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 Tll￿tees.
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 s￿nsbury -
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 TTh￿teeS 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
i￿egUlar1ties, 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
fi￿darnental 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

**12** 

**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** 



**13** 

**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_**<br>1,069,035|(1,069,035)|||
|**Net movement**in funds|||**(618,328)**|**(618,328)**|**(1,206,795)**|
|**Reconciliation of funds:**<br>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
Co￿PanY 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 Tn￿teeS 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.
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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 def￿ed 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

**19** 

## **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/re￿nded 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 2￿24

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.**<br>**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<br>1 595<br>~~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.**<br>**Tangible Fixed Assets**|||||
|---|---|---|---|---|
||**Freehold**|**Freehold**|**Leasehold**|**Leasehold**<br>**Total**|
||**property im**|**y improvements improvements**||**rovements**<br>**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<br>6 008<br>2 007<br>1 172 361<br>ee~~nS~~||||
|**Depreciation**<br>Balance at 6 April 2023<br>Charge for the period|256,293<br>23,287|259,563<br>2,484|860<br>287|516,7-16<br>26,058|
|Disposals||(2582442}||(2582442}|
|**Accumulated depreciation at 5 April 2024**|279 580<br>3 605<br>l 147<br>284 332<br>**e**eeee<br>ee<br>ee||||
|**Net book value at 5 April 2024**|884 766<br>ee|2 403<br>eee|860<br>888 029<br>se ss<br>Ss||
|Net book value at 6 April 2023|908 053<br>4 887<br>1 147<br>914 087<br>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.**<br>**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}<br>-|(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
Cu￿ent 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_**<br>**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