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← The J J Charitable Trust

2025-04-05-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

5 APRIL 2025

The Peak 5 Wilton Road London SW1V 1AP

4/8/20Friday, 03/10/25 3:32 PM

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
8		 Notes to the Accounts 19 - 28
17 - -1

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 Executive Officer
Officers Mrs E Beresford Executive
Ms C Potter
Cultural Strategy Director		 Cultural Strategy Director
Mr A Shah Senior Finance Partner
All the Principal Officers are employed on a part-time basis.
Bankers Royal Bank of Scotland
36 St Andrew Square
Edinburgh EH2 2YB
Solicitors Broadfield Law UK 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 2025

1

The Report of the Trustees

The trustees present their report and the audited financial statements for the year ended 5 April 2025.

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.

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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 decreased from £51.1m at 5 April 2024 to £46.4m at 5 April 2025, an decrease of 9.1%. The net unrestricted income of the Trust for the year after charging grant related support costs was £489,052 compared to £609,282 for the year to 5 April 2024.

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 49 grants totalling £1,394,474, 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.

NewGrants Approved NewGrants Approved NewGrants Approved Payments Made Payments Made
Number £ % £ %
24
14
11		 1,029,549
210,013
154,912		 73.8
15.1
11.1		 1,321,182
232,808
106,198		 79.6
14.0
6.4
49 1,394,474 100.0 1,660,188 100.0

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 £1,097,710 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 April 2025, the Trust held total funds of £46.4m (2024: £51.1m) which includes expendable endowment of £46.4m (2024: £51.1m).

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.

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.

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Trustees are aware of the 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 -5.3%, underperforming the benchmark of -5.1%.

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.

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.

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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 £655,000)

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 currently 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 Students Organising for Sustainability UK’s (SOS-UK) Tracked Changes project to reform the A-Level Economics curriculum to critically engage with the concept of sustainability, appreciate the interconnectedness of living and non-living things, address ecoanxiety and help empower young people to act.

The concept is based on a ‘tracked changes’ approach and differs from a full re-write of the curriculum to ensure that changes are easy for teachers to adopt now without deviating from their requirements under the Education Act, whilst at the same time building a new tool to push for deeper curriculum reform. This was a partnership project with academia, economists and teachers and the guidance was launched in November 2024. SOS-UK has used Tracked Changes as a

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guide for its shadow Curriculum Review led by young people to give young people a more direct voice in the current governmental Curriculum Assessment and Review.

The Trust has a number of different objectives 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 seed new stories of a good life in culture and develop new business models aligned with a sustainable future. The second Agency for Nature campaign, which is targeted at 18-30 year olds to shift mindsets on our relationship with nature, reached millions of people and had a significant impact on those who participated in the creative process. It launched its Reimagining Advertising report and held a sector summit and roundtables to begin to explore practical ways for the advertising industry to support a thriving future for society.

Also, within culture, the Trust supports the cultivation and amplification of progressive ideas and new thinking around paradigm change. An example is Perspectiva, which uses applied philosophy to help us improve our imaginative and emotional capacity to avoid societal collapse and build a wiser and ecologically sound world. It runs participative multi-day events, produces documentaries and podcasts, experiments with new ideas and new practices, and publishes books and thought pieces. An example of its online programming is the Attention as a Moral Act series, featuring British psychiatrist and neuroscientist Iain McGilchrist in conversation with key thinkers. Its in-person events include the 4-day Realisation Festival in the UK and a gathering in Ukraine. Its short documentaries include Living in the Metacrisis with Katie Teague. It experiments with new ideas and practices, such as the Anti-debate, which is based on the idea that we need new ways of speaking and listening to reduce polarisation and increase societal harmony. It has introduced the methodology to secondary schools, written a book and documentary, and continues to trial the approach in a variety of settings.

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 fourth pillar supports community experimentation in regenerative and circular projects. An example is Community Supported Agriculture (CSA), which is running a pilot in urban Leeds and rural West Yorkshire with three CSA farms which provide locally grown, organic produce to the nearby communities. The pilot seeks to address (financial and physical) barriers to uptake and participation in locally grown food from diverse communities. This includes experimenting with different business models that ensure accessibility for disadvantaged groups, whilst building financial sustainability of the CSA farms and securing vital local food sources long term. It is looking at how other stakeholders, such as schools and public health initiatives can provide new ways for communities to get engaged with CSA farms.

Finance for Environmental and Social Systemic Change - £120,000

Core funding.

Land of Hope and Story - £5,000

For its pilot community workshop.

Perspectiva

£170,000 - Core funding

£20,000 - To support a detailed scoping phase for the TEAMedia channel.

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Global Action Plan- £60,000

To influence the Government’s Curriculum and Assessment Review by coordinating a sector-wide campaign, engaging directly with politicians, and hosting a pilot climate education assembly and a parliamentary event.

Our New Economy (ONE) Foundation - £50,000

Working with influential economists to review Economics textbooks used by universities in the UK and globally.

Rethinking Economics International - £60,000

For its university-specific ecological economics and its Doughnut Economics module campaigns.

Royal Society of Arts (RSA) - £50,000

Pilot for learning with the “10Cs” towards their pilot phase for this new learning programme based on the 10Cs.

Students Organising for Sustainability UK - £120,000

To fund SOS-UK and New Economics Foundation (NEF).

Literacy (total grants £210,013)

The Trust seeks to improve the effectiveness of literacy teaching in primary and secondary education, including for children with learning difficulties such as dyslexia. The work has a particular focus on areas of deprivation 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 develop literacy skills, with a focus on supporting those with learning difficulties including dyslexia. The Trust reviews applications three times a year in March, June, and October.

Assisting Berkshire Children to Read - £5,000

One-to-one reading support for primary school children in Berkshire

Bank of Dreams & Nightmares - £20,000

Core costs of storymaking workshops for children and young people

Diverse Youth NI - £15,000

Literacy support for refugee and asylum-seeking children in Belfast.

Doorstep Library Network - £20,000

Towards its Online Reading Corner programme

Learn to Love to Read - £20,000

Volunteer reading support for disadvantaged Wandsworth primary school pupils

Literacy Hubs - £19,988

After-school literacy support in a pirate-themed hub for children in Portsmouth

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Literacy Pirates - £15,000

Towards its Learning Programme

Liverpool Lighthouse - £12,000

Setting up an in-school creative literacy programme in North Liverpool

Primary Shakespeare Company - £15,000

To integrate comic books of Shakespeare plays into literacy teaching

Shooting Fish Theatre Company - £15,000

Literacy support for disadvantaged young people in Bristol via theatre

Sunderland Literacy Aid C.I.C - £6,000

Literacy tuition for disadvantaged young jobseekers in Sunderland

The Latin Programme - Via Facilis - £19,500

Teaching weekly Latin lessons in state primary schools

XLP - £15,000

Towards its Literacy and Numeracy Programme.

Znaniye Foundation - £12,525

Free Saturday literacy sessions for school years 5-7.

Climate Change Collaboration (CCC) of JJ Charitable Trust with the Aurora and Mark Leonard Trusts (total grants £374,550)

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 CCC Trusts support a wide range of interventions, including strategic communications and campaigns, legislation, litigation, research, policy work, and changing investment practice.

The CCC Trusts have supported the global Divest Invest movement for over a decade; 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 CCC Trusts currently 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.

The focus for the CCC Trusts has evolved to place a greater emphasis on initiatives which enable investment in climate and nature solutions. They fund the Green Finance Institute which develops and issues Local Climate Bonds for local decarbonisation projects and to encourage local community investors. The CCC Trusts also supported Carbon Tracker Initiative to engage climate scientists to determine the economic impact of climate change. They are currently supporting We are Possible for its campaign to encourage local communities to adopt low-carbon technologies.

The CCC trusts recognise that law and regulation can be used to support efforts to implement the Paris Agreement. They continue to support Peers for the Planet, Uplift and Client Earth. Uplift seeks to end government support for fossil fuel extraction in the UK, and together with Greenpeace

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secured a legal victory in February 2025 when the Scottish Court of Session ruled the approval of the Rosebank oil field unlawful. Client Earth’s Accountable Finance Programme utilizes legal strategies to shift financial systems and incentives towards more sustainable practices. The CCC Trusts supported ‘South Lakeland Action against Climate Change’ (SLACC) High Court judicial review against a proposed coal mine in Cumbria. The 2024 High Court ruling found that the coal mine’s planning permission was unlawful and will potentially discourage investors speculating on fossil fuel extraction in the UK.

The CCC Trusts understand strategic communications on climate change plays an important role to empower a wide public audience, accelerate action in specific sectors and create the right conditions for ambitious policy change. They continue to support Heard, which helps celebrities, footballers, musicians and popular entertainment with large audiences to talk effectively about climate and nature. Another example is Climate Outreach, who are leading the Action on Climate Empowerment (ACE) Coalition to support the delivery of the Government’s first national Net Zero Public Participation Strategy. This work acknowledges good public engagement is part of effective communications and is necessary to create the right conditions for policy change.

Bates Wells & Braithwaite LLP - £15,200

To develop a strategy and then commission a legal opinion on potential legal interventions to clarify the duties of pension funds in relation to understanding and managing the impacts of climate change.

Carbon Tracker - £33,334

To engage climate scientists to review already-published papers on the economic impacts of climate change.

Charity Finance Group - £3,333

To promote the Charity Investment Governance Principles

ClientEarth

£83,333 - Accountable Finance team

£30,667 - To scope a legal action using the European Social Charter

Climate Outreach - £13,000

towards the Action on Climate Empowerment Coalition to support the delivery of the Government’s first national Net Zero Public Participation Strategy

E3G - £10,000

Towards the communication costs and secretariat support for London Climate Action Week 2024

Green Finance Community Hub - £18,333

Towards a business plan and community/stakeholder engagement for Project Collette

Heard Organisation Ltd (formerly On Road Media) - £34,000

Climate Stories that Work project.

Integrity Initiatives International - £19,678

For a Deputy Director position to work on the IACC campaign

Jesus College Cambridge - £25,000

To complete a project to develop and launch a fossil-free bond index with Bloomberg.

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Peers for the Planet

£3,333 - Towards its Guide and its October launch event £51,565 - Towards staff costs

South Lakes Action on Climate Change- £15,000

To challenge the development of a proposed coal mine in Cumbria through a judicial review in the High Court

We Are Possible - £18,774

Towards its campaign to encourage communities to adopt low-carbon technologies

Immediate relief grants (total grants £154,912)

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 and inequality 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 Global Greengrants Fund UK’s Women and Environment Programme. This supports women at a grassroots level in communities around the world to deliver innovative solutions to local challenges of environmental degradation and economic hardship. The Trust supported four projects in Kenya, Nigeria, Tanzania and Uganda.

British Red Cross – Headquarters - £10,000

Towards its Israel and Occupied Palestinian Territory appeal

Church Army - £15,000

To support the Marylebone Project.

Forest Peoples Programmes - £30,714

For the indigenous territorial emergency fund and radio and digital communications in 2025/6

Global Greengrants Fund UK - £20,000

To support GGF UK’s UK's Women’s Environment

Granville Community Kitchen - £10,000

To recruit a part-time food aid and community meals coordinator for one year

Granville Community Kitchen - £7,000

Towards its growing space, Granville Rec

Medecins Sans Frontieres - Doctors without Borders - £10,000

Towards its work in the Israel – Hamas conflict

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Refugee Women in Bristol - £7,000

Core costs

The Sainsbury Archive - £30,000

Core costs

Welcoming Association - £7,000

Core costs

Woodland Trust - £8,198

To contribute to the Memorial Woodland at Preston Farm Estate that is being created with the Woodland Trust in memory of Lord John Sainsbury

Cancelled Grants

Part-payment of four grants totalling £23,607 were cancelled during the year (2024: £117,934) because grantees had not required the funding.

Future Plans

The Trust is developing a cultural strategy which seeks to increase the impact of its work. It will continue to support the activities set out on pages 5 to 11. 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.

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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:

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 13[th] October 2025 and signed on their behalf by:

…………………………………………………….

TRUSTEE

J J Sainsbury

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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 JJ Charitable Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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:

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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:

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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: 12 November 2025

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2025

Unrestricted Expendable Total Funds Total Funds
Notes Funds Endowment 2025 2024
£ £ £ £
Income and Endowment from:
Investments 3 768,101 - 768,101 837,417
Other income 73,906 - 73,906 75,478
Total Income 842,007 - 842,007 912,895
Expenditure on:
Raising funds
Investment management fees 4 - 206,022 206,022 274,168
Charitable activity:
Grant-making:
Grant expenditure 5 1,586,763 - 1,586,763 1,614,647
Grant related support costs 6 352,954 - 352,954 303,613
Cost of grant-making 1,939,717 - 1,939,717 1,918,260
Total expenditure 1,939,717 206,022 2,145,739 2,192,428
Net expenditure before (losses) / gains on investments (1,097,710) (206,022) (1,303,732) (1,279,533)
(Losses) / gains on investments 9 - (3,357,997) (3,357,997) 2,324,211
Exchange (losses) - (6,410) (6,410) (13,889)
Transfers between funds 1,097,710 (1,097,710) - -
Net movement in funds - (4,668,139) (4,668,139) 1,030,789
Reconciliation of funds
Total funds brought forward - 51,091,251 51,091,251 50,060,462
Total funds carried forward - 46,423,112 46,423,112 51,091,251

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 28 form part of these accounts.

Report and Accounts – 5 April 2025

16

BALANCE SHEET

AS AT 5 APRIL 2025

Notes 2025 2024
£ £ £
FIXED ASSETS
Tangible fixed assets 8 2,640 3,961
Investments 9 47,082,975 51,780,383
47,085,615 51,784,344
CURRENT ASSETS
Debtors 10 74,594 110,994
Cash at bank and in hand 314,532 361,470
389,126 472,464
CURRENT LIABILITIES
Creditors -amounts falling due within 1 year 11 1,051,629 1,165,557
NET CURRENT LIABILITIES (662,503) (693,093)
NET ASSETS 46,423,112 51,091,251
CAPITAL FUNDS
Expendable endowment 12 46,423,112 51,091,251
INCOME FUNDS
Unrestricted funds 12 - -
46,423,112 51,091,251

The financial statements were approved and authorised for issue by the Trustees on 13th October 2025 and were signed on their behalf by :

…………………………………………… TRUSTEE J J Sainsbury

The notes on pages 19 to 28 form part of these accounts.

Report and Accounts – 5 April 2025

17

CASH FLOW STATEMENT

FOR THE YEAR ENDED 5 APRIL 2025

----- Start of picture text -----
|||| |---|---|---| |2025|2024| |£|£| |Net cash used in operating activities|(2,148,040)|(1,976,581)| |Cash flows from investing activities:| |Dividends and interest|768,101|837,417| |Exchanges (losses)|(6,410)|(13,889)| |Purchase of investments|(2,659,077)|(6,548,618)| |Sale of investments|3,672,271|8,123,661| |Net cash generated by investing activities|1,774,885|2,398,571| |Change in cash and cash equivalents in the year|(373,155)|421,990| |Cash and cash equivalents at the beginning of the year|2,443,237|2,021,247| |Cash and cash equivalents at the end of the year|2,070,082|2,443,237| |Reconciliation of net expenditure to net cash flow from operating activities|2025|2024| |£|£| |Net movement in funds as per the statement of financial activities|(4,668,139)|1,030,789| |(Losses) / gains on investments|3,357,997|(2,324,211)| |Dividends and interest|(768,101)|(837,417)| |Exchanges losses|6,410|13,889| |Depreciation charges|1,321|1,321| |Decrease / (increase) in debtors|36,400|(45,168)| |(Decrease) / increase in creditors|(113,928)|184,216| |Net cash used in operating activities|(2,148,040)|(1,976,581)|

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

Analysis of the balance of cash as shown in the balance sheet

----- Start of picture text -----
||||| |---|---|---|---| |Change in| |2025|2024|year| |£|£|£| |Cash at bank and in hand|314,532|361,470|(46,938)| |Cash balances held by investment manager for reinvestment (Note 9)|1,755,550|2,081,767|(326,218)| |2,070,082|2,443,237|(373,155)|

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

The notes on pages 19 to 28 form part of these accounts.

Report and Accounts – 5 April 2025

18

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 2025

19

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 - 14.29% per annum

g) Cash and cash equivalents

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 2025

20

NOTES TO THE ACCOUNTS

3. INVESTMENT INCOME

Income received on investments may be analysed as follows:

2025 2024
£ % £ %
Government fixed interest 21,044 3% 11,435 1%
Other fixed interest 2,219 0% 12,210 1%
UK equities 92,580 12% 80,932 10%
Overseas equities 244,657 32% 249,521 30%
Alternatives 376,817 49% 438,207 52%
Impact Investments 31,070 4% 44,856 6%
Other (286) 0% 256 0%
768,101 100% 837,417 100%

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
2025 2024
£ £ £ £
Reconciliation of grants payable:
Commitments at 6 April 2024 1,045,798 793,033
Grants not accrued at 6 April 2024 807,444 292,928
Grants approved in the year 1,394,474 2,247,097
Grants cancelled, refunded or amended (23,607) (117,934)
Grants not accrued at 5 April 2025 (591,548) (807,444)
Grants payable for the year 1,586,763 1,614,647
Grants paid during the year (1,660,188) (1,361,882)
Commitments at 5 April 2025 972,373 1,045,798
Commitments at 5 April 2025 are payable as follows:
2025 2024
£ £
Within one year (Note 11) 972,373 1,045,798

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 2025 was £591,548 (2024: £807,444).

A list of grants payable is included in Appendix A.

Report and Accounts – 5 April 2025

21

NOTES TO THE ACCOUNTS

6. ALLOCATION OF SUPPORT COSTS

2025
Grant- Governance Total
making
£ £ £
Staff costs 247,902 5,030 252,932
Share of joint office costs 44,326 - 44,326
Direct costs including travel 19,858 - 19,858
Depreciation 1,321 - 1,321
313,407 5,030 318,437
Legal and professional fees 24,857 - 24,857
Consultancy - - -
Auditor's remuneration* - 9,660 9,660
338,264 14,690 352,954

During the year no Trustee received any remuneration (2024: £nil). Two trustees were reimbursed expenses of £3,459 (2024: One trustee £2,488).

COMPARATIVE 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
Legal and professional fees 245,565
4,742
250,307
14,878
-
14,878
Consultancy 29,248
-
29,248
Auditor's remuneration* -
9,180
9,180
289,691
13,922
303,613

7. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
2025
2024
Wages and salaries £
£
207,586
162,913
Social security costs 22,348
18,260
Other pension costs 22,998
17,984
252,932
199,157

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office 1.9% (2024: 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 2024/25.

The average number of staff employed during the year was 20, all on a part-time basis (2024: 15). This equates to to 2.59 full-time employees (2024: 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 £110,867 (2024: £102,355).

The number of employees whose total employment benefits (excluding employer pension costs) for services provided to the Trust exceeded £60,000 was as follows: 2025: one employee who earned between £60,000 - £70,000 (2024: Nil).

Report and Accounts – 5 April 2025

22

NOTES TO THE ACCOUNTS

8. TANGIBLE FIXED ASSETS Leasehold Improvements

2025
2024
Cost £
£
At 6 April 2024 9,245
9,245
At 5 April 2025 9,245
9,245
Depreciation
At 6 April 2024 5,284
3,963
Charge for the year 1,321
1,321
At 5 April 2025 6,605
5,284
Net Book Value
At 5 April 2025 2,640
3,961
At 5 April 2024 3,961
5,282

9. FIXED ASSET INVESTMENTS

2025
2024
Market value 5 April 2024 £
£
49,698,616
48,949,448
Add: Acquisitions at cost 2,659,077
6,548,618
Less: Disposals at proceeds value (3,672,271)
(8,123,661)
Net (losses) / gains on investments (3,357,997)
2,324,211
Market value 5 April 2025 45,327,425
49,698,616
Investment cash 1,755,550
2,081,767
Total investments 47,082,975
51,780,383

The investments held as at 5 April 2025 were as follows:

2025 2024
Cost Market Cost
Market
Value Value
£ £ £
£
Government fixed interest 1,748,858 1,812,732 2,001,596
2,032,399
Other fixed interest 824,522 826,725 827,202
810,496
UK equities 4,076,984 4,473,789 4,081,663
4,998,952
Overseas equities 19,613,604 22,824,524 18,842,406
25,813,733
Alternatives 7,614,193 8,069,845 8,805,332
8,369,327
Cash 1,755,550 1,755,550 2,081,767
2,081,767
Impact investments
Unquoted 3,659,049 4,730,597 3,652,823
4,921,349
Quoted 2,110,883 2,589,213 2,110,883
2,752,360
41,403,643 47,082,975 42,403,672
51,780,383

Report and Accounts – 5 April 2025

23

NOTES TO THE ACCOUNTS

10.DEBTORS

10.DEBTORSDEBTORS
2025 2024
£ £
Accrued income 38,551 43,613
Other debtors 36,043 67,381
74,594 110,994

11.CREDITORS - amounts falling due within one year

11.CREDITORS - amounts falling due within one yearCREDITORS - amounts falling due within one year
2025 2024
£ £
Grants payable within one year 972,373 1,045,798
Professional charges 6,300 6,000
Investment management fee 38,613 113,759
Other creditors 34,343 -
1,051,629 1,165,557

Report and Accounts – 5 April 2025

24

NOTES TO THE ACCOUNTS

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
**Unrestricted ** Expendable Totals
**Funds ** Endowment 2025
£ £ £
Fund balances at 5 April 2025 are represented by:
Tangible fixed assets - 2,640 2,640
Investments - 47,082,975 47,082,975
Current assets 1,013,016 (623,890) 389,126
Current liabilities (1,013,016) (38,613) (1,051,629)
Total net assets - 46,423,112 46,423,112
Movement in the year
Opening balance as at 5 April 2024 - 51,091,251 51,091,251
Total income and endowments 842,007 - 842,007
Cost of raising funds - (206,022) (206,022)
Cost of grant-making (1,939,717) - (1,939,717)
Net gains on investments - (3,357,997) (3,357,997)
Net losses on currency exchange - (6,410) (6,410)
Transfers between funds 1,097,710 (1,097,710) -
Closing balance as at 5 April 2025 - 46,423,112 46,423,112
COMPARATIVE 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 losses on investments - 2,324,211 2,324,211
Net gains 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

Report and Accounts – 5 April 2025

25

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 2024

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
Unrestricted Expendable Total Funds
Funds Endowment 2024
£’000 £’000 £’000
Income
Income from investments 837,417 - 837,417
Other income 75,478 - 75,478
Total income and endowments 912,895 - 912,895
Resources expended
Cost of raising funds
Investment management costs - 274,168 274,168
Charitable activities
Grant-making:
Grant expenditure 1,614,647 - 1,614,647
Grant related support costs 303,613 - 303,613
Cost of grant-making 1,918,260 - 1,918,260
Total expenditure 1,918,260 274,168 2,192,428
Net expenditure before gains on investments (1,005,365) (274,168) (1,279,533)
Gains on investments - 2,324,211 2,324,211
Exchange losses - (13,889) (13,889)
Transfers between funds 1,005,365 (1,005,365) -
Net movement in funds - 1,030,789 1,030,789
Reconciliation of funds
Total funds brought forward - 50,060,462 50,060,462
Total funds carried forward - 51,091,251 51,091,251

Report and Accounts – 5 April 2025

26

NOTES TO THE ACCOUNTS - APPENDIX A

GRANTS PAYABLE

The amount payable for the year ended 5 April 2025 consisted of the following:

The amount payable for the year ended 5 April 2025 consisted of the following: The amount payable for the year ended 5 April 2025 consisted of the following:
£
Literacy Support
Bank of Dreams & Nightmares 20,000
Doorstep Library Network 20,000
Learn to Love to Read 20,000
Literacy Hubs 19,988
The Latin Programme - Via Facilis 19,500
Literacy Pirates 15,000
XLP 15,000
Diverse Youth NI 15,000
Shooting Fish Theatre Company 15,000
Znaniye Foundation 12,525
Liverpool Lighthouse 12,000
Primary Shakespeare Company 10,000
Net grants payable/cancelled up to £10,000 17,554
Environment
Purpose Disruptors 300,000
Students Organising for Sustainability UK 120,000
Perspectiva 105,000
ClientEarth 86,222
Global Action Plan 60,000
Rethinking Economics International 60,000
Finance for Environmental and Social Systemic Change 60,000
Royal Society of Arts (RSA) 50,000
Our New Economy (ONE) Foundation 50,000
Platform 46,556
Peers for the Planet 37,368
Carbon Tracker 33,334
Green Finance Institute 33,334
PR Budget 16,000
Community Supported Agriculture Network (CSAN) 25,000
Jesus College Cambridge 25,000
Net grants payable/cancelled up to £20,000 141,471
General
Forest Peoples Programmes 30,714
Global Greengrants Fund UK 20,000
Granville Community Kitchen 17,000
British Red Cross - Headquarters 10,000
Medecins Sans Frontieres - Doctors without Borders 10,000
Church Army 10,000
Woodland Trust 8,198
Welcoming Association 7,000
Refugee Women in Bristol 7,000
The Sainsbury Archive 6,000
Total grants payable per Statement of Financial Activities 1,586,763

Report and Accounts – 5 April 2025

27

APPENDIX A continued

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 - UK
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
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

Report and Accounts – 5 April 2025

28