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2024-04-05-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

5 APRIL 2024

The Peak 5 Wilton Road London SW1V 1AP

4/8/20Wednesday, 04/12/24 9:36 AM

CONTENTS CONTENTS PAGE
1 Legal and Administrative 1
2 The Trustees’ Report 2 - 12
3 Independent Auditor's Report 13 - 15
4 Statement of Financial Activities 16
5 Balance Sheet 17
6 Cash Flow Statement 18
7 Notes to the Accounts 19 - 27

J J CHARITABLE

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 Mr J J Sainsbury
Ms L Guard
Mr M L Sainsbury
Ms C Gonella
Registered The Peak
Office 5 Wilton Road
London SW1V 1AP London SW1V 1AP
Principal Mrs K Everett Chief Operating Officer
Officers Mrs S Ferguson Executive
Mrs E Beresford Executive
Mr A Shah Senior Finance Partner
All the Principal Officers are employed on a part-time basis.
Bankers Royal Bank of Scotland
119 - 121 Victoria Street
London SW1E 6RA London SW1E 6RA
Solicitors BDB Pitmans LLP
1 Bartholomew Close
London EC1A 7BL
Auditor Sayer Vincent LLP
110 Golden Lane
London EC1Y 0TG
Investment Schroder & Co. Limited
Advisers 12 Moorgate
London EC2R 6DA

Report and Accounts – 5 April 2024

J] CHARITABLE

The Report of the Trustees

The trustees present their report and the audited financial statements for the year ended 5 April 2024.

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.

The Trust’s charitable purposes

Culture and systems change for sustainable, equitable and regenerative futures

The Trust aims to support efforts that are tackling deep rooted cultural mindsets (values, beliefs and behaviours) in business, education and economics in order to encourage the emergence of regenerative systems.

Literacy

The Trust seeks to improve the effectiveness of literacy teaching in primary and secondary education for children with learning difficulties, including dyslexia.

Climate Change Collaboration

The Trust works closely with the Aurora Trust and Mark Leonard Trust on the Climate Change Collaboration, which supports projects seeking to stabilise global temperatures to 1.5 degrees, restore our natural world and support a regenerative economy. The Trust is also a supporter of Divest Invest.

Immediate Relief

The Trust wishes to support grass-roots organisations helping refugees, people in need and suffering mental health problems, and front-line communities safeguarding sustainable livelihoods and critically important habitats. It focuses primarily on women-led organisations which directly benefit women.

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. 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.

Report and Accounts – 5 April 2024

CHARITABLE

Achievements and Financial Review

The Trustees held three formal board meetings during the year to make grants and review investments. Trustees also considered and made decisions on grants at regular management meetings and by email.

During the year the total asset value of the Trust increased from £50.1m at 5 April 2023 to £51.1m at 5 April 2024, an increase of 2.1%. The net unrestricted income of the Trust for the year after charging grant related support costs was £609,282 compared to £507,811 for the year to 5 April 2023.

The Trustees have reviewed the Trust’s investment performance since the end of the financial year. 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 41 grants totalling £2,247,097 some of which are payable over more than one year. Grants approved during the year may be analysed by number and by value in the categories set out below. Payments made relate to grants approved in this and earlier years.

Number
£
%
£
%
Environment
22
1,919,638
85.4
1,092,162
80.2
Literacy Support
11
147,337
6.6
119,098
8.7
General
8
180,122
8.0
150,622
11.1
41
2,247,097
100.0
1,361,882
100.0
New Grants Approved
Payments Made		 Number
£
%
£
%
Environment
22
1,919,638
85.4
1,092,162
80.2
Literacy Support
11
147,337
6.6
119,098
8.7
General
8
180,122
8.0
150,622
11.1
41
2,247,097
100.0
1,361,882
100.0
New Grants Approved
Payments Made		 Number
£
%
£
%
Environment
22
1,919,638
85.4
1,092,162
80.2
Literacy Support
11
147,337
6.6
119,098
8.7
General
8
180,122
8.0
150,622
11.1
41
2,247,097
100.0
1,361,882
100.0
New Grants Approved
Payments Made		 Number
£
%
£
%
Environment
22
1,919,638
85.4
1,092,162
80.2
Literacy Support
11
147,337
6.6
119,098
8.7
General
8
180,122
8.0
150,622
11.1
41
2,247,097
100.0
1,361,882
100.0
New Grants Approved
Payments Made		 Number
£
%
£
%
Environment
22
1,919,638
85.4
1,092,162
80.2
Literacy Support
11
147,337
6.6
119,098
8.7
General
8
180,122
8.0
150,622
11.1
41
2,247,097
100.0
1,361,882
100.0
New Grants Approved
Payments Made
£ %
£		 %
80.2
8.7
11.1
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 £1,005,365 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 2024, the Trust held total funds of £51.0m (2023: £50.1m) which includes expendable endowment of £51.0m (2023: £50.1m).

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.

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J J CHARITABLE

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.

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 begin to 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. 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.

During the year the return on the discretionary portfolio was 6.9%, underperforming the benchmark of 17.1%.

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.

The Trust is due to examine how it can better reflect the objectives of the Trust in its 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.

Report and Accounts – 5 April 2024

J] CHARITABLE

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 executive staff.

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, considering 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 2022/2023 to ensure that the Trusts fully meet their responsibilities and aspirations for fair and equal pay for employees.

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.

Grants and activities to deliver the Trust’s charitable objects

Culture and systems change for sustainable, equitable and regenerative futures (total £1,543,562)

The Trust aims to support efforts that are tackling deep rooted cultural mindsets (values, beliefs and behaviours) in business, education and economics in order to encourage the emergence of regenerative systems.

There are four interconnected pillars of this work: education, economics, culture and regenerative and circular economies.

The Trust seeks to deliver this area of work through a combination of grant-making and Trust-led activities such as convening and project delivery.

For the education pillar, the Trust has a double focus: embedding natural world systems thinking into early years education; and promoting ecological economics at secondary and higher education level. An example is the ‘UK Ecological Economics Healthcheck’ campaign to influence economics teaching in universities, led by Rethinking Economics International (REI). The Healthcheck analyses the shortcomings of the UK undergraduate economics curriculum and promotes a curriculum that is climate and ecologically conscious, evidence-based and reflects the real world. It

Report and Accounts – 5 April 2024

J J CHARITABLE

is being used to engage with University Economics departments to push for changing existing modules, introduction of new modules including a Doughnut Economics module, and ecological economics teaching for all undergraduates as credit or mandatory modules.

The Trust works with several key sectors under the culture pillar. The first is to help organisations working to change narratives and mindsets from inside the finance and advertising industries. This includes Purpose Disruptors which works with the advertising industry to use its creativity to shape new visions and develop business models for a sustainable future. This year, it launched the first Agency for Nature, which positions nature as the ‘client’ and brings creatives together to re-kindle a deeper relationship with nature amongst 18-30 year olds.

The Trust supports University of Cambridge’s Finance for Systemic Change which works with large pension funds, banks and corporate bond investors to address the wider societal risks of their investments using the concept of ‘universal ownership’. This looks beyond the immediate risks to the value of an investment to consider the risks of negative impacts in the real world. This awareness is leading to greater ambition and action amongst institutional investors. This year, FSC led 67 UK Universities to call for financial institutions to develop a new market for cash-based financial products that do not contribute to the financing of fossil fuel expansion and enable greater investment in renewable energy. FSC is also developing a 1.5°C-aligned corporate bond index due for launch in 2025, the first bond index to exclude fossil fuels, power utilities and finance organisations whose actions would result in a world of dangerous heating.

Also within culture, the Trust supports communications practitioners seeding new narratives and mindsets in mainstream audiences. The Trust is supporting the Local Storytelling Exchange to expand into new regions of the UK. It has journalists living and working in different communities who find and publicise real stories of local people taking action on climate change and new economic systems. The stories are used to encourage the wider community to get involved on topics such as home retrofit and repair shops. The stories provide national media with a pipeline of stories showing that change is happening now and empower other communities with stories and people they can relate to.

For the economics pillar, the Trust is exploring ways to support new economic models that allow a shift towards an economy oriented around regeneration and which is in service to life. The Trust is looking to develop this area of work in the coming year.

The fourth pillar supports community experimentation in regenerative and circular projects. An example is a pilot project with Community Supported Agriculture Network, which supports farms around the UK to develop new economic models in providing locally grown, organic produce to local communities. The pilot is looking to experiment with new partnerships (for example GPs and NHS Community services), and new membership schemes that make it easier for disadvantaged and marginalised groups to participate and grow the benefit of CSA farms to the community and local economy.

Agence France-Press - £59,985

To design modules and deliver in-depth training for 20 to 40 journalists on climate change and economics.

Cambridge University - £5,000

To provide match funding for ESRC funding to enable Emily Bugden in the Sustainable Finance Team at the Cambridge University to undertake a PhD to investigate the role of the higher education sector and what it can play in supporting indigenous and community-led ecosystem conservation and restoration as an alternative to investing in traditional carbon offsetting projects.

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Community Supported Agriculture Network (CSAN) - £50,000

To run a pilot project in urban Leeds and rural Suffolk to engage with disadvantaged communities and increase the economic and social benefit of CSA farms.

Finance for Environmental and Social Systemic Chance - £70,000

For core funding to employ Dr Belinda Bell and Ella Lipscombe for a year.

Purpose Disruptors - £144,094

To underwrite the funding shortfall for Purpose Disruptors’ GoodLife2030 in 2023/4.

Purpose Disruptors - £950,000

to cover salary costs over three years for the Purpose Disruptors GoodLife team and provide a contribution towards operational costs and staff (communications, designer and programme manager).

Rethinking Economics International - £55,000

to deliver new research into ecological economics in UK university economics courses and lead the UK part of a global student campaign on climate and ecological economics education.

Sarah Woods - £5,500

Towards a trial for the Atlas. Atlas is a tool to support people in the creative sectors, such as TV content writers, to understand the systemic nature of the causes of climate change so that they could reflect that in their content.

Social Change Nest - £100,000

To part-fund a new Storyteller in Scotland and a Content Manager over two years for the Local Storytelling Exchange.

Students Organising for Sustainability - £24,500

To deliver engagement with senior decision-makers and regulators in university education to embed sustainability in university courses in the UK and globally.

Students Organising for Sustainability - £25,462

To develop a ‘tracked changes’ re-write of the Economics A-Level curriculum and towards its PR and influencing campaign on wider UK educational reform for sustainability.

Literacy (total grants £147,337)

The Trust seeks to improve the effectiveness of literacy teaching in primary and secondary education for children with learning difficulties, including dyslexia. The work has a particular focus on areas of social need and those who are at risk of non-inclusion in society and the world of work.

The Trust operates (since February 2023) a small grants scheme which supports charities and community organisations that help children and young people deliver literacy skills, with a focus on supporting those with learning difficulties including dyslexia. The Trust reviews applications four times a year in March, June, September, and December.

Artconnexion UK CIC - £12,235

Towards its Poetry Plane creative writing programme.

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J] CHARITABLE

Bank of Dreams & Nightmares - £18,000

Towards its primary and secondary school creative writing workshops.

Black British Book Fest CIC - £18,500

Towards its Reading for Smiles programme to promote reading amongst young people using diverse literature.

Bringing Words to Life Ltd - £20,000

To deliver its new Write2 programme to eight schools in Gateshead in 2023/24.

Learning Partnership West - £11,340

Towards reading sessions at its adventure playground.

Learning Partnerships - £10,600

Towards its Let’s Read Programme, a volunteer support programme to improve disadvantaged children’s literacy skills.

Little Green Pig - £11,998

Towards its after school creative writing clubs for primary and second school pupils.

Read With Me CIC - £9,329

To provide reading support sessions for disadvantaged secondary pupils in Gloucestershire.

Reading Ladders - £5,650

To deliver specialist dyslexia literacy tuition in primary schools in London for a year.

Ready, Steady, Read - £10,000

Towards its work providing 1:1 volunteer reading support in Hull.

Surrey Care Trust - £19,685

Towards a Learning Assistant for its STEPS to 16 programme.

Climate Change Collaboration (CCC) of JJ Charitable Trust with the Aurora and Mark Leonard Trusts (total grants £376,076)

The JJ Charitable Trust is part of the Climate Change Collaboration (CCC) with two other Sainsbury Family Charitable Trusts (The Aurora Trust and The Mark Leonard Trust). The CCC’s mission is to support efforts which help stabilise global temperatures to 1.5 degrees, restore our natural world, and support a regenerative economy. The Trusts support a wide range of interventions, including strategic communications and campaigns, legislation, litigation, research, policy work, and changing investment practice.

The CCC trusts continue to fund 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 to divest from fossil fuel investments since 2015. The three Trusts continue to support UK Divest (Friends of the Earth, Friends of the Earth Scotland, and Platform London) to encourage governmental and educational institutions to divest from fossil fuels. They maintain support to The Big Shift Global campaign. This supports African civil society campaigns make demands that the World Bank and Regional Development Banks stop funding fossil fuel development in Africa and increase support for

Report and Accounts – 5 April 2024

J J CHARITABLE

renewable energy. The Laudato Si’ Movement is a multi-year grantee, encouraging faith institutions around the world to divest.

As part of Divest Invest, the three Trusts support initiatives which enable investment in climate and nature solutions. It continues to fund the Green Finance Institute which is developing and issuing Local Climate Bonds for local decarbonisation projects and encourage local investors. The CCC supported Carbon Tracker Initiative to challenge the financial advice given to pension fund trustees, which risks endangering people’s pensions where it is not based on scientific literature around the impact of climate change on investments.

CCC trustees recognise that law and regulation can be used to support efforts to implement the Paris Agreement. The Collaboration continues to support Peers for the Planet, Uplift and Client Earth. The Global Legal Action Network (GLAN) is a multi-year grantee and the CCC supports several of its initiatives, including the Youth Climate Case in Europe, which was heard by the European Court of Human Rights and awaits a ruling in 2024/5.

The CCC trustees recognise the importance of strategic communications on climate change to empower a wide public audience, accelerate action in specific sectors and create the right conditions for ambitious policy change. The three Trusts continue to support Heard, which helps celebrities, footballers, musicians and popular entertainment with large audiences to talk effectively about climate and nature. It also supported Uplift to amplify it’s legal challenge across the media against the development of the Rosebank oil field in the North Sea.

Bates Wells

£8,000 - Towards the costs of Bates Wells and other legal firms producing legal opinions on charity reporting duties.

£18,200 - To understand the legal and regulatory impacts of Carbon Tracker’s ‘Loading the Dice report.

Carbon Tracker - £16,000

For staff capacity to engage regulators/wider stakeholders with the findings of its ‘Loading the Dice’ report.

Charity Finance Group - £7,667

To develop the Charity Investment Governance Principles.

Friends of the Earth Charitable Trust - £56,061

Towards its partnership work on UK Divest.

Friends of the Earth Scotland - £30,221

Towards its partnership work on UK Divest.

Green Finance Institute - £100,000

Towards the Local Climate Bonds project.

Heard Organisation Ltd (formerly On Road Media) - £15,000

Towards the core climate team in 2024/25.

Integrity Initiatives International - £11,815

For staffing needs on the IACC.

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Platform - £93,112

Towards their partnership work on UK Divest.

PR - £20,000

To support PR, comms and market research in 2023/24.

Immediate relief grants (total grants £180,122)

Trustees generally wish to focus on the root causes of environmental degradation and society’s problems. However, the impacts of the cost of living crisis continue to be felt across society, often exacerbating underlying problems caused by climate change and environmental degradation. In recognition of these difficulties, trustees made nine grants to eight grass-roots organisations supporting refugees, people in need and suffering mental health problems, and communities safeguarding sustainable livelihoods and critically important habitats. Most of the organisations are led by women and directly benefit women.

In some cases, the immediate relief grants also link to the Trust’s pillar supporting community experimentation in regenerative economies because of the way in which they work to strengthen their community whilst addressing local economic and environmental challenges. An example is Sinal do Vale, Brazil which runs a social enterprise and agroforestry programme growing jackfruit, to build an ecologically focused local economy and support food security in Brazil.

Forest Peoples Programmes - £28,847

To provide emergency support for 12 months for forest communities in the Peruvian Amazon to deal with threats to themselves and their territory.

Forest Peoples Programmes - £12,275

To continue its Kichwa radio programmes in San Martin, Peru to enable the Kichwa communities to share information, raise awareness, and coordinate actions to deal with threats to themselves and their territory.

Integrity Soils - £7,000

To contribute to the fees of a student, who has been offered a scholarship on the UK CREATE course.

Oasis Cardiff - £5,000

Towards its work supporting women refugees.

Refugee Women Connect - £5,000

Towards core costs.

Sinal do Vale, Brazil - £10,000

To train farmers and landowners along the Guanabara Bay trail in jackfruit farming and agroforestry.

Other grants

Ashden Climate Solutions - £50,000

Towards core costs.

Report and Accounts – 5 April 2024

British Ceramics Confederation - £62,000

To support BCC to publish an updated ceramic sector Decarbonisation Roadmap and to support small to medium enterprises (SMEs) across the ceramics sector on decarbonisation during 2024.

Cancelled Grants

Part-payment of nine grants totalling £117,934 were cancelled during the year (2023: £74,668) because grantees had not required the funding.

Future Plans

The Trust will continue to support the activities set out on pages 5 to 10. In addition, the Trust is looking to increase its work on the “economics pillar” through initiatives promoting economies which are nested within the Earth’s natural limits and are in service to life.

Report and Accounts – 5 April 2024

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:

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 28 November 2024 and signed on their behalf by:

…………………………………………………….

TRUSTEE

Report and Accounts – 5 April 2024

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 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on 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 authorized 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:

Report and Accounts – 5 April 2024

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:

Report and Accounts – 5 April 2024

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 10 January 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 2006

Report and Accounts – 5 April 2024

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2024

Unrestricted Expendable Total Funds Total Funds
Notes Funds Endowment 2024 2023
£ £ £ £
Income and Endowment from:
Investments 3 837,417 - 837,417 793,424
Other income 75,478 - 75,478 10,719
Total Income 912,895 - 912,895 804,143
Expenditure on:
Raising funds
Investment management fees 4 - 274,168 274,168 294,689
Charitable activity:
Grant-making:
Grant expenditure 5 1,614,647 - 1,614,647 1,421,049
Grant related support costs 6 303,613 - 303,613 296,332
Cost of grant-making 1,918,260 - 1,918,260 1,653,579
Total expenditure 1,918,260 274,168 2,192,428 2,012,070
Net expenditure before gains / (losses) on investments (1,005,365) (274,168) (1,279,533) (1,207,927)
Gains / (losses) on investments 9 - 2,324,211 2,324,211 (2,190,695)
Exchange (losses) / gains - (13,889) (13,889) 368,681
Transfers between funds 1,005,365 (1,005,365) - -
Net movement in funds - 1,030,789 1,030,789 (3,029,941)
Reconciliation of funds
Total funds brought forward - 50,060,462 50,060,462 53,090,403
Total funds carried forward - 51,091,251 51,091,251 50,060,462

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 19 to 27 form part of these accounts.

Report and Accounts – 5 April 2024

BALANCE SHEET

AS AT 5 APRIL 2024

Notes 2024 2023
£ £ £
FIXED ASSETS
Tangible fixed assets 8 3,961 5,282
Investments 9 51,780,383 50,555,178
51,784,344 50,560,460
CURRENT ASSETS
Debtors 10 110,994 65,826
Cash at bank and in hand 361,470 415,517
472,464 481,343
CURRENT LIABILITIES
Creditors -amounts falling due within 1 year 11 1,165,557 981,341
NET CURRENT LIABILITIES (693,093) (499,998)
NET ASSETS 51,091,251 50,060,462
CAPITAL FUNDS
Expendable endowment 12 51,091,251 50,060,462
INCOME FUNDS
Unrestricted funds 12 - -
51,091,251 50,060,462

The financial statements were approved and authorised for issue by the Trustees on 28 November 2024 and were signed on their behalf by :

……………………………………………

TRUSTEE

J J Sainsbury

The notes on pages 19 to 27 form part of these accounts.

Report and Accounts – 5 April 2024

CASH FLOW STATEMENT

FOR THE YEAR ENDED 5 APRIL 2024

2024 2023
£ £
Net cash used in operating activities (1,976,581) (2,143,649)
Cash flows from investing activities:
Dividends and interest 837,417 793,424
Exchanges (losses) / gains (13,889) 368,681
Purchase of investments (6,548,618) (10,447,037)
Sale of investments 8,123,661 12,230,763
Net cash generated by investing activities 2,398,571 2,945,831
Change in cash and cash equivalents in the year 421,990 802,182
Cash and cash equivalents at the beginning of the year 2,021,247 1,219,065
Cash and cash equivalents at the end of the year 2,443,237 2,021,247
Reconciliation of net expenditure to net cash flow from operating activities Reconciliation of net expenditure to net cash flow from operating activities 2024 2023
£ £
Net movement in funds as per the statement of financial activities 1,030,789 (3,029,941)
Gains/ (losses) on investments (2,324,211) 2,190,695
Dividends and interest (837,417) (793,424)
Exchanges losses / (gains) 13,889 (368,681)
Depreciation charges 1,321 1,321
(Increase) / decrease in debtors (45,168) 166,458
Increase / (decrease) in creditors 184,216 (310,077)
Net cash used in operating activities (1,976,581) (2,143,649)
Analysis of the balance of cash as shown in the balance sheet
Change in
2024 2023 year
£ £ £
Cash at bank and in hand 361,470 415,517 (54,047)
Cash balances held by investment manager for reinvestment (Note 9) 2,081,767 1,605,730 476,037
2,443,237 2,021,247 421,990

The notes on pages 19 to 27 form part of these accounts.

Report and Accounts – 5 April 2024

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

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:

Report and Accounts – 5 April 2024

J J CHARITABLE

NOTES TO THE ACCOUNTS

2. PRINCIPAL ACCOUNTING POLICIES (cont…)

c) Expenditure on Charitable activities (cont…)

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 rate has been used:

Leasehold improvements (2021) - 14.29% per annum

e) Investments

f) Financial instruments

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 2024

NOTES TO THE ACCOUNTS

3. INVESTMENT INCOME

Income received on investments may be analysed as follows:

2024 2023
£ % £ %
Government fixed interest 11,435 1% 11,440 1%
Other fixed interest 12,210 1% 8,995 1%
UK equities 80,932 10% 76,336 10%
Overseas equities 249,521 30% 227,031 29%
Alternatives 438,207 52% 390,755 49%
Impact Investments 44,856 6% 77,929 10%
Other 256 0% 938 0%
837,417 100% 793,424 100%

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
2024 2023
£ £ £ £
Reconciliation of grants payable:
Commitments at 6 April 2023 793,033 968,401
Grants not accrued at 6 April 2023 292,928 321,407
Grants approved in the year 2,247,097 1,467,238
Grants cancelled, refunded or amended (117,934) (74,668)
Grants not accrued at 5 April 2024 (807,444) (292,928)
Grants payable for the year 1,614,647 1,421,049
Grants paid during the year (1,361,882) (1,596,417)
Commitments at 5 April 2024 1,045,798 793,033
Commitments at 5 April 2024 are payable as follows:
2024 2023
£ £
Within one year (Note 11) 1,045,798 793,033

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 2024 was £807,444 (2023: £292,928).

A list of grants payable is included in Appendix A.

Report and Accounts – 5 April 2024

NOTES TO THE ACCOUNTS

6. ALLOCATION OF SUPPORT COSTS

2024
Grant- Governance Total
making
£ £ £
Staff costs 194,415 4,742 199,157
Share of joint office costs 37,088 - 37,088
Direct costs including travel 12,741 - 12,741
Depreciation 1,321 - 1,321
245,565 4,742 250,307
Legal and professional fees 14,878 - 14,878
Consultancy 29,248 - 29,248
Auditor's remuneration* - 9,180 9,180
289,691 13,922 303,613

During the year no Trustee received any remuneration (2023: £nil). One trustee was reimbursed expenses of £2,488 (2023: £27).

COMPARATIVE 2023
Grant-
Governance
Total
making
Staff costs £
£
£
207,657
4,686
212,343
Share of joint office costs 36,153
-
36,153
Direct costs including travel 13,719
-
13,719
Depreciation 1,321
-
1,321
Legal and professional fees 258,850
4,686
263,536
20,751
-
20,751
Consultancy 3,885
-
3,885
Auditor's remuneration* -
8,160
8,160
283,486
12,846
296,332

7. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
2024
2023
Wages and salaries £
£
162,913
173,735
Social security costs 18,260
20,519
Other pension costs 17,984
18,089
199,157
212,343

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 1.8% (2023: 2.1%) 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 2023/24.

The average number of staff employed during the year was 15, all on a part-time basis (2023: 14). This equates to to 2.1 full-time employees (2023: 2.2).

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 £102,355 (2023: £128,941). No employee earned in excess of £60,000 (2023: Nil).

Report and Accounts – 5 April 2024

NOTES TO THE ACCOUNTS

8. TANGIBLE FIXED ASSETS Leasehold Improvements

TANGIBLE FIXED ASSETS
Leasehold Improvements
2024
2023
Cost £
£
At 6 April 2023 9,245
32,045
Disposals -
(22,800)
At 5 April 2024 9,245
9,245
Depreciation
At 6 April 2023 3,963
25,442
Disposals -
(22,800)
Charge for the year 1,321
1,321
At 5 April 2024 5,284
3,963
Net Book Value
At 5 April 2024 3,961
5,282
At 5 April 2023 5,282
6,603

9. FIXED ASSET INVESTMENTS

2024
2023
Market value 5 April 2023 £
£
48,949,448
52,923,869
Add: Acquisitions at cost 6,548,618
10,447,037
Less: Disposals at proceeds value (8,123,661) (12,230,763)
Net gains / (losses) on investments 2,324,211
(2,190,695)
Market value 5 April 2024 49,698,616
48,949,448
Investment cash 2,081,767
758,325
Total investments 51,780,383
49,707,773

The investments held as at 5 April 2024 were as follows:

2024 2023
Cost Market Cost
Market
Value Value
£ £ £
£
Government fixed interest 2,001,596 2,032,399 2,013,436
2,010,537
Other fixed interest 827,202 810,496 833,686
811,143
UK equities 4,081,663 4,998,952 3,546,755
4,782,361
Overseas equities 18,842,406 25,813,733 18,620,259
23,541,502
Alternatives 8,805,332 8,369,327 9,400,919
10,307,683
Cash 2,081,767 2,081,767 758,325
758,325
Impact investments
Unquoted 3,652,823 4,921,349 3,693,180
5,213,527
Quoted 2,110,883 2,752,360 2,103,751
2,282,695
42,403,672 51,780,383 40,970,312
49,707,773

Report and Accounts – 5 April 2024

J] CHARITABLE

NOTES TO THE ACCOUNTS

10.DEBTORS

Accrued income Other debtors

----- Start of picture text -----
||| |---|---| |2024|2023| |£|£| |43,613|65,826| |67,381|-| |110,994|65,826|

----- End of picture text -----

11.CREDITORS - amounts falling due within one year

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Grants payable within one year|1,045,798|793,033| |Professional charges|6,000|9,617| |Investment management fee|113,759|108,505| |Other creditors|-|70,186| |1,165,557|981,341|

----- End of picture text -----

Report and Accounts – 5 April 2024

NOTES TO THE ACCOUNTS

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
**Unrestricted ** Expendable Totals
**Funds ** Endowment 2024
£ £ £
Fund balances at 5 April 2024 are represented by:
Tangible fixed assets - 3,961 3,961
Investments - 51,780,383 51,780,383
Current assets 1,051,798 (579,334) 472,464
Current liabilities (1,051,798) (113,759) (1,165,557)
Total net assets - 51,091,251 51,091,251
Movement in the year
Opening balance as at 5 April 2023 - 50,060,462 50,060,462
Total income and endowments 912,895 - 912,895
Cost of raising funds - (274,168) (274,168)
Cost of grant-making (1,918,260) - (1,918,260)
Net gains on investments - 2,324,211 2,324,211
Net losses on currency exchange - (13,889) (13,889)
Transfers between funds 1,005,365 (1,005,365) -
Closing balance as at 5 April 2024 - 51,091,251 51,091,251
COMPARATIVE Unrestricted Expendable Totals
Funds Endowment 2023
£ £ £
Fund balances at 5 April 2023 are represented by:
Tangible fixed assets - 5,282 5,282
Investments - 50,555,178 50,555,178
Current assets 872,836 (391,493) 481,343
Current liabilities (872,836) (108,505) (981,341)
Total net assets - 50,060,462 50,060,462
Movement in the year
Opening balance as at 5 April 2022 - 53,090,403 53,090,403
Total income and endowments 804,143 - 804,143
Cost of raising funds - (294,689) (294,689)
Cost of grant-making (1,717,381) - (1,717,381)
Net losses on investments - (2,190,695) (2,190,695)
Net gains on currency exchange - 368,681 368,681
Transfers between funds 913,238 (913,238) -
Closing balance as at 5 April 2023 - 50,060,462 50,060,462

Report and Accounts – 5 April 2024

CHARITABLE

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) that are due to/from related parties:

14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2023
**Unrestricted ** Expendable Total Funds
**Funds ** Endowment 2023
£’000 £’000 £’000
Income
Income from investments 793,424 - 793,424
Other income 10,719 - 10,719
Total income and endowments 804,143 - 804,143
Resources expended
Cost of raising funds
Investment management costs - 294,689 294,689
Charitable activities
Grant-making:
Grant expenditure 1,421,049 - 1,421,049
Grant related support costs 296,332 - 296,332
Cost of grant-making 1,717,381 - 1,717,381
Total expenditure 1,717,381 294,689 2,012,070
Net expenditure before gains on investments (913,238) (294,689) (1,207,927)
Losses on investments - (2,190,695) (2,190,695)
Exchange gains - 368,681 368,681
Transfers between funds 913,238 (913,238) -
Net movement in funds - (3,029,941) (3,029,941)
Reconciliation of funds
Total funds brought forward - 53,090,403 53,090,403
Total funds carried forward - 50,060,462 50,060,462

Report and Accounts – 5 April 2024

NOTES TO THE ACCOUNTS - APPENDIX A

GRANTS PAYABLE

The amount payable for the year ended 5 April 2024 consisted of the following:

The amount payable for the year ended 5 April 2024 consisted of the following: The amount payable for the year ended 5 April 2024 consisted of the following:
£
Literacy Support
Artconnexion UK CIC 12,235
Bank of Dreams & Nightmares 18,000
Black British Book Fest CIC 18,500
Bringing Words to Life Ltd 20,000
Learning Partnership West 11,340
Learning Partnerships 10,600
Little Green Pig 11,998
Schoolreaders 40,000
Net grants payable/cancelled up to £10,000 31,074
Environment
Agence France-Press 59,985
Bates Wells 13,744
British Academy of Film & Television Awards (BAFTA) 45,000
Carbon Tracker 16,000
Community Supported Agriculture Network (CSAN) 25,000
Finance for Environmental and Social Systemic Chance 70,000
Friends of the Earth Scotland 14,417
Green Finance Institute 33,333
Harmony Project 60,000
Heard Organisation Ltd (formerly On Road Media) 15,000
Integrity Initiatives International 11,815
Perspectiva 70,000
Platform 46,556
Purpose Disruptors 494,095
Rethinking Economics International 55,000
Students Organising for Sustainability 49,962
The Social Change Nest 121,667
University of Cambridge Department of Land Economy 30,000
Net grants payable/cancelled up to £20,000 24,204
General
Ashden Climate Solutions 50,000
British Ceramics Confederation 62,000
Forest Peoples Programmes 41,122
Integrity Soils 7,000
Sinal do Vale, Brazil 10,000
Net grants payable/cancelled up to £6,000 15,000
Total grants payable per Statement of Financial Activities 1,614,647
The amount payable for the year ended 5 April 2023 consisted of the following: The amount payable for the year ended 5 April 2023 consisted of the following:
£
Literacy Support
Schoolreaders 80,000
Environment - UK
Accounting for Sustainability (A4S) 50,000
Ashden Climate Solutions 50,000
British Academy of Film & Television Awards (BAFTA) 90,000
ClientEarth 27,777
Climate Outreach 55,000
Climate Safe Lending Network (CSLN) 60,000
Environmental Funders' Network 38,250
Friends of the Earth Charitable Trust 29,850
Global Action Plan 54,275
Global Legal Action Network (GLAN) 50,001
Harmony Project 120,000
Perspectiva 70,000
Platform 59,705
Purpose Disruptors 110,000
The Social Change Nest 91,666
University of Cambridge Department of Land Economy 60,000
WCSFP (World Congress of Science and Factual Producers) Budget 51,032
Net grants payable/cancelled up to £20,000 210,793
General
Footprints Women's Centre 10,000
Granville Community Kitchen 7,500
Turkey Mozaik Foundation 10,000
Woodlands Community Development Trust 10,000
Net grants payable/cancelled up to £6,000 25,200
Total grants payable per Statement of Financial Activities 1,421,049

Report and Accounts – 5 April 2024