THE MARK LEONARD TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 5 APRIL 2022 The Peak 5 Wilton Road London SW1V 1AP
CONTENTS PAGE Legal aryl Administralve Trustees, Report 2-11 IndepeTrJent Alit05 ReF)Ort 12-14 ststement of Financial Activities 15 Balance Sheet 16 Cash Flow Statement 17 l+k)tes to the Accou 18-27
THE MARK LEONARD TRUST Legal and Admlnlstratlv8 The Mark Leonard Trust (No. 1040323) was estsblished under a Trust Deed dated 14 July 1994 and became a registered charity on 22 August 1994. Trustees Mr M L Sainsbury Mrs Z Sainsbury Mr J J Sainsbury Registered Office The Peak 5 Wilton Road London SW1V 1AP Principal Offlcers Mrs K Everett Mr M Woodruff Mrs S Ferguson MrA Shah Chief Operating Officer ExecutNe Executive Senior Finance Partner I the Principal Officers are employed on a part-time basis. Bankers Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA Solicitors Portrait Solicitors (up to 31 July 2022) 21 Whitefriars Street London EC4Y 8JJ BDB Pitmans LLP (from 1 August 2022) 1 Bartholomew Close London EC1A 78L Audltors Sayer Vincent LLP Invicta House 108 - 114 Golden Lane London EC1Y OTL Investment Advisers Schroder & Co. Limited 12 Moorgate London EC2R 6DA Report aThJ ACtnts-$ April 2022
THE MARK LEONARD TRUST The Report of the Trustees The trustees present their report and the audited financial ststements for the year ended 5 April 2022. Reference and administrative information set out on page 1 fomis part of thi5 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 accordan with FRS 102. Objects The objects of the Trust as gNen in the Trust Deed are for general charitable purposes. Grant Making Policy Proposals are generally invited by the Trustees or initiated at their request. Unsolicited applications ar8 discouraged and are unlikely to be successful, unless they are closely aligned with the Trustees, areas of interest. Grants are not nomally made to individuals. The Trustees. objective is to develop both organisational capacity and impact, through a major grants Portfolio for mutual leaming and problem solving among charities in the fields of youth work, the environment. music and social need. as well as through the Climate Change Collaboration to accelerate the achievement of a low carbon society. In all their grants, the Trustees look for strong planning for the engagement of indivlduals and the wider community, for social and 8nvironmental change. Charlty and Publlc Benefit Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied wilh 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 areas of interest that the Trust supports, demonstrates the benefit to its beneficiaries and, through them, to the public that arise from those activitie5. Achievements and Flnancial Review The Trustees met four times during the year lo make grants and review investrnents. The net expenditure before gains was £1.312.715 (2021: Net income £27.075). The net unrestricted income of the Trust for the year after charging grant related support costs was £57.364 compared to £873,267 for the year to 5 April 2021. Durlng theyearthe Settlormade agenerous cash donation of £72,000 on vthich giftaid of £18,000 was recovered (2021: Cash donation £711,969 and gift aid £125,000). Having assessed the Trust's financial position and plans for the foreseeable future, the Truslees are satisfied that il remains appropriate to prepare the financial statements on the going concem basis. The Twstees have reviewed the Trust's investment perfomiance Sin the end of the financial year and seen material falls in our investments in line with global markets. The Trustees are Report and Artounts- 5Aprl 2e22
THE MARK LEOINARD TRUST 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. Durtng the year the Trustees approved 36 grants totalling £1,183,994 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. Granls roved Pa nts made Nun*)er 24 Cllnpte Chango Collaboration Environnt - Venture Portfolio . Nljn Portfolio Food - Veniure Portfolio - Non Portfolio Muslc & Soclal Need - Venture Portfolio - Non Portfolio Youth Vvork - Venture Portfolio - Non Portfolio Portfolio Support General 780.794 66.0 379.465 40.000 18,500 36.000 10,OCKI 30,000 40,000 35,000 300.000 25.4 140.000 16.4 146.000 17.1 5,200 22,000 1.183.994 41,845 14,500 855,310 36 11XI.O 100,0 Reserves Policy and Going Concern The Trust holds both expendable endolent and unrestricted income funds. It Is the policy of the TTUStees to approve grants for payment over a period of years, subject to the futfilment of certain conditions over the life of the grant. Commitments to be paid within 12 months are accwed in the accounts. The need for unrestricted income funds will vary from year to year and the Trustees will continue to review the position. At the balance sheet date, the Trustees are aware of the balance on both unrestricted funds and the expendable endowment. As agreed. and planned. any grants that cannot be paid from unrestricted income will be paid from the expendable endowment. As at 5 April 2022, the Trust held total funds of £22.71m (2021: £21.62m) which includes expendable endowment of £22.71 m (2021: £21.47m). 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. Rewt and AcwJnts-5Awl 2022
THE MARK LEONARD TRUST 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. In April 2022, the Trustees recelved the Butler-sloss Judgment from the Hlgh Court following their legal efforts to clarify Trustees, investment duties. The judgment provided that much needed clarity, but also gave the Trustees pemilssion to adopt a new investment policy statement. The investment policy statement allows the Trustees to align their investments with the temperature goals of the Paris Agreement through incremental reductions in the portfolio's attributed greenhouse gas emissions. The Trustees are in discussions with the Trust's officers to implement the policy The Trustees will regularly meet the investment managers to discuss implementstion of the policy, strategy and review perfomianc8. Trustees already consider non-Paris aligned investments conflict with Trusfs charitable purposes. At future investment meetings, trustees will continue to identify other investment dasseslsectors which conflict with the Trust's work and balance potential Conflicts with factors such as financial return and moral considerations. The Trustees are committed to using some of the Trusfs expendable endowment for °Impact° investing that will not only result in a financial return, but also produce social and environmental benefits that accord with the Trust's objectives. Initially. focus was on four different sectors: forestry, microfinance in developing countries. renewable energy and clean technology infrastructure and this was extended to include social impact, The Trustee5 are interested in sharing their experience in impact investing with olher investors to improve their own knowledge in these areas. and also in encouraging more investors lo adopt the same approach. A specialist has been appointed by the trustees as adviser on investment opportunlties In thls field. During the year the return on the dlscretionary portfolio was 10.30A, over-performing the benchmark of 9.10. The Trust is a signatory to Divest Invest, whith commits the Trustees to sell any shares in fossil fuel holdings and invest a proportion of the endowment in 'dimate solutions,, such as renewable energy. energy efficiency and clean tech. This decision has not had a detrimenlal financial impact on the value of the Trust's investment portfolio. Risk Assessment The Trustees have examined the major strategic. buslness and operational rlsks 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 retums 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 perf0mlan. They also operate a grant distribution fomiula which helps to ensure the stability of resources available for grant awards in any gtven year. Another major risk is a misuse of funds by a grantee charity. To mitigate this risk the Trust@es normally restrict grants to charities registered with the UK Charbty Commission or equivalent bodies for charitable purposes. The awards are made following a thorough assessment and R8portand kn-S April 2022
THE MARK LEONARD TRUST grants are regularly monitored; multi-year grants are paid only on receipt of satisfactory progress reports. Organisation The Trust Is one of the Sainsbury Famlly Charltable Trusts (SFCT). whlch share a common administration. Trustees are appointed by existing Trustees and are provided with relevant infomiation relating to their responsibilit18s as Trustees. They are responsible for the overall direction and supervision of The Mark Leonard Trust; they set the Trusfs strategy, review proposals and approve grants. The Trustees delegate day-to-day operations to the Trust's Lead Executive, Mark Woodruff, and Executive, Sian Ferguson. Trustees are aware of the Charity Govemance Code published in 2017 (updated in March 2021) which sets out the principles and recommended practice for good g0Veman within the sector. The Charity has reviewed its govemance arrangements against the principles within tho code and believes that it is compliant with the code whilst maintaining its need to operate its gov8manc8 efficiently. The remuneration of the senior staff (including key management personnel) is reviewed by the Trustees on an annual basis taking into account the requirements of their role and perfomiance during the year. From tim8 to tim8 th8 SFCT Management Committee benchmark5 pay levels against the comparable positions in similar organisations. The Committee completed a full reward evaluation process during 202112022, in order 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 raise funds from the public and as such has no fundraising activities requiring disclosure under Sl 62A of the Charities Act 2011. The income of the Trust is not bound by any regulatory scheme. and the Trust does not consider it necessary to comply wilh any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fundraising adivities. As we do not approach individuals for Ihe 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 APPROVED PORTFOLIO OF VENTURES - £5.200 sin 2011 the Trustees have been realising their long-temi aim to provide grants to fewer charities in their priority areas, but at a higher level of funding than previously, towards deeper organisational development. greaterfinancial sustainability and wider impact. They have selected organisations that can see themselves as ventures in which the Mark Leonard Trust is investing, rather than slmply as recipients of revenue grants. Report and Ac4>JLsn15-5 April 2022
THE MARK LEONARD TRUST Typically, a grant of up to five years is offered, backed up with intensive involvement by the Trust's executives with the charity's board, as well as with senior managers and work delivery. Each year as needed, Trustees also provide these ventures with further consultancy, problem-solving or technical support. Drawing on the example of other fomis of venture philanthropy and development investment and maximising the power of the group as it works together, the Chief Executives and other managers meet for mutual 5UPPOrt, as well as to share learning and address problems in common. In 2021-22 the Portfollo reached ten years of operation. The first five venture5 were Bioregional, Global Action Plan, the Sustainable Restaurants Association, Become, and Just for Kids Law. BioRegional and Global Action Plan exited the portfolio in 2018-19, having achieved agreed development objectives. Orpheus Centre, Paraorchestra and In Place of War. each in the field of Muslc and Social Need, joined the portfolio since th8 original five ventures. to intensify the 'power of the group. model. They have since been joined by the Environmentsl Funders Network. Chefs in School, and Switchback. During the year, the Trustee5 renewed their investment in the Orpheus Centre as part of the portfolio, in the category of Music & Social Need. At the beginning ofthe pandemic. several ventures had projected significant challenges to income from service provision. grants and donations, potentially lasting into 2021-22. In various ways, by reorganisation of services and staff structures, as well as making the case for grants and donations as longer-term investment in charities beyond the pandemic and lockdowns, each succeeded in achieving a positive and better than expected position. This was in no small part due to the 'power of the group, model of the Trust's engagement with the ventures, and the mutual support and knowledge-sharing among the organisations, even across sectors. The ventures working direct in the hospitality industry, in educational settings and with young people at risk experienced exceptional restrictions to their work because of the lockdown of schools and outlets for engagement or training. These challenges continued throughout 2021. In cases where funding 5UPPOrt from other sources during the pandemic was amergency-related and looked to be dosing, a priority of the Portfolio was to assure the ventures of long-tem support and accompanirnent as they manage challenges and build up their work for the future. The Portfolio of Ventures stands alongside the Trustees. other substantial grant-making engagement. the Climate Change Collaboration. Portfolio Consultancy Support - £5,200 Towards Consultancy Support for ventures in 2021122. CLIMATE CHANGE COLLABORATION - £780,794 The Mark Leonard Trust is part of the Climate Change Collaboratlon wlth Iwo other Sainsbury Family Charitable Trusts (The Aurora Trust and the JJ Charitable Trust). During this reporting period the Collaboration reviewed its mission to support efforts which help stabilise global temperatures to 1.5 degrees, restore our natural worEd. and support a regenerative economy. The Trusts aim to support a wide range of approaches and interventions, including strategic communications and campaigns. leglslation, litigation, research, policy work, and investment practice. Rwrt and A¢[-s4)n12o22
The Trust has been, and continues to be, a key supporter to the global Divest Invest movement, getting private, foundation, faith, pension and sovereign wealth investors to remove fossil fuel investments from their portfolios. Investors with assets under management of over $40.5 trillion have committed not to invest in fossil fuels since 2015. The CCC supports UK Divest (Platfomi. Friends of the Earth Scotland, and Friends of the Earth England, Wales & Northern Ireland) in its leading of divestment campaigning and engagement in the UK. The CCC also continues to support C40's Divest Invest Forum which supports major cities around the world to divest from fossil fuels and support their green economies. In supporting the 'lnvest' side of Divest Invest, the CCC is supporting the Green Finance Institute's Local Climate Bonds campaign. Local climate bonds are financial products which generate funding and allow local people to invest in community decarbonisations projects (i.e. solar panels),. the campaign seeks pledges from local councils to begin issuing climate bonds 18 months after COP26. The CCC provided core funding to the Global Legal Action Network (GLAN) towards its legal focus. GLAN is an organisation seeking to prevent and challenge environmental damage and human rights violations by using international and national legal frameworks. The CCC provided project funding to GLAN to build the evidence base, and eventually a legal case, against organisations and individuals financing and benefitting from the destruction of Barbuda's natural landscape. Recognising the perilous situation facing Amazonian forest communities and the vital role they have in protecting the forest, the Collaboration made three emergency grants this year. Articulation of Indigenous Peoples of Brazil (API8), is challenging two potential laws at the Brazilian Supreme Court that would legally demarcate their territories and enable encroachment on their lands. The other I0 grants supported emergency defence funds providing on-the- ground communications and medical equipment to indigenous communities working to stopping the illegal encroachment and deforestation of their territories. Amazon Watch - £3.334 Towards the Amazon Defence Fund. Articulation of Indigenous Peoples of Brazil - £8,333 Towards efforts in preventing the roll-back of indigenous rights. Ashden Climate Solutions- £50,000 For unrestricted funding. C40 Cities Climate Leadership Group - £25.000 Towards the continued work of C40's Divest Invest Forum. ClientEarth - £83.334 Towards the employment of a lawyer within the Climate Finance Initiative. Fleetwood Strategy Limited - £8,750 Towards market research and developing media messaging for Uplift, making ecocide an international crime, and the Nature Premium. Friends of the Earth Charitable Trust - £54,913 Towards core work on the UK fossil fuel divestment movement and the partnership with Platform and Friends of the Earth Scotland. Report and AGrnunls- 5 April 2022
Friends of the Earth Scotland - £23,814 Towards core work on the UK fossil fuel divestment movement and the partnership with Platform and Friends of the Earth England, Wales and Northern Ireland. Global Canopy - £6,000 Towards an event with the New York Times at COP26. Global Legal Action Network - £60.000 Towards core costs. Global Legal Action Network - £20,000 Towards legal work to establish the facts and develop a legal case to challenge the environmental destruction of Barbuda. Green Finance Institute - £80.000 Towards two members of staff and the communication campaign to encourage UK local councils to set up Local Climate Bonds. Influence Map - £11.666 Towards a report on lobbying efforts to halt transitioning the Energy Charter Treaty to become aligned with international climate agreements. Instituto Socioambiental - £3,333 Towards the Fund for the Defence of People's Rights. Laudato Si, Movement- £60,000 Towards the Catholic Fossil Fuels Campaign 2.0. On Road Media- 50,000 Towards the strategic climate change communications project. Peers for the Planet- £60,000 Towards core costs. People & Planet- £30,000 Towards staff to deliver and expand on the university climate campaigns. Platform - £52,067 Towards core work on the UK fossil fuel divestment movement and the partnership with Friends of the Earth Scotland and Friends of the Earth England, Wales and Northern Ireland. PR Budget- £33,000 Towards PR and communications. Purpose Disruptors - £10,000 Towards the Scope 3 project to develop and gain acptanCe for a methodology for advertising firms, net zero plans to include the emissions from the sales resulting from the campaigns they design. Report and A¢wunts- 5 April 2022
Stop Ecocide Foundation - £15,250 Towards attending and hosting events at COP26. The Centre for the Study of Existential Risk- £22,000 Towards a research post within the Sustainable Finance Team. The Social Change Nest - £10,000 Towards Uplift's legal work on challenging the Oil and Gas Authority's 'Maximising Economic Recovery, strategy. OTHER ENVIRONMENT GRANTS- £36,000 The Trustees, constant focus on environmental sustainabilily is largely directed through the Climate Change Collaboration, the Portfolio of Ventures, and the Food category. Occasional grants are still made to other individual projects at the request of Truslees. European Climate Foundation (ECFI - £30,000 Towards the communication campaign for the National Food Strategy. Stump Up For Trees - £1,000 Towards Planting One Million Trees in the Brecon Beacons area Torth Y Tir - £5,000 To support local marketing campaigns and towards staff costs. FOOD - £40,000 Chefs in Schools - £10,000 A supplementary grant towards core costs, as part of the Portfolio of Ventures. Fleetwood Strategy Limited - £30,000 Towards the National Food Slrategy Communication Campaign. MUSIC & SOCIAL NEED - £300,000 Orpheus Centre - £300,000 Towards core costs, as part of the Portfolio of Ventures. GENERAL - £22,000 British Institute of Florence - £5,000 Towards the Jane Roberts Memorial Fund. Report and Arwunts- SApril 2022
THE MARK LEONARD TRUST, Environmental Awareness Group - £2,500 Towards communication work and developing the conservation plan. Island Academy, Antigua - £2,000 In support of the Academy's global education and inclusion work. Jumby Bay Fund Inc - £2,500 Towards core costs. The Passage. Victoria - £10,000 Towards the capital appeal for the upgrade of Passage House. Cancelled Grants Two grants totalling £32,355 were cancelled during the year. Future Plans The Trust will continue to support the activities set out on pages 5 to 10 by the award of grants. Report ond AoUnt$- 5 Apiil 2022 10-
THE MARK LEONARD TRUST statement of responslbllitles 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 practi and: Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained In the financial statements Prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenan and integrity of th8 corporate and financial Informatlon Included on the charity's webslte. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Approved by the Trustees on 24 November 2022 and signed on their behalf by: TRUSTEE M L Sainsbury Raport and ACCnts- 5Apnl 20f2
THE MARK LEOINARD TRUST Independent Auditor's Report to the Trustees of The Mark Leonard Trust Opinion We have audited the financlal stalgments of The Mark Leonard Trust (the 'charlty'l for th8 year ended 5 Aprll 2022 which comprtse the slalemenl of financlal activltles, balance sheet, statement of cash flows and notes to the financial stat9ments, induding significant accounting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporbng Standard applicable in the UK and Republic of IrelaN4 (United lQngdom Generally Accepted Accounting Praclicel. In our opinion. the financial stalgmonts: Give a true and falr vlew of the slate of the charfty's affalrs as at 5 April 2022 and of tts incoming resources and application of resources. forthe year then ended. Have been properly prepared in accordance with United Klngdom Generally Accepted Accounllng Pracuce. Have been prepared in accordance with the requlrements of the Charfties Act 2011. Ba$ls for oplnlon We conducted our audlt In aocordance wllh Intematlonal Standards on Audklng (UK) IISAS (UK}) and appllcable law. Our responsibilities under those stsndard5 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 accordan with the ethi[ requlrements that are relevant lo our audit of the financial slalements in the UK including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibllitles In accordance wlth these requlrements. We belleve that the audlt evldence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going coneem In auditing the financlal slatements, w8 hav8 concluded that the trustees, use of the golng concem basis of accounting in the preparatlon of the financial statements is appropriate. Based on the work we have performed. we have not id&nlifi9d any material Lmc9rtainties relating to evgnts or conditions that. individually or collectively, may cast Sl9nificanl doubt on The Mark Leonard Trust's ability to continue as a going ccmcern a perlod of at least e1ve mnlhs from when the financlal ststements are authorised for issue. Our responsibilitSes and the resF4Mlbllilles of the trtsstee5 Wth respèct to going concern are de5(xibed in the relevanl sections of this reporL othgr Inforniatlon The other information comprises the information included In the trustees, annual report, other than the financlal slalements and our auditols report thereon. The trustees are responsible for the other infomiation contsined 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 fomi of assurance conclusion Ihereon. Our responslblllty Is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial stslements or our knowledge obtained in the course of the audit or olheNlse appears to be materially mlsstated. If we Identlfy such m8terfal Inconsistencles or apparent matedal misststements, wg are required to detemiine whether this give5 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 misstatomenl of this other information, we are required to report that facL We have nolhlng to report In this regard. Report and ArmJnts-5April 2022 12
THE MARK LEONARD TRUST Matters on whlch we are requlrod to report by &x¢•ption We have nothing to report irb respect of the following matters In relatlon to %thich the Charitles (Accounts and Reports) Regulations 2008 requires us to report to you if. in our opinion.. The information given in the trustees. annual report Is inconslstent In any material respect with the ffinancial statements" Sufficlent accountlng records have not been kepl or Tha financlal statements are not In agreement wllh the accountlng records and retums- or We have not received all th9 infoTmation and explanatlon$ we requlre for our audlt Responsibilities of trustees As explalned more fully In the statement of trustees. responslbilities set out in the trustees. annual report, th8 trustees are responsible for the preparation of the ffinanc5al statements and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees detemine is necessary lo enable the preparation of financial statements that are free fiom material misstatement. whether due to fraud or error. In preparing the financial statements. the trustees are rosponsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable. matters related to goirkg concem and using the going concem ba$is of a¢¢ounting unloss the trustees either intend to liquidate the charity or to cease operations, or have no reatisti alternative but to do so. Audltorfs responslbllltles for tho audlt of thg ftnanclal statement8 We have been appolnted as audltor under sectM)n 144 of the Charities Act 2011 and report in accordance wlth regulations made under section 154 of that ACL Our obJecUves 8re lo obtaln reasonable assurance about whether Ihe ffinancial statements as a whole are free from material misstatement, whether rjue 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 Th)t a guarantee that an audit conducted in accordance with ISAS (UK) will aayS delect a material misstatement when it exlsts. Misststements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could roasonably be expected to Infiuence the economlc decl8lons of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of nonvcompliance with laws and regulations. We destgn procedures in line wf(h our responsibilities, outlined above, to detect material misstslements In respeel of irregularities, including fraud. The extent lo whlch our procedures ar8 capable of detecting irregularities. Indudlng fraud 8re Set out below. Capablllty of thg audlt In dgtaGtlng Irr•gularltles In identifying and assessing Tisks of matsrial misststement h) respect of Irregularities, inGlu(Jing fraud and rb)n- compliance with laws and re9ulations, our procedures Included the followlng: We erw4uired of management and the board of trustees, which ilded obtaining and reviewing SLlPPOrtin9 documentation. concerning the charity's policies and procedures relating to: ld8nfylng, evaluatlng. and comFIng wlth laws and regulations and whether they were aware of ary instances of nonvcompliance; Detecling and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud: The intemal controls establlshed to mitigate risks rolated to fraud or non-compliance wth laws and regulations. Reportand Accounts-SApril 2022 13-
THE MARK LEONARD TRUST We Inspected the minutes of meetings of those charged with governan. We obtsined an underslandlng of the legal and regulatory framework that the charfty operates in, focusing on those laws and regulation5 that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. Wo communlcated appllcbl8 laws and regulalk)ns throughout Ihe audit team and remained alert to any IndlcaUon8 of non-compliance throughout the audit. We reviewed any reports made lo regulators. We reviewed the financial statement dlsclosures and tested these to supportlng documenlatlon to assess compliance with applicable laws and regulations. We performed analytical ProdureS to identify any unusual or unexpected relati0rh1pS that may indicate risks of material rnisslalement due to fraud. In addressing the risk of fraud thfough managemenl ovefrid& of ¢ontrols. we tested the appropriateness of joumal entries and other adjustsnents, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested SignifinI tranSaCtn$ thal are unusual or those outside the nom)al course of buslness. Because of the inherent limilaligns of an audit, there is a risk that we will not detect all Irregularttles, Includlng those leading to a material misstatement in the financial statements or non-compliance wllh regulation. This risk Increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likèly to become awarè of instances of non-complian. The risk is also greater regarding irregularitie5 occurring due lo fraud rather than error. as fraud involves intentional concealment. forgery, collusion. omissicn or misrepresentation. A further description of our responsibilities is avallable on the Financial Reporting Council's webslte atr udltorsres nsibilities. Thls description foms part of our auditovs reptsrL Use of our report This report Is made solely to the chariws trustees as a body. in accordan with section 144 of Ihe Charities Act 2011 and regulatK)ns 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 lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume respon5ibilty to anyone other than the charity Ond the charitys trustees as a body, for our aLtdit wcffk. for this report, or forthe opinions we have form&J. Sayer Vincent LLP. Statutory Auditor 30 November 2022 Invicta House, 108-114 Golden Lane. LONDON. EC1Y OTL Say8rMrKani LLP Is eli916 to act as authtorin tom Df 1212 ofthe Ct¥npanlBsAL2006 Rewtand Ants-5 April 2W22 14-
THE MARK LEONARD TRUST STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 5 APRIL 2022 Unrestrlcted Expendable Total Fund8 Funds Endowment 2022 Totsl Funds 2021 Notes Incon DonatSons and gifts knlMent income Other Income" 836,969 2T9,000 23.316 293.171 39,249 293,171 39.249 Total Incon* and endowments 422,420 422,420 1,739,285 Resources expended Cost of ralslng fvnd$ Inlment management cost$ 314.849 314.849 98, 163 Charitable activities Granl4naking'. Grant expenditure Grant re181ed support costs 1,025,230 365.056 1.025.230 365,056 748.029 261018 Cost of grant4naklng 1,390.286 1,39),286 1,014.047 Total expenditure 1,390.286 314,849 1,705,135 1, 112,210 Net (expendtture) I Incowe before gains 1967.866) (314.8491 11,282.7151 27,075 Galns l {los$es) inNEstm&nt assets Galns l Oosses) on cuffency exchange 2,365,963 36.222 2.365.963 36,222 3,836.407 13,355 Transfars befvn funds 815,586 (815.5861 Net income l (expenditure) {152.280) 1.271.750 1,119,470 3,878,837 Reconciliation of funds Total knnds brought fomard Total fvnds oarried for 152.280 21.470,755 22.742,505 21 623.035 22.742.505 17. 746. 198 21.623.035 ' Within other income are restricted &Trnls totallirwJ £37,867 which were fully spent. There are m brJght fiJThvard C8rrigd restricted fvjnds. All of the aboNe results are derid fr( conlinuirg actlMlie5. There were no other recognised gains or losses oth than those slated atrx)Ke. The note5 on pages 18 to 27 fcrfm part oflhese accounts. Report qnd AccouThts- SApril 2022 15-
THE MARK LEONARD TRUST BALANCE SHEET AS AT 5 APRIL 2022 Nolgs 2022 2021 FIXED ASSErs Tangible fixed assets Intments 6.859 23,367,659 23.374.318 9,491 21,634,238 27 643. 729 CURRENT ASSErs Debtors Cash at bank and in hand io 62.801 312.411 375,212 29.880 679,406 CuRRETr LIABILrriES Crodltors. amounts falling du8 1 year 1,007,025 700, 100 NET CuRRETr LIABILITIES 1631.8131 ¥ (20,694) AsSs 22.742.505 21.623.035 CAPITAL FUNDS ExpdaN# endowment 12 22.742,505 21,470, 755 INCOME FUNDS unrestlict fuThds 12 152,280 22,742,505 27,623.035 The fiCId statements were apprthed and authorised for issue by the Trustee5 on 24 Nolember 2022 and Ere slgned on t1r bthaw ty . TRUSTEE M L SainsbLry notes on pages 18 to 27 *)Th part of these accounts. Raporland A¢¢jnts-5 Aprfl 2022 16-
THE MARK LEONARD TRUST CASH FLOWSTATEMENT FOR THE YEAR ENDED 5 APRIL 2022 2022 20 Cash Ilowsfrom operating activities Net cash used In oporatlng acflvltles 1,299,050 149,388 Cash flowsfrom Invosttng actlvltlo& Ciiidends and interest Exchanges galns l Oosse8) Purchase of IntMentS Sale of InStmentS Not cash provldod by Inv•stlng a¢tlvlllo$ 293,171 36.222 13,320.7281 3,844.012 852.677 279,C4X) 13.355 (9,977,965) 10,213,732 528, 122 Chango In Cath and cash gqulvalentsln the yoar Cash and ¢a8h equlvalentsatthe beglnnlng of the year Cash and cash equivalents at the end of the year 1446.373} 975 416 529,043 378.734 596.682 975,416 Rg¢on¢lllatlon of net expondltur• to net cath flow from opgratlng a¢Uvltlos 2022 2021 t mo%ement In funds as perthe statement of financial actiI4ties {Gains1 I losses on inSImon1S Diiidends and interest Exchongeg (g8Sns)1108se8 Flxed asset addllion5 DeprecIatic charges {In¢reasel I decrease Sn debtors In¢ase l {decre8s81 Sn credllo N81 cash generalj by operdling actiiities 1.119,470 12.365,%31 (293,171} 136.222) 3,876,837 (3,836,407) (279,000) (13.355) 19,323) 2,832 206,983 7,955 149.388 2,832 132,9211 306,925 1.299.050 Analysls of the balance of cash as shown In the balan¢e sheet Chang• In ear 2022 2021 Cash at bank and in haTr Cash balareS held by instment manager reIntment (Note 91 312.411 216.632 529.043 649,526 325,890 975.416 1337.1151 109.259 446.373 The noles C pag88 18 to 27 fomi part ofthese accounls. Raport and Ac¢(ythtts- SAwil 2022 17-
THE MARK LEONARD TRUST NOTES TOTHEACCOUNTS I. CHARITABLE STATUS The Marf( Leard Trust is an unincorpjraled charty (Charity registration number 10403231. regisler&J in England and Wales. The address of the reglstered office 1$ 5 Wilton Road, London, SW1V 1AP. 2. PRIMCIPAL ACCoLIPlNG POLICIES a) Basls of preparatlon The ffnancial statements ha teen prepared in accordance vllh Accounllrg and Reporting by Charftles: Slalemenl of RecommeNled Practicè apICable lo chariti8s wgparing thair accounts in ac¢ordanco Wth the Financial Reporting Standar(l applicaNe in the UK and Republic of Ireland (FRS 1021- {Chaiilie5 SORP FRS 1021, The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Chaiilies A¢1 2011. The ffnancial statements hake been prepared to g1 a and falr and departed Ihe Charities (Accounts and Reports) R8gul81i<ms 2008 only to the extent requiTed to prthide a Irue and fair . This departure has in401d k)Ilowing Accounting and Reporting by Charities preparing their accounts in accordance wlh the Finan¢lal Reportlng Standard appliGable In the UK and Reputllc of Ireland IFRS1021 rather than the AccountSng and Reportlng by Charftles: Statement of Recommended Practice effecti from 1 April 2005 which h85 slnce been wthdrdvm. The trust con51itute5 a public benefit entity as defined by FRS 102. In thè Mew of the Trustee5. there are no materlal uncortalnt19s ¢a$tlng doubt on th9 gc4ryJ ¢on¢em ofthg charity. Ha¥ing assessed Ihe Trnjst's financial position and plans for the fDreseeable fvrture, the Trustees are satisfied that il remain5 appropriate lo prepare the financial statements on the going concem basis. The endowment asset5 ofthe Trust remain significant. and the Trust 11 conllnue to pay QLrt to Its beneficlarfes in accordance with the Twsl¥ objects. b) Ineomè rncognition li) Incixne is shown gross which includes thg aSslated tax cretht unless tho tsx so d9duoted Is considered irreCrab1e. lil) Dimdends are Included by reference to thelr due dates. (iii) Int&1 Is Included when reCeIble. (lvl IncL¥ne is recognised en the charity has entillomenl to tha knds. any pgrformance conditions allached to Ihg income haKe been met, It is probabye that the kncome 11 te recetled and that the amol1 can be meaSUd reliably. ¢) Expendlture on Charltable actlvlll8$ Expenditure is recognised 09 there18 a legal or construclhe oNigatlon to make a payment to 8 third party, il Is prob8ble that settlement will be required and the amount of the obligation can be measured reliaUy. Expenditure is classified under the following acliiity headings: (i) Cc6ls of generatSng fvnds represent amounts pald lo the Ttust's exlemal Inlment adsor8. lil) CharftatrAe act1lIeS exwnditure comwisès grants and (klnatlons awarded by the Trusteès In a¢conlance wth the criteria set out in the Trust Deed, together with grant related suppcft costs. lili} Grants payable ara mada to third parties in fvrtherance of the clwity's objects. Single or multi-year grants are accounted for when ellher the reclplent has a reasonable expeclatlon th81 they 11 receise a grant and the trustees agreed lo pay the grant wilhoul condltlon. OT the reclpient has a Teasonabie expectation that they wll recei a grant and that Bny condition attaching to tha grant is oltside of thg conlrd of tha ¢harily. Tho iiew of the Iwslee5 is that any instalments payable within 12 months ofthe reporting date are expected to be paid regardless of the ststus of atta¢hed oonditions and so these are accrued. Any payments due in more than 12 months from the reportSng dato, where conditions exlst that haw not been met at the repNting date, are not accrued but are reported as an unaccwed ffiJtUTe commitment. Rewrt knryJrts-5 Aoril 2Wk2 18-
THE MARK LEONARD TRUST NOTES TO THE ACCOUNTS Z PRINCIPAL ACCOUNTING POLICIES contlnued ¢1 Expond5tur• on Charltabl• 4eflvltl•s leont...) Grdnts apprDN8d subject to CC(Lditicns that haw not boon met at th8 year4id are noted a5 a c¢)rnmltmert b accwed as expendlture. Ivl Grant related supwt costs rewesent staff, office and 9ManCe costs incwred in manasin9 tha grant award pmyramrne. They include a share ofthe staff and office eosts ofthe Idnt offices ofthe Sainsbury Family Charitable Trst$, which are 8lk)cated in propution to the time spent on Trust rnatters aThl grants Iiil ctbUtIorss to defined ¢¢tbUt1¢ plans are Charged to the statsmenl of fin8nci818ctiiities in th8 psriod to whlch th8y r81at8. dl Flxed 049ts Flxed assets Are depreciated at Mtes whlch reflect thelr usefijl Ire to the Twst. ttems of equlpmgnt arg eaplt81ised where the purchase price exeeeds £&OCIJ. Leasehold imprownents are depreciated ov the outstanding lib oflhg Iwè at tha Ilme the WO Wds ccynpleted. The rates ha teen used.. Leas8hdd irnPTmernents120121- 10Y• P8r amum Leasthdd impThments120211- 14.29% per annum •) Inveslments I In¥e5trnents are 8 Sjnn of b8slc fin11 Instwment and e Inltlalty recognlsed at thelr transactlLw lue and subsgqueThtly measwgd al Ih8ir fair u8 as at th8 balanc8 shegt dale using the Closlng quoted market price. Any change in fair u9 bwll b9 recc4Jnised in the staternent of financial actimties. In%estrnent gain5 and 105se5. thethpr redised fx unrealis, a ¢CMbln and shawn in th8 heading gain51Oos5851 cn inKeslments' in the staternent of financlal actmues. Ih ChtY does rnt xquire put options. demqtis or other complex financial instrumènts. 11 Social Impact Imestments we ued at their 18lr 1¢. wrg fr lue Is not ptiCae, soclal intments arg recognised al cosl less IMlm1enL Financlal Inrurnents 111 The Charfty has financlal assets and financi lithlitsg¥ of 4 kind that qUBIfy as b851c financ181 Instnmients. Baslc fiftanclal Instnjments are InIallY Tern18 at Ir8nsa¢tlon and subsequenuy mèasured at thwr settlement lUe. 011 Trade and rAher d8btors ar8 r8cognis8d at th8 sewement amnt after any trad8 dlscourt off8red. Prgpaymen16 are lUed at the amount prepaid net of any trade di5count5 du8. lili) Creditors and pmisions art ognised vthere the charity has a present otrAigation feSLltiThJ fnm a past eIt that will Probably rBsult in the trdn5fer of fijnds to a third paty the amount du9 to S8tt18 th8 obligation can measured or estimated rel1y. Cretht¢J5 And proS1¢)n$ are nc¥mally recognisgj at thgir Settlement amount after all07n9 frjr ary trade ¢&CoUnt8 duè. g} Cash and eath •qulval8nts Cash at bk and cash In hand Includes cash and short tm highly liquid Imestments wlth a slJt matutity (rfllyee m(th$ or less frun the de of a¢quisition orcFeniTy of th8 d8POSit or sim1laracc(Mt. h} Crlllcal accountlng Judgements and key wurces of ostlmatlon un¢ertalnty thg aprAi¢allon of the charftyb a(ntIng policles. %thich arg dFscrib8d abole. Trusteos are required to maka ludgements. esttmates and assumptlons about the carying lL& of assets and liabilit185 that are not r8adlty apparent from oth8r soureès. The estimates and undertying assumptions are based on historicJ expertence other factor¥ that are co[ldered to be rEknant. Actual re$tS may dfroM these estlmates. Tha •9tirnatès and und8rfylrrfJ a9$umptlons are rthlewed OTh an ongdng basls. Re%4sions to accountir¥J estlmates arg recognlsed In the period in which the 8Stimate is Mis6d if th• reNision affects only thal perfod, or In the pertoj of tho Mlslon and fvlwe perfod5 if the Mis1c affects th8 CUt and fijturp pariods. In the ¥iew of the Trustees. no assumptirms eonceming the firture or estim1¢ uncertalnty affecllng assets and IlatiiitSes at the balance sheet date are likely lo result In a rnat8rfal 8dlu5trnent to their carylng arnnts In Iha n8Xt financlal yew. Report ond Acwunts-5 April 2022 19-
THE MARK LEONARD TRUST NOTES TOTHEACCOUNTS 3. INCOME FROM INVESTMENTS Income Tlled on inwlmenls may bè analys8d as folltrrt: 2022 20 G0Mment fixed inleresl Other fixed Interest UK equities 04erseas equities Altemati Impact 1ntrnenIS Other 285 5,498 32.576 99,891 138.235 16,686 583 53,063 74.223 86, T40 46.032 18.311 48 279,000 19 27 31 16 47 293,171 100 4. COST OF GENERATING FUNDS These costs relate to the Inwstment managerfs fees. The Trustees are of the opinion that these relate to the generdlion of a total retum on the inwlment portfolio and, as such. ha charged the Expendable EndowTnent vhth these fees. 5. GRANTS PAYABLE 2022 2021 R•coTrclllatlon ol grants payable: Commitments at 6 April 2021 539.207 707.019 Grants not ¥crued at 6 Aprfl 2021 Grants approwd In the year Grants Cancelled. rended or amended Grdnt5 not accrued at 5 April 2022 Grants payable for thg ar 451,OC 1.183,994 132.3551 577.409 685,000 510, T68 3.261 1,025,230 74¢029 Grants pald durfng ttr y (855.310> @15.841) Commitments at 5 Aprfl 2022 709,127 539,207 Commlthiontsat 5 Aprll 2022 aro payable asfollow 2022 2021 Within one yaar {note 11} 709 127 Commlthients In addition to the amounts committed arhj accrued Th)ted abm. the Trustees he also authori8&I certain grants vknich are subject to the lplent ffijlfilliry certain ¢oThJition$ relating to the delIry of the grant-funded actiiities. The total amount authorised not accrued as expenditure al 5 April 2022 was £577.409 12021: £451.OWI This total is payable during 2023124. 2024125 and 2025128. A list of grdnts payable is irKlud&J in Appendix A. Report and A(Y4urt6- SW 2022 -20-
THE MARK LEONARD TRUST NOTES TOTHE ACCOUNTS 6. GRAKf RELATED SUPPORT COSTS 2022 Total Allocated Grant- Governance makln Staff costs Share of Int office oosts Direct costs Includlng trd*l Depreciation Legal and professlonal fges Audllors, remurwation. 163.391 32.162 16,707 2.832 138,528 4,356 167,747 32.162 16.707 2,832 138.528 7.080 365,056 7.080 11,436 353.620 ' Auditofs remuneration excluding VATwas £5.900. During the year no Trustee receibed any remuneration12021= £nill- Tlustees were reimbursed expenses of Enil 12021: £nll}. COMPARATIVE 2021 Total Allocat•d Grant. Governance makln Staff costs Share ofjoinl office costs Direct costs includirrfJ trawl Depreciation Legal and professional fees Auditors, remunerdlion. 152.340 29,261 9,134 2.832 59,411 4.412 156.752 29,261 9.134 2.832 59.411 8.628 13,040 252,978 ' Auditorfs remuneration exoluding VATwas £7.190. 7. ANALYSIS OF STAFF COSTS 2022 2021 Wages and 8alarie5 Sociat security costs Other pelon costs 136,920 15,491 15.336 167.747 127,534 14,392 14.826 156. 752 The Trust Is one of the Sainsbury Famlly Charitable Trusts whlch share 8 Joint administtation Bt the Register1 Office. 1.9% 12021: 1.9%) of the 10t support and administration costs of these trusts hale been allocated to the Mark Leonard Tr(LsI, Including a propjrtionala share of the costs of employing the total number of staff Sng In the offlce In 2021122. The arage number of staff employed during the year was 13. all on a part-time basis {2021: 13). Thls quates to to 2.0 full-tim$ employee5 {2021.. 2.11. The TNst considers its key management peonnel to comprise the Principal Officers. The totsl employment benefits, including employer penslon conlrfbutions, of these key management personnel, were £98,748 {2021'. £95,648). No employee eamed in exce55 of £60.00012021- Nil} Report and ArKryJrts-5 April 2tr22 21
THE MARK LEONARD TRUST NOTESTOTHEACCOUNTS TANGIBLE FIXED ASSEfs L•atehold Improvements 2022 2021 At 6 Awll 2021 Addittons At 5 AFrfiI 2022 24.323 15.0 24,323 D•pre¢latlon At 6 Awil 2021 Charge for the year At 5 AFrfiI 2022 14.832 2.832 17,664 12,000 14,832 N•t Book Value At 5 Awil 2022 6.659 At 5 Awil 2021 9.491 FIXED ASSEf INVESTMETrirs 2022 2021 Market value S Aprll 2021 Add.. A¢quSsitions al cost Less.. DSsp(tsals at poceeds 4elu8 Net gains in year Market value 5 Aprll 2022 21,308,348 17,707,708 3,320,728 9,97T,965 13.844.012) (10.213.732) 2.365.963 3.836.407 23.151 027 21308 348 Imestment cash 216,632 325,890 Total Inveth8nts 23 367 659 21,634 238 The InstmentS held as at 5 Aprfl 2022 were as follows: 2022 Market Value 2021 Mathel Value G{ ffixed interest other ffxed interest UK 94uitie5 Orseas eq¥Jities Alternati5 Other 207,468 255, 280,789 260,630 1.487.071 2.147.625 8.864.775 11.428.162 3,097,378 4,378,469 250,000 216.632 207,467 529,874 1.63&993 8,520,488 2,748,654 450,000 925.890 237.460 642,Q47 2.360.434 10,350,895 3,443,289 450,L 325.890 216,632 Impact Investrnents Unquoted QLK)tgd 3,125,224 3,581,244 3,363, 127 870.049 849.201 8T0,049 18.199.386 23.367.659 18.654.542 2,920,989 903.234 21634 238 Reportand ActryJnt8- SAprfl 2022 -22-
THE MARK LEONARD TRUST NOTES TO THE ACCOUNTS 10. DEBTORS 2022 2021 AcCd income Gift Ald debtor Other debtor8 37.621 18.OCrf) 7.180 62,801 29.814 66 11. CREDITORS-amountsfalllng du• wlthln one year 2022 2021 Grants payable wthin year Professlonal chawes Inlestment management fee other creditors 709.127 4,560 287,010 539,207 17,073 48,030 95.790 700.1C(I 1.007.025 Report and Accourts- SApril 2022 -23-
THE MARK LEONARD TRUST NOTES TOTHE ACCOUNTS 11 ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS Unrestricted Expendable Fund$ Endowmerrt Totals 2022 Fund balances at 5 April 2022 are reprosent8d by.. Tangiblg fjxed assets Enlments Current assets Current lialitIeS 6.659 23,367.659 23.367.659 1344.803) 375,212 {287,010) <1,c(J7.25l 720,015 (720,0151 Total net asgets 22.742 505 22 742 505 Mov¢ment in the year Opening balance as al 5 April 2021 Total iome and endowments Cost of raising fvnd$ Cost of granl•maklng gains on InlMentS G8lns on currency exchange Transfers between ndS 152.280 21.470.755 21,623.035 422.420 422.420 1314.8491 (1,390.2861 2,365,963 (314,8491 {1.390,286) 2.365,963 815,586 1815,5861 aosing balance as at 5 April 2022 22 742 505 22.742.505 COMPARATIVE Unrestrlcted Expendable Fund$ Endowm?nt Totals 2021 Fund balances at 5 Aprfl 2021 are represented by: Tangible fixed assets Irbveslmenls Qjrrent asset5 Cunent liatmliligs 9.491 9.491 21,634.238 21,634,238 (124,9441 148.0301 804,350 1652,0701 1700.1001 Tolal net assets 152 280 21.470.755 21,623,035 Movement In the year Opèning b818nce a5 al 5 April 2020 Total iome and endowTnents Cost of Taising fijnds C051 of granl-makSng Net gains on inwtments Galns on currency exchange 27.042 17.719,156 17,746,198 1,139.285 1,139.285 {98.1631 11.014.047} 3,836,407 13,355 198.163) {1,014,0471 3.836,407 13,355 aosln9 b918ncg as at 5 April 2021 152.280 21.470.755 21,623 035 Report8nd knurt8-5 April 2022 -24-
THE MARK LEONARD TRUST NOTES TOTHE ACCOUNTS 13. RELATED PARTY TRANSACTIONS Thè Trust is one of the Sainsbury Family Charitable TNsts 4thich Share a joint adminlstr81ion at the Registered Office for cost effectiKeness. To further reduce the administrati burden. some Trusts share expenses and may pay a thlrd party on Lhalf of another Trustlsl on the basis that Ihgy VAII be reimbursed. Thus. at any one time there are amounts payable between trusts some of which frdll under the defjnllion of related partles by han9 IN8tees In common who are also siblings. rirttJ the year lo 5 Apil 222. unecdi110nal donation of £72.OC(I was reCd frorn Mr M L SainsbLry. the Sgtllor and Trustee12021.. £711,9691 The followng am(yJnts are Includ in Other DebtOf5 (Note 10) and Other Credllors (Note 111 that arg due lolfrom laled partles- - £10.333 due lo The Linbury Trust. - £52,044 due to The J J Charitsble Trust. 14. COMPARATIVE STATEME1 OF FINANaAL ACTIVITIES FOR THE YEAR ENDED S APRIL 2021 Unrostrlctad Expondabl• Total Funds Funds Endowment 2021 £'ooo £'ooo £'ooo Incomg Donations and glfts In¥EStment Incle Olher Income 836.969 279.ofyj 23,316 836.969 279,000 23.316 Total Incon% and endowments 1,139,285 1.139,285 Resources expended Co of raIn9 fvnds Inlestmenl management Costs 98,163 98.163 Charltsble acUvlUe$ Grant-making.. Grant expenditure Grant related support Costs 748.029 748.029 266 018 Cosi of grant4naklng 1.014.047 1,014,047 Total expenditure 1.014.047 98,163 1,112,210 Nat (expenditure)fincomo before gains 125.238 198,163) 27.075 Galns l Oosses} on In*stments Exchangè gains l (losses) 3.836.407 13,355 3.836.407 13.355 Net (expenditure)fincome 125,238 3.751,599 3,876,837 Reconciliation of funds Total fjjnds brought forvrdrd Total fvnds caThied forward 27,042 17,719,156 17 746 198 152,280 21,470,755 21.623,035 Repc(t and Acwunts- SAprfl 2022 -25-
THE MARK LEONARD TRUST NOTES TOTHEACCOUNTS .APPENDIXA GRANTS PAYABLE The amount payable for the year ended 5 April 2022 ¢onsi$led of thg foll151J. Cllmatg Change Collaboration Ashden Climate SC4utics C40 Cities Climate Leadershlp Group CllanlEarth Frfonds ofthe Earth Charitable Trust Global Legal Action Network {GLAN} Green Finar8 Inslltute Laudato Sl, m0Ment On Road Media Peers for the Planèt People & Planet Platfomi PR Budgèt Stop Ecocide Foundation Th9 Cgntre for the Study of Existential sk Grants payable up to £15.C( 50,000 25.000 55.556 26,106 60.000 60.000 45,000 50.000 40.000 30.000 26,767 33,000 15.250 22,000 70,706 Emilronm•nt Enmronmental Funders. Network Grants payable up to £15.C¢JO 40.000 6,000 Food Chefs in Schools Fleetwood Strdtegy Limited 40.000 30,000 Muslc & Soclal M••d In Place ofwar 0haUS Centre 50.Iy)O 120,(KJO Youth Work 89comg- Ifom)edy known as Who Cares? Trusll Just for Kids Law 50.000 50,000 Gon•ral Speciallst support to beneficarie5 Grants payable up lo £15.000 27,0 Totsl grants payablg por Statement of Financial Actlvltie& 1.025.230 Report and Aco)urts-6Aprl 2022 -26-
THE MARK LEONARD TRUST NOTES TOTHE ACCOUNTS -APPEND1xA(ntinued} GRAKTS PAYABLE Thg amount payable for the year ended 5 April 2021 conslsted of the followlng: Cllmat• Change Collaboration cit12ens UK On Road Media Glob81 Legal Action NetWOTk {GLANI C40 Cities Climate Leadehip Grc*Jp Platform Upllft Grants payable up to £15,OC 55,000 30.000 27,000 25.000 20.((JO 20.DJO 67.IY29 Envlronmont Ashden Climate Solutlons Emironmental Funders. Netwo Grants payablo up lo £15,000 50,OC(J 40,OCKI 15.0 Food Chefs in Schools Grants payablg up to £15.000 30.000 5,000 Muslc & So¢lal Need The Paraorcheslra & Friends In Place of War 60.(x)O 50.txxj Youth Work Ilneludlng Refugees) Switchback Initiali%e- (known as Swlchback) Bgcomg- {fomierfy knw) as Who C8rgs7 TNsti Just for Kids Law 92.Cts) 50,0(XJ General Specialist support to benefiCleS Grdnts payable up lo £15,000 47.000 15,000 Total grants payable por Ststèmènt of Financial Aetlvlti8s Report AcKounts-SApril 2022 -27-