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2022-07-31-accounts

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

CONTENTS

Page
Trustees' Report 1 to 6
Independent Auditors' Report 7 to 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Accounts 13 to 21

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Charity registration number 1073416
Principal address The Peak
5 Wilton Road
London
SW1V 1AP
University Trustees Mr D I Callaghan
Professor I P Dewing
Professor D J Richardson
External Trustees H O N & V Trustee Ltd
Mr P Hesketh
Mr J C Burns
Auditors Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Solicitors Portrait Solicitors, now BDB Pitmans LLP
21 Whitefriars Street 1 Bartholomew Close
London
 London
EC4Y 8JJ
 EC1A 7BL
Investment managers Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y 5AU

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

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Structure Governance and Management
Governing document The Sainsbury Institute for the Study of Japanese Arts and Cultures
was established by the Trustees of The Robert and Lisa Sainsbury
Charitable Trust under a Trust Deed dated 16 December 1998.
The full name of the Trust is as above. The short name for the
Institute is 'SISJAC'.
Trustee Selection Methods The power of appointing University Trustees is exercisable by the
University of East Anglia ('UEA'). The External Trustees are appointed
by the continuing External Trustees with them being required
to appoint those nominated by Lord Sainsbury of Turville.
Organisational structure of The External Trustees are responsible for investment policy and
the charity and how management. The Trustees meet twice a year to consider reports from
decisions are made the External Trustees on investment performance and policy, to
receive reports on the application of the funds passed to the University
in order to fulfil the objects of the Trust and to consider the annual
report and financial statements.
Risk policy The key risk to the trust fund is the volatility of market investments as
evidenced by the impact of the Coronavirus pandemic, where the value
of investments has fluctuated and future investment income is
anticipated to be substantially lower. The Trustees, in consultation with
and on the advice of their Investment Advisers, maintain a diverse and
balanced investment portfolio to mitigate so far as possible against
adverse risks affecting the overall value of the endowment so that the
charity can continue to pay out the income generated to the trust
beneficiary. At the same time, other major risks to which the trust is
exposed are considered and, where necessary, steps are taken to
mitigate and minimise those risks.
Objectives and Activities
Objects The objects of the Trust are that the income but not the capital of the
of the Trust is to be applied for charitable purposes connected with
the advancement of education and learning by promoting study into
the research and teaching of the culture of Japan, and specifically
to pay the costs of employing staff and certain direct running costs
of SISJAC at the UEA.
Management Board The UEA activities funded by the Institute are controlled by a
Management Board whose constitution is determined by the Institute's
Trust Deed. This Board is made up of two members nominated by
Lord Sainsbury of Turville, the Vice-Chancellor of the University of East
Anglia, the Director of the Institute and two academic specialists in
Japanese Cultural Studies.
The Vice-Chancellor acts as Chairman of the Board. Sir Tim Lankester
and Mr Peter Hesketh attend the Board's meetings at the invitation of
its Chairman.
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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Public Benefit Statement The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities (and setting the grant making policy for the year). Achievements and Performance Achievements During the year the Institute distributed £312,790 (2021 - £275,494) to the UEA, which continues to support the study of Japanese Arts and Cultures. The charity had no paid staff. The Trustees believe that the charity has sufficient assets to meet its obligations. Director's Report Over the past year SISJAC has emerged from the Covid-19 pandemic in a robust state, ready to face the challenges of the post-pandemic world, and continuing to deliver on our founding mission in innovative ways, best suited to the new circumstances in which we find ourselves. The rubric in 2018 now seems especially predictive. A cluster of initiatives around this theme have met with success and provide a firm foundation for future development in this area. These include our Beyond Japan Podcast series, a joint initiative with the UEA Centre for Japanese Studies, which won a UEA Engagement Award in summer 2022, our Online Summer Programmes in Japanese Cultural Studies , attracting hundreds of participants from around the world, and online exhibitions, including Nara to Norwich: art and belief at the ends of the Silk Roads and Faces of Faith , based on one of the treasures in the Sainsbury Collections. Our relaunched website and engagement with social media and other online publications (including a new series of Online Occasional Papers and monthly e-bulletin) are being very well-received. The successful implementation of these projects encouraged one of our major external partners, the Ishibashi Foundation, to allow us to repurpose a major grant we had not been able to use due to the pandemic for a series of new digital pilot projects which will be developed over the coming year. success of the MA in Interdisciplinary Japanese Studies, which welcomed its second cohort of students in September 2021. The research outputs of the Institute made a significant contribution to the results of the 2021 REF (Research Excellence Framework). The Institute was involved in three major Japan-focused exhibitions: Leiko Ikemura: usagi in wonderland at the Sainsbury Centre in autumn 2021, Kawanabe Kyosai at the Royal Academy of Arts in spring 2022, and Japan: Court and Culture

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

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Director's Report (cont.) Summer 2022 saw our first opportunity to return to Japan after the
pandemic. Our friends there are ready to revitalise our networks as we
approach our 25th anniversary in 2024, and we are currently negotiating
an unprecedented Memorandum of Understanding with the National
Institutes for Cultural Heritage, comprising all the major national
museums and research institutes for art and archaeology.
Professor Simon Kaner, Executive Director, September 2022
Financial Review
Reserves policy The Trustees' policy is to pay the net income to the UEA. The
restricted fund as at 31 July 2022 of £21,990 has been repurposed to
meet or contribute towards the costs of the move of SISJAC from The
Close into the Sainsbury Centre for Visual Arts.
Funds This is a grant making Trust with no direct activities, all distributable
income being donated to the UEA for the purposes specified above.
Therefore there are no specific activities to be reported on by the
Trustees.
The income of the year, all derived from stock exchange investments
and cash placed on deposit was £334,110.
The following grants were made out of the income of the Trust for the
year ended 31 July 2022: £312,790.
The net incoming resources for the year of the Unrestricted Fund after
making these grants were £14,519. The balance of the Unrestricted
Fund at 31 July 2022 was £45,980.
The University and External Trustees met twice during the year to
consider the allocation of available income. The External Trustees had
two further meetings with Cazenove Capital Management. The Trustees
receive an annual report from the UEA on the application of funds paid
to the UEA. The UEA accounts for the activities funded from the
income made over to it by the Trustees within the scope of its Annual
Report and Accounts.
Investment policy The Trustees have wide powers of investment. The objective of the
Trustees is to maintain a level of investment income over time that
keeps pace with inflation.
The Trust's permanent endowment funds are invested to generate
income and provide long-term capital growth in line with relevant
indices. The Trustees regularly meet the investment managers to
discuss strategy and review performance. In the year under review,
Trustees maintained a defensive investment strategy.
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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

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Investment performance The investment portfolio has experienced less volatility during the
financial year now that the Trust has passed through the
unprecedented conditions arising from Covid-19. The market value
of investments has increased by 1.4% compared to 2021, and
investment income has increased by 18% compared to the
previous year as the amounts paid from dividends recover from
pandemic lows. Neverthless investment income remains difficult
to find, and Trustees are mindful of the uncertainty that increased
inflation and the effect of the war in Ukraine will bring to investment
returns.
The charity does not raise funds from the public.
Future Plans The charity expects to continue to distribute grants in the foreseeable
future.
Going Concern 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. There are no material uncertainties about the charity's ability to
continue.
Directors The directors of HON & V Trustee Ltd are: Mr D Flynn, Ms G Harris (now
retired), Ms H Johnston, Miss J S Portrait.
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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare the financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for the period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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.

Approved by the Trustees on 16 November 2022 and signed on their behalf by

Mr P Hesketh

Trustees

Professor D J Richardson

6

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

FOR THE YEAR ENDED 31 JULY 2022

Opinion

We have audited the financial statements of the Sainsbury Institute for the Study of Japanese Arts and Cultures for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:

resources and application of resources, including its income and expenditure for the year then ended;

Practice; and

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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

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 trustee's 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 charity'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 trustees are responsible for the other information. The other information comprises the information 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 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.

7

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

FOR THE YEAR ENDED 31 JULY 2022

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 require us to report to you if, in our opinion:

Responsibilities of trustees

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.

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.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

FOR THE YEAR ENDED 31 JULY 2022

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor London

2 December 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2022

Notes
£
Income and endowments from
Investment income
7
334,110
Total income and endowments
334,110
Expenditure on
Raising funds
8.1
-
Charitable activities
8.2
312,790
Other costs
8.3
6,801
Total expenditure
319,591
Net income/(expenditure)
from operations before
transfers and investment
gains
14,519
Gains on
investments
3.1
-
Net income and capital inflow
14,519
Total funds brought forward
31,461
Balance carried forward
10
45,980
Unrestricted
Funds		 Notes
£
Income and endowments from
Investment income
7
334,110
Total income and endowments
334,110
Expenditure on
Raising funds
8.1
-
Charitable activities
8.2
312,790
Other costs
8.3
6,801
Total expenditure
319,591
Net income/(expenditure)
from operations before
transfers and investment
gains
14,519
Gains on
investments
3.1
-
Net income and capital inflow
14,519
Total funds brought forward
31,461
Balance carried forward
10
45,980
Unrestricted
Funds		 £
£
-
-
2022
Restricted
Funds
Permanent
Endowment		 £
£
-
-
2022
Restricted
Funds
Permanent
Endowment		 £
334,110
Total		 2021
£
283,811
Total Funds
334,110 - - 334,110 283,811
-
312,790
6,801		 -
-
-		 32,690
-
4,472		 32,690
312,790
11,273		 30,462
275,494
13,088
319,591 - 37,162 356,753 319,044
14,519
-		 -
-		 (37,162)
168,611		 (22,643)
168,611		 (35,233)
860,331
14,519
31,461		 -
21,990		 131,449
8,785,748		 145,968
8,839,199		 825,098
8,014,101
45,980 21,990 8,917,197 8,985,167 8,839,199

The notes on pages 13 to 21 form part of these financial statements.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

BALANCE SHEET

AS AT 31 JULY 2022

Fixed assets
Quoted stocks and shares
Total fixed assets
Current assets
Debtors and prepayments
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one year
Net current assets
Net assets
Funds of the charity:-
Unrestricted Funds
Restricted Funds
Endowment Funds
Notes
10
10
10
5
3
4		 2022
£
8,941,874
8,941,874
27,575
24,408
51,983
(8,690)
43,293
8,985,167
45,980
21,990
8,917,197
8,985,167		 2021
£
8,812,594
8,812,594
14,540
22,920
37,460
(10,855)
26,605
8,839,199
31,461
21,990
8,785,748
8,839,199

The notes on pages 13 to 21 form part of these financial statements.

Approved by the Board and signed on its behalf by

----- Start of picture text -----
)
)
Mr P Hesketh )
Trustees
16 November 2022
)
)
Professor D J Richardson )
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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2022

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2022 2021
Notes Total Funds Total Funds
£ £
Cashflows from operating activities:
Net cash (used in) operating activities 9 (371,952) (322,707)
Cash flows from investing activities:
Dividends, interest and rents from investments 334,110 283,811
Proceeds from sale of investments 3.1 1,806,615 379,200
Purchase of investments 3.1 (1,913,612) (612,730)
Net cash provided by investing activities 227,113 50,281
Change in cash and cash equivalents in the reporting
period (144,839) (272,426)
Cash and cash equivalents at the beginning of the reporting
period 313,276 585,702
Cash and cash equivalents at the end of the reporting period
168,437 313,276
Analysis of cash and cash equivalents
UK cash held as part of investment portfolio 3.1 144,029 290,356
Cash at bank and in hand 24,408 22,920
168,437 313,276
The notes on pages 13 to 21 form part of these financial statements.
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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

1 Basis of Preparation

1.1 Basis of Accounting

These financial statements have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the charities (Accounts and Reports) Regulations only to the extent required to provide a "true and fair view".

1.2 Fund accounting

The charity has a single permanent endowment fund, a restricted fund and an unrestricted fund.

1.3 Going Concern

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. There are no material uncertainties about the charity's ability to continue.

1.4 Public Benefit

The Trust is a public benefit entity.

2 Accounting Policies

the charity becomes entitled to the resources;

the trustees are virtually certain they will receive the resources; and

the monetary value can be measured with sufficient reliability.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

The trust receives no exemption in respect of Value Added Tax (VAT) and is not VAT registered.

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

3
Investment Assets
2022
2021
£
£
3.1
Quoted Investments
Market value brought forward
8,522,238
7,428,377
Additions
1,913,612
612,730
Disposals
(1,806,615)
(379,200)
Net investment gains
168,611
860,331
Market value of investments before Capital account
8,797,845
8,522,238
UK cash held as part of investment portfolio
144,029
290,356
Market value at year end
8,941,874
8,812,594
3.2
Historical Cost
At 31 July 2022
7,038,294
At 1 August 2021
6,490,751
3.3
The following material investment holdings represented more than 5% of the total value of
the charity's total investments:-
2022
2021
£
£
Trojan Income Fund
-
445,636
Vanguard S&P 500 UCITS ETF
519,179
488,201
iShares PLC - S&P 500 Index
780,870
734,270
1,300,049
1,668,107		 2022
£
8,522,238
1,913,612
(1,806,615)
168,611		 2021
£
7,428,377
612,730
(379,200)
860,331
8,522,238
290,356
1,668,107

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

4 Debtors and Prepayments
2022 2021
£ £
Accrued income 26,830 14,113
Prepayments 745 427
27,575 14,540
5 Creditors: Amounts Falling Due Within One Year
2022 2021
£ £
Professional fees 6,000 8,500
Investment management charges 2,690 2,355
8,690 10,855
6 Transactions With Related Parties
6.1 The Trustees are considered the Key Management Personnel of the charity.
6.2 No Trustee is or has been entitled to any fee or salary (2021 - £Nil).
6.3 No Trustee has been reimbursed with any out-of-pocket expenses (2021 - £Nil).
6.4 There were no transactions with Trustees or connected persons (2021 - £Nil).

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

7
Analysis of Incoming Resources
7.1
Investment Income
Income receivable on quoted investments
8
Analysis of Resources Expended
8.1
Investment Management Fees
Stockbrokers' management fee
8.2
Charitable Activities
Donations to University of East Anglia		 2022
£
334,110
334,110
2022
£
32,690
32,690
2022
£
312,790
312,790		 2021
£
283,811
283,811
2021
£
30,462
30,462
2021
£
275,494
275,494

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

2022 2021
£ £
8.3 Other Costs
Legal fees 4,472 5,808
Audit fees 6,000 6,000
Insurances 801 1,280
11,273 13,088
Legal fees are for services provided by Portait Solicitors, a firm in which Miss J S Portrait
and Mr D Flynn were partners. Amounts due at year end in respect of professional fees from
the firm are disclosed in Note 5.
8.4 The Fund employed no staff during the year ended 31 July 2022 (2021 - none).
9 Reconciliation of Cash Flows From Operating Activities
2022 2021
£ £
Net expenditure for the year (as per Statement
of Financial Activities) (22,643) (35,233)
Adjustments for:
Dividends, interest and rents from investments (334,110) (283,811)
(Increase) in prepayments (13,035) (5,713)
(Decrease)/Increase in creditors (2,164) 2,050
Net cash used in operating activities (371,952) (322,707)

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THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

10
Analysis of Fund Movements
10.1
a
b
c
10.2
b
c
Balances
Brought
Forward,
01.08.2021
£
£
8,839,199
8,785,748
21,990
8,014,101
Balances
Brought
Forward,
01.08.2020
a
Unrestricted Funds
Restricted Fund
Permanent Endowment
7,961,687
Permanent Endowment
Unrestricted Funds
Restricted Fund
21,990
31,461
30,424		 10
Analysis of Fund Movements
10.1
a
b
c
10.2
b
c
Balances
Brought
Forward,
01.08.2021
£
£
8,839,199
8,785,748
21,990
8,014,101
Balances
Brought
Forward,
01.08.2020
a
Unrestricted Funds
Restricted Fund
Permanent Endowment
7,961,687
Permanent Endowment
Unrestricted Funds
Restricted Fund
21,990
31,461
30,424		 £
Income
334,110
-
-		 Investments
Gain/(Loss)
£
-
-
168,611
Expenditure
£
-
(319,591)
(37,162)		 Funds
Carried
Forward,
31.07.2022
£
45,980
21,990
8,917,197
£
8,839,199
21,990
Balances
Brought
Forward,
01.08.2020
7,961,687
30,424		 -
334,110
-
Income
283,811
£		 168,611
Investments
Gain/(Loss)
£
-
-
860,331
Expenditure
(282,774)
-
(36,270)
£
(356,753)		 8,985,167
Funds
Carried
Forward,
31.07.2021
£
31,461
21,990
8,785,748
8,014,101 283,811 860,331
(319,044)		 8,839,199

19

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

11
Statement of Financial Activities: year ended 31 July 2021
Gains on investment
21,990
21,990
-
-
-
-
-
-
Net income from operations
before transfers and investment
gains
275,494
7,280
282,774
£
-
-
-
Raising funds
Unrestricted
Funds
Expenditure on
Charitable activities
Income and endowments from
Total income and endowments
283,811
283,811
Investment income
Balance carried forward
Total funds brought forward
Net income and capital inflow
31,461
30,424
1,037
£
Restricted
Funds
1,037
Other costs
Total expenditure
-
-		 11
Statement of Financial Activities: year ended 31 July 2021
Gains on investment
21,990
21,990
-
-
-
-
-
-
Net income from operations
before transfers and investment
gains
275,494
7,280
282,774
£
-
-
-
Raising funds
Unrestricted
Funds
Expenditure on
Charitable activities
Income and endowments from
Total income and endowments
283,811
283,811
Investment income
Balance carried forward
Total funds brought forward
Net income and capital inflow
31,461
30,424
1,037
£
Restricted
Funds
1,037
Other costs
Total expenditure
-
-		 11
Statement of Financial Activities: year ended 31 July 2021
Gains on investment
21,990
21,990
-
-
-
-
-
-
Net income from operations
before transfers and investment
gains
275,494
7,280
282,774
£
-
-
-
Raising funds
Unrestricted
Funds
Expenditure on
Charitable activities
Income and endowments from
Total income and endowments
283,811
283,811
Investment income
Balance carried forward
Total funds brought forward
Net income and capital inflow
31,461
30,424
1,037
£
Restricted
Funds
1,037
Other costs
Total expenditure
-
-		 £
-
Permanent
Endowment		 £
283,811
Total
283,811 - - 283,811
275,494
7,280
-		 -
-
-		 30,462
-
5,808		 30,462
275,494
13,088
282,774 - 36,270 319,044
-
1,037		 -
-		 (36,270)
860,331		 (35,233)
860,331
30,424
1,037		 21,990
-		 824,061
7,961,687		 825,098
8,014,101
31,461 21,990 8,785,748 8,839,199

20

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

12 Analysis of Net Assets Between Funds

12.1
Fixed assets/ investments
Current assets
Debtors and prepayments
Cash at bank and in hand
Current (liabilities)
12.2
Fixed assets/ investments
Current assets
Debtors and prepayments
Cash at bank and in hand
Current (liabilities)		 -
£
27,575
24,408
Unrestricted
Funds
(6,003)		 £
8,919,884
-
-
(2,687)
-
-
£
Permanent
Endowment
-
Restricted
Funds
21,990
2022		 £
8,941,874
27,575
24,408
(8,690)
Total
Unrestricted
Funds
22,920
£
-
14,540
(5,999)
45,980		 8,917,197
21,990		 8,985,167
£
8,812,594
14,540
22,920
(10,855)
Total
£
8,790,604
-
-
(4,856)
2021
-
£
21,990
-
Restricted
Funds
-
Permanent
Endowment
31,461 8,785,748
21,990		 8,839,199

13 Financial Instruments

At year end, the Fund held financial assets at fair value through income or expenditure of £8,797,845 (2021: £8,522,238) and financial liabilities at amortised cost of £8,690 (2021: £10,855). Total interest charged in respect of financial assets held at amortised cost totalled £Nil (2020: £Nil). Income in respect of assets held at fair value totalled £334,110 (2021: £283,811) and expenditure incurred was £32,690 (2021: £30,462). Gains in the period were £168,611 (2021: £860,331).

21