## T H E M A R K L E O N A R D T R U S T
ANNUAL REPORT AND FINANCIAL STATEMENTS
5 APRIL 2023
The Peak 5 Wilton Road London SW1V 1AP
|**CONTENTS**|**CONTENTS**|**PAGE**|
|---|---|---|
|**1**|Legal and Administrative|1|
|**2**|The Trustees’ Report|2 - 12|
|**3**|Independent Auditor's Report|13 - 15|
|**4**|Statement of Financial Activities|16|
|**5**|Balance Sheet|17|
|**6**|Cash Flow Statement|18|
|**7**|Notes to the Accounts|19 - 28|
## T H E M A R K L E O N A R D T R U S T
## **Legal and Administrative**
The Mark Leonard Trust (No. 1040323) was established 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**|The Peak||
|**Office**|5 Wilton Road||
||London SW1V 1AP||
|**Principal**|Mrs K Everett|Chief Operating Officer|
|**Officers**|Mr M Woodruff|Executive|
||Mrs S Ferguson|Executive|
||Mr D Chin|Executive|
||Mr A Shah|Senior Finance Partner|
||All the Principal Officers are employed on a part-time basis.||
|**Bankers**|Royal Bank of Scotland||
||119 - 121 Victoria Street||
||London||
||SW1E 6RA||
|**Solicitors**|Portrait Solicitors (until 31 July 2022)||
||21 Whitefriars Street||
||London EC4Y 8JJ||
||BDB Pitmans LLP (from 1 August 2022)||
||1 Bartholomew Close||
||London EC1A 7BL||
|**Auditors**|Sayer Vincent LLP||
||Invicta House||
||108 - 114 Golden Lane||
||London||
||EC1Y 0TL||
|**Investment**|Schroder & Co. Limited||
|**Advisers**|12 Moorgate||
||London EC2R 6DA||
Report and Accounts – 5 April 2023
- 1 -
## T H E M A R K L E O N A R D T R U S T
## **The Report of the Trustees**
The trustees present their report and the audited financial statements for the year ended 5 April 2023.
Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Objects**
The objects of the Trust as given in the Trust Deed are for general charitable purposes.
## **Grant Making Policy**
Proposals are generally invited by the Trustees or initiated at their request. Unsolicited applications are discouraged and are unlikely to be successful, unless they closely align with the Trustees’ areas of interest. Grants are not normally made to individuals. The Trustees’ objective is to develop both organisational capacity and impact, through a major grants Portfolio for mutual learning 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. Further information can be found starting on page 7. In all their grants, the Trustees look for strong planning for the engagement of individuals and the wider community, for social and environmental change.
## **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 areas of interest that the Trust supports, demonstrates the benefit to its beneficiaries and, through them, to the public that arise from those activities.
## **Achievements and Financial Review**
The Trustees met three times during the year to make grants and review investments.
The net expenditure before investment and foreign exchange movements was £603,560 (2022: Net income £1,282,715). The net unrestricted income of the Trust for the year after charging grant related support costs was £631,986 compared to £57,364 for the year to 5 April 2022.
During the year the Settlor made a generous unrestricted cash donation of £480,000 on which gift aid of £120,000 was recovered (2022: Cash donation £72,000 and gift aid £18,000).
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.
Report and Accounts – 5 April 2023
- 2 -
## T H E M A R K L E O N A R D T R U S T
The Trustees have reviewed the Trust’s investment performance since the end of the financial year and seen material falls in our investments in line with global markets. The Trustees are aware of investment risks and remain confident that the portfolio will enable the Trust to continue with its charitable activities.
The Charity has adopted a total return basis to budget for its annual income. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.
During the year the Trustees approved 36 grants totalling £1,174,713 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.
|**Climate Change Collaboration**
**Environment**
- Venture Portfolio
- Non Portfolio
**Food**
- Venture Portfolio
- Non Portfolio
**Music & Social Need**
- Venture Portfolio
- Non Portfolio
**Youth Work**
- Venture Portfolio
- Non Portfolio
**Portfolio Support**
**General**|**Grants Approved**|**Grants Approved**|**Grants Approved**|**Payments made**|**Payments made**|
|---|---|---|---|---|---|
||**Number**|**£**|**%**|**£**|**%**|
||16
-
13
2
-
1
-
-
-
1
3|234,511
-
348,396
170,000
-
325,000
-
-
-
41,306
55,500|20.0
0.0
29.7
14.4
0.0
27.7
0.0
0.0
0.0
3.5
4.7|344,214
40,000
156,896
90,000
-
145,000
-
96,000
30,000
41,306
70,500|34.0
3.9
15.4
8.9
0.0
14.3
0.0
9.5
3.0
4.0
7.0|
||36|1,174,713|100.0|1,013,916|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 12 months are accrued 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 of 5 April 2023, the Trust held total funds of £21.24m (2022: £22.74m) which includes expendable endowment of £21.24m (2022: £22.74m).
Report and Accounts – 5 April 2023
- 3 -
## T H E M A R K L E O N A R D T R U S T
Having assessed the Trust’s financial position and plans for the foreseeable future, the trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.
## **Investment Powers, Policy and Performance**
The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees.
During the previous reporting period, the Trust had a three-day High Court hearing to obtain legal clarity on trustee investment duties. In court, the Trustees were represented by Edward Cumming QC and Maxim Cardew at the High Court against Counsel for the Attorney General and Counsel for the Charity Commission. The Trustees sought legal clarity on whether an investment policy aligning investments with the Paris Agreement could be adopted; it was unclear if trustees could forego prioritising maximum financial return to remove potential conflicting investments (i.e., company operations which are contrary to 1.5 degrees global temperature) from the portfolio.
On 29 April 2022, Trustees received the _Butler-Sloss_ judgment. 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 High Court blessed the Trust’s decision to adopt the Paris-aligned investment policy; the trustees formally adopted the new investment policy on 18 May 2022. Trustees instructed the fund manager to implement it during the next reporting period.
On 15 November 2022, the Charity Commission published an update on investment guidance for charity trustees following the case of Butler- Sloss case and ahead of publishing a revised guidance (CC14). Trustees were concerned about the accuracy and lawfulness of the update. The Trustees communicated this to the Charity Commission, clarifying how the update, in their considered opinion, did not reflect the law as set out in the Butler-Sloss judgment. The Trustees’ intention was to support the Charity Commission produce accurate CC14 guidance, and so far as possible, avoiding any need for a future legal challenge to ensure the accuracy of the guidance.
The Trustees are committed to using some of the Trust’s 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 Trustees are interested in sharing their experience in impact investing with other investors to improve their own knowledge in these areas, and also in encouraging 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 -1.9%, under-performing the benchmark of -1.0%.
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
Report and Accounts – 5 April 2023
- 4 -
## T H E M A R K L E O N A R D T R U S T
energy, energy efficiency and clean tech. This decision has not had a detrimental financial impact on the value of the Trust’s investment portfolio over the longer term.
## **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. They consider climate change poses major risks to financial markets and are acting, for example through support to the Carbon Tracker Initiative, to encourage the finance sector to address these risks. The Trustees regularly review investment strategy and monitor financial performance. They also operate a grant distribution formula which 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 grantee charity. 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 a 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.
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 Mark Leonard Trust; they set the Trust’s strategy, review proposals and approve grants. The Trustees delegate day-to-day operations to the Trust’s Executives.
The Trust was part of the 2027 Associate programme, which supports people from disadvantaged backgrounds find employment within the grant-making sector. In October 2022, the Trust took on Jo Bushay as the Mark Leonard Trust’s first 2027 Associate.
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 key 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 full reward evaluation process during 2021/2022, in order to ensure that the Trusts fully meet their responsibilities and aspirations for fair and equal pay for employees.
Report and Accounts – 5 April 2023
- 5 -
## T H E M A R K L E O N A R D T R U S T
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 SI 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 with any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fundraising activities. As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities.
## **G R A N T S A P P R O V E D**
## **PORTFOLIO OF VENTURES**
Since 2011, the Trustees have been realising their long-term aim to provide grants to fewer charities in their priority areas, but at a higher level of funding than previously, towards deeper organisational development, greater financial sustainability and wider impact. They have selected organisations that can see themselves as ventures in which the Mark Leonard Trust is investing, rather than simply as recipients of revenue grants.
Typically, a grant of up to seven years is offered. The Trust also provides developmental support to build the capacity of each charity on areas such as fundraising, digital media and staff development. These charities are current members of the Portfolio:
- Become - work alongside the care system to help children in care and young care leavers to believers in themselves and to heal, grow and unleash their potential.
- Chefs in Schools – aim to improve dramatically the quality of food served in schools and create a healthy food culture in schools by working with schools to enable them to work with or employ skilled chefs who are supported by the Chefs in School programmes.
- ’
- • Environmental Funders Network - a network for trusts, foundations and individual donors who support environmental causes at scale. Their mission is to improve the effectiveness of environmental philanthropy and increase the levels of support going to environmental causes.
- In Place of War - works to transform conflict into opportunities for artistic expression, education and culture by enabling the development of arts, music and theatre in places of conflict across the world.
- Just for Kids Law - provide advocacy, assistance and support to children and young people who find themselves in trouble with the law. They work at all levels, supporting individuals by providing an ‘open door’ service in the community, training practitioners, and lobbying to improve the youth justice system.
- Mission Kitchen - provides shared workspace for independent food businesses making it easier for food entrepreneurs, especially those from less affluent backgrounds, start their own businesses.
- Orpheus Centre - performing arts school for young adults with disabilities help them to become more independent and secure employment.
Report and Accounts – 5 April 2023
- 6 -
## T H E M A R K L E O N A R D T R U S T
- Sustainable Restaurant Association- its purpose is to accelerate change towards an environmentally restorative and socially progressive hospitality sector.
- Switchback – work with young men leaving prison to help them build a stable, rewarding life they can be proud of.
- The Paraorchestra & Friends - an ensemble of disabled and non-disabled professional musicians, they blend artforms, genres, and technology to create large-scale music projects that challenge ideas of what an orchestra can and should be.
There was greater demand on all of the charities’ services as the world transitioned out of the pandemic and living costs increased. The fundraising environment has also been challenging for the same reasons. The Trust continued its partnership with Brightspot Fundraising (a consultancy providing fundraising training) to train and advise the CEOs and staff of each venture on methods of effective fundraising for the charities. The Trust partnered with OneThought to support staff and CEOs have greater mental resilience to handle these pressures. OneThought seeks to help people achieve mental clarity in the face of difficult emotional states and external pressures. This training was aimed to help CEOs and staff achieve clearer thinking, so they can better support their charity’s development and experience more professional fulfilment.
## **PORTFOLIO OF VENTURES - £41,306**
**Portfolio Consultancy Support - £41,306**
Towards Consultancy Support for ventures in 2022/23.
## **SUSTAINABLE FOOD - £170,000**
## **Chefs in Schools - £120,000**
Towards core funding
## **Sustainable Restaurant Association - £50,000**
For the development of the online platform for its new rating system
## **MUSIC & SOCIAL NEED - £325,000**
## **The Paraorchestra & Friends - £325,000**
Creating and building a new, beneficial ecology within the cultural sector for disabled musicians and building ParaOrchestra’s staffing and capacity for impact.
## **CLIMATE CHANGE COLLABORATION**
The Mark Leonard Trust is part of the Climate Change Collaboration (CCC) with two other Sainsbury Family Charitable Trusts (The JJ Charitable Trust and The Aurora Trust). The Collaboration’s mission is to support efforts which help stabilise global temperatures to 1.5
Report and Accounts – 5 April 2023
- 7 -
## T H E M A R K L E O N A R D T R U S T
degrees, restore our natural world, and support a regenerative economy. The Trusts support a wide range of interventions, including strategic communications and campaigns, legislation, litigation, research, policy work, and changing investment practice.
The CCC trusts continue to fund the global Divest Invest movement; getting private, foundation, faith, pension, and sovereign wealth investors to remove fossil fuel investments from their portfolios. Investors with assets under management of over $40.5 trillion have committed to divest from fossil fuel investments since 2015. The three Trusts continue to support UK Divest (Friends of the Earth, Friends of the Earth Scotland, and Platform London) and People & Planet to encourage governmental and educational institutions to divest from fossil fuels. They maintain support to The Big Shift Global campaign. This supports African civil society campaigns make demands that the World Bank and Regional Development Banks stop funding fossil fuel development in Africa and increase support for renewable energy. The CCC provided funding for a new initiative by the National Council of Voluntary Organisations (NCVO) to encourage English and Welsh charities to divest from fossil fuels.
CCC trustees recognise that law and regulation can be used to support efforts to implement the Paris Agreement. The Collaboration continues to support Peers for the Planet and Client Earth.
The Global Legal Action Network (GLAN) is a multi-year grantee and the CCC supports several of its initiatives, including the Youth Climate Case. GLAN has made significant progress with this legal action case against 33 European states in the European Court of Human Rights with a September hearing date confirmed. The CCC funded GLAN’s new communications coordinator, who is building public and media interest in the case. For the first time, the CCC supported South Lakes Action on Climate Change (SLACC), a small charity in Kendall, that is challenging the Secretary of State’s approval for a new coal mine in Cumbria, England. SLACC appealed the decision in January 2023, and now have a three-day hearing at the High Court later in October 2023. The three trusts also began supporting the Good Law Project, a legal advocacy organisation, to develop new legislation which would confer legal duties on judges to consider the environment within their decision-making. This work builds and supports the growing advocacy and academic work around the ‘rights of nature’ and why it is needed within national and international legal systems.
## **CLIMATE CHANGE COLLABORATION - £234,511**
## **Carbon Tracker - £8,259**
To contribute to its project to challenge the flawed advice that is endangering people’s pensions.
## **Clarifying trustee investment duties – £20,000**
To support activities to ensure that the Butler-Sloss judgment is accurately reflected in Charity Commission guidance and integrated into charities’ Statement Of Recommended Practice (SORP).
## **Friends of the Earth Charitable Trust - £1,004**
A small additional grant to enable the charity to manage unexpected costs because of high inflation.
Report and Accounts – 5 April 2023
- 8 -
## T H E M A R K L E O N A R D T R U S T
## **Friends of the Earth Scotland - £371**
A small additional grant to enable the charity to manage unexpected costs because of high inflation.
## **Global Legal Action Network (GLAN)**
**£11,667 –** To contribute to a communications coordinator role.
**£18,333 –** To contribute to its consortium of trans-national litigation organisations.
## **Good Law Project - £10,000**
To contribute to its work to develop new legislation which would oblige judges to consider and protect the environment when adjudicating cases and/or interpreting legislation.
## **Influence Map - £15,000**
To contribute to its investigation into lobbying against biodiversity and land use policies in Europe and globally.
## **Legal Budget – £1,500**
A budget to bring together the legal teams of South Lakes Action on Climate Change and Friends of the Earth, who are both bringing legal challenges against a new coal mine in Cumbria, England.
## **National Council for Voluntary Organisations (NCVO) - £20,000**
To contribute to its fossil fuel divestment campaign for the UK voluntary sector.
## **People and Planet - £600**
A small additional grant to enable the charity to manage unexpected costs because of high inflation.
## **Platform**
**£33,333 –** To contribute to its Kick Fossil Fuels out of Football campaign. **£1,070 –** A small additional grant to enable the charity to manage unexpected costs because of high inflation.
**PR Budget - £20,000** Towards PR and Communications.
**South Lakes Action on Climate Change - £10,000**
For its legal work in challenging the development of a coal mine in Cumbria.
**The Social Change Nest - £63,334**
To contribute to core funding.
## **OTHER ENVIRONMENT**
The Trustees’ constant focus on environmental sustainability is largely directed through the Climate Change Collaboration and the Portfolio of Ventures, they make. Occasionally, they make some one-off grants.
Report and Accounts – 5 April 2023
- 9 -
T H E M A R K L E O N A R D T R U S T
## **OTHER ENVIRONMENT GRANTS - £348,396**
**Ashden Climate Solutions - £40,000** A contribution towards core costs.
**Black Mountain College - £30,000**
A contribution towards core costs.
**Canterbury Oast Trust - £8,846**
To cover the salary of the Rare Breeds Centre’s gardener.
## **Fair Shot - £15,800**
Towards core costs and funding Fairshot to move its café to Covent Garden.
**In Place of War - £7,000** Towards the Arctic Sonic project.
**Regenerative Viticulture Foundation - £5,000**
A contribution towards staff costs.
**Mission Kitchen - £25,000** Towards the costs of the Future of Fat event taking place in 2023
**MLT Portfolio delegate budget - £108,000** Portfolio delegated budget in 2023/24 towards staff and organisational development.
**Royal Agricultural University - £18,750** To the Royal Agricultural University for its retreat for farming educators on transforming teaching on agriculture.
**Real Farming Trust - £40,000** Towards the mentoring budget for LEAF 2.
**Save the Rhino International - £5,000**
Towards the follow-the-money investigation
**Switchback Initiative - (known as Switchback) - £5,000** Christmas fundraising round
**The House of Fairytales - £40,000**
A contribution towards core costs of The Great Imagining.
## **GENERAL - £55,500**
**Flying Seagull Project - £45,000**
Towards the development plans of the Flying Seagulls Project
Report and Accounts – 5 April 2023
- 10 -
## T H E M A R K L E O N A R D T R U S T
**Napier Friends - £500.00** Christmas Rucksack Appeal
**Turkey Mozaik Foundation - £10,000** Turkey Earthquake Emergency Fund
## **Future Plans**
The Trust will continue to support the activities set out on pages 6 to 11 by the award of grants.
Report and Accounts – 5 April 2023
- 11 -
## T H E M A R K L E O N A R D T R U S T
## **Statement of responsibilities of the trustees**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
- Select suitable accounting policies and then apply them consistently
- Observe the methods and principles in the Charities SORP
- Make judgements and estimates that are reasonable and prudent
- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the Trustees on 16 November 2023 and signed on their behalf by:
……………………………………….
TRUSTEE
M L Sainsbury
Report and Accounts – 5 April 2023
- 12 -
## T H E M A R K L E O N A R D T R U S T
## **Independent Auditor’s Report to the Trustees of The Mark Leonard Trust**
## **Opinion**
We have audited the financial statements of The Mark Leonard Trust (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- Give a true and fair view of the state of the charity’s affairs as at 5 April 2023 and of its incoming resources and application of resources, for the year then ended.
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.
- Have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Mark Leonard Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other Information**
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Report and Accounts – 5 April 2023
- 13 -
## T H E M A R K L E O N A R D T R U S T
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
- Sufficient accounting records have not been kept; or
- The financial statements are not in agreement with the accounting records and returns; or
- We have not received all the information and explanations we require for our audit
## **Responsibilities of trustees**
As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
- We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
Report and Accounts – 5 April 2023
- 14 -
## T H E M A R K L E O N A R D T R U S T
-
- We inspected the minutes of meetings of those charged with governance.
- We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
-
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## Date 14 December 2023
Sayer Vincent LLP, Statutory Auditor
Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
Report and Accounts – 5 April 2023
- 15 -
## T H E M A R K L E O N A R D T R U S T
## **STATEMENT OF FINANCIAL ACTIVITIES**
**FOR THE YEAR ENDED 5 APRIL 2023**
|**_Notes_**
**Income**
Donations and gifts
Investment income
**_3_**
Other income
**Total income and endowments**
**Resources expended**
**_Cost of raising funds_**
Investment management costs
**_4_**
**_Charitable activities_**
Grant-making:
Grant expenditure
**_5_**
Grant related support costs
**_6_**
**Cost of grant-making**
**Total expenditure**
**Net expenditure before (losses) / gains on investments**
(Losses) / gains on investments
**_9_**
Exchange gains
Transfers between funds
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward|**Unrestricted**
**Expendable**
**Total Funds**
**_Total Funds_**
**Funds**
**Endowment**
**2023**
**_2022_**|
|---|---|
||**£**
**£**
**£**
**_£_**
600,000
-
600,000
_90,000_
297,460
-
297,460
_293,171_
16,864
-
16,864
_39,249_|
||914,324
-
914,324
_422,420_|
||-
100,051
100,051
_314,849_|
||1,135,495
-
1,135,495
_1,025,230_
282,338
-
282,338
_365,056_|
||1,417,833
-
1,417,833
_1,390,286_|
||1,417,833
100,051
1,517,884
_1,705,135_|
||(503,509)
(100,051)
(603,560)
_(1,282,715)_
-
(947,249)
(947,249)
_2,365,963_
-
53,237
53,237
_36,222_
503,509
(503,509)
-
_-_|
||-
(1,497,572)
(1,497,572)
_1,119,470_
-
22,742,505
22,742,505
_21,623,035_|
||-
21,244,933
21,244,933
_22,742,505_|
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 2023
- 16 -
## T H E M A R K L E O N A R D T R U S T
## **BALANCE SHEET**
**AS AT 5 APRIL 2023**
|**FIXED ASSETS**
Tangible fixed assets
Investments
**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**CURRENT LIABILITIES**
**Creditors -**amounts falling due within 1 year
**NET CURRENT LIABILITIES**
**NET ASSETS**
**CAPITAL FUNDS**
Expendable endowment
**INCOME FUNDS**
Unrestricted funds|**_Notes_**|**_Notes_**|**2023**
**_2022_**
**£**
**_£_**
5,327
_6,659_
21,722,488
_23,367,659_
21,727,815
_23,374,318_
_62,801_
_312,411_
_375,212_
_1,007,025_
(482,882)
_(631,813)_
21,244,933
_22,742,505_
21,244,933
_22,742,505_
-
_-_
21,244,933
_22,742,505_|
|---|---|---|---|
||**_8_**
**_9_**
**_10_**
**_11_**
**_12_**
**_12_**|**£**
37,504
424,849||
|||462,353
945,235||
|||||
The financial statements were approved and authorised for issue by the Trustees on 16 November 2023 and were signed on their behalf by :
……………………………………………
TRUSTEE
M L Sainsbury
The notes on pages 19 to 28 form part of these accounts.
Report and Accounts – 5 April 2023
- 17 -
## T H E M A R K L E O N A R D T R U S T
## **CASH FLOW STATEMENT**
**FOR THE YEAR ENDED 5 APRIL 2023**
|**Net cash used in operating activities**
**Cash flows from investing activities:**
Dividends and interest
Exchanges gains
Purchase of investments
Sale of investments
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**
**Reconciliation of net expenditure to net cash flow from operating activities**
Net movement in funds as per the statement of financial activities
Losses / (gains) on investments
Dividends and interest
Exchanges (gains)
Depreciation charges
Decrease / (increase) in debtors
(Decrease) / increase in creditors
Net cash used in operating activities|**2023**
£
(936,181)
297,460
53,237
(4,035,919)
5,373,746
1,688,524
752,343
529,043
1,281,386
**2023**
£
(1,497,572)
947,249
(297,460)
(53,237)
1,332
25,297
(61,790)
(936,181)|**_2022_**|
|---|---|---|
|||_£_
_(1,299,050)_|
|||_293,171_
_36,222_
_(3,320,728)_
_3,844,012_|
|||_852,677_|
|||_(446,373)_
_975,416_|
|||_529,043_|
|||**_2022_**|
|||_£_
_1,119,470_
_(2,365,963)_
_(293,171)_
_(36,222)_
_2,832_
_(32,921)_
_306,925_|
|||_(1,299,050)_|
## **Analysis of the balance of cash as shown in the balance sheet**
|Cash at bank and in hand
Cash balances held by investment manager for reinvestment (Note 9)|**Change in**
**2023**
**2022**
**year**|
|---|---|
||£
£
£
424,849
312,411
112,438
856,537
216,632
639,905|
||1,281,386
529,043
752,343|
The notes on pages 19 to 28 form part of these accounts.
Report and Accounts – 5 April 2023
- 18 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS**
## **1. CHARITABLE STATUS**
The Mark Leonard Trust is an unincorporated charty (Charity registration number 1040323), registered in England and Wales. The address of the registered office is 5 Wilton Road, London, SW1V 1AP.
## **2. PRINCIPAL ACCOUNTING POLICIES**
## **a) Basis of preparation**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The trust constitutes a public benefit entity as defined by FRS 102.
In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity.
Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects.
## **b) Income recognition**
- (i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable.
- (ii) Dividends are included by reference to their due dates.
- (iii) Interest is included when receivable.
- Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
## **c) Expenditure on Charitable activities**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- (i) Costs of generating funds represent amounts paid to the Trust's external investment advisors. (ii) Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.
- (iii) Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.
The view of the trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued. Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.
Report and Accounts – 5 April 2023
- 19 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS**
## **2. PRINCIPAL ACCOUNTING POLICIES continued**
- **c) Expenditure on Charitable activities (cont…)**
- Grants approved subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.
- (v) Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants
- Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.
## **d) Fixed assets**
Fixed assets are depreciated at rates which reflect their useful life to the Trust. Items of equipment are capitalised where the purchase price exceeds £5,000.
Leasehold improvments are depreciated over the outstanding life of the lease at the time the work was completed. The following rate has been used:
Leasehold improvements (2021) - 14.29% per annum
## **e) Investments**
- (i) Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.
- (ii) Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment.
## **f) Financial instruments**
- (i) The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
- (ii) Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
- (iii) Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **g) Cash and cash equivalents**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **h) Critical accounting judgements and key sources of estimation uncertainty**
In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readlly apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.
In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result In a material adjustment to their carrying amounts in the next financial year.
Report and Accounts – 5 April 2023
- 20 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS**
## **3. INCOME FROM INVESTMENTS**
Income received on investments may be analysed as follows:
|
Government fixed interest
Other fixed interest
UK equities
Overseas equities
Alternatives
Impact Investments
Other|
**2023**
**_2022_**|
|---|---|
||**£**
**%**
**_£_**
**_%_**
4,671
2
_285_
_0_
3,700
1
_5,498_
_2_
30,816
10
_32,576_
_11_
80,291
27
_99,891_
_34_
151,095
51
_138,235_
_47_
21,157
7
_16,686_
_6_
5,730
2
_-_
_-_|
||297,460
100
_293,171_
_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**
|**2023**
**£**
**£**
**_£_**
**Reconciliation of grants payable:**
Commitments at 6 April 2022
709,127
Grants not accrued at 6 April 2022
577,409
_451,000_
Grants approved in the year
1,174,713
_1,183,994_
Grants cancelled, refunded or amended
(35,700)
_(32,355)_
Grants not accrued at 5 April 2023
(580,927)
_(577,409)_
**Grants payable for the year**
**1,135,495**
Grants paid during the year
(1,013,916)
Commitments at 5 April 2023
830,706
**Commitments at 5 April 2023 are payable as follows:**
**2023**
**£**
Within one year (note 11)
830,706|**2023**|**2023**|**_2022_**|
|---|---|---|---|
||||**_£_**|
|||||
||||_539,207_|
|||||
|||||
|||||
|||||
|||||
||||**_1,025,230_**|
|||||
||||_(855,310)_|
|||||
|||830,706|_709,127_|
|||**2023**||
|||||
||||**_2022_**|
|||**£**
830,706|**_£_**|
||||_709,127_|
## **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 2023 was £451,666 (2022: £577,409). This total is payable during 2024/25, 2025/26 and 2026/27.
A list of grants payable is included in Appendix A.
Report and Accounts – 5 April 2023
- 21 -
T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS**
## **6. GRANT RELATED SUPPORT COSTS**
|**GRANT RELATED SUPPORT COSTS**||
|---|---|
|Staff costs
Share of joint office costs
Direct costs including travel
Depreciation
Legal and professional fees^
Consultancy
Auditor's remuneration*|**2023**
**Grant- Governance**
**Total**
**making**
**Allocated**|
||**£**
**£**
**£**
195,302
4,708
200,010
29,120
-
29,120
15,239
-
15,239
1,332
-
1,332
18,592
-
18,592
10,245
-
10,245
-
7,800
7,800|
||269,830
12,508
282,338|
^ Legal and professional fees higher in previous year due to the Butler-Sloss case.
* Auditor's remuneration excluding VAT was £6,500
During the year no Trustee received any remuneration (2022: £nil). Trustees were reimbursed expenses of £nil (2022: £nil).
|**COMPARATIVE**
Staff costs
Share of joint office costs
Direct costs including travel
Depreciation
Legal and professional fees
Auditor's remuneration*|**2022**
**Grant- Governance**
**Total**
**making**
**Allocated**|
|---|---|
||**£**
**£**
**£**
163,391
4,356
167,747
32,162
-
32,162
16,707
-
16,707
2,832
-
2,832
138,528
-
138,528
-
7,080
7,080|
||353,620
11,436
365,056|
## **COMPARATIVE**
* Auditor's remuneration excluding VAT was £5,900.
## **7. ANALYSIS OF STAFF COSTS**
|**ANALYSIS OF STAFF COSTS**||
|---|---|
|Wages and salaries
Social security costs
Other pension costs|**2023**
**_2022_**|
||**£**
**_£_**
163,463
_136,920_
19,627
_15,491_
16,920
_15,336_|
||200,010
_167,747_|
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 1.9% (2022: 1.9%) of the total support and administration costs of these trusts have been allocated to the Mark Leonard Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2022/23.
The average number of staff employed during the year was 13, all on a part-time basis (2022: 13). This equates to to 2.1 full-time employees (2022: 2.0).
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 £132,213 (2022: £98,748). No employee earned in excess of £60,000 (2022: Nil)
Report and Accounts – 5 April 2023
- 22 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS**
## **8. TANGIBLE FIXED ASSETS Leasehold Improvements**
|**Cost**
At 6 April 2022
Disposals
At 5 April 2023
**Depreciation**
At 6 April 2022
Disposals
Charge for the year
At 5 April 2023
**Net Book Value**
At 5 April 2023
At 5 April 2022
|**2023**
**_2022_**|
|---|---|
||**£**
**_£_**
24,323
_24,323_
(15,000)
_-_|
||9,323
_24,323_|
||17,664
_14,832_
(15,000)
_-_
1,332
_2,832_|
||3,996
_17,664_|
||5,327
_6,659_|
||6,659
_9,491_|
## **9. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
|**Market value 5 April 2022**
Add: Acquisitions at cost
Less: Disposals at proceeds value
Net (losses) / gains in year
**Market value 5 April 2023**
Investment cash
**Total investments**|**2023**
**_2022_**|
||**£**
**_£_**
23,151,027
_21,308,348_
4,035,919
_3,320,728_
(5,373,746)
_(3,844,012)_
(947,249)
_2,365,963_|
||20,865,951
_23,151,027_|
||856,537
_216,632_|
||21,722,488
_23,367,659_|
The investments held as at 5 April 2023 were as follows:
|
Govt fixed interest
Other fixed interest
UK equities
Overseas equities
Alternatives
Other
Cash
**Impact investments**
Unquoted
Quoted|
**2023**
**_2022_**|
|---|---|
||Cost
Market
_Cost_
_Market_
Value
_Value_|
||**£**
**£**
**_£_**
**_£_**
778,726
776,019
_207,468_
_255,696_
342,738
333,470
_280,789_
_260,630_
1,383,814
1,821,497
_1,487,071_
_2,147,625_
7,606,859
9,251,378
_8,664,775_
_11,428,162_
3,657,288
4,016,376
_3,097,378_
_4,378,469_
-
-
_250,000_
_250,000_
856,537
856,537
_216,632_
_216,632_
3,386,566
3,713,656
_3,125,224_
_3,581,244_
870,049
953,555
_870,049_
_849,201_|
||18,882,577
21,722,488
_18,199,386_
_23,367,659_|
Report and Accounts – 5 April 2023
- 23 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS**
## **10. DEBTORS**
|**DEBTORS**||
|---|---|
|Accrued income
Gift Aid debtor
Other debtors|**2023**
**_2022_**|
||**£**
**_£_**
36,625
_37,621_
-
_18,000_
879
_7,180_|
||37,504
_62,801_|
## **11. CREDITORS - amounts falling due within one year**
|**CREDITORS - amounts falling due within one year**||
|---|---|
|
Grants payable within one year
Professional charges
Investment management fee
Other creditors|**2023**
**_2022_**|
||**£**
**_£_**
830,706
_709,127_
8,944
_4,560_
119
_287,010_
105,466
_6,328_|
||945,235
_1,007,025_|
Report and Accounts – 5 April 2023
- 24 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS**
## **12. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|
Fund balances at 5 April 2023 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
**Total net assets**
**Movement in the year**
Opening balance as at 5 April 2022
Total income and endowments
Cost of raising funds
Cost of grant-making
Net losses on investments
Gains on currency exchange
Transfers between funds
Closing balance as at 5 April 2023
**COMPARATIVE**
Fund balances at 5 April 2022 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
**Total net assets**
**Movement in the year**
Opening balance as at 5 April 2021
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Gains on currency exchange
Transfers between funds
Closing balance as at 5 April 2022|**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2023**|
|---|---|
||**£**
**£**
**£**
-
5,327
5,327
-
21,722,488
21,722,488
945,116
(482,763)
462,353
(945,116)
(119)
(945,235)|
||-
21,244,933
21,244,933|
||-
22,742,505
22,742,505
914,324
-
914,324
-
(100,051)
(100,051)
(1,417,833)
-
(1,417,833)
-
(947,249)
(947,249)
-
53,237
53,237
503,509
(503,509)
-|
||-
21,244,933
21,244,933|
|||
||**Unrestricted Expendable**
**Totals**
**Funds Endowment**
**2022**|
||**£**
**£**
**£**
-
6,659
6,659
-
23,367,659
23,367,659
720,015
(344,803)
375,212
(720,015)
(287,010)
(1,007,025)|
||-
22,742,505
22,742,505|
||152,280
21,470,755
21,623,035
422,420
-
422,420
-
(314,849)
(314,849)
(1,390,286)
-
(1,390,286)
-
2,365,963
2,365,963
-
36,222
36,222
815,586
(815,586)
-|
||-
22,742,505
22,742,505|
Report and Accounts – 5 April 2023
- 25 -
## T H E M A R K L E O N A R D T R U S T
## **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.
During the year to 5 April 2023, an unconditional donation of £480,000 was received from Mr M L Sainsbury, the Settlor and Trustee (2022: £72,000).
The following amounts are included in Other Creditors (Note 11) that are due to related parties:
- £440 due to The Aurora Trust.
- £16,399 due to The J J Charitable Trust.
- £25,305 due to The Linbury Trust.
## **14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|**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**
Gains on investments
Exchange gains
Transfers between funds
**Net movement in funds**
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
**Net (expenditure) before gains on investments**|**Unrestricted Expendable Total Funds**
**Funds Endowment**
**2022**|
|---|---|
||**£**
**£**
**£**
90,000
-
90,000
293,171
-
293,171
39,249
-
39,249|
||422,420
-
422,420|
||-
314,849
314,849|
||1,025,230
-
1,025,230
365,056
-
365,056|
||1,390,286
-
1,390,286|
||1,390,286
314,849
1,705,135|
||(967,866)
(314,849)
(1,282,715)
-
2,365,963
2,365,963
-
36,222
36,222
815,586
(815,586)
-|
||(152,280)
1,271,750
1,119,470
152,280
21,470,755
21,623,035|
||-
22,742,505
22,742,505|
Report and Accounts – 5 April 2023
- 26 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS - APPENDIX A**
## **GRANTS PAYABLE**
The amount payable for the year ended 5 April 2023 consisted of the following:
|**Climate Change Collaboration**
ClientEarth
Friends of the Earth Charitable Trust
Global Legal Action Network (GLAN)
Green Finance Institute
National Council for Voluntary Organisations (NCVO)
Peers for the Planet
Platform
The Social Change Nest
Grants payable up to £15,000
**Environment**
Ashden Climate Solutions
Black Mountain College
Environmental Funders' Network
Fair Shot
Mission Kitchen
Real Farming Trust
Royal Agricultural University
The House of Fairytales
Grants payable up to £15,000
**Food**
Chefs in Schools
Sustainable Restaurant Association
**Music & Social Need**
In Place of War
Orpheus Centre
The Paraorchestra & Friends
**Youth Work**
Switchback
**General**
Flying Seagull Project
Specialist support to beneficiaries
Grants payable up to £15,000
**Total grants payable per Statement of Financial Activities:**|**_£_**
27,778
29,851
50,000
20,000
20,000
20,000
59,704
41,667
58,293
40,000
30,000
40,000
15,800
25,000
20,000
18,750
40,000
30,846
110,000
50,000
50,000
60,000
130,000
46,000
45,000
41,306
15,500|
|---|---|
||**1,135,495**|
Report and Accounts – 5 April 2023
- 27 -
## T H E M A R K L E O N A R D T R U S T
## **NOTES TO THE ACCOUNTS - APPENDIX A (continued)**
## **GRANTS PAYABLE**
The amount payable for the year ended 5 April 2022 consisted of the following:
|**Climate Change Collaboration**
Ashden Climate Solutions
C40 Cities Climate Leadership Group
ClientEarth
Friends of the Earth Charitable Trust
Global Legal Action Network (GLAN)
Green Finance Institute
Laudato Si’ Movement
On Road Media
Peers for the Planet
People & Planet
Platform
PR Budget
Stop Ecocide Foundation
The Centre for the Study of Existential Risk
Grants payable up to £15,000
**Environment**
Environmental Funders' Network
Grants payable up to £15,000
**Food**
Chefs in Schools
Fleetwood Strategy Limited
**Music & Social Need**
In Place of War
Orpheus Centre
**Youth Work**
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 Statement of Financial Activities:**|**_£_**
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
40,000
6,000
40,000
30,000
50,000
120,000
50,000
50,000
2,845
27,000|
|---|---|
||**1,025,230**
|
Report and Accounts – 5 April 2023
- 28 -