## **Annual Report and Financial Accounts 5 April 2025** **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 31| |8. Independent Auditor’s Report|page 32| The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **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**|Emily Stubbs
James Barnard * & **
Julian Sainsbury
Lady Sainsbury CBE
Laura Marshall
Mark Sainsbury * & ** (Chair from 6 April 2024)
Richard Butler Adams * (Chair to 5 April 2024)
Sarah Butler-Sloss**
* 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
36 St Andrew Square
Edinburgh
EH2 2YB
Broadfield Law UK LLP
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 (to February 2025)
Waddesdon
Buckinghamshire HP18 0JZ
Globalance Bank AG (from April 2025)
Gartenstrasse 16
CH-8002 Zurich| |---|---| 1 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **The Report of the Trustees** The trustees present their report and the audited financial statements for the year ended 5 April 2025. 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. 2 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **The year in context** The Trust’s previous report for 2023-24 set out the measures and support being provided to many of our grantees; the Trust remains acutely aware of the ongoing challenges faced by the charity sector and that charity finances are compounded by the impact of cost-of-living, with many grantees facing increases in staff costs and energy bills; as well as cuts to local authority funding, and greater competition in grantmaking overall. This is especially tough for smaller charities, including those who are supporting communities already impacted. The Trust is responding by talking and listening to those we support and acting accordingly, including more support for core costs, multi-year funding to support grantee stability, and help for capacity building, such as funding reviews of governance, funding, and evaluation. Although the Trust has core funding themes, we continue to pursue work that operates at the intersection of these; grants which use arts in care settings to improve quality of life, or where green spaces and gardens add to people’s physical and mental health. Where these themes overlap often results in alchemy that has a lasting positive impact. The Trust continues to support work related to energy efficiency helping organisations to reduce carbon, reduce running costs and free up budgets for core work. We deliver this work as a cohort so, in addition to funding, grantees regularly come together to take part in training, sharing, and learning. In December 2024 the Trust agreed a new partnership with two other funders, the Wolfson Foundation, and The Headley Trust, to fund a wider range of organisations with aspirations for improved energy efficiency. Decisions on these grants will be made in late 2025, with a new learning-based cohort, supported by Ashden Climate Solutions in Action, starting in early 2026. The Linbury Trust became a signatory to the Funder Commitment on Climate Change and continues to be part of the 360 Giving grant making movement. The Trust has reconfirmed its effective partnership with Theatres Trust; Theatres Trust run 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. Recognising challenges highlighted above, The Linbury Trust has increased its grant to Theatres Trust. The Trust’s partnership with the King Charles III Charitable Fund, continues, 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. The Linbury Trust has also become part of Comic Relief’s Power of Pop Fund, a pooled approach with a number of other funders, supporting cultural organisations focused on addressing racial and migration justice through popular culture. 3 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **The Trust’s Grant Funding** The total value of new grants awarded in 2025 was £8,546,942 (2024: £7,424,830) ## **GRANTS AWARDED 2024/25** **----- Start of picture text -----**
Social Purpose Culture
£3,469,100 £3,348,715
Overseas &
Emergency Relief
£5,000 Environment
£1,724,127
**----- End of picture text -----**
The total value of grants paid in 2025 was £7,842,287 (2024: £8,994,842) **----- Start of picture text -----**
GRANTS PAID 2024/25
Social Purpose
£1,734,192
Older People Small Grants
£192,000 £95,615
Linbury Energy
Efficiency grants
£211,400
Environment
£1,516,692
Culture
£3,715,722
(incuding £2,250m to the
Education/
National Gallery)
Young People
£376,666
**----- End of picture text -----**
4 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **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. The Trust funds under a number of broad themes, including culture, environment, and social purpose; increasingly, the Trusts is supporting engaging and exciting highquality 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; 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 / or 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. 5 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 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 £135.0m (2024: £141.3m). ## **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 4.7% (2023/24: 9.3%) which is a higher value than the benchmark (ARC GBP Steady Growth) of 2.06% (2023/24: 9.4%) ## **Impact Investing** The Trust has continued to develop its work on impact investing; this takes an impactfirst 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 £130k. ## **Review of the past year** The Trust's total income for the year was £5.7million, driven by Donations and Gift Aid amounting to £2.5 million (2023/24: £5.0m). In 2024/25 the Trustees paid grants totalling £7.8m (2023/24: £9.0m); they approved 85 grants (2023/24: 104) amounting to a total value of £8.5m (2023/24: £7.4m). Many of the grants that Trustees approve are awarded on a conditional basis, and may be 6 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 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 9.2% (2023: 7.3%). 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. 7 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **Culture** The Linbury Trust believes strongly in the value of the arts in modern life; that a first trip to a museum, an opera, or a dance performance has the power to fuel a life-long passion. Supporting access to high-quality cultural experiences can be transformative, from community engagement in culture; supporting young people’s engagement in creative industries, o museum collections, archives and dance adding joyful 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: £3,715,722** |**Grants paid in year: £3,715,722**|| |---|---| |**Create Arts**|**£50,000**| |To expand arts-led community work and capacity in the North-West.|| |First payment of a three-year grant.|| |**Gainsborough's House**|**£50,000**| |Towards an arts-led learning programme.|| |First payment of a three-year grant.|| |**National Gallery**
|**£2,250,000**| |Towards the redevelopment of the Sainsbury Wing.|| |Second payment of a three-year grant.|| |**Paraorchestra & Friends**|**£50,000**| |To support their artistic and community-focused programme led|| |by disabled musicians and performers.|| |Third payment of a three-year grant.|| |**Quentin Blake Centre for Illustration**|**£50,000**| |Towards community participation and engagement programme.|| |First payment of a three-year grant|| |**Suffolk Artlink**|**£50,000**| |A grant to support core funding.|| |First payment of a three-year grant.|| |**The Sainsbury Archive**|**£50,000**| |Towards operating costs.|| |**Theatres Trust**
|**£127,500**| |To increase the budget available for their grants programme.|| |**Trinity Community Arts**|**£70,000**| **Quentin Blake Centre for Illustration £50,000** Towards community participation and engagement programme. First payment of a three-year grant Towards a three-year arts-based programme in Bristol, supporting 3,000 people per year. First payment of a three-year grant. 8 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 **World Heart Beat Music Academy** **£55,000** Supporting the community-focused music education programme. First payment of a three-year grant. **William Morris Gallery Trust £60,000** Towards a new public programme focussed on people under-represented in the Museum. First payment of a three-year grant. 35 projects received grant payments of less than £50k totalling £853,222. A total of £3,348,715 was awarded in approved grants under this category. ## **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: £376,666** **Roundhouse Trust** **£50,000** Towards their youth focused work, supporting pathways into the creative industries. Third payment of a four-year grant. **Smith School of Enterprise and the Environment £58,666** Scholarships on their MSc for Sustainability, Enterprise and the Environment. Third payment of a three-year grant. 10 projects received grant payments of less than £50k totalling £268,000. ## **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: £1,728,092** **Royal Opera House Covent Garden Foundation £340,000** A one-off grant to improve the energy efficiency of their heating system and to help prepare for a forthcoming district heating network. 9 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 |**Ashden Climate Solutions**
|**£120,000**| |---|---| |Towards core funding.|| |First payment of a three-year grant.|| |**Chiswick House and Gardens Trust**|**£70,000**| |To continue and expand the horticulture and gardening participation|| |programme.|| |First payment of a three-year grant.|| |**Country Trust**|**£50,000**| |Core funding towards its IT function and impact measurement.|| |First payment of a three-year grant.|| |**Green Light Trust**|**£50,500**| |Towards core costs.|| |Second payment of a three-year grant.|| |**King Charles lll Charitable Fund**|**£100,000**| |Support for the Coronation Food Project.|| |Second payment of a three-year grant.|| |**Square Food Foundation**|**£50,000**| |To run the How to be a Chef programme.|| |Second payment of a four-year grant.|| |**Zoological Society London**|**£58,000**| ## **Zoological Society London** Towards their pioneering programme to restore seagrass across the Thames Estuary. First payment of a three-year grant. 5 projects received grant payments towards Linbury Energy Efficiency grants totalling £211,400. 24 projects received grant payments of less than £50k totalling £678,192. A total of £1,724,127 was awarded in approved grants under this category. ## **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: £192,000** ## **Claremont Project** **£50,000** Third payment of a four-year grant towards Dance-based activity for older people. 5 projects received grant payments of less than £50k totalling £142,000. 10 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **Social Purpose** Through our Social Purpose 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 culture, green spaces, and training and development, to improve life choices. ## **Grants paid in year** : **£1,734,192** |**Grants paid in year**:**£1,734,192**|| |---|---| |**Amber Trust**
|**£64,000**| |Towards their work using music / arts to support children, and their|| |families living with Batten’s disease / childhood dementia.|| |First payment of a three-year grant.|| |**Amna (formerly Refugee Trauma Initiative)**
|**£70,000**| |Towards expanding their support for refugee children.|| |First payment of a three-year grant.|| |**Baobab Centre for Young Survivors in Exile**
|**£50,000**| |Core funding of the Baobab centre, providing mental health|| |support to refugees.|| |Third payment of a three-year grant.|| |**Connection at St Martin in the Fields**
|**£60,000**| |To employ a second staff member, supporting their migration advice work.|| |First payment of a three-year grant.|| |**Crisis**
|**£60,000**| |Towards the Critical Time Intervention programme, for people facing|| |homelessness on release from prison.|| |Second payment of a three-year grant.|| |**English National Opera**
|**£70,000**| |Towards Breathe Programme, supporting people with Long Covid and|| |respiratory conditions, using singing to improve wellbeing.|| |First payment of a three-year grant.|| |**Gingerbread**
|**£70,000**| |Towards the core costs providing advice / guidance to single parents.|| |First payment of a three-year grant.|| |**Live Music Now**
|**£50,000**| Towards the core costs providing advice / guidance to single parents. First payment of a three-year grant. ## **Live Music Now** Towards the Music in Care Programme, using music to support wellbeing of older people with long-term neurological conditions. Second payment of a three-year grant. 11 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 **Local Solutions £55,000** Towards core costs of their work supporting young people living in disadvantage. Second payment of a three-year grant. **National Brain Appeal £71,000** Towards the arts and nature-led activity work improving wellbeing of people living with dementia. First payment of a three-year grant. ## **Old Diorama Arts Centre** **£50,000 £50,000 £59,000 £50,000 £170,000 £50,000** To expand their arts-led work with homeless community, including the One Roof Festival, led by artists with experience of homelessness. First payment of a three-year grant. ## **Orchestra of the Age of Enlightenment** For their locally focused music-led school and community programme. Second payment of a three-year grant. ## **Playground Theatre** Towards the theatre-led community outreach programme. First payment of a three-year grant. ## **Refuaid** Supporting their programme to help refugees get professional qualifications reaccredited in the UK with loan funding. Third payment of a three-year grant. ## **Refugee Council** Core running costs for the London Destitution Service, helping refugees and asylum seekers facing significant stress and hardship. First payment of a three-year grant. ## **Wigmore Hall Trust** To run the Music for Life programme, using music to support people living with dementia. First payment of a three-year grant. 29 projects received grant payments of less than £50k totalling £685,192. A total of £3,469,100 was awarded in _newly_ approved grants. 12 | P a g e Small Grants Programme The Trust also awards a number of small grants throughout the year. These grants are often less than £1 Ok and often focused on projects relating to dance, choreography and performance, or work around capacity building. 21 projects received grant payments totalling £103,615. Approved by the Board of Trustees on the 8 October 2025 and signed on their behalf by CHAIR Mark Sainsbury The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025** |**Notes**
**INCOME AND ENDOWMENTS from:**
Donations including gift aid
Investment income
**2**
Bank deposit interest
**Total Income**
**EXPENDITURE on:**
**Cost of generating funds:**
Investment management fees
**Charitable activity**
Grant-making - Costs of administration
**3**
- Grants payable
**4**
**Total Expenditure**
**Net expenditure before net (losses)/gains**
Currency exchange gains
(Losses)/Gains on investments
**5**

**Net movement in funds**
**Total funds brought forward**
**Total funds carried forward**|**2025**
**£'000**
2,500
2,386
805
5,691
249
743
8,065
9,057
(3,366)
476
(3,407)
**(6,297)**
141,280
**134,983**|**2024**| |---|---|---| |||**£'000**
5,000
2,137
859| |||7,996| |||283
656
8,945| |||9,884| |||(1,888)
29
6,333| |||**4,474**
136,806| |||**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. 14 | P a g e BALANCE SHEET AS AT 5 APRIL 2025 Charity Number 287077 Notes 2025 £'ooo 2024 £'ooo £'ooo FIXED ASSETS Inveslments Loans to beneficiaries 132,395 136,937 132.395 136,937 CURRENT ASSETS Debtors Cash at bank and in hand 640 2,965 3,605 1,347 3,933 5,280 CURRENT LIABILITIES Creditors - amounts falling due within one year 737 747 NET CURRENT ASSETS 2,868 4,533 Net assets less current liabilities 135,263 141,470 Creditors - amounts falling due after one year (2801 (190) NET ASSETS 134,983 141,280 Expendable endowment 134,983 141.280 TOTAL FUNDS 134,983 141,280 The financial statements were approved and authorised for issue by the Trustees on the 8 October 2025 and were signed on their behalf by.. Trustee Mark Sainsbury The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025** |**_Notes_**
**Net cash used in operating activities**
**10**
**Cash flows from investing activities:**
Interest and dividends
Proceeds from sale of investments
Purchase of investments
Effect of foreign exchange rate gains
**Net cash provided by investing activities**
**Cash flows from financing activities:**
Receipt of expendable endowment
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents brought forward
**Cash and cash equivalents carried forward**|**2025**
**£'000**
(8,271)
3,192
73,861
(56,858)
476
20,671
2,500
2,500
**14,900**
4,929
19,829|**2024**| |---|---|---| |||**£'000**
(7,956)| |||2,996
26,582
(25,044)
29| |||4,563| |||5,000| |||5,000| |||**1,607**
3,322| |||4,929| ## **Analysis of the balance of cash as shown in the balance sheet** |Cash at bank and in hand
Investment cash (Note 5)|**Change**
**in year**
**2025**
**2024**| |---|---| ||**£'000**
**£'000**
**£'000**
2,965
3,933
(968)
16,864
996
15,868| ||19,829
4,929
14,900| 16 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025** ## **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 of the charity. (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. 17 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **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 measured at their settlement value. 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 £115.5m (2024: £135.9m). ## **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. 18 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **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. 19 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **2. INVESTMENT INCOME** ## **Income received on investments is analysed as follows:** |UK Government Fixed Interest
Other fixed interest
Equities
Alternatives
Other
**COSTS OF ADMINISTRATION**

Salaries and associated costs (note 11)
Office costs
Auditor's remuneration||**2025**
**%**
1%
1%
73%
17%
8%
100%
**2025**
**£'000**
473
258
12
743||**2024**| |---|---|---|---|---| ||**£'000**
30
18
1,752
406
180||**£'000**
27
8
1,918
184
-|**%**
1%
0%
90%
9%
-| ||2,386||2,137|100%| |||||**2024**| |||||**£'000**
430
214
12| |||||656| ## **3. COSTS OF ADMINISTRATION** The auditor's remuneration excluding VAT is £10,100 (2024: £9,650). During the year no Trustee received any remuneration or reimbursement of expenses (2024: NIL). Included in the cost above were governance costs of £18,178 which were comprised of salaries and associated costs of £6,058 and auditor's remuneration of £12,120 including VAT (2024: £16,355 which were comprised of salaries and associated costs of £4,775 and auditor's remuneration of £11,580 including VAT). 20 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **4. ANALYSIS OF GRANTS** |**ANALYSIS OF GRANTS**|||||| |---|---|---|---|---|---| |**£'000**
**Reconciliation of grants payable:**
Grants committed but unpaid at 6 April 2024
Grants conditionally approved
18,546
Grants approved in the year
8,547
Loans forgiven in the year
-
Grants cancelled, amended or refunded
(54)
Grants conditionally approved in the year
(18,974)
**Grants payable for the year**
**GRANTS PAID IN THE YEAR**
**Grants committed but unpaid at 5 April 2025**
**Commitments at 5 April 2025 are payable:**
Within one year (note 8)
After more than one year (note 9)
A list of grants payable is included in Appendix A.|||**2025**||**2024**| |||**£'000**
18,546
8,547
-
(54)
(18,974)|**£'000**
699

**8,065**
(7,842)|**£'000**
20,191
5,870
1,555
(125)
(18,546)|**£'000**
749





**8,945**
(8,995)| ||||||| ||||922||699| ||||**2025**||**2024**| ||||**£'000**
642
280||**£'000**
509
190| ||||922||699| ||||||| ## **4. ANALYSIS OF GRANTS (continued)** The total of grants paid in the year can be classified as follows: |Culture
Education and Young People
Environment
Older People
Overseas
Social Welfare
Small Grants|**2025**
**£'000**
3,716
377
1,720
192
-
1,734
103
7,842|**2024**| |---|---|---| |||**£'000**
5,485
456
1,183
209
60
1,478
124| |||8,995| For information on individual grants within each of these categories, refer to pages 7-12. 21 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** |**OTES TO THE ACCOUNTS**|**OTES TO THE ACCOUNTS**|| |---|---|---| |**5**
**FIXED ASSET INVESTMENTS**
**2025**
**£'000**
Market value at 6 April 2024
135,941
Less: Proceeds from disposals
(73,861)
Add: Acquisitions at cost
56,858
(Losses)/(Gains) on investment assets
(3,407)
**Market value at 5 April 2025**
115,531
Investment cash
16,864
**Total Investments**
**132,395**
The investments held as at 5 April 2025 were as follows:
**2025**
Market
Value
**£'000**
**Investments**
UK Government Fixed Interest
8,360
Other fixed interest
5,001
Equities
87,220
Alternatives
11,161
Term Deposits
3,101
114,843
**Impact investments**
Unquoted
688
**115,531**||**2024**| |||**£'000**
131,146
(26,582)
25,044
6,333| |||135,941| |||996| |||**136,937**| |||**2024**
Market
Value| |||**£'000**
2,823
680
106,019
7,965
17,896| ||114,843|
135,383| ||688|558| ||**115,531**|
**135,941**| The Trust has entered into commitments to invest in private equity funds (social impact investments). In addition to above noted £0.688 (2024: £0.558 million), at the balance sheet date, outstanding commitments totalled £0.465 million. (2024: £0.190 million). ## **6. LOANS TO BENEFICIARIES** |**LOANS TO BENEFICIARIES**||| |---|---|---| |
Balance at beginning of year
Loans forgiven
**Balance at end of year**|
**2025**
**£'000**
-
-
**-**|**2024**| |||**£'000**
1,555
(1,555)| |||**-**| 22 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** |**7.**
**DEBTORS**
**2025**
**£'000**
Prepayments
4
Other debtors
636
640
**8.**
**CREDITORS - amounts falling due within 1 year**
**2025**
**£'000**
Grants payable within one year
642
Accruals
44
Other creditors
51
737
**9.**
**CREDITORS - amounts falling due after more than 1 year**
**2025**
**£'000**
Grants payable 1-5 years
280
280
**10. RECONCILIATION OF NET MOVEMENT IN FUNDS**
**TO NET CASH FLOW FROM OPERATING ACTIVITIES**|**2024**| |---|---| ||**£'000**
76
1,271| ||1,347| ||**2024**| ||**£'000**
509
164
74| ||747| ||**2024**| ||**£'000**
190| ||190| ||| |**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
Loan forgiven
Decrease in debtors
(Decrease)/increase in creditors
**Net cash used in operating activities**|**2025**
**£'000**
(6,297)
(2,500)
(3,192)
3,407
(476)
-
707
80
(8,271)|**2024**| |||**£'000**
4,474
(5,000)
(2,996)
(6,333)
(29)
1,500
384
44| |||(7,956)| 23 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **11. ANALYSIS OF STAFF COSTS** |**11. ANALYSIS OF STAFF COSTS**||| |---|---|---| |Staff costs:
Wages and salaries
Social security costs
Other pension costs|**2025**
**£'000**
384
47
42
473|**2024**| |||**£'000**
349
43
38| |||430| 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% (2024: 4.5%) 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 2025. The average total number of SFCT staff employed during the year to contribute to the work of the Linbury Trust was 13, most of whom worked for the Linbury Trust on a part-time basis (2024:9). This was equivalent to 2.9 full-time employees (2024: 2.8). 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 (2024: £nil). Cost for key management is £183,605 (2024: £176,739). The number of employees whose total employee benefits (excluding employer pension costs) for services provided to the Trust exceeded £60,000 was as follows: 2025: one employee who earned between £110,000-£120,000 (2024: one employee who earned between £100,000£110,000). ## **12.[RELATED PARTY TRANSACTIONS ]** £2.5m of donations were received from Lady Sainsbury which included £0.500m of Gift Aid. (2024: £5m). There were no loans to beneficiaries (2024: £1.5m). During the year, The Linbury Trust approved 85 grants; for three 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. 24 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **12. RELATED PARTY TRANSACTIONS continued** 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). - £45,216 due from The JJ Charitable Trust (2024: £5,481) - £29,733 due from The Aurora Trust (2024: £31,600) £12,961 due to Mark Leonard Trust (2024: £10,905) 25 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **Appendix A** **The amount payable in the year ended 5 April 2025 consisted of the following:** ||**Major Capital Projects**
**£**
National Gallery
2,265,722
**Culture**
Create (Arts)
50,000
Dance East
58,000
Dancers' Careers Development
46,000
Food Museum (formerly Museum of East Anglian Life)
72,000
Gainsborough's House
50,000
Impermanence Dance
41,000
Quentin Blake Centre for Illustration
50,000
Somerset House Trust
46,000
Suffolk Artlink
50,000
The Paraorchestra & Friends
50,000
The Sainsbury Archive
110,000
Theatres Trust
150,000
Trinity Community Arts
70,000
William Morris Gallery
60,000
World Heart Beat Music Academy
55,000
Grants payable up to £40,000
590,123
**Education and Young People**
Earls Court Youth Club
40,000
Longford Trust
40,000
Roundhouse Trust
50,000
Smith School of Enterprise and the Environment
58,666
Yehudi Menuhin School
35,000
Grants payable up to £30,000
153,000
**Environment**
Ashden Climate Solutions
223,850
Chefs in Schools
60,000
Chiswick House and Gardens Trust
50,000
Claremont Project
50,000
Country Trust
50,000
Dulwich Picture Gallery
50,000
Gilbert White & The Oates Collections
75,000
Global Legal Action Network (GLAN)
59,000| |---|---| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| ||| 26 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **Appendix A continued** |**Environment continued**
Green Light Trust
King Charles lll Charitable Fund
Plantlife
Royal Opera House Covent Garden Foundation
Square Food Foundation
Woodland Trust
ZSL - London Zoo
Grants payable up to £45,000
**Older People**
Britten Pears Arts
Claremont Project
Macular Disease Society
Sainsbury Veterans Welfare Scheme
Grants payable up to £20,000
**Small Grants**
Grants payable
**Social Welfare**
Amna (formerly Refugee Trauma Initiative)
Comic Relief
Connection at St Martin in the Fields
Crisis
English National Opera
Gingerbread
Hope for the Young
Local Solutions
National Brain Appeal
Old Diorama Arts Centre
Playground Theatre
Refugee Council
Seenaryo
Grants payable up to £50,000|50,500
100,000
80,000
340,000
50,000
60,000
58,000
321,336
30,000
87,000
30,000
25,000
20,000
131,315
70,000
100,000
60,000
60,000
70,000
70,000
70,000
55,000
71,000
70,000
59,000
170,000
66,500
882,192| |---|---| ||8,065,203| As per Note 4. Analysis of Grants 27 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **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| |**Loan forgiven in the year**||| |Rambert School of Ballet & Contemporary Dance||1,500,000| |**Culture**||| |Akademi South Asian Dance||40,000| |Clore Leadership Programme - Clore Duffield Foundation||47,000| |Dance for All||40,000| |Dancers' Careers Development||43,000| |DDmix (Diversity Dance Mix)||50,000| |East London Dance||45,000| |Handel Hendrix House Museum||40,000| |Linbury Prize 2023||217,000| |McNicol Ballet Collective||80,000| |Northern Ballet||50,000| |Outside In||50,000| |Royal Birmingham Conservatoire - Birmingham City University||45,000| |The Paraorchestra & Friends||50,000| |The Sainsbury Archive||50,000| |Theatres Trust||176,000| |Grants payable up to £40,000||476,000| |**Education and Young People**||| |Antigua and Barbuda Youth Symphony Orchestra||40,000| |Longford Trust||40,000| |Roundhouse Trust||50,000| |Smith School of Enterprise and the Environment||57,204| |University of Winchester||70,000| |Yehudi Menuhin School||35,000| |Grants payable up to £30,000||164,000| 28 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **NOTES TO THE ACCOUNTS** ## **Appendix A continued** |**Environment**|| |---|---| |Ashden Climate Solutions|228,850| |Chiswick House and Gardens Trust|130,000| |Green Light Trust|59,000| |Horatio's Garden|45,000| |King Charles lll Charitable Fund|140,000| |National Opera Studio|49,419| |Northern Ballet|49,400| |Octagon Theatre|49,023| |Royal College of Music|50,000| |St Michael's Hospice - Basingstoke|46,600| |Wildscreen Trust|50,000| |Woodmeadow Trust|80,000| |Grants payable up to £45,000|275,258| |**Older People**|| |Britten Pears Arts|40,000| |English National Ballet|40,000| |Macular Disease Society|30,000| |St Michael's Hospice - Basingstoke|50,000| |Grants payable up to £20,000|49,000| |**Overseas**|| |British Red Cross - Headquarters|50,000| |**Small Grants**|| |Grants payable|106,077| |**Social Welfare**|| |Amber Trust|
64,000| |Baobab Centre for Young Survivors in Exile|60,000| |Cardboard Citizens|50,000| |Clement James Centre|50,000| |Crisis|60,000| |Gingerbread|50,000| |Hope for the Young|50,000| 29 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **Notes to the Accounts** ## **Appendix A continued** |House of St Barnabas-in-Soho/Only a Pavement Away|50,000| |---|---| |In Place of War|92,000| |Live Music Now|50,000| |Local Solutions|55,000| |Orchestra of the Age of Enlightenment|50,000| |Refuaid|70,000| |Refugee Council|70,000| |Seenaryo|62,000| |Streetwise Opera|50,000| |Wigmore Hall Trust|50,000| |Grants payable up to £50,000|584,500| ||8,890,331| |Add: House of St Barnabas loan written off|54,983| |Total as per note 4 as at 5 April 2024|8,945,314| As per Note 4. Analysis of Grants 30 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## **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. 31 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## 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 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - Give a true and fair view of the state of the charity’s affairs as at 5 April 2025 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. 32 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## 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. 33 | P a g e The Linbury Trust Annual report and Financial Accounts, 5 April 2025 ## 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 non-compliance 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 34 | P a g e 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 concealmenl. forgery, collusion, omission or misrepresentalion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. 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 auditof'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.. 16 October 2025 Sayer Vincent LLP, Statutory Auditor Invicta House, 110 Golden Lane, LONDON, EC1Y OTG Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006