## ## |**CONTENTS**|**CONTENTS**|**PAGE**| |---|---|---| |**1**|The Trustees' Report|2-10| |**2**|Independent Auditors' Report|11-13| |**3**|StatementofFinancial Activities|14| |**4**|Balance Sheet|15| |**5**|Cash Flow Statement|16| |**6**|Notes to the Accounts|17-25| ## ## |**Trustees**
**Registered**
**Office**
**Principal**
**Officers**
**Bankers**
**Solicitors**
**Auditors**
**Investment**
**Advisers**
**Investment**
**Powers**
**Objects**|Mr M L Sainsbury
Mrs Z Sainsbury
Mr J J Sainsbury
The,Peak
5 Wilton Road
London SW1V 1AP
Mrs K Everett
Mr M Woodruff
Mrs S Ferguson
Mr A Shah
Chief Operating Officer
Executive
Executive
Senior Finance Partner
All the Principal Officers are employed on a part-time basis.
Child & Co
1 Fleet Street
London EC4Y 1BD
Portrait Solicitors
21Whitefriars Street
London EC4Y 8JJ
Crowe U.K. LLP
55 Ludgate Hill
London EC4M 7 JW
Schroder&Co. Limited
12 Moorgate
London EC2R 6DA
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.
The objectsofthe Trust as giveninthe Trust Deed are for general
charitable purposes.| |---|---| ## ## ## ## ## ## ## ## ## ## ## |**Climate Change Collaboration**
**Environment**
-VenturePortfolio
-NonPortfolio
**Food**
-VenturePortfolio
-NonPortfolio
**Music & SocialNeed**
-VenturePortfolio
-NonPortfolio
**Youth Work**
-VenturePortfolio
-NonPortfolio
**Portfolio Support**
**General**|**Grants Approved ·**|**Grants Approved ·**|**Grants Approved ·**|**Payments made**|**Payments made**| |---|---|---|---|---|---| ||**Number**|£|%|£|%| ||15
-
2
-
-
-
-
1
-
1
2|240,768
-
55,000
-
-
-
-
138,000
-
39,000
30,000|47.9
0.0
10.9
0.0
0.0
0.0
0.0
27.4
0.0
7.8
6.0|

344,841
40,000
74,000
170,000
5,000
110,000
0
146,000
0
8,000
18,000|37.0
4.4
8.2
18.8
0.5
12.1
0.0
16.1
0.0
0.9
2.0| ||21|502,768|100.0|
915,841|100.0| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## 15 December 2021 ## ## |**_Notes_**
**Income**
Donations and gifts
Investment income
**_3_**
Other income
**Total income and endowments**
**Resources expended**
**Cost****_ofraising funds_**
Investment management costs
**_4_**
**_Charitable activities_**
Grant-making:
Grant expenditure
**_5_**
Grant related support costs
**_6_**
**Costofgrant-making**
**Total expenditure**
**Net (expenditure)/ income before gains**
Gains/(losses)oninvestment assets
Gains/(losses)oncurrency exchange
**Netincome/(expenditure)**
**Reconciliationoffunds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Funds**
**Expendable**
**Total Funds**
**_Total Funds_**
**Endowment**
**2021**
**_2020_**| |---|---| ||£
836,969
279,000
23,316
£
£
£
836,969
_812,500_
279,000
_496,569_
23,316
_28,138_| ||1,139,285
1,139,285
_1,337,207_| ||748,029
266,018
98,163
98,163
_106,114_
748,029
_1,087,563_
266,018
_226,252_| ||1,014,047
1,014,047
_1,313,815_| ||1,014,047
98,163
1,112,210
_1,419,929_| ||125,238
125,238
27,042
152,280
(98,163)
27,075
_(82,722)_
3,836,407
3,836,407
_(3,087,538)_
13,355
13,355
_(11,292)_
3,751,599
3,876,837
_(3,181,552)_
17,719,156
17,746,198
_20,927,750_
21,470,755
21,623,035
_17,746,198_| ## ## |**FIXED ASSETS**
Tangible fixed assets
ln-.estments
**CURRENT ASSETS**
Debtors
Cash at bank andinhand
**CURRENT LIABILITIES**
**Creditors**- amounts falling due within 1 year
**NET CURRENT LIABILITIES**
**NET ASSETS**
**CAPITAL FUNDS**
Expendable endowment
**INCOME FUNDS**
Unrestricted funds|**_Notes_**|**_Notes_**||**2021**
£
9,491
21,634,238
21 ,643,729

(20,694)
21,623,035
21,470,755
152,280
21,623,035|**_2020_**
£
_3,000_
_18,192,003_| |---|---|---|---|---|---| ||**_8_**
**9**
**_10_**
**_11_**
**_12_**
**_12_**||£
29,880
649,526||| ||||||_18,195,003_| ||||||_236,863_
_112,387 _| ||||679,406
700,100||_349,250_
_798,055_
_(448,805)_
_17,746,198_
_17,719, 156_
_27,042_
_17,746,198_| ||||||| ## ## |**Cash flows from operating activities**
**Net cash generated by operating activities**
**Cashflows from investing activities:**
Di1ndendsand interest
Exchangesgains/(losses)
Purchaseofim.estments
Saleofinwstments
**Net cash (used in) investing activities**
**Change in cash and cash equivalents intheyear**
**Cash and cash equivalentsatthe beginningoftheyear**
**Cashand cash equivalentsatthe end of theyear**
**Reconciliationofnet expenditure to netcashflow from operating activities**
Netmowmentin funds as per the st~tementoffinancial acti1nties
(Gains)/losses oninwstments
Di1ndendsand interest
Exchanges (gains) / losses
Fixedassetadditions
Depreciation charges
Decrease_I_(increase)indebtors
(Decrease)_I_increaseincreditors .
Net cash generated by operating activities|**2021**
£
(149,388)
279,000
13,355
(9,977,965)
10,213,732
528,122
378,734
596,682
975,416
**2021**
£
3,876,837
(3,836,407)
(279,000)
(13,355)
(9,323)
2,832
206,983
(97,955)
(149,388)|**_2020_**| |---|---|---| |||£
_(521,047)_
_500,785_
_(11,292)_
_(4,584,501)_
_4,338,504_
_243,496_| |||_(277,551)_
_874,233_| |||_596,682_| |||**_2020_**| |||£
_(3,181,552)_
_3,087,538_
_(500,785)_
_11,292_
_1,500_
_(79,280)_
_140,240_
_(521,047)_| ## |Cash at bank andinhand
Cash balances held byinwstmentmanager forreinwstment(Note 9)|**2021**
£
649,526
325,890
975,416
**2020**
£
112,387
484,295
596,682
**Changein**
**year**
£
537,139
(158,405)
378,734| |---|---| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Go-.emment fixed interest
Other fixed interest
UK equities
O-..erseasequities
Altematiws
Impactlnwstments
Other|**2021**
**_2020_**| |---|---| ||£
%
£
%
583
0
_726_
_0_
53,063
19
_11,015_
_2_
74,223
27
_227,185_
_46_
86,740
31
_112,655_
_23_
46,032
16
_107,317_
_21_
18,311
7
_37,671_
_8_
**48**
0
_0_| ||279,000
100
_496,569_
_100_| ## ## |**GRANTS PAYABLE**||||| |---|---|---|---|---| |**Reconciliationofgrants payable:**
Commitments at 6 April 2020
Grants not accrued at 6 April 2020
Grantsapprowdin theyear
. Grants cancelled, refunded or amended
Grants not accrued at 5 April2021
**Grants payable for the year**
Grants paid during the year
Commitments at 5 April 2021
**Commitments at 5 April2021are payable as follows:**
Within one year (note 11)
£
685,000
510,768
3,261
(451,000)
**2021**
£
707,019
**748,029**
(915,841)
539,207
**2021**
£
539,207|**2021**|||**_2020_**| ||||£
_769,000_
_1,003,563_
_(685,0001 _|

£
_582,249_
**_1,087,563_**
_(962,793)_| |||||| |||539,207||_707,019_| |||**2021**||**_2020_**
£
_707,019_| |||£
539,207||| ## ## ## ## |**Climate Change Collaboration**
Citizens UK
On Road Media
Global Legal Action Network {GLAN)
C40 Cities Climate Leadership Group
Platform
Uplift
Grants payable up to £15,000
**Environment**
Ashden Sustainable solutions, betterli-.es- Ashden Awards
En'vironmental Funders' Network
Grants payable up to £15,000
**Food**
Chefs in Schools
Grants payable up to £15,000
**Music& Social Need**
The Paraorchestra&Friends
InPlace ofWar
**Youth Work (including Refugees)**
Switchback lnitiati-.e - {knownasSwitchback)
Become - {formerly known as Who Cares? Trust)
Just for Kids Law
**General**
Specialist support to beneficaries
Grants payable up to £15,000
Total grants payable per StatementofFinancial Acti'vities|£
55,000
30,000
27,000
25,000
20,000
20,000
67,029
50,000
40,000
15,000
30,000
5,000
60,000
50,000
92,000
50,000
50,000
47,000
15,000| |---|---| ||**748,029**| ## ## ## |**GRANT RELATED SUPPORT COSTS**|| |---|---| |Staff costs
Shareofjoint office costs
Direct costs including travel
Depreciation
Legal and professional fees
Auditors' remuneration|**Grant- Governance**
**making**
**2021**
**_2020_**
**Total**
**_Total_**| ||£
152,340
29,261
9,134
2,832
193,567
59,411
252,978
£
4,412
4,412
8,628
13,040
£
£
156,752
_147,502_
29,261
_32,661_
9,134
_16,770_
2,832
_1,500_
197,979
_198,433_
59,411
_22,563_
8,628
_5,256_
266,018
_226,252_| ## |**ANALYSISOFSTAFF COSTS**|| |---|---| |Wages and salaries
Social security costs
Other pension costs|**2021**
**_2020_**| ||£
127;534
14,392
14,826
£
_119,663_
_13,407_
_14,432_| ||156,752
_147,502_| ## ## |**Cost**
At6April2020
Additions
At5April2021
**Depreciation**
At6April2020
Charge for the year
At5April2021
**Net Book Value**
At5April2021
At5April2020
**9.FIXED ASSET INVESTMENTS**
**Market value 5 April 2020**
Add: Acquisitions at cost
Less: Disposals at proceeds value
Unrealised gains/(losses) in year
**Market value 5 April2021**
lm.estment cash
**Total investments**|**2021**
**_2020_**| |---|---| ||£
£
15,000
_15,000_
9,323| ||24,323
_15,000_| ||12,000
_10,500_
2,832
_1,500_| ||14,832
_12,000_| ||9,491
_3,000_
3,000
_4,500_
**2021**
**_2020_**| ||£
£
.17,707,708
_20,549,249_
9,977,965
_4,584,501_
(10,213,732)
_(4,338,504)_
3,836,407
_(3,087, 538l_| ||21,308,348
_17,707,708_
325,890
_484,295_| ||21,634,238
_18,192,003_| |Go\11:fixed interest
Other fixed interes
UK equities
01.erseas equities
Altematiws
Other
Cash
**Impact investments**
Unquoted
Quoted|**2021**
**_2020_**| |---|---| ||Cost
Market
Value
_Cost_
_Market_
_Value_| ||£
£
207,467
237,460
529,874
642,047
. 1,638,993
2,360,434
8,520,488
10,350,895
2,748,654
3,443,289
450,000
450,000
325,890
325,890
3,363,127
2,920,989
870,049
903,234
18,654,542
21,634,238
£
£
_571,028_
_648,440_
_618,516_
_833,277_
_3,548,833_
_4,791,782_
_5,472,668_
_6,182,338_
_2,286,454_
_2,557,544_
_484,295_
_484,295_
_3,043,683_
_2,694,327_
_16,025,477_
_18,192,003_| ## ## ## |Accrued income
Other debtors|**2021**
**_2020_**| |---|---| ||£
£
29,814
_64,860_
66
_172,003_
29,880
_236,863_| ## |Grants payable within one year
Professional charges
lnwstmentmanagement fee
Other creditors ·|**2021**
**_2020_**
£
£
539,207
_707,019_
17,073
_20,319_
48,030
_45,509_
95,790
_25,208_
700,100
_798,055_| |---|---| ## ## |Fund balances at 5 April 2021 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
**Total net assets**
**Move·ment**in**theyear**
Opening balance as at 5 April 2020
Total income and endowments
Costofraising funds
Costofgrant-making
Net losses on investments
Lossesoncurrency exchange
Closing balance as at 5 April 2021
**COMPARATIVE**
Fund balances at 5 April 2020 are represented by:
Tangible fixed assets
Investments
.Current assets
Current liabilities
**Total net assets**
**Movement in theyear**
Opening balance as at 5 April 2019
Total income and endowments
Costofraising funds
Cost of grant-making
Net gains on investments
Gains on currency exchange
Closing balance as at 5 April 2020||**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2021**| |---|---|---| |||£
£
£
9,491
9,491
21,634,238
21,634,238
804,350
(124,944)
679,406
(652,070)
(48,030)
(700,100)| |||· 152,280
21,470,755
21,623,035| |||27,042
17,719,156
17,746,198
1,139,285
1,139,285
(98,163)
(98,163)
(1,014,047)
(1,014,047)
3,836,407
3,836,407
13,355
13,355| |||152,280
21,470,755
21,623,035| |||**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2020**| |||£
£
£
3,000
3,000
18,192,003
18,192,003
779,588
(430,338)
349,250
(752,546)
(45,509)
(798,055)| |||27,042
17,719,156
17,746,198| |||3,650
20,924,100
20,927,750
1,337,207
1,337,207
(106,114)
(106,114)
(1,313,815)
(1,313,815)
(3,087,538)
(3,087,538)
(11,292)
(11,292)| |||27,042
17,719,156
17,746,198| ## ## |**Income**
Donations and gifts
Investment income
Other income
**Total income and endowments**
**Resources expended**
**_Cost_of****_raising funds_**
Investment management costs
**_Charitable activities_**
Grant-making:
Grant expenditure
Grant related support costs
**Cost of grant-making**
**Total expenditure**
**Net(expenditure)/income before gains**
Gains/(losses) on investments
Exchange gains / (losses)
**Net(expenditure)/income**
**Reconciliationoffunds**
Total funds brought forward
Total funds carried forward|**Unrestricted Expendable Total Funds**
**Funds Endowment**
**2020**
**£'000**
**£'000**
**£'000**
812,500
496,569
28,138
812,500
496,569
28,138| |---|---| ||1,337,207
1,337,207| ||106,114
106,114| ||1,087,563
226,252
1,313,815
1,313,815
23,392
106,114
{106,114)
(3,087,538)
- (11,292)
1,087,563
226,252
1,313,815
1,419,929
(82,722)
(3,087,538)
(11,292)| ||23,392
3,650
27,042
(3,204,944)
20,924,100
17,719,156
(3,181,552)
20,927,750
17,746,198|