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2024-04-05-accounts

THE THREE GUINEAS TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

5 APRIL 2024

The Peak 5 Wilton Road London SW1V 1AP

THE THREE GUINEAS TRUST

Contents Contents Page
1 Legal and administrative details 2
2 Report of the Trustees 3-11
3 Independent auditor’s report 12-15
4 Statement of financial activities 16
5 Balance sheet 17
6 Statement of cash flows 18
7 Notes to the accounts 19-29

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Legal and administrative

The Three Guineas Trust was established under a Trust Deed dated 21 November 1996 and became a registered charity with the Charity Commission in England and Wales on 9 December 1996 (registration no. 1059652).

Trustees
Registered
office
Principal
officers
Bankers
Solicitors
Auditor
Investment
managers
Objects		 Clare Sainsbury (Settlor)
David Wood
Dominic Flynn
The Peak
5 Wilton Road
London SW1V 1AP
Karen Everett
Chief Executive Officer
Matthew Williams
Executive
Elaine Ponte
Executive
Principal officers are employed part-time
Royal Bank of Scotland
119-121 Victoria Street
London SW1E 6RA
BDB Pitmans LLP
1 Bartholomew Close
London EC1A 7BL
Sayer Vincent LLP
110 Golden Lane
London EC1Y 0TG
Cazenove Capital Management
12 Moorgate
London EC2R 6DA
The objects of the Trust as given in the Trust Deed are for general charitable
purposes.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees

The Trustees present their report and the audited financial statements for the year ended 5 April 2024. Legal and administrative information set out on page 2 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.

Organisation

The Trust is one of the Sainsbury Family Charitable Trusts which share a common administration. The remuneration of the staff is reviewed by the Trustees on an annual basis taking into account 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.

Trustees are appointed by the Settlor, in consultation with existing Trustees. Trustees are provided with relevant information and guidance about their responsibilities. The Trustees are responsible for the overall direction and supervision of The Three Guineas 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, updated in 2020, which sets out the principles and recommended practice for good governance within the sector. They have reviewed the Trust's governance arrangements against the principles set out in the code. They believe that these arrangements align with the code to an appropriate degree.

Trustees are fully aware of the requirements and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does not fundraise from the general public and does not use professional fundraisers. The Trust does not make agreements with businesses to benefit from income generated by their activities (it does not use commercial participators).

As the Trust does not fundraise from individuals, it does not maintain policies and procedures for carrying out and monitoring fundraising activities. The Trustees consider it unnecessary to comply with any voluntary code of practice on fundraising. The income of the Trust is not bound by any regulatory scheme. No complaints about fundraising have been received.

Scope of grant-making

The Trustees accept applications for practical projects in the field of autism. Proposals are considered alongside those that result from their own research and contacts with expert individuals and organisations working in this field. The Trustees are keen to support schemes that demonstrate leadership and delivery by autistic people.

Trustees also make grants in the field of disability, violence and access to justice. Trustees expect to fund other carefully chosen projects in this field in due course. The majority of grants in this area are made on

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees (continued)

the recommendation of a grants panel comprised of people with lived experience of disability and frontline experience of the law or advice and advocacy work.

Trustees do not generally fund research, especially if this is on autistic people. Grants are not normally made to individuals.

Reserves policy and going concern

In the year under review, there was a transfer from expendable endowment of £1,392,930 (2023: £2,115,894) to clear the deficit on unrestricted funds. Whenever it may be necessary in the future, the Trustees are prepared to fund grant commitments from expendable endowment.

Although some grants have been accrued, others totalling £2,289,283 (2023: £152,500) have not been provided for in the Statement of Financial Activities as they are due to be paid more than twelve months after the year end. They represent funds earmarked for continued support to existing grant holders where formal commitments have been made but the grant conditions have not been met at the balance sheet date.

The Trustees regularly review cash flow projections for income and expenditure, to ensure that the level of disposable net assets is adequate and that the Trust is in a position to meet all its commitments. As at 5 April 2024, the Trust held total funds of £46.7 million (2023: £25.4 million). 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

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.

Investment policy and performance

The Trust’s expendable endowment is invested in funds which comply with guidelines for socially and environmentally responsible investing, in accordance with the conditions of the Settlor under which the assets were gifted to the Trust. The Trustees regularly meet the investment manager to discuss strategy and review performance. The Trustees will continue to monitor performance against relevant indices but do not seek to track any particular index.

During the year to 5 April 2024, the total return on the Trust’s investment portfolio was 5.3% (2023: -2.5%).

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

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees (continued)

to manage such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.

Trustees have identified the uncertainty of financial returns to constitute the Trust’s major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review investment strategy and monitor financial performance.

To mitigate the risk of misuse of funds, grants are awarded following a thorough assessment and are monitored regularly. Grants made for more than one year are subject to an annual review.

Charity and public benefit

Trustees appreciate 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. Trustees consider that the information which follows in this annual report, about the Trust’s aims, activities and individual grants demonstrates the public benefit that arises from its grant-making.

Advisers

In the year under review the Trustees were advised by:

Professor Uta Frith Bethan Rigby John Pring

Grant panel

This year a panel of Disabled people and people with experience of work in legal advice and advocacy services was convened to consider and review projects to improve access to justice for Disabled people and recommend these to Trustees for a grant. The panellists were:

L Beckford Charlotte Bott Maria Clark Neil Diamond Richard Downes Jo Holloway-Green Mark Lynes Shona Murphy David Rolph Teresa Waldron and one other panellist who wished not to be named.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees (continued)

One aim of this panel is to increase the diversity of voices that contribute to Trustees’ decision-making and include people closer to the frontline in shaping the work of the Trust.

Future plans

The Trustees will continue to fund projects that support autistic people and their families. They will also continue to fund projects that give access to justice, and projects that prevent or ameliorate violence against Disabled people.

Financial overview of the past year

During the year, the Settlor made a donation of £1.5 million to the Trust, on which gift aid of £375,000 was reclaimed (2023: donation £975,000 and gift aid £243,750). A donation of £20 million was also received from The Gatsby Charitable Foundation. Both donations were added to the Trust’s Expendable and as a result, the net asset value of the Trust increased from £25.4 million at 5 April 2023 to £46.7 million at 5 April 2024.

The total income allocated to unrestricted funds for the year was £1,183,317 (2023: £404,670).

During the year the Trustees approved 51 grants totalling £4,450,833 (2023: £1,921,890), some payable over more than one year. At the end of the year, outstanding grant payments which are not provided for in the accounts amounted to £2,289,283 (2023: £152,500).

The table below shows grants approved and payments made. Payments made relate to grants approved in this and earlier years.

Autism
Disability, Violence and Access to Justice
General		 Grants approved Grants approved Grantspaid Grantspaid
Number £ Number £
29 882,654 38 619,654
22 3,568,179 24 1,301,412
- - 1 5,000
51 4,450,833 63 1,926,066

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees (continued)

Grants approved Autism - £882,654

A2ndvoice - £20,000

Towards rental for 12 months of office and storage space, including related costs like insurance.

Autism NI - £140,000

Towards fundraising, service development, family support and core costs.

Project Art Works - £465,000

Continued funding for support network, new crisis service pilot and core costs.

Grants totalling £257,654 were also made to the following organisations towards summer activity programmes for autistic children and their siblings:

A2ndvoice £9,902 Autism Bedfordshire £10,000 AutismAble £8,700 Blackpool Tiggers £10,000 Brentford FC Community Sports Trust £10,000 CASPA £10,000 Cosgrove Care £8,500 Disabilities and Self-Help Ceredigion £10,000 Dreadnought Centre £10,000 Families United Network £10,000 Helping Hands Autism Support Group £10,000 Hillingdon Autistic Care and Support £10,000 KIDS Lincolnshire £10,000 KIDS Yorkshire and Humber £15,148 Lambeth Autism Group £9,970 PLUS Forth Valley £10,514 Project Art Works £12,500 Resources for Autism £10,000 SKY Autism Support £10,000 Sparkle Sheffield £7,660 Spectrum £12,000 Sunbeams Play £10,000

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees (continued)

WECAN £10,000 WHISH Group £5,760 White Lodge Centre £7,000 YMCA East Surrey £10,000

Disability, violence and access to justice - £3,568,179

A4U - £116,877

Towards extra casework hours to increase availability of advice and representation to meet demand from Disabled people who struggle to access specialist welfare rights provision.

Bristol Law Centre - £225,000

Towards welfare rights advice and legal representation for Disabled people.

Carmarthenshire People First - £148,500

Towards employing an independent professional advocate to provide advocacy and civil rights support for individuals with cognitive differences.

Citizens Advice Barnsley - £148,056

Towards employing an adviser and BSL interpreters to provide face-to-face legal advice, casework and advocacy services to Deaf people.

Citizens Advice Gateshead - £147,798

Towards employing a specialist adviser to enable neurodivergent people to access advice, information and guidance around benefits, debt, housing and employment.

Citizens Advice Sheffield - £145,699

Towards recruiting an additional advice worker to support Disabled people to understand and access their rights and entitlements.

Civil Rights First - £150,000

Towards core costs to support the provision of free, holistic specialist legal advice, effective advocacy, and representation for Disabled people.

DIAL Barnsley - £97,607

Towards employing an additional welfare rights advisor to deliver a bespoke advice service to Disabled people in greatest need.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees (continued)

Disability Advice Service (East Suffolk) - £75,000

Towards the provision of free advice and advocacy on welfare benefits to Disabled people and/or their carers.

Disability Rights UK - £425,000

£390,000 towards the policy and campaigns team. £35,000 towards the costs of Disabled people from organisations across the UK attending the UN Convention on the Rights of Persons with Disabilities in Geneva.

Empowering Deaf Society - £96,000

Towards extending advice for Deaf people by giving extra hours to welfare rights advisers, including related admin and venue costs.

Greater Manchester Law Centre - £142,500

Towards developing embedded specialist welfare rights advice for Disabled people across Greater Manchester, working with 15 Disabled people’s organisations to build capacity and increase access.

Harrow Law Centre - £247,500

Towards welfare rights advice and legal representation for Disabled people.

Inquest - £150,000

Towards casework for bereaved families of autistic people, people with learning disability or people in mental distress, including related costs for family consultation, public affairs and overheads.

Islington Law Centre - £198,000

Towards welfare rights advice and legal representation for Disabled people.

JustRight Scotland - £150,000

Towards developing the Scottish Just Law Centre as a centre of specialist legal advice and support for Disabled people experiencing breaches of human rights and equality law.

Luton Law Centre - £150,000

Towards increased staffing hours and capacity within the community care legal advice service.

Merton Centre for Independent Living - £125,904

Towards employing an advocate to support Disabled people to navigate barriers to accessing goods and services to promote inclusion and independence.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Report of the Trustees (continued)

Respond - £455,000

Towards running costs.

Somerset & Avon Rape & Sexual Abuse Support (SARSAS) - £112,500

Towards the specialist support service for autistic women and women with a learning disability

WECIL - £61,238

Towards extra hours for PIP (Personal Independence Payment) Navigator to support Disabled people with form filling and through to appeals.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Statement of Trustees’ responsibilities

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.

The Trustees’ Report has been approved by the Trustees on 8 January 2025 and signed on their behalf by:

…………………………………………………………………….

TRUSTEE

David Wood

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Independent auditor’s report to the Trustees of the Three Guineas Trust

Opinion

We have audited the financial statements of The Three Guineas Trust (the ‘charity’) for the year ended 5 April 2024 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 Three Guineas 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.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Independent auditor’s report to the Trustees of the Three Guineas Trust (continued)

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.

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.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Independent auditor’s report to the Trustees of the Three Guineas Trust (continued)

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 non-compliance with laws and regulations, our procedures included the following:

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Independent auditor’s report to the Trustees of the Three Guineas Trust (continued)

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 w2ork, for this report, or for the opinions we have formed.

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG 24 January 2024

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

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Statement of financial activities for the year ended 5 April 2024

Income and endowment from:
Donations and gifts
Investments
Bank deposit interest
Total Income
Expenditure on:
Raising funds:
Investment management fees
Charitable activities:
Grant-making:
Grant expenditure
Grant related support costs
Cost of grant-making
Total expenditure
Net gains/(losses) on investments
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net (expenditure)/income
before gains/(losses) on
investments		 Notes Unrestricted
Expendable
Total Funds
Total Funds
Funds Endowment
2024
2023
£
£
£
£
-
21,875,000
21,875,000
1,218,750
518,690
-
518,690
362,414
664,627
-
664,627
42,256
1,183,317
21,875,000
23,058,317
1,623,420
-
92,249
92,249
91,208
2,314,050
-
2,314,050
2,262,260
262,197
-
262,197
258,304
3
4
5
8
11
2,576,247
-
2,576,247
2,520,564
2,576,247
92,249
2,668,496
2,611,772
(1,392,930)
21,782,751
20,389,821
(988,352)
-
837,639
837,639
(1,027,637)
1,392,930
(1,392,930)
-
-
-
21,227,460
21,227,460
(2,015,989)
-
25,435,825
25,435,825
27,451,814
-
46,663,285
46,663,285
25,435,825

The notes on pages 19 to 29 form part of these accounts.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Balance sheet

as at 5 April 2024

Balance sheet
as at 5 April 2024

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 assets/(liabilities)
Net assets
Capital funds
Expendable endowment
Income funds
Unrestricted funds		 Notes 2024
2023
£
£
6,342
8,457
32,777,912
25,513,915
32,784,254
25,522,372

20,962

1,259,971

1,280,933

1,367,480

1,367,480
13,879,031
(86,547)
46,663,285
25,435,825
46,663,285
25,435,825
-
-
46,663,285
25,435,825
7
8
9
10
11
11		 £
48,105
15,498,411
15,546,516
1,667,485
1,667,485

The financial statements were approved and authorised for issue by the trustees on 8th January 2025 and were signed on their behalf by:

…………………………………………………………… TRUSTEE David Wood

The notes on pages 19 to 29 form part of these accounts.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Statement of cash flows for the year ended 5 April 2024

Statement of cash flows
for the year ended 5 April 2024
Cash flows from operating activities:
2024 2023
£ £
Net cash provided by/(used in) operating activities 19,481,481 (891,302)
Cash flows from investing activities:
Dividends and interest 1,183,317 404,670
Proceeds from sale of investments 4,326,692 5,407,447
Purchase of investments (5,208,372) (5,557,901)
Net cash provided by investing activities 301,637 254,216
Change in cash and cash equivalents in the year 19,783,118 (637,086)
Cash and cash equivalents at the beginning of the year 3,107,528 3,744,614
Cash and cash equivalents at the end of the year 22,890,646 3,107,528
Net movement in funds as per the Statement of Financial Activites 21,227,460 (2,015,989)
Dividends and interest (1,183,317) (404,670)
(Gains)/losses on investments (837,639) 1,027,637
Depreciation charges 2,115 2,115
(Increase)/decrease in debtors (27,143) 282,728
Increase in creditors 300,005 216,877
Net cash provided by/(used in) operating activities 19,481,481 (891,302)
Analysis of the cash and cash equivalents
Change in
2024 2023 year
Cash at bank and in hand 15,498,411 1,259,971 14,238,440
Cash held by investment manager for reinvestment 1,392,235 1,847,557 (455,322)
Term deposits 6,000,000 - 6,000,000
22,890,646 3,107,528 19,783,118

The notes on pages 19 to 29 form part of these accounts.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts

1. Charitable status

The Three Guineas Trust is an unincorporated charity, registered in England and Wales with the Charity Commission (registration number 1059652). The address of the registered office is 5 Wilton Road, London, SW1V 1AP.

2. Accounting policies

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. 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.

a) Income

iii) Interest is included when receivable.

b) Expenditure

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

2. Accounting policies (continued)

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.

c) Investments

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.

d) Fixed assets

Fixed assets are capitalised where the purchase price exceeds £5,000 and depreciated at rates which reflect their useful life to the Trust. Leasehold improvements are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used:

Leasehold improvements - 14.28% per annum

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

2. Accounting policies (continued)

e) Financial Instruments

f) 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.

g) Critical accounting judgements and key sources of estimation uncertainty

3. Investment income

Income received on investments may be analysed as follows:


Fixed interest
UK equities
Overseas equities
Alternatives
2024
2023
£
%
£
%
38,650
7
1,912
-
138,553
27
97,205
27
140,286
27
119,631
33
201,201
39
143,666
40
518,690
100
362,414
100

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

4. Grants payable

Reconciliation of grants payable:
Commitments at 6 April 2023
Grants not accrued at 6 April 2023
Grants approved in the year
Grants cancelled or refunded
Grants not accrued at 5 April 2024
Grants payable for the year
Grants paid during the year
Commitments at 5 April 2024
Commitments at 5 April 2024 are payable as follows:
Within one year (note 10)		 2024
2023
£
£
£
£
1,241,911
1,037,732
152,500
499,870
4,450,833
1,921,890
-
(7,000)
(2,289,283)
(152,500)
2,314,050
2,262,260
(1,926,066)
(2,058,081)
1,629,895
1,241,911
1,629,895
1,241,911		 2024
2023
£
£
£
£
1,241,911
1,037,732
152,500
499,870
4,450,833
1,921,890
-
(7,000)
(2,289,283)
(152,500)
2,314,050
2,262,260
(1,926,066)
(2,058,081)
1,629,895
1,241,911
1,629,895
1,241,911
2,262,260
(2,058,081)
1,241,911
1,241,911

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. The total amount authorised but not accrued as expenditure at 5 April 2024 was £2,289,283 (2023: £152,500).

A list of grants payable is included in Appendix A.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

5. Allocation of grant related support costs

2024
2023
**Grant- ** Governance Total
Total
making Allocated
Allocated
£ £ £
£
Staff costs 146,619 1,771 148,390
157,323
Share of joint office costs 42,615 - 42,615
55,094
Grants panel costs 27,366 - 27,366
-
Advisors' honoraria 20,000 - 20,000
20,000
Legal and professional fees 9,900 - 9,900
7,948
Auditor's remuneration* - 9,180 9,180
8,160
Consultancy - - -
5,000
Depreciation 2,115 - 2,115
2,115
Other direct costs including travel 2,631 - 2,631
2,664
251,246 10,951 262,197
258,304

*Auditor's remuneration for 2024 excluding VAT was £7,650 (2023: £6,800).

Included within support costs for 2023 were governance costs totalling £9,864. This was comprised of staff costs of £1,704 and auditor's remuneration of £8,160.

6. Analysis of staff costs

Analysis of staff costs
Salaries and wages
Social security costs
Other pension costs		 2024
2023
£
£
119,772
127,911
14,685
16,149
13,933
13,263
148,390
157,323

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 1.5% of the total support and administration costs of these trusts have been allocated to the Three Guineas Trust (2023: 1.8%), including a proportionate share of the costs of employing the total number of staff serving in the office in 2023/24.

The number of staff employed during the period was 6, all on a part-time basis (2023: 6). This was equivalent to 1.17 full time employees (2023: 1.03). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits including employer pension contributions, of these personnel were £91,678 (2023: £85,601). No employee of the charity earned in excess of £60,000 (2023: none).

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

7. Tangible fixed assets

Tangible fixed assets
Leasehold Improvements
Cost
At 6 April 2023
Disposals
Cost at 5 April 2024
Depreciation
At 6 April 2023
Disposals
Charge for the year
At 5 April 2024
Net book value
At 5 April 2024
Net book value
At 5 April 2023		 2024
2023
£
£
14,802
28,402
-
(13,600)
14,802
14,802
6,345
17,830
-
(13,600)
2,115
2,115
8,460
6,345
6,342
8,457
8,457
10,572

Leasehold Improvements

8. Fixed Asset Investments

Market value 6 April 2023
Less: disposals at proceeds
Add: acquisitions at cost
Net gains/(losses) on investments
Market value 5 April 2024
Investment cash
Term deposits
Total investments		 2024
2023
£
£
23,666,358 24,543,541
(4,326,692)
(5,407,447)
5,208,372
5,557,901
837,639
(1,027,637)
25,385,677 23,666,358
1,392,235
1,847,557
6,000,000
-
32,777,912 25,513,915

The investments held as at 5 April 2024 were as follows:

Fixed interest
UK equities
Overseas equities
Alternatives		 2024
2023
Cost
Market
Cost
Market
Value
Value
£
£
£
£
4,518,254
4,472,348
5,179,829
4,842,253
2,937,697
4,347,100
2,879,561
4,109,100
10,459,804 14,133,291
9,916,543 12,115,410
2,903,898
2,432,938
2,429,302
2,599,595
20,819,653 25,385,677
20,405,235 23,666,358

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

9. Debtors

2024 2023
£ £
Accrued income 34,422 20,962
Other debtors 13,683 -
48,105 20,962

10. Creditors – amounts falling due within one year

Grants payable within one year
Professional charges
Investment management fee
Other creditors		 2024
2023
£
£
1,629,895
1,241,911
13,980
12,361
23,610
22,819
-
90,389
1,667,485
1,367,480

11. Analysis of net assets between funds


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 6 April 2023
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Transfers between funds
Closing balance as at 5 April 2024		 Unrestricted
Expendable
Totals
Funds
Endowment
2024
£
£
£
-
6,342
6,342
-
32,777,912
32,777,912
1,643,875
13,902,641
15,546,516
(1,643,875)
(23,610)
(1,667,485)
-
46,663,285
46,663,285
-
25,435,825
25,435,825
1,183,317
21,875,000
23,058,317
-
(92,249)
(92,249)
(2,576,247)
-
(2,576,247)
-
837,639
837,639
1,392,930
(1,392,930)
-
-
46,663,285
46,663,285

A transfer of £1,392,930 (2023: £2,115,894) was made from expendable endowment to unrestricted funds to cover the deficit during the year.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

12. Comparative analysis of net assets between funds for the year ended 5 April 2023


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 6 April 2022
Total income and endowments
Cost of raising funds
Cost of grant-making
Net losses on investments
Transfers between funds
Closing balance as at 5 April 2023		 Unrestricted
Expendable
Totals
Funds
Endowment
2023
£
£
£
-
8,457
8,457
-
25,513,915
25,513,915
1,344,661
(63,728)
1,280,933
(1,344,661)
(22,819)
(1,367,480)
-
25,435,825
25,435,825
-
27,451,814
27,451,814
404,670
1,218,750
1,623,420
-
(91,208)
(91,208)
(2,520,564)
-
(2,520,564)
-
(1,027,637)
(1,027,637)
2,115,894
(2,115,894)
-
-
25,435,825
25,435,825

A transfer of £2,115,894 was made from expendable endowment to unrestricted funds to cover the deficit during the year.

13. Related party transactions

Included within grant-related support costs is a total of £9,900 payable for legal services to BDB Pitmans LLP (2023: £7,948), a firm in which Mr D Flynn is a partner.

During the year to 5 April 2024 a net Gift Aid donation of £1,500,000 (2023: £975,000) was received from the Settlor who is a Trustee of The Three Guineas Trust.

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

14. Comparative statement of financial activities for the year ended 5 April 2023

Income and endowment from:
Donations and gifts
Investments
Bank deposit interest
Total Income
Expenditure on:
Cost of generating funds:
Investment management fees
Charitable activity:
Grant-making:
Grant expenditure
Grant related support costs
Total Expenditure
Net losses on investments
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net (expenditure)/income
before gains on		 Unrestricted
Expendable
Total Funds
Funds Endowment
2023
£
£
£
-
1,218,750
1,218,750
362,414
-
362,414
42,256
-
42,256
404,670
1,218,750
1,623,420
-
91,208
91,208
2,262,260
-
2,262,260
258,304
-
258,304
2,520,564
91,208
2,611,772
(2,115,894)
1,127,542
(988,352)
-
(1,027,637)
(1,027,637)
2,115,894
(2,115,894)
-
-
(2,015,989)
(2,015,989)
-
27,451,814
27,451,814
-
25,435,825
25,435,825

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

Appendix A

Grants payable

The amount payable for the year ended 5 April 2024 consisted of the following:

Autism

Autism
A2ndvoice CIC
Autism NI
Project Art Works
24 grants of £20,000 totalling
Disability, Violence and Access to Justice
A4U
Bristol Law Centre
Carmarthenshire People First
Citizens Advice Barnsley
Citizens Advice Sheffield
Civil Rights First
DIAL Barnsley
Disability Advice Service (East Suffolk)
Disability Rights UK
Empowering Deaf Society
Gateshead CAB
Greater Manchester Law Centre
Harrow Law Centre
Inclusion London
Inquest
Islington Law Centre
JustRight Scotland
Luton Law Centre
Merton Centre for Independent Living
Respond
Somerset & Avon Rape & Sexual Abuse Support (SARSAS)
WECIL Ltd
General
The Sainsbury Archive		 £
29,902
140,000
317,500
235,252
38,559
75,000
49,500
48,142
46,683
50,000
32,097
25,000
165,000
32,000
47,798
45,000

82,500
87,500

75,000
126,000
50,000

50,000
38,129
290,000
112,500
19,988
5,000
2,314,050

Report and Accounts – 5 April 2024

THE THREE GUINEAS TRUST

Notes to the accounts (continued)

Appendix A (continued)

Grants payable

The amount payable for the year ended 5 April 2023 consisted of the following:

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

Report and Accounts – 5 April 2024