ANNUAL REPORT AND FINANCIAL STATEMENTS
5 APRIL 2022
The Peak 5 Wilton Road London SW1V 1AP
|**CONTENTS**|**CONTENTS**|**PAGE**|
|---|---|---|
|**1**|Legal and Administrative|1|
|**2**|The Trustees’ Report|2 - 11|
|**3**|Independent Auditor's Report|12 - 14|
|**4**|Statement of Financial Activities|15|
|**5**|Balance Sheet|16|
|**6**|Cash Flow Statement|17|
|**7**|Notes to the Accounts|18 - 26|
## **Legal and Administrative**
The J J Charitable Trust (No. 1015792) was established under a Trust Deed dated 9 December 1992 and became a registered charity on 17 December 1992.
|**Trustees**
**Registered**
**Office**
**Principal**
**Officers**
**Bankers**
**Solicitors**
**Auditor**
**Investment**
**Advisers**|Mr J J Sainsbury
Ms L Guard
Mr M L Sainsbury
Ms C Gonella (Appointed 5 May 2021)
The Peak
5 Wilton Road
London SW1V 1AP
Mrs K Everett
Chief Operating Officer
Mr M Woodruff
Executive
Mrs S Ferguson
Executive
Mrs E Beresford Deputy Executive
Mr A Shah
Senior Finance Partner
All the Principal Officers are employed on a part-time basis.
Royal Bank of Scotland
119 - 121 Victoria Street
London SW1E 6RA
Portrait Solicitors (up to 31 July 2022)
21 Whitefriars Street
London EC4Y 8JJ
BDB Pitmans LLP (from 1 August 2022)
1 Bartholomew Close
London EC1A 7BL
Sayer Vincent LLP
Invicta House
108 - 114 Golden Lane
London EC1Y 0TL
Schroder & Co. Limited
12 Moorgate
London EC2R 6DA|
|---|---|
Report and Accounts – 5 April 2022
- 1 -
## **The Report of the Trustees**
The trustees present their report and the audited financial statements for the year ended 5 April 2022.
Reference and administrative information set out on page 1 forms part of this report. 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.
## **Objects**
The objects of the Trust as given in the Trust Deed are for general charitable purposes.
## **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, unless they are closely aligned to the Trust’s areas of interest, which lie mainly in literacy support, and environmental and energy sustainability. The Trustees’ objective is to support innovative schemes with seed-funding, and development support, leading to sustainability and successful replication. Grants are not normally made to individuals.
## **Charity and Public Benefit**
Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information, which follows in this annual report, about the Trust’s aims, activities and achievements in the many areas of interest that the Trust supports, demonstrates the benefit to its beneficiaries and, through them, to the public, that arise from those activities.
## **Achievements and Financial Review**
The Trustees met three times during the year to make grants and review investments.
During the year the total asset value of the Trust increased from £48.5m at 5 April 2021 to £53.1m at 5 April 2022, an increase of 9.5%. The net unrestricted income of the Trust for the year after charging grant related support costs was £403,144 compared to £408,814 for the year to 5 April 2021.
The Trustees have reviewed the Trust’s investment performance since the end of the financial year and seen material falls in our investments in line with global markets. The Trustees are aware of investment risks and remain confident that the portfolio will enable the Trust to continue with its charitable activities.
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.
During the year the Trustees approved 51 grants totalling £1,595,333 some of which are payable over more than one year. Grants approved during the year may be analysed by number and by
Report and Accounts – 5 April 2022
- 2 -
value in the categories set out below. Payments made relate to grants approved in this and earlier years.
|Environment
Literacy Support
General|**New Grants Approved**|**New Grants Approved**|**New Grants Approved**|**Payments Made**|**Payments Made**|
|---|---|---|---|---|---|
||**Number**|**£**|**%**|**£**|**%**|
||38
-
13|1,528,333
-
67,000|95.8
0.0
4.2|826,030
30,000
60,000|90.2
3.3
6.5|
||51|1,595,333|100.0|916,030|100.0|
## **Reserves Policy and Going Concern**
The Trust holds both expendable endowment and unrestricted income funds.
It is the policy of the Trustees to approve grants for payment over a period of years, subject to the fulfilment of certain conditions over the life of the grant. Commitments to be paid within twelve months are accrued in the accounts. Shortfall in the availability of unrestricted funds will be met from the Trust’s expendable endowment and a transfer of £875,782 was made during the year.
The need for unrestricted income funds will vary from year to year and the Trustees will continue to review the position. As at 5 April 2022, the Trust held total funds of £53.1m (2021: £48.5m) which includes expendable endowment of £53.1m (2021: £48.5m).
Having assessed the Trust’s financial position and plans for the foreseeable future, the trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.
## **Investment Powers, Policy and Performance**
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.
During this reporting period when making investment decisions, environmental and ethical considerations were taken into account, to align investments with the Trust’s policies whilst still seeking maximum return. Trustees are aware of the new _Butler-Sloss_ judgment on charity investment duties. This clarified that trustees’ primary fiduciary responsibility is towards the charitable purposes and they should balance investments which potentially conflict with the charity’s work against relevant factors including financial return. The Trustees regularly meet the investment managers to discuss strategy and review performance and will review their investment policy in light of this during the next reporting period.
Trustees are committed to using some of the Trust’s expendable endowment for impact investing that seeks a financial return, as well as produces social and environmental benefits in accordance with the Trust’s objectives. Initially, focus was on four different sectors: forestry, microfinance in developing countries, renewable energy, and clean technology infrastructure. This has been extended to include social impact. The Trustees are interested in sharing their experience in impact investing with other investors, to improve their own knowledge, as well as to encourage more investors to adopt the same approach. A specialist has been appointed by the Trustees as adviser on investment opportunities in this field.
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During the year the return on the discretionary portfolio was 11.0%, over-performing the benchmark of 9.1%.
The Trust is a signatory to Divest Invest which commits the Trustees to sell any shares in fossil fuel holdings and invest a proportion of the endowment in ‘climate solutions’, such as renewable energy, energy efficiency and clean tech. This decision has not had a detrimental financial impact on the value of the Trust’s investment portfolio.
## **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 manage 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 charity'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 investment strategy and monitor financial performance. They also operate a grant distribution formula that helps to ensure the stability of resources available for grant awards in any given year.
Another major risk is a misuse of funds by a beneficiary. To mitigate this risk, the Trustees normally restrict grants to charities registered with the UK Charity Commission, or equivalent bodies for charitable purposes. The awards are made following thorough assessment, and grants are regularly monitored. Multi-year grants are paid only on receipt of satisfactory progress reports.
## **Organisation**
The Trust is one of the Sainsbury Family Charitable Trusts (SFCT), which share a common administration.
The Trustees are appointed by existing Trustees and are provided with relevant information relating to their responsibilities as Trustees. They are responsible for the overall direction and supervision of The J J Charitable Trust; they set the Trust’s strategy, review proposals and approve grants. The Trustees delegate day-to-day operations to the Trust’s Lead Executive, Mark Woodruff, and Executive, Sian Ferguson.
Trustees are aware of the Charity Governance Code published in 2017 (updated in December 2020) which sets out the principles and recommended practice for good governance within the sector. The Charity 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.
The remuneration of the senior staff (including SFCT 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 the comparable positions in similar organisations. The Committee completed a reward evaluation process during 2021/2022 to ensure that the Trusts fully meet their responsibilities and aspirations for fair and equal pay for employees.
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The Trustees are fully aware of the requirements and 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.
## **G R A N T S A P P R O V ED**
**– Catalysing change for a truly sustainable future £1,528,333**
In January 2022, the Trustees drew up a mission statement to guide the Trust’s work in this area:
The Trust has decided on more progressive aims whereby it wishes to work with organisations looking to tackle deep rooted systems of education, economics and culture (inc. social psychology / communications) to help catalyse a fundamental paradigm shift towards a truly sustainable future.
Parallel to the current movement towards agricultural soil regeneration in farming, JJ is seeking to support different forms of human cultural regeneration that seed and grow diverse attitudes, enterprise and economies that provide services that are required for all life to flourish.
Trustees identified three key systems / pillars to focus on:
1. Education – holistic, systems and context based. An education that allows us to understand more of how we exist as a system with each other and as part of nature.
- embedding natural world systems thinking in early-years education to understand our impact on the world
- educational approaches that cultivate all aspects of a person, and that provide new experiences and opportunities to understand the systems that drive our society.
2. Economics – a systematic revision of our economic principles through education and debate. Promoting a new system whereby the economy is orientated around regeneration, in service to life, rather than extraction where life is a costed product to serve the economy.
- enabling concepts of regeneration and circularity to become mainstream ideas / become the norm.
- the promotion of ecological economics into the economics curriculum at schools and in higher education institutions.
3. Culture – promoting new narratives and mindsets within industries and communities that are fundamental to system change.
- Creating new narratives and building a significant movement of change from within finance
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- Creating new awareness within the advertising sector about its impact, and initiatives to use the creativity of the industry to support a movement of change
- Use arts and media to showcase new enterprise using regenerative models, understand new paradigms and envisage new futures.
- Support new comms practitioners who are able to seed new narratives and mindsets.
- • Support and promote new and old wise thinkers and sense-makers from indigenous communities and philosophy think tanks.
At a more ‘on the ground level’ the trust is also keen to support social and community experimentation around regenerative and circular economies and to influence national and global policy by providing and promoting examples of best practice.
## **British Ceramics Confederation - £10,000**
Towards expert consultancy support in submiting a proposal to the UK Research and Innovation Transforming Foundation Industries (UKRI).
## **British Ceramics Confederation - £6,120**
Towards energy consultant John Mulholland to deliver an 11-week training programme aimed at SME members of BCC as part of BCC Net Zero programme
## **Finance Innovation Lab - £50,000**
Towards Director of Programmes and Community Power Building role.
## **Homespun - £5,000**
Towards a pilot project in Lancashire to produce home-grown textiles and garments.
## **JJC Consultancy - £1,120**
Towards JJC Copywriting Services.
## **Perspectiva - £210,000**
Towards core funding.
## **Purpose Disruptors - £332,000**
Towards the second phase of the GoodLife 2030 project.
## **Teach the Future Campaign - £10,000**
To influence the Department for Education’s (DfE) new Sustainability and Climate Strategy.
## Climate Change Collaboration
The Climate Change Collaboration (‘the Collaboration’) was created in 2009 by four of the Sainsbury Family Charitable Trusts – the Ashden Trust, the JJ Charitable Trust, the Mark Leonard Trust, and the Tedworth Charitable Trust. In this reporting period the Tedworth Trust was not involved in the Collaboration.
The JJ Charitable Trust is part of the Climate Change Collaboration with two other Sainsbury Family Charitable Trusts (The Aurora Trust and The Mark Leonard Trust). During this reporting period the Collaboration reviewed its mission which is to support efforts which help stabilise global temperatures to 1.5 degrees, restore our natural world, and support a regenerative economy. The Trusts aim to support a wide range of approaches and interventions, including strategic communications and campaigns, legislation, litigation, research, policy work, and investment practice.
Report and Accounts – 5 April 2022
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The Trust has been, and continues to be, a key supporter to the global Divest Invest movement; getting private, foundation, faith, pension and sovereign wealth investors to remove fossil fuel investments from their portfolios. Investors with assets under management of over $40.5 trillion have committed not to invest in fossil fuels since 2015. The CCC supports UK Divest (Platform, Friends of the Earth Scotland and EWNI) leading divestment campaigning and engagement in the UK. The CCC also continues to support C40’s Divest Invest Forum which supports major cities around the world to divest from fossil fuels and support their green economies. In supporting the ‘Invest’ side of Divest Invest, the CCC is supporting the Green Finance Institute’s Local Climate Bonds campaign. Local climate bonds are financial products which generate funding and allow local people to invest in community decarbonisations projects (i.e. solar panels); the campaign seeks pledges from local councils to begin issuing climate bonds 18 months after COP26.
The CCC provided core funding to the Global Legal Action Network (GLAN) towards its legal focus. GLAN is an organisation seeking to prevent and challenge environmental damage and human rights violations by using international and national legal frameworks. The CCC provided project funding to GLAN to build the evidence base, and eventually a legal case, against organisations and individuals financing and benefitting from the destruction of Barbuda’s natural landscape.
Recognising the perilous situation facing Amazonian forest communities and the vital role they have in protecting the forest, the Collaboration made three emergency grants this year. Articulation of Indigenous Peoples of Brazil (APIB), is challenging two potential laws at the Brazilian Supreme Court that would legally demarcate their territories and enable encroachment on their lands. The other two grants supported emergency defence funds providing on-the-ground communications and medical equipment to indigenous communities working to stopping the illegal encroachment and deforestation of their territories.
In 2021, it revised its mission to support efforts which help stabilise global temperatures to 1.5 degrees, restore the natural world, and support a regenerative economy. The Collaboration’s focus areas aim to help reshape market norms, incentives and structures and create a political mandate to keep fossil fuels in the ground and accelerate finance into climate and nature solutions.
## **Amazon Watch - £3,333**
Amazon Defence Fund.
## **Articulation of Indigenous Peoples of Brazil (APIB) - £8,333**
Towards APIB’s efforts in preventing the roll-back of indigenous rights.
## **C40 Cities Climate Leadership Group - £25,000**
Towards continue the work of C40’s Divest Invest Forum
## **Christian Aid - £50,000**
The Big Shift.
## **ClientEarth - £83,333**
Towards to fund a lawyer within the Climate Finance Initiative
## **Fleetwood Strategy Limited - £8,750**
Towards conduct market research and develop media messaging for Uplift, making ecocide an international crime, and the Nature Premium.
Report and Accounts – 5 April 2022
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## **Friends of the Earth Charitable Trust - £54,912**
Towards their core work on the UK fossil fuel divestment movement and their partnership with Platform and Friends of the Earth Scotland.
## **Friends of the Earth Scotland - £23,814**
Towards their core work on the UK fossil fuel divestment movement and their partnership with Platform and Friends of the Earth England, Wales and Northern Ireland.
## **Global Canopy - £6,000**
Towards to run an event with the New York Times at COP26.
## **Global Legal Action Network (GLAN) - £60,000**
Towards core funding.
## **Global Legal Action Network (GLAN) - £20,000**
Towards legal work to establish the facts and develop a legal case to challenge the environmental destruction of Barbuda.
## **Green Finance Institute - £80,000**
Towards two member of staff and communication campaign to encourage UK local councils to set up Local Climate Bonds.
## **Influence Map - £11,667**
Towards developing a report on lobbying efforts to halt transitioning the Energy Charter Treaty to become aligned with international climate agreements.
## **Instituto Socioambiental (ISA)- £3,334**
Towards the ISA’s Fund for the Defence of People’s Rights.
## **Laudato Si’ Movement - £60,000**
Towards delivering their Catholic Fossil Fuels Campaign 2.0.
## **On Road Media - £50,000**
Towards delivering its strategic climate change communications project.
## **Peers for the Planet - £60,000**
Towards core funding.
## **People & Planet - £30,000**
Towards to fund staff to deliver and expand on its university climate campaigns.
## **Platform - £52,067**
Towards their core work on the UK fossil fuel divestment movement and their partnership with Friends of the Earth Scotland and Friends of the Earth England, Wales and Northern Ireland.
## **PR Budget - £33,000**
Towards PR and communications.
## **Purpose Disruptors - £10,000**
Towards Scope 3 project to develop and gain acceptance for a methodology for advertising firms’ net zero plans to include the emissions from the sales resulting from the campaigns they design.
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## **Stop Ecocide Foundation - £15,250**
Towards attending and hosting events at COP26.
## **The Centre for the Study of Existential Risk - £22,000**
Towards a research post within the Sustainable Finance Team.
## **The Social Change Nest - £10,000**
Towards Uplift’s legal work on challenging the Oil and Gas Authority’s ‘Maximising Economic Recovery’ strategy.
## **Immediate relief grants (£ 123,300)**
Trustees generally wish to focus on the root causes of environmental degradation and societies problems. However, in light of the increasing impacts of climate change and environmental degradation during this reporting period, made worse by Covid-19, trustees made 18 grants to 16 grass-roots organisations supporting refugees, people suffering mental health problems from Covid, and communities safeguarding sustainable livelihoods and critically important habitats. Most of the organisations are led by women and directly benefit women.
## **Global Greengrants Fund UK - £50,000**
Towards women-led Environmental Action around the world
## **Granville Community Kitchen - £10,000**
Towards core funding.
## **Forest Peoples Programmes - £8,900**
Towards Kichwan Indigenous radio, Peru.
## **Forest Peoples Programmes - £22,200**
Towards to emergency fund to support Indigenous people, Peru.
## **Forest Peoples Programmes - £22,200**
Towards Nɨpodɨmakɨ women in the Colombian Amazon - for their Agroecology project.
## **Sinal do Vale, Brazil - £10,000**
Towards their social enterprise and agroforestry projects.
## **All African Women's Group - £5,000**
Towards core costs
## **Community InfoSource - £5,000**
Towards core costs
## **Incredible Edible - £5,000**
Towards core costs.
## **Mother and Child Welfare Organisation - £5,000**
Towards their work supporting mental health in women.
## **Motherwell Cheshire - £5,000**
Towards their work supporting mental health in women.
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## **Move Beyond Words CIC - £2,000**
Towards dance workshops for people with dyslexia.
## **My Sister's House - £5,000**
Towards their work supporting mental health in women.
## **Refugee Women in Bristol - £5,000**
Towards core costs.
## **Release Counselling and Therapy for Women CIO - £5,000**
Towards core costs.
## **Women and Families Resource Centre - £5,000**
Towards their work supporting mental health in women.
## **Women Asylum Seekers Together - £5,000**
Towards core costs.
## **Women for Refugee Women - £5,000**
Towards core costs.
## **GENERAL - £10,000**
## **The Passage, Victoria - £10,000**
Towards capital appeal for the upgrade of Passage House.
## **Cancelled Grants**
One grant totalling £10,000 was cancelled during the year (2021: £6,176).
## **Future Plans**
The Trust will continue to support the activities set out on pages 5 to 10 by the award of grants.
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## **Statement of responsibilities of the trustees**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on 16 December 2022 and signed on their behalf by:
…………………………………………………….
TRUSTEE
J J Sainsbury
Report and Accounts – 5 April 2022
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## **Independent Auditor’s Report to the Trustees of The J J Charitable Trust**
## **Opinion**
We have audited the financial statements of The J J Charitable Trust (the ‘charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources, for the year then ended.
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
- Have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The J J Charitable Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other Information**
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears 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;
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- 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 respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance 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.
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- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we 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 5 January 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 2006
Report and Accounts – 5 April 2022
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## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 5 APRIL 2022**
|**_Notes_**
**Income and Endowment from:**
Investments
**_3_**
Other income*
**Total Income**
**Expenditure on:**
**_Raising funds_**
Investment management fees
**_4_**
**_Charitable activity:_**
Grant-making:
Grant expenditure
**_5_**
Grant related support costs
**_6_**
**Cost of grant-making**
**Total expenditure**
**Net expenditure before gains on investments**
Gains / (losses) on investments
**_9_**
Exchange gains / (losses)
Transfers between funds
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Expendable**
**Total Funds**
**_Total Funds_**
**Funds**
**Endowment**
**2022**
**_2021_**|
|---|---|
||**£**
**£**
**£**
**_£_**
740,007
-
740,007
_663,995_
37,789
-
37,789
_9,818_|
||777,796
-
777,796
_673,813_|
||-
441,916
441,916
_211,167_|
||1,278,926
-
1,278,926
_1,190,927_
374,653
-
374,653
_264,999_|
||1,653,579
-
1,653,579
_1,455,926_|
||1,653,579
441,916
2,095,495
_1,667,093_|
||(875,783)
(441,916)
(1,317,699)
_(993,280)_
-
5,824,521
5,824,521
_9,966,372_
-
110,829
110,829
_15,867_
875,783
(875,783)
-
_-_|
||-
4,617,651
4,617,651
_8,988,959_
-
48,472,752
48,472,752
_39,483,793_|
||-
53,090,403
53,090,403
_48,472,752_|
* Within other income are restricted grants totalling £37,867 which were fully spent. There are no brought forward or carried forward restricted funds.
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
The notes on pages 18 to 26 form part of these accounts.
Report and Accounts – 5 April 2022
- 15 -
## **BALANCE SHEET AS AT 5 APRIL 2022**
|**FIXED ASSETS**
Tangible fixed assets
Investments
**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**CURRENT LIABILITIES**
**Creditors -**amounts falling due within 1 year
**NET CURRENT LIABILITIES**
**NET ASSETS**
**CAPITAL FUNDS**
Expendable endowment
**INCOME FUNDS**
Unrestricted funds|**_Notes_**|**_Notes_**|**2022**
**_2021_**
**£**
**_£_**
6,603
_10,204_
53,682,194
_48,759,225_
53,688,797
_48,769,429_
_194,829_
_211,251 _
_406,080_
_702,757 _
(598,394)
_(296,677)_
53,090,403
_48,472,752_
53,090,403
_48,472,752_
-
_-_
53,090,403
_48,472,752_|
|---|---|---|---|
||**_8_**
**_9_**
**_10_**
**_11_**
**_12_**
**_12_**|**£**
232,284
460,740||
|||693,024
1,291,418||
|||||
The financial statements were approved and authorised for issue by the Trustees on 16 December 2022 and were signed on their behalf by :
……………………………………………
TRUSTEE
J J Sainsbury
The notes on pages 18 to 26 form part of these accounts.
Report and Accounts – 5 April 2022
- 16 -
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2022**
|**2022**
£
**Cash flows from operating activities**
**Net cash (used in) operating activities**
(1,502,899)
**Cash flows from investing activities:**
Dividends and interest
740,007
Exchanges gains / (losses)
110,829
Purchase of investments
(7,987,972)
Sale of investments
9,035,125
**Net cash generated by / (used in) investing activities**
1,897,989
**Change in cash and cash equivalents in the year**
395,090
**Cash and cash equivalents at the beginning of the year**
823,975
**Cash and cash equivalents at the end of the year**
1,219,065
**Reconciliation of net expenditure to net cash flow from operating activities**
**2022**
£
Net movement in funds as per the statement of financial activities
4,617,651
(Gains) / losses on investments
(5,824,521)
Dividends and interest
(740,007)
Exchanges (gains) / losses
(110,829)
Fixed asset additions
-
Depreciation charges
3,601
(Increase) / decrease in debtors
(37,455)
Increase / (decrease) in creditors
588,661
Net cash (used in) operating activities
(1,502,899)
**Analysis of the balance of cash as shown in the balance sheet**
**2022**
**2021**
£
£
Cash at bank and in hand
460,740
211,251
Cash balances held by investment manager for reinvestment (Note 9)
758,325
612,724
1,219,065
823,975|**2022**
£
**Cash flows from operating activities**
**Net cash (used in) operating activities**
(1,502,899)
**Cash flows from investing activities:**
Dividends and interest
740,007
Exchanges gains / (losses)
110,829
Purchase of investments
(7,987,972)
Sale of investments
9,035,125
**Net cash generated by / (used in) investing activities**
1,897,989
**Change in cash and cash equivalents in the year**
395,090
**Cash and cash equivalents at the beginning of the year**
823,975
**Cash and cash equivalents at the end of the year**
1,219,065
**Reconciliation of net expenditure to net cash flow from operating activities**
**2022**
£
Net movement in funds as per the statement of financial activities
4,617,651
(Gains) / losses on investments
(5,824,521)
Dividends and interest
(740,007)
Exchanges (gains) / losses
(110,829)
Fixed asset additions
-
Depreciation charges
3,601
(Increase) / decrease in debtors
(37,455)
Increase / (decrease) in creditors
588,661
Net cash (used in) operating activities
(1,502,899)
**Analysis of the balance of cash as shown in the balance sheet**
**2022**
**2021**
£
£
Cash at bank and in hand
460,740
211,251
Cash balances held by investment manager for reinvestment (Note 9)
758,325
612,724
1,219,065
823,975|**_2021_**|
|---|---|---|
|||_£_
_(1,882,924)_|
|||_663,995_
_15,867_
_(23,043,670)_
_24,107,443_|
|||_1,743,635_|
|||_(139,289)_
_963,264_|
|||_823,975_|
|||**_2021_**|
|||_£_
_8,988,959_
_(9,966,372)_
(663,995)
_(15,867)_
_(9,245)_
_3,601_
_18,526_
_(238,531)_|
|||_(1,882,924)_|
|||**Change in**
**year**|
||£
£
460,740
211,251
758,325
612,724|£
249,489
145,601|
||1,219,065
823,975|395,090|
The notes on pages 18 to 26 form part of these accounts.
Report and Accounts – 5 April 2022
- 17 -
## **NOTES TO THE ACCOUNTS**
## **1. CHARITABLE STATUS**
The J J Charitable Trust is an unincorporated charty (Charity registration number 1015792), registered in England and Wales. The address of the registered office is 5 Wilton Road, London, SW1V 1AP.
## **2. PRINCIPAL ACCOUNTING POLICIES**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects.
## **b) Income recognition**
- (i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable.
- (ii) Dividends are included by reference to their due dates.
- (iii) Interest is included when receivable.
- Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
## **c) Expenditure on Charitable activities**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- (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.
Report and Accounts – 5 April 2022
- 18 -
## **NOTES TO THE ACCOUNTS**
## **2. PRINCIPAL ACCOUNTING POLICIES (cont…)**
## **c) Expenditure on Charitable activities (cont…)**
- (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.
- (vi) Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.
## **d) Fixed assets**
Fixed assets are depreciated at rates which reflect their useful life to the Trust. Items of equipment are capitalised where the purchase price exceeds £5,000.
Leasehold improvments are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used:
Leasehold improvements (2012) - 10% per annum Leasehold improvements (2021) - 14.29% per annum
## **e) 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.
## **f) Financial instruments**
- (i) The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
- (ii) 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.
## **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) Critical accounting judgements and key sources of estimation uncertainty**
In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readlly 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.
Report and Accounts – 5 April 2022
- 19 -
## **NOTES TO THE ACCOUNTS**
## **3. INVESTMENT INCOME**
Income received on investments may be analysed as follows:
|
Government fixed interest
Other fixed interest
UK equities
Overseas equities
Alternatives
Impact Investments
Other|
**2022**
**_2021_**|
|---|---|
||**£**
**%**
**_£_**
**_%_**
848
0%
_1,247_
_0%_
9,041
1%
_26,941_
_4%_
78,763
11%
_184,335_
_28%_
253,509
34%
_208,947_
_31%_
338,247
46%
_203,006_
_31%_
59,595
8%
_39,384_
_6%_
4
0%
_135_
_0%_|
||740,007
100%
_663,995_
_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**|||||
|---|---|---|---|---|
|||**2022**||**_2021_**|
||**£**|**£**|**_£_**|**_£_**|
|**Reconciliation of grants payable:**|||||
|Commitments at 6 April 2021||605,505||_728,382_|
|Grants not accrued at 6 April 2021|15,000||_-_||
|Grants approved in the year|1,595,333||_1,202,666_||
|Grants cancelled, refunded or amended|(10,000)||_3,261_||
|Grants not accrued at 5 April 2022|(321,407)||_(15,000)_||
|**Grants payable for the year**||**1,278,926**||**_1,190,927_**|
|Grants paid during the year||(916,030)||_(1,313,804)_|
|Commitments at 5 April 2022||968,401||_605,505_|
|**Commitments at 5 April 2022 are payable as follows:**|||||
|||**2022**||**_2021_**|
|||**£**||**_£_**|
|Within one year (Note 11)||968,401||_605,505_|
## **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 relating to the delivery of the grant-funded activities. The total amount authorised but not accrued as expenditure at 5 April 2022 was £321,407 (2021: £15,000).
A list of grants payable is included in Appendix A.
Report and Accounts – 5 April 2022
- 20 -
## **NOTES TO THE ACCOUNTS**
## **6. ALLOCATION OF SUPPORT COSTS**
|Staff costs
Share of joint office costs
Direct costs including travel
Depreciation
Legal and professional fees
Consultancy
Auditors remuneration*|**2022**
**Grant-**
**Governance**
**Total**
**making**|
|---|---|
||**£**
**£**
**£**
163,916
4,416
168,332
34,914
-
34,914
17,608
-
17,608
3,601
-
3,601|
||220,039
4,416
224,455
142,756
-
142,756
-
-
-
-
7,442
7,442|
||362,795
11,858
374,653|
## * Auditors remuneration excluding VAT was £6,200.
During the year no Trustee received any remuneration (2021: £nil). Trustees were reimbursed expenses £2,033 (2021: £nil).
## **COMPARATIVE**
|||||
|---|---|---|---|
|**COMPARATIVE**|||**2021**|
||**Grant-**|**Governance**|**Total**|
||**making**|||
||**£**|**£**|**£**|
|Staff costs|140,612|4,469|145,081|
|Share of joint office costs|29,016|-|29,016|
|Direct costs including travel|8,738|-|8,738|
|Depreciation|3,601|-|3,601|
||181,967|4,469|186,436|
|Legal and professional fees|61,157|-|61,157|
|Consultancy|7,604|-|7,604|
|Auditors remuneration*|-|9,802|9,802|
||250,728|14,271|264,999|
* Auditors remuneration excluding VAT was £8,168.
## **7. ANALYSIS OF STAFF COSTS**
|**ANALYSIS OF STAFF COSTS**||
|---|---|
|Wages and salaries
Social security costs
Other pension costs|**2022**
**_2021_**|
||**£**
**_£_**
137,582
_118,258_
15,245
_13,095_
15,505
_13,728_|
||168,332
_145,081 _|
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 1.9% (2021: 1.8%) of the total support and administration costs of these trusts have been allocated to the JJ Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2021/22.
The average number of staff employed during the year was 13, all on a part-time basis (2021: 13). This equates to to 2.0 full-time employees (2021: 2.1).
The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer pension contributions, of these key management personnel, were £116,113 (2021: £98,107). No employee earned in excess of £60,000 (2021: Nil).
Report and Accounts – 5 April 2022
- 21 -
## **NOTES TO THE ACCOUNTS**
## **8. TANGIBLE FIXED ASSETS Leasehold Improvements**
|**Cost**
At 6 April 2021
Additions
At 5 April 2022
**Depreciation**
At 6 April 2021
Charge for the year
At 5 April 2022
**Net Book Value**
At 5 April 2022
At 5 April 2021
|**2022**
**_2021_**|
|---|---|
||**£**
**_£_**
32,045
_22,800_
-
_9,245_|
||32,045
_32,045_|
||21,841
_18,240_
3,601
_3,601 _|
||25,442
_21,841_|
||6,603
_10,204 _|
||10,204
_4,560_|
## **9. FIXED ASSET INVESTMENTS**
**Market value 5 April 2021** Add: Acquisitions at cost Less: Disposals at proceeds value Net gains / (losses) on investments **Market value 5 April 2022** Investment cash
## **Total investments**
|**2022**|**_2021_**|
|---|---|
|**£**|**_£_**|
|48,146,501|_39,243,902_|
|7,987,972|_23,043,670_|
|(9,035,125)|_(24,107,443)_|
|5,824,521|_9,966,372_|
|52,923,869|48,146,501|
|758,325|_612,724_|
|53,682,194|48,759,225|
The investments held as at 5 April 2022 were as follows:
|Government fixed interest
Other fixed interest
UK equities
Overseas equities
Alternatives
Other
Cash
**Impact investments**
Unquoted
Quoted|**2022**
**_2021_**|
|---|---|
||Cost
Market
_Cost_
_Market_
Value
_Value_
**£**
**£**
**_£_**
**_£_**
617,678
761,309
623,538
713,725
654,592
626,706
1,322,540
1,645,946
3,370,694
5,110,247
3,270,061
5,784,562
20,289,458
27,435,602
20,192,001
25,091,980
7,455,940
10,609,400
6,604,935
8,266,908
950,000
950,000
950,000
950,000
758,325
758,325
612,724
612,724
3,702,431
5,400,477
3,922,707
3,530,911
2,103,751
2,030,128
2,103,751
2,162,469|
||39,902,868
53,682,194
_39,602,257_
_48,759,225_|
Report and Accounts – 5 April 2022
- 22 -
## **NOTES TO THE ACCOUNTS**
## **10.DEBTORS**
|**DEBTORS**||
|---|---|
|Accrued income
Other debtors|**2022**
**_2021_**|
||**£**
**_£_**
67,480
_49,308_
164,804
_145,521_|
||232,284
_194,829_|
## **11.CREDITORS - amounts falling due within one year**
|**CREDITORS - amounts falling due within one year**||
|---|---|
|
Grants payable within one year
Professional charges
Investment management fee
Other creditors|**2022**
**_2021_**|
||**£**
**_£_**
968,401
_605,505_
4,860
_19,993_
272,800
_45,277_
45,357
_31,982 _|
||1,291,418
_702,757 _|
Report and Accounts – 5 April 2022
- 23 -
## **NOTES TO THE ACCOUNTS**
## **12. ANALYSIS OF NET ASSETS BETWEEN 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 losses on investments
Net losses on currency exchange
Transfers between funds
Closing balance as at 5 April 2021
**COMPARATIVE**
Fund balances at 5 April 2021 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
**Total net assets**
**Movement in the year**
Opening balance as at 5 April 2020
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Net gains on currency exchange
Transfers between funds
Closing balance as at 5 April 2021|**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2022**|
|---|---|
||**£**
**£**
**£**
-
6,603
6,603
-
53,682,194
53,682,194
1,018,618
(325,594)
693,024
(1,018,618)
(272,800)
(1,291,418)|
||-
53,090,403
53,090,403|
||-
48,472,752
48,472,752
777,796
-
777,796
-
(441,916)
(441,916)
(1,653,579)
-
(1,653,579)
-
5,824,521
5,824,521
-
110,829
110,829
875,783
(875,783)
-|
||-
53,090,403
53,090,403|
||**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2021**|
||**£**
**£**
**£**
-
10,204
10,204
-
48,759,225
48,759,225
657,480
(251,400)
406,080
(657,480)
(45,277)
(702,757)|
||-
48,472,752
48,472,752|
||-
39,483,793
39,483,793
673,813
-
673,813
-
(211,167)
(211,167)
(1,455,926)
-
(1,455,926)
-
9,966,372
9,966,372
-
15,867
15,867
782,113
(782,113)
-|
||-
48,472,752
48,472,752|
Report and Accounts – 5 April 2022
- 24 -
## **NOTES TO THE ACCOUNTS**
## **13. RELATED PARTY TRANSACTIONS**
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office for cost effectiveness. To further reduce the administrative burden, some Trusts share expenses and may pay a third party on behalf of another Trust(s) on the basis that they will be reimbursed. Thus, at any one time there are amounts payable between trusts some of which fall under the definition of related parties by having trustees in common who are also siblings.
The following amounts are included in Other Debtors (Note 10) and Other Creditors (Note 11) that are due to/from related parties:
- £24,412 due to The Linbury Trust.
- £72,906 due from The Aurora Trust.
- £52,044 due from The Mark Leonard Trust.
## **14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021**
|**COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 5 APRIL 2021**||
|---|---|
|**Income**
Income from investments
Other income
**Total income and endowments**
**Resources expended**
**_Cost of raising funds_**
Investment management costs
**_Charitable activities_**
Grant-making:
Grant expenditure
Grant related support costs
**Cost of grant-making**
**Total expenditure**
Gains on investments
Exchange gains
Transfers between funds
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
**Net operating (deficit)**|**Unrestricted Expendable Total Funds**
**Funds Endowment**
**2021**
**£’000**
**£’000**
**£’000**
663,995
-
663,995
9,818
-
9,818
673,813
-
673,813
-
211,167
211,167|
||1,190,927
-
1,190,927
264,999
-
264,999|
||1,455,926
-
1,455,926
1,455,926
211,167
1,667,093|
||(782,113)
(211,167)
(993,280)
-
9,966,372
9,966,372
-
15,867
15,867
782,113
(782,113)
-|
||-
8,988,959
8,988,959
-
39,483,793
39,483,793|
||-
48,472,752
48,472,752|
Report and Accounts – 5 April 2022
- 25 -
## **NOTES TO THE ACCOUNTS - APPENDIX A**
## **GRANTS PAYABLE**
The amount payable for the year ended 5 April 2022 consisted of the following:
||**£**|
|---|---|
|**Literacy Support**||
|Age UK Staffordshire|(10,000)|
|**Environment - UK**||
|Purpose Disruptors|342,000|
|Perspectiva|70,000|
|Global Legal Action Network (GLAN)|60,000|
|Green Finance Institute|60,000|
|ClientEarth|55,556|
|Forest Peoples Programmes|53,300|
|Christian Aid|50,000|
|Finance Innovation Lab|50,000|
|Global Greengrants Fund UK|50,000|
|On Road Media|50,000|
|Laudato Si’ Movement|45,000
|
|Peers for the Planet|40,000
|
|PR Budget|33,000
|
|People & Planet|30,000
|
|Platform|26,767
|
|Friends of the Earth Charitable Trust|26,106
|
|C40 Cities Climate Leadership Group|25,000
|
|The Centre for the Study of Existential Risk|22,000
|
|Net grants payable/cancelled up to £20,000|128,197
|
|**General**||
|The Passage, Victoria|10,000
|
|Net grants payable/cancelled up to 6,000|62,000
|
|Total grants payable per Statement of Financial Activities|**1,278,926**
|
The amount payable for the year ended 5 April 2021 consisted of the following:
|**Literacy Support**
Age UK Staffordshire
Schoolreaders
Youth Education Service
Net grants payable/cancelled up to £10,000
**Environment - UK**
Purpose Disruptors
Ashden - Climate Solutions in Action
Citizens UK
On Purpose Group
On Road Media
Financial Times
Global Legal Action Network (GLAN)
C40 Cities Climate Leadership Group
Sustainable Fashion Programme
Platform
Uplift
Students Organising for Sustainability
Systemiq
Net grants payable/cancelled up to £10,000
**General**
Bristol Refugee Rights
Trussell Trust
Women’s Aid Federation of England
Net grants payable/cancelled up to £10,000
Total grants payable per Statement of Financial Activities|**£**
10,000
10,000
10,000
29,750
550,810
100,000
55,000
52,000
42,500
30,000
27,000
25,000
20,840
20,000
20,000
15,000
12,000
61,027
20,000
20,000
20,000
40,000|
|---|---|
||**1,190,927**|
Report and Accounts – 5 April 2022
- 26 -