## ## |`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`|

`1`|
`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`| ## |`5`|`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`
| |`6.`|`LOANSTOBENEFICIARIES`||| |---|---|---|---| |||`2021`|`2020`| |||
`£000`|
`£000`| ||`Balanceatbeginningofyear`|`1,705`|`1,740`| ||`Loansmade/(cancelled)inyear`|
`-`|
`(35)`| ||`Balanceatendofyear`|
`1,705`
|
`1,705`
| ## |`7.`|`DEBTORS`|`2021`|`2020`| |---|---|---|---| |||
`£'000`|
`£'000`| ||`Prepayments`|`168`|`80`| ||`Otherdebtorsandaccruedincome`|`704`|`180`| |||
`872`|
`260`| |`8.`|`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`
| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ##