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2025-04-05-accounts

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 2025

The Peak 5 Wilton Road London SW1V 1AP

CONTENTS CONTENTS PAGE
1 Legal and Administrative 1
2 The Trustees’ Report 2 - 11
3 Independent Auditor's Report 12 - 14
4 Statement of Financial Activities 15
5 Balance Sheet 16
6 Cash Flow Statement 17
7 Notes to the Accounts 18 - 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 Executive Officer
Officers 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
36 St Andrew Square
Edinburgh EH2 2YB
Solicitors Broadfield Law UK LLP
1 Bartholomew Close
London EC1A 7BL
Auditors Sayer Vincent LLP
110 Golden Lane
London
EC1Y 0TG
Investment Schroder & Co. Limited
Advisers 12 Moorgate
London EC2R 6DA
Wren Investment Office Limited
66 Lincoln’s Field,
London WC2A 3LH

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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 2025.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

The objects of the Trust as given in the Trust Deed are for general charitable purposes and trustees have chosen to achieve charitable objectives in three areas: Food and Farming, Acoustic Ecology, and Climate Change. It also makes grants that support environmental initiatives that might create systemic change.

The Trust mostly supports small and early-stage charities, not-for-profits, businesses and initiatives, usually with unrestricted funding and by offering support to enable organisational development. Trustees aim to work in partnership with the organisations, developing relationships based on trust and transparency. The Trust also seeks to enable better collaboration and knowledge-sharing and hosts or supports gatherings and events.

Climate Change Collaboration

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

The CCC Trusts have supported the global Divest Invest movement for over a decade; getting private, foundation, faith, pension, and sovereign wealth investors to remove fossil fuel investments from their portfolios. Investors with assets under management of over $40.5 trillion have committed to divest from fossil fuel investments since 2015. The CCC Trusts currently support UK Divest (Friends of the Earth Scotland, and Platform London) to encourage governmental and educational institutions to divest from fossil fuels.

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

The CCC trusts recognise that law and regulation can be used to support efforts to implement the Paris Agreement. They continue to support Peers for the Planet, Uplift and Client Earth. Uplift seeks to end government support for fossil fuel extraction in the UK, and together with Greenpeace secured a legal victory in February 2025 when the Scottish Court of Session ruled the approval of the Rosebank oil field unlawful. Client Earth’s Accountable Finance Programme

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T H E M A R K L E O N A R D T R U S T

utilizes legal strategies to shift financial systems and incentives towards more sustainable practices. The CCC Trusts supported ‘South Lakeland Action against Climate Change’ (SLACC) High Court judicial review against a proposed coal mine in Cumbria. The 2024 High Court ruling found that the coal mine’s planning permission was unlawful and will potentially discourage investors speculating on fossil fuel extraction in the UK.

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

Portfolio Ventures

Since 2011, the Mark Leonard Trust has supported a portfolio of organisations, providing longer term grant funding, usually between and five and ten years plus other support to enable them to thrive and achieve their goals. These are organisations in the portfolio currently:

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OTHER GRANTS

Food and Farming

Trustees are interested in supporting the movement in the UK to regenerative farming which produces healthy crops, restores soil and nature, increases resilience to the changing climate and reduces carbon emissions. This programme includes supporting organisations and enterprises that could result in widescale change such as creating markets for sustainable food. The Trust supported a research project with the Organic Research Centre and Land Gardeners to investigate novel organic composted waste treatments for improving the health of farm soils. The results of this research project will be published during 2026.

In November, trustees donated to the Alexandra Rose Charity for its fruit and vegetable voucher scheme for families in poverty either with children or with health problems in seven places in the UK. The scheme has already how it helps families eat more fresh produce, improve their health and its boost the income of local shops and market stall selling fresh fruit and vegetables.

During this year, in partnership with the Aurora Trust and the Gatsby Charitable Foundation, the Trust started a new programme to increase research and knowledge in regenerative farming practices. Most farming research in the UK is to develop crops for farming systems that rely on agricultural chemicals and which are damaging nature, soil and our health. This new programme brings together farms, researchers and funders to develop more understanding on how to farm profitably, productively and in harmony with nature.

Environment

Trustees approved funding to set up an Antigua and Barbuda Environment Foundation, which is part of Conservation Collective. Conservation Collective is a charity which has helped set up and develop 20 foundations in different biomes around the world. This year, The Trust provided seed funding for the Antigua and Barbuda Environment Foundation which provides funding to local and grassroot organisations which protect and restore nature and support local people’s needs on both islands. The Foundation was launched in January 2025 and Mark Sainsbury is Chair of this Foundation.

Acoustic Ecology

Acoustic Ecology, or “Eco-acoustics”, is an interdisciplinary science that investigates the relationship between natural and anthropogenic soundscapes and can help us monitor the health of different natural environments.

This year, the Trust supported the University of Sussex’s staff costs for its Nature Sense project. Nature Sense will be a series of monitoring stations within the Weald to Waves network, which is a 100-mile nature recovery corridor across Sussex farms and forests. Nature Sense’s stations will collect long-term sound and visual data which land-managers can use to assess how nature responds to more nature-friendly land management practices. The Trust also supporting an academic team at Sussex University develop an “ECHO Dashboard”. ECHO is planned to be an online tool which can synthesise acoustic and visual data, and make it easily understandable for land managers to assess the extent to which conservation practices are supporting nature and biodiversity recovery.

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Music as a Force for Good

The Mark Leonard Trust supports charities and work which use music for as a force for good and supports social and cultural change. For example, the Trust supports Paraorchestra, In Place of War and the Orpheus Centre. The Trust may support more work in this area in future years.

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 £174,177 (2024: Net expenditure £151,734). The net unrestricted income of the Trust for the year after charging grant related support costs was £939,854 compared to £996,547 for the year to 5 April 2024.

During the year the Settlor made a generous unrestricted cash donation of £800,000 on which gift aid of £200,000 was recovered (2024: Cash donation £750,000 and gift aid £187,500).

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 Trustees have reviewed the Trust’s investment performance since the end of the financial year and seen a rise 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 32 grants totalling £968,024 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.

----- Start of picture text -----
Grants Approved Payments made
Number £ % £ %
Climate Change Collaboration 15 374,549 38.7 307,177 28.3
Portfolio Ventures 2 213,000 22.0 329,476 30.4
Other Grants 15 380,476 39.3 448,049 41.3
32 968,025 100.0 1,084,702 100.0
----- End of picture text -----

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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 2025, the Trust held total funds of £21.87m (2024: £22.53m) which includes expendable endowment of £21.72m (2024: £22.26m).

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.

In 2022, trustees adopted an investment policy to align the investments with achieving the Paris Agreement goal of climate change of well below 2 degrees. This means excluding fossil fuels and other high carbon investments, increasing investments in renewable energy and selecting funds and companies that have demonstrated they are aligned with the Paris Agreement. Each year, trustees review progress against these goals.

The Trustees have allocated some of the Trust’s expendable endowment for impact investing to achieve substantial social and environmental benefits as well as financial return to fund the Trust’s work. Over time, trustees have increased the proportion of the endowment invested in this way to over 15%. Trustees regularly review the impact and performance of these investments.

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. Currently, for example, their fund managers do not consider the risks of global climate tipping points, such as the weakening or demise of the Atlantic Meridional Ocean Circulation system and the Subpolar Gyre. Trustees have advised their fund managers about peer-reviewed research into the financial risks and have sought their guidance about the risks posed to their value of investments. In addition, the Trust supports on-going research by the University of Exeter and Carbon Tracker Initiative, to encourage the finance sector to address these risks. The Trustees regularly review investment strategy to ensure that it fulfils their fiduciary responsibility to use investments to pursue their charitable purposes. They also

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T H E M A R K L E O N A R D T R U S T

operate a grant distribution formula that helps to ensure the stability of resources available for grant awards in any given year.

Another major risk is a misuse of funds by a grantee charity. To mitigate this risk the Trustees often 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.

Trustees are also aware of the Charity Investment Governance Principles, published in January 2025 and which the Trust funded the development of, and its recommendations for investment best practice.

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.

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 2022/2023 , 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 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.

Report and Accounts – 5 April 2025

T H E M A R K L E O N A R D T R U S T

G R A N T S A P P R O V E D

CLIMATE CHANGE COLLABORATION - £374,549

Bates Wells & Braithwaite LLP - £15,200

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

Carbon Tracker - £33,333

To support the Carbon Tracker Initiative and Professor Steven Keen to engage climate scientists to review already-published papers on the economic impacts of climate change.

Charity Finance Group - £3,333

To promote the Charity Investment Governance Principles, which support charity trustees practically manage their charity’s investment portfolios.

Client Earth

£30,666 - To scope a trans-national legal action using the European Social Charter.

£83,333 – To staff costs for Client Earth’s Accountable Finance team.

Climate Outreach - £13,000

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

E3G - £10,000

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

Green Finance Community Hub - £18,334

Towards a business plan and community/stakeholder engagement for Project Collette, a proposed community-owned offshore windfarm off the Cumbrian coast.

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

Towards the Climate Stories that Work project.

Integrity Initiatives International - £19,678

For a Deputy Director position to work on the International Anti-Corruption Court campaign.

Jesus College Cambridge - £25,000

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

Peers for the Planet - £51,565

Towards Peers for the Planet’s staff costs.

Peers for the Planet - £3,333

Towards developing its Parliamentarians’ Guide for Climate Change and Peers for the Planet’s October 2024 launch event at the Houses of Parliament.

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T H E M A R K L E O N A R D T R U S T

South Lakes Action on Climate Change - £15,000

Towards legal costs to challenge the development of a proposed coal mine in Cumbria through a judicial review in the High Court.

We Are Possible - £18,774

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

PORTFOLIO - £213,000

MLT Portfolio delegate budget - £108,000

Portfolio delegate budget in 2024/5 towards staff and organisational development.

Chefs in Schools - £105,000

Towards Chefs in School’s core costs.

OTHER GRANTS - £380,476

Alexandra Rose Charity - £40,000

Towards its core costs to enable it to increase its capacity to develop new partnerships to expand its fruit and vegetable voucher scheme and explore how the initiative could be adopted more widely

Canterbury Oast Trust - £7,583

To cover three quarters of the Rare Breeds Centre’s Gardener’s annual salary.

Centre for Innovation in Voluntary Action - £7,500

Towards the costs of its GROW Urban Festival.

Conservation Collective - £22,791

To set up the Antigua and Barbuda Environmental Foundation.

Flying Seagull Project - £11,000 Towards its core costs.

Global Legal Action Network (GLAN) - £75,000

To deliver a legal strategy to protect Barbuda’s communities and ecosystems from harmful development.

Good Law Project - £50,000

To contribute to the costs of hiring an investigator to research the sources of “dark money” that fund charities and organisations which seek to influence British politics and media.

A British sculptor - £1,000

To support this sculptor and his family’s difficult personal and financial circumstances.

Mission Kitchen - £40,000

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T H E M A R K L E O N A R D T R U S T

For the 2024 Tomorrow’s Table programme of events

Organic Research Centre - £25,000

Towards its Feeding the Soil Appeal

The Sainsbury Archive - £30,000 Towards the Archive’s core costs.

University of Sussex £25,000 - For staffing and user-testing workshops costs to continue developing the ECHO dashboard. £29,000 - To support the Nature Sense project, which is series of monitoring stations in the Sussex countryside

Woodland Trust - £8,198

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

World Forum for Acoustic Ecology - £8,404

Towards the development and redesign of its website and logo.

Future Plans

The Trust will continue to support the activities set out on pages 7 to 10 by the award of grants.

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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:

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 27 November 2025 and signed on their behalf by:

……………………………………….

TRUSTEE

M L Sainsbury

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

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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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:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

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T H E M A R K L E O N A R D T R U S T

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: 8 December 2025

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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

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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 2025

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
(Losses) / gains on investments
9
Exchange gains / (losses)
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net income / (expenditure) before gains /
(losses) on investments		 Unrestricted
Expendable
Total Funds
Total Funds
Funds
Endowment
2025
2024
£
£
£
£
1,000,000
-
1,000,000
937,500
254,448
-
254,448
324,703
39,092
-
39,092
41,740
1,293,540
-
1,293,540
1,303,943
-
45,178
45,178
121,022
1,068,856
-
1,068,856
723,791
353,686
-
353,686
307,396
1,422,542
-
1,422,542
1,031,187
1,422,542
45,178
1,467,720
1,152,209
(129,002)
(45,178)
(174,180)
151,734
-
(622,233)
(622,233)
1,138,139
-
129,477
129,477
(2,661)
(129,002)
(537,934)
(666,936)
1,287,212
272,756
22,259,389
22,532,145
21,244,933
143,754
21,721,455
21,865,209
22,532,145

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.

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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 2025

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 2025
2024
£
£
2,663
3,995
22,155,868
22,745,919
22,158,531
22,749,914

33,095

459,384
492,479

710,248
(293,322)
(217,769)
21,865,209
22,532,145
21,721,455
22,259,389
143,754
272,756
21,865,209
22,532,145
8
9
10
11
12
12		 £
6,723
368,832
375,555
668,877

The financial statements were approved and authorised for issue by the Trustees on 27 November 2025 and were signed on their behalf by :

……………………………………………

TRUSTEE

M L Sainsbury

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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 2025

Net cash (used in) / provided by operating activities
Cash flows from investing activities:
Dividends and interest
Exchanges gains / (losses)
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
(Gains) / losses on investments
Dividends and interest
Exchanges (gains) / losses
Depreciation charges
Decrease in debtors
Decrease in creditors
Net cash used in operating activities		 2025
2024
£
£
(442,295)
402,215
254,448
324,703
129,477
(2,661)
(18,191,306)
(2,400,231)
17,587,515
3,423,647
(219,866)
1,345,458
(662,161)
943,243
2,224,629
1,281,386
1,562,468
2,224,629
2025
2024
£
£
(666,936)
1,287,212
622,233
(1,138,139)
(254,448)
(324,703)
(129,477)
2,661
1,332
1,332
26,372
4,409
(41,371)
(234,987)
(442,295)
(402,215)

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
2025
2024
year
£
£
£
368,832
459,384
(90,552)
1,193,636
1,765,245
(571,609)
1,562,468
2,224,629
(662,161)

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

Report and Accounts – 5 April 2025

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

c) Expenditure on Charitable activities

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Report and Accounts – 5 April 2025

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…)

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.

d) Fixed assets

Fixed assets are depreciated at rates which reflect their useful life to the Trust. Items of equipment are capitalised where the purchase price exceeds £5,000.

Leasehold improvments are depreciated over the outstanding life of the lease at the time the work was completed. The following rate has been used:

Leasehold improvements - 14.29% per annum

e) Investments

f) Financial instruments

Report and Accounts – 5 April 2025

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

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

h) Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readlly apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result In a material adjustment to their carrying amounts in the next financial year.

Report and Accounts – 5 April 2025

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
Multi-asset funds
2025
2024
£
%
£
%
-
0
6,390
2
-
0
3,960
1
3,931
2
36,836
11
5,425
2
90,825
28
8,348
3
162,373
50
54,495
21
18,997
6
-
0
5,322
2
182,249
72
5,322
2
254,448
100
330,025
102

4. COST OF GENERATING FUNDS

These costs relate to the investment manager's fees. The Trustees are of the opinion that these relate to the generation of a total return on the investment portfolio and, as such, have charged the Expendable Endowment with these fees.

5. GRANTS PAYABLE

GRANTS PAYABLE
2025
£
£
£
Reconciliation of grants payable:
Commitments at 6 April 2024
630,300
Grants not accrued at 6 April 2024
529,291
580,927
Grants approved in the year
968,024
788,216
Grants cancelled, refunded or amended
(3,244)
(116,061)
Grants not accrued at 5 April 2025
(425,215)
(529,291)
Grants payable for the year
1,068,856
Grants paid during the year
(1,084,701)
Commitments at 5 April 2025
614,455
Commitments at 5 April 2025 are payable as follows:
2025
£
Within one year (note 11)
614,455		 2025 2024
£
830,706
580,927
788,216
(116,061)
(529,291)
723,791
(924,197)
614,455 630,300
2025
2024
£
614,455		 £
630,300

Commitments

In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions relating to the delivery of the grant-funded activities.

The total amount authorised but not accrued as expenditure at 5 April 2025 was £425,215 (2024: £529,291). This total is payable during 2026/27, 2027/28, 2028/29 and 2029/30.

A list of grants payable is included in Appendix A.

Report and Accounts – 5 April 2025

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*		 2025
Grant- Governance
Total
making
Allocated
£
£
£
257,105
5,051
262,156
37,174
-
37,174
28,126
-
28,126
1,332
-
1,332
15,059
-
15,059
599
-
599
-
9,240
9,240
339,395
14,291
353,686

During the year no Trustee received any remuneration (2024: £nil). One trustee was reimbursed expenses of £376 (2024: £543).

COMPARATIVE
Staff costs
Share of joint office costs
Direct costs including travel
Depreciation
Legal and professional fees
Consultancy
Auditor's remuneration*		 2024
Grant-
Governance
Total
making
Allocated
£
£
£
199,252
4,778
204,030
31,156
-
31,156
20,031
-
20,031
1,332
-
1,332
22,842
-
22,842
19,246
-
19,246
-
8,760
8,760
293,859
13,538
307,396

7. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2025
2024
£
£
216,810
166,516
20,813
18,914
24,533
18,600
262,156
204,030

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office 1.9% (2024: 1.8%) of the total support and administration costs of these trusts have been allocated to the Mark Leonard Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2024/25.

The average number of staff employed during the year was 16 all on a part-time basis (2024: 14). This equates to 3.2 full-time employees (2024: 2.4).

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 £119,926 (2024: £103,865). No employee earned in excess of £60,000 (2023: Nil)

Report and Accounts – 5 April 2025

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 2024 At 5 April 2025 Depreciation At 6 April 2024 Charge for the year At 5 April 2025 Net Book Value At 5 April 2025 At 5 April 2024

2025 2024
£ £
9,323 9,323
9,323 9,323
5,328 3,996
1,332 1,332
6,660 5,328
2,663 3,995
3,995 5,327

9. FIXED ASSET INVESTMENTS

Market value 5 April 2024
Add: Acquisitions at cost
Less: Disposals at proceeds value
Net (losses) / gains in year
Market value 5 April 2025
Investment cash
Total investments		 2025
2024
£
£
20,980,674
20,865,951
18,191,306
2,400,231
(17,587,515)
(3,423,647)
(622,233)
1,138,139
20,962,232
20,980,674
1,193,636
1,765,245
22,155,868
22,745,919

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

Govt fixed interest
Other fixed interest
UK equities
Overseas equities
Alternatives
Multi-asset funds
Cash
Impact investments
Unquoted
Quoted		 2025
2024
Cost
Market
Cost
Market
Value
Value
£
£
£
£
-
-
759,071
768,669
-
-
333,474
326,740
-
-
1,448,806
1,801,311
-
-
7,217,841
9,819,187
-
-
3,329,059
3,153,511
17,906,176
17,109,500
1,193,636
1,193,636
1,765,245
1,765,245
3,408,261
3,852,732
3,552,999
3,961,523
-
-
873,004
1,149,736
22,508,073
22,155,868
19,279,499
22,745,919

Report and Accounts – 5 April 2025

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

Accrued income 2025
2024
£
£
748
27,930
Other debtors 5,975
5,165
6,723
33,095

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		 2025
2024
£
£
614,455
630,300
5,940
5,640
246
18,593
48,236
55,715
668,877
710,248

Report and Accounts – 5 April 2025

T H E M A R K L E O N A R D T R U S T

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS


Fund balances at 5 April 2025 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2024
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Lossess on currency exchange
Closing balance as at 5 April 2025
COMPARATIVE

Fund balances at 5 April 2024 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2023
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 2024		 Unrestricted
Expendable
Totals
Funds
Endowment
2025
£
£
£
-
2,663
2,663
-
22,155,868
22,155,868
812,385
(436,830)
375,555
(668,631)
(246)
(668,877)
143,754
21,721,455
21,865,209
272,756
22,259,389
22,532,145
1,293,540
-
1,293,540
-
(45,178)
(45,178)
(1,422,542)
-
(1,422,542)
-
(622,233)
(622,233)
-
129,477
129,477
143,754
21,721,455
21,865,209
Unrestricted
Expendable
Totals
Funds
Endowment
2024
£
£
£
-
3,995
3,995
-
22,745,919
22,745,919
964,411
(471,932)
492,479
(691,655)
(18,593)
(710,248)
272,756
22,259,389
22,532,145
-
21,244,933
21,244,933
1,303,943
-
1,303,943
-
(121,022)
(121,022)
(1,031,187)
-
(1,031,187)
-
1,138,139
1,138,139
-
(2,661)
(2,661)
-
-
-
272,756
22,259,389
22,532,145

Report and Accounts – 5 April 2025

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 2025, an unconditional donation of £800,000 was received from Mr M L Sainsbury, the Settlor and Trustee (2024: £750,000).

The following amounts are included in Other Creditors (Note 11) that are due to related parties:

14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

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 / (Losses) on investments
Exchange (loses) / gains
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net expenditure before (losses) / gains on investments		 Unrestricted Expendable Total Funds
Funds Endowment
2024
£
£
£
937,500
-
937,500
324,703
-
324,703
41,740
-
41,740
1,303,943
-
1,303,943
-
121,022
121,022
723,791
-
723,791
307,396
-
307,396
1,031,187
-
1,031,187
1,031,187
121,022
1,152,209
272,756
(121,022)
151,734
-
1,138,139
1,138,139
-
(2,661)
(2,661)
272,756
1,014,456
1,287,212
-
21,244,933
21,244,933
272,756
22,259,389
22,532,145

Report and Accounts – 5 April 2025

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 2025 consisted of the following:

Climate Change Collaboration
Bates Wells & Braithwaite LLP
Carbon Tracker
ClientEarth
Friends of the Earth Scotland
Green Finance Community Hub
Green Finance Institute
Heard Organisation Ltd (formerly On Road Media)
Integrity Initiatives International
Jesus College Cambridge
Peers for the Planet
Platform
We Are Possible
Grants payable up to £15,000
Portfolio Ventures
Chefs in Schools
Environmental Funders' Network
MLT Portfolio delegate budget
Orpheus Centre
Switchback Initiative - (known as Switchback)
The Paraorchestra & Friends
Other Grants
Alexandra Rose Charity
Conservation Collective
Global Legal Action Network (GLAN)
Good Law Project
Mission Kitchen
MLT Portfolio delegate budget
Organic Research Centre
University of Sussex
Grants payable up to £15,000
Total grants payable per Statement of Financial Activities:		 £
15,200
33,333
86,221
15,805
18,334
33,333
17,000
19,678
25,000
37,368
46,556
18,774
65,899
45,000
20,000
41,476
60,000
23,000
65,000
40,000
15,148
75,000
50,000
38,400
35,900
25,000
54,000
48,431
1,068,856

Report and Accounts – 5 April 2025

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 2024 consisted of the following:

Climate Change Collaboration
The Social Change Nest
Grants payable up to £15,000
Environment
Ashden Climate Solutions
Carbon Tracker
Environmental Funders' Network
FoodHub NL
Green Finance Institute
Platform
Real Farming Trust
Grants payable up to £15,000
Food & Farming
Chefs in Schools
Music & Social Need
The Paraorchestra & Friends
Orpheus Centre
In Place of War
English National Opera
Grants payable up to £15,000
Youth Work
Become - (formerly known as Who Cares? Trust)
Switchback Initiative - (known as Switchback)
General
Grants payable up to £15,000
Total grants payable per Statement of Financial Activities:		 £
21,666
7,890
50,000
16,000
22,295
20,000
33,333
46,556
20,000
92,487
40,000
65,000
60,000
50,000
20,000
5,000
50,000
23,000
80,564
723,791

Report and Accounts – 5 April 2025