Company Registration No: 07866189 Charity No: 1144990 THE GLASS-HOUSE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS 5 APRIL 2024 The Peak 5 Wilton Road London SWIV IAP
THE GLASS-HOUSE TRUST 5 April 2024 CONTENTS PAGE Legal and Administrative Report of the Trustees Statement of Trustees, Responsibilities Independent Auditor's Report 9-12 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Accounts 16-26 Appendix to the Accounts 27 Report and Accounts- 5 April 2024
THE GLASS-HOUSE TRUST 5 April 2024 Legal and Administrative The Glass-House Trust was fomied 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 201 l. The charity registration number is 1144990. Trusteesl Directors Alex Sainsbury Elinor Sainsbury Dominic Flynn Registered The Peak Office 5 Wilton Road London SWIV IAP Principal Officers Karen Everett Matthew Williams Chief Executive Officer Executive Both are employed part-time. Bankers Royal Bank of Scotland 119 - 121 Victoria Street London SWIE 6RA Solicitors BDP Pitmans LLP One Bartholomew Close London ECIA 7BL Auditor Sayer Vincent LLP Invicta House I l O Golden Lane London ECIY OTG Investment Bordier & Cie (UK) PIC Advisers 79 Pall Mall London SWIY SES Report and Accounts- 5 April 2024
THE GLASS-HOUSE TRUST 5 April 2024 Report of the Trustees The Trustees present their report and the audited financial statements for the year ended 5 April 2024. Legal and administrative inforn]ation set out on page 2 forn]s 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 inforniation relating to their responsibilities as Tlltees. 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 confirni that they have complied with the duty in Section 17 of the Charities Act 201 I to have due regard to it. The inforn]ation 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 beneficiaties, 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 need to comply with any voluntary code of practice relating to fundraÉsing. 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. Grants that Trustees expect to pay within twelve months of the year end are accrued in the accounts. and Grant payments due in more than twelve months are not accrued and are recorded as an unaccrued future conmiitment. Grants payments due in more than Report at]d Accounts- 5 April 2024
THE GLASS-HOUSE TRUST 5 April 2024 Report of the Trustees (continued) twelve months are subject to grant holders meeting the conditions of their awards. 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. The Trustees consider it appropriate to hold free funds to meet the short-term working capital needs of the Trust and to pern]it 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 2024, the Trust held total free funds of £7.5 million (2023: £6.9 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 Fan]ily 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 fll]ancial 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 perfomance. 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 perforniance 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 investtnent strategy and also to seek to ensure that the Trust's income requirements are met, and that long tem capital growth is in line with relevant indices. The Trustees nornially hold investments for the long temi. During the period, the portfolio at a consolidated level increased in value, by I l 0/0 (2023: decreased by 0.41 % ). This compares with the ARC Sterling Balanced Asset index, which increased by 5.80/0 (2023: increased by 4.52%). R¢port and Accout]ts- 5 April 2024
THE GLASS-HOUSE TRUST 5 April 2024 Report of the Trustees (continued) 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 £1,354,587 (2023: £1,162,710). The net assets of the Charity decreased from £8,387,682 at 5 April 2023 to £7,769,354 at 5 April 2024, a decrease of 7.37 % . 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 £293,000 (2023: £56,500) were approved. Grants are made to proj ects 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". Grants Paid Value Projects initiated by Trustees Other projects 900,500 42,500 943,000 Grants paid in 2023124 are listed below, together with a brief description of the wider ain 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. Report pnd Accounts- S April 2024
THE GLASS-HOUSE TRUST 5 April 2024 Report of the Trustees (continued) Grants Paid Projects Initiated by Trustees - £900,500 A Space - £60,000 Towards the Director's salary A Space provides therapeutic support - especially through creative activities - for children within primary and secondary schools in Hacl(ney. 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. 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 - £lOO,000 Towards core costs. 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 trains professionals and members of the public in participatory design for the built environment. MayDay Rooms - £65,500 Towards the charity's running costs including building maintenance. 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 fonns, and exploration of these materials through workshops, public events, discussions. exhibitions, and the training up of 'citizen archivists., Raven Row - £525,000 Towards the charity's running costs. Raven Row is an art exhibition centre in Spitalfields, East London established by trustees of the Glass-House 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 Pro,jects - £42,500 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-county 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. Report and Accounts- 5 April 2024
THE GLASS-HOUSE TRUST 5 April 2024 Report of the Trustees (continued) 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. 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 - £15,000 Towards the charity's running costs. Drug policy is a matter of public concern which impacts on many people's lives directly and indirectly. Transforni highlights the negative social and economic costs of wholesale prohibition and encourages rational discussion of alternative approaches. Report and AccouThts- 5 ApTiI 2024
THE GLASS-HOUSE TRUST 5 April 2024 Statement of Trustees, Responsibxlities 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 Iaw 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: 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 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 TTUStees are aware: There is no relevant audit inforn]ation of which the charitable company's auditor is unaware. The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforn]ation and to establish that the auditor is aware of that inforniation. st Approved by the Board on 21 November 2024 and signed on their behalf by: Alex snsbury - TRUSTEE Report and A¢wunts- 5 April 2024
THE GLASS-HOUSE TRUST 5 April 2024 Independent Auditor's Report to the Members of the Glass-House Trust Opinion We have audited the financial statements of The Glass-House TTUSt (the 'charitable company,) for the year ended 5 April 2024 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: Give a true and fair view of the state of the charitable company's affairs as at 5 April 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 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 fmancial 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 suffjcient 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 perfonned, 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 TThteeS with respect to going concern are described in the relevant sections of this report. Other information The other inforniation comprises the information included in the Trustees, annual report, other than the fmancial 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 inforn]ation and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation 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 deterniine whether this gives rise to a material misstatement in the fmancial statements themselves. If, based on the work we have R¢port and Awounts- 5 April 2024
10 THE GLASS-HOUSE TRUST 5 April 2024 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: The inforniation given in the Trustees, annual report for the financial year for which the financial statements are prepared is consistent with the financial statements. and The Trustees, annual report has been prepared in accordance with applicable legal requirements. 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: Adequate accounting records have not been kept, or Tetums adequate for our audit have not been received from branches not visited by us. or The financial statements are not in agreement with the accounting records and returns. or Certain disclosures of Trustees. remuneration specified by law are not made. or We have not received all the information and explanations we require for our audit. or The directors were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, annual report and from the requirement to prepare a strategic report. 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 detern]ine 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. Report and Accounts- 5 April 2024
11 THE GLASS-HOUSE TRUST 5 April 2024 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. 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 iegUlar1ties, 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 fidarnental 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-compIiance throughout the audit. 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 perforn]ed 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 irregularkties, 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 Report and Accounts- 5 April 2024
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THE GLASS-HOUSE TRUST 5 April 2024 ~~peanesee~~ 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 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)
10 December 2024
for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC 1 Y 0TG
Report and Accounts - 5 April 2024
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THE GLASS-HOUSE TRUST 5 A pril 2 0 2 4 ~~pi aetna ent~~ Statement of Financial Activities for the year ended 5 April 2024
| Unrestricted | Expendable | Total Funds | Total Funds | ||
|---|---|---|---|---|---|
| Notes | Funds | Endowment | 2024 | 2023 | |
| £ | £ | £ | £ | ||
| Income from: | |||||
| Investments | 3 | 233,301 | 233,301 | 215,215 | |
| Bank deposit interest | 7,509 | 7,509 | 3,188 | ||
| Donations and gifts | 25,000 | 25,000 | |||
| Total income and endowments | 265,810 | 265,810 | 218,403 | ||
| Expenditure on: | |||||
| Cost of raising funds | |||||
| Investment management costs | 19,742 | 19,742 | 22,101 | ||
| Charitable activities | |||||
| Grant-making: | |||||
| Grant expenditure | 4 | 1,240,500 | 1,240,500 | 1,034,000 | |
| Governance and support costs | 5 | 94,345 | 94,345 | 106,609 | |
| Cost of grant-making | 1,334,845 | 1,334,845 | 1,140,609 | ||
| Total expenditure | 1,334,845 | 19,742 | 1,354,587 | 1,162,710 | |
| Net expenditure before | (1,069,035) | (19,742) | (1,088,777) | (944,307) | |
| gains/(losses) on investments | |||||
| Net gains/ (losses) on investments | 8 | 470,449 | 470,449 | (262,488) | |
| Transfers between funds | 10 | 10 1,069,035 |
(1,069,035) | ||
| Net movementin funds | (618,328) | (618,328) | (1,206,795) | ||
| Reconciliation of funds: Total funds brought forward |
10 | 8,387,682 | 8,387,682 | 9,594,477 | |
| Total funds brought forward | 8,387,682 | 8,387,682 | 9,594,477 | ||
| Total funds carried forward | 7,769,354 | 7,769,354 | 8,387,682 |
The notes on pages 16 to 26 form part of these accounts.
Report and Accounts - 5 April 2024
14 THE GLASS-HOUSE TRUST 5 April 2024 CoPanY number. 07866189 Balance Sheet as at 5 April 2024 Noles 2024 2023 Fixed Assets Tangible fixed assets Investments 888,029 7,622,863 8,510,892 914,087 8,281,345 9,195,432 Current Assets Cash at bank and in hand 434,358 434,358 87,094 87.094 Current Liabilities Creditors - amounts rising due within l year 9 l.l75,896 894,844 Net Current Liabilities (741,538) (807,750) Net Assets 7,769,354 8,387,682 Capital funds Expendable endowment 10 7,769,354 8.387,682 7,769,354 8,387,682 The financial statements were approved and authorised for issue by the TnteeS on 21 st November 2024 and were signed on their behalf by: TRUSTEE NAME OF TRUSTEE The notes on pages 16 to 26 forni part of these accounts. Report atKI Accounts- 5 April 2024
15 THE GLASS-HOUSE TRUST 5 April 2024 Cash Flow Statement for the Year Ended 5 April 2024 Reconciliation of Net Expenditure to Net Cash Outflow from Operating Activities 2024 2023 Cash flows from operating activities Net cash used in operating activities 1022 477 1143 973) Cash flows from investing activities Dividends and income Purchase of investments Sale of investments Net cash provided by investing activities 240,810 218,403 (1,412,911) (1,690,533) 3 096 412 2 621680 1924,311 1,149,550 Change in cash and cash equivalents in the year Cash and cash equivalents at the begirming of the year Cash and cash equivalents at the end of the year 901,834 204 562 5,577 198 985 Reconciliation of net cash used in operating activities 2024 2023 Net movement in funds as per statement of financial activities (Losses)/gains on investments Dividends and income Depreciation charge Increase/(decrease) in Creditors Net cash used in operating activities (618,328) (1,206,795) (470,449) 262,488 (240,810) (218,403) 26.058 50,019 281052 Analysis of the balance of Cash as shown in the balance sheet Change in Cash at bank and in hand Held by investment manager for reinvestment 434,358 672 037 1 106 395 87,094 117467 204 562 347,264 554 570 901834 The notes on pages 16 to 26 forn] part of these accounts. Report and A¢counts- S April 2024
16 THE GLASS-HOUSE TRUST 5 April 2024 Notes to the Accounts Statutory The charity is a company limited by guarantee (registered number 07866189), 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 SWIV IAP. PrincipaI Accounting Policies a) Basis of preparation The financial statements have been prepared in accordance with the Charities SORP {FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 201 l and UK Generally Accepted Practice as it applies from l January 2015. 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 l April 2005 which has since been withdrawn. The Trust constitutes a public benefit entity as defed 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 Charity has adopted a total return basis to budget for amounts made available for charitable activity. 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 recognition i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable. ii) Dividends are included by reference to their due dates. iii) Interest is included when receivable. Report and Aceounts- 5 Aprtl 2024
17 THE GLASS-HOUSE TRUST 5 April 2024 Notes to the Accounts Principal Accounting Policies (continued) c) Expenditure on charitable activities Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement wiIl 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 forni 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/(Iosses) on investments" in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments. Report and Acwunts- 5 April 2024
18 THE GLASS-HOUSE TRUST S April 2024 Notes to the Accounts Principal Accounting Policies (continued) 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. 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. 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 terni 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. 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 impairnient 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 - l O 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 paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. Report and Accounts- 5 April 2024
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THE GLASS-HOUSE TRUST 5 April 2024 ~~ee[paar]~~
- Notes to the Accounts
2. Principal Accounting Policies ( continued)
k) Pensions
Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.
1) 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:
| 2024 | 2023 | |||
|---|---|---|---|---|
| £ | % | £ | % | |
| Fixed Interest | 40,655 | 17 | 15,476 | 7 |
| U.K. Equities | 93,947 | 40 | 67,462 | 31 |
| Overseas equities | 98 699 | 43 | 132 277 | 62 |
| 233 301 | 100 | 215 215 | 100 |
Report and Accounts - 5 April 2024
20 THE GLASS-HOUSE TRUST 5 April 2024 Notes to the Accounts Grants Payable 2024 2023 Reconciliation of grants payable: Commitments at 6 April 2023 860,000 906,000 Grants not accrued at 6 April 2023 Grants approved in the period Grants not accrued at 5 April 2024 Grants payable for the period 1,887,500 293,000 940 000 2,865,000 56,500 1887 500 1,240,500 1,034,000 Net grants paId/rended during the period (943.000) (1,080,000) Commitments at 5 April 2024 1157 500 860 000 Commitments at 5 April 2024 are payable as follows: 2024 2023 Within one year (note 9) 1157 500 860 000 Comrnitments 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 2024 was £940,000 (2023: £1,887,500). A list of grants payable for the current and prior year can be found in Appendix A on page 27. Report and Accounts- 5 April 224
21 THE GLASS-HOUSE TRUST 5 April 2024 Notes to the Accounts Support and Governance Costs Current year Accommodation Grant- Total for Charities making Governance 2024 Staff costs (note 6) Share of joint office costs Direct costs including travel Legal and professional fees Depreciation Auditor's remuneration 25,812 16,223 6,741 3,704 287 1,739 27,550 16,223 10,730 3,704 26,058 3,989 25,771 Prior year Accommodation for Charities Grant- Total making Governance 2023 Staff costs Share of joint office costs Direct costs including travel Legal and professional fees Depreciation Auditor's remuneration 19,301 12,429 1,728 6,680 287 2,437 21,738 12,429 8,039 6,830 50,019 6,311 150 49,732 No Trustee (2023: none) received remuneration or was reimbursed expenses during the period for their services as trustee. Included in the auditor's remuneration is: Fee for the completion of the 2023124 audit Fee for the completion of the 2023124 Corporation Tax return 8,760 1,320 *Total fees for statutory audit were £7,300 (2023.. £6.500) excluding VAT. Charges for the preparation of Corporation Tax returns were £1,100 (2023: £246) excluding VAT. R¢port and Accounts- 5 Apiil 2024
22
THE GLASS-HOUSE TRUST 5 April 2024
Notes to the Accounts
6. Analysis of Staff Costs
| 6. Analysis of Staff Costs |
||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Salaries and wages | 22,367 | 17,892 |
| Social security costs | 2,779 | 2,251 |
| Other pension costs | 2 404 1 595 ~~ee~~ |
|
| 27,550 | 21,738 |
The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office.0.3% (2023: 0.3%) 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 2023/24.
The actual number of staff employed during the year was 7, all on a part-time basis (2023: 5). This equates to 0.13 full-time employees (2023: 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 £2,502 (2023: £2,379). No employees of the charity earned in excess of £60,000 (2023: none).
No Trustee received any renumeration for their services during the year.
7. Tangible Fixed Assets
| 7. Tangible Fixed Assets |
||||
|---|---|---|---|---|
| Freehold | Freehold | Leasehold | Leasehold Total |
|
| property im | y improvements improvements | rovements 2024 |
||
| £ | £ | £ | £ | |
| Cost | ||||
| Balance at 6 April 2023 | 1,164,346 | 264,450 | 2,007 | 1,430,803 |
| Disposals | (258,442) | (258,442) | ||
| Balance at 5 April 2024 | l 164 346 6 008 2 007 1 172 361 ee~~nS~~ |
|||
| Depreciation Balance at 6 April 2023 Charge for the period |
256,293 23,287 |
259,563 2,484 |
860 287 |
516,7-16 26,058 |
| Disposals | (2582442} | (2582442} | ||
| Accumulated depreciation at 5 April 2024 | 279 580 3 605 l 147 284 332 eeeee ee ee |
|||
| Net book value at 5 April 2024 | 884 766 ee |
2 403 eee |
860 888 029 se ss Ss |
|
| Net book value at 6 April 2023 | 908 053 4 887 1 147 914 087 SE |
Report and Accounts - S April 2024
23 THE GLASS-HOUSE TRUST 5 April 2024 Notes to the accounts Fixed Asset Investments 2024 2023 Market value 6 April 2023 Less: Disposals at proceeds Add.. Acquisitions at cost Net gain/(loss) on investments Market value 5 April 2024 8,163,878 (3.096,412) 1,412,911 470 449 6 950 826 9,357,513 (2,621,680) 1,690,533 262.488 8 163 878 Investment cash holdings 672,037 117,467 Total investments 7 622 863 45 Historical cost 5 April 2024 6 790 879 8 213 669 The investments held as at 5 April 2024 were as follows: 2024 Market Value 2023 Market Value Cost Cost Fixed Interest UK Equities Overseas Equities Alternatives 382,514 376,785 1,873,748 1,408,915 3,948,938 4,471,030 585,678 694,096 2,071,300 4,540,979 1,601,390 1,602,206 4,854,833 1,706,839 6 790 879 6 950 826 8 213.669 8 163 878 During the year £1,070,328 (2023: £939,518) was disinvested from the investment portfolio to support the Trust's grant expenditure. Creditors - amounts falling due within one year 2024 2023 Grants payable (note 4) Professional charges Other creditors 1,157,500 13,784 860,000 11,833 1 175 896 Report and Awunts- 5 April 2024
24
THE GLASS-HOUSE TRUST 5 April 2024 ~~Ree... ee~~
Notes to the accounts
10. Analysis of Net Assets between Funds
| 10. Analysis of Net Assets between Funds |
Analysis of Net Assets between Funds | ||
|---|---|---|---|
| Unrestricted Expendable | Unrestricted Expendable | Totals | |
| Funds | Endowment | 2024 | |
| £ | £ | £ | |
| Fund balances at 5 April 2024 are represented by: | |||
| Tangible fixed assets | 888,029 | 888,029 | |
| Investments | 7,622,863 | 7,622,863 | |
| Current assets | 1,175,896 | (741,538) | 434,358 |
| Current liabilities | (1) 752896} | 896} - |
(1) 75,896} |
| Total net assets | 7,769,354 | 7,769,354 | |
| Movement in the year | |||
| Opening balance as at 6 April 2023 | 8,387,682 | 8,387,682 | |
| Total income and endowments | 265,810 | 265,810 | |
| Cost of raising funds | (19,742) | (19,742) | |
| Cost of grant-making | (1,334,845) | (1,334,845) | |
| Net gain on investments | 470,449 | 470,449 | |
| Transfers between funds | 1,069,035 | (1,069,035) | |
| Closing balance as at 5 April 2024 | 7,769,354 | 7,769,354 |
During the year, there was a deficit of income over expenditure on the umestricted funds of £1,069,035 (2023: £922,206). This has been funded by a transfer from expendable endowment.
Report and Accounts - 5 April 2024
25 THE GLASS-HOUSE TRUST 5 April 2024 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 2023 Unrestricted Expendable Funds Endowment Totals 2023 Fund balances at 5 April 2023 are represented by: Tangible fixed assets Investments Cuent assets Current liabilities 914,087 8,281,345 (807,750) 914,087 8,281,345 87,094 (894,844) 894,844 (894,844) Total net assets 8,387,682 8J87,682 Movement in the year Opening balance as at 6 April 2022 9,594,477 9,594,477 Total income and endowments Cost of raising funds Cost of grant-making Net loss on investments Transfers between funds 218,403 218,403 (22,101) (1,140,609) (262,488) (22,101) (1,140,609) (262,488) (922,206) 922,206 Closing balance as at 5 April 2023 8 387 682 8 387 682 11. Related Party Transactions Included within governance and support costs is a total of £2,700 (2023: £6,680) payable for legal services to BDB Pitmans, a finn in which Mr D Flynn was a partner. During the year, no grants (2023: none) were approved where a conflict of interest with a beneficiary was identified. All grants are multi year, and subsequent payments subject to reporting ternis and conditions. All grant-making is made at ann's length, and in the nornial course of the Trust's activities. Where any conflicts of interest may occur. appropriate action is taken to mitigate any risk of undue infiuence or control in the decision-making process. Applicant organisations are not controlled by The Glass-House TrusL and the Trustees are mindful of the need to consider any potential conflicts of interest when making grant awards. R¢port and Accounts- 5 April 2024
26
THE GLASS-HOUSE TRUST 5 April 2024 ~~le SRR~~ Notes to the Accounts 12. Comparative Statement of Financial Activities for the Year Ended 5 April 2023
| Unrestricted | Expendable | |||
|---|---|---|---|---|
| Notes | Notes Funds |
Endowment | 2023 | |
| £ | £ | £ | ||
| Income from: | ||||
| Investments | 3 | 215,215 | 215,215 | |
| Bank deposit interest | 3,188 | 3,188 | ||
| Total income | 218 403 | 218 403 | ||
| Expenditure on: | ||||
| Cost of raising funds | ||||
| Investment management costs | 22,101 | 22,101 | ||
| Charitable activities | ||||
| Grant-making | ||||
| Grant expenditure | 4 | 1,034,000 | 1,034,000 | |
| Governance and support costs | 5 | 106 609 | 106 609 | |
| Cost of grant-making | 1,140,609 | 1,140,609 | ||
| Total Expenditure | 1,140,609 | 22,101 | 1,162,710 | |
| Net expenditure before | ||||
| losses on investments | (922,206) | (22,101) | (944,307) | |
| Loss on investments | 8 | (262,488) | (262,488) | |
| Transfers between funds | 922,206 | (922,206) | ||
| JO | ||||
| Net movement in funds | (1,206,795) | (1,206,795) | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 11 | 9,594,477 | 9,594,477 | |
| Total funds carried forward | 8,387,682 | 8,387,682 |
Report and Accounts - 5 April 2024
27 THE GLASS-HOUSE TRUST 5 April 2024 APPENDIX A- GRANTS PAYABLE Grants Payable- 2024 The amounts payable in the year included the following: Four Corners Books Glass-House Community-Led Design Mayday Rooms Raven Row Money for Madagascar A Space The Sainsbury Archive 135,000 100,000 53,000 800,000 22,500 120,000 10,000 1.240,500 Grants Payable - 2023 The amounts payable in the year included the following: Four Corners Books Glass-House Community-Led Design Mayday Rooms Raven Row June Givanni Pan African Cinema Archive Money for Madagascar Transfonn Drug Policy Foundation 150,000 100,000 50,000 700,000 10,000 22,500 1,500 1,034,000 R¢port and Accounts- 5 April 2024