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