2021-04-05-accounts - The Linbury Trust

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`1.`	`LegalandAdministrative`	`page1`
`2.`	`Trustees’Report`	`page2`
`3.`	`StatementofFinancialActivities`	`page13`
`4.`	`BalanceSheet`	`page14`
`5.`	`StatementofCashflows`	`page15`
`6.`	`NotestotheAccounts`	`page16`
`7.`	`StatementofTrustees’Responsibilities`	`page23`
`8.`	`IndependentAuditors’Report`	`page24`

`Trustees`	`LordSainsburyofPrestonCandoverKG*`	`LordSainsburyofPrestonCandoverKG*`
	`LadySainsburyCBE`
	`JamesBarnard* & **`
	`RichardButlerAdams`	`(Chair)*`
	`SarahButler-Sloss**`
	`SirMartinJacomb* &`	`***`
	`JulianSainsbury`
	`MarkSainsbury* & **`
		`*InvestmentCommittee`
		`**SocialImpactInvestingCommittee`
		`***retiredOctober2020`
`RegisteredOffice`	`5WiltonRoad`
	`LondonSW1V1AP`
`PrincipalOfficers`	`StuartHobley`	`Director,TheLinburyTrust`
	`KarenEverett`	`ChiefOperatingOfficer,SainsburyFamily`
		`CharitableTrusts`
`Bankers`	`Child& Co`
	`1FleetStreet`
	`LondonEC4Y1BD`
`Solicitors`	`Farrer& Co`
	`66Lincoln'sInnFields`
	`LondonWC2A3LH`
`Auditors`	`SafferyChampnessLLP`
	`71QueenVictoriaStreet`
	`LondonEC4V4BE`
`InvestmentAdvisers`	`CazenoveCapitalManagement`
	`12Moorgate`
	`LondonEC2R6DA`
	`TroyAssetManagers`	`Limited`
	`44DaviesStreet`
	`LondonW1K5JA`
	`WindmillHillAssetManagementLimited`
	`Waddesdon`
	`BuckinghamshireHP180JZ`

`Grantpaymentspaidinyear:£673,136.`
`BirminghamRoyalBallet`	`£80,000`
`TowardsthecostofmountingtheBallet'sshowpieceperformance`
`ofTheNutcrackerforpresentationonline.`
`MacularDiseaseSociety`	`£60,000`
`Towardsthecostofdigitalreneweddigitalinfrastructuretoallowkey`
`servicestobedeliveredonline.`
`JerwoodArts`	`£60,000`
`Supportingvisualartiststhroughthepandemicandcontributingto`
`theJerwood-run‘LiveWorkFund’`
`YoungMinds`	`£50,000`
`Thefirstpaymentofa £200kgrantthatwillhelptosupport`
`youngpeoplewhosementalhealthhasbeenimpactedbyCOVID19.`
`NationalTheatre`	`£50,000`
`TosupporttheredevelopmentoftheTheatre'sdigitalinfrastructure.`
`DulwichPictureGallery`	`£50,000`
`TosupporttheredevelopmentoftheGallery'ssecuritysystems,withwork`
`takingplaceduringCOVID19closure.`

`RoyalCollegeofArts`	`£1.75million`
`ThesefundscompletedtheTrust'soverallcontributionof£3million`
`towardstheCollege’snewBatterseaCampus.`
`CourtauldConnects`	`£1.5million`
`ThesefundscompletedtheTrust'soverallcontributionof£4million`
`towardsthecapitalredevelopmentoftheCourtauldInstitute.`
`AshmoleanMuseum`	`£1million`
`ThepenultimatepaymentoftheTrust's£5milliongifttowardthe`
`museum'sendowmentfund.`
`RoyalAcademyofDance`	`£125,000`
`ThefirstpaymenttowardstheAcademy’scapitalredevelopment.`
`Gainsborough’sHouseMuseum`	`£150,000`
`The penultimatepaymenttowardstheMuseum'scapitalredevelopment.`
`OrchestraoftheAgeofEnlightenment`	`£75,000`
`Thefirstpaymentfroma granttotalling£120kthatwillhelpthe`
`OrchestrarelocatetoAcklandAcademyinCamden.`
`EastLondonDance`	`£60,000`
`TowardthecapitalredevelopmentofTalentHouse,thenewhome`
`forEastLondonDance.`
`BritishSchoolatRome`	`£57,676`
`ThepenultimatepaymenttowardstheSchool'sSainsburyScholarship.`
`BathAbbeyTrust`	`£50,000`
`Thefinalpaymentofa £150kgranttowardsthecapitalredevelopmentof`
`BathAbbey.`

`LondonMusicMasters`	`£50,000`
`Thefinalpaymentfroma largergrantof£150kthathasenabled`
`LondonMusicMasterstotrainmusicianstoteachschoolchildren.`
`StPaul’sCathedralFoundation`	`£50,000`
`Thefinalpaymentfroma £100kgranttowardscapitalredevelopment.`
`ChinekeFoundation`	`£50,000`
`Thefirstpaymentofa £150kprojectoverthreeyears,supportingcorecosts.`
`TheSainsburyArchive`	`£50,000`
`Thefirstpaymentofa £250kprojectoverfiveyears,forcorecosts.`
`MercuryTheatre`	`£50,000`
`FundingtowardsthecapitalredevelopmentoftheMercuryTheatre.`
`NationalOperaStudio`	`£50,000`
`Fundingtowardsupgradingdigitalinfrastructure.`

	`Notes`	`2021`	`2020`
		`£000`	`£'000`
`INCOMEANDENDOWMENTSfrom:`
`Donationreceived,includinggiftaid`		`2,520`	`1,795`
`Investmentincome`	`2`	`1,864`	`2,921`
`Bankdepositinterestandotherincome`		`4`	`32`
`TotalIncome`		`4,388`	`4,748`
`EXPENDITUREon:`
`Costofgeneratingfunds:`
`Investmentmanagementfees`		`325`	`325`
`Charitableactivity`
`Grant-making` `-Costsofadministration`	`3`	`733`	`610`
`-Grantspayable`	`4`	`7,402`	`6,767`
`TotalExpenditure`		`8,460`	`7,702`
`Netoperatingdeficit`		`(4,072)`	`(2,954)`
`Currencyexchangegains/ (losses)`		`-`	`(8)`
`Gains/ (losses)oninvestments`	`5`	`22,514`	`(12,007)`
`Netmovementinfunds`		`18,442`	`(14,969)`
`Totalfundsbroughtforward`		`120,341`	`135,310`
`Totalfundscarriedforward`		`138,783`	`120,341`

	`Notes`		`2021`	`2020`
		`£000`	`£000`	`£'000`
`FIXEDASSETS`
`Investments`	`5`		`134,277`	`116,779`
`Loanstobeneficiaries`	`6`		`1,705`	`1,705`
			`135,982`	`118,484`
`CURRENTASSETS`
`Debtors`	`7`	`872`		`260`
`Cashatbankandinhand`		`5,377`		`6,264`
		`6,249`		`6,524`
`CURRENTLIABILITIES`
`Creditors-amountsfallingduewithinoneyeaB`		`(2,758)`		`(3,387)`
`NETCURRENTASSETS`			`3,491`	`3,137`
`Creditors-amountsfallingdueafteroneyear9`			`(690)`	`(1,280)`
`NETASSETS`			`138,783`	`120,341`
`Expendableendowment`			`138,783`	`120,341`
`TOTALFUNDS`			`138,783`	`120,341`

`FORTHEYEARENDED5 APRIL2021`
	`Note:`	`2021`	`2020`
		`£000`	`£000`
`Netcashusedinoperatingactivities`	`10`	`(9,787)`	`(10,920)`
`Cashflowsfrom investingactivities:`
`Interestanddividends`		`1,868`	`2,953`
`Proceedsfromsaleofinvestments`		`24,018`	`12,557`
`Purchaseofinvestment`		`(12,233)`	`(4,902)`
`Effectofforeignexchangeratechanges`		`-`	`(8)`
`Netcashprovidedbyinvestingactivities`		`13,653`	`10,600`
`Cashflowsfromfinancingactivities:`
`Receiptofexpendableendowment`		`2,016`	`1,795`
`Netcashprovidedbyfinancingactivities`		`2,016`	`1,795`
`Changeincashandcashequivalentsinthe`	`year`	`5,882`	`1,475`
`Cashandcashequivalents broughtforward`		`10,830`	`9,355`
`Cashandcashequivalentscarriedforward`		`16,712`	`10,830`

`Analysisofthebalanceofcashasshown`	`inthebalancesheet`
			`Change`
	`2021`	`2020`	`inyear`
	`£'000`	`£'000`	`£'000`
`Cashatbankandinhand`	`5,377`	`6,264`	`(887)`
`Investmentcash(Note5)`	`11,335`	`4,566`	`6,769`
	`16,712`	`10,830`	`5,882`

`Incomereceivedoninvestmentsisanalysedasfollows:` `UKGovernmentFixedInterest` `2021` `£'000` `%` `1` `0%`	`Incomereceivedoninvestmentsisanalysedasfollows:` `UKGovernmentFixedInterest` `2021` `£'000` `%` `1` `0%`	`Incomereceivedoninvestmentsisanalysedasfollows:` `UKGovernmentFixedInterest` `2021` `£'000` `%` `1` `0%`	`£000`	`2020` `%` `0%`
`Otherfixedinterest` `UKEquities` `OverseasEquities` `Alternatives`	`13` `1461` `212` `177` `1,864`	`1%` `78%` `11%` `10%` `100%`	`18` `2453` `265` `184` `2,921`	`0%` `92%` `5%` `3%` `100%`
`COSTSOFADMINISTRATION`		`2021`		`2020`
`Salariesandassociatedcosts` `Officecosts` `Auditor'sremuneration`		`£'000` `373` `344` `16` `733`		`£'000` `299` `301` `10` `610`
`ANALYSISOFGRANTS`	`£000`	`2021` `£000`	`£000`	`2020` `£000`
`Reconciliationofgrantspayable:` `Grantscommittedbutunpaidat6 April2020` `Grantsconditionallyapprovedat6 April2020` `Grantsapprovedintheyear` `Grantscancelled,amendedorrefunded`	`16,571` `4,515` `0`	`4,037`	`21,019` `2,339` `(20)`	`7,015`
`Grantsconditionallyapprovedat5 April2021` `Grantspayablefortheyear`	`(13,684)`	`7,402`	`(16,571)`	`6,767`
`GRANTSPAIDINTHEYEAR`		`(8,781)`		`(9,745)`
`Grantscommittedbutunpaidat5 April2021`		`2,657`		`4,037`
`Commitmentsat5 April2021arepayable:` `Withinoneyear(note8)` `Aftermorethanoneyear(note9)`		`2021` `£'000` `2,017` `640` `2,657`		`2020` `£'000` `2,807` `1,230` `4,037`

	`2021`
	`£'000`
`CcoviD`	`673`
`CULTURE`	`5,911`
`EDUCATION& YOUNGPEOPLE`	`592`
`ENVIRONMENT`	`307`
`MEDICAL`	`239`
`OLDERPEOPLE`	`131`
`OVERSEAS& EMERGENCYRELIEF`	`348`
`SOCIALWELFARE`	`580`
	`8,781`

`FIXEDASSETINVESTMENTS`	`2021`	`2020`
	`£000`	`£'000`
`Marketvalueat6 April2020`	`112,213`	`131,875`
`Less:Proceedsfromdisposals`	`(24,018)`	`(12,557)`
`Add:Acquisitionsatcost`	`12,233`	`4,902`
`Gains/ (losses)oninvestmentassets`	`22,514`	`(12,007)`
`Marketvalueat5 April2021`	`122,942`	`112,213`
`Investmentcash`	`11,335`	`4,566`
`TotalInvestments`	`134,277`	`116,779`

		`2021`		`2020`
	`Cost`	`Market`	`Cost`	`Market`
		`Value`		`Value`
	`£'000`	`£000`	`£000`	`£000`
`UKGovernmentFixedInterest`	`598`	`684`	`668`	`759`
`Otherfixedinterest`	`815`	`839`	`862`	`966`
`UKEquities`	`86,611`	`94,683`	`112,618`	`93`
`OverseasEquities`	`14,652`	`19,737`	`9,939`	`13,056`
`Alternatives`	`5,814`	`7,003`	`4,364`	`4,754`
	`108,490`	`122,945`	`128,451`	`112,213`

`LOANSTOBENEFICIARIES`
	`2021`	`2020`
	`£000`	`£000`
`Balanceatbeginningofyear`	`1,705`	`1,740`
`Loansmade/(cancelled)inyear`	`-`	`(35)`
`Balanceatendofyear`	`1,705`	`1,705`

`DEBTORS`	`2021`	`2020`
	`£'000`	`£'000`
`Prepayments`	`168`	`80`
`Otherdebtorsandaccruedincome`	`704`	`180`
	`872`	`260`

`CREDITORS- amountsfallingduewithin1 year`
	`2021`	`2020`
	`£'000`	`£'000`
`Grantspayablewithinoneyear`	`2,017`	`2,807`
`Accruals`	`50`	`65`
`Othercreditors`	`691`	`515`
	`2,758`	`3,387`

		`2021`	`2020`
		`£'000`	`£'000`
	`Grantspayableaftermorethanoneyear`	`640`	`1,230`
	`Longtermliability`	`50`	`50`
		`690`	`1,280`
`10.`	`RECONCILIATIONOFNETMOVEMENTINFUNDS`
	`TONETCASHFLOWFROMOPERATINGACTIVITIES`
		`2021`	`2020`
		`£'000`	`£'000`
	`Netmovementinfunds`	`18,442`	`(14,696)`
	`Deductgiftofendowment`	`(2,016)`	`(1,795)`
	`Deductincomeshownininvestingactivities`	`(1,868)`	`(2,953)`
	`(Deductgains)/ addbacklossesoninvestments`	`(22,514)`	`12,007`
	`Addbacklossesoncurrencyexchange`	`-`	`8`
	`Loanstobeneficiariescancelledinyear`	`-`	`35`
	`(Increases)/ decreasesindebtors`	`(612)`	`7`
	`(Decrease)increditors`	`(1,219)`	`(3,260)`
		`(9,787)`	`(10,920)`

`ANALYSISOFSTAFFCOSTS`
	`2021`	`2020`
`Staffcosts:`	`£'000`	`£'000`
`Wagesandsalaries`	`305`	`237`
`Socialsecuritycosts`	`35`	`30`
`Otherpensioncosts`	`33`	`32`
	`373`	`299`