(304,201)
(251,632)
-
(152,234)
(152,234)
724,600
-
53,464
53,464
8,836
250,000
(250,000)
-
-
769
(403,740)
(402,971)
481,804
4,615
15,858,916
15,863,531
15,381,727
5,384
15,455,176
15,460,560
15,863,531

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 2023

BALANCE SHEET
AS AT 5 APRIL 2023
Notes 2023 2022
£ £ £
FIXED ASSETS
Tangible fixed assets 8 1,899 2,373
Investments 9 15,724,596 15,785,467
15,726,495 15,787,840
CURRENT ASSETS
Debtors 10 25,052 42,882
Short term deposits 100,000 100,000
Cash at bank and in hand 104,654 325,814
229,706 468,696
CURRENT LIABILITIES
Creditors -amounts falling due within 1 year 11 (495,641) (393,005)
NET CURRENT (LIABILITIES)/ASSETS (265,935) 75,691
NET ASSETS 15,460,560 15,863,531
CAPITAL FUNDS
Expendable endowment 12 15,455,176 15,858,916
INCOME FUNDS
Unrestricted funds 12 5,384 4,615
15,460,560 15,863,531
The financial statements were approved and authorised for issue by the Trustees on 27 September
2023 and were signed on their behalf by:
JESSICA SAINSBURY, TRUSTEE

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CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2023

RECONCILIATION OF NET EXPENDITURE TO NET CASH INFLOW FROM OPERATING ACTIVITIES

OW FROM OPERATING ACTIVITIES
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends and income
Purchase of investments
Sale of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Reconciliation of net cash provided by operating activitie
Gains/(Losses) on investments
Dividends and income
Effect of foreign exchange rate changes
Depreciation charges
Decrease in debtors
Increase in creditors
Net cash used in by operating activities
Analysis of increase in cash during the year
Cash at bank and in hand
Cash held in short term deposit account (6 months)
Cash balances held by investment manager for investment
Net movement in funds as per statement of financial activiti		 2023
2022
£
£
(398,746)
(459,358)
268,949
263,200
(4,083,376)
(3,138,335)
4,176,626
4,164,526
362,199
1,289,391
(36,547)
830,033
1,327,741
497,708
1,291,194
1,327,741
s
2023
2022
£
£
(402,971)
481,804
98,770
(733,436)
(268,949)
(263,200)
53,464
8,836
474
1,444
17,830
9,879
102,636
35,315
(398,746)
(459,358)
Change in
2023
2022
year
es
£
£
£
104,654
325,814
(221,160)
100,000
100,000
-
1,086,540
901,927
184,613
1,291,194
1,327,741
(36,547)

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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 Trust 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

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 Trust'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 Trust.

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.

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

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NOTES TO THE ACCOUNTS

2. PRINCIPAL ACCOUNTING POLICIES (cont …)

c) Expenditure on charitable activities (cont…)

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 Trust 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 (2021) - straight line over 7 years

f) Financial Instruments

The Trust 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.

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.

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NOTES TO THE ACCOUNTS

2. PRINCIPAL ACCOUNTING POLICIES (cont …)

j) Creditors and provisions

Creditors and provisions are recognised where the Trust 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.

k) Pensions

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

l) Critical accounting judgements and key sources of estimation uncertainty

In the application of the Trust'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.

m) 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.

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NOTES TO THE ACCOUNTS

3. INVESTMENT INCOME

Income received on investments may be analysed as follows:


Fixed interest
2023
2022
£
%
£
%
45,858
17
38,473
15
UK equities 79,341
30
50,680
19
Overseas equities
Property
Alternatives
Social investments		 85,428
32
114,161
43
-
-
1,808
1
58,322
21
58,060
22
-
-
18
-
268,949
100
263,200
100

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

5. GRANTS PAYABLE
Reconciliation of grants payable:
Commitments at 6 April 2022
Grants not accrued at 6 April 2022
Grants approved in the period
Grants cancelled
Grants not accrued at 5 April 2023
Grants payable for the period
Grants paid during the period
Commitments at 5 April 2023
Commitments at 5 April 2023 are payable
Within one year (note 11)		 2023
2022
£
£
£
£
334,618
325,500
642,672
740,000
148,000
295,290
(500)
(500)
(295,277)
(642,672)
494,895
392,118
(359,118)
(383,000)
470,395
334,618
as follows:
2023
2022
£
£
470,395
334,618
as follows:
470,395
334,618
2023
2022
£
£
470,395
334,618
Commitments
In addition to the amounts committed and a
grants which are subject to the recipient f
accrued as expenditure at 5 April 2023 was £
A complete list of grants payable for the curre		 ccrued noted above, the Trustees have also authorised certain
ulfilling certain conditions. The total amount authorised but not
295,277 (2022: £642,672).
nt and prior years can be found as Appendix A to the accounts.

19

Report and Accounts – 5 April 2023

STAPLES TRUST 5 April 2023

NOTES TO THE ACCOUNTS

6.GRANT RELATED SUPPORT COSTS

Staff costs 2023
2022
Grant-
Governance
Total
Total
Making
£
£
£
£
35,039
2,348
37,387
37,202
9,221
-
9,221
12,685
1,537
-
1,537
1,445
1,188
-
1,188
4,032
474
-
474
1,444
-
5,280
5,280
9,790
Share of joint office costs
Direct costs including travel
Legal and professional fees
Depreciation
Auditor's remuneration
47,459
7,628
55,087
66,598

Auditor's remuneration for the year is £6,500 exclusive of VAT (2022: £5,900).

Included within support costs for 2022 are governance costs totalling £11,802. This is comprised of staff costs of £2,012 and auditor’s remuneration of £9,790.

No Trustee received remuneration or was reimbursed expenses during the period.

7.ANALYSIS OF STAFF COSTS

2023
2022
£
£
Salaries and wages
30,499
30,474
Social security costs
3,779
3,497
Other pension costs
3,109
3,231
37,387
37,202
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administr
Registered Office. 0.4% (2022: 0.5%) of the total support and administration costs of these trust
allocated to the Staples Trust, including a proportionate share of the costs of employing the tota
staff serving in the office in 2023. The actual number of staff employed during the year was 5,
time basis (2022: 8). This equates to 0.38 full time employees (2022: 0.4) The Trust consi
management personnel to comprise the Principal Officers. The total employment benefit
employer contributions to group personal pensions, of these key management personnel, w
(2022: £18,231).
No employee of the charity earned in excess of £60,000 (2022: none).

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.4% (2022: 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 2023. The actual number of staff employed during the year was 5, all on a parttime basis (2022: 8). This equates to 0.38 full time employees (2022: 0.4) 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 £16,595 (2022: £18,231).

No Trustee received any remuneration for their services as Trustees in the year.

8.TANGIBLE FIXED ASSETS

Cost
At 5 April 2022
Disposals
At 5 April 2023
Depreciation
At 5 April 2022
On Disposals
Charge for the period
At 5 April 2023
NET BOOK VALUE
At 5 April 2023
NET BOOK VALUE
At 5 April 2022
Leasehold Improvements		 2023
2022
£
£
13,021
13,021
(9,700)
-
3,321
13,021
10,648
9,204
(9,700)
-
474
1,444
1,422
10,648
1,899
2,373
2,373
3,817

Leasehold Improvements

All assets are used for charitable purposes.

20

Report and Accounts – 5 April 2023

STAPLES TRUST 5 April 2023

NOTES TO THE ACCOUNTS

9. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Market value 6 April 2022
Add: Acquisitions at cost
Less: Disposals at proceeds
(Losses)/gains on revaluation
Market value 5 April 2023
Cash
Total investments		 2023
2022
£
£
14,883,540
15,185,131
4,083,376
3,138,335
(4,176,626)
(4,164,526)
(152,234)
724,600
14,638,056
14,883,540
1,086,540
901,927
15,724,596
15,785,467

The investments held as at 5 April 2023 were as follows:

Fixed Interest
UK Equities
Overseas Equities
Property
Alternatives
Social investments		 2023
2022
Cost
Market
Cost
Market
Value
Value
£
£
£
£
2,750,828
2,610,255
1,513,276
1,386,498
2,137,414
1,913,722
2,234,322
1,946,542
6,652,430
8,061,270
7,602,211
9,718,939
-
-
-
25,094
1,994,405
1,903,259
1,760,899
1,702,818
165,148
149,550
103,649
103,649
13,700,225
14,638,056
13,214,357
14,883,540

10. DEBTORS

10. DEBTORS
Income tax recoverable
Accrued income		 2023
2022
£
£
-
13,914
25,052
28,968
25,052
42,882
11. CREDITORS - amounts falling due within one year
Grants payable within one year
Professional charges
Investment management fee
Other creditors		 2023
2022
£
£
470,395
334,618
7,800
9,468
12,885
13,847
4,561
35,072
495,641
393,005

21

Report and Accounts – 5 April 2023

STAPLES TRUST 5 April 2023

NOTES TO THE ACCOUNTS

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 5 April 2023 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2022
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 2023
A transfer of £250,000 (2022: £196,000) was made fro
to cover the deficit for the year.		 Unrestricted
Expendable
Totals
Funds
Endowment
2023
£
£
£
-
1,899
1,899
-
15,724,596
15,724,596
488,140
(258,434)
229,706
(482,756)
(12,885)
(495,641)
5,384
15,455,176
15,460,560
4,615
15,858,916
15,863,531
300,751
-
300,751
-
(54,970)
(54,970)
(549,982)
-
(549,982)
-
(152,234)
(152,234)
-
53,464
53,464
250,000
(250,000)
-
5,384
15,455,176
15,460,560
m Expendable Endowments to Unrestricted Funds
Fund balances at 5 April 2022 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2021
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 2022		 Unrestricted
Expendable
Totals
Funds
Endowment
2022
£
£
£
-
2,373
2,373
-
15,785,467
15,785,467
383,773
84,920
468,693
(379,158)
(13,844)
(393,002)
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

22

Report and Accounts – 5 April 2023

STAPLES TRUST 5 April 2023

NOTES TO THE ACCOUNTS

13. RELATED PARTY TRANSACTIONS

Included within grant-related support costs is a total of £1,188 (2022: £4,032) payable for legal services to BDB Pitmans LLC, 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 Trust's 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.

14. 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 and other income 86 - 86
Total income and endowments 263,286 - 263,286
Expenditure
Cost of raising funds:
Investment management costs 4 - 56,202 56,202
Charitable activities
Grant-making:
Grant expenditure 5 392,118 - 392,118
Grant related support costs 6 66,598 - 66,598
Cost of grant-making 458,716 - 458,716
Total Expenditure 458,716 56,202 514,918
Net expenditure before other gains and losses (195,430) (56,202) (251,632)
Net gains on investment assets 9 - 724,600 724,600
Gains on foreign exchange - 8,836 8,836
Transfers between funds 196,000 (196,000) -
Net income 570 481,234 481,804
Reconciliation of funds
Total funds brought forward 12 4,045 15,377,682 15,381,727
Total funds carried forward 4,615 15,858,916 15,863,531

23

Report and Accounts – 5 April 2023

STAPLES TRUST 5 April 2023

APPENDICES TO THE ACCOUNTS

APPENDIX A – Grants payable

– Grants payable year ended 5 April 2023

The amount payable in the period consisted of the following:

Environment
NGO Vidra - Green Squad Section
Gender
One Small Thing
General
Choose Love
The Sainsbury Archive
University of Cambridge - Development and Alumni Relations
St Mary the Virgin's Church, Castle Eaton
Indigenous Peoples
InsightShare
Pitt Rivers Museum - University of Oxford
University of Cambridge - School of the Humanities and Social Sciences
Frankopan Fund
Columbia University, New York
Georgetown University - McDonough School of Business
Goldsmiths
Jesus College, Cambridge
Ludwig-Maximilians University (LMU)
Technical University of Munich (3 Awards)
University of Cork
University of Glasgow
University of Manchester (2 Scholarships)
University of Nottingham
University of Oxford (2 Scholarships & 2 Awards)
University of Toronto
Total grants payable per Statement of Financial Activities		 £
5,000
£
5,000
£
5,000
5,000
50,000
10,000
£
25,000
117,395
250,000
£
500
500
500
2,000
500
1,500
2,000
2,000
4,000
2,000
5,000
2,000
494,895

24

Report and Accounts – 5 April 2023

STAPLES TRUST 5 April 2023

– 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
Totalgrantspayableper 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

25

Report and Accounts – 5 April 2023