Annual Report and Financial Accounts 5 April 2024
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 14 |
| 4. Balance Sheet | page 15 |
| 5. Statement of Cash Flows | page 16 |
| 6. Notes to the Accounts | page 17 |
| 7. Statement of Trustees’ Responsibilities | page 28 |
| 8. Independent Auditor’s Report | page 29 |
The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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 to 5 April 2024) Sarah Butler-Sloss Julian Sainsbury Mark Sainsbury * & ** (Chair from 6 April 2024) Emily Stubbs Laura Marshall (27 April 2023) Investment Committee * 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 110 Golden Lane London EC1Y 0TG 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 |
|---|---|
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
The Report of the Trustees
The trustees present their report and the audited financial statements for the year ended 5 April 2024.
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 6-13) 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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
The year in context
The Trust’s previous report for 2022-23 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 also remains acutely aware that the impact of COVID on charity finances has been compounded by the impact of cost-of-living, with many grantees facing increases in staff costs and energy bills. This is especially tough for smaller charities, including those who are supporting communities already impacted. In autumn 2023, Trustees agreed to pilot funding focused on energy; helping grantees to reduce their carbon use, reduce utility bills, save money, and to educate their staff and audiences on this issue. In December 2023, Trustees agreed a package of funding worth £607k across 20 organisations. This included funding for energy audits, to help understand current use and steps to rectify this, to capital funding to help with retrofitting interventions such as solar arrays, boiler removal, ground source heat pumps, improved insulation, and improved building management systems. In partnership with Ashden Sustainable Solutions, the Trust is also running a year-long learning network for the cohort to share progress with each other, discuss best practice from sector leaders.
The Trust is now part of the 360 Giving grant making movement; the website that many grant making organisations use to publish data on their grants.
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 also began a partnership with the King Charles III Charitable Fund, supporting the Coronation Food Project grant programme. This scheme is aimed at local organisations across the UK committed to reducing food waste and food insecurity.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
The Trust’s Grant Funding
The total value of new grants awarded in 2024 was £7,424,830 (2023: £9,393,660)
GRANTS AWARDED 2023/24
----- Start of picture text -----
Small Grants
£114,947
Capital grant
£1,500,000
Social Welfare
£2,163,983
Overseas & Culture
Emergency £1,583,000
Relief
£50,000
Environment
£2,012,900
----- End of picture text -----
The total value of grants paid in 2024 was £8,939,859 (2023: £6,222,278)
GRANTS PAID 2023/24
----- Start of picture text -----
Small Grants
£124,605
Social Welfare
£1,422,500
Overseas &
Emergency Relief
£60,000
Older People
£209,000
Environment
£1,182,550
Culture
£5,485,000
Education/ Young
People
£456,204
----- End of picture text -----
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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.
Increasingly, the Trusts is supporting engaging high-quality work that intersects across our funding themes. For example, helping arts organisations to become more energy efficient; social welfare charities that use arts to improve wellbeing outcomes, and education; to environment organisations that use green space to reach a wider range of people, and to improve life choices.
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 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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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 14 at the year end the total funds of the Trust consisted of Expendable Endowment of £141.3m (2023: £136.8m).
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 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 9.3% (2022/23: -1.4%) which is in line with the benchmark (ARC GBP Steady Growth) of 9.4% (2022/23: -4.14%)
Impact Investing
The Trust has also continued to develop its work on impact investing; this takes an impact-first approach, prioritising social impact above financial return, and investments fit within the Trust’s existing areas of focus. A sub-committee, with dedicated terms of reference are taking this work forward. Investments made this year total £378k.
Review of the past year
The Trust's total income for the year was £8.9 million, driven primarily by Donations and Gift Aid amounting to £5.0 million (2022/23: £2.1m).
In 2023/24 the Trustees paid grants totalling £9m (2022/23: 6.2m); they approved 104 grants (2022/23: 95) amounting to a total value of £7.4m (2022/23: £9.4m). Included
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
in the grants awarded in 2023/24 was £2.25m (part of a £5m grant) to the National Gallery to help renew the Sainsbury Wing (part of the Gallery’s wider programme to celebrate their 200 bicentenary). 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 grantmaking of recent years will be maintained for the foreseeable future.
As a proportion of grants paid, costs of administration were 7.3% (2022: 10.0%).
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.
Culture
The Linbury Trust is a major supporter of access and community engagement in culture; this includes visual arts, dance, historic buildings, museums, and theatre, and increasingly, 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: £5,485,000.
DDmix (Diversity Dance Mix) £50,000 To expand the DDmix programme to schools across the UK. Final payment of a three-year £150k grant. Linbury Prize 2023 £217,000 Towards the Linbury Prize 2023. Single payment of the grant. McNicol Ballet Collective £50,000 Towards core funding. First payment of a three-year £150k grant. National Gallery £2,250,000 Towards the NG200 programme, redeveloping the Sainsbury Wing for modern audiences. First payment of a three-year £5m grant. Northern Ballet £50,000 Towards the Children’s Ballet programme. Second payment of a three-year £150k grant.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
Outside In £50,000 Towards work supporting disabled artists. First payment of a three-year £150k grant.
Royal Academy of Dance £60,000
Towards the purchase of the Dancing Times archive, related staff costs, and using the archive in the Royal Academy of Dance’s education and outreach programmes. First payment of a two-year £70k grant.
The Holburne Museum £220,000
Towards the Endowment. Third payment of a five-year £1m endowment.
The Paraorchestra & Friends £50,000
To support their artistic and community-focused programme led by disabled musicians and performers. Second payment of a three-year £170k grant.
The Sainsbury Archive £50,000 Towards operating costs. Fourth payment of a five-year £250k grant.
Theatres Trust £106,000 Small grants programme. Second and third payment of a three- year £300k grant.
In June 2023, Trustees discussed the outstanding loan of £1,500,000 to The Rambert School of Ballet, recognising that the School has faced significant challenge in recent years, not just the pandemic, but also the pressures wrought by cost-of-living and the incoming reduction of government support. Trustees were also aware that the School has just reached its 100th year and continues to be one of the most highly regarded ballet and dance schools. As such, Trustees considered this a timely moment to forgive the loan in its entirety.
28 projects received grant payments of less than £50k totalling £832,000. A total of £1,583,000 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.
Grants paid in year: £456,204
Roundhouse Trust £50,000 Towards their youth focused work. Second payment of a four-year £200k grant.
Smith School of Enterprise and the Environment £57,204
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
Towards Scholarships on their MSc for Sustainability, Enterprise, and the Environment. Second payment of a three-year £161,872 grant.
University of Winchester £70,000
Towards the development of the First Stars Scholars programme. Fourth and final payment of a four-year £300k grant.
11 projects received grant payments of less than £50k totalling £279,000.
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. This year we funded a number of energy efficiency grants that are helping grantees across all areas of our work to make positive climate adaptions.
Grants paid in year: £1,182,550
Ashden Climate Solutions £170,000
Towards core support to help underpin their strategic development. Third and final payment of a three-year £510k grant.
Chiswick House and Gardens Trust
£60,000
Towards Horticulture and gardening participation programme. Third and final payment of a three-year £180k grant.
Green Light Trust
£59,000
Towards staffing costs to support impact and evaluation. First payment of a threeyear £154k grant.
King Charles lll Charitable Fund £100,000
Towards Coronation Food Project. First payment of a three-year £300k grant.
Wildscreen Trust £50,000 Towards the future of an archive which is one of the most comprehensive visual records of wildlife from across the world. Second payment of a two-year £100k grant.
26 projects received grant payments of less than £50k totalling £693,550. A total of £2,012,900 was awarded in newly approved grants under this category.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
Linbury Energy Efficiency grants
In 2023, Linbury made a number of grants to previous beneficiaries to support work related to energy efficiency and retrofit. These grants were split between energy audits, to help some organisations begin to understand the issues at hand, and capital work for those who already had data, and where a meaningful intervention could be evidenced.
The list of projects to fund totalling £607,400 are as follows:
| The list of projects to | fund totalling£607,400are as follows: | |
|---|---|---|
| Organisation | Focus | Grant |
| Anvil Arts | A one-off grant towards costs for an energy audit. | £2,730 |
| Ballet Cymru | A one-off grant towards costs for an energy audit. | £4,000 |
| Royal College of Art | A one-off grant towards costs for an energy audit. | £5,000 |
| Horatio’s Garden | A one-off grant towards costs for an energy audit. | £5,000 |
| School of Artisan Food | A one-off grant towards costs for an energy audit. | £3,600 |
| Connection at St Martin |
A one-off grant towards costs for an energy audit. | £5,000 |
| House of St Barnabas | A one-off grant towards costs for an energy audit. | £5,000 |
| Macular Society | A one-off grant towards costs for an energy audit. | £6,420 |
| Soane Museum | A one-off grant towards costs for an energy audit. | £4,750 |
| Chiswick House | A grant focused on energy efficiency, to remove an oil-fired boiler and replace with new electric radiators. |
£50,000 |
| Claremont | A grant focused on energy efficiency towards a roof replacement and insulation |
£50,000 |
| Crawley Open House |
A grant focused on efficiency towards installation of new solar panels. |
£45,000 |
| Dulwich Picture Gallery |
A grant focused on energy efficiency towards a ground source heat pump. |
£50,000 |
| The Food Museum | A grant focused on energy efficiency towards a new solar array and battery storage |
£50,000 |
| National Opera Studio | A grant for energy efficiency work towards LED light replacement. |
£49,419 |
| Northern Ballet | A grant for energy efficiency work towards LED light replacement. |
£49,400 |
| Octagon Theatre | A grant for energy efficiency work towards LED light replacement. |
£49,023 |
| Old Fire Station | A grant for energy efficiency work towards new heating controls. |
£18,758 |
| Royal College of Music | A grant for energy efficiency work towards LED light replacement. |
£50,000 |
| St Michael’s Hospice |
A grant towards a range of energy efficiency retrofit work |
£46,600 |
| Ashden Climate Solutions |
To run a learning network for successful grantees. | £57,700 |
| Total | £607,400 |
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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: £209,000
St Michael's Hospice - Basingstoke £50,000 Towards the work of St Michael’s Hospice, and the Forthcoming Community Services Project. Third and final payment of a three-year £162k grant.
5 projects received grant payments of less than £50k totalling £159,000.
Overseas & Emergency Relief
Trustees’ primary continuing interest in this category remains in contributing to emergency relief.
Grants paid in year: £60,000
British Red Cross
£50,000
Towards Israel & Occupied Palestinian Territories appeal.
1 project received grant payments of less than £50k totalling £10,000. A total of £50,000 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 homelessness as well as refugees and asylum seekers and incorporates frontlines services as well as work that uses art and music, and training and development, to improve life choices.
Grants paid in year : £1,422,500
Baobab Centre for Young Survivors in Exile £60,000 Towards core funding of the Baobab centre. Second payment of a three-year £180k grant.
Cardboard Citizens £50,000 Highlighting homelessness through their performance, education and advocacy programme. Fourth and final payment of a £200k grant.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
Clement James Centre
£50,000
To support the Employment Programme.
Third and final payment of a three-year £150k grant.
Crisis
£60,000
Towards Critical Time Intervention, a programme supporting people facing homelessness when leaving prison. First payment of a three-year £180k grant.
Gingerbread
£50,000
To build on the success of the telephone helpline for single parent families. Third and final payment of a three-year £150k grant.
Hope for the Young
£50,000
Towards core costs of their work with young refugees. Third and final payment of a three-year £150k grant.
Live Music Now
£50,000
Towards the Music in Care Programme, using music to support quality of life for people in care homes. First payment of a three-year £150k grant.
Local Solutions
£55,000
Towards the running costs of a second hub, principally staff costs, in Toxteth, Liverpool. First payment of a three-year £165k grant.
Only A Pavement Away
£50,000
Towards the hospitality-based employment readiness programme, working with homeless people. Second payment of a three-year £150k grant.
Orchestra of the Age of Enlightenment
£50,000
Towards the outreach and engagement programme. First payment of a three-year £150k grant.
Refuaid
£70,000
Towards Refuaid’s programme of loans that helps refugees reaccredit qualifications in the UK. Second payment of a three-year £220k grant.
Refugee Council
£70,000
To support their London Destitution Service. Third and final payment of a three-year £210k grant.
34 projects received grant payments of less than £50k totalling £757,500. A total of £2,109,000 was awarded in newly approved grants.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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.
30 projects received grant payments totalling £124,605. A total of £114,947 was awarded in newly approved grants.
Approved by the Board of Trustees on the 16 October 2024 and signed on their behalf by
Mark Sainsbury Chair
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 |
||
|---|---|---|
| Notes | 2024 | 2023 £'000 |
| £'000 | ||
| INCOME AND ENDOWMENTS from: | ||
| Donations including gift aid | 5,000 | - 1,938 165 5 2,108 |
| Investment income 2 |
2,137 | |
| Bank deposit interest | 859 | |
| Other | - | |
| Total Income |
7,996 | |
| EXPENDITURE on: | ||
| Cost of generating funds: | ||
| Investment management fees | 283 | 340 |
| Charitable activity | ||
Grant-making - Costs of administration 3 |
656 | 621 5,679 |
| - Grants payable 4 |
8,945 | |
| Total Expenditure | 9,884 | 6,640 |
| Net expenditure before net gains/(losses) | (1,888) | (4,532) |
| Currency exchange gains | 29 | 346 (2,610) |
| Gains/(losses)on investments 5 |
6,333 | |
| Net movement in funds | 4,474 | (6,796) |
| Total funds brought forward | 136,806 | 143,602 136,806 |
| Total funds carried forward | 141,280 | |
| 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. |
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
BALANCE SHEET AS AT 5 APRIL 2024
| Notes 2024 2023 £'000 £'000 £'000 FIXED ASSETS Investments 5 136,937 132,364 Loans to beneficiaries 6 - 1,500 136,937 133,864 CURRENT ASSETS Debtors 7 1,347 1,731 Cash at bank and in hand 3,933 2,104 5,280 3,835 CURRENT LIABILITIES Creditors- amounts falling due within one year 8 (747) (493) NET CURRENT ASSETS 4,533 3,342 Net assets less current liablities 141,470 137,206 Creditors- amounts falling due after one year 9 (190) (400) NET ASSETS 141,280 136,806 Expendable endowment 141,280 136,806 TOTAL FUNDS 141,280 136,806 |
Notes 2024 2023 £'000 £'000 £'000 FIXED ASSETS Investments 5 136,937 132,364 Loans to beneficiaries 6 - 1,500 136,937 133,864 CURRENT ASSETS Debtors 7 1,347 1,731 Cash at bank and in hand 3,933 2,104 5,280 3,835 CURRENT LIABILITIES Creditors- amounts falling due within one year 8 (747) (493) NET CURRENT ASSETS 4,533 3,342 Net assets less current liablities 141,470 137,206 Creditors- amounts falling due after one year 9 (190) (400) NET ASSETS 141,280 136,806 Expendable endowment 141,280 136,806 TOTAL FUNDS 141,280 136,806 |
2024 2023 |
|---|---|---|
| £'000 1,347 3,933 |
The financial statements were approved and authorised for issue by the Trustees on the 16 October 2024 and were signed on their behalf by:
Mark Sainsbury Trustee
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2024
| STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 |
|||
|---|---|---|---|
| Notes | 2024 | 2023 | |
| £'000 | £'000 | ||
| Net cash used in operating activities | 10 | (7,956) | (6,629) |
| Cash flows from investing activities: | |||
| Interest and dividends | 2,996 | 2,103 | |
| Proceeds from sale of investments | 26,582 | 23,165 | |
| Purchase of investments | (25,044) | (22,509) | |
| Effect of foreign exchange rate changes | 29 | 346 | |
| Net cash provided by investing activities | 4,563 | 3,105 | |
| Cash flows from financing activities: | |||
| Receipt of expendable endowment | 5,000 | 0 | |
| Net cash provided by financing activities | 5,000 | 0 | |
| Change in cash and cash equivalents in the | year | 1,607 | (3,524) |
| Cash and cash equivalents brought forward | 3,322 | 6,846 | |
| Cash and cash equivalents carried forward | 4,929 | 3,322 |
Analysis of the balance of cash as shown in the balance sheet
| Cash at bank and in hand Investment cash (Note 5) |
2024 2023 Change inyear |
|---|---|
| £'000 £'000 £'000 3,933 2,104 1,829 996 1,218 (222) |
|
| 4,929 3,322 1,607 |
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
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 a 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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
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 financial 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 financial 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 £135.9m (2023: £131.1m).
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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS
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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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 |
2024 % 1% 0% 90% 9% 100% 2024 £'000 430 214 12 656 |
2023 | ||
|---|---|---|---|---|
| £'000 27 8 1,918 184 |
£'000 12 8 1,508 410 |
% 1% 0% 78% 21% |
||
| 2,137 | 1,938 | 100% | ||
| 2023 | ||||
| £'000 415 196 10 |
||||
| 621 |
The auditor's remuneration excluding VAT is £9,650 (2023: £8,650). During the year no Trustee received any remuneration or reimbursement of expenses (2023: NIL). Included in the cost above were governance costs of £16,355 which were comprised of salaries and associated costs of £4,775 and auditor's remuneration of £11,580 including VAT (2023:£14,507 which were comprised of salaries and associated costs of £4,127 and auditor's remuneration of £10,380 including VAT).
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS
| 4. | ANALYSIS OF GRANTS | ||||
|---|---|---|---|---|---|
| 2024 | 2023 | ||||
| £'000 | £'000 | £'000 | £'000 | ||
| Reconciliation of grants payable: | |||||
| Grants committed but unpaid at 6 April 2023 | 749 | 1,292 | |||
| Grants conditionally approved at 6 April 2023 | 20,191 | 16,602 | |||
| Grants approved in the year | 5,870 | 9,394 | |||
| Loans forgiven in the year | 1,555 | ||||
| Grants cancelled, amended or refunded | (125) | (126) | |||
| Grants conditionally approved at 5 April 2024 | (18,546) | (20,191) | |||
| Grants payable for the year | 8,945 | 5,679 | |||
| GRANTS PAID IN THE YEAR | (8,995) | (6,222) | |||
| Grants committed but unpaid at 5 April 2023 | 699 | 749 | |||
| Commitments at 5 April 2024 are payable: | 2024 | 2023 | |||
| £'000 | £'000 | ||||
| Within one year (note 8) | 509 | 349 | |||
| After more than one year (note 9) | 190 | 400 | |||
| 699 | 749 |
A list of grants payable is included in Appendix A.
4. ANALYSIS OF GRANTS (continued)
The total of grants paid in the year can be classified as follows:
| Covid Culture Education and Young People Environment Medical Older People Overseas Social Welfare Small Grants |
2024 2023 £'000 £'000 - 1,160 5,485 1,753 456 690 1,183 695 - 38 209 464 60 30 1,478 1,306 124 86 8,995 6,222 |
|---|---|
For information on individual grants within each of these categories, refer to pages 7-13.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS
| 5 FIXED ASSET INVESTMENTS Market value at 6 April 2023 Less: Proceeds from disposals Add: Acquisitions at cost Gains/(losses) on investment assets Market value at 5 April 2024 Investment cash Total Investments |
2024 2023 |
|---|---|
| £'000 £'000 131,146 134,412 (26,582) (23,165) 25,044 22,509 6,333 (2,610) |
|
| 135,941 131,146 |
|
| 996 1,218 |
|
| 136,937 132,364 |
The investments held as at 5 April 2024 were as follows:
| Investments UK Government Fixed Interest Other fixed interest Equities Alternatives Impact investments Unquoted |
2024 2023 Market Market Value Value |
|---|---|
| £'000 £'000 2,823 2,138 18,576 15,713 106,019 104,071 7,965 9,044 |
|
| 135,383 130,966 |
|
| 558 180 |
|
| 135,941 131,146 |
The Trust has entered into commitments to invest in private equity funds (social impact investments). In addition to above noted £0.558 million, at the balance sheet date, outstanding commitments totalled £0.190 million. (2023:£0.400 million).
6. LOANS TO BENEFICIARIES
| Balance at beginning of year Loans forgiven Balance at end of year |
2024 2023 |
|---|---|
| £'000 £'000 1,555 1,500 (1,555) 0 |
|
| - 1,500 |
Rambert School of Ballet & Contemporary Dance
The outstanding loan £1.5m to Rambert School was forgiven in the year and was converted to a grant.
House of St Barnabas
The outstanding loan £55k to House of St Barnabas in the year was written off and converted to a grant.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS
| 7. DEBTORS Prepayments Other debtors |
2024 2023 |
|---|---|
| £'000 £'000 76 69 1,271 1,662 |
|
| 1,347 1,731 |
| 8. CREDITORS - amounts falling due within 1 year Grants payable within one year Accruals Other creditors |
2024 2023 |
|---|---|
| £'000 £'000 509 349 164 47 74 97 |
|
| 747 493 |
9. CREDITORS - amounts falling due after more than 1 year
| CREDITORS - amounts falling due after more than 1 year | |
|---|---|
| Grants payable 1-5 years | 2024 2023 |
| £'000 £'000 190 400 |
|
| 190 400 |
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 Deduct gains/add back losses on Investments Deduct gains on currency exchange Loan forgiven Decrease in debtors Increase/(decrease) in creditors Net cash used in operating activities |
2024 2023 |
| £'000 £'000 4,474 (6,796) (5,000) - (2,996) (2,103) (6,333) 2,610 (29) (346) 1,500 - 384 936 44 (930) |
|
| (7,956) (6,629) |
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS
11 ANALYSIS OF STAFF COSTS
| Staff costs: Wages and salaries Social security costs Other pension costs |
2024 2023 £'000 £'000 349 340 43 43 38 32 430 415 |
|---|---|
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. 4.5% (2023: 4.7%) 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 2024.
The average total number of SFCT staff employed during the year to contribute to the work of the Linbury Trust was 9, most of whom worked for the Linbury Trust on a part-time basis (2023:11). This was equivalent to 2.8 fulltime employees (2023: 2.4).
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 (2023: £nil). Cost for key management is £176,739 (2023: £169,723) The number of employees whose total employee benefits (excluding employer pension costs) for services provided to the Trust exceeded £60,000 was as follows: 2024: one employee who earned between £100,000-£110,000 (2023: one).
12. RELATED PARTY TRANSACTIONS
£5m of donations were received from Lady Anya Sainsbury which included £1m of Gift Aid. (2023: Nil).
Included within loans to beneficiaries (Note 6) was an interest-free loan of £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 104 grants; for four 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).
£5,481 due from The JJ Charitable Trust
£31,600 due from The Aurora Trust
- £10,905 due from The Mark Leonard Trust
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS Appendix A
The amount payable in the year ended 5 April 2024 consisted of the following:
| Major Capital Projects | £ | |
|---|---|---|
| National Gallery | 2,250,000 | Major Capita |
| Major Capita | ||
| Loan forgiven in the year | ||
| Rambert School of Ballet & Contemporary Dance | 1,500,000 | |
| Culture | ||
| Culture | Culture | |
| Akademi South Asian Dance | 40,000 | Culture |
| Clore Leadership Programme - Clore Duffield Foundation | 47,000 | Culture |
| Dance for All | 40,000 | Culture |
| Dancers' Careers Development | 43,000 | Culture |
| DDmix (Diversity Dance Mix) | 50,000 | Culture |
| East London Dance | 45,000 | Culture |
| Handel Hendrix House Museum | 40,000 | Culture |
| Linbury Prize 2023 | 217,000 | Culture |
| McNicol Ballet Collective | 80,000 | Culture |
| Northern Ballet | 50,000 | Culture |
| Outside In | 50,000 | Culture |
| Royal Birmingham Conservatoire - Birmingham City University | 45,000 | Culture |
| The Paraorchestra & Friends | 50,000 | Culture |
| The Sainsbury Archive | 50,000 | Culture |
| Theatres Trust | 176,000 | |
| Net grants payable/cancelled up to £40,000 | 476,000 | |
| EDUCATIO | ||
| Education and Young People | EDUCATIO | |
| Antigua and Barbuda Youth Symphony Orchestra | 40,000 | EDUCATIO |
| Longford Trust | 40,000 | EDUCATIO |
| Roundhouse Trust | 50,000 | EDUCATIO |
| Smith School of Enterprise and the Environment | 57,204 | EDUCATIO |
| University of Winchester | 70,000 | EDUCATIO |
| Yehudi Menuhin School | 35,000 | |
| Net grants payable/cancelled up to £30,000 | 164,000 | |
| Environmen | ||
| Environment | Environmen | |
| Ashden Climate Solutions | 228,850 | Environmen |
| Chiswick House and Gardens Trust | 130,000 | Environmen |
| Green Light Trust | 59,000 | Environmen |
| Horatio's Garden | 45,000 | Environmen |
| King Charles lll Charitable Fund | 140,000 | Environmen |
| National Opera Studio | 49,419 | Environmen |
| Northern Ballet | 49,400 | Environmen |
| Octagon Theatre | 49,023 | Environmen |
| Royal College of Music | 50,000 | Environmen |
| St Michael's Hospice - Basingstoke | 46,600 | Environmen |
| Wildscreen Trust | 50,000 | Environmen |
| Woodmeadow Trust | 80,000 | |
| Net grants payable/cancelled up to £45,000 | 275,258 |
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
| NOTES TO THE ACCOUNTS Older People Britten Pears Arts English National Ballet Macular Disease Society St Michael's Hospice - Basingstoke Net grants payable/cancelled up to £20,000 Overseas British Red Cross - Headquarters Small Grants Net grants payable/cancelled Social Welfare Amber Trust Baobab Centre for Young Survivors in Exile Cardboard Citizens Clement James Centre Crisis Gingerbread Hope for the Young House of St Barnabas-in-Soho/Only a Pavement Away In Place of War Live Music Now Local Solutions Orchestra of the Age of Enlightenment Refuaid Refugee Council Seenaryo Streetwise Opera Wigmore Hall Trust Net grants payable/cancelled up to £50,000 Add: House of St Barnabas loan written off Total as per note 4 as at 5 April 2024 |
40,000 Olde 40,000 Olde 30,000 Olde 50,000 Olde 49,000 Olde 50,000 Ove 106,077 Sma 64,000 Soc 60,000 Soc 50,000 Soc 50,000 Soc 60,000 Soc 50,000 Soc 50,000 Soc 50,000 Soc 92,000 Soc 50,000 Soc 55,000 Soc 50,000 Soc 70,000 Soc 70,000 Soc 62,000 Soc 50,000 Soc 50,000 Soc 584,500 Soc 8,890,331 54,983 Sma 8,945,314 |
|---|---|
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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 Danc | 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/cancelled up to £40,000 | 491,703 |
| PLE | |
| Education and Young People | |
| Antigua and Barbuda Youth Symphony Orchestr | 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/cancelled 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/cancelled up to £60,000 | 315,000 |
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
NOTES TO THE ACCOUNTS 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/cancelled up to £40,000 Overseas Amna (formerly Refugee Trauma Initiative) Dance for All Turkey Mozaik Foundation Small Grants Net grants payable/cancelled Social Welfare 999 Club Baobab Centre for Young Survivors in Exile Cardboard Citizens Clement James Centre Crisis Felix Project, The Gingerbread Hope for the Young House of St Barnabas-in-Soho Mental Health Innovations Refuaid Refugee Council The Passage, Victoria Net grants payable/cancelled 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 |
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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 2024 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 2024 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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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.
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
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
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The Linbury Trust Annual report and Financial Accounts, 5 April 2024
whether the judgements made in making accounting estimates are indicative of 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: 6 November 2024
Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG
Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006
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