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2022
Report
## CONTENTS
|1What We Do
2Trustees’ Report
3Legal and Administratve Details
4Statement of Trustees’ Responsibilites
5Independent Auditor’s Report
6Statement of Financial Actvites
7Balance Sheet
8Statement of Cash Flow
9Notes to the Accounts||||||3
4-18
19
20
21-23
24
25
26
27-34|
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## WHAT WE DO
## True Colours is an independent funder working in the UK and Africa
## OUR WORK IS FOCUSSED ON:
l improving access to palliative care for babies, children and young people in the UK l enabling disabled children and young people to live their lives to the full l improving access to pain relief and palliative care in Africa.
We have been working on these issues since 2002 and they will continue to remain the focus areas for our grant-making in the future. On average, we approve grants amounting to £2 million each year.
## Listening to those with lived experience
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Our
approach
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Partnerships, feedback
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Long-term commitments
## TRUSTEES’ REPORT
t the heart of True Colours’ work is an ambition to achieve equity, A specifically in the fields of palliative care¹ and disability. We are working towards a time when everyone, wherever they live and whatever their age, is able to access good palliative care, and disabled children and young people are able to live their lives to the full.
Research shows that there are 21 million children worldwide with conditions that would benefit from a palliative care approach, and between four and eight million who need specialist children’s palliative care. Over half of these children live in Africa. Around 45% of African countries have little or no palliative care provision. We are working with our African partners to change this.
_In the UK there are 1 million disabled children under the age of 16 – that equates to 1 child in 20._
Contact
In the UK, there are one million disabled children under the age of 16 – that equates to one child in 20. However, families with disabled children often struggle to access the services and support they need and many children are overlooked or excluded due to their disability.
This year we have continued to work with a wide range of organisations of all sizes in the UK and Africa to help create a more equitable world. We are committed to transparency in our grant-making and have sought to include within this report more information about how we operate and why we do what we do. Information on the specific grants we made this year can be found on pages 14-18.
As a funder, we have always sought to identify and address inequity, both through what we fund and how we work. We remain committed to listening, learning and responding to needs across the sector and always welcome feedback and questions as we seek to ensure we are doing the best possible job.
Health inequalities exist in every country and across every continent. Access to palliative care and pain relief varies greatly depending upon where you live. Millions of people across the world experience preventable pain, affecting them and their loved ones, because appropriate pain relief is not available.
_Research shows that there are 21 million children worldwide with conditions that would benefit from a palliative care approach._
**Thank you for your interest in True Colours, we hope you enjoy reading about our work and that of our partners in 2021/22.**
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Journal of Pain and Symptom
Management
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> 1. Palliative care is a crucial part of integrated, people-centred health services. Relieving serious health-related suffering, be it physical, psychological, social, or spiritual, is a global ethical responsibility. Thus, whether the cause of suffering is cardiovascular disease, cancer, major organ failure, drug-resistant tuberculosis, severe burns, end-stage chronic illness, acute trauma, extreme birth prematurity or extreme frailty of old age, palliative care may be needed and has to be available at all levels of care. – World Health Organisation (https://www.who.int/news-room/fact-sheets/detail/palliative-care
## WHO WE ARE
**True Colours has a board of trustees who are responsible for the overall direction and supervision of The True Colours Trust. They set the Trust’s strategy, review proposals and approve grants. In 2021/22, the trustees were:**
- l Lucy Sainsbury
- l Tim Price
- l Dominic Flynn
- l David Wood
## **The trustees are supported by a staff team:**
- l Catherine Gathercole, Executive of The True Colours Trust
- l Jo Ecclestone Ford, Strategic Lead for The True Colours Trust
- l Vesa Kahramani, Administrator of The True Colours Trust
True Colours’ registered office is The Peak, 5 Wilton Road, London SW1V 1AP.
Kawempe Home Care, via the African Palliative Care Association
## HOW WE WORK
e run two small grants programmes for which we have an open application process – one for work in the UK and another for W work in Africa. More information on these programmes and how to apply can be found on our website – **www.truecolourstrust.org.uk** and on pages 16-18.
All our other programmes are designed and developed in partnership with organisations, in response to identified needs.
We believe in transparency in grant-making and publish information on all our grants on 360 Giving - **www.threesixtygiving.org**
## **Listening to those with lived experience**
Since True Colours was founded, we have always listened to those from the sectors in which we work, and designed programmes in collaboration with those we fund. Increasingly, we are now working directly with families, and those with lived experience, to ensure our funding is informed by their experiences.
Palliative Care Association of Malawi
## **Partnerships, feedback and real collaboration**
Partnerships are key to all our work. We are incredibly grateful to all those who share their knowledge, experience and expertise with us, helping us to learn more about the sectors in which we work and the collective needs. We also really appreciate feedback and seek to use it to improve our ways of working.
## **Long-term commitments**
We know that change takes time, particularly if it involves changes to systems and to established ways of working and thinking. We understand that sometimes projects take longer than expected and that there is often a need for flexible, long-term funding to make change possible.
## **Diversity, Equity and Inclusion**
We believe that our funding has a role in addressing inequality and supporting a fairer society. We always aim to be responsive and equitable grant-makers. It is important to us that a culture of diversity, equity and inclusion is core to our team of employees, and central to our grant-making. We will continue to work to achieve this goal and are dedicating the time and resources needed to do so. We will continue to talk with and listen closely to those we support as we move forward.
## HIGHLIGHTS OF 2021-22
This year we continued to fund excellent organisations working in our three grant-making areas and made 61 grants amounting to £1.35 million. More information on the individual grants approved follows (pages 14 to 18), but first we would like to share some highlights from the year. T **Improving access to palliative care for babies, children and young people in the UK**
## **On Road Media – Shifting public perceptions and changing media reporting about children’s palliative care**
We have been working with On Road Media since 2019 on a piece of work which supports professionals and families with direct experience to shift public perceptions and improve media reporting on children’s palliative care.
Talking about children’s palliative care can be hard, and people often struggle to understand what palliative care for children involves. Most people instinctively associate it with a sad situation, and the medical ‘easing of suffering’. This emotional response is reinforced by the way high-profile cases are reported in the media.
These perceptions of children’s palliative care have real consequences, affecting families’ understanding and uptake of services, influencing how families are treated by others and shaping how children’s palliative care is supported and funded.
Our project with On Road Media is seeking to improve public perceptions and media reporting in the UK on children’s palliative care, using an evidence-based approach to strategic communications. This work will inspire better understanding of families’ actual experiences to show a more rounded picture of the reality of life and work in children’s palliative care.
So far, On Road has produced a Communications Toolkit, with the help of an expert Advisory Group2 , to help those from the sector to talk about children’s palliative care in a way that opens up conversations. Going forward, On Road will be engaging with clinicians from a range of disciplines to identify opportunities to improve understanding of children’s palliative care amongst healthcare professionals. They will also continue to train those with lived experience to work with media professionals to develop stories that share the full breadth and richness of children’s palliative care.
_Many of us who work in Children’s Palliative Care have known for a long time that there are misconceptions in how people understand the work that we do, and the children and families with whom we work, and have been concerned that this led to barriers to providing and accessing high quality palliative care. However, we have often lacked the expertise, skills and time to be able to improve this situation ourselves… I’m so excited about the future of this project. I’m looking forward to engaging more people in meaningful conversations about children’s palliative care – within our sector, within wider healthcare and at a societal level._
Tara Kerr-Elliott, Nurse Specialist at Great Ormond Street Hospital and member of the Project Advisory Group.
2. Dr. Finella Craig, Children’s Palliative Care consultant, Great Ormond Street Hospital; Andy Fletcher, Chief Executive, Together for Short Lives; Prof. Lorna Fraser, Martin House Research Centre, University of York; Tara Kerr-Elliott, Children’s Palliative Care Nurse Specialist, Great Ormond Street Hospital; Dr. Sat Jassal, GP and Children’s Palliative Care specialist; Myra Johnson, Director of Communications and Engagement, Together for Short Lives; Nathalie McDermott, Chief Executive, On Road Media; Tracy Rennie, Director of Care, East Anglia’s Children’s Hospices; Lucy Sainsbury, Chair, True Colours Trust; Lisa Spinks, Parent Adviser, True Colours Trust.
Little Havens, a member of Together for Short Lives
## **The True Colours Chair in Palliative Care for Children and Young People**
In 2010, we were thrilled to establish the UK’s first Professorial Chair in Palliative Care for Children and Young People at the UCL Great Ormond Street Institute of Child Health (GOS ICH). The position was established with a ten-year funding commitment from True Colours to expand the evidence base, provide leadership and integrate children’s palliative care into UK academia. Professor Myra Bluebond-Langner was appointed and, as Chair, led the development of high-quality studies which inform practice and training. Her stated goal was _“to make a tangible difference in the lives of children with life-limiting conditions and life-threatening illnesses and their families through an integrated programme of research, practice, education and policy.”_
Our hope and expectation, when establishing the Chair, was that the role would demonstrate the crucial need for the development of research into paediatric palliative care to cement it as an integral part of children’s healthcare. The impact of the Chair’s role can be demonstrated by the tangible increase in research: in 2006, around 185 academic articles were published on PubMed (the medical research database) which featured research into paediatric palliative care; in 2021, over 1,370 articles were published!
Professor Bluebond-Langner retired as Chair in December 2021 having spent ten years leading the field with passion, academic rigour and commitment to children’s palliative care. We are grateful for all she has done for the sector. We can say with certainty that her excellent work will improve the way services are delivered now and in the future, in London, the UK and the World.
An External Review of the Chair was undertaken in 2018. The Review Board noted the calibre of the Chair’s research, particularly on decision making which the Board expects to _“become a gold standard reference in years to come”._
Our decision to commit funding for ten years was based on an expectation that, once the need for robust research into children’s palliative care was demonstrated, the host institution would continue to provide support in the long-term. We are delighted that GOS ICH are continuing both the Professorial position and a programme of research in children’s palliative care at their world-renowned centre, the Louis Dundas Centre for Children’s Palliative Care and we look forward to welcoming and working with the new Professor.
## **Improving access to pain relief and palliative care in Africa**
Rays of Hope Jinja, via the African Palliative Care Association
## **Ongoing support for the African Palliative Care Association**
In 2021/22, we were pleased to commit further funding towards the Africa Small Grants programme which provides grants of up to £5,000 to grassroots palliative care organisations across Africa. This programme is administered by the African Palliative Care Association (APCA), the umbrella body for palliative care in Africa. APCA supports local, regional and national organisations across the continent to expand palliative care service provision, working with the smallest local organisations up to national programmes and governments.
In 2021/22, two rounds of small grants were undertaken, providing funding for projects which were designed to have an immediate benefit for African patients and their families. To read more about the grants awarded, please see page 16.
We also continue to support APCA’s core operations. Our last grant towards APCA’s core costs was approved in 2019/20 and provides unrestricted funding towards the organisation’s work, intended to allow APCA to operate with as much flexibility as possible to achieve its aims. We maintain regular dialogue with the team for which we are very grateful as it allows us to keep in touch with the evolving needs of the palliative care sector in Africa. This partnership working means we are able to respond quickly to opportunities which emerge to support African palliative care. For example, this year, we approved an additional grant of £8,545 to APCA towards a project which will provide training to its partners in how to use photography to capture stories which will raise the profile of African palliative care.
## **Improving access to morphine in district hospitals in Malawi**
This year we have continued to partner with the Palliative Care Association of Malawi (PACAM) as it works with the Ministry of Health in Malawi to ensure that palliative care is embedded in the national health system. This work is now entering its tenth year of funding from True Colours.
PACAM has spent many years working hard to improve the supply of morphine in Malawi to ensure that those who need it are able to access appropriate pain relief. Morphine consumption has increased steadily across the country over the last ten years, and today all districts stock morphine for use in palliative care – a remarkable achievement given the country’s small size and economic position.
PACAM is working in collaboration with the Ministry of Health Pharmaceutical Unit and with District Hospitals to upgrade pharmacy storage facilities to ensure that they are able to stock sufficient morphine to meet the increased demand, safely and in line with legal requirements.
Morphine is a controlled medicine which must be stored in adherence with strict conditions. Liquid morphine can be bulky to store as it is supplied in five-litre containers which often do not fit in the existing pharmacy cupboards which were designed to store tablets. The increased use of morphine has resulted in hospital pharmacies being under pressure to keep sufficient morphine available for patients.
True Colours was delighted to support the costs of this work which are relatively modest – approximately £1,100 per hospital. We provided additional funding in 2021/22 of £30,800 to PACAM to allow it to work with the Ministry of Health to develop new storage, tailored to meet the specific needs of each of the country’s 28 District Hospitals. This work is currently in progress.
Palliative Care Association of Malawi
## GOVERNANCE
he trustees were advised this year by Maggie Baxter CBE, Dame Christine Lenehan, Dr Linda Maynard and Lisa Spinks, alongside our Parent Advisory T Group. To avoid conflicts of interest arising, advisers do not participate in trustees’ decision-making regarding the funding of any organisation with which they are associated. We are very grateful to all our advisers for their expertise and dedication. At the end of 2021, Maggie Baxter retired as an adviser and trustees would like to record their particular thanks to Maggie who has acted as an adviser to True Colours for 12 years.
The trustees who served during the year are listed on page 5. Trustees are appointed by the Chair, in consultation with existing trustees, and are provided with relevant information relating to their responsibilities. The trustees
are responsible for the overall direction and supervision of The True Colours Trust; they set the Trust’s strategy, review proposals and approve grants. The trustees delegate day-today operations to the Trust Executive, Catherine Gathercole.
## **Reserves Policy and Going Concern**
In the year under review, there was a planned deficit of income over expenditure on the unrestricted funds of £1,883,069 (2021: £2,794,226). 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.
Although some grants have been accrued, others totalling £719,032 (2021: £1,224,779) have not been provided for
in the Statement of Financial Activities as they are due to be paid more than twelve months after the year end. They represent funds earmarked for continued support to certain existing beneficiaries, which are released when conditions attached to the grant are fulfilled.
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 £10.5 million (2021: £11.6 million). The trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.
## **Investment Powers**
Families United/Pony Proud
The Trust Deed empowers the trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the trustees.
## **Investment Policy and Performance**
The Trust holds significant cash deposits to enable the Trust to draw on capital rapidly when required and also to avoid the need to draw on investments in times of market downturns. The remaining funds are held in a diversified portfolio of investments within Sarasin’s Endowment and Income & Reserves funds to generate unrestricted income and capital returns in accordance with the trustees’ guidelines.
The True Colours Trust’s Endowment fund portfolio rose by 5.5% (total return, net of fees) over the period, which was behind the composite benchmark return of +8.5%. The Trust’s Income & Reserves fund portfolio produced a total return, net of fees, of -1.2% which was marginally behind the composite benchmark return of -1.0%.
The year under review has seen volatility, a rotation away from the thematic, good quality companies favoured in the portfolio into lower quality, more cyclical companies (mainly oil and gas) which hurt both absolute and relative performance and, especially in the last quarter, there was a significant pull back in values across all asset classes reflecting concerns over rising inflation (and resultant interest rate rises), falling global growth and the dreadful events in Ukraine. Those concerns and their impact have increased since the year end, adding greater pressure on valuations. Whilst the past 12-month performance of the
funds has been relatively weaker, longer-term performance remains ahead of the long-term CPI +4% target and the peer group, as measured by the ARC Charity Steady Growth Index.
The Trust’s investment portfolios earned a total income of £304,045 during the year (2021: £334,906).
## **Risk Assessment**
The trustees have examined the major strategic, business and operational risks to which True Colours may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, systems are in place to adequately manage such potential risks as the trustees have identified. They continue to keep processes under review.
Trustees have identified the uncertainty of financial returns to constitute the Trust’s major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The trustees regularly review investment strategy and monitor financial performance. They also operate a grant distribution formula which helps to ensure the stability of resources for grant awards in any given year.
Another major risk is a misuse of funds by a charity beneficiary. To mitigate this risk, the awards are made following a thorough assessment and grants are regularly monitored; multi-year grant payments are conditional upon the receipt of satisfactory progress reports.
## **Staff Remuneration**
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 comparable positions in similar organisations.
## **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 in this annual report (about the Trust’s aims, activities and achievements in the areas it supports) demonstrates the benefit to its beneficiaries, and through them to the public, that arise from those activities.
recommended practice for good governance within the sector. The Trust 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.
## **Financial Overview of the Past Year**
The trustees met twice during the year to make grants.
## **Fundraising**
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.
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. 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.
## **Charity Governance Code**
Trustees are aware of the Charity Governance Code, as updated in 2020, which sets out the principles and
The Settlor made a generous donation of £625,000 in the year (2021: £1.25 million), which has been added to the Expendable Endowment. The net asset value of the Trust decreased from £11.59 million at 5 April 2021 to £10.47 million at 5 April 2022.
The total income allocated to unrestricted funds for the year was £304,045 (2021: £334,906).
The trustees continue to approve grants worth significantly more than the income for the corresponding period in accordance with the approach set out in the Reserves Policy. During the year, trustees approved 61 grants totalling £1,354,714 (2021: £4,166,097), some of which are payable over more than one year. The trust made grant payments during the year totalling £2,083,513 (2021: £3,625,812). Payments made include payments of grants which were approved in previous years. Grants approved and paid during the year may be analysed by value and percentage across the Trust’s grant-making categories as set out in the following table:
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Payments Made Grants Approved
% £ £ % Number
48 996,388 UK - Disabled Children & Children’s Palliative Care 940,493 69 11
41 847,227 Africa - Palliative Care (including Small Grants) 212,593 16 9
11 239,898 Small Grants UK and Sainsbury Archive 201,628 15 41
100 2,083,513 Total 1,354,714 100 61
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## GRANTS APPROVED
## **UK – Disabled Children and Children’s Palliative Care – £940,493**
## **CW+ (Chelsea & Westminster Hospital NHS Foundation Trust’s Charity) – £127,818 over two years**
Towards the costs of a new Project Manager for the National Lead Nurse in Neonatal Palliative Care Project.
## **Childhood Bereavement Network (CBN) – £105,003 over three years**
Towards the core costs of the Childhood Bereavement Network and the National Bereavement Alliance.
Barbara Evripidou on behalf of Jessie May
## **Contact – £40,000**
Towards a further 12 months of Listening Ear, a telephone helpline which provides parents and carers of disabled children with reassurance and practical and emotional support.
**Heart n Soul – £25,000** Towards the organisation’s core costs.
**Independent Provider for Special Education Advice (IPSEA) – £50,000** Towards the purchase and installation of a new case management and volunteer management system.
## **International Children’s Palliative Care Network – £49,672 over two years**
Towards the costs of adapting and producing an online training resource in Neonatal Palliative Care, based on the training developed by Alex Mancini, the National Lead Nurse in Neonatal Palliative Care.
**Jessie May Trust – £195,000 over three years** Towards the organisation’s core costs.
## **Little Village – £23,000**
Towards the costs of fitting out its new Tooting branch.
## **On Road Media – £25,000**
Towards a new pilot, ‘Talking about Children’s Palliative Care’ to improve understanding of children’s palliative care amongst healthcare professionals.
**Together for Short Lives – £200,000 over two years** Towards the organisation’s core costs.
## **WellChild – £100,000 over two years**
Towards the costs of its Family Services team.
Palliative Care Association of Malawi
## **Africa – Palliative Care – £122,318**
**African Palliative Care Association, Uganda – £77,472 over three years (three grants)** Towards the costs of administration of the Africa Small Grants Programme and towards a project to train palliative care providers in photography.
## **Island Hospice & Healthcare, Zimbabwe – £11,406 (two grants)**
Towards the costs of integrating palliative care into Zimbabwe’s public health system, including towards PPE and airtime/data costs for telephone consultations.
## **Najojo Better Living Mission Association, Lesotho – £2,640**
Towards the organisation’s Covid-19 response.
## **Palliative Care Association of Malawi – £30,800**
Towards the costs of updating lockable cupboards in District Hospital Pharmacies to allow for the safe storage of morphine and other controlled medicines, in light of increased demand for services.
Palliative Care Association of Malawi
Zululand Hospital Association, grant recipient in 2021, via APCA
## **Small Grants Africa – £90,275**
The Africa Small Grants Programme supports the development of local palliative care services across the continent. It is administered by the African Palliative Care Association (APCA) which publicises the scheme, supports potential applicants and reviews applications. True Colours works alongside APCA to assess these applications.
This year, we continued to accept applications designed to respond to the Covid-19 pandemic. This meant that applicants could apply for funding towards PPE or other adaptations to their programmes which resulted from the pandemic. Trustees made two grants to APCA for regranting to Small Grant recipients, amounting to £90,275. These funds were re-granted to 20 organisations through the Africa Small Grants Programme and are listed here:
**Training and Sensitisation in Palliative Care Coordination des Oeuvres Médicales de la Communauté des Églises Libres de Pentecôte en Afrique, DRC**
**Adara Development, Uganda**
## **Windows of Hope, Zimbabwe Association Togolaise pour la Promotion de la Santé et du Développement Communautaire, Togo**
## **Equipment and Palliative Care Medicines Tesfa Addis Parents Childhood Cancer Organization, Ethiopia Meru Hospice, Kenya**
**Grahamstown Hospice Service, South Africa**
**Hospice of White River, South Africa**
**TLC Home Services Hospice, South Africa Seke Rural Home-Based Care, Zimbabwe Ndimoyo Palliative Care Trust, Malawi Hospice Ethiopia**
**Peace Hospice Adjumani, Uganda Hospice Rustenburg, South Africa**
**Providing paediatric palliative care Joy Hospice, Uganda**
**Providing palliative care at community level Centre for Palliative Care, Nigeria**
**Pretoria Sungarden Hospice, South Africa Geriatric Respite Care Foundation, Uganda**
**Nairobi Hospice Limited, Kenya**
**Organisation Jeunesse pour le Développement Communautaire, Togo**
Hands on Care, Gambia, grant recipient in 2021, via APCA
Moorvision
## **Small Grants UK – £201,628**
True Colours is committed to supporting a large number of excellent local organisations and projects that work with children and young people who are disabled and/or have life-limiting and life-threatening conditions, and their families.
The Small Grants UK programme provides grants of up to £10,000 to help smaller organisations develop and deliver programmes. We know that the work of these organisations, which are often locally-led, makes a huge difference to the lives of children and families by providing face-to-face, personalised support.
Grants are awarded towards a range of projects including activities for disabled children, siblings’ projects, bereavement support, specialised play equipment, minibuses, multi-sensory rooms, hydrotherapy pools and respite which supports the whole family.
This year, we made a total of 41 grants to smaller organisations amounting to £201,628 as listed:
**Activities and support for disabled children and young people and their families Ab Phab Youth Club – £5,618 BLISS=Ability Limited – £3,520 Bradford Phab – £5,000 Chayah Development Project – £10,000 ClearVision Project – £4,455 Concrete Youth – £5,000 Education & Skills Development Group (ESDEG) – £5,000 Families United – £5,000 Gateway Wheelers – £7,480 Motion Control Dance – £4,730 Nourish Support Centre – £4,368 Parable Dance CIC – £5,000 Play Midlothian – £7,500 SNAP (Special Needs Action Project) – £5,000 Southwark Dynamos Football Club, CIC – £4,000 Swallows of Helston Gymnastics Club – £2,934 Synergy Dance Outreach – £5,000**
**The VIP Club - The Very Inclusive Play Club CIC – £1,500 TwoCan Inclusive Theatre Company – £7,350 Worcestershire Parent & Carers Community – £5,000**
## **Sensory rooms**
**Brighter Dayz – £6,000 Camborne Community Centre – £9,808 Play Radnor – £6,112 Rainbow Kids Ltd CIC – £2,500 SOFT UK (Support Organisation for Trisomy 13 and 18) – £3,070 Square Peg Activities Ltd – £5,000**
## **Cancelled Grants**
Grants totaling £15,804 in 2022 (2021: £66,330) were cancelled during the financial year as they were no longer required for the purposes for which they were awarded.
Nourish Support Centre
## **Siblings’ projects**
**Romsey Young Carers – £5,000**
## **Bereavement support**
**Balloons (Devon) – £2,000 The Harry’s Rainbow Charitable Trust – £3,922 Jigsaw (South East) – £5,000**
**Specialised equipment, including sensory and play equipment Crimsham Farm – £4,750 Intersensory Club – £7,000 Moorvision – £3,160 Nova Children’s Project CIC – £5,010 POPSY Charity – £3,043 Smiling Families Charity – £5,000 South London Special League – £3,000 SPACE Cheshire – £3,998 Stepping Stones Play and Learn Group – £3,000 Steps Conductive Education Centre – £1,800 Wembdon Village Hall and Playing Fields Trust – £10,000**
Motion Control Dance
## LEGAL AND ADMINISTRATIVE
The True Colours Trust was established under a Trust Deed dated 20 August 2001 and became a registered charity with the Charity Commission in England and Wales on 21 December 2001 (registration number 1089893).
## **Trustees**
**Registered Office**
Lucy Sainsbury (Chair) Tim Price Dominic Flynn David Wood The Peak, 5 Wilton Road London SW1V 1AP
**Principal Officers**
Karen Everett, Chief Executive Officer of the Sainsbury Family Charitable Trusts Catherine Gathercole, Executive of The True Colours Trust Jo Ecclestone Ford, Strategic Lead for The True Colours Trust
**Bankers** Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA
**Solicitors** Portrait Solicitors (up to 31/07/2022) 21 Whitefriars Street London EC4Y 8JJ BDB Pitmans LLP (as from 01/08/2022) 1 Bartholomew Close London EC1 7BL **Auditors** Sayer Vincent LLP Invicta House, 108 - 114 Golden Lane London EC1Y 0TL **Investment** Sarasin & Partners LLP **Advisers** Juxon House, 100 St Paul’s Churchyard London EC4M 8BU **Objects** The objects of the Trust as given in the Trust Deed are for general charitable purposes.
## 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:
- ➤ Select suitable accounting policies and then apply them consistently
- ➤ Observe the methods and principles in the Charities SORP
- ➤ Make judgements and estimates that are reasonable and prudent
- ➤ State whether applicable UK Accounting Standards and statements of recommended practice 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 in operation
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 8th November 2022 and signed on their behalf by:
Trustee
Lucy Sainsbury
## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE TRUE COLOURS TRUST
## **Opinion**
We have audited the financial statements of The True Colours 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 _The_ Kingdom Accounting Standards, including FRS 102 _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 5 April 2022 and of its incoming resources and application of resources, for the year then ended
• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
• 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 True Colours 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 not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
**Independent auditor’s report to the trustees of the True Colours Trust continued**
## **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:
• The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;
- 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 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.
Irregularities, including fraud, are instances of noncompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
## **Capability of the audit in detecting irregularities**
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:
- Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
- The internal controls established to mitigate risks
- related to fraud or non-compliance with laws and regulations.
- We inspected the minutes of meetings of those charged
- with governance.
- We obtained an understanding of the legal and
regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.
- We communicated applicable laws and regulations
- throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
**Independent auditor’s report to the trustees of the True Colours Trust continued**
- We reviewed any reports made to regulators.
- We reviewed the financial statement disclosures and
- tested these to supporting documentation to assess compliance with applicable laws and regulations. • We performed analytical procedures to identify any
- unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org. uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charity’s trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**15 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**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022**
|**_Notes_**
**Income and endowment from:**
Gif of expendable endowment
Grant received
Investments
**_2_**
**Total income**
**Expenditure on:**
**_Raising funds:_**
Investment management costs
**_Charitable actvites_**
Grant-making:
Grant expenditure
**_3_**
Grant related support costs
**_4_**
Cost of grant-making
**Total expenditure**
**Net (expenditure)/income**
**before gains on investments**
Net gains on investments
**_7_**
Transfers between funds
**_10_**
**Net movement in funds**
**Reconciliaton of funds**
Total funds brought forward
Total funds carried forward|**_Total Funds_**
**_2021_**
**Total Funds**
**2022**
**Expendable**
**Endowment**
**Unrestricted**
**Funds**|
|---|---|
||**£ £**
**£**
**_£_**
-
625,000
625,000
_1,250,000_
-
-
-
_300,000_
304,045
-
304,045
_334,906_|
||304,045
625,000
929,045_1,884,906_|
||-
59,039
59,039
_47,825_
1,844,657
-
1,844,657_3,140,071_
292,457
-
292,457
_289,061_
2,137,114
-
2,137,114_3,429,132_|
||2,137,114
59,039
2,196,153_3,476,957_|
||(1,833,069)
565,961 (1,267,108)_(1,592,051)_
-
148,390
148,390_1,741,325_
1,833,069 (1,833,069)
-
-|
||-
(1,118,718) (1,118,718)_149,274_
-
11,591,212 11,591,212_11,441,938_
-
10,472,494 10,472,494_11,591,212_|
The notes on pages 27 to 34 form part of these accounts.
## **BALANCE SHEET AS AT 5 APRIL 2022**
|**FIXED ASSETS**
Tangible fxed assets
Investments
**CURRENT ASSETS**
Debtors
Cash at bank and in hand
**CURRENT LIABILITIES**
**Creditors**- amounts falling due within 1 year
**NET CURRENT (LIABILITIES) / ASSETS**
**NET ASSETS**
**CAPITAL FUNDS**
Expendable endowment
**INCOME FUNDS**
Unrestricted funds|**_Notes_**||**2022**|**_2021_**|
|---|---|---|---|---|
||**_6_**
**_7_**
**_8_**
**_9_**
**_10_**
**_10_**|**£**
77,642
967,279
1,044,921
1,491,075|**£**
13,696
10,904,952
10,918,648
(446,154)
10,472,494
10,472,494
-
10,472,494|**_£_**
_21,315_
_10,815,648_|
|||||_10,836,963_|
|||||_79,934_
_2,372,517_|
|||||_2,452,451_
_1,698,202_|
|||||_754,249_|
|||||_11,591,212_|
|||||_11,591,212_
-|
|||||_11,591,212_|
The financial statements were approved and authorised for issue by the Trustees on 8th November 2022 and were signed on their behalf by:
Trustee
Lucy Sainsbury
The notes on pages 27 to 34 form part of these accounts.
## **STATEMENT OF CASH FLOW FOR THE YEAR ENDED 5 APRIL 2022**
|**Cash fows from operatng actvites:**
**Net cash used in operatng actvites**
**Cash fows from investng actvites:**
Purchase of investments
Fees deducted at source
Dividends and Interest
Fixed asset additons
**Net cash provided by investng actvites**
**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**
**Reconciliaton of net expenditure to net cash fow from operatng actvites**
Net movement in funds (as per the Statement of Financial Actvites)
Gains on investments
Dividends and interest
Depreciaton charge
Decrease in debtors
Decrease in creditors
**Net cash used in operatng actvites**
**Analysis of the cash and cash equivalents**
**2022**
**£**
Cash at bank and in hand
967,279
967,279|**Cash fows from operatng actvites:**
**Net cash used in operatng actvites**
**Cash fows from investng actvites:**
Purchase of investments
Fees deducted at source
Dividends and Interest
Fixed asset additons
**Net cash provided by investng actvites**
**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**
**Reconciliaton of net expenditure to net cash fow from operatng actvites**
Net movement in funds (as per the Statement of Financial Actvites)
Gains on investments
Dividends and interest
Depreciaton charge
Decrease in debtors
Decrease in creditors
**Net cash used in operatng actvites**
**Analysis of the cash and cash equivalents**
**2022**
**£**
Cash at bank and in hand
967,279
967,279||**2022**|||
|---|---|---|---|---|---|
||||||**_2021_**|
|||
|**£**
(1,768,369)
(24,358)
83,444
304,045
-
363,131
(1,405,238)
2,372,517
967,279
**2022**
**£**
(1,118,718)
(148,390)
(304,045)
7,619
2,292
(207,127)
(1,768,369)
**2021**|
|**_£_**
_(2,210,709)_
_(26,726)_
_78,145_
_334,906_
_(19,174)_|
||||||_367,151_|
|||
||||
|||||
|_(1,843,558)_
_4,216,075_|
||||||_2,372,517_|
|||||||
||||||**_2021_**|
|||
||
|**_£_**
_149,274_
_(1,741,325)_
_(334,906)_
_7,619_
_286,759_
_(578,130)_|
||||||_(2,210,709)_|
|||||
|**Change in**
**year**|
||**£**
967,279||**£**
2,372,517||**£**
(1,405,238)|
||967,279||2,372,517||(1,405,238)|
The notes on pages 27 to 34 form part of these accounts
## NOTES TO THE ACCOUNTS
## **1. PRINCIPAL ACCOUNTING POLICIES**
The True Colours Trust is an unincorporated charity, registered in England and Wales with the Charity Commission (registration number 1089893). The address of the registered office is The Peak, 5 Wilton Road, London, SW1V 1AP.
## **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 FRS102.
In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.
## **b) Income**
Income is shown gross, including the associated tax credit unless the tax so deducted is considered irrecoverable.
Dividends are included by reference to their due dates.
Interest is recorded when it is receivable.
## **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.
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.
**Notes to the accounts continued**
Contributions to defined contribution pension plans are charged to the Statement of Financial Activities in the period to which they relate.
## **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) 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.
## **f) Cash and cash equivalents**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **g) 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
## **h) Critical accounting judgements and key sources of estimation uncertainty**
ln the application of the Trust’s accounting policies, which are described in note 1, Trustees are required to make judgements, estimates and 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.
ln 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.
## **2. INCOME FROM INVESTMENTS**
Income received on investments may be analysed as follows:
|
Sarasin mult assets
Bank deposit interest|**2022**
**_2021_**|
|---|---|
||**£**
**%**
**_£_**
**_%_**
303,996
100
_322,662_
_96%_
49
-
_12,244_
_4%_|
||304,045
100
_334,906_
_100%_|
**Notes to the accounts continued**
## **3. GRANTS PAYABLE**
|**3. GRANTS PAYABLE**||||
|---|---|---|---|
|
**Reconciliaton of grants payable:**
Commitments at 6 April 2021
Grants not accrued at 6 April 2021
Grants approved in the year
Grants cancelled or refunded
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 9)|**2022**||**_2021_**|
||**£**
**£**
1,651,572
1,224,779
1,354,714
(15,804)
(719,032)
**1,844,657**
(2,083,513)
1,412,716
**2022**
**£**
1,412,716|**£**
_265,083_
_4,166,097_
_(66,330)_
_(1,224,779)_|**_£_**
_2,137,313_|
|||||
||||**_3,140,071_**
_(3,625,812)_|
||||_1,651,572_|
|||||
||||**_2021_**|
||||**_£_**
_1,651,572_|
## **Commitments**
In addition to the amounts commited 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 £719,032 (2021: £1,224,779).
A list of grants payable is included in Appendix A.
## **4. ALLOCATION OF SUPPORT COSTS**
|Staf costs
Share of joint ofce costs
Direct costs including travel
Legal and professional fees
Consultancy
Depreciaton
Auditors’ remuneraton*
|**Grant Making**
**Governance**
**2022 Total**
**_2021 Total_**|
|---|---|
||**£**
**£**
**£**
**_£_**
189,206
1,451
190,657_195,459_
70,060
-
70,060
_60,179_
8,318
-
8,318
_8,866_
6,111
-
6,111
_7,572_
2,250
-
2,250
_2,000_
7,619
-
7,619
_7,619_
-
7,442
7,442
_7,366_|
||283,564 8,893 292,457_289,061_|
*Auditor’s remuneration excluding VAT is £6,200.
Included within support costs for 2021 are governance costs totalling £9,358. This is comprised of staff costs of £1,992 and auditor’s remuneration of £7,366.
**Notes to the accounts continued**
## **5. ANALYSIS OF STAFF COSTS**
|
Wages and salaries
Social security costs
Other pension costs
|**2022**
**_2021_**|
|---|---|
||**£**
**_£_**
155,748
_159,773_
17,004
_17,334_
17,905
_18,352_|
||190,657
_195,459_|
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 2.4% of the total support and administration costs of these trusts have been allocated to the True Colours Trust (2020/21: 2.6%), 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 year was 9, all on a part-time basis (2020/21: 7). This equates to 2.2 full-time employees (2020/21: 2.3). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer contributions to group personal pensions, of those key management personnel, were £114,860 (2020/21: £126,712). No employees of the charity earned in excess of £60,000.
No Trustees received any remuneration for their services or reimbursement of expenses in the year (2020/21: £0).
## **6. TANGIBLE FIXED ASSETS**
**Leasehold Improvements**
|**6. TANGIBLE FIXED ASSETS**
||
|---|---|
|**Leasehold Improvements**
**Cost**
At 6 April 2021
Additons
Cost at 5 April 2022
**Depreciaton**
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_**|
||**£**
**_£_**
67,974
_48,800_
-
_19,174_|
||67,974
_67,974_|
||46,659
_39,040_
7,619
_7,619_|
||54,278
_46,659_|
||13,696
_21,315_|
||21,315_9,760_|
**Notes to the accounts continued**
## **7. FIXED ASSET INVESTMENTS**
|Market value at 6 April 2021
Add: Acquisitons at cost
Less: Fees deducted at source
Net gain on investments
**Market value at 5 April 2022**|**2022**
**_2021_**|
|---|---|
||**£**
**_£_**
10,815,648
_9,125,742_
24,358
_26,726_
(83,444)
_(78,145)_
148,390
_1,741,325_|
||
10,904,952
_10,815,648_|
The investments held as at 5 April 2022 were as follows:
|Sarasin mult assets
**8. DEBTORS**
Accrued Income
Other debtors|**2022**
**_2021_**|**2022**
**_2021_**|
|---|---|---|
||**Cost**
**Market Value**
**_Cost_**
**_Market Value_**||
||**£**
**£**
**_£_**
**_£_**
9,789,774
10,904,952
_9,765,416_
_10,815,648_||
||9,789,774
10,904,952
_9,765,416_
_10,815,648_||
|||**2022**
**_2021_**|
|||**£**
**_£_**
71,804
_74,143_
5,838
_5,791_|
|||77,642
_79,934_|
## **9. CREDITORS**
|Grants payable within one year
Professional charges
Other creditors|**2022**
**_2021_**|
|---|---|
||**£**
**_£_**
1,412,716
_1,651,572_
8,968
_10,386_
69,391
_36,244_|
||1,491,075 _1,698,202_|
**Notes to the accounts continued**
## **10. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|
Fund balances at 5 April 2022 are represented by:
Tangible fxed assets
Investments
Current assets
Current liabilites
**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**
**Funds**
**Expendable**
**Endowment**
**Totals**
**2022**|
|---|---|
||
**£**
**£**
**£**
-
13,696
13,696
-
10,904,952
10,904,952
1,491,075
(446,154)
1,044,921
(1,491,075)
-
(1,491,075)|
||-
10,472,494
10,472,494|
||- 11,591,212
11,591,212
304,045
625,000
929,045
-
(59,039)
(59,039)
(2,137,114)
-
(2,137,114)
-
148,390
148,390
1,833,069
(1,833,069)-|
||-
10,472,494
10,472,494|
* During the year there was a deficit of income over expenditure on the unrestricted funds of £1,833,069 (2021: £2,794,226). This has been funded by a transfer from Expendable Endowment.
## **11. COMPARATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS FOR THE YEAR ENDED 5 APRIL 2021**
|**FOR THE YEAR ENDED 5 APRIL 2021**|||||
|---|---|---|---|---|
||**Unrestricted**|**Restricted**|**Expendable**|**Totals**|
||**Funds**|**Funds**|**Endowment**|**2021**|
||**£**|**£**|**£**|**£**|
|Fund balances at 5 April 2021 are represented by:|||||
|Tangible fxed assets|-|-|21,315|21,315|
|Investments|-|-|10,815,648|10,815,648|
|Current assets|1,698,202|-|754,249|2,452,451|
|Current liabilites|(1,698,202)|-|
-|(1,698,202)|
|**Total net assets**|-|-|11,591,212|11,591,212|
|**Movement in the year**|||||
|Opening balance as at 5 April 2020|-|-|11,441,938|11,441,938|
|Total income and endowments|334,906|300,000|1,250,000|1,884,906|
|Cost of raising funds|-|-|(47,825)|(47,825)|
|Cost of grant-making|(3,129,132)|(300,000)|-|(3,429,132)|
|Net gains on investments|-|-|1,741,325|1,741,325|
|Transfers between funds*|2,794,226|-|(2,794,226)|-|
|**Closing balance as at 5 April 2021**|-|-|11,591,212|11,591,212|
* During the year there was a deficit of income over expenditure on the unrestricted funds of £2,794,226 which was funded by a transfer from Expendable Endowment.
**Notes to the accounts continued**
## **12. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**Income and Endowment from:**
Gif of expendable endowment
Grant received
Investments
**Total income**
**Expenditure on:**
**_Raising funds:_**
Investment management costs
**_Charitable actvites_**
Grant-making:
Grant expenditure
Grant related support costs
Cost of Grant-making
**Total expenditure**
**Net (expenditure) income before**
**gains on investments**
Net gains on investments
Transfers between funds
**Net movement in funds**
**Reconciliaton of funds**
Total funds brought forward
Total funds carried forward|**Total Funds**
**2021**
**Expendable**
**Endowment**
**Unrestricted**
**Funds**
**Restricted**
**Funds**|
|---|---|
||**££ **
**£**
**£**
-
-
1,250,000
1,250,000
-
300,000
-
300,000
334,906 -
-
334,906|
||334,906 300,000
1,250,000
1,884,906|
||-
-
47,825
47,825
2,840,071 300,000
-
3,140,071
289,061 -
-
289,061|
||3,129,132 300,000
- 3,429,132|
||3,129,132 300,000
47,825
3,476,957|
||(2,794,226)
-
1,202,175 (1,592,051)
-
-
1,741,325
1,741,325
2,794,226 -
(2,794,226)
-|
||- -
149,274
149,274
-
-
11,441,938
11,441,938|
||-
-
11,591,212
11,591,212|
## **13. RELATED PARTY TRANSACTIONS**
Included in grant-related support costs is £6,111 payable for legal services to Portrait Solicitors (2021: £7,572), a firm in which Mr D Flynn is a partner. £1,528 (2021: £3,020) is outstanding at year end and has been included within accruals.
During the year to 5 April 2022, a donation of £625,000 (2021: £1.25 million) was received from the Settlor who is a Trustee of The True Colours Trust.
**Notes to the accounts continued**
## **APPENDIX A GRANTS PAYABLE**
The amount payable for the year ended 5 April 2022 consisted of the following:
|**UK– Disabled Children & Children’s Palliatve Care**
Chelsea & Westminster Health Charity
Childhood Bereavement Network
Independent Provider for Special Educaton Advice (IPSEA)
Jessie May Trust
On Road Media
Sibs
Together for Short Lives
WellChild
Net grants payable/cancelled up to £50,000
**Africa– Palliatve Care (including Small Grants)**
African Palliatve Care Associaton
Island Hospice & Healthcare
Palliatve Care Associaton of Malawi
Net grants payable/cancelled up to £50,000
**Small Grants UK and Sainsbury Archive**
Grants up to £10,000 were payable totalling
Total grants payable per Statement of Financial Actvites
The amount payable for the year ended 5 April 2021 consisted of the following:
**UK– Disabled Children & Children’s Palliatve Care**
Chelsea & Westminster Health Charity
Childhood Bereavement Network
Contact
Jessie May Trust
Medical Mediaton Foundaton
Muscular Dystrophy UK
On Road Media
Rainbow Trust Children’s Charity
Sibs
WellChild
Grants Up to £50,000 were also payable
**Africa– Palliatve Care (including Small Grants)**
African Palliatve Care Associaton
Island Hospice & Healthcare
Kenya Hospices and Palliatve Care Associaton (KEHPCA)
Palliatve Care Associaton of Malawi
Signal
Grants up to £50,000 were also payable
**Small Grants UK and Sainsbury Archive**
Grants up to £10,000 were payable totalling
Total grants payable per Statement of Financial Actvites
|**_£_**
120,396
81,669
50,000
130,000
94,336
123,410
200,000
100,000
114,569
340,833
142,723
146,516
(6,424)
206,629|
|---|---|
||1,844,657|
||**_£_**
99,781
235,215
86,370
150,000
61,720
98,745
163,818
100,000
57,759
100,000
93,906
310,296
263,199
300,000
497,084
88,443
35,165
398,570|
||3,140,071|