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2023-04-05-accounts

Company Registration No: 07866189 Charity No: 1144990

THE GLASS-HOUSE TRUST

ANNUAL REPORT AND

FINANCIAL STATEMENTS

5 APRIL 2023

The Peak 5 Wilton Road London SW1V 1AP

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THE GLASS-HOUSE TRUST 5 April 20 23

CONTENTS CONTENTS PAGE
1 Legal and administrative 2
2 Report of the Trustees 3 – 7
3 Statement of Trustees’ Responsibilities 8
4 Independent Auditor’s Report 9 – 12
5 Statement of Financial Activities 13
6 Balance Sheet 14
7 Cash Flow Statement 15
8 Notes to the Accounts 16 – 27
9 Appendix to the Accounts 28

Report and Accounts – 5 April 2023

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THE GLASS-HOUSE TRUST 5 April 20 23

LEGAL AND ADMINISTRATIVE

The Glass-House Trust was formed as a company limited by guarantee on 30 November 2011 and incorporated in the United Kingdom. The company registration number is 7866189.

The Trust was registered with the Charity Commission for England and Wales on 9 December 2011. The charity registration number is 1144990.

Trustees/ Alex Sainsbury
Directors Elinor Sainsbury
Judith Portrait (resigned 30 November 2022)
Dominic Flynn (appointed 30 November 2022)
Registered The Peak
Office 5 Wilton Road
London SW1V 1AP
Principal Karen Everett Chief Executive Officer
Officers Matthew Williams Executive
Both are employed part-time
Bankers Royal Bank of Scotland
119 - 121 Victoria Street
London
SW1E 6RA
Solicitors BDP Pitmans LLP
One Bartholomew Close
London EC1A 7BL
Auditor Sayer Vincent LLP
Invicta House
108 - 114 Golden Lane
London
EC1Y 0TL
Investment Bordier & Cie (UK) Plc
Advisers 79 Pall Mall
London SW1Y 5ES

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THE GLASS-HOUSE TRUST 5 April 20 23

REPORT OF THE TRUSTEES

The Trustees present their report and the audited financial statements for the year ended 5 April 2023.

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.

Objects

The objects of the Trust as given in the memorandum and articles are for general charitable purposes. The current areas of interest are reflected in the grant-making activities on page 5 of the Report of the Trustees.

Organisation

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

Trustees are appointed by ordinary resolution and are provided with relevant information relating to their responsibilities as Trustees.

The Trustees are aware of the latest Charity Governance Code 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 to an appropriate extent at the current time.

Trustees are aware of the Charity Commission guidance on charity and 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. The information that follows in this annual report gives details of the Trust’s aims, activities and achievements in the areas the Trust supports. This demonstrates the benefits of these activities to the Trust’s beneficiaries, and through them to the public.

Fundraising Policy

The Trust does not fundraise 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.

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. We have received no complaints in relation to any fundraising activities, as no such activities are carried out.

Reserves Policy and Going Concern

It is the policy of the Trustees to approve grants for payment over a period of years, subject to certain conditions over the life of the grant. Those expected to be paid within twelve months of the year end are accrued in the accounts, whilst those due to be paid later than this are not accrued and represent funds earmarked for continued support to certain existing beneficiaries, although recipients have not yet met the conditions of the grant. Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available reserves is adequate and that the Trust is in a position to meet all its commitments.

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REPORT OF THE TRUSTEES (continued)

The Trustees consider it appropriate to hold free funds to meet the short-term working capital needs of the Trust and to permit the payment of grants. In the event that the Trustees find themselves unable to meet current commitments from unrestricted reserves, they would be willing to draw on expendable endowment in order to meet those commitments. As at 5 April 2023, the Trust held total free funds of £8.4 million (2022: £8.6 million), all of which is comprised entirely of expendable endowment.

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 meet such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.

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

Trustees have identified as a key risk the misuse of funds by a grant beneficiary. To mitigate this risk, funds are awarded following a thorough assessment and grants are regularly monitored. Grants awarded for more than one year are subject to annual review.

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 the comparable positions in similar organisations.

Investment Policy and Performance

Trustees meet with their investment managers regularly to discuss investment strategy and also to seek to ensure that the Trust’s income requirements are met, and that long term capital growth is in line with relevant indices. The Trustees normally hold investments for the long term.

During the period, the portfolio at a consolidated level decreased in value, by 0.41% (2022: increased by 7.47%). This compares with a decrease in the ARC Sterling Balance Asset account, which increased by 4.52% (2022: increased by 3.46%).

The memorandum and articles of the Trust empower the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees.

Review of the Past Year

The net unrestricted expenditure of the Trust for the year after charging support costs was £1,162,710 (2022: £1,147,493). The net assets of the Charity decreased from £9,594,477 at 5 April 2022 to £8,387,682 at 5 April 2023, a decrease of 12.6%.

The Trustees met once during the year to make and review grants and once more to review investment activity. During the year, grants to the value of £56,500 (2022: £3,546,500) were approved.

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REPORT OF THE TRUSTEES (continued)

Grants are made to projects initiated by the Settlor or Trustees, including projects initiated jointly by the Trustees and the beneficiary (“Projects initiated by Trustees”), and projects drawn to Trustees’ attention which they consider have particular merit (“Other projects”). Grants paid during the year may be analysed by number and by value in these two categories as follows:

Projects initiated by Trustees
Other projects		 Grants
Paid
Value
£
7
1,041,000
4
39,000
11
1,080,000

Grants paid in 2022/23 are listed below, together with a brief description of the wider aims of each organisation supported.

Future Plans

The Trust will continue to support projects in accordance with the categories described above. Trustees do not foresee a significant change in projects supported in the next few years.

G R A N T S P A I D

- PROJECTS INITIATED BY TRUSTEES £1,041,000

A Space - £55,000

Grant paid towards the Director’s salary

A Space provides therapeutic support – especially through creative activities – for children within primary and secondary schools in Hackney. This pioneering project was set up by Trustees in 1998 and aims to foster children’s emotional expression and development.

Four Corners Books - £150,000

Towards the charity’s running costs (two grants).

This not-for-profit publisher seeks to bring art history to life. It aims to create a space to reflect on artists and creative outputs from the recent past that have been overlooked, and to champion this creativity, in an accessible way.

Glass-House Community-Led Design - £123,500

Towards core costs and for its archive project (two grants).

This project was set up by Trustees in 2000 and established as an independent charity in 2006. It provides design advice to residents and communities participating in the regeneration of social housing, neighbourhood buildings, spaces and streets. The charity also train professionals and members of the public in participatory design for the built environment

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5 April 20 23

REPORT OF THE TRUSTEES (continued)

MayDay Rooms - £37,500

Towards the charity’s running costs.

MayDay Rooms is an educational archiving project based in London’s Fleet Street, which was initiated in collaboration with the Glass-House Trust. MayDay Rooms finds ways to make publicly available, conserve and study archives and other historical material linked to social movements, experimental culture, and marginalised figures and groups. The work involves extensive transfer of fragile materials into digital forms, and exploration of these materials through workshops, public events, discussions, exhibitions, and the training up of 'citizen archivists.'

Raven Row - £675,000

To Towards the charity’s running costs.

Raven Row is an art exhibition centre in Spitalfields, East London established by trustees of the GlassHouse Trust, in historic and award-winning contemporary buildings in 2009. Raven Row makes exhibitions of modern and contemporary art - making public the results of lengthy and scholarly research - which are free to the public to visit. Publications, as well as discussions and events, are produced and presented alongside these exhibitions.

OTHER PROJECTS - £39,000

June Givanni Pan African Cinema Archive - £10,000

Towards the costs of cataloguing the archive.

The June Givanni PanAfrican Cinema Archive (JGPACA) holds a unique collection of artefacts and archival material which has at its core the interest of Pan-African cinema and its relationship to Black British Cinema and culture. To date, JGPACA holds more than 10,000 items – including over 700 feature films, television programmes, short films and documentaries, as well as audio recordings, photographs, posters, manuscripts, magazines, books and documents – connecting African film with the film cultures of diaspora communities in America, the Caribbean, and Europe.

Money for Madagascar - £22,500

For the running costs of Akany Hasina and other projects in Madagascar chosen by the charity, and a contribution to an in-country representative of Money for Madagascar.

Money for Madagascar is a UK charity, funding projects in Madagascar aimed at tackling extreme poverty, loss of bio-diversity, poor health, lack of food security and limited access to education.

Akany Hasina is an environmental and cultural education project for children and young people in a village some 50 miles from Madagascar’s capital Antananarivo. Glass-House Trust has supported Akany Hasina as its sole funder since 2014. Akany Hasina provides English language tuition, as well as education in traditional Malagasy culture, including dance and musical instrument playing, and environmental understanding and conservation.

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THE GLASS-HOUSE TRUST 5 April 20 23

REPORT OF THE TRUSTEES (continued)

The Sainsbury Archive - £5,000

Towards core costs.

The Sainsbury Archive, housed at the Museum of Docklands, documents the history of J Sainsbury plc from its foundation in Drury Lane in 1869, but also provides a unique record of the history of retailing since the mid-19th century and the impact of this on society.

Transform Drug Policy Foundation - £1,500

Towards the charity’s running costs.

Drug policy is a matter of public concern which impacts on many people’s lives directly and indirectly. Transform highlights the negative social and economic costs of wholesale prohibition and encourages rational discussion of alternative approaches.

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THE GLASS-HOUSE TRUST 5 April 20 23

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of The Glass-House Trust for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

Approved by the Board on 16 November 2023 and signed on their behalf by:

………………………………. Alex Sainsbury – Settlor

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THE GLASS-HOUSE TRUST 5 April 20 23

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GLASSHOUSE TRUST

Opinion

We have audited the financial statements of The Glass-House Trust (the ‘charitable company’) for the year ended 5 April 2023 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 charitable company 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 Glass-House 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

Report and Accounts – 5 April 2023

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THE GLASS-HOUSE TRUST 5 April 20 23

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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 (who are also the directors of the charitable company for the purposes of company law) 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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.

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THE GLASS-HOUSE TRUST 5 April 20 23

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 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.

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.

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THE GLASS-HOUSE TRUST 5 April 20 23

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

Date

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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THE GLASS-HOUSE TRUST

5 April 20 23

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

Notes
Income from:
Investments
3
Bank deposit interest
Total income and endowments
Expenditure on:
Cost of raising funds
Investment management costs
Charitable activities
Grant-making:
Grant expenditure
4
Governance and Support costs
5
Cost of grant-making
Total expenditure
Net (losses)/gains on investment
8
Transfers between funds
10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
10
Total funds carried forward
Net expenditure before
(losses)/gains on
investments
Total funds brought forward		 Unrestricted
Expendable
Total Funds
Total Funds
Funds
Endowment
2023
2022
£
£
£
£
215,215
-
215,215
175,993
3,188
-
3,188
27
218,403
-
218,403
176,020
-
22,101
22,101
25,595
1,034,000
-
1,034,000
1,011,500
106,609
-
106,609
110,398
1,140,609
-
1,140,609
1,121,898
1,140,609
22,101
1,162,710
1,147,493
(922,206)
(22,101)
(944,307)
(971,473)
-
(262,488)
(262,488)
488,884
922,206
(922,206)
-
-
-
(1,206,795)
(1,206,795)
(482,589)
-
9,594,477
9,594,477
10,077,066
-
9,594,477
9,594,477
10,077,066
-
8,387,682
8,387,682
9,594,477

The notes on pages 16 to 27 form part of these accounts.

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THE GLASS-HOUSE TRUST

5 April 20 23

BALANCE SHEET

Company number: 07866189

AS AT 5 APRIL 2023

Notes
FIXED ASSETS
Tangible fixed assets
7
Investments
8
CURRENT ASSETS
Cash at bank and in hand
CURRENT LIABILITIES
Creditors -amounts falling due within 1 year
9
NET CURRENT LIABILITIES
NET ASSETS
CAPITAL FUNDS
Expendable endowment
10
INCOME FUNDS
Unrestricted funds
10		 2023
2022
£
87,094		 £
£
914,087
964,106
8,281,345
9,436,353
9,195,432
10,400,459
8,387,682
9,594,477
8,387,682
9,594,477
-
-
8,387,682
9,594,477

The financial statements were approved and authorised for issue by the Trustees on 16 November 2023 and were signed on their behalf by :

……………………………………………

TRUSTEE

The notes on pages 16 to 27 form part of these accounts.

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THE GLASS-HOUSE TRUST 5 April 20 23

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2023

RECONCILIATION OF NET EXPENDITURE TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends and income
Purchase of investments
Sale of investments
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 used in operating activities
Net movement in funds as per statement of financial activities
Gains/(losses) on investments
Dividends and income
Exchange losses
Depreciation charge
Decrease in debtors
(Decrease)/Increase in creditors
Net cash used in operating activities		 2023
2022
£
£
(1,143,973)
(554,467)
218,403
176,020
(1,690,533)
(2,127,843)
2,621,680
2,323,070
1,149,550
371,247
5,577
(183,220)
198,985
382,205
204,562
198,985
2023
2022
£
£
(1,206,795)
(482,589)
262,488
(488,884)
(218,403)
(176,020)
-
-
50,019
72,591
-
15,271
(31,282)
505,164
(1,143,973)
(554,467)		 2022
£
(554,467)

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

Cash at bank and in hand
Cash balances held by investment manager for reinvestment		 Change in
2023
2022
year
£
£
87,094
120,145
(33,051)
117,467
78,840
38,627
204,561
198,985
5,576

The notes on pages 16 to 27 form part of these accounts.

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THE GLASS-HOUSE TRUST 5 April 20 23

NOTES TO THE ACCOUNTS

1. STATUTORY

The charity is a company limited by guarantee (registered number 7866189), which is incorporated and domiciled in the UK and is a public benefit entity. The address of the registered office is The Peak, 5 Wilton Road, London SW1V 1AP.

2. PRINCIPAL 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 Companies Act 2006.

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 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

(ii) Dividends are included by reference to their due dates.

(iii)Interest is included when receivable.

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NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont …)

c) Expenditure on Charitable Activities

Expenditure is recognised once there is a legal or consructive 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. Expenditure is classified under the following activity headings.

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 (see note 4).

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.

Costs 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) Cost of administration

These costs 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.

f) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont …)

g) Financial Instruments

The Trust 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. Financial assets held at amortised cost comprise cash at bank and in hand, together with accrued interest and other debtors. Financial liabilities held at amortised cost comprise grants payable and accruals.

h) 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.

i) Fixed assets/depreciation

Items of equipment are capitalised where the purchase price exceeds £5,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Fixed assets are depreciated at rates which reflect their useful life to the Trust. The following rates have been used:

Freehold property (held at cost) - 50 years

Freehold property improvements - 10 years

Leasehold improvements - over the remaining life of the lease

j) Creditors and provisions

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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

k) Pensions

Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.

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THE GLASS-HOUSE TRUST 5 April 20 23

NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont …)

l) 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 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.

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:

Fixed Interest
U.K. Equities
Overseas equities		 2023
2022
£
%
£
%
15,476
7
34,249
19
67,462
32
52,573
30
132,277
61
89,171
51
215,215
100
175,993
100

Report and Accounts – 5 April 2023

20

THE GLASS-HOUSE TRUST

5 April 20 23

NOTES TO THE ACCOUNTS

4. GRANTS PAYABLE

2023
£
£
Reconciliation of grants payable:
Commitments at 6 April 2022
906,000
Grants not accrued at 6 April 2022
2,865,000
Grants approved in the period
56,500
Grants cancelled
-
Grants not accrued at 5 April 2023
(1,887,500)
Grants payable for the period
1,034,000
Grants paid/refunded during the period
(1,080,000)
Commitments at 5 April 2023
860,000
Commitments at 5 April 2023 are payable as follows:
2023
£
Within one year (note 9)
860,000		 2023
£
£
Reconciliation of grants payable:
Commitments at 6 April 2022
906,000
Grants not accrued at 6 April 2022
2,865,000
Grants approved in the period
56,500
Grants cancelled
-
Grants not accrued at 5 April 2023
(1,887,500)
Grants payable for the period
1,034,000
Grants paid/refunded during the period
(1,080,000)
Commitments at 5 April 2023
860,000
Commitments at 5 April 2023 are payable as follows:
2023
£
Within one year (note 9)
860,000		 2022
£
£

400,000
375,000
3,546,500
(45,000)
(2,865,000)

1,011,500

(505,500)

906,000
2022
£

906,000
860,000
2023
£
860,000

Commitments

In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain grants that are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 5 April 2023 was £1,887,500 (2022: £2,865,000).

A list of grants payable for the current and prior year can be found in Appendix A on page 28.

Report and Accounts – 5 April 2023

21

THE GLASS-HOUSE TRUST 5 April 20 23

NOTES TO THE ACCOUNTS

5. SUPPORT AND GOVERNANCE COSTS

Current year Grant-
Governance
Total
Making
2023
Provision of
Accommodation
for charities
Staff costs (note 6)
Share of joint office costs
Direct costs including travel
Legal and professional fees
Depreciation
Auditor's remuneration
£
£
£
£
-
19,301
2,437
21,738
-
12,429
-
12,429
6,311
1,728
-
8,039
-
6,680
150
6,830
49,732
287
-
50,019
-
-
7,554
7,554
56,043
40,425
10,141
106,609
Prior year Grant-
Governance
Total
Making
2022
Provision of
Accommodation
for charities
Staff costs
Share of joint office costs
Direct costs including travel
Legal and professional fees
Depreciation
Auditor's remuneration
£
£
£
£
-
10,142
2,195
12,337
-
8,846
-
8,846
1,800
1,329
-
3,129
-
3,702
13
3,715
71,574
1,017
-
72,591
-
-
9,780
9,780
73,374
25,036
11,988
110,398

No Trustee (2022: none) received remuneration or was reimbursed expenses during the period for their services as trustee.

Included in auditor's remuneration is:
Fee for the completion of the 2022/23 audit
Over accrual of 21/22 Corporation tax return fee
Fee for the completion of the 2022/23 Corporation tax return		 £
7,800
(1,440)
1,194
7,554

Total fees for statutory audit were £6,500 (2022: £5,900) excluding VAT. Charges for the preparation of Corporation Tax returns, including under accrual in prior years were £246 (2021: £2,250) excluding VAT.

Report and Accounts – 5 April 2023

22

THE GLASS-HOUSE TRUST

5 April 20 23

NOTES TO THE ACCOUNTS

6. ANALYSIS OF STAFF COSTS

6. ANALYSIS OF STAFF COSTS
Salaries and wages
Social security costs
Other pension costs		 2023
2022
£
17,892
2,251
1,595		 £
10,196
1,167
974
21,738 12,337

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 0.3% (2022: 0.1%) of the total support and administration costs of these trusts have been allocated to the Glass House Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2022/23.

The actual number of staff employed during the year was 5, all on a part-time basis (2021/22: 7). This equates to 0.08 full-time employees (2021/22: 0.08). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer pension contributions to group personal pensions, of those key management personnel, were £2,379 (2021/22: £2,201). No employees of the charity earned in excess of £60,000 (2021/22: none).

7. TANGIBLE FIXED ASSETS

Total
2023
Freeholdproperty
Leasehold
improvements
Freehold
improvements
£
£
£
£
1,164,346
482,873
9,307
1,656,526
-
(218,423)
(7,300)
(225,723)
Cost
Balance at 5 April 2022
Disposals
Balance at 5 April 2023
Depreciation
Balance at 6 April 2022
Charge for the period
Disposals
Acculumated depreciation at 5 April 2023
Net book value at 5 April 2023
Net book value at 5 April 2022
1,164,346
264,450
2,007
1,430,803
233,006
451,541
7,873
692,420
23,287
26,445
287
50,019
-
(218,423)
(7,300)
(225,723)
256,293
259,563
860
516,716
908,053
4,887
1,147
914,087
931,340
31,332

1,434
964,106

Report and Accounts – 5 April 2023

23

THE GLASS-HOUSE TRUST 5 April 20 23

NOTES TO THE ACCOUNTS

8. FIXED ASSET INVESTMENTS

8.
FIXED ASSET INVESTMENTS		 8.
FIXED ASSET INVESTMENTS
2023
2022
Market value 6 April 2022
Less: Disposals at proceeds
Add: Acquisitions at cost
Net gain on revaluation of investments
Market value 5 April 2023
Investment cash holdings
Total investments
Historical cost 5 April 2023		 £
£
9,357,513
9,063,856
(2,621,680)
(2,323,070)
1,690,533
2,127,843
(262,488)
488,884
8,163,878
9,357,513
117,467
78,840
8,281,345
9,436,353
8,213,669
9,014,577
2022
2023
The investments held as at 5 April 2023 were as follows:
Fixed Interest
UK Equities
Overseas Equities
Alternatives		 Cost
Market
Value		 Cost
Market
Value
£
£
-
-
2,071,300
1,602,206
4,540,979
4,854,833
1,601,390
1,706,839		 £
£

237,107
254,098

2,091,425
1,626,891

4,884,628
5,571,347

1,801,417
1,905,177
8,213,669
8,163,878		 9,014,577
9,357,513
During the year £939,518 (2022: £332,110) was disinvested from the investment portfolio to support
the Trust's grant expenditure.

9. CREDITORS - amounts falling due within one year

CREDITORS - amounts falling due within one year

Grants payable (note 4)
Professional charges
Other creditors		 2023 2022
£
860,000
11,833
23,011		 £

906,000

9,072

11,055
894,844
926,127

Report and Accounts – 5 April 2023

24

THE GLASS-HOUSE TRUST 5 April 20 23

NOTES TO THE ACCOUNTS

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

NALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Expendable Totals
Funds Endowment 2023
£ £ £
Fund balances at 5 April 2023 are represented by:
Tangible fixed assets - 914,087 914,087
Investments - 8,281,345 8,281,345
Current assets 894,844 (807,750) 87,094
Current liabilities (894,844) - (894,844)
Total net assets - 8,387,682 8,387,682
Movement in the year
Opening balance as at 6 April 2022 - 9,594,477 9,594,477
Total income and endowments 218,403 - 218,403
Cost of raising funds - (22,101) (22,101)
Cost of grant-making (1,140,609) - (1,140,609)
Net gain on investments - (262,488) (262,488)
Transfers between funds 922,206 (922,206) -
Closing balance as at 5 April 2023 - 8,387,682 8,387,682

During the year, there was a deficit of income over expenditure on the unrestricted funds of £919,366 (2022: £907,249). This has been funded by a transfer from expendable endowment.

Report and Accounts – 5 April 2023

25

THE GLASS-HOUSE TRUST 5 April 20 23

NOTES TO THE ACCOUNTS

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS (Continued)

Comparative analysis of net assets between funds for the year ended 5 April 2022

Unrestricted Expendable Totals
Funds Endowment 2022
£ £ £
Fund balances at 5 April 2022 are represented by:
Tangible fixed assets - 964,106 964,106
Investments - 9,436,353 9,436,353
Current assets 926,127 (805,982) 120,145
Current liabilities (926,127) - (926,127)
Total net assets - 9,594,477 9,594,477
Movement in the year
Opening balance as at 5 April 2021 - 10,077,066 10,077,066
Total income and endowments 176,020 - 176,020
Cost of raising funds - (25,595) (25,595)
Cost of grant-making (1,121,898) - (1,121,898)
Net gain on investments - 488,884 488,884
Transfers between funds 945,878 (945,878) -
Closing balance as at 5 April 2021 - 9,594,477 9,594,477

Report and Accounts – 5 April 2023

26

THE GLASS-HOUSE TRUST 5 April 20 23

NOTES TO THE ACCOUNTS

11. RELATED PARTY TRANSACTIONS

Included within governance and support costs is a total of £6,680 (2022: £0) payable for legal services to BDB Pitmans, a firm in which Mr D Flynn was a partner. £2,840 (2022: £0) was yet to be invoiced at the end of the financial year.

In the prior year £3,702 was payable to Portrait Solicitors, a firm in which Ms J Portrait was a partner. £3,072 was yet to be invoiced at the end of 2022 financial year. Ms J Portrait has since retired as a truste of The Glass-House Trust.

During the year, 0 (2022: 5) grants totalling £nil (2022: £3.43million) were approved where a conflict of interest with a beneficiary was identified. All grants are multi year, and subsequent payments subject to reporting terms and conditions.

All grant-making is made at arm's length, and in the normal course of the Trust's activities. Where any conflicts of interest may occur, appropriate action is taken to mitigate any risk of undue influence or control in the decision-making process. Applicant organisations are not controlled by The Glass-House Trust, and the Trustees are mindful of the need to consider any potential conflicts of interest when making grant awards.

Report and Accounts – 5 April 2023

27

THE GLASS-HOUSE TRUST

5 April 20 23

NOTES TO THE ACCOUNTS

12. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Notes
Income from:
Investments
3
Bank deposit interest
Total income
Expenditure on:
Cost of raising funds
Investment management costs
Charitable activities
Grant-making
Grant expenditure
4
Governance and Support costs
5
Cost of grant-making
Total Expenditure
Loss on investments
8
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
11
Total funds brought forward
Total funds carried forward
Net expenditure before losses on
investments		 Unrestricted
Expendable
Total Funds
Funds
Endowment
2022
£
£
£
175,993
-
175,993
27
-
27
176,020
-
176,020
-
25,595
25,595
1,011,500
-
1,011,500
110,398
-
110,398
1,121,898
-
1,121,898
1,121,898
25,595
1,147,493
(945,878)
(25,595)
(971,473)
-
488,884
488,884
945,878
(945,878)
-
-
(482,589)
(482,589)
-
10,077,066
10,077,066
-
10,077,066
10,077,066
-
9,594,477
9,594,477

Report and Accounts – 5 April 2023

28

THE GLASS-HOUSE TRUST

5 April 20 23

APPENDIX A-GRANTS PAYABLE

Grants payable - 2023

The amounts payable in the year included the following:

Projects Initiated by Trustees
Four Corners Books
Glass-House Community-Led Design
Mayday Rooms
Raven Row
Other Projects
June Givanni Pan African Cinema Archive
Money for Madagascar
Transform Drug Policy Foundation		 £
15,000
100,000
50,000
700,000
10,000
22,500
1,500
1,034,000

Grants payable – 2022

The amounts payable in the year included the
following:
Projects Initiated by Trustees
A Space
Four Corners Books
Glass-House Community-Led Design
Mayday Rooms
Raven Row
Other Projects
Concrete Action
F* Choir
Healing Justice London
June Givanni Pan African Cinema Archive
Money for Madagascar
The Sainsbury Archive
Transform Drug Policy Foundation
Voices That Shake		 £
55,000
100,000
106,500
50,000
125,000
5,000
2,000
5,000
10,000
22,000
5,000
15,000
5,000
505,500

Report and Accounts – 5 April 2023

29 THE GLASS-HOUSE TRUST 5 April 2023 Rep)rt and Accounis-5 April 2()23