2025-04-05-accounts

Company Registration No.. 07866189 Charity No: 1144990 THE GLASS-HOUSE TRUST ANNUAL REPORT AND ACCOUNTS 5 APRIL 2025 The Peak 5 Wilton Road London SWIV IAP

The Glass-House Trust Annu21 Report and Accounts 5 April 2025 CONTENTS PAGE Legal and adlninistrative Report of the Trustees Statemenl of Trustees, responsibilities Independent auditor's report 9-11 Statement of financial activities 12 Balance sheet 13 Cash flow statement 14 Notes to the accounts 15-24 Appendix A - grants payable 25

The Glass-House Trust Annual Report and Accounts 5 April 2025 Legal and administrative The Glasshouse trust was fomed as a company limited by guarantee on 30 November 2011 and incorporated in the United Kingdom. The company registration number 15 7866189. The Trust was regFtstered with the Charity Commission for England and Wale5 on 9 December 2011. The charity registration number is 1144990. Trustees/Direetors Alex Sainsbury Elinor Sainsbury Dominic Flynn Registered o￿lee The Peak 5 Wilton Road London SWIV IAP Principal officers Karen Everett, Chief Executive Officer Matthew Williams, Executive Both are employed part-time. Bankers Royal Bank of Scotland 36 Si Andrew Square, Edinburgh, EH2 2YB Solicitors Broadfields Law UK LLP l Bartholomew Close London ECIA 7BL Auditor Sayer Vincent LLP 110 Golden Lane Loiidon ECI Y OTG Investment advisers Bordi¢r & Cie (UK) PIC 79 Pall Mall London SWIY SES

The Glass-House Trust Annual Report and Accounts S April 2025 Report of the Trustees The Trnstees present their report and the audited financial statements for the year ended 5 April 2025. Legal and administralive tnfonnation set out on page 2 fonns part of ihis repon. The financial stalements comply wilh cu￿ent statutory Tequirements, 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 objecls of tl)e Trust as given in the memorandum and articles are for general charitable purposes. The current areas of interest are refleLted in the ￿ant-making activities on page 5 of the Report of the Trustees. Organisation The Trust is one of the Sainsbury Famtly 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 infonnation relating to their responsibilities as Trustees. The Trustees are aware of the latest Charity Governance Code which sets out the principles and recommended practice for good govemance within Ihe sector. The Charity has reviewed its governan¢¢ arrangement5 against the principles within the code and believes that it is compliant to an appropriate extent at the current time. Trnslees are aware of the Charity Commission guidance on cliarity and public b¢n¢fit and confirni that they have complied with the duly in Section 17 of the Charities Act 2011 to have due regard to it. The int-orn]ation thai follows in ihis annual report giiies details of the Trust's aims, activities and achievements in ihe areas the Trust supports. This demonstrates the benefits of these activities lo the Trust"5 beneficiaries, and through them to the public. Fundraising policy The Trust does not fundraise from the general public and does not use professional fundraisers or commercial participators. The income of the Trust 15 not bound by any regulatory scheme, and the Trust does not need lo comply with any woluiitary code of practice relating to fundraising. We do nol approach indivtduals for ￿ndraisIng, and we do not operate specific policies and procedures related to fundraising activities. We have received no complaints about fundraising activities, as no such activities were carried oul. Reserves policv and going Concern It Is the policy of the Trustees to approve granls for payment over a period of years, subject to certain conditions over the life of the gTant. Grants thai Trustees expect lo pay within twelve months of the year end are accrued in the accounts. Grant paymenls due in more than twelve months are not accrued and are recorded as an UDaccrued ￿tUre comrnitment. Grants payrnents due in more than twelve months are subject lo grant holders meeting Ihe conditions of their awards. Cash flow projections for income and expenditure are rei'iewed regularly to ensure Ihat the level of available reseTr'es is adequate and that the Trust is in a position to meet all its ¢oJnmilments.

The Glass-Hou5e Trust Annual Report and Accounts 5 April 2025 The Trustees hold free funds to meel Ihe short-t¢rm working capital needs of the Trust and to pay grants. In the event that the Trustees were unable lo meet current covninilm¢nls from unrestricted reserves, they would be willing to draw on its exp¢ndable endowment in order to meet those commitments. At 5 April 2025, the Trust held free ￿ndS of £6.7 million (2024.. £7.5 million), all of which was made up of expendable endowment. The Trustees are unaware of any material uncertainlies that would prevenl the financial statements from being prepared on a going concern basis. Risk assessment The Trustees have examined the major strategic, business and operational risks lo which the Trusl may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet the potential risks thal the Trusl¢¢s have identified. The Trustees continue to be vigil￿1 and to keep proc¢ss¢s under review. The Trustees have idenlif1ed ihe uncertainty of financial returns to constitute the charity's major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investrnent house. The Trustees review inv¢slmenl strategy regyularly and monitor investment perfonnance closely. Trustees have identified as a key risk the misus¢ of funds by a gryant beneficiary. To mitigate this risk, funds are awarded following a thorough assessment and grants arc monitored conlinuously. Grants awarded for more than one year are subject to annual review. Staff remuneration Trustees review ihe reinuneration of the senior staff (including key management personnel) annually, considering the requirements of IheiT roles and perfonnance during the year. From time to tiine the SFCT Management Committee benchmarks pay levels against the comparable positions in similar organisations. Investment poli¢y and performance Trustees meet with their inveslmenl managers regularly to discuss investment strategy and to ensure that the Trusl"'s income requirements are m¢t. The Trustees nornially hold investments for the long tern]. DuringF the period, the portfolio at a consolidaled level increas¢d in value, by 6.6 % (2024: increased by I l°/o). This compares with the ARC Sterling Balanced Asset index, which increased by 6.40/0 (2024.. increased by 5.8 % ). The memorandum and articles of the Trust empower the Trustees to appoint investment advisers who have discretion to invesl the funds of the Trust wilhin guidelines established by the Trustees. Review of the Pydst year Th¢ nel unrestricted expenditure of the Trust for the year after charging support costs was £1,173,152 (2024.. £1.354,587}. The net assets of the Charity decreased from £7.769,354 at 5 April 2024 to £6.671,700 at 5 April 2025, a decrease of14.10/0. 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 £158,000 (2024: £293,000) were approved.

The Gla$s-Hou$e Trust AnDual Report and Aecounts 5 Aprll 2025 Grants are made to projects initiated by the Settlor or Trustees. including projects initiated jointly by the Trustees and the ben¢ficiary (Projects initiated by Trustees), and projects drawn to Trustees, attention which they consider have pkrticular merit (Other projeets). Grants paid during the year may be analysed by number and by value in these two categories as follows.. Grants Paid Valu¢ in £s 15 1,355,000 63.500 1,418,500 Projects initiated by Trustees Other projects 21 Grants paid in 2024125 are lisl¢d below. together with a brief d¢s¢ription of the wid¢r aims of each organisation supported. Future plans The Trusl will continue to 5UPPOrt projects in accordance with the categories described above. Trustees do not foresee a significant change in projects supported in the next few years. Grants paid Projects initiated by Trustees - £1,355,000 A Space- £60,000 Towards the Director's salary. A Space provides Iherapeutic support- especially through creative activities - for children within primary and secondary schools in Hackney. This pioneering Project was set up by Trustees in 1998 and aims to foster children s emolional expression and development. Four Corners Books - £150,000 (2 grants) Towards ihe charily's running costs. This not-for-profil 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 crealivity, in an accessible way. GIYdSS-House Community-Led Design - £120,000 (2 grants) Towards core costs and Tnaking its archive more accessible and usable. This project was set up by Tnlstees 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. n¢ighbourhood buildings, spaces, and streets. The Charity also trains professionals and m¢mbers of the public in participatory design for the built environm¢nt. MayDay Rooms - £50.000 Towards the charity's running costs. Mayday Rooms is an educational archiving project based in London's Fleet Street, which was initiated in collaboration with the Glasshouse trust. MayDay Rooms finds ways to make publicly available.

The Glass-House Trust Annual Report and Accounts S April 2025 conserve and study archives and other historical material link¢d to social movements, experimental Culture, and marbJinalised figures and groups. The work involves extensive transfer of fragile materials into digital fomis, and exploration of these materials throuu) workshops, public events, discussions, exhibitions, and the training up of 'citi2¢n archivists., Raven Row - £975,000 (2 grants) To￿.ardS the charity s running costs and a programme of live perfonnances to accompany an ¢xhibition on the visual work of the theatre practilioneT Bcrtolt Brecht. Raven Row is an art exhibition centre in Spilaifields, East Londoii eslablished by trustees of the Glass- House Trust, in historic and awaTd-winning contemporary buildings in 2009. Raven Row makes exhibitions of modern and conteinpoTary art - making public the results of lengJthy and scholarly research which are free to the public to visil. Publications, as well as discussions and events, are produced and presented alongside these exhibitions. Other projects - £63,500 Money for Madagascar - £41,000 For the running costs of Akany Hasina and oiher projects in Madagascar chosen by the charity, and a contribution lo an in-country representative of Money for Madagascar. Money for Madagascar is a UK charity, funding projects in Madagascar aimed al tackling extreme poverty, loss of biodiversity, poor health, lack of food security and limiled access to education. Akany Hasina is an environmental and cultural education project for children and young people in a village some fifty miles from Madagyascar s capital Antananarivo. Glass-House Trusi has supported Akany Hasina as its sole funder since 2014. Akany Hasina provides Engylish language tuition, as well as educalion in traditional Malllgasy culture, including dance and musical instruinent playing, and environmental understandingy and conservation. The Sainsbury Archive- £5,000 Towards running costs The Sainsbury Archive, housed at the Museum of Docklands, documents the history of J Sainsbury ple from its foundation in Drury Lane in 1869, but also provides a unique record of the history of retailing since the mid-19ih century and the impact of this on so¢i¢ly. TraD5form Drug Policy Foundation- £17,500 Towards ihe charily s running costs. Drug policy is a matter of public concern which impacts on many people s lives directly and indirectly. Transfonn hig,hlights the negative social and economic costs of wholesale prohibilion and encourages rational discussion of alternative approaches.

The Glass-House Trust Annual Report and Accounts 5 April 2025 Statement of Trustees, responsibilities The Trustee5 (who are also directors of The Glass-House Trust for the purposes of company law) are responsibl¢ for preparing ihe Trustees annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United KingFdom Generally Accepled Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which gTive a true and fair view of the state of affairs of the charitabl¢ company and of the ii)coming resources and application of resources, including the income and expenditure, of ihe ¢harilable Coillpany for that period. In preparing these financial slalements, the Trustees are r¢quir¢d 10: Select suitable accounting policies and then apply theTr] consistently. Observe the rnethods and principles in the Charilies SORP. Make judgements and estimates that are reasonable and prudent. Stat¢ whether applicable UK Accounting, Standards and statements of recommended practice have been followed, subject lo any material departure5 disclosed and explained in the financial statements. Prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charily will continue in operation. The Trust¢cs are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial posiÉion of the charitable company and enable ihem to ensure that the financial slalcm¢nts Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable ¢ornpany and hence for takingF reasonable steps for the prevention and detection of fraud and other irregularities. As far as the Trustees are aware.. There is no relevant audit inforniation of ￿'hICh ihe charitable company's auditor is unaware. The Trustees have laken all steps thal they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditor is aware of that infomiation. Approved by the Board on 18 November 2025 and signed on their behalf by: Alex Sainsbury - Settlor

The Glass-House Trust Annual Report and Accounts 5 April 2025

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE GLASS-HOUSE TRUST

Opinion

We have audited the financial statements of The Glass-House Trust (the ‘charitable company’) for the year ended 5 April 2025 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 2025 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 financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements

8

The Glass-House Trust Annual Report and Accounts 5 April 2025 themselves. If, based on the work we have perforn]ed, we Conclude that there is a material misstatemenl of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed bv the Companies Aet 2006 In our opinioii, based on the work undertaken in the course of the audit.. The infonnation given in the Truslees annual report for the financial year for which the financial statements are prepared is consislenl with the financial staternents; and The Trustees annual report hils been prepared in accordance w'ith applicable legal requirements. Matters on which ￿e are required to report bs. 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 nol identified material mi55tatemeniS 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 lo report to you if, in our opinion: Adequate accounting records have not b¢¢n k￿t. or returns adequate for our audit have not been received from branches not visited by us. or The financial statements are not in agreement with ihe accounting records and returns; or Certain disclosures of Trustees. remuneration specified by law. arc not made; or We have not re¢¢iv¢d all the inforlnation and explanation5 we require for our audit. or The direclors were not entiiled to prepare the financial statements in a¢cordanoe wiÉh the small companies regime and take advanlage of ihe small companies" exemptions in preparing¥ the trustees" annual report and from ihe requirernenl lo prepare a strategic report. Responsibilities of Trustees As explained more fully in th¢ statemeTSt of Tru51ees responsibilities sel oul in the Trustees" annual report, the Trustees {who are also the directors of the charitable company for the purposes of company aw) 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 Truslees detennine is necessary to enable the preparation of financial slalemenls that are free from mat¢rial Tnisstatement, whether due to fraud or e￿Or. n preparingF the financial slatemenls, the Trustees are responsible for assessing the charitable compan> s ability lo continue a5 a going concern, discloslng, as applicable, matters related io going concern and u%inbJ the going concem basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic altemative bul to do so. Auditor's responsibilities for the audit of the financial slatements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. *,hether due to fraud or error. and to issue an auditor s report ihat includes our opinion. Reasonable assurance is a hi￿) level of assurance but is not a guarantee that an audit conducted in aceordance with ISAS (UK) will always detect a material rnisslalement when il exists. Misstatements can arise from fraud or error lind are considered material if, individually or in the aggregate, they could reasonably be expected to influence th¢ economic decisions of users taken on the basis of these financial statements.

The Glass-Hou$e Trust Annual Report and Accounts S April 2025 I￿egUlaritieS, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect rnalerial misslalemenls in respect of ]￿egUlaritIeS, including fraud. The extent to which our procedures are capable of d¢teeting 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, conceming 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 allebed fvaud. The intemal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the ininules of meetings of those charged with govemance. We obtained an understanding of the legFal and regulatory framework tl)at the charity operates in, focusing on those laws and regulalions that had a malerial effect on the financial slatements or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout ihe audit team and remained alert Io kmy indications of non-compliance througyhout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and lesled these to supporting documentation to assess compliance with applicable laws and regulations. We perforn¢d analytical procedures lo identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud. In addressing the risk of fraud ihrough management override of conlrols, we lesled the appropriateness of journal entries and other adjustments, assessed whether the judgements made in makingF accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the nonnal course of business. Because of the inherent limitations of an audil, there is a risk that we will not detect all itTegularities, including those leading lo a material misstateinent in the financial statements or non-cornpliance with regulation. This risk increases the more that ¢ompliance with a law or regulation is removed from the events and iransactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-eompliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forg¢ry, collusion, omission or misrepresentalion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or -uklauditorsres onsibilities. This description fonT]s part of our audilor's report. io

The Glass-House Trust Annual Report and Accounts S April 2025 Use of our report This r¢port is made solely to the charitable company's memb¢rs 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 slate to the charitabl¢ company's members those matters we are required to state to Iheni in an auditor s report and for no other puryose. To the fullest extenl pennitted by law, w¢ do not accept or assume responsibility to anyone oiher than the charitable cornpany and the charitable company's meTnbers as a body, for our audit work, for this report, or for ihe opinions we have formed. Noelia Serrano (Senior slalutory auditOT) Dale: 19 November 2025 for and on behalf of Sayer Vincent LLP, Statulory Auditor 110 Golden Lane, LONDON, ECIY OTG

The Glass-House Trust Annual Report and Accounts 5 April 2025 Statement of financial activities for the year ended 5 April 2025 UDrestricted Funds Expendable EndowThent Total Funds Tot41 Fwids 2025 2024 Ivotes Inco￿ from: Investments Bank deposit inlerest Donations and gifts Total income and endown*nts 251.713 3,263 251,713 3.263 22,250 277 226 233.301 7,509 277 226 265 810 Expenditure on: Cost of raising fund5 InveStr￿nt manage]r£nl costs 17,624 17,624 19,742 Charitgble activities Grant-TAqking.' Grant expendittre Governance aThl sw)port costs Cost of grant-making 1,038,000 117,528 1.155,528 1,038,000 117,528 1,155,528 1,240,500 94.345 1,334,845 Total expenditure 1 155 528 17,624 1,173.152 1.354 587 Net expenditure before (losses)Igains on investments (878.302) (17,624) (895.926) {1,088,777) Net gainsl (losses) on investrnents tA)ss IGain on forei￿ exchange (201,746) 18 (201,746) 18 470,449 Transfers between fu￿lS io 878,302 (878,302) Net nM)vement in funds (1,097,654) (1,097,654) (618,328) Reconciliation of funds: Total fill￿S brought forward 10 7,769,354 7.769,354 8,387,682 Total funds carried fonvard 6 671,700 6,671,700 7 769J54 The notes on pages I S to 25 fomi part of ihese accounts. All of the above results are derived from continuing activities. There were no other recognised gains or losse5 Other than those stated above. 12

The Glass-House Trust Annual Report and Aeeounts 5 April 2025 Balance sheet as at 5 April 2025 Company number: 07866189 Notes 2025 2024 Fixed assets Tangible fix¢d assets Inv¢stments 931,098 6,258,489 7,189,587 888,029 7.622,863 8.510 892 Current assets Cash at bank and in hand 305,327 305,327 434,358 434,358 Current liabilities Creditors - amounts falling due within lyear 823,212 1.175 896 Net current liabilities {517,885) (741,538) Net assets 6,671,700 7,769,354 Capital funds Expendable endowment io 6,671,700 7,769,354 Income funds Unrestricted funds io 6,671.700 7 769 354 The financial statements were appToved and authorised for issue by the Trustees on 18th November 2025 and were signed on theiT behalf by: TRUSTEE Alex Sainsbury The notes on pages 15 to 25 fom part of these accounts. 13

The Glass-House Trust Annual Report and Accounts 5 April 2025 Cash flow statement for the year ended 5 April 2025 Reconciliation of net expenditure to net cash flow from operating activities 2025 2024 Cash flows from operating activities Net cash used Rn operating activities (1,479,154) (1,022,477) Cash flows from investing activities Dividends and incorne Purchase of investments Sale of investments Net Cash provided by investing activities 254,976 240.810 (1,503,794) (1,412,911) 2 387,986 3,096,412 1,139,168 1924.311 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and ea$h equivalents at the end of th¢ year (407,469) 1,106,395 698,928 901,834 204.562 1,106,395 Reconciliation of net eash used in operating activities 2025 2024 Net movement in funds as per statement of financial activities Gain51(losses) on investments Dividends and income Depreciation charge Increasel(decrease) in creditors Net cash used in operating activiti¢s (1,097,654) 201,746 (254,976) 24,432 352,684 1,479,154 (618,328) (470,449) (240,810) 26,058 281052 1,022,477 Analysis of the balance of cash as shown in the balance sheet Change in ear 2025 2024 Cash at bank and in hand Cash balances held by investment manager for reinvestmenl 305,327 393,599 698.928 434.358 672,037 1,106,395 (129,031) 278,438 (407.469 The notes on pages 15 to 25 fomi part of these accounts. 14

The Glass-Hous¢ Trust Annual Report and Aeeounts 5 April 2025 Notes to the accounts Statutory The charity is a company limited by guarantee (Company registered number 07866189), which is incorporated and domiciled in the UK and is a public benefil entity. The address of the registered office is The Peak, 5 Wilton Road, London SWIV IAP. Principal accounting policies Basis of preparation The financial statements have been prepared in accordance with the Charities SORP (FRS102) applicable lo charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in ihe UK and Republic of Ireland and the Charities Acl 2011 and UK Generally Accepted Practice as it applies from l January 2015. The Trust constitutes a public benefit entity as defined by FRS 102. In the view of the Trustees, there are no material uncertainties Casting doubt on the going ¢on¢em ot the Charity. Having assessed the Trust's financial position and plans for the foreseeable future, the T￿SteeS are satisfied thal it remains appropriate lo prepare the financial statements on the going concern basis. The Charity has adopted a total return basis to budget for arnounts made available for charitable activity. The endowment assets of the Trust rernain significant, and the Trust will continue to pay out to its beneficiaries in accordance w'ith the Trust's objects. b) ncome recognitlOD IncoTne is shown gross which includes the associated tax credit unless th¢ tax so deducted is considered iryecoverable. Dividends are included by reference to their due dates. Interest is included when receivable. 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 thal seiilemenl w'ill be required, and the amount of the obligialion can be measured reliably. Expenditure is classified under the following activity headings. Cosls of generating funds represent amounts paid to the TTUSt's external investment advisors. Charitable activities expenditure comprises grants and donalions awarded by the Trustees in accordance with the criteria set out ii) the Trust Deed. together with grant related support costs. Grants payables are made to third parties in ￿rtherance of the charity's objects. Single or multi- year grants are accounted for when either the recipient has a reasonable expeclalion 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 ihat any condition attaching to the grant is outside of the control of the charity. The view of ihe Itustees is that any inslalments payable within 12 rnonths of the reporting dale are expecied to be paid regardless of the status of attached ci)nditions and so these are accrued. Any paymenls due in more than 12 months from the reporting date, where condilions exist that

The Glas5-Hous¢ Trust Annual Report and Accounts 5 April 2025 Principal accounting policies (continued) have not been met al the reporting date, are not accrued but are reported as an unaccrued fvture commitment (see note 4). Grant relaled support costs represent staff, office and governance costs incurred in managying 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 Ihe joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proporlion to ihe lime spent on Trusl matters and grants paid. d) Investments Investments are a forni of basic financial instrument and are initially reeognised at their transaction value and subsequently measured al their fair value as at the balance sheet date using the closing quoted market pric¢. Any change in fair value will be recognised in the stat¢m¢nt of financial activities. Inv¢stment gains and losses, wl)eiher realised or unTealised, are combined and shown in the heading "Nel gainsl(losse5) on inveslmenls ' in the slatemeni of financial aclivities. The charity do¢s not acquire put options, derivatives, or other complex financial inslrumenls. 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 th¢ lime spent on T￿st matters and grants paid. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments ar¢ valued al the amount prepaid n¢t 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 al transaction value and subsequently measured at their settlement valu¢. Financial assets held al amortised cost comprise cash at bank and in hand, tO&Feiher with accrued interest and other d¢btors. 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 ihree tnonths or less from the date of acquisition or opening of the deposit or similar account. i) Fixed assetsldepreciation Items of equipment ar¢ capitalised where the PUTchase price exceeds £5,000. Depreciation costs are allocaled to activities on ihe basis of the use of the related asset5 in those activities. Assets are reviewed for impairn]ent if circumstances indicate their carryingF value may exceed (heir net realisable value and value in use. Major components are treated as a separat¢ asset where they 16

The Glass-House Trust Annual Report and Accounts 5 April 2025 have significantly different patterns of Consumption of economic benefits and are depreciated separately over its useful life. Fixed assets are depreciated al rates which reflecl their use￿1 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 i) Creditors 2nd provisions Creditors and provisions are recognised where ihe charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nonnally recognised al their settlement amount after allowing for any trade discounts due. k) Pensions Contributions to defined contribution plans ar¢ charged to the statement of financial activities in the period to which they relate. i) Critical accouoting 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 ar¢ not Teadily apparent from oiher sources. The estimate5 and underlying assurnptions 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 Teviewed on an ongoing basis. Revisions to accounting estimates are recO￿lS¢d 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 affecls the current and future periods. In the view of the TTUStees, no assumptions concen)ing the future or estimation uncertainty affecting assets and liabilities at ihe balance sheet date are likely to result in a material adjustment to Iheir carrying amounls in the next financial year. Investment income Income received on invesknents may be analysed as follows: 2025 2024 Fixed tnterest U.K. Equities Overseas equities 80,188 58,582 112,943 251713 32 23 45 loo 40,655 93,947 17 40 43 100 233 301 17

The Glass-Hou$e Trust Annual Report and Accounts 5 April 2025 Grants payable 2025 2024 Reconciliation of grants payable: Commitments at 6 April 2024 1,157.500 860,000 Grants not a¢¢rued at 6 April 2024 Grants approved in the period GTanls not accrued at 5 April 2025 Grants payable for the period 940,000 158,000 60.000 1,887,500 293,000 1,038,000 1,240500 Net grants paid/refunded during the period (1,418,500) (943,000) Commitments at 5 April 2025 777,000 1,157,500 Commitments at 5 April 2025 are payable as folloivs: 2025 2024 Within one year (note 9) 777.000 1 157500 Commitments In addition lo the amounts committed and accrued noted above, the Trustees have also authorised Certain grants that are subject to ihe recipient ￿lfIllIng certain conditions. The total amount authorised but not accrned as expenditure at 5 April 2025 was £60,000 (2024.. £940,000). A list of grants payable for the current and prior year can be found in Appendix A on page 25. 18

The Glass-House Trust Annu21 Report and Accounts 5 April 2025 Support and governance Costs Current year Provision of a¢¢omrnodation for charities 2025 Total Grantmakin Governance Staff costs (note 6) Share of joint office costs Direct costs including travel Legal and professional fees Depreciation Auditor's rem￿n￿ation 48,604 24,135 1,901 50,505 24.135 2.551 1.753 4.304 3,592 287 3.592 24,432 10,560 117,528 24,145 10,560 12,461 26,696 78,371 Prior year Provision of a¢¢ommodation for charities 2024 Total Grantmakin Governance Staff costs Share of joint office costs Direct costs including travel Legal and professional fees Depreciation AuditOT'S remuneration 25,812 16,223 1,739 27,551 16,223 3.989 6,741 10,730 3,704 287 3,704 26,058 10.080 94,346 25,771 10.080 11,819 29,760 52,767 No Trustee received remuneration or was reimbursed expenses during the period for their services as trnstee. Included in the auditor's remuneration is: Fee for the completion of the 2024125 audit.. Fee for the completion of the 2024125 Corporation Tax return 9,240 1,320 10,560 *Total fees for statutory audit were £7,700 (2024: £7.300) excluding VAT. Charges for the preparation of Cotporation Tax returns were £1,160 (2024.. £1,100) excluding VAT.

The Glass-House Trust Annual Report and Accounts 5 April 2025 Analysis of staff eosls 2025 2024 Salaries and wages Social security costs Other pension costs 41,276 4,345 4,884 50.505 22,367 2,779 2,404 27,550 The T￿st is one of the Sainsbury Family Charilable Trusts which share a joint administration at the Registered Offi¢¢. 0.5 % (2024.. 0.30/0) of the total support and administration costs of these trnsls have been allocated to the Glass House Trust, including a proportionate share of the costs of ¢mploying ihe total number of staff serving in the office in 2023124. The actual number of staff employed during the year was 8, all on a part-time basis (2024: 7). This equates to 0.46 ￿]l-time employees (2024: 0.13). 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 £21707 (2024- £2,502). No employees of the charily eamed in excess of £60,000 (2024: none). No Trustee re¢¢ived any renumeration for their services during the year. Tangible fixed assets Freehold Freehold Leasehold Total im rovements im rovements 2025 ro Cost Balance at 5 April 2024 Additions Balance at 5 April 2025 1,164,346 6,008 2,007 1,172,361 67,500 1,239,861 1 164 346 73,508 2.007 Depreciation Balance at 4 April 2025 Charge for the period Disposals Accumulated depreciation at 5 April 2025 279,580 23,287 3,640 858 1,147 287 284,367 24.432 302,867 4.498 1,434 308.799 Net book value at 5 April 2025 861,479 69.046 573 931.098 Net book value at 5 April 2024 884,766 2.404 860 888,030 Capital commitments At 5 April 2025, the charity had authorised but not yel contracted for capital expenditure of £132,500 (£200,000 total approved less £67,500 spent to date). This relates to planned works to bring the building up lo the required standard. 20

The Gla$s-Hou$e Trust Annual Report and Accounts 5 Aprll 2025 Fixed asset investments 2025 2024 Maiket value 6 April 2024 Less: Disposals at Proceeds Add.. Acquisitions at cost Net gainl{loss) on investments Market value 5 April 2025 6,950,826 8,163,878 (2,394,682) (3,096,412) 1,412,911 470,449 6,950,826 201.745 5,864,890 Investment cash holdings 393,599 672,037 Total investments 6,258,489 7,622 863 Historical cost 5 April 2025 5,979,678 6,790,879 The investments held as at 5 April 2025 were as follows.. 2025 Market Value 2024 Market Value Cost Cost Fixed interest UK equities Overseas equities Alternatives 1,354,935 1,361,546 1,805,934 1,257,692 2,265,102 2,580,599 553,707 665,052 382,514 1.873,748 3,948,938 585,678 376,785 1,408.915 4,471,030 694,096 5,979,678 5,864,890 6,790,879 6,950,826 During the year £1,231,395 (2024.. £1,070,328) was disinvested from the investment portfolio to support the Trust's granl expenditure. Creditors - amounts falling due within one year 2025 2024 Grants payable (note 4) Professional chaiges Other Creditors 777,000 14,352 31,860 823 212 1,157,500 13,784 4.612 1 175.896 21

The Glass-House Trust Annual Report and Aecount$ 5 April 2025 io. Analysis of net assets between funds Unrestrieted EX￿ndable Fun(ts Endowment Totals 2025 Fund balances at 5 April 2025 are represented by: Tangible fixed assets Investsnents Current assets Current liabilities 931,098 6,258,489 (517,885) 931,098 6,258,489 305,327 (823,212) 823,212 (823,212} Total net assets 6,671,700 6,671700 Movement in the year Opening balance as al 6 April 2024 Total incorne and endowments Cost of raising fund5 Cosl of grant-making Net loss on investments Transfers between fimds 7,769,354 7,769,354 277,226 (17,624) (1.155,528) (201,746) 277,226 (17,624} (1,155,528) (201,746) (878,302) 878,302 Closing balance as at 5 April 2025 6,671,700 6.671,700 During the y¢ar, there was a deficit of income over expenditure on the unrestricted funds of £878,302{2024: £1,069,035). This has been funded by a Iransfer from expendable endowment. 22

The Glass-House Trust Annual Report and Aecounts 5 April 2025 io. Analysis of net a$sets between funds (continued) Comparative analysis for year ended 5 April 2024 Unrestricted Ex￿ndable Funds EndoW￿￿t Totals 2024 Fund balances at 5 April 2024 are represenled by: Tangible fixed assets Investments Current assets Current liabilities 888,029 7,622,863 (741,538) 888,029 7,622,863 434,358 (1,175,896) 1,175,896 (1,175,896) Total net as$¢ts 7,769J54 7 769 354 MovenEnt in the year Opening balance as at 6 April 2023 Total income and endowtnents Cost of raising fimds Cosl of ￿ant-Mak1Trg Net gain on investments Loss on forei￿ exchange Tra￿sferS between funds 8,387,682 8.387.682 265,810 (19.742) (1.334.845) 470,449 265,810 (19,742) (1,334.845) 470,449 1,069.035 (1,069,035) Closing balance as at 5 Awil 2024 54 7 769 354 ii. Related party transactions Included within governance and 5UPPOrt costs is a total of £3,564 (2024= £2.700) payable for legal services to BDB Pitmans, a firm in which Mr D Flynn was a partner. During the year. no disclosable related party transactions arose (2024: none). The Trustees recognise that conflicts of interest may occur from time to time due to other trusteeships and roles held by individual T￿Stees. In all cases where a conflict is identified, the affected Trustee does not participate in discussions or decisions relating lo the relevant grant. All grants are multi-year, with future instslments subject to meeting the Trust's reporting requirements and conditions. 23

The Glass-House Trust Annual Report and Accounts 5 April 2025 12. Comparative statement of finaneial activities for the y¢ar ended 5 April 2024 Unrestricted Funds EX￿ndable Endowment 2024 Income fronL Investn￿ntS Bank deposit int¢resl Donations and gifts Total illcon 233,301 7,509 233.301 7,509 25,000 265 810 265,810 Expenditure on: Cost of raising funds Investment rnanage￿￿nt costs 19,742 19,742 Charitable activities Grant-making Grant expendittjre Governance and support costs Cost of grant-making 1240,500 94,345 1,334,845 1,240,500 94.345 1,334,845 Total expenditure 1,334,845 19,742 1,354,587 Net expenditure before gainsl (losses) on Investn)ents (1,069,035) (19,742) (1,088,777) Net gal￿/ (losses) on investments 470,449 470,449 TTaThsfeTS between 1,069,035 (1,069,035) Net nM)vement in funds (618,328) (618,328) Reconciliation of funds Totsl fijnds brought foiward 8,387.682 8,387,682 Total fimds brought forward 8,387,682 8,387,682 Total funds carried forward 7,769,354 7,769,354 24

The Glass-House Trust Annual Report and A¢¢ounts 5 April 2025 Appelldix A- grants payable Grants payable- 2025 The amounis payable in the year included the following: Projects initiated by Trustees Four Comers Books Glass-House Community-Led Design MayDay Rooms Raven Row A Space 30,000 120,000 50,000 700,000 60,000 Other projects Money for Madagascar The Sainsbury Archive Transfomi Drug Policy Foundation 37,000 6,000 35,000 1,038,000 Grants payable - 2024 The amounts payable in the year included the following.. Projects initiated by Trustees Four Corner5 Books Glass-House Community-Led Design MayDay Rooms Raven Row 135,000 i 00,000 53,000 800,000 Other projeets Money for Madagascar A Space The Sainsbury Archive 22,500 120,000 10,000 1,240,500 25