2023-07-31-accounts

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023

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 2023

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 Maguire (appointed ex officio 23 May 2023)
	Professor D J Richardson (retired ex officio 23 May 2023)
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	BDB Pitmans LLP
	1 Bartholomew Close
	London
	EC1A 7BL
Investment managers	Cazenove Capital Management Limited
	1 London Wall Place
	London
	EC2Y 5AU

1

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

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 over the past year, 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 which
	is permanent endowment 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.

2

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

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 £332,598 (2022 - £312,790) 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 As we approach the 25th anniversary of the establishment of SISJAC, the Institute is reflecting on its achievements in meeting our mission, and exploring how best to situate the Institute for the second quarter of the 21st century. A vision and plan for the coming period was approved by the Management Board in July.

Over the past year we have undertaken projects that further define SISJAC as a global leader in the study of Japanese arts and cultures. One of the many outputs of the Ishibashi Foundation Digital Futures project, generously funded by the Ishibashi Foundation, is a ‘Virtual Sainsbury Institute’, a virtual reality high resolution model of 64 The Close, which can host VR exhibitions online. The world premier at the European Association for Japanese Studies in Gent was very well received. This initiative will allow us to bring our research to even broader local and international audiences.

The innovative nature of our programmes was highlighted by our involvement in two major exhibitions, each facilitated by unprecented partnerships, with the Royal Collections Trust and English Heritage respectively: Japan Courts and Cultures was at the Queens Gallery at Buckingham Palace, and closed with an international conference at Windsor Castle in February; Circles of Stone: Stonehenge and Prehistoric Japan opened at the Stonehenge Visitor Centre in September 2022, and closed recently with an international conference and performances by the London Taiko Drummers.

We continue to attract the highest calibre of research fellows and academic visitors. Having successfully submitted her book manuscript, our 2022-23 Robert and Lisa Sainsbury Fellow Dr Shilla Lee takes up a University Lectureship at the University of Oxford in autumn 2023. Among others we also welcomed Professor Ayelet Zohar, President of the Japan Art History Forum to Norwich in the spring of 2023, leading to new collaborations with Israeli institutions.

3

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

Director's Report (cont.)	The Institute has been greatly affected by the departure of Professor
	David Richardson as Vice Chancellor and Chair. Professor Sarah
	Barrow, Pro-Vice Chancellor for Arts and Humanities kindly agreed to
	become interim Chair. Professor David McGuire visited 64 The Close
	early in his tenure as new Vice Chancellor.
	Professor Simon Kaner, Executive Director, September 2023
Financial Review
Reserves policy	The Trustees' policy is to pay the net income to the UEA. The
	restricted fund as at 31 July 2023 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 £347,230.
	The following grants were made out of the income of the Trust for the
	year ended 31 July 2023: £332,598.
	The net incoming resources for the year of the Unrestricted Fund after
	making these grants were £6,425. The balance of the Unrestricted
	Fund at 31 July 2023 was £52,405.
	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.

4

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

Investment performance	The value of the investment portfolio continues to fluctuate as a result
	of difficult economic conditions, not least as a result of the continuing
	war in the Ukraine. The value of investments has decreased by 2.8%
	compared to 2022.
	Investment income has increased by 3.9% compared to the
	previous year the prevailing economic conditions saw moderate
	dividend returns. Investment income remains difficult to find, and
	Trustees are mindful that slowing global growth and geopolitical
	uncertainty could have a negative impact on future 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 O Byrne, Mr A Collett,
	Mr D Flynn, Ms H Johnston, Miss J S Portrait.

5

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

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:

• select suitable accounting polices and apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.

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 8 November 2023 and signed on their behalf by

Mr P Hesketh

Trustees

Professor D Maguire

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 2023

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 2023 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:

• give a true and fair view of the state of the charity’s affairs as at 31 July 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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 2023

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:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, 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 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 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.

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 Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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.

8

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

FOR THE YEAR ENDED 31 JULY 2023

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or 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

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Crowe U.K. LLP Statutory Auditor London

17 November 2023

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.

9

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2023

Notes £ Income and endowments from Investment income 7 347,230 Total income and endowments 347,230 Expenditure on Raising funds 8.1 - Charitable activities 8.2 332,598 Other costs 8.3 8,207 Total expenditure 340,805 Net (expenditure)/income from operations before investment (losses)/gains 6,425 (Losses)/gains on investments 3.1 - Net income and capital inflow 6,425 Total funds brought forward 45,980 Balance carried forward 10 52,405 Unrestricted Funds	Notes £ Income and endowments from Investment income 7 347,230 Total income and endowments 347,230 Expenditure on Raising funds 8.1 - Charitable activities 8.2 332,598 Other costs 8.3 8,207 Total expenditure 340,805 Net (expenditure)/income from operations before investment (losses)/gains 6,425 (Losses)/gains on investments 3.1 - Net income and capital inflow 6,425 Total funds brought forward 45,980 Balance carried forward 10 52,405 Unrestricted Funds	£ £ - - 2023 Restricted Funds Permanent Endowment	£ £ - - 2023 Restricted Funds Permanent Endowment	2022 £ £ 347,230 334,110 Total Total Funds
	347,230	-	-	347,230 334,110
	- 332,598 8,207	- - -	31,608 - 2,946	31,608 32,690 332,598 312,790 11,153 11,273
	340,805	-	34,554	375,359 356,753
	6,425 -	- -	(34,554) (220,002)	(28,129) (22,643) (220,002) 168,611
	6,425 45,980	- 21,990	(254,556) 8,917,197	(248,131) 145,968 8,985,167 8,839,199
	52,405	21,990	8,662,641	8,737,036 8,985,167

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

10

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

BALANCE SHEET

AS AT 31 JULY 2023

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 5 3 4 Notes 10 10 10	2023 £ 8,687,235 8,687,235 27,972 31,517 59,489 (9,688) 49,801 8,737,036 52,405 21,990 8,662,641 8,737,036	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

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

Approved by the Board and signed on its behalf by

) ) Mr P Hesketh ) Trustees ) ) Professor D Maguire )

Date: 8 November 2023

11

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2023

Notes Cashflows from operating activities: Net cash (used in) operating activities 9 Cash flows from investing activities: Dividends, interest and rents from investments Proceeds from sale of investments 3.1 Purchase of investments 3.1 Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Analysis of cash and cash equivalents UK cash held as part of investment portfolio 3.1 Cash at bank and in hand Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	2023 Total Funds £ (374,758)	2022 Total Funds £ (371,952)
	347,230 791,551 (817,662)	334,110 1,806,615 (1,913,612)
	321,119	227,113
	(53,639)	(144,839)
	168,437	313,276
	114,798	168,437
	83,281 31,517	144,029 24,408
	114,798	168,437

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

12

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

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

• 2.1 Incoming resources are included in the Statement of Financial Activities (SoFA) when:

• 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.

• 2.2 Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the SoFA.

• 2.3 Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.

• 2.4 Incoming resources from tax reclaims are included in the SoFA at the same time as the income to which they relate.

13

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

• 2.5 Investment income is included in the accounts when receivable.

• 2.6 Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing the investments to market value at the end of the year.

• 2.7 Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

• 2.8 Governance costs include the cost of the preparation and examination of statutory accounts, the cost of trustee meetings and cost of any legal advice to the trustees on governance or constitutional matters.

• 2.9 Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust.

• 2.10 Investments quoted on a recognised stock exchange are valued at market value at the year end.

• 2.11 The trust is an exempt charity within the meaning of Section 519 of the Income Tax Act, 2007. Accordingly, it is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 256 of the Taxation of Chargeable Gains Act, 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

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

• 2.12 Restricted funds are those where donors have placed restrictions on the use of the funds.

• 2.13 Endowed funds are permanent endowments where the donor has specified that the capital of the gift cannot be expended and that only the income arising from the capital may be used for the purpose named by the donor. None of these funds are available to meet the general costs of the Trust. Investment management charges and legal fees are charged to the capital of the endowed funds.

• 2.14 Sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies. No specific accounting judgements and uncertainties have been identified for the current year.

• 2.15 Cash held for reinvestment in the portfolio has been included within fixed asset investments as it is a long term investment. Other cash that is available on demand within the income accounts is included within current assets.

14

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

3 Investment Assets 2023 £ 3.1 Quoted Investments Market value brought forward 8,797,845 Additions 817,662 Disposals (791,551) Net investment (losses)/gains (220,002) Market value of investments before Capital account 8,603,954 UK cash held as part of investment portfolio 83,281 Market value at year end 8,687,235 3.2 Historical Cost At 31 July 2023 7,314,629 At 1 August 2022 3.3 The following material investment holdings represented more than 5% of the the charity's total investments:- 2023 £ Fidelity Global Dividend Fund 438,600 Vanguard S&P 500 UCITS ETF 549,892 iShares PLC - S&P 500 Index 827,325 1,815,817	2022 £ 8,522,239 1,913,612 (1,806,615) 168,611
	8,797,845 144,029
	8,941,874
	7,038,294
	total value of 2022 £ - 519,179 780,870
	1,300,049

15

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

4	Debtors and Prepayments
		2023	2022
		£	£
	Accrued income	27,227	26,830
	Prepayments	745	745
		27,972	27,575
5	Creditors: Amounts Falling Due Within One Year
		2023	2022
		£	£
	Professional fees	7,080	6,000
	Investment management charges	2,608	2,690
		9,688	8,690
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 (2022 - £Nil).
6.3	No Trustee has been reimbursed with any out-of-pocket expenses (2022 - £Nil).
6.4	There were no transactions with Trustees or connected persons (2022 - £Nil).

16

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

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	2023 £ 347,230 347,230 2023 £ 31,608 31,608 2023 £ 332,598 332,598	2022 £ 334,110
		334,110
		2022 £ 32,690
		32,690
		2022 £ 312,790
		312,790

17

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

		2023	2022
		£	£
8.3	Other Costs
	Legal fees	2,946	4,472
	Audit fees	7,080	6,000
	Insurances	1,127	801
		11,153	11,273
	Legal and administration fees are for services provided by BDB	Pitmans LLP, a firm in which
	Mr O Byrne, Mr A Collett, Mr D Flynn and Ms H Johnston were partners. Amounts due at yea
	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 2023 (2022 - none).
9	Reconciliation of Cash Flows From Operating Activities
		2023	2022
		£	£
	Net expenditure for the year (as per Statement
	of Financial Activities)	(28,129)	(22,643)
	Adjustments for:
	Dividends, interest and rents from investments	(347,230)	(334,110)
	(Increase) in prepayments	(397)	(13,035)
	(Decrease)/Increase in creditors	998	(2,164)
	Net cash used in operating activities	(374,758)	(371,952)

18

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

10 Analysis of Fund Movements

10.1 a b c 10.2 b c Permanent Endowment Unrestricted Funds Restricted Fund a Unrestricted Funds Restricted Fund Permanent Endowment	21,990 45,980 Balances Brought Forward, 01.08.2022 £ 8,917,197	£ Income 347,230 - -	Investments Gain/(Loss) £ - - (220,002) (34,554) Expenditure £ - (340,805)	Funds Carried Forward, 31.07.2023 £ 52,405 21,990 8,662,641
	8,985,167	347,230	(220,002) (375,359)	8,737,036
	31,461 8,785,748 Balances Brought Forward, 01.08.2021 £ 21,990	£ Income 334,110 - -	Investments Gain/(Loss) £ - - 168,611 £ (37,162) Expenditure (319,591) -	Funds Carried Forward, 31.07.2022 £ 45,980 21,990 8,917,197
	8,839,199	334,110	168,611 (356,753)	8,985,167

• 10.3 The permanent endowment represents the value of assets held as investments arising from the original assets settled by the Trustees of the Robert and Lisa Sainsbury Charitable Trust on 16 December 1998. The income arising on these assets is available for use in accordance with the trust's objects and is included in unrestricted income.

• 10.4 The restricted fund as at 31 July 2023 of £21,990 has been repurposed by Trustees to meet or contribute towards the costs of the move of SISJAC from The Close into the Sainsbury Centre for Visual Arts.

19

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

11 Statement of Financial Activities: year ended 31 July 2022

Other costs Total expenditure Balance carried forward Total funds brought forward Net income and capital inflow Raising funds Expenditure on Charitable activities Income and endowments from Total income and endowments Investment income Net income/(loss) from operations before transfers and investment gains Gains on investment	Unrestricted Funds 334,110 £	£ Restricted Funds -	£ - Permanent Endowment	£ 334,110 Total
	334,110	-	-	334,110
	- 312,790 6,801	- - -	32,690 - 4,472	32,690 312,790 11,273
	319,591	-	37,162	356,753
	14,519 -	- -	(37,162) 168,611	(22,643) 168,611
	31,461 14,519	- 21,990	131,449 8,785,748	145,968 8,839,199
	45,980	21,990	8,917,197	8,985,167

20

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

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)	27,972 31,517 Unrestricted Funds (7,084) £ -	£ 8,665,245 - - (2,604) 2023 - Restricted Funds 21,990 Permanent Endowment - - £	£ 8,687,235 27,972 31,517 (9,688) Total
	52,405	8,662,641 21,990	8,737,036
	(6,003) Unrestricted Funds 24,408 £ - 27,575	£ 8,919,884 - - (2,687) Restricted Funds - Permanent Endowment 2022 - £ 21,990 -	£ 8,941,874 27,575 24,408 (8,690) Total
	45,980	8,917,197 21,990	8,985,167

13 Financial Instruments

At year end, the Fund held financial assets at fair value through income or expenditure of £8,687,235 (2022: £8,797,845) and financial liabilities at amortised cost of £9,688 (2022: £8,690). 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 £347,230 (2022: £334,110) and expenditure incurred was £31,608 (2022: £32,690). Losses in the period were £220,002 (2022: Gains of £168,611).

21