**Annual Report and Financial Accounts 5 April 2023** **Registered Charity Number 287077** **5 Wilton Road, London, SW1V 1AP** ## **Contents** |1. Reference and Administrative|page 1| |---|---| |2. The Report of the Trustees|page 2| |3. Statement of Financial Activities|page 13| |4. Balance Sheet|page 14| |5. Statement of Cash Flows|page 15| |6. Notes to the Accounts|page 16| |7. Statement of Trustees’ Responsibilities|page 27| |8. Independent Auditor’s Report|page 28| The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **Reference and Administrative** The charity (No 287077) was established and became a registered charity under a Trust Deed dated 5 May 1983. |**Trustees**
**Registered Office**
**Principal Officers**
**Bankers**
**Solicitors**
**Auditor**
**Investment**
**Managers**|Lady Sainsbury CBE
James Barnard * & **
Richard Butler Adams (Chair)*
Sarah Butler-Sloss**
Julian Sainsbury
Mark Sainsbury * & **
Emily Stubbs - appointed 1 October 2022
Laura Marshall - appointed 27 April 2023
* Investment Committee
**Social Impact Investing Committee
5 Wilton Road
London SW1V 1AP
Stuart Hobley
Karen Everett
Director, The Linbury Trust
Chief Executive Officer, Sainsbury Family
Charitable Trusts
Royal Bank of Scotland
119 - 121 Victoria Street
London
SW1E 6RA
BDB PITMANS
One Bartholomew Close
London EC1A 7BL
Sayer Vincent LLP
Invicta House
108 - 114 Golden Lane
London EC1Y 0TL
Cazenove Capital Management
12 Moorgate
London EC2R 6DA
Troy Asset Managers Limited
44 Davies Street
London W1K 5JA
Windmill Hill Asset Management Limited
Waddesdon
Buckinghamshire HP18 0JZ| |---|---| 1 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **The Report of the Trustees** The trustees present their report and the audited financial statements for the year ended 5 April 2023. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. The Linbury Trust is one of the Sainsbury Family Charitable Trusts which share a common administration but are otherwise independent of each other. Each of the current Trustees has extensive experience of trusteeship generally and of the charity sector more specifically. Trustees are aware of the Charity Commission's guidance on Charities and Public Benefit. The Trustees have given due regard to the Charity Commission’s guidance on public benefit when reviewing the Trust’s aims and objectives, setting grant making policy and in planning future activities. In this annual report they provide information about the Trust's aims, and about its activities and achievements in the many areas of interest that the Trust supports. They consider that this information demonstrates the benefits to the Trust’s beneficiaries, and through them to the public, that arise from carrying out those aims. Trustees are aware of the Charity Governance Code which sets out the principles and recommended practice for good governance within the sector. The Trust operates its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently. The section below headed ‘Review of the Past Year’ (p 6-12) provides an overview of the Trustees’ actions during the year in each of the grant-making categories listed below and, selectively, gives a flavour of the valuable work undertaken by our beneficiaries. ## **The year in context** The Trust’s previous report for 2021-22 set out the measures and support being provided to many of our grantees to help them manage the impact of the pandemic. The Trust recognises that this will be felt for many years and we continue to be a flexible and responsive funder. The Trust has also become acutely aware of the impact of cost-of-living, with many grantees facing increases in staff costs and energy bills. This would especially be 2 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 tough for smaller charities, including those who were supporting communities already impacted by the crisis. The Trust’s responses were twofold; firstly, applicants under assessment were encouraged to ensure that costs reflected the impact of cost-of-living increases. Secondly, a number of smaller, one-off grants were made to some of our grantees, specifically for cost-of-living related costs that grantees were facing and tied to their existing terms and conditions of grant. Following a series of discussions, it was felt that recruitment of two new Trustees would bring valuable sector and lived experience to the trusteeship. New Trustees were recruited through a competitive process and induction has been provided including: the opportunity to observe a meeting before taking up the role; induction sessions with the Director; and a Trustee welcome pack comprising previous papers, terms and conditions of grant, Trust organogram, and the Charity Commission guidance and Charity Commission trustee welcome pack. During this year, Trustees also agreed to become part of the 360 Giving grant making movement; the website that many grant making organisations use to publish data on their grants. The Trust will begin publishing to the 360 Giving website in 2023-24 financial year. The Trust has continued its effective partnership with Theatres Trust.; Together running a small grants programme with targeted grants that help local theatres adapt to become more resilient and accessible for a wider range of people with interventions such as essential repairs, improved access for disabled people, and upgrades to digital infrastructure. **The Trust’s Grant Funding** The total value of new grants awarded in 2023 was £9,393,660 (2022: £8,207,045) **----- Start of picture text -----**
Grants Awarded 2022/23
Social Welfare Small Grants
£1,080,000 £114,288
Overseas &
Emergency Relief
£20,000
Older People
£340,000
Environment
£740,000
Education / Young
People
£591,872
Major Capital Projects
£5,000,000
Culture
£1,507,500
**----- End of picture text -----**
3 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 The total value of grants paid in 2023 was £6,222,278 (2022: £6,529,667) **----- Start of picture text -----**
GRANTS PAID 2022/23
Medical
Small Grants
£38,100
£86,561
COVID'19
£1,160,000
Social Welfare
£1,305,654
Overseas &
Emergency
Relief £30,000
Older People
£464,000
Culture
£1,753,326
Environment
£695,000
Education/ Young
People £689,637
**----- End of picture text -----**
## **Grant making policy** The Trustees take a proactive approach towards grant-making and unsolicited applications are not usually accepted. Through partnership work and research, staff and Trustees identify organisations they want to work with. The Trustees’ practice is to give grants only for work which they believe will be meaningful, may reduce inequality, have impact and be value for money. Decisions are taken by the Trustees four times a year, and day to day management is delegated to the Principal Officers. All staff and Trustees are expected to support the work of the Trust with the highest integrity. A conflict of interest may arise when a Trustee’s interest relates to a charity applying for support. Conflicts are declared, noted in the minutes and the individual concerned is not part of any decision-making discussion. Details of any related party transactions are disclosed in note 12 of the financial statements. ## **Risk assessment** The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts (SFCT), adequate systems are in place to meet such potential risks 4 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 as the Trustees have identified. The Trustees continue to keep processes under review. The Trustees have identified the uncertainty of financial returns as the charity’s principal financial risk. This risk is mitigated through the appointment of three experienced investment management firms, and by the diversification of the portfolio referred to in the following section. Another possible risk is misuse of funds by a grant beneficiary. The Trustees mitigate this risk by normally restricting grants to charities that are registered with the Charity Commission for England and Wales, and for work with a charitable, voluntary and community focus, where the applicant may be exempt from registration. Grants are made only after a thorough assessment and are regularly monitored. ## **Reserves policy and going concern** The Trustees approve grants for payment over one or more years. These are brought into the accounts where there is a commitment to pay. The Trustees meet these commitments out of income, and where there is insufficient income, they do so from expendable endowment. Accordingly, Trustees take the view that all available funds should be seen as one; they have therefore adopted a Statement of Financial Activities that merges all resources. The Trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis. It is the policy of the Trustees to ensure that there are sufficient resources to meet commitments as they fall due. The Trustees are satisfied that the totality and composition of the Trust’s resources are sufficient for this purpose. The Trust and its Trustees are fully aware of the requirements and the duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators. The income of the Trust is not bound by any regulatory scheme, and the Trust does not consider it necessary to comply with any voluntary code of practice relating to fundraising. The Trustees do not approach individuals for the purpose of raising funds, Trustees do not have specific requirements related to fundraising activities, nor do Trustees consider it necessary to design specific procedures to monitor such activities. As shown on page 13 at the year end the total funds of the Trust consisted of Expendable Endowment of £136.8m (2022: £143.6m). ## **Investment powers, policy and performance** The Trust Deed empowers the Trustees to appoint investment advisers, who are given discretion to invest the funds of the Trust within guidelines established by the Trustees. The Trustees’ investment policy is to maximise funds available for grant-making while preserving the real value of the endowment over the medium term. The Trust’s endowment continues to be invested in stock markets. The Trustees are committed to being socially and environmentally responsible investors and 5 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 incorporate, promote and advocate environmental, social and governance (ESG) issues into the management of their investment assets. In doing so, the Trust requires its investment managers to fully integrate ESG considerations into their investment process, to comply with the Trust’s ethical investment policy and to engage actively on ESG issues with investee companies. The investment committee of Trustees regularly meets the Trust’s investment advisers to discuss strategy and to review performance. The consolidated managed investment return across the portfolio was -1.4% (2021/22: 6.9%) which is above the benchmark (ARC GBP Steady Growth) of -4.14% (2021/22: 6.8%) ## **Social Impact Investing** The Trust has also continued to develop its approach to social impact investing; this approach is impact led and fits within the Trust’s existing areas of focus. A subcommittee, with dedicated terms of reference are taking this work forward. Investments made this year are at a cost of £180,000. ## **Review of the past year** The Trust's total income for the year was £2.1m (2021/22: £4.3m which included £2.5m of donations). In 2022/23 the Trustees paid grants totalling £6.2m (2021/22: £6.5m); they approved 95 grants (2021/22: 95) amounting to a total value of £9.4m (2021/22: £8.2m). Included in the grants awarded in 2022/23 was £5m to the National Gallery towards NG200, the Gallery’s wider redevelopment programme, part of Gallery’s wider 200[th] centenary. Many of the grants that Trustees approve are awarded on a conditional basis, and may be payable over several years; accordingly such grants do not appear in full in the Statement of Financial Activities in the year in which they are awarded. Trustees regard the level of grants actually paid during the year as a more helpful measure of grant-making activity and have used this measure of their activity within this Trustees’ Report. They anticipate that the nature of grant-making of recent years will be maintained for the foreseeable future. As a proportion of grants paid, costs of administration were 10.0% (2022: 10.1%). The following sections describe the Trust’s activities in each of the major categories of grants, including categories where payments have been made but no new grants have been awarded. Trustees believe that the readers of this report will find a representative list of the larger grants actually paid during the year to be helpful; these are itemised in the following pages. 6 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **COVID19** During the year, Trustees continued to support organisations with their post-pandemic resilience. Funded work included core costs, emergency support and help to improve digital provision. ## **Grants paid in year: £1,160,000.** **Courtauld Institute of Art £50,000** Towards costs of a new Commercial Director; second payment of a £100,000 grant. **Royal Opera House Covent Garden Foundation £1,000,000** Towards the operating costs of the Linbury Theatre and post-COVID Recovery work. The second payment of a £2m grant. **Young Minds £100,000** Towards supporting young people whose mental health has been impacted by the pandemic. Final payments of a two-year grant. 1 project received grant payments of less than £50k totalling £10,000. No new grants were awarded in this category. ## **Culture** The Linbury Trust is a major supporter of excellence, access, and community engagement of culture; this includes visual arts, dance, historic buildings, museums, and theatre, and how arts activity adds value in healthcare settings. Funding ranges from small grants to support dance and choreography, multi-year funding to support community involvement and access to culture, to occasional major capital projects. ## **Grants paid in year: £1,753,326.** **Anvil Arts Basingstoke £55,000** To support the salary costs for an experienced fundraiser over the next three years and a feasibility project to look at income generation, both to assist with the future resilience of the Anvil Arts Trust. First payment of a three-year £125k grant. **Artsadmin £50,000** Towards the cost of replacing their boiler, to improve efficiency and reduce energy costs; one-off grant. **Barts Heritage £50,000** To support restoration & public access work, first payment of a three-year £100k grant. **Birmingham Royal Ballet £80,000** 7 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 To establish a new ‘Junior Company’ for Birmingham Royal Ballet. First payment of a three-year £140k grant. **British School at Rome £65,500** To support two six-month residential scholarships in year one and then one scholarship in years two and three. First payment of a three-year £127k grant. **DDmix (Diversity Dance Mix) £50,000** To expand the DDmix programme to schools across the UK. Second payment of a three-year £150k grant. **Garsington Opera – Wormsley £150,000** Towards the capital costs and the outreach costs for a community practice room. **Northern Ballet £60,000** Towards the Children’s Ballet programme, first payment of a three-year £150k grant. **Rambert School of Ballet & Contemporary Dance £75,000** Trustees agreed a one-off grant towards the capital redevelopment of the Weston Studio at Rambert School. **Reading Repertory Theatre £50,000** Towards the Theatre ‘Engage Reborn’ outreach programme. Second and final payment of a two-year £100k grant. **Royal Birmingham Conservatoire - Birmingham City University £50,000** Towards the Conservatoire’s community focused programme of engagement. First payment of a three-year £130k grant. **The Holburne Museum £200,000** Towards endowment fundraising. Second payment of a five-year £1m grant. **The Paraorchestra & Friends £70,000** To support their artistic and community-focused programme led by disabled musicians and performers. First payment of a three-year £170k grant. **The Sainsbury Archive £50,000** Towards operating costs, third payment of a five-year £250k grant. 26 projects received grant payments of less than £50k totalling £687,826. 2 grantees under this category were awarded cost-of-living grants totalling £10,000. A total of £1,507,500 was awarded in _newly_ approved _grants_ . ## **Education and Young People** The Trust has a layered approach to supporting young people and their education and aspirations. This can include scholarships and bursaries, to the development of programmes that will foster curiosity, to improving life opportunity and choices, especially for young people living in poverty. 8 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **Grants paid in year: £689,637** **Roundhouse Trust £50,000** Towards their youth focused work. First payment of a four-year £200k grant. **Royal Drawing School £50,000** To help the school expand its digital provision; second and final payment of a two-year £100k grant. ## **University of Winchester** **£70,000** Towards the First Stars Scholars programme which supports educational attainment of young people in care. Third payment of a four-year £300k grant. 18 projects received grant payments of less than £50k totalling £519,637. A total of £591,872 was awarded in _newly_ approved grants. ## **Environment** The Trust continues its support for the environment, including work which helps to better connect people with nature, how the natural world can contribute to meaningful changes in wellbeing, and to understand the impact of climate change. ## **Grants paid in year: £695,000** **Ashden Climate Solutions £170,000** Core support for strategic development, final payment of a three-year £510k grant. **Chiswick House and Gardens Trust £60,000** Horticulture and gardening participation programme. Second payment of a three-year £180k grant. **National Trust £50,000** Supporting restoration and public access to the South Downs through the Changing Chalk Project. First payment of a four-year £125k grant. **The Conservation Collective £50,000** Towards the core costs of the Collective, supporting environment networks across the world. First payment of a three-year £120k grant. **Wildscreen Trust £50,000** Towards the archive development, one of the most comprehensive visual records of wildlife from across the world. First payment of a two-year £100k grant. **Woodmeadow Trust £70,000** To cover the full cost of the first year and staff costs in years two and three to enable WMT to create 10 further Woodmeadows. First payment of a three-year £150k grant. 9 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 7 projects received grant payments of less than £50k totalling £230,000. 3 grantees under this category were awarded cost-of-living grants totalling £15,000. A total of £740,000 was awarded in _newly_ approved grants under this category. ## **Medical** The Trust supports a small number of projects that may assist in the support and research of life-limiting conditions. ## **Grants paid in year: £38,100** 1 project received grant payments of less than £50k totalling £38,100. No _new_ awards relating to medical research were supported this year. ## **Older People** The Trust looks to fund projects that support older people to live well, especially those that reduce isolation, and schemes that improve health and wellbeing, and social engagement. ## **Grants paid in year: £464,000** ## **Britten Pears Arts** **£50,000** To support older people in rural Suffolk living with dementia and Parkinson’s through arts activity. First payment of a three-year £120k project. ## **Claremont Project** **£50,000** Dance activity for older people. Second payment of a four-year £150k project. ## **Fitzwilliam Museum, Cambridge** **£50,000** Using museum collections to support older people living with dementia, across Cambridgeshire. Second and final payment of a two-year £100k project. ## **Macular Disease Society** **£60,000** To employ a new dedicated member of staff who will develop and expand the Society’s existing digital channels, as well as piloting new work on social media. First payment of a three-year £120k project. ## **Orchestra Of The Swan** **£50,000** To support the Orchestra’s working in care homes and community settings to help older people to live well. First payment of a two-year £75k project. ## **St Michael's Hospice – Basingstoke** **£50,000** Towards the Hospice’s Community Services Project which provides in-home end-oflife care. Second payment of a three-year £162k project. 10 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 5 projects received grant payments of less than £50k totalling £154,000. A total of £340,000 was awarded in _newly_ approved grants. ## **Overseas & Emergency Relief** Trustees’ primary continuing interest in this category remains in supporting organisations that work in the Caribbean, and to provide emergency funding. ## **Grants paid in year: £30,000** 2 projects received grant payments of less than £50k totalling £30,000. A total of £20,000 was awarded in _newly_ approved grants. ## **Social Welfare** Through our Social Welfare category, the Trust aims to address issues of inequality, poverty and tackle disadvantage; we also seek to support those organisations looking to achieve positive and lasting change. This includes work around mental health, homelessness as well as refugees and asylum seekers. ## **Grants paid in year: £1,305,654** **Baobab Centre for Young Survivors in Exile £70,000** Core funding of the Baobab centre to support young refugees. First payment of a three-year £180k project. **Cardboard Citizens £50,000** To support the programme of arts engagement and their work with people living in homelessness. Third payment of a three-year £200k project. **Clement James Centre £50,000** To support the Employment Programme. Second payment of a three-year £150k grant. **Crisis** **£60,000** To support a programme working with people in prison, to break the cycle between offending and homelessness. Second and final payment of a two-year £120k grant. **Felix Project £60,000** Towards running costs of Felix's kitchen **.** First payment of a three-year £120k grant. ## **Gingerbread** **£50,000** To build on the success of the telephone helpline. Third and final payment of a threeyear £150k grant. 11 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **Hope for the Young** **£50,000** Towards core costs supporting educational attainment of young refugees. Second payment of a three-year £150k grant. **House of St Barnabas-in-Soho £50,000** Towards the employment readiness programme and work with homeless people; final payment of a three-year £150k grant. ## **In Place of War** **In Place of War £55,000** Towards costs of Youth worker and Chief Operating Officer at the Rise Above Development in Cape Town. First payment of a three-year £140k grant. **Mental Health Innovations £50,000** Towards the costs of SHOUT service. Second payment of a three-year £150k grant. ## **RefuAid / Prism the Gift Fund** **RefuAid / Prism the Gift Fund £100,000** To support Refuaid’s programme of loans to refugees seeking to reaccredit their qualifications in the UK. First payment of a three-year £220k grant. ## **Refugee Council** **£70,000** To support their London Destitution Service, helping refuges and asylum seekers living in extreme poverty and at risk of homelessness. Second payment of a three-year £210k grant. ## **The Passage, Victoria** **£60,000** One-off grant towards the costs of the building redevelopment project. 23 projects received grant payments of less than £50k totalling £410,654. 14 grantees under this category were awarded cost-of-living grants totalling £70,000. A total of £1,080,000 was awarded in _newly_ approved grants. ## **Small Grants Programme** The Trust also awards a number of small grants throughout the year. These grants are often less than £10k and typically focused on projects relating to dance, choreography and performance. 13 projects received grant payments totalling £86,561. A total of £114,288 was awarded in _newly_ approved grants. Approved by the Board of Trustees on the 18 October 2023 and signed on their behalf by **……………………………………** _TRUSTEE_ Richard Butler Adams 12 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023** |**Notes**
**2023**
**£'000**
**INCOME AND ENDOWMENTS from:**
Donations including gift aid
-
Investment income
**2**
1,938
Bank deposit interest
165
Other
5
**Total Income**
2,108
**EXPENDITURE on:**
**Cost of generating funds:**
Investment management fees
340
**Charitable activity**
Grant-making - Costs of administration
**3**
621
- Grants payable
**4**
5,679
**Total Expenditure**
6,640
**Net expenditure before net (losses)/gains**
(4,532)
Currency exchange gains
346
(Losses)/gains on investments
**5**
(2,610)
**Net movement in funds**
**(6,796)**
Total funds brought forward
143,602
**Total funds carried forward**
**136,806**|**Notes**
**2023**
**£'000**
**INCOME AND ENDOWMENTS from:**
Donations including gift aid
-
Investment income
**2**
1,938
Bank deposit interest
165
Other
5
**Total Income**
2,108
**EXPENDITURE on:**
**Cost of generating funds:**
Investment management fees
340
**Charitable activity**
Grant-making - Costs of administration
**3**
621
- Grants payable
**4**
5,679
**Total Expenditure**
6,640
**Net expenditure before net (losses)/gains**
(4,532)
Currency exchange gains
346
(Losses)/gains on investments
**5**
(2,610)
**Net movement in funds**
**(6,796)**
Total funds brought forward
143,602
**Total funds carried forward**
**136,806**|**2022**| |---|---|---| ||**£'000**
-
1,938
165
5|**£'000**
2,500
1,774
6
-| ||2,108|4,280| ||340
621
5,679|353
662
5,165| ||6,640|6,180| ||(4,532)
346
(2,610)|(1,900)
33
6,686| ||**(6,796)**
143,602|**4,819**
138,783| ||**136,806**|**143,602**| There are no gains and losses in either the current year or preceding period other than those recognised in the statement of financial activities. All funds are held as expendable endowment funds. All of the above results are derived from continuing activities. 13 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **BALANCE SHEET AS AT 5 APRIL 2023** ||**Notes**||**2023**|**2022**| |---|---|---|---|---| |||**£'000**|**£'000**|**£'000**| |**FIXED ASSETS**||||| |Investments|**5**||132,364|139,653| |Loans to beneficiaries|**6**||1,500|1,500| ||||133,864|141,153| |**CURRENT ASSETS**||||| |Debtors|**7**|1,731||2,667| |Cash at bank and in hand||2,104||1,605| |||3,835||4,272| |**CURRENT LIABILITIES**||||| |**Creditors**- amounts falling due within one year|**8**|(493)||(1,223)| |**NET CURRENT ASSETS**|||3,342|3,049| |**Net assets less current liablities**|||137,206|144,202| |**Creditors**- amounts falling due after one year|**9**||(400)|(600)| |**NET ASSETS**|||136,806|143,602| |Expendable endowment|||136,806|143,602| |**TOTAL FUNDS**|||136,806|143,602| The financial statements were approved and authorised for issue by the Trustees on the 18th of October 2023 and were signed on their behalf by: ............................................................................................ TRUSTEE Richard Butler Adams 14 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **STATEMENT OF CASH FLOWS** ## **FOR THE YEAR ENDED 5 APRIL 2023** |**_Notes_**
**2023**
**£'000**
**Net cash used in operating activities**
**_10_**
(6,629)
**Cash flows from investing activities:**
Interest and dividends
2,103
Proceeds from sale of investments
23,165
Purchase of investments
(22,509)
Effect of foreign exchange rate changes
346
**Net cash provided by/(used in) investing activities**
3,105
**Cash flows from financing activities:**
Receipt of expendable endowment
-
**Net cash provided by financing activities**
-
**Change in cash and cash equivalents in the year**
**(3,524)**
Cash and cash equivalents brought forward
6,846
**Cash and cash equivalents carried forward**
**3,322**
**Analysis of the balance of cash as shown in the balance sheet**
**2023**
**£'000**
Cash at bank and in hand
2,104
Investment cash (Note 5)
1,218
3,322|**_Notes_**
**2023**
**£'000**
**Net cash used in operating activities**
**_10_**
(6,629)
**Cash flows from investing activities:**
Interest and dividends
2,103
Proceeds from sale of investments
23,165
Purchase of investments
(22,509)
Effect of foreign exchange rate changes
346
**Net cash provided by/(used in) investing activities**
3,105
**Cash flows from financing activities:**
Receipt of expendable endowment
-
**Net cash provided by financing activities**
-
**Change in cash and cash equivalents in the year**
**(3,524)**
Cash and cash equivalents brought forward
6,846
**Cash and cash equivalents carried forward**
**3,322**
**Analysis of the balance of cash as shown in the balance sheet**
**2023**
**£'000**
Cash at bank and in hand
2,104
Investment cash (Note 5)
1,218
3,322|**2022**
**£'000**
(8,895)
1,780
9,649
(14,433)
33
(2,971)
2,000
2,000
(9,866)
16,712
**6,846**
**2022**
**Change**
**inyear**| |---|---|---| ||**£'000**
2,104
1,218|**£'000**
**£'000**
1,605
499
5,241
(4,023)| ||3,322|6,846
(3,524)| The notes on pages 16 to 22 form part of these accounts. 15 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS** ## **FOR THE YEAR ENDED 5 APRIL 2023** ## **1. ACCOUNTING POLICIES** The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. (i) The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. (ii) The trust constitutes a public benefit entity as defined by FRS 102. (iii) In the view of the Trustees, there are no material uncertainties casting doubt on the going concern (iv) Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. (v) The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects. The principal accounting policies adopted are as follows: ## **a) Income Recognition** (i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable. (ii) Dividends are included by reference to their due dates. (iii) Interest is included when receivable. ## **b) Expenditure on Charitable Activities** Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. (i) Costs of generating funds represent amounts paid to the Trust's external investment advisors. (ii) Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs. (iii) Grants for which there is a binding commitment are accounted for within the Statement of Financial Activities. (iv) Other grants and grant instalments are accounted for in the Statement of Financial Activities when conditions attaching to the grant are fulfilled. (v) Costs of administration relate in the main to the grant-making activity of the Trust and include a share of the staff and office costs of the joint office of the Sainsbury Family Charitable Trusts, which are allocated in proportion to time spent on Trust matters and grants paid. 16 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS** ## **c) Investments** (i) Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value is recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading 'Net gains/(losses) on investments' in the statement of finacial activities. (ii) Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment. The trust does not acquire put options, derivatives or other complex finacial instruments. ## **d) Loans to beneficiaries** (i) Trustees make loans in furtherance of the Trust’s charitable objects. Any financial return is likely to be below market rates but can be justified by the charitable impact. (ii) Loans to beneficiaries represent loans made at less than a market rate of interest for charitable purposes. They are included at the amount advanced less any repayments and impairments. ## **e) Financial Instruments** The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently Investments, including bonds held as part of an investment portfolio, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. At the balance sheet date the charity held financial assets at fair value of £131.2m (2022: £134.4m). ## **f) Cash and Cash Equivalents** Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **g) Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **h) Creditors** Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due. ## **i) Pensions** Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate. ## **j) Critical accounting judgements and key sources of estimation uncertainty** In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year. 17 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS** ## **2. INVESTMENT INCOME** ## **Income received on investments is analysed as follows:** |UK Government Fixed Interest
Other fixed interest
Equities
Alternatives
**3.**
**COSTS OF ADMINISTRATION**
Salaries and associated costs (note 11)
Office costs
Auditor's remuneration||**2023**
**2022**| |---|---|---| ||**£'000**
12
8
1,508
410|**%**
**£'000**
**%**
1%
1
0%
0%
8
0%
78%
1,461
83%
21%
304
17%| ||1,938|100%
1,774
100%| |||**2023**
**2022**
**£'000**
**£'000**
415
365
196
286
10
11
621
662| The auditor's remuneration excluding VAT is £8,650 (2022: £7,800). During the year no Trustee received any remuneration or reimbursement of expenses (2022: NIL). Included in the cost above were governance costs of £14,507 which were comprised of salaries and associated costs of £4,127 and auditor's remuneration of £10,380 including VAT (2022:£14,422 which were comprised of salaries and associated costs of £3,272 and auditor's remuneration of £11,150). ## **4. ANALYSIS OF GRANTS** |**ANALYSIS OF GRANTS**||||| |---|---|---|---|---| |||**2023**||**2022**| ||**£'000**|**£'000**|**£'000**|**£'000**| |**Reconciliation of grants payable:**||||| |Grants committed but unpaid at 6 April 2022||1,292||2,657| |Grants conditionally approved at 6 April 2022|16,602||13,684|| |Grants approved in the year|9,394||8,207|| |Grants cancelled, amended or refunded|(126)||(124)|| |Grants conditionally approved at 5 April 2023|(20,191)||(16,602)|| |**Grants payable for the year**||**5,679**||**5,165**| |**GRANTS PAID IN THE YEAR**||(6,222)||(6,530)| |**Grants committed but unpaid at 5 April 2023**||749||1,292| |**Commitments at 5 April 2023 are payable:**||**2023**||**2022**| |||**£'000**||**£'000**| |Within one year (note 8)||349||692| |After more than one year (note 9)||400||600| |||749||1,292| |A list of grants payable is included in Appendix|A.|||| 18 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **4. ANALYSIS OF GRANTS (continued)** The total of grants paid in the year can be classified as follows: |**COVID**
**CULTURE**
**EDUCATION & YOUNG PEOPLE**
**ENVIRONMENT**
**MEDICAL**
**OLDER PEOPLE**
**OVERSEAS & EMERGENCY RELIEF**
**SOCIAL WELFARE**
**SMALL GRANTS**|**2023**
**2022**
**£'000**
**£'000**
1,160
1,465
1,753
2,375
690
524
695
566
38
50
464
334
30
220
1,306
878
86
118
6,222
6,530| |---|---| For information on individual grants within each of these categories, refer to pages 6-12. 19 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS** |**5**
**FIXED ASSET INVESTMENTS**
Market value at 6 April 2022
Less: Proceeds from disposals
Add: Acquisitions at cost
Gains on investment assets
**Market value at 5 April 2023**
Investment cash
**Total Investments**|**2023**
**2022**| |---|---| ||**£'000**
**£'000**
134,412
122,942
(23,165)
(9,649)
22,509
14,433
(2,610)
6,686| ||131,146
134,412| ||1,218
5,241| ||**132,364**
**139,653**| The investments held as at 5 April 2023 were as follows: |**Investments**
UK Government Fixed Interest
Other fixed interest
Equities
Alternatives
**Impact investments**
Unquoted|**2023**
**2022**
Market
Market
Value
Value| |---|---| ||**£'000**
**£'000**
2,138
737
15,713
5,378
104,071
118,823
9,044
9,474| ||130,966
134,412| ||180
-| ||131,146
134,412| The Trust has entered into commitments to invest in private equity funds (social impact investments). In addition to above noted £180k, at the balance sheet date, outstanding commitments totalled £0.4 million. (2022:NIL) ## **6. LOANS TO BENEFICIARIES** |Balance at beginning of year
Loans made/(repayments)
**Balance at end of year**|**2023**
**2022**| |---|---| ||**£'000**
**£'000**
1,500
1,705
-
(205)| ||**1,500**
**1,500**| The Trustees agreed on 14 June 2023 to forgive the £1.5m loan to the Rambert School of Ballet and Contemporary Dance Trust, opting to convert the loan into a grant. 20 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS** |**7.**
**DEBTORS**
Prepayments
Other debtors|**2023**
**2022**| |---|---| ||**£'000**
**£'000**
69
59
1,662
2,608| ||1,731
2,667| |**8.**
**CREDITORS - amounts falling due within 1 year**
Grants payable within one year
Accruals
Other creditors|**2023**
**2022**| |---|---| ||**£'000**
**£'000**
349
692
47
46
97
485| ||493
1,223| |**9.**|**CREDITORS - amounts falling due after more than 1 year**||| |---|---|---|---| |||**2023**|**2022**| |||**£'000**|**£'000**| ||Grants payable 1-5 years|400|600| |||400|600| |**10.**|**RECONCILIATION OF NET MOVEMENT IN FUNDS**||| ||**TO NET CASH FLOW FROM OPERATING ACTIVITIES**||| |**RECONCILIATION OF NET MOVEMENT IN FUNDS**
**TO NET CASH FLOW FROM OPERATING ACTIVITIES**|| |---|---| |Net movement in funds
Deduct gift of endowment
Deduct income shown in investing activities
Add back losses/(deduct gains) on investments
Deduct gains on currency exchange
Loans to beneficiaries returned
Decrease/(increase) in debtors
Decrease in creditors|**2023**
**2022**| ||**£'000**
**£'000**
(6,796)
4,819
-
(2,000)
(2,103)
(1,780)
2,610
(6,686)
(346)
(33)
-
205
936
(1,795)
(930)
(1,625)| ||(6,629)
(8,895)| 21 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS** ## **11 ANALYSIS OF STAFF COSTS** |Staff costs:
Wages and salaries
Social security costs
Other pension costs|**2023**
**2022**
**£'000**
**£'000**
340
299
43
35
32
31
415
365| |---|---| As mentioned in Accounting Policies note (b), the Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 4.7% (2022: 5.2%) of the total costs of these trusts have been allocated to The Linbury Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2023. The average total number of SFCT staff employed during the year to contribute to the work of the Linbury Trust was 11, most of whom worked for the Linbury Trust on a part-time basis (2022:11). This was equivalent to 2.4 full-time employees (2022: 2.6). The Trust considers its key management personnel to comprise the Trustees and Principal Officers. The Trustees all give freely of their time and expertise without remuneration, expenses or other benefit in cash or kind (2021: £nil). Cost for key management is £169,273 (2022: £149,411) The number of employees whose total employee benefits (excluding employer pension costs) for services provided to the Trust exceeded £60,000 was as follows: 2023: one employee who earned between £100,000-£110,000 (2022: one). ## **12. RELATED PARTY TRANSACTIONS** Nil Donations were received from Trustees in 2023. (2022: £2.5m which was comprised of a £2m donation and £0.5m of Giftaid) was received and allocated to the expendable endowment. Included within loans to beneficiaries (Note 6) is an interest-free loan of £1.5m (2022: £1.5m) to the Rambert School of Ballet and Contemporary Dance Trust (registered charity number 1114705) of which Richard Butler Adams is a Trustee. The Trustees agreed on 14 June 2023 to forgive the loan, opting to convert the loan into a grant. During the year, The Linbury Trust approved 95 grants; for one of these a conflict of interest was declared in the applicant organisation. In such cases, the individual raising the conflict was not part of the decision-making process. Applicant organisations are not controlled by The Linbury Trust and the Trustees are mindful of the need to consider any potential conflicts of interest when making grant awards. The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office for cost effectiveness. At any one time there are amounts payable between trusts some of which fall under the definition of related parties by having trustees in common who are also siblings. The following amounts are primarily employee costs and are included in Other Debtors (Note 7). £53,375 due from The JJ Charitable Trust £75,486 due from The Aurora Trust £25,304 due from The Mark Leonard Trust 22 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS Appendix A** ## **The amount payable in the year ended 5 April 2023 consisted of the following:** |**COVID**
|**£**| |---|---| |Courtauld Institute of Art|50,000| |New English Ballet Theatre|10,000| |Royal Opera House Covent Garden Foundation|1,000,000| |Young Minds|100,000| |**Culture**|| |Anvil Arts Basingstoke|55,000| |Armonia Atenea|40,000| |Artsadmin|50,000| |Ballet Black|45,000| |Barts Heritage|50,000| |Birmingham Royal Ballet|80,000| |British School at Rome|65,500| |Dancers' Careers Development|41,000| |DDmix (Diversity Dance Mix)|50,000| |Garsington Opera - Wormsley|150,000| |Rambert School of Ballet & Contemporary Dance|75,000| |Reading Repertory Theatre|50,000| |Royal Academy of Dance|60,000| |Royal Birmingham Conservatoire|50,000| |The Paraorchestra & Friends|70,000| |The Sainsbury Archive|50,000| |Theatres Trust|49,000| |Net grants payable up to £40,000|491,703| |**Education and Young People**|| |Antigua and Barbuda Youth Symphony Orchestra|30,000| |Earls Court Youth Club|45,000| |Facing History and Ourselves|30,000| |Island Academy, Antigua|42,635| |LIFEbeat|30,000| |Right to Succeed|30,000| |Royal Drawing School|50,000| |Smith School of Enterprise and the Environment|46,002| |University of Winchester|70,000| |Net grants payable up to £30,000|171,000| |**Environment**|| |Ashden Climate Solutions|170,000| |Chiswick House and Gardens Trust|65,000| |Woodmeadow Trust|75,000| |Net grants payable up to £60,000|315,000| 23 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **Appendix A Continued** |**Medical**
Royal Liverpool University Hospital
**Older People**
Claremont Project
English National Ballet
Fitzwilliam Museum, Cambridge
Macular Disease Society
Manchester Cares
Orchestra Of The Swan
St Michael's Hospice - Basingstoke
Net grants payable up to £40,000
**Overseas**
Amna (formerly Refugee Trauma Initiative)
Dance for All
Turkey Mozaik Foundation
**Small Grants**
Net grants payable
**Social Welfare**
999 Club
Baobab Centre for Young Survivors in Exile
Cardboard Citizens
Clement James Centre
Crisis
Felix Project
Gingerbread
Hope for the Young
House of St Barnabas-in-Soho
Mental Health Innovations
Refuaid
Refugee Council
The Passage, Victoria
Net grants payable up to £50,000|38,100
50,000
40,000
50,000
60,000
40,000
50,000
50,000
74,000
10,000
20,000
10,000
115,288
68,654
70,000
55,000
55,000
60,000
60,000
55,000
55,000
105,000
50,000
105,000
70,000
60,000
352,000| |---|---| ||5,679,882| 24 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **NOTES TO THE ACCOUNTS** ## **Appendix A** ## **The amount payable in the year ended 5 April 2022 consisted of the following:** |**COVID**
|**£**| |---|---| |Courtauld Institute of Art|50,000| |Dementia UK|50,000| |Grange Festival|50,000| |Royal Opera House Covent Garden Foundation|1,000,000| |Royal West of England Academy|50,000| |Westminster Abbey|50,000| |World Heart Beat Music Academy|50,000| |Young Minds|50,000| |Net grants payable up to £40,000|115,000| |**Culture**|| |Akademi South Asian Dance|40,000| |Ballet Black|40,000| |Chineke Foundation|50,000| |Gainsborough's House|100,000| |Northern Ballet|60,000| |Rambert Dance Company|50,000| |Reading Repertory Theatre|50,000| |Royal Academy of Dance|125,000| |Sadler's Wells Trust Ltd|40,000| |Sir John Soane's Museum Society|50,000| |Stowe House Preservation Trust|125,000| |Tate Britain|70,000| |The Sainsbury Archive|50,000| |Net grants payable up to £40,000|128,545| |**Education and Young People**|| |Island Academy, Antigua|46,355| |Local Solutions|75,000| |Longford Trust|40,000| |Roundhouse Trust|50,000| |Royal Drawing School|50,000| |University of Buckingham|40,000| |University of Winchester|80,000| |Yehudi Menuhin School|35,000| |Net grants payable up to £30,000|191,000| |**Environment**|| |Chiswick House and Gardens Trust|60,000| |Innovation for Agriculture (IfA)|60,000| |Museum of East Anglian Life|52,000| |Green Light Trust|50,000| |Net grants payable up to £50,000|166,000| 25 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **Appendix A Continued** ## **Medical** |Motor Neuron Disease Association - Northampton
**Older People**
Museum of Brands
Britten Pears Arts
Fitzwilliam Museum, Cambridge
English National Ballet
Net grants payable up to £40,000
**Overseas**
Government House, Antigua
Refugee Council
Refugee Trauma Initiative (RTI)
Net grants payable up to £30,000
**Small Grants**
Net grants payable
**Social Welfare**
Ashden Climate Solutions
Cardboard Citizens
Mental Health Innovations
Refugee Council
Winston Churchill Memorial Trust
999 Club
Crisis
In Place of War
Clement James Centre
Hope for the Young
House of St Barnabas-in-Soho
Orchestra Of The Swan
Prism the Gift Fund
Refugee Trauma Initiative (RTI)
Net grants payable up to £50,000|50,000
54,000
50,000
50,000
40,000
78,000
94,985
50,000
30,000
41,280
94,065
170,000
100,000
75,000
70,000
65,400
63,654
60,000
55,000
50,000
50,000
50,000
50,000
50,000
50,000
134,800| |---|---| ||5,165,085| 26 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## **Statement of Trustees’ Responsibilities** Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: - Select suitable accounting policies and then apply them consistently - Observe the methods and principles in the Charities SORP - Make judgements and estimates that are reasonable and prudent - • State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements - Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 27 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## Independent Auditor’s Report to the Trustees of the Linbury Trust ## Opinion We have audited the financial statements of the Linbury Trust (the ‘charity’) for the year ended 5 April 2022 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 charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources, 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 Charities Act 2011 ## 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 charity 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 Linbury 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. 28 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## 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 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; - Sufficient accounting records have not been kept; or - The financial statements are not in agreement with the accounting records and returns; or - We have not received all the information and explanations we require for our audit ## Responsibilities of trustees As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 29 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 ## Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. ## Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: - ❖ Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; - ❖ Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; - ❖ The internal controls established to mitigate risks related to fraud or noncompliance with laws and regulations. - We inspected the minutes of meetings of those charged with governance. - We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. - We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. - We reviewed any reports made to regulators. - We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. - We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. - In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of 30 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2023 a potential bias and tested significant transactions that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Date: Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 31 | P a g e