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← The Indigo Trust

2022-04-05-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS

5 APRIL 2022

The Peak 5 Wilton Road London SW1V 1AP

I

CONTENTS CONTENTS PAGE
1 Legal and Administrative Details 2
2 Trustees’ Report
 3-10
3 Statement of Trustees’ Responsibilities 11
4 Independent Auditor’s Report 12-15
5 Statement of Financial Activities 16
6 Balance Sheet 17
7 Statement of Cash Flows 18
8 Notes to the Accounts 19-29

Annual Report and Accounts – 5 April 2022

Legal and Administrative

The Indigo Trust was established under a Trust Deed dated 27 April 1999 and became a registered charity with the Charity Commission in England and Wales on 10 June 1999 (registration no. 1075920).

Trustees
Registered
Office
Principal
Officers
Bankers
Solicitors
Auditor
Investment
Advisers
Objects		 Francesca Perrin OBE
William Perrin OBE
Dominic Flynn
Sameer Padania
Sonia Sodha
The Peak
5 Wilton Road
London SW1V 1AP
Karen Everett
Chief Executive Officer
Thrisha Haldar
Executive from 1 March 2022
Paul Lenz
Executive to 11 February 2022
Royal Bank of Scotland
119 - 121 Victoria Street
London
SW1E 6RA
Portrait Solicitors
21 Whitefriars Street
London EC4Y 8JJ
Sayer Vincent LLP
Invicta House
108 - 114 Golden Lane
London
Cazenove Capital
12 Moorgate
London EC2R 6DA
The objects of the Trust as given in the Trust Deed are for general charitable
purposes.

Annual Report and Accounts – 5 April 2022

Trustees’ Report

The Trustees present their report and the audited financial statements for the year ended 5 April 2022.

Legal and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Organisation

The Trust is one of the Sainsbury Family Charitable Trusts which share a common administration.

Trustees are appointed by the Settlor and are provided with relevant information relating to their responsibilities as Trustees.

Trustees are aware of the Charity Governance Code, as updated in 2020, which sets out the principles and recommended practice for good governance within the sector. The Charity has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently.

The remuneration of the senior staff (including key management personnel) is reviewed by the Trustees on an annual basis taking into account the requirements of their role and performance during the year. From time to time the SFCT Management Committee benchmarks pay levels against the comparable positions in similar organisations.

The Trust and its Trustees are fully aware of the requirements and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators.

As we do not approach individuals for the purpose of raising funds, we do not have specific requirements related to fundraising activities, nor do we consider it necessary to design specific procedures to monitor such activities. The income of the Trust is not bound by any regulatory scheme, and the Trust does not consider it necessary to comply with any voluntary code of practice relating to fundraising. We have received no complaints in relation to any fundraising activities.

Grant-Making Strategy

The Indigo Trust has five core funding areas:

  1. Access to Justice (Globally): The focus of this stream is the funding of organisations that make case law and legislation freely available online across sub-Saharan Africa.

  2. Access to Justice (UK) : The focus of this stream is the funding of organisations that provide free access to legal advice in the UK, and UK-based anti-corruption initiatives.

  3. Visual Impairment: The focus of this stream is the reduction of avoidable visual impairment worldwide through the funding of direct interventions to address cataracts and uncorrected

Annual Report and Accounts – 5 April 2022

refractive error (URE) and also through the support of education, research, and increasing access to eyecare data for policy and decision makers.

  1. Better Grant-making: The focus of this stream is to improve the quality of charitable grantmaking in the UK and globally, through the support of open-data initiatives and organisations and projects that work to make this field more transparent, equitable, and evidence-based.

  2. Discretionary Grants : These include those selected independently by the Trustees based upon their own skills and experience, and a number of small grants chosen purely at the discretion of their employees.

During this financial year, Indigo awarded 24 grants totalling £1,512,845. More detailed information about the Trust’s grant-making strategy and its grant awards can be found at https://indigotrust.org.uk

Access to Justice (Global)

Internationally, Indigo continued to support AfricanLII and Laws.Africa who make case law accessible to individuals, organisations, and governments by building and maintaining sustainable free access to law portals across Africa and beyond. Funding this work plays to Indigo’s strength of mobilising data transparency to improve democracy for the public benefit.

Legacy Transparency and Accountability

One exit grant was made in this category and it is not anticipated that any further grants will be made in this category going forward, as Indigo’s Trustees wish to consolidate the funding priorities.

Access to Justice (UK)

Overall, seven grants totalling £645,000 were made in the Access to Justice stream (Global and UK) during 2021-22. In the UK, cuts to legal aid and growing inequality over the past decade has stretched the specialist legal advice sector at a time when their work is needed more than ever by the most marginalised in our society. Housing and immigration advice work, which requires a high level of skill and expertise, are in high demand.

Indigo played a role in addressing these issues by pooling funds with a number of expert funders in this area to form the Community Justice Fund. This collaborative fund was set up in response to the Covid19 crisis to rapidly support front line specialist legal advice centres through grants and capacity building. Indigo continued to be an active partner by informing the strategy in consultation with the sector, assessing grant applications and contributing £100,000 to support the fund. The Community Justice Fund paused its grant-making in November 2021 to review and plan for its next iteration.

In addition, in consultation with funders and umbrella bodies, Indigo directly supported three specialist legal advice centres due to their specific location, needs and impact.

Visual Impairment in low to middle income countries

Indigo supports data initiatives that can provide essential information to policy makers and those implementing change at scale. A number of activities were delayed considerably due to Covid-19. Indigo’s grant from 2020-21 to the London School of Hygiene and Tropical Medicine supported the development of a new website which went live in 2022, making accessible the Rapid Assessment of Avoidable Blindness (RAAB) survey data. The data includes 300 surveys of visual impairment and

Annual Report and Accounts – 5 April 2022

blindness in over 80 countries which enables policy makers and programme planners to identify where their interventions would be most impactful.

Better Grant-Making

The Trust, largely through the work of our Founder and Director, Fran Perrin, is engaged in several activities that aim to improve the quality of grant-making through peer-advocacy and awareness raising. As a founding funder of 360Giving, Indigo has been instrumental in enabling more transparency and collaboration amongst donors. By early 2022, over 220 funders had published over 600,000 grants worth over £110bn to 360Giving and over 30,000 people a year access and use this data.

In addition to these core grant-giving priorities, Indigo is developing new strands of work.

Racial Justice

In the wake of Black Lives Matter protests, Trustees agreed to provide additional funds to organisations tackling racism in the next financial year (22-23), to allow time to for the Trust’s own learning and reflection, and to research and build meaningful partnerships with relevant organisations. Indigo remains committed to learning, improving and being transparent about Diversity, Equity and Inclusion. As part of this journey, Indigo became a member of the Funders for Race Equality Alliance (FREA) and undertook an audit of its grant-making to understand which organisations in the portfolio are led by and for people of colour.

As a key partner to 360Giving, Indigo is also using its influence and voice to increase awareness of the Diversity, Equity and Inclusion Data Standard developed by 360Giving, which will enable donors to measure and track funding flows and whether certain groups are consistently underfunded.

In addition, Indigo hosted a 2027 Associate – a scheme that places talented people from working class backgrounds into grant-making foundations for mutual learning and as part of a goal to diversify the grant-making sector by 2027.

Prevention of Child Sexual Abuse

Indigo prioritises funding work that is less well supported by other donors, either because it is perceived as risky or unpopular or is a less understood issue. Trustees agreed to fund three charitable organisations addressing Child Sexual Abuse, particularly work with perpetrators, to learn more about this issue and develop a funding strategy going forward.

Discretionary Grants

Nine discretionary grants totalling £114,000 were made during 2021-22.

Annual Report and Accounts – 5 April 2022

Investment Powers

The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees.

Investment Policy and Performance

The Trustees regularly meet the investment manager to discuss strategy and review performance.

The Trust’s expendable endowment funds are invested to generate income and provide long-term capital growth in line with relevant indices. The Trustees have instructed their investment managers to manage the investments on a total return basis to generate long-term positive returns. During the year to 5 April 2022, the return on the Trust’s investment portfolio was 7%.

It should be noted that Indigo has no segregated investments in oil and gas and exposure to these areas in co-mingled funds will never exceed 5% of the Trust’s total investments, although we aim for less than 1% exposure. The Trustees will continue to assess opportunities to further divest from fossil fuels and invest in climate solutions.

Reserves Policy and Going Concern

In the year under review, there was a planned deficit of income over expenditure on the unrestricted funds of £1,531,137 (2021: £2,225,187). This has been funded by a transfer from expendable endowment. Whenever it may be necessary in the future, the Trustees are prepared to fund grant commitments from expendable endowment.

The Trustees regularly review cash flow projections for income and expenditure, to ensure that the level of disposable net assets is adequate and that the Trust is in a position to meet all its commitments. As at 5 April 2022, The Trust held total funds of £11.0m (2021: £12.0m). The Trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.

Risk Assessment

The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to manage such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.

The Trustees have identified as a key risk the misuse of funds by a grantee charity. To mitigate this risk, the awards are made following a thorough assessment and grants are regularly monitored; multiyear grants are paid only on receipt of satisfactory progress reports.

The Trustees identified the uncertainty of financial returns to constitute the charity's major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major

Annual Report and Accounts – 5 April 2022

investment house. The Trustees regularly review investment strategy and monitor financial performance.

Charity and Public Benefit

Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust’s aims, activities and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries and through them to the Public, that arise from those activities.

Financial overview of the past year

Trustees met several times during the year to review grants and investments.

A donation of £125,000 was received from the Trustees in the year (2021: £2.5 million), which has been added to the Expendable Endowment. The net asset value of the Trust decreased by 8.0% from £12.0 million at 5 April 2021 to £11.0 million at 5 April 2022.

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. The investment portfolio has performed strongly during the year and has recovered the reduction in value, caused by the impact of the Covid-19 pandemic, reported for last year.

The Trust’s investments are managed on a total return basis therefore the pattern of unrestricted income may be uneven. The endowment assets of the Trust remain significant, and if necessary, these will be used to continue to pay out to its beneficiaries in accordance with the Trust’s objects.

During the year the Trustees approved 24 grants totalling £1,512,845 (2021: £1,906,852).

Future Plans

The Trust will continue to support activities outlined in the Grant Making Strategy section on pages 3- 5.

Annual Report and Accounts – 5 April 2022

Grants Approved from 06 Apr 2021 to 05 Apr 2022

Access to Justice – Global

Grant No Beneficiary Name Period Approved Amount
IND547 International Lawyers Project 1 year 7 May 2021 £15,000
Purpose: Core unrestricted funding to support ILP's work.
IND551 Laws.Africa 1 year 10 Aug 2021 £120,000
Purpose: Core funding
IND565 African Legal Information Institute (African LII) 1 year 10 Feb 2022 £35,000
Purpose: To support the LII Fund for Africa
IND567 Laws.Africa 2 years 4 Feb 2022 £260,000
Purpose: Two years core funding for FY 22-23 & 23-24
Total: £430,000
No of Grants: 4
Access to Justice – UK
Grant No Beneficiary Name Period Approved Amount
IND545 Access to Justice Foundation 1 year 20 Apr 2021 £100,000
Purpose: Community Justice Fund.
IND549 Spotlight on Corruption Ltd 1 year 26 May 2021 £15,000
Purpose: Core funding to support its work.
IND552 Southwark Law Centre 1 year 27 Sep 2021 £100,000
Purpose: Restricted to immigration and housing
casework/representation at Lewisham Law Centre.
Total: £215,000
No of Grants: 3
Better Grant-making
Grant No Beneficiary Name Period Approved Amount
IND566 360 Giving 2 years 7 Feb 2022 £300,000
Purpose: 2-year grant of core funding in financial years 22-23 &
23-24
Total: £300,000
No of Grants: 1

Annual Report and Accounts – 5 April 2022

Legacy Transparency & Accountability

Grant No Beneficiary Name Period Approved Amount
IND554 Open Cities Lab (formerly Open Data Durban) 1 year 8 Oct 2021 £50,000
Purpose: Core unrestricted funding to support its work.
Total: £50,000
No of Grants: 1
Trustees’ Discretionary Grants
Grant No Beneficiary Name Period Approved Amount
IND546 Naz and Matt Foundation 3 years 20 Apr 2021 £90,000
Purpose: Core unrestricted funding.
IND553 Oxfordshire Community Foundation 1 year 07 Oct 2021 £10,000
Purpose: Getting Oxfordshire Online project funding.
IND559 Afghan Association Paiwand Ltd 1 year 21 Dec 2021 £2,000
Purpose: Core funding to support its work.
IND560 Naz and Matt Foundation 1 year 14 Jan 2022 £2,000
Purpose: Core funding to support its work.
IND561 AKT (The Albert Kennedy Trust) 1 year 14 Jan 2022 £2,000
Purpose: Unrestricted core funding to support its work
IND562 Chrysalis Centre for Change 1 year 14 Jan 2022 £2,000
Purpose: Core unrestricted funding to support its work.
IND563 Voices 1 year 21 Dec 2021 £2,000
Purpose: Unrestricted core funding to support its work.
IND564 Haringey Law Centre 1 year 14 Jan 2022 £2,000
Purpose: Core unrestricted funding to support the Law Centre's
work.
IND568
Breakout Youth		 1 year 28 Feb 2022 £2,000
Purpose: Unrestricted funding
Total: £114,000
No of Grants: 9

Annual Report and Accounts – 5 April 2022

Prevention of Child Sexual Abuse

Grant No Beneficiary Name Period Approved Amount
IND550 The Lucy Faithfull Foundation 1 year 10 Jun 2021 £50,000
Purpose:
Core unrestricted funding.
IND555 The Lucy Faithfull Foundation 1 year 04 Nov 2021 £50,000
Purpose:
Core unrestricted funding
IND556 Marie Collins Foundation 1 year 04 Nov 2021 £100,000
Purpose:
Core unrestricted funding to support its work
IND557 Centre of Expertise on Child Sexual Abuse 1 year 04 Nov 2021 £100,000
Purpose:
Core unrestricted funding
Total: £300,000
No of Grants: 4
Visual Impairment
Grant No Beneficiary Name Period Approved Amount
IND548 Eyelliance 1 year 14 May 2021 £28,845
Purpose:
Core unrestricted funding to support work to address
URE
IND558 Vision Catalyst Fund 1 year 10 Nov 2021 £75,000
Purpose:
Core costs.
Total: £103,845
No of Grants: 2
Total grants approved: £1,512,845
Total no of grants approved: 24

Annual Report and Accounts – 5 April 2022

Statement of Trustees’ Responsibilities

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ Report has been approved by the Trustees on 17 November 2022 and signed on their behalf by:

……………………………………………………………………..……………………………………………………. TRUSTEE

Francesca Perrin OBE

Annual Report and Accounts – 5 April 2022

Independent Auditor’s Report to the Trustees of The Indigo Trust

Opinion

We have audited the financial statements of The Indigo Trust (the ‘charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on The Indigo Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do

Annual Report and Accounts – 5 April 2022

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

Independent Auditor’s Report to the Trustees of The Indigo Trust (continued)

the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Annual Report and Accounts – 5 April 2022

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in

Independent Auditor’s Report to the Trustees of The Indigo Trust (continued)

respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Annual Report and Accounts – 5 April 2022

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Independent Auditor’s Report to the Trustees of The Indigo Trust (continued)

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

30 November 2022

Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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

Annual Report and Accounts – 5 April 2022

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2022


Notes
Income and Endowment from:
Donations and gifts
Investments
3
Total Income
Expenditure on:
Raising funds:
Investment management fees
Charitable activity:
Grant-making:
Grant expenditure
4
Grant related support costs
5
Total Expenditure
Net (expenditure)/income
before gains on investments
Net gains on investments
8
Transfers between funds
11
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Expendable
Total Funds
Funds
Endowment
2022		 Total Funds
2021
£
£
£
-
125,000
125,000
159,403
-
159,403		 £
2,489,464
137,506
159,403
125,000
284,403		 2,626,970
-
30,335
30,335
1,267,845
-
1,267,845
422,695
-
422,695
1,690,540
30,335
1,720,875
(1,531,137)
94,665
(1,436,472)
-
450,745
450,745
1,531,137
(1,531,137)
-
-
(985,727)
(985,727)
-
12,007,081
12,007,081
-
11,021,354
11,021,354
27,457
2,034,852
342,866
2,405,175
236,820
1,850,707
-
2,087,527
9,919,554
12,007,081

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

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

Annual Report and Accounts – 5 April 2022

BALANCE SHEET AS AT 5 APRIL 2022

BALANCE SHEET
AS AT 5 APRIL 2022
FIXED ASSETS
Tangible fixed assets
Investments
CURRENT ASSETS
Debtors
Short term deposits
Cash at bank and in hand
CURRENT LIABILITIES
Creditors -amounts falling due within 1 year
NET CURRENT ASSETS
NET ASSETS
CAPITAL FUNDS
Expendable endowment
INCOME FUNDS
Unrestricted funds		 Notes 2022
2021
£
£
12,536
17,813
8,447,735
9,374,577
8,460,271
9,392,390

272,944

500,115

2,503,510

3,276,569

661,878
2,561,083
2,614,691
11,021,354
12,007,081
11,021,354
12,007,081
-
-
11,021,354
12,007,081
7
8
9
10
11
11		 £
11,172
502,334
2,553,967
3,067,473
506,390

The financial statements were approved and authorised for issue by the Trustees on 17 November 2022 and signed on their behalf by:

………………………………………………………………… TRUSTEE

Francesca Perrin OBE

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

Annual Report and Accounts – 5 April 2022

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2022

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2022
Cash flows from operating activities:
Net cash (used in)/provided by operating activities
Cash flows from investing activities:
Investment additions
Sale of investments
Dividends and Interest
Fixed asset additions
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Reconciliation of net cash provided by operating activities
Net movement in funds (as per the Statement of Financial Activities)
Gains on investments
Dividends and interest
Depreciation charges
Decrease/(increase) in debtors
(Decrease)/increase in creditors		 2022

Analysis of the balance of cash as shown in the balance sheet

Analysis of the balance of cash as shown in the balance sheet
Change in
2022
2021
year
Cash at bank and short term deposits
Cash balances held by investment manager for reinvestment
3,056,301
3,003,625
52,676
278,470
1,771,901
(1,493,431)
3,334,771
4,775,526
(1,440,755)

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

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

1. CHARITABLE STATUS

The Indigo Trust is an unincorporated charty (Charity registration number 1075920), registered in England and Wales. The address of the registered office is 5 Wilton Road, London, SW1V 1AP.

2. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trust constitutes a public benefit entity as defined by FRS 102.

In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity. 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.

The Trust’s investments are managed on a total return basis therefore the pattern of unrestricted income may be uneven. The endowment assets of the Trust remain significant, and if necessary, these will be used to continue to pay out to its beneficiaries in accordance with the Trust’s objects.

b) Income Recognition

c) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Costs of generating funds represent amounts paid to the Trust's external investment advisors.

Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES continued

The view of the Trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued. Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.

Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.

d) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

e) Fixed assets

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

(2012) Leasehold improvements - 10% per annum

(2021) Leasehold improvements - 14.28% per annum

f) Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

g) Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h) Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES continued

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result In a material adjustment to their carrying amounts in the next financial year.

3. INVESTMENT INCOME

Income received on investments may be analysed as follows:

Government fixed interest
Other fixed interest
UK equities
Overseas equities
Alternatives
Bank and short term deposit interest		 2022
2021		 2022
2021
£
%
£
%
228
-
264
-
6,072
4
7,066
5
82,700
52
71,258
47
47,174
29
10,394
7
14,366
9
48,524
32
8,863
6
15,025
10
159,403
100
152,531
100
4. GRANTS PAYABLE
Reconciliation of grants payable:
Commitments at 6 April 2021
Grants not accrued at 6 April 2021
Grants approved in the year
Grants cancelled
Grants not accrued at 5 April 2022
Grants payable for the year
Grants paid during the year
Commitments at 5 April 2022
Commitments at 5 April 2022 are payable as follows:
Within one year (note 10)		 2022
2021
£
£
£
£
552,558
305,000
65,000
195,000
1,512,845
1,906,852
-
(2,000)
(310,000)
(65,000)
1,267,845
2,034,852
(1,445,404)
(1,787,295)
375,000
552,558
2022
2021
375,000
552,558

Commitments

In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 5 April 2022 was £310,000 (2021: £65,000).

A list of grants payable is included in Appendix A.

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

5. ALLOCATION OF SUPPORT COSTS

ALLOCATION OF SUPPORT COSTS
Staff costs
Share of joint office costs
Direct costs including travel
Legal and professional fees
Depreciation
Auditor's remuneration*		 2022
2021
Grant- Governance
Total
Total
Making
Allocated
Allocated
£
£
£
£
280,453
1,815
282,268
235,381
65,967
-
65,967
55,080
19,730
-
19,730
11,517
42,011
-
42,011
28,245
5,277
-
5,277
5,277
-
7,442
7,442
7,366
413,438
9,257
422,695
342,866

*Auditor's remuneration for 2022 excluding VAT was £6,200.

Included within support costs for 2021 were governance costs totalling £9,581. This is comprised of staff costs of £2,215 and auditor's remuneration of £7,366.

6. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2022
2021
£
£
236,265
191,429
23,823
21,702
22,180
22,250
282,268
235,381

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 3.2% of the total support and administration costs of these trusts have been allocated to the Indigo Trust (2021: 3.0%), including a proportionate share of the costs of employing the total number of staff serving in the office in 2021/22.

The actual number of staff employed during the period was 8 (2021: 8), 2 of whom were working solely on Indigo (2021: 2). This was equivalent to 2.8 full time employees (2021: 2.8). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits including employer contributions to group personal pensions, of these personnel were £95,561 (2021: £106,490). One employee earned in between £60,001 - £70,000. (2021: one in between £70,001 - £80,000).

Included within Wages and Salaries for 2022 were redundancy costs totalling £34,676 (2021: 0).

No Trustees received any remuneration for their services or any expenses during the year (2021: none).

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

7. TANGIBLE FIXED ASSETS

Leasehold Improvements
Cost
At 6 April 2021
Additions
At 5 April 2022
Depreciation
At 6 April 2021
Charge for the year
At 5 April 2022
Net Book Value
At 5 April 2022
Net Book Value
At 5 April 2021		 2022
2021
£
£
45,250
27,700
-
17,550
45,250
45,250
27,437
22,160
5,277
5,277
32,714
27,437
12,536
17,813
17,813
5,540

8. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS FIXED ASSET INVESTMENTS
Market value 6 April 2021
Less: Disposals at proceeds
Add: Acquisitions at cost
Net gains on investments
Market value 5 April 2022
Investment cash
Total investments		 2022
2021
£
£
7,602,676
5,800,344
(1,679,049)
(4,691,448)
1,794,893
4,643,073
450,745
1,850,707
8,169,265
7,602,676
278,470
1,771,901
8,447,735
9,374,577
The investments held as at 5 April 2022 were as follows:
Government fixed interest 2022
2021
Cost
Market
Value		 Cost
Market
Value
£
£
129,541
199,167		 £
£

183,516
264,634
Other fixed interest
UK equities
Overseas equities
Alternatives		 350,645
333,350
1,329,690
1,661,568
3,589,802
4,523,901
1,172,269
1,451,279
325,239
317,234

1,994,308
2,562,083

2,443,419
3,150,331

1,169,599
1,308,394
6,571,947
8,169,265
6,116,081
7,602,676

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

9. DEBTORS

9. DEBTORS
Investment sales
Prepayments & accrued income
10.CREDITORS
Grants payable within one year
Professional charges
Investment management fee
Other creditors		 2022
2021
-
262,856
11,172
10,088
11,172
272,944
2022
2021
£
£
375,000
552,558
8,852
23,746
7,296
7,390
115,242
78,184
506,390
661,878

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS


Fund balances at 5 April 2022 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2021
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Transfers between funds
Closing balance as at 5 April 2022		 Unrestricted
Expendable
Totals
Funds Endowment
2022
£
£
£
12,536
12,536
8,447,735
8,447,735
499,094
2,568,379
3,067,473
(499,094)
(7,296)
(506,390)
-
11,021,354
11,021,354
-
12,007,081
12,007,081
159,403
125,000
284,403
-
(30,335)
(30,335)
(1,690,540)
-
(1,690,540)
-
450,745
450,745
1,531,137
(1,531,137)
-
-
11,021,354
11,021,354

A transfer of £1,531,137 (2021: £2,225,187) was made from Expendable Endowment to Unrestricted Funds to the cover the deficit during the year.

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

12. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE YEAR ENDED 5 APRIL 2021


Fund balances at 5 April 2021 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2020
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Transfers between funds
Closing balance as at 5 April 2021		 Unrestricted
Expendable
Totals
Funds Endowment
2021
£
£
£
-
17,813
17,813
-
9,374,577
9,374,577
654,488
2,622,081
3,276,569
(654,488)
(7,390)
(661,878)
-
12,007,081
12,007,081
-
9,919,554
9,919,554
-
152,531
2,489,464
2,641,995
-
(27,457)
(27,457)
(2,377,718)
-
(2,377,718)
-
1,850,707
1,850,707
2,225,187
(2,225,187)
-
-
12,007,081
12,007,081

A transfer of £2,225,187 was made from Expendable Endowment to Unrestricted Funds to the cover the deficit during the year.

13. RELATED PARTY TRANSACTIONS

Included within grant-related support costs is a total of £5,647 (2021: £18,067) payable for legal services to Portrait Solicitors, a firm in which Mr Dominic Flynn is a partner.

An unconditional donation of £125,000 (2021: £2,489,464) was received from the Trustees.

Annual Report and Accounts – 5 April 2022

14. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Income and Endowment from:
Donations and gifts
Investments
Bank deposit interest and other income
Total Income
Expenditure on:
Raising funds:
Investment management costs
Charitable activity:
Grant-making:
Grant expenditure
Grant related support costs
Total Expenditure
Net operating (deficit)/surplus
Gains on investment assets
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Expendable
Total Funds
Funds
Funds
Endowment
2021
£
£
£
£
-
-
2,489,464
2,489,464
137,506
-
-
137,506
15,025
-
-
15,025
152,531
-
2,489,464
2,641,995
-
-
27,457
27,457
2,034,852
-
-
2,034,852
342,866
-
-
342,866
2,377,718
-
27,457
2,405,175
(2,225,187)
-
2,462,007
236,820
-
-
1,850,707
1,850,707
2,225,187
-
(2,225,187)
-
-
-
2,087,527
2,087,527
-
-
9,919,554
9,919,554
-
-
12,007,081
12,007,081

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

APPENDIX A

GRANTS PAYABLE

The amount payable for the year ended 5 April 2022 consisted of the following:
Access to Justice - Global
African Legal Information Institute (African LII)
International Lawyers Project
Laws.Africa
Access to Justice - UK
Access to Justice Foundation
Southwark Law Centre
Spotlight on Corruption Ltd
Better Grantmaking
360 Giving
Legacy Transparency & Accountability
Open Cities Lab (formerly Open Data Durban)
Prevention of Child Sexual Abuse
Centre of Expertise on Child Sexual Abuse
The Lucy Faithfull Foundation
Marie Collins Foundation
Trustees' Discretionary
Afghan Association Paiwand Ltd
AKT (The Albert Kennedy Trust)
Breakout Youth
Chrysalis Centre for Change
Haringey Law Centre
Naz and Matt Foundation
Oxfordshire Community Foundation
The Sainsbury Archive
Voices
Visual Impairment
Eyelliance
Vision Catalyst Fund
Total grants payable per Statement of Financial Activities		 £
35,000
15,000
260,000
100,000
100,000
15,000
200,000
50,000
100,000
100,000
100,000
2,000
2,000
2,000
2,000
2,000
62,000
10,000
5,000
2,000
28,845
75,000
1,267,845

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

APPENDIX A continued

The amount payable for the year ended 5 April 2021 consisted of the following:

£
Access to Justice - Global
African Legal Information Institute (African LII) 95,000
Laws.Africa 140,000
Access to Justice - UK
Cumbria Law Centre 50,000
Ealing Law Centre 50,000
Southwark Law Centre 20,000
Better Grantmaking
360 Giving 250,000
Global Greengrants Fund UK 15,000
Covid-19 Funding
Access to Justice Foundation 100,000
African and Caribbean Mental Health Service (ACMHS) 25,000
African Caribbean Community Initiative (ACCI) 25,000
Apna Haq 25,000
Baobab Foundation 55,000
Bawso Ltd 25,000
Chinese Mental Health Association 10,000
Copenhagen Youth Project 5,000
Eyelliance 12,313
Friends, Families & Travellers 75,000
Hive Colab 25,000
Ikwro Women's Rights Organisation 25,000
International Lawyers Project 18,782
Latin American Women's Rights Service (LAWRS) 25,000
Panahghar 25,000
Rosa Fund 275,000
Southall Black Sisters 25,000
The Angelou Centre 50,000
The Ubele Initiative 20,000
Ubuntu Women Shelter 10,000
Voice4Change England 145000
Legacy Transparency & Accountability
DearSA NPC 60,000
Hive Colab 10,000
OpenUp 10,000
Parliamentary Monitoring Group 49,700

Annual Report and Accounts – 5 April 2022

NOTES TO THE ACCOUNTS

APPENDIX A continued

PENDIX A continued
Trustees' Discretionary
Abingdon Damascus Youth Project
CIS'ters
Copenhagen Youth Project
Greenwich Refugee Aid and Community Enterprise
Icolyn Smith Foundation
It's Your Choice Limited
New Philanthropy Capital
Social Spider CIC
The Rainbow Project
The Sainsbury Archive
The Wellspring
Voices
Voyage Youth
Visual Impairment
London School of Hygiene & Tropical Medicine
Total grants payable per Statement of Financial Activities		 10,000
2,000
5,000
2,000
2,000
2,000
25,000
2,000
(2,000)
10,000
2,000
2,000
2,000
220,057
2,034,852

Annual Report and Accounts – 5 April 2022