2023-04-05-accounts - The Three Guineas Trust

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Trustees	Clare Sainsbury (Settlor)	Clare Sainsbury (Settlor)
	David Wood
	Dominic Flynn
Registered	The Peak, 5Wilton Road
Office	London SW1V 1AP
Principal	Karen Everett	Chief Executive Officer
Officers	Matthew Williams	Executive
	Elaine Ponte	Executive
	Principal officers are employed		part-time
Bankers	Royal Bank ofScotland
	119- 121Victoria Street
	London
	SW1E 6RA
Solicitors	Portrait Solicitors (up to31July		2022)
	21Whitefriars Street
	London EC4Y8JJ
	BDBPitmans LLP (as from 1August 2022)
	1Bartholomew Close
	London EC1A 7BL
Auditor	Sayer Vincent LLP
	Invicta House
	108-114Golden Lane
	London
	EC1YOTL
Investment	Cazenove Capital Management
Managers	1London Wall Place
	London Wall
	Barbican
	London EC2Y 5AU
Objects	The objects ofthe Trust	as given	in the Trust Deed are for general charitable
	purposes.

						Grants	Approved	tsI
						Number		b~r.i.-;-gg&
Autism						29	445,$90
Disability,	Violence	and	Access	to	Justice	14	1,456,500	6~iii 1. *
General						1	20,000	'25%0@
						44	1,921,890	74'.--, =' g 058gSQ,	~

A2ndvoice CIC		811,037
Autism Bedfordshire		f13,000
Blackpool Tiggers		E10,000
Brentford FCCommunity	Sports Trust	f11,000
CASPA		E8,000
Disabilities &Self-Help (DASH) Ceredigion		610,000
Dreadnought Centre		E10,000
Families United Network	(FUN)	E7,000
Helping Hands Autism Support Group		f10,000
Hillingdon Autistic Care and Support		E16,200
KIDSYorkshire &Humber		E16,000
KIDS Lincolnshire		E9,000
Killamarsh Autistic & PDA Support Group		f7,000
Lambeth Autism Group		E9,970
National Autistic Society	- Malone (South Belfast) Branch	E10,540
PLUS Forth Valley		E11,000
Project Art Works		F12,500
Resources for Autism		E15,000
Spectrum		E12,000
WECAN - We Can Enable		f15,518
WHISH Group		E5,925
White Lodge Centre		611,300
YMCA East Surrey		E8,000
		Report and Accounts —5April 2023

			Unrestricted	Expendable	Total Funds	Total Funds
		Notes	Funds	Endowment	2023	2022
Income and Endowment	from:
Donations and gifts				1,218,750	1,218,750	1,375,000
Investments			362,414		362,414	264,910
Bank deposit interest			42,256		42,256	3,047
Total Income			404,670	1,218,750	1,623,420	1,642,957
Expenditure on:
Raising funds:
Investment management	fees			91,208	91,208	95,305
Charitable activities:
Grant-making:
Grant expenditure			2,262,260		2,262,260	1,458,952
Grant related support	costs		258,304		258,304	220,288
Cost ofgra nt-ma king			2,520,564		2,520,564	1,679,240
Total Expenditure			2,520,564	91,208	2,611,772	1,774,545
Net (expenditure)/income	before		(2,115,894)	1,127,542	(988,352)	(131,588)
{losses)/gains on investments
Net (losses)/gains on investments				(1,027,637)	(1,027,637)	1,141,304
Transfers between funds			2,115,894	(2,115,894)
Net movement in funds				(2,015,989)	(2,015,989)	1,009,716
Reconciliation offunds:
Total funds brought forward				27,451,814	27,451,814	26,442,098
Total funds carried forward				25,435,825	25,435,825	27,451,814

BALANCE SHEET
AS AT 5APRIL 2023
			Notes		2023	2022
FIXEDASSETS
Tangible fixed assets					8,457	10,572
Investments					25,513,915	26,244,225
					25,522,372	26,254,797
CURRENT ASSETS
Debtors				20,962		303,690
Cash at bank and	in	hand		1,259,971		2,043,930
				1,280,933		2,347,620
CURRENT LIABILITIES
Creditors - amounts		falling due within 1year	10	1,367,480		1,150,603
				1,367,480		1,150,603
NET CURRENT (LIABILITIES)/ASSETS					(86,547)	1,197,017
NET ASSETS					25,435,825	27,451,814
CAPITAL FUNDS
Expendable endowment					25,435,825	27,451,814
INCOME FUNDS
Unrestricted funds
					25,435,825	27,451,814

Cash flows fro	m operating	activities:
				2023	2022
				E
Net cash used	in operating	activities		(891,302)	(955,266)
Cash flows from investing		activities:
Dividends and	interest			404,670	267,957
Proceeds from	sale ofinvestments			5,407,447	5,479,468
Purchase of investments				(5,557,901)	(5,499,135)
Net cash provided by investing activities				254,216	248,290
Change in cash	and cash equivalents		in the year	(637,086)	(706976)
Cash and cash	equivalents	at the beginning ofthe year		3,744,614	4,451,590
Cash and cash	equivalents	atthe end	ofthe year	3,107,528	3,744,614
Net movement	in funds as	per the Statement of Financial Activites		(2,015,989)	1,009,716
Dividends and	interest			(404,670)	(267,957)
Losses/(gains)	on investments			1,027,637	(1,141,304)
Depreciation charges				2,115	3,475
Decrease/(increase) in debtors				282,728	(217,231)
Increase/(decrease) in creditors				216,877	(341,965)
Net cash used	in operating	activities		(891,302)	(955,266)

					Changein
			2023	2022	year
Cash	at bank and in hand		1,259,971	2,043,930	(783,959)
Cash	held by investment	manager for reinvestment	1,847,557	1,700,684	146,873
			3,107,528	3,744,614	(637,086)

	Income received on investments may be analysed a	sfollows:
			2023		2022
		f
	Fixed interest	1,912		5,223	2
	UKequities	97,205	27	114,763	43
	Overseas equities	119,631	33	61,204	23
	Alternatives	143,666	40	83,720	32
		362,414	100	264,910
4.	GRANTS PAYABLE
			2023		2022
	Reconciliation ofgrants payable:
	Commitments at6April 2022		1,037,732		1,359,997
	Grants not accrued at 6April 2022	499,&70		401,832
	Grants approved in the year	1,921,890		1,556,990
	Grants cancelled or refunded	(7,000)
	Grants not accrued at5April 2023	(152,500)		(499,870)
	Grants payable forthe year		2,262,260		1,458,952
	Grants paid during the year		(2,058,081)		(1,781,217)
	Commitments at5April 2023		1,241,911		1,037,732
	Commitments at 5April 2023are payable as follows:		f
	Within one year (note 10)		1,241,911		1,037,732

ALLOCATION OFSUP	PO	RT COSTS
						2023	2022
				Grant-	Governance	Total	Total
				making		Allocated	Allocated
				f		f	f
Staff costs				155,619	1,704	157,323	120,214
Share ofjoint office	costs			55,094		55,094	58,287
Direct costs including	travel			2,664		2,664	2,823
Legal and professional		fees		7,948		7,948	8047
Advisors' honoraria				20,000		20,000	20000
Consultancy				5,000		5,000
Depreciation				2,115		2,115	3,475
Auditor's remuneration*					8,160	8,160	7,442
				248,440	9,864	258,304	220,288
*Auditor's remuneration		for 2023	excluding VATwas f6,800(2022:f6,200).
Included within support		costs for	2022were governance	costs totalling f8,942.This was comprised ofstaff			costs of
f1,500and auditor's	remuneration		off7,442.
ANALYSIS OFSTAFF COSTS
						2023	2022
						f	f
Salaries and wages						127,911	97,887
Social security costs						16,149	11,449
Other pension costs						13,263	10,878
						157,323	120,214

7.	TANGIBLE FIXED	ASSETS
	Leasehold Improvements
					2023	2022
	Cost
	At 6April 2022				28,402	28,402
	Disposals				(13,600)
	Cost at 5April 2023				14,802	28,402
	Depreciation
	At 6April 2022				17,830	14,355
	Disoosals				(13,600)
	Charge forthe year				2,115	3,475
	At 5April 2023				6,345	17,S30
	Net Book Value
	At 5April 2023				8,457	10,572
	Net BookValue
	At 5April 2022				10,572	14,047
8.	FIXEDASSET INVESTMENTS
					2023	2022
					E
	Market value 6April 2022				24,543,541	23,382,570
	Less: Disposals at proceeds				(5,407,447)	(5,479,468)
	Add: Acquisitions	at cost			5,557,901	5,499,135
	Net (losses)/gains	on investments			(1,027,637)	1,141,304
	Market value 5April 2023				23,666,358	24,543,541
	Investment cash				1,847,557	1,700,684
	Total investments				25,513,915	26,244,225
	The investments	held as at5April 2023were as follows:
				2023		2022
			Cost	Market	Cost	Market
				Value		Va/ue
			E	E	E	E
	Fixed interest		5,179,829	4,842,253	3,928,762	3,859,334
	UK equities		2,879,561	4,109,100	2,835,420	4,449,820
	Overseas equities		9,916,543	12,115,410	10,860,493	14,360,948
	Alternatives		2,429,302	2,599,595	1,750,936	1,873,439
			20,405,235	23,666,358	19,375,611	24,543,541

NOTES TO THE ACCOUNTS (continued)	NOTES TO THE ACCOUNTS (continued)	NOTES TO THE ACCOUNTS (continued)
9. DEBTORS
					202$	2022f
Gift Aid debtor						275,000
Accrued Income					20,962	28,690
					20,962	303,690
10.CREDITORS - amounts	falling due within one		year
					2023 f	2022f
Grants payable within	one year				1,241,911	1,037,732
Professional charges					12,361	9,452
Investment management		fee			22,819	22,981
Other creditors					90,389	80438
					1,367,480	1,150,603
11.ANALYSIS OF NETASSETS		BHWEEN FUNDS
				Unrestricted	Expendable	Totals
				Funds	Endowment	2023
				f	f
Fund balances at 5April 2023are represented			by:
Tangible fixed assets					8,457	8,457
Investments					25,513,915	25,513,915
Current assets				1,344,661	(63,728)	1,280,933
Current liabilities				(1,344,661)	(22,819)	(1,367,480)
Total net assets					25,435,825	25,435,825
Movement in the year
Opening balance as at	6April 2022				27,451,814	27,451,814
Total income and endowments				404,670	1,218,750	1,623,420
Cost ofraising funds					(91,208)	(91,208)
Cost ofgrant-making				(2,520,564)		(2,520,564)
Net losses on investments					(1,027,637)	(1,027,637)
Transfers between funds				2,115,894	(2,115,894)
Closing balance as at 5	April 2023				25,435,825	25,435,825

		Unrestricted	Expendable	Totals
		Funds	Endowment	2022
Fund balances at5April 2022are represented	by:
Tangible fixed assets			10,572	10,572
Investments			26,244,225	26,244,225
Current assets		1,127,622	1,219,998	2,347,620
Current liabilities		(1,127,622)	(22,981)	(1,150,603)
Total net assets			27,451,814	27,451,814
Movement in the year
Opening balance as at 6April 2021			26,442,098	26,442,098
Total income and endowments		267,957	1,375,000	1,642,957
Cost of raising funds			(95,305)	(95,305)
Cost ofgrant-making		(1,679,240)		(1,679,240)
Net gains on investments			1,141,304	1,141,304
Transfers between funds		1,411,283	(1,411,283)
Closing balance as at 5April 2022			27,451,814	27,451,814

			Unrestricted	Expendable	Total Funds
			Funds	Endowment	2022
Income and Endowment	from:
Donations and gifts				1,375,000	1,375,000
Investments			264,910		264,910
Bank deposit interest			3,047		3,047
Total Income			267,957	1,375,000	1,642,957
Expenditure on:
Costofgenerating funds:
Investment management		fees		95,305	95,305
Charitable activity:
Grant-making:
Grant expenditure			1,458,952		1,458,952
Grant related support	costs		220,288		220,288
Total Expenditure			1,679,240	95,305	1,774,545
Net (expenditure)/income			(1,411,283)	1,279,695	(131,588)
before gains on investments
Net gains on investments				1,141,304	1,141,304
Transfers between funds			1,411,283	(1,411,283)
Net movement in funds				1,009,716	1,009,716
Reconciliation offunds:
Total funds brought forward				26,442,098	26,442,098
Total funds carried forward				27,451,814	27,451,814

Autism
A2ndvoice CIC		31,037
Action-attainment	CIC	66,000
Assert (B&H)		43,032
Brentford FCCommunity Sports Trust		75,000
En-fold		30,000
Project Art Works		38,738
Red2Green		55,000
20grants up tof20,000were also payable totalling		218,453
Disability, Violence and Access tojustice
Bristol Law Centre		91,000
Disability Law Service		184,000
Disability Rights UK		100,000
Harrow Law Centre		154,500
Inclusion London		251,500
Inquest		70,000
Islington Law Centre		65,000
L&QLiving - Beverley Lewis House		280,000
Respond		300,000
Somerset &Avon Rape &Sexual Abuse Support (SARSAS)		35,000
Stay Safe East		149,000
General
Population Matters		20,000
The Sainsbury Archive		5,000
		2,262,260

Autism
A2ndvoice	CIC		25,000
Assert (B&H)			54,000
En-fold			60,000
Project Art Works			38,738
21grants	up tof20,000were also payable totalling		212,489
Disability, Violence and Access toJustice
Bristol Law Centre			144,000
Disability	Rights	UK	150,000
Inclusion	London		422,000
Inquest			60,000
Islington Law Centre			43,500
Somerset	&Avon	Rape &Sexual Abuse Support (SARSAS)	105,000
Stay Safe	East		139,225
General
The Sainsbury Archive			5,000
			1,458,952