2025-07-31-accounts

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

CONTENTS

pp

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |Page| |Trustees’|Report|1|to|6| |Independent Auditors'|Report|7|to|9| |Statement|of|Financial|Activities|10| |Balance|Sheet|1| |Statement|of Cash|Flows|12| |Notes|to|the Accounts|13|to|21|

----- End of picture text -----

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 JULY 2025

Charity registration number	1073416
Principal address	The Peak
	5 Wilton Road
	London
	SW1V 1AP
UniversityTrustees	MrD i Callaghan
	Professor	P Dewing (retired
	Professor D Maguire
External Trustees	HON &VTrustee Ltd
	Mr P Hesketh
	Mr J C Burns
Auditors	Crowe U.K. LLP
	55 Ludgate Hill
	London
	EC4M 7JW
Solicitors	Broadfield LawUKLLP
	1 Bartholomew Close
	London
	EC1A 7BL
Investmentmanagers	Cazenove Capital Management Limited
	1 London Wall Place
	London
	ECG2Y5AU

1

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT
FORTHEYEARENDED 31	JULY 2025
ee
StructureGovernanceand	Management
Governingdocument	TheSainsbury Institute forthe StudyofJapanese Arts and Cultures
	was established by theTrustees ofThe Robertand Lisa Sainsbury
	Charitable Trust under a Trust Deed dated 16 December 1998.
	The full name ofthe Trust is as above. The short name for the
	Institute is 'SISJAC'.
TrusteeSelection Methods	—Thepowerofappointing UniversityTrustees isexercisablebythe
	Universityof EastAnglia (‘'UEA'). The External Trustees areappointed
	by the continuing External Trusteeswho in turn are required
	toappointthose nominated by Lord Sainsbury ofTurville.
Organisational structure of thecharityandhow
decisions aremade	the ExternalTrusteeson investment performance and policy, to
	receive reports on theapplication ofthefunds passed to the University
	in orderto fulfil the objects ofthe Trust and to consider the annual
	reportand financial statements.
Risk policy	The key risk tothe trustfund is the volatility ofmarketinvestments
	where the value of investments and future investment income
	fluctuates. The Trustees, in consultation with and on the
	advice of their Investment Advisers, maintain a diverseand balanced
	investment portfolio to mitigate so faras possible against adverse
	risks affecting the overall value of the endowmentso that the charity
	can continue to pay out the income generated tothe trust beneficiary.
	At the sametime, other major risks towhich the trust is exposed are
	considered and, where necessary, steps are taken to mitigate and
	minimise those risks.
Objectives and Activities
Objects	Theobjects ofthe Trustare thatthe income but not the capitalwhich
	is permanent endowment ofthe Trust is to be applied for charitable
	purposes connectedwith theadvancement ofeducationand learning
	by promoting study into the research and teaching ofthe culture of
	Japan, and specifically to pay the costs of employing staffand
	certain direct running costs ofSISJAC at the UEA.
ManagementBoard	TheUEA activitiesfunded by the Institute are controlled bya
	Management Board whose constitution is determined by the Institute's
	Trust Deed. This Board is made up oftwomembers nominated by
	Lord SainsburyofTurville, theVice-Chancellorofthe University ofEast
	Anglia, the Directorofthe Institute and two academic specialists in
	Japanese Cultural Studies.
	TheVice-Chancellor acts as Chairman ofthe Board. SirTim Lankester
	and Mr Peter Hesketh attend the Board's meetings at the invitation of
	itsChairman.

2

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2025

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

Achievements During the year the Institute distributed £344,094 (2024 - £355,400) 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 The past six months have seen the development of a new five-year plan for the Institute, building on the successes celebrated in our 25th anniversary year. This plan will facilitate the effective delivery of the institute’s mission through to the next Research Excellent Framework scheduled for autumn 2028 and beyond.

SISJAC welcomed its two new Robert and Lisa Sainsbury Fellows in September, who along with current Japanese and Korean visiting scholars are providing a lively community of scholarship in the Cathedral Close. The Institute began its new season of Third Thursday Lectures with a hybrid event streamed live from the Norwich Cathedral Hostry looking forward to an exhibition and associated programming on contemporary Okinawan crafts in Norwich in October. In person attendances as weil as our hybrid events have returned to pre-pandemic levels and SISJAC also regularly attracts a large online audience.

The Institute is rolling out a new portfolio of collaborative projects. The first is an enhanced programme of teaching and research in Japanese arts and heritage with the School of History and Art History at UEA. The second is research supervision and postgraduate teaching in Japanese art in the School of Art at SOAS. The third is a special year-long season of lectures on Japan in partnership with the Royal Asiatic Society and the Courtauld Institute of Art. A special exhibition on Manga, the Institute's first formal collaboration with the US, opened at the De Young Museum in San Francisco in September and runs to February 2026.

Academic colleagues spent parts of the summer in Japan undertaking research and fostering SISJAC's research networks.

The Institute was greatly saddened by the loss in August of its Emeritus Professor of Japanese Arts and Cultures, Toshio Watanabe, who joined SISJAC in 2016, and its Senior Advisor in Archaeology, Professor Tatsuo Kobayashi, who has provided invaluable mentorship for archaeology programmes since the inception of the institute. SISJAC is currently in the process of appointing a new part-time Research Professor to start in October 2025,

Professor Simon Kaner, Executive Director, September 2025

3

,

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2025 ee

Financial Review

Reserves policy The Trustees' policy is to pay the net income to the UEA. The restricted fund has been repurposed by Trustees to cover costs of refurbishment of the premises leased by SISJAC from the Dean and Chapter of the Cathedral of Norwich (The Close), During the year £12,858 was paid to SISJAC to cover boiler replacement and improvements at The Close. The balance of the restricted fund at 31 July 2025 is £9,132. 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 £350,011. The following grants were made out of the income of the Trust for the year ended 31 July 2025: £344,094. The net outgoing resources for the year of the Unrestricted Fund after making these grants and paying other expenses was £3,062. The balance of the Unrestricted Fund at 31 July 2025 was £57,707. 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 2025

Investmentperformance	There has been avery strong recovery in equity markets with regions
	outside ofthe US doing well. This is partly to dowith US
	exceptionalism being questioned earlier in the yearand to some
	extentthedollar’sweakness benefiting otherareas in the world. As a
	consequence, the UK, Japan, Asia and Emerging markets haveseen
	strong returns and the portfolio’s returns are outperforming their
	respective market indices. The value of investments has increased
	by 6.1% compared to 2024.
	investmentincome hasdecreased by6.1% compared to the previous
	year. The dividend yield is loweras dividend payments from certain
	sectors have been reduced in comparison to a year earlier, the
	strength of sterling, and a reduction in the number of special
	dividends. The dividend yield appears to have stabilised around
	4% p.a.
	Thecharitydoes not raise fundsfrom the public.
Future Plans	The charityexpects tocontinue to distributegrants in the foreseeable
	future.
Going Concern	Having assessed theTrust's financial position and plans forthe
	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 aboutthe charity's ability to
	continue.
Directors	Thedirectors ofHON&VTrustee Ltd are: MrO Byrne, MrA Collett,
	Miss J S Portrait, Mr H Smith.
Retirement	TheTrustees notethe retirement of Professor
	theirthanksforhisassistanceduringhisappointment.

5

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2025

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 policies 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 24 November 2025 and signed on their behalf by

----- Start of picture text -----
Mr P Hesketh
Trustees
----- End of picture text -----

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 2025

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 2025 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 2025 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 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 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.

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 2025

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 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 contro! 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.

8

15 December 2025

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2025

				2025			2024
		Unrestricted		Restricted	Permanent
			Funds	Funds	Endowment	Total	TotalFunds
	Notes		£	£	£	E	£
Income and endowments	from
Investment income	7		350,011	-	-	350,011	372,463
Totalincomeandendowments		«350011. “(;‘“‘( S!~<CSéét!S*é«2OT~©~©~©—-872,463
Expenditure on
Raising funds	8.1		-	-	33,749	33,749	31,539
Charitable activities	8.2		344,094	-	-	344,094	355,400
Other costs	8.3		8,979	12,858	-	21,837	9,269
Total expenditure		“353,073.		~—=s«42,858	«33,749	399680	306208
Net (expenditure) from
operations before
investment gains			(3,062)	(12,858)	(33,749)	(49,669)	(23,745)
Gains on
investments	3.4		-	~	628,810	628,810	634,515
Net income/(loss)and capital		~~	(3,062)	(12,858)	=—S—«595,061	579,141	610,770
inflow
Total funds broughtforward			60,769	21,990	9,265,047	9,347,806	8737,036
Balancecarriedforward	10		57,707	9,132	9,860,108	9,926,947	9347,806

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

—

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

BALANCE SHEET

AS AT 31 JULY 2025

		2025	2024
	Notes	£	£
Fixed assets
Quoted stocks and shares	3	9,871,841	9,289,640
Total fixed assets		9,871,841	9,289,640
Current assets
Debtors and prepayments	4	28,011	29,734
Cash at bank and in hand		37,555	38,612
Total current assets		65,566	68,346
Creditors: amounts falling due within one year	5	(10,460)	(10,180)
Net current assets		55,106	58,166
Net assets		9,926,947	9,347,806
Funds of the charity:-
Un restricted Funds	10	57,707	60,769
Restricted Funds	10	9,132	21,990
Endowment Funds	10	9,860,108	9,265,047
		9,926,947	9,347,806

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 Date: 24 November 2025

11

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2025

		2025	2024
	Notes	TotalFunds	Total Funds
		£	£
Cashflows from operating activities:
Net cash (used in) operating activities	9	(397,677)	(397,478)
Cash flows from investing activities:
Dividends, interest and rents from investments		350,011	372,463
Proceeds from sale of investments	3.1	872,656	878,198
Purchase of investments	3.1	(558,640)	(820,158)
Netcash provided by investing activities		664,027	430,503
Change in cash and cash equivalents in the reporting
period		266,350	33,025
Cash and cash equivalents at the beginning ofthe reporting
period		147,823	114,798
Cash and cash equivalents at the end of the reporting period
		414,173	147,823
Analysis ofcash and cash equivalents
UK cash held as part of investment portfolio	3.1	376,618	109,211
Cash at bank and in hand		37,555	38,612
		414,173	147,823

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 2025

4 Basis of Preparation 1.1 Basis of Accounting These financial statements have been prepared in accordance with the Charities SORP 2019 (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. 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

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

• e the charity becomes entitled to the resources;

• e 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 2025

2.5	Investment income is included in the accounts when receivable.
2.6	Investment gains and losses include any gain orloss on the sale of investments and any
	gain or loss resulting from revaluing the investments to marketvalue 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 ofstatutory accounts,
	the cost oftrustee meetings and cost ofany legal advice to the trustees on governance or
	constitutional matters.
2.9	Grants payable are payments made to third parties in the furtherance ofthe charitable
	objectives ofthe trust. The grants are accounted forwhere eitherthe trustees have agreed
	to pay the grant without condition and the recipient has a reasonable expectation that they
	will receive a grant, orany 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 TaxAct,
	2007. Accordingly, it is potentially exempt from taxation in respect ofincome orcapital
	gains received within categories covered by Section 256 of the Taxation ofChargeable
	Gains Act, 1992 to the extent that such income orgains are applied to exclusively
	charitable purposes.
	The trust receives no exemption in respect ofValueAdded Tax (VAT) and is notVAT
	registered.
2.12	Restricted funds are those where donors have piaced restrictions on the use ofthe funds.
2.13	Endowed funds are permanent endowments where the donor has specified thatthe
	capital ofthe gift cannot be expended and that only the income arising from the capital may
	be used forthe 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. Othercash that is available on demand within the income
	accountsisincludedwithincurrentassets.

14

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

3	Investment Assets
		2025	2024
		£	£
3.1	Quoted Investments
	Market value broughtforward	9,180,429	8,603,954
	Additions	558,640	820,158
	Disposals	(872,656)	(878,198)
	Net investment gains/(losses)	628,810	634,515
	Marketvalue ofinvestments before Capital account	“9495,223	~+~=«9,180,429
	UK cash held as part of investment portfolio	376,618	109,271
	Market value atyear end	9,871,841	9,289,640
3.2	Historical Cost
	At 34 July 2025	7,205,292
	At 1 August2024		7,318,522
3.3	The following material investment holdings represented more than 5% ofthe total value of
	the charity's total investments:-
		2025	2024
		£	£
	Fidelity Global Dividend Fund	554,700	498,800
	Vanguard S&P 500 UCITS ETF	744,342	664,569
	iShares PLC - S&P 500 Index	1,120,788	999,337
		2,419,830	2,162,706

Sn |=

: ,

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

4	Debtors and Prepayments
		2025	2024
		£	£
	Accrued income	27,266	28,989
	Prepayments	745	745
		28,011	29,734
5	Creditors: Amounts Falling Due Within One Year
		2025	2024
		£	£
	Professional fees	7,852	7,572
	Investment management charges	2,608	2,608
	10.460. _10,180
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 (2024 - £Nil).
6.3	NoTrustee has been reimbursed with any out-of-pocket expenses (2024 - ENil).
6.4	Otherthan as set out in Note 8.3, there were no transactions with Trustees or connected
	persons(2024-ENil).

——J———_.

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

7	Analysis ofIncoming Resources
		2025	2024
		£	£
7.1	Investment income
	Income receivable on quoted investments	350,011	372,463
		350,011	372,463
8	Analysis of Resources Expended
		2025	2024
		£	£
8.1	Investment Management Fees
	Stockbrokers’ management fee	33,749	31,539
		33,749	31,539
		2025	2024
		£	£
8.2	Charitable Activities
	Donations to University of EastAnglia	344,094	355,400
		_ 344,094 __358,400

.

oo

|

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2025|2024| |£|£| |8.3|Other|Costs| |Legal|fees|-|570| |Audit|fees|7,852|7,572| |Insurances|4,127|1,127| |Leasehold|replacements|and|improvements|12,858|-| |21,837|9,269|

----- End of picture text -----

Legal and administration fees are for services provided by Broadfield Law UK LLP (formerly BDB Pitmans LLP), a firm in which Mr O Byrne, MrA Collett, and Mr H Smith were partners.

• 8.4 The Fund employed no staff during the year ended 31 July 2025 (2024 - none).

9 Reconciliation of Cash Flows From Operating Activities

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|expenditure|for the|year|(as|per|Statement| |of|Financial|Activities)|(49,669)|(23,745)| |Adjustments|for:| |Dividends,|interest|and|rents|from|investments|(350,011)|(372,463)| |Decrease/(Increase)|in|prepayments|1,723|(1,762)| |Increase|in|creditors|280|492| |Net cash|used|in|operating|activities|(397,677)|(397,478)|

----- End of picture text -----

SSOa

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

10 Analysis of Fund Movements

10.1		Balances				Funds
		Brought				Carried
		Forward,			Investments	Forward,
		01.08.2024	Income	Expenditure	Gain	31.07.2025
		£	£	£	£	£
a	Unrestricted Funds	60,769	350,011	(353,073)	-	57,707
b	Restricted Fund	21,990	-	(12,858)	-	9,132
c	Permanent Endowment	9,265,047	-	(33,749)	628,810	9,860,108
		9,347,806	350,044	(399,680)	628,810	9,926,947
10.2		Balances				Funds
		Brought				Carried
		Forward,			Investments	Forward,
		01.08.2023	Income	Expenditure	Gain	31.07.2024
		£	£	£	£	£
a	Unrestricted Funds	52,405	372,463	(364,099)	-	60,769
b	RestrictedFund	21,990	-	-	-	21,990
c	PermanentEndowment	8,662,641	-	(32,109)	634,515	9,265,047
		8,737,036	372,463	(396,208)	634,515	9,347,806

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 has been repurposed by Trustees to cover costs of refurbishment of the premises leased by SISJAC from the Dean and Chapter of the Cathedral of Norwich (The Close). During the year £12,858 was paid to SISJAC to cover boiler replacement and improvements at The Close. The balance of the restricted fund at 31 July 2025 is £9,132.

19

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025

11 Statement of Financial Activities: year ended 31 July 2024

		Unrestricted	Restricted	Permanent
		Funds	Funds	Endowment	Total
		£	£	£	E
Income and endowments from
Investment income		372,463	-	-	372,463
Total income and endowments		372,463	-	-	372,463
Expenditure on
Raising funds		-	-	31,539	31,539
Charitable activities		355,400	-	-	365,400
Other costs		8,699	-	570	26,666
Total expenditure		364,099	~	32,109	396,208
Net income/(loss)from operations		——«8,36432,109) (23,745)
before transfers and investment
gains
Gains on investment		-	-	634,515	634,515
Net income and capital inflow		8,364	-	602,406	610,770
Total funds brought	forward	52,405	21,990	8,662,641	8,737,036
Balancecarriedforward		60,769	21,990	9,265,047	9,347,806

—WH——

THE SAINSBURY INSTITUTE FOR THE STUDY OF JAPANESE ARTS AND CULTURES

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2025 ee

12 Analysis of Net Assets Between Funds

||||||||| |---|---|---|---|---|---|---| |12.4||||2025||| |||Unrestricted|Restricted||Permanent|| |||Funds|Funds||Endowment|Total| |||£||£|£|£| ||Fixed assets/ investments|-||9,132|9,862,709|9,871,841| ||Current assets|||||| ||Debtors and prepayments|28,011||-|-|28,011| ||Cash atbank and in hand|37,555||-|-|37,555| ||Current (liabilities)|(7,859)|-|-|(2,601)|(10,460)| |||57,707||9,132|9,860,108|9,926,947| |42.2||||2024||| |||Unrestricted|Restricted||Permanent|| |||Funds|Funds||Endowment|Total| |||£||£|£|£| ||Fixed assets/ investments|-||21,990|9,267,650|9,289,640| ||Current assets|||||| ||Debtors and prepayments|29,734||-|-|29,734| ||Cash atbank and in hand|38,612||-|~|38,612| ||Current (liabilities)|(7,577)||-|(2,603)|(10,180)| |||60,769||21,990|9,265,047|9,347,806|

13 Financial Instruments

At year end, the Fund held financial assets at fair value through income or expenditure of £9,871,841 (2024: £9,289,640) and financial liabilities at amortised cost of £10,460 (2024: £10,180). Total interest charged in respect of financial assets held at amortised cost totalled £Nil (2024: ENil). Income in respect of assets held at fair value totalled £350,011 (2024: £372,463) and expenditure incurred was £33,749 (2024: £31,539), Gains in the period were £628,810 (2024: £634,515).

21