## **Staples Trust**
Annual Report and Financial Statements
5 April 2025
The Peak 5 Wilton Road London SW1V 1AP
**Staples Trust 5 April 2025**
|**Contents**|**Contents**|**Page**|
|---|---|---|
|**1**|Legal and Administrative|2|
|**2**|Report of the Trustees|3 – 8|
|**3**|Statement of Trustees’ Responsibilities|9|
|**4**|Independent Auditor’s Report|10 – 13|
|**5**|Statement of Financial Activities|14|
|**6**|Balance Sheet|15|
|**7**|Cash Flow Statement|16|
|**8**|Notes to the Accounts|17 – 29|
|**9**|Appendix to the Accounts|30 – 31|
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Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **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**
**Auditor**
**Investment**
**Advisers**|Jessica Sainsbury
Professor Peter Frankopan
James Sainsbury OBE
The Peak, 5 Wilton Road
London SW1V 1AP
Karen Everett
Chief Executive Officer
Elaine Ponte
Trust Executive
Vanessa Lye
Assistant Trust Executive
All the Principal Officers are employed on a part-time basis.
Royal Bank of Scotland
36 St Andrew Square
Edinburgh, EH2 2YB
Broadfield Law UK LLP
1 Bartholomew Close
London EC1A 7BL
Sayer Vincent LLP
110 Golden Lane
London EC1Y 0TG
Cazenove Capital Management
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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**Staples Trust 5 April 2025**
## **Report of the Trustees**
The Trustees present their report and the audited financial statements for the year ended 5 April 2025.
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.
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**Staples Trust 5 April 2025**
## **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.
The Trust will continue to support the activities set out on page 6 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 £28,000. 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 2025, the Trust held total funds of £16,470,405 (2024: £17,181,420), comprising an expendable endowment fund of £16,311,462 (2024: £17,175,508) and unrestricted funds of £158,943 (2024: £5,912).
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 12 month reporting period, the portfolio returned 3.3%, outperforming the ARC Steady Growth index for the same 12 month period which returned 2.1%.
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Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
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.
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.
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 4.1% from £17,181,420 at 5 April 2024 to £16,470,405 at 5 April 2025, whilst the net unrestricted income of the Trust for the year after charging support costs decreased to £342,186 compared to £352,304 for the year to 5 April 2024.
The Trustees met twice during the year to make grants and twice to review investment activity.
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Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
During the year the Trustees approved 29 grants totalling £172,460.
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
Local|Number of
grants approved
Value of
grants approved
£
Payments
made
£|
|---|---|
||1
5,000
5,000
18
25,500
22,750
2
10,000
10,000
3
48,960
33,905
4
73,000
278,000
1
10,000
20,000|
||29
172,460
369,655|
Payments made included grants approved in prior years, 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 6-8.
## **GRANTS APPROVED**
## **ENVIRONMENT - £5,000**
## **NGO VIDRA - Green Squad - £5,000**
To help preserve Croatian forests from ongoing deforestation.
## **FRANKOPAN FUND - £25,500**
Trustees established a fund to assist exceptionally talented postgraduate students from Croatia to further or complete their studies. Eighteen grants from the Fund were awarded to students at the following institutions:
|**Scholarships**|**£**|
|---|---|
|Central European University, Austria (3 Scholarships)|£6,000|
|Conservatorio di Musica Guieseppe Tartini|£2,000|
|Kings College London|£2,000|
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## **Staples Trust 5 April 2025**
|London School of Economics & Political Science (LSE)|£2,000|
|---|---|
|University of Augsburg|£2,000|
|University of Cambridge (2 Scholarships)|£4,000|
|University of Glasgow|£2,000|
|University of Oxford|£2,000|
|Catholic Faculty of Theology in Đakovo, Josip Juraj Strossmayer University of Osijek|£500|
|Ludwig-Maximilians University (LMU)|£500|
|NYU Steinhardt School of Culture, Education, and Human Development|£500|
|Queens College, City University of New York|£500|
|Technical University of Munich|£500|
|University College Cork|£500|
|University of Ljubljana|£500|
## **GENDER - £10,000**
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. Grant approved in this category were to:
## **One Small Thing - £5,000**
Towards core costs at the Hope Street project.
## **Trojan Women Scotland CIC- £5,000**
Towards its new Trojans UK 25 pilot project in Stirling.
## **GENERAL - £48,960**
Grants approved at the discretion of the Trustees were as follows:
## **Cardinal Hume Centre - £15,000**
Towards its core costs.
## **National Federation of Croatian Americans Cultural Foundation - £3,960**
Towards Celebratory events in July 2024 in Croatia.
## **The Sainsbury Archive - £30,000**
Towards its core costs.
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**Staples Trust 5 April 2025**
## **INDIGENOUS PEOPLES - £73,000**
Trustees are interested in projects which support the rights of Indigenous Peoples. Grants approved in this category were to:
**Pitt Rivers Museum - University of Oxford - £40,000**
Towards a trip to Kenya and Tanzania associated with the Living Cultures Project.
**Pitt Rivers Museum - University of Oxford - £23,000** Towards the Maasai Pilgrimage visit to Oxford in the autumn 2024.
**Rights Action - £5,000**
Towards work supporting the Mayan Q’eqchi’ plaintiffs against Hudbay Minerals case.
## **Survival International Charitable Trust - £5,000**
To Wayamoutheri towards its work to strengthen the Indigenous Peoples of Venezuela.
## **LOCAL - £10,000**
**St John's Church, Notting Hill - £10,000** Towards the Light on the Hill appeal.
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Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **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:
- 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 Trust 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 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 6 October 2025 and signed on their behalf by:
……………………………………….
Jessica Sainsbury Trustee
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Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **INDEPENDENT AUDITORS’ REPORT**
## **Opinion**
We have audited the financial statements of the Staples Trust (the ‘charity’) for the year ended 5 April 2025 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 2025 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
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**Staples Trust 5 April 2025**
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 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 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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**Staples Trust 5 April 2025**
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:
- 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.
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**Staples Trust 5 April 2025**
## **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 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.
## 03 November 2025
Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, London, EC1Y 0TG
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act
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Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Statement of Financial Activities For the year ended 5 April 2025**
|**_Notes_**
**Income**
Donations and gifts
Investment income
**_3_**
Bank deposit interest
**Total income and endowments**|**Unrestricted**
**Expendable**
**Total**
**Funds**
**Total**
**Funds**
**Funds Endowment**
**2025**
**2024**|
|---|---|
||£
£
£
£
22,250
-
22,250
25,000
337,421
-
337,421
331,123
53,056
-
53,056
59,224|
||412,727
-
412,727
415,347|
||-
68,163
68,163
60,349
189,155
-
189,155
381,776
70,541
-
70,541
63,043|
|**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**|259,696
-
259,696
444,819|
|||
|||
|**Total Expenditure**|259,696
68,163
327,859
505,168|
|||
|**Net income/(expenditure)**
**before other (losses)/gains**|153,031
(68,163)
84,868
(89,821)
-
(588,815)
(588,815)
1,814,263
-
(207,068)
(207,068)
(3,582)|
|||
|Net (losses)/gains on investment
assets
**_9_**||
|Losses on foreign exchange||
|||
|||
|**Net movement in funds**|153,031
(864,046)
(711,015)
1,720,860
5,912
17,175,508
17,181,420
15,460,560|
|||
|**Reconciliation of funds**||
|Total funds brought forward
**_12_**||
|Total funds carried forward|158,943
16,311,462
16,470,405
17,181,420|
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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**Staples Trust 5 April 2025**
## **Balance Sheet As at 5 April 2025**
|**Notes**
**FIXED ASSETS**
Tangible fixed assets
**8**
Investments
**9**
**CURRENT ASSETS**
Debtors
**10**
Short term deposits
Cash at bank and in hand
**CURRENT LIABILITIES**
**Creditors -**amounts fallingdue within 1year
**11**
**NET CURRENT ASSETS/(LIABILITES)**
**NET ASSETS**
**CAPITAL FUNDS**
Expendable endowment
**12**
**INCOME FUNDS**
Unrestricted funds
**12**||**2025**|
**2024**|
|---|---|---|---|
||£
30,780
76,773
326,061|
£
951
16,273,616|
£|
|||||
||||
1,425|
||||
17,297,918|
|||16,274,567|
17,299,343|
|||
195,838||
|||||
||||28,844|
||||115,140|
||||151,074|
||433,614
(237,776)||295,058|
|||||
|||||
||||(412,981)|
|||||
||||
(117,923)|
|||||
|||16,470,405|
17,181,420|
|||16,311,462
158,943||
|||||
|||||
||||
17,175,508|
|||||
|||||
|||||
||||
5,912|
|||||
|||16,470,405|
17,181,420|
The financial statements were approved and authorised for issue by the Trustees on 6 October 2025 and were signed on their behalf by:
__________________________________________ Jessica Sainsbury, Trustee
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**Staples Trust 5 April 2025**
## **Cash Flow Statement For the year ended 5 April 2025**
## **Reconciliation of net expenditure to net cash inflow from operating activities**
|||**2025**|**2024**|
|---|---|---|---|
|||**£**|**£**|
|**Cash flows from operating activities**||||
|**Net cash used in operating activities**||(689,344)|(569,728)|
|**Cash flows from investing activities**||||
|Dividends and income from investments||390,477|390,347|
|Purchase of investments|(4,052,936)||(3,680,353)|
|Sale of investments||4,726,098|3,508,345|
|**Net cash provided by investing activities**||1,063,639|218,339|
|**Change in cash and cash equivalents in the year**||374,295|(351,389)|
|**Cash and cash equivalents at the beginning of the year**||939,805|1,291,194|
|**Cash and cash equivalents at the end of the year**||1,314,100|939,805|
|**Reconciliation of net cash provided by operating activities**||||
|||**2025**|**2024**|
|||**£**|**£**|
|Net movement in funds as per statement of financial activities||(711,015)|1,720,860|
|Losses/(Gains) on investments||795,883|(1,810,681)|
|Dividends and income from investments||(390,477)|(390,347)|
|Effect of foreign exchange rate changes||(207,068)|(3,582)|
|Depreciation charges||474|474|
|(Increase) in debtors||(1,936)|(3,792)|
|(Decrease) in creditors||(175,205)|(82,660)|
|**Net cash used in operating activities**||(689,344)|(569,728)|
|**Analysis of increase in cash during the year**||||
||||**Change in**|
||**2025**|**2024**|**year**|
||**£**|**£**|
**£**|
|Cash at bank and in hand|326,061|151,074|
174,987|
|Cash held in short term deposit account (6 months)|76,773|115,140|
(38,367)|
|Cash balances held by investment manager for investment|911,266|673,591|
237,675|
||1,314,100|939,805|
374,295|
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Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **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 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
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.
In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity.
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 amounts made available for charitable activity. 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 Recognitio** n
- 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.
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**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **c) Expenditure on charitable activities**
- i) Costs of generating funds represent amounts paid to the Trust's external investment advisors.
- ii) 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.
- iii) 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.
- iv) Grants approved subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.
- v) 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 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**
- i) 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.
- ii) Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment.
18
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **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 the 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 due 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.
## **k) Pensions**
Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.
19
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
- **l) Critical accounting judgements and key sources of estimation uncertainty**
- i) 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.
- ii) 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.
- iii) 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.
20
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **3. Investment income**
Income received on investments may be analysed as follows:
||**2025**
**2024**|
|---|---|
||**£**
**%**
**£**
**%**
72,676
21
70,917
21
76,756
23
73,836
22
131,710
39
111,660
34
56,279
17
74,710
23|
|Fixed interest||
|UK equities||
|Overseas equities||
|Alternatives||
||337,421
100
331,123
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**
|**. Grants Payable**|||||
|---|---|---|---|---|
|**Reconciliation of grants payable:**
Commitments at 6 April 2024
Grants not accrued at 6 April 2024
Grants approved in the period
Grants cancelled
Grants not accrued at 5 April 2025
**Grants payable for the period**
Grants paid during the period
Commitments at 5 April 2025
**Commitments at 5 April 2025 are payable**
**follows:**
Within one year (note 11)||**2025**||**2024**|
||**£**
55,000
172,460
(10,305)
(28,000)|
**£**
389,654
**189,155**
(369,655)|
**£**|
**£**|
||||||
|||||470,395|
||||295,277||
||||151,500||
||||(10,001)||
||||
(55,000)|
|
||**as**|||**381,776**|
||||||
|||||(462,517)|
||||||
|||209,154||389,654|
|||**2025**|||
||||||
|||||**2024**|
|||**£**
209,154||**£**|
|||||389,654|
## **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 2025 was £28,000 (2024: £55,000).
A complete list of grants payable for the current and prior years can be found as Appendix A to the accounts.
21
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **6. Grant related support costs**
|**6. Grant related support costs**||
|---|---|
||**2025**
**2024**
**Grant-**
**making**
**Governance**
**Total**
**Total**|
|||
||**£**
**£**
**£**
**£**
45,789
2,194
47,983
42,256
11,299
-
11,299
10,114
1,545
-
1,545
1,439
474
-
474
474
-
9,240
9,240
8,760|
|Staff costs||
|Share of joint office costs
Direct costs including travel||
|
Depreciation||
|Auditor's remuneration||
||59,107
11,434
70,541
63,043|
Auditor's remuneration for the year is £7,700 exclusive of VAT (2024: £7,300).
Included within support costs for 2024 are governance costs totalling £10,783. This is comprised of staff costs of £2,023 and auditor’s remuneration of £8,760.
No Trustee received remuneration or was reimbursed expenses during the period.
## **7. Analysis of staff costs**
|**7. Analysis of staff costs**|||
|---|---|---|
||**2025**|
**2024**|
||**£**
38,961
4,549
4,473|
**£**|
|Salaries and wages||
34,257|
|
Social security costs||
4,104|
|
Other pension costs||
3,895|
||47,983|
42,256|
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.4% (2024: 0.4%) 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 2025.
The actual number of staff employed during the year was 6, all on a part-time basis (2024: 7). This equates to 0.58 full time employees (2024: 0.45). 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 £27,777 (2024: £20,656).
No employee of the charity earned in excess of £60,000 (2024: none).
No Trustee received any remuneration for their services as Trustees in the year.
22
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **8. Tangible fixed assets**
## **Leasehold Improvements**
|**easehold Improvements**|||
|---|---|---|
|**Cost**
At 5 April 2024
At 5 April 2025
**Depreciation**
At 5 April 2024
Charge for the period
At 5 April 2025
**NET BOOK VALUE**
**At 5 April 2025**
NET BOOK VALUE
At 5 April 2024|**2025**|
**2024**|
||**£**
3,321|
**£**|
||||
|||
3,321|
||3,321|
3,321|
||1,896
474||
||||
|||
1,422|
|||
474|
||2,370|
1,896|
||**_951_**||
||||
|||
1,425|
||_1,425_||
||||
|||1,899|
All assets are used for charitable purposes.
23
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **9. Fixed asset investments**
|**. Fixed asset investments**||
|---|---|
|Market value 6 April 2024
Add: Acquisitions at cost
Less: Disposals at proceeds
(Losses)/gains on revaluation
**Market value 5 April 2025**
**Cash**
**Total investments**|**2025**
**2024**|
||**£**
**£**
16,624,327
14,638,056
4,052,936
3,680,353
(4,726,098)
(3,508,345)
(588,815)
1,814,263|
||**15,362,350**
**16,624,327**
911,266
673,591|
||**16,273,616**
**17,297,918**|
The investments held as at 5 April 2025 were as follows:
|Fixed Interest
UK Equities
Overseas Equities
Alternatives
Other
Social investments|**2025**
**2024**|
|---|---|
||Cost
Market
Cost
Market
Value
Value|
||**£**
**£**
**£**
**£**
2,673,771
2,617,526
2,664,625
2,580,946
2,002,131
1,771,557
2,137,414
1,941,781
7,771,299
9,275,833
7,186,830
10,271,134
1,329,107
1,301,270
1,448,051
1,359,363
82,229
82,229
236,867
236,867
435,997
313,935
268,390
234,236|
||14,294,534
15,362,350
13,942,177
16,624,327|
24
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **10. Debtors**
|**10. Debtors**||
|---|---|
||**2025**
**2024**|
||£
£
30,780
28,844|
|Prepayments and accrued income||
||30,780
28,844|
## **11. Creditors – amounts falling due within one year**
|**11. Creditors – amounts falling due within one year**||
|---|---|
||**2025**
**2024**|
||£
£
209,154
389,654
9,240
5,640
15,078
14,033
4,304
3,654|
|Grants payable within one year||
|Professional charges||
|Investment management fee||
|Other creditors||
||237,776
412,981|
25
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **12. Analysis of net assets between funds**
||**Unrestricted**|**Expendable**|
**Totals**|
|---|---|---|---|
||**Funds**|**Endowment**|
**2024**|
||£|£|
£|
|Fund balances at 5 April 2025 are represented|by:|||
|Tangible fixed assets|-|951|
951|
|Investments|-|16,273,616|16,273,616|
|Current assets|381,641|51,973|
433,614|
|Current liabilities|(222,698)|(15,078)|(237,776)|
|**Total net assets**|158,943|16,311,462|16,470,405|
|**Movement in the year**||||
|Opening balance as at 5 April 2024|5,912|17,175,508|17,181,420|
|Total income and endowments|412,727|-|
412,727|
|Cost of raising funds|-|(68,163)|(68,163)|
|Cost of grant-making|(259,696)|-|
(259,696)|
|Net gains on investments|-|(588,815)|(588,815)|
|Net losses on foreign exchange|-|(207,068)|(207,068)|
|Closing balance as at 5 April 2025|158,943|16,311,462|16,470,405|
26
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **12. Analysis of net assets between funds (continued)**
||**Unrestricted**|**Expendable**|
**Totals**|
|---|---|---|---|
||**Funds**|**Endowment**|
**2024**|
||£|£|
£|
|Fund balances at 5 April 2024 are represented|by:|||
|Tangible fixed assets|-|1,425|
1,425|
|Investments|-|17,297,918|17,297,918|
|Current assets|404,859|(109,801)|295,058|
|Current liabilities|(398,947)|(14,034)|(412,981)|
|**Total net assets**|5,912|17,175,508|17,181,420|
|**Movement in the year**||||
|Opening balance as at 5 April 2023|5,384|15,455,176|15,460,560|
|Total income and endowments|415,347|-|
415,347|
|Cost of raising funds|-|(60,349)|(60,349)|
|Cost of grant-making|(444,819)|-|
(444,819)|
|Net gains on investments|-|1,814,263|
1,814,263|
|Net losses on foreign exchange|-|(3,582)|(3,582)|
|Transfer between funds|30,000|(30,000)|-|
|Closing balance as at 5 April 2024|5,912|17,175,508|17,181,420|
27
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **13. Related party transactions**
There were no related party transactions in the reporting period which require disclosure (2024: Nil).
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.
28
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Notes to the Accounts**
## **14. Statement of Financial Activities for the year ended 5 April 2024**
|**_Notes_**
**Income**
Donations and gifts
Investment income
**_3_**
Bank deposit interest and other income
**Total income and endowments**
**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 expenditure before other gains and**
**losses**
Net gains on investment assets
**_9_**
Loss on foreign exchange
Transfers between funds
**Net income**
**Reconciliation of funds**
Total funds brought forward
**_12_**
Total funds carried forward|**Unrestricted**
**Expendable**
**Total**
**Funds**
**Funds**
**Endowment**
**2024**|
|---|---|
||£
£
£
25,000
-
25,000
331,123
-
331,123
59,224
-
59,224|
||415,347
-415,347|
||
-
60,349
60,349
381,776
-
381,776
63,043
-
63,043|
||444,819
-
444,819|
||444,819
60,349
505,168|
|||
||(29,472)
(60,349)
(89,821)
-
1,814,263
1,814,263
-
(3,582)
(3,582)
30,000
(30,000)
-|
||528
1,720,332
1,720,860
5,384
15,455,176 15,460,560|
||5,912
17,175,508 17,181,420|
29
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Appendix to the accounts**
## **Appendix A – Grants Payable**
## – Grants payable year ended 5 April 2025
The amount payable in the period consisted of the following:
|**Environmental**
NGO VIDRA - Green Squad
**Gender**
Brighter Path Foundation
One Small Thing
Trojan Women Scotland CIC
**General**
Cardinal Hume Centre
National Federation of Croatian Americans Cultural Foundation
The Sainsbury Archive
University of Cambridge - Development and Alumni Relation
**Indigenous Peoples**
InsightShare
Pitt Rivers Museum - University of Oxford
Survival International Charitable Trust
**Local**
St John's Church, Notting Hill
**Frankopan Fund**
Catholic Faculty of Theology in Đakovo, Josip Juraj Strossmayer University of Osijek
Central European University, Austria
Conservatorio di Musica Guieseppe Tartini
Kings College London
London School of Economics & Political Science (LSE)
Ludwig-Maximilians University (LMU)
NYU Steinhardt School of Culture, Education, and Human Development
Queens College, City University of New York
Technical University of Munich
University College Cork
University of Augsburg
University of Cambridge
University of Glasgow (Payments)
University of Ljubljana
University of Oxford
**Cancelled**
**Total grants payable per Statement of Financial Activities**
|**£**
5,000
**£**
5,000
5,000
5,000
**£**
5,000
3,905
12,000
25,000
**£**
25,000
63,000
5,000
**£**
10,000
**£**
500
6,000
2,000
2,000
2,000
500
500
500
500
500
2,000
4,000
2,000
500
2,000
(5,250)
**189,155**|
|---|---|
30
Report and Accounts – 5 April 2025
**Staples Trust 5 April 2025**
## **Appendix A – Grants Payable**
– Grants payable year ended 5 April 2024
The amount payable in the period consisted of the following:
|**Gender**
Brighter Path Foundation
Trojan Women Scotland CIC
**General**
Charleston Lewes Limited
Eton Fives Association Limited
Eve Branson Foundation
Royal Society of Literature
The Sainsbury Archive
University of Cambridge - Development and Alumni Relation
**Indigenous Peoples**
InsightShare
Pitt Rivers Museum - University of Oxford
University of Cambridge - School of the Humanities and Social Sciences
**Local**
Modern Art Oxford
**Frankopan Fund**
American Academy of Dramatic Arts (AADA)
Central European University, Austria
Conservatorio di Musica Guieseppe Tartini
Jesus College Cambridge
Ludwig-Maximilians University (LMU)
Queens College
Royal College of Music
University College Cork
University of Manchester
University of Nottingham Development Campaign
University of Oxford
University of Oxford, Department of Materials,
University of Surrey
**Total grants payable per Statement of Financial Activities**|**£**
10,000
5,000
**£**
10,000
5,000
5,000
5,000
5,000
35,000
**£**
35,000
5,276
225,000
**£**
20,000
**£**
250
4,000
250
2,000
500
500
250
2,000
2,000
2,000
2,000
500
250|
|---|---|
||**381,776**|
31
Report and Accounts – 5 April 2025