2021-07-31-accounts

THE SAINSBURY CENTRE ENDOWMENT FUND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

THE SAINSBURY CENTRE ENDOWMENT FUND

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021

CONTENTS

		Page
Trustees' Report	1	to	6
Independent Auditor's Report	7	to	9
Statement of Financial Activities		10
Balance Sheet		11
Statement of Cash Flows		12
Notes to the Accounts	13	to	22

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2021

Reference and Administrative	Details
Charity registration number	287378
Principal address	The Peak
	5 Wilton Road
	London
	SW1V 1AP
University Trustees	Mr D I Callaghan
	Professor I P Dewing
	Professor D J Richardson
External Trustees	H O N & V Trustee Ltd
	Mr P Hesketh
	Mr J C Burns
Auditors	Crowe U.K. LLP
	55 Ludgate Hill
	London
	EC4Y 8EH
Solicitors	Portrait Solicitors
	21 Whitefriars Street
	London
	EC4Y 8JJ
Investment managers	Cazenove Capital Management
	1 London Wall Place
	London
	EC2Y 5AU

1

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2021

Structure Governance and Management

Governing document The Sainsbury Centre Endowment Fund consists of two funds. The 1983 fund was established under a Trust Deed dated 21 June 1983 and the 1986 fund was established under a Trust Deed dated 23 December 1986. Although the two funds are administered separately they are treated as one charity by the Charity Commission and the individual accounts have been combined for the purpose of the statutory audit. Trustee Selection Methods The power of appointing University Trustees is exercisable by the University of East Anglia ('UEA'). The External Trustees are appointed by the continuing External Trustees with them being required to appoint those nominated by Lord Sainsbury of Turville. Organisational structure of The External Trustees are responsible for investment policy and the charity and how decisions management. The Trustees meet twice a year to consider reports are made from the External Trustees on investment performance and policy, to receive reports on the application of the funds passed to the University in order to fulfil the objects of the Trust and to consider the annual report and financial statements. Risk policy The key risk to the trust fund is the volatility of market investments as evidenced by the impact of the Coronavirus pandemic, where the value of investments has fluctuated and future investment income is anticipated to be substantially lower. The Trustees, in consultation with and on the advice of their Investment Advisers, maintain a diverse and balanced investment portfolio to mitigate so far as possible against adverse risks affecting the overall value of the endowment so that the charity can continue to pay out the income generated to the trust beneficiary. At the same time, other major risks to which the trust is exposed are considered and, where necessary, steps are taken to mitigate and minimise those risks. Objectives and Activities Objects The principal purpose of the Fund is to provide income but not capital to support the running costs of the Sainsbury Centre for Visual Arts at the UEA, Norwich ('the Centre') which are attributable to parts of the Centre which are being used for displaying a collection or exhibition. Public Benefit Statement The Trustees have reviewed the Charity Commission guidance on Public Benefit and consider that the information contained in this Trustees' report clearly sets out the aims, activities and achievements of the Trust which are of benefit to the general public.

2

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2021

Connected Charities Connected charities, independently administered and with similar objects and with which this charity operates, are the Sainsbury Research Unit for the Arts of Africa, Oceania and the Americas. Achievements and Performance Achievements During the year the Trust distributed £307,308 (2020 - £392,487) to the University of East Anglia, to expend for the benefit of the Sainsbury Centre for Visual Arts in accordance with the terms of the Trust Deed. The charity has no paid staff. Director's Report The Sainsbury Centre continued to deliver a huge range of projects and activities, including major exhibitions, sculpture park initiatives, publications and innovative online learning resources. The Centre successfully secured over £400,000 in new grants and awards and made several significant acquisitions. Internationally, exhibitions travelled to Los Angeles ( Fiji: art and life in the Pacific ), Madrid ( The Body Observed ) and New York (Brian Clarke: the art of light ), while in the UK Art Deco by the Sea toured to Newcastle. The Centre opened the major exhibitions Bill Brandt/Henry Moore and Leiko Ikemura: Usagi in Wonderland , a collaboration with SISJAC. Sustained research on key Sainsbury collection artists continued, including the publishing of Henry Moore: Friendships and Legacies which focuses on Moore’s relationship with the Sainsburys. The Sculpture Park provided a key resource for many communities during lockdown, helping to build the reputation of the Centre as a major regional amenity. Two works by Spanish artist Cristina Iglesias were installed in the West End Garden, and Anthony Caro’s monumental Goodwood Steps is now on display in the meadow. Public engagement with the Sculpture Park has been exceptional. Sainsbury Centre staff contributed substantially to the University's REF return providing several outputs, and one of the two impact case studies. Outputs included exhibitions and publications on Giacometti, Frink, Art Nouveau, Art Deco, Henry Moore, world ceramics and ocean liner material culture.

Highlighting some outstanding examples of online engagement over the year, the Sainsbury Centre was selected to feature in the Art Fund film series ‘ Stories from… ’. The collections are receiving increased engagement through the Gatsby Cataloguing project, which is on-going. External authors have been commissioned to produce new entries and many staff members have been involved in the research and delivery of the project.

3

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2021

Director's Report (cont.)	The Centre’s digital learning offer has developed in exciting new
	directions.The Learning team delivered the online studio and the
	Virtual Study Centre - a digital render of the Living Area that can be
	used remotely by many different audiences.The ‘New
	Perspectives’ podcasts, sees UEA colleagues bring their unique
	disciplinary perspective to illuminate objects in the Sainsbury
	collection. Communities across the region were supported during
	lockdown through the distribution of over 500 creative materials
	packs to low income households and through housing trusts.
	Ghislaine Wood, Acting Director, September 2021
Investment policy	The Trustees have wide power of investment. The objective of the
	Trustees is to maintain a level of investment income over time
	that keeps pace with inflation.
	The Trust's permanent endowment funds are invested to generate
	income and provide long-term capital growth in line with relevant
	indices. The Trustees regularly meet the investment managers to
	discuss strategy and review performance. In the year under
	review, Trustees maintained a defensive investment strategy.
Investment performance	During the financial year the Trust’s investment portfolio has been
	subject to unprecedented conditions arising from the Covid-19
	pandemic. Global economic confidence has plunged, and equity
	and financial markets have encountered large falls, extreme
	volatility and rapidly changing conditions across the major markets.
	As a consequence higher levels of investment income are
	increasingly difficult to find. The market value of investments has
	increased by 11% compared to 2020, yet investment income has
	decreased by 10% compared with the previous financial year.
	The Trust does not raise funds from the public.
Financial Review	This is a grant making trust with no direct activities, all distributable
	income being donated to the UEA for the purposes specified
	above. Therefore there are no specific activities to be reported on
	by the Trustees.
	The income of the year, all derived from stock exchange
	investments and cash placed on deposit was £335,022.
	The total grant paid out of the income of the Trust for
	the year ended 31 July 2021 was £307,308.
	The net incoming resources for the year of the Unrestricted fund
	after making these grants were £19,953.
	The balance of the Unrestricted Fund at 31 July 2021 was £36,899.

4

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2021

Financial Review (cont.)	The UEA and External Trustees met twice during the year to
	consider the allocation of available income. The External Trustees
	had two further meetings with Cazenove Capital Management.
	The Trustees receive an annual report from the UEA on the
	application of funds paid to the UEA. The UEA accounts for the
	activities funded from the income made over to it by the
	Trustees within the scope of its Annual Report and Accounts.
Reserves Policy	The Trustees' policy is to pay the net income to the UEA.
Going Concern	Having assessed the Trust's financial position and plans for the
	foreseeable future, the Trustees are satisfied that it remains
	appropriate to prepare the financial statements on the going
	concern basis.
Directors	The directors of HON & V Trustee Ltd are: Mr D Flynn, Ms G Harris,
	Ms H Johnston, Miss J S Portrait.

5

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2021

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare the financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for the period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting polices and apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards 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 to operate.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and 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.

Approved by the Trustees on 10 November 2021 and signed on their behalf by

) ) Mr P Hesketh )

Trustees

) ) Professor D J Richardson )

6

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY CENTRE ENDOWMENT FUND

FOR THE YEAR ENDED 31 JULY 2021

Opinion

We have audited the financial statements of the Sainsbury Centre Endowment Fund for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 31 July 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• 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 trustee's 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 charity'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.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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 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.

7

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY CENTRE ENDOWMENT FUND

FOR THE YEAR ENDED 31 JULY 2020

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 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or

• 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 trustees’ responsibilities statement set out on page 6, 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.

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 the Act and relevant regulations made or having effect thereunder.

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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

8

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY CENTRE ENDOWMENT FUND

FOR THE YEAR ENDED 31 JULY 2020

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Crowe U.K. LLP Statutory Auditor

London

3 December 2021

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

9

THE SAINSBURY CENTRE ENDOWMENT FUND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2021

Notes Income and endowments from Investment income 7 Total income and endowments Expenditure on Raising funds 8.1 Charitable activities 8.2 Other costs 8.3 Total expenditure Net expenditure from operations before transfers and investments gains Gains/(losses) on investments 3 Net income/(expenditure) and capital inflow/(outflow) Total funds brought forward Balance carried forward	Unrestricted Funds £ 335,022	Permanent Endowment £ - 2021	2020 Total Total Funds £ £ 335,022 367,331
	335,022	-	335,022 367,331
	- 307,308 7,761	35,448 - 6,522	35,448 35,839 307,308 392,487 14,283 13,322
	315,069	41,970	357,039 441,648
	19,953 -	(41,970) 1,017,983	(22,017) 74,317 1,017,983 (1,345,652)
	19,953 16,946	976,013 9,278,372	995,966 (1,419,969) 9,295,318 10,715,287
	36,899	10,254,385	10,291,284 9,295,318

The notes on pages 12 to 22 form part of these financial statements.

10

THE SAINSBURY CENTRE ENDOWMENT FUND

BALANCE SHEET

AS AT 31 JULY 2021

2021 Total Funds £ Fixed assets Quoted stocks and shares 10,260,123 Total fixed assets 10,260,123 Current assets Debtors and prepayments 16,503 Cash at bank and in hand 26,878 Total current assets 43,381 Creditors: amounts falling due within one year (12,220) Net current assets 31,161 Net assets 10,291,284 Funds of the charity:- Unrestricted Funds 36,899 Permanent Endowment 10,254,385 10,291,284 The notes on pages 12 to 22 form part of these financial statements. Notes 3 4 5 9 9	2020 Total Funds £ 9,284,110
	9,284,110
	9,715 11,531
	21,246
	(10,038)
	11,208
	9,295,318
	16,946 9,278,372
	9,295,318

Approved by the Board and signed on its behalf by

) ) Mr P Hesketh ) Trustees ) ) Professor D J Richardson ) 10 November 2021

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THE SAINSBURY CENTRE ENDOWMENT FUND

STATEMENT OF CASH FLOWS

AS AT 31 JULY 2021

Notes Cashflows from operating activities: Net cash (used in) operating activities (1983) Net cash (used in) operating activities (1986) 10 Cashflows from investing activities: Dividends, interest and rents from investments (1983) Dividends, interest and rents from investments (1986) Proceeds from sale of investments (1983) Proceeds from sale of investments (1986) Purchase of investments (1983) Purchase of investments (1986) Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Analysis of cash and cash equivalents UK Cash held as part of investment portfolio (1983) UK Cash held as part of investment portfolio (1986) Cash at bank and in hand (1983) Cash at bank and in hand (1986)	2021 Total Funds £ (89,166) (265,693) (354,859) 69,854 258,381 88,336 374,848 (154,633) (602,242) 34,544 (320,315) 654,229 333,914 68,678 238,358 307,036 5,907 20,971 26,878 333,914	2020 Total Funds £ (133,854) (329,254)
		(463,108) 78,744 291,078 267,631 1,070,175 (136,269) (577,579)
		993,780
		530,672
		123,557
		654,229
		149,229 493,469
		642,698 10,966 565
		11,531
		654,229

The notes on pages 12 to 22 form part of these financial statements.

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THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

1 Basis of Preparation

1.1 Basis of Accounting

Form of Entity: Charitable Trust

Country of Incorporation: United Kingdom

Registered Office: University of East Anglia, Norwich Research Park, Norwich NR4 7TJ.

These financial statements have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the charities (Accounts and Reports) Regulations only to the extent required to provide a "true and fair view".

1.2 Fund accounting

The charities both have a single permanent endowment fund and unrestricted fund.

1.3 Going Concern

Having assessed the Trust's financial position and plans for the foreseeable future, the trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis.

The effect of the Coronavirus pandemic has been to increase the value of the investment portfolio by approximately 11% compared to the end of the 2020 financial year, and dividend income receivable by the Trust is very likely to be substantially lower going forward. Nevertheless the endowment assets of the Trust remain significant, and these will continue to return income which the Trust will continue to pay out to its beneficiary in accordance with the provisions of the Trust Deed.

1.4 Public Benefit

The trust is a public benefit entity.

2 Accounting Policies

• 2.1 Incoming resources are included in the Statement of Financial Activities (SoFA) when:

• the charity becomes entitled to the resources;

• the trustees are virtually certain they will receive the resources; and

• the monetary value can be measured with sufficient reliability.

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THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

2 Accounting Policies

• 2.2 Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the SoFA

• 2.3 Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources.

• 2.4 Incoming resources from tax reclaims are included in the SoFA at the same time as the income to which they relate.

• 2.5 Investment income is included in the accounts when receivable.

• 2.6 Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing the investments to market value at the end of the year.

• 2.7 Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

• 2.8 Governance costs include the cost of the preparation and examination of statutory accounts, the cost of Trustee meetings and cost of any legal advice to the Trustees on governance or constitutional matters.

• 2.9 Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust.

• 2.10 Investments quoted on a recognised stock exchange are valued at market value at the year end.

• 2.11 The Trust is an exempt charity within the meaning of Section 519 of the Income Tax Act, 2007. Accordingly, it is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 256 of the Taxation of Chargeable Gains Act, 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

The Trust receives no exemption in respect of Value Added Tax (VAT) and is not VAT registered.

• 2.12 Endowed funds are permanent endowments where the donor has specified that the capital of the gift cannot be expended and that only the income arising from the capital may be used for the purpose named by the donor. None of these funds are available to meet the general costs of the Trust. Investment management charges and legal fees are charged to the capital of the endowed funds.

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THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

• 2.13 Sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described in the accounting policies. No specific accounting judgements and uncertainties have been identified for the current year.

• 2.14 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 amortised cost using the effective interest method. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. Financial liabilities held at amortised cost comprise trade and other creditors. Investments are held at fair value at the Balance Sheet date, with gains and losses being recognised with income and expenditure.

• 2.15 Cash held for reinvestment in the portfolio has been included within fixed asset investments only as it is a long term investment. Other cash that is available on demand within the income is included within current assets.

3 Investment Assets

3.1 Quoted Investments Market value brought forward (1983) Market value brought forward (1986) Additions (1983) Additions (1986) Disposals (1983) Disposals (1986) Net investment gains/(losses) (1983) Net investment gains/(losses) (1986) Investments listed on a recognised stock exchange UK cash held as part of investment portfolio (1983) UK cash held as part of investment portfolio (1986) Market value at year end Investments listed on a recognised stock exchange	2021 £ 1,860,178 6,781,234 154,634 602,242 (88,336) (374,848) 224,551 793,432 9,953,087 2021 £ 9,953,087 68,678 238,358 307,036 10,260,123	2020 £ 2,270,925 8,340,097 136,269 577,579 (267,631) (1,070,175) (279,385) (1,066,267)
		8,641,412
		2020 £ 8,641,412 149,229 493,469
		642,698
		9,284,110

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THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

		2021	2020
		£	£
3.2	Historical Cost
	At 31 July 2021 (1983)	1,582,330
	At 31 July 2021 (1986)	5,755,659
		7,337,989
	At 1 August 2020 (1983)		1,565,090
	At 1 August 2020 (1986)		5,684,513
			7,249,603
3.3	The following material investment holdings represented more than 5% of the total		value of
	the charity's total investments:-
		2021	2020
		£	£
	iShares Plc - S&P 500 Index (1983)	192,234	150,060
	iShares Plc - S&P 500 Index (1986)	661,789	516,600
	Vanguard S&P 500 UCITS ETF (1983)	131,231	102,412
	Vanguard S&P 500 UCITS ETF (1986)	477,700	372,794
	Trojan Income Fund (1986)	420,772	384,934
		1,883,726	1,526,800
4	Debtors and Prepayments
		2021	2020
		£	£
	Accruals (1983)	3,177	1,767
	Accruals (1986)	12,898	7,521
	Prepayments (1983)	143	143
	Prepayments (1986)	285	284
		16,503	9,715

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THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

5 Creditors: Amounts Falling Due Within One Year

Audit fees (1983) Audit fees (1986) Professional fees (1983) Professional fees (1986) Investment management charges (1983) Investment management charges (1986)	2021 2020 £ £ 2,185 1,450 4,295 2,850 1,000 1,000 2,000 2,000 599 598 2,141 2,140 12,220 10,038

6 Transactions With Related Parties

• 6.1 The Trustees are considered the Key Management Personnel of the charity.

• 6.2 No Trustee is or has been entitled to any fee or salary (2020 - £Nil).

• 6.3 No Trustee has been reimbursed with any out-of-pocket expenses (2020 - £Nil).

• 6.4 There were no transactions with Trustees or connected persons (2020 - £Nil).

• 6.5 The 1986 fund is due to reimburse the 1983 fund £6,797 (2020: was due to reimburse £13,210) for expenses paid on its behalf during the financial year. A transfer of £Nil (2020: £6,000) was made from the 1983 fund to the 1986 fund as reimbursement of expenses incurred in the previous financial year.

The net amount owed by the 1986 fund to the 1983 fund at the end of the financial year is £11,222 (2020: owed to the 1986 fund £11,222).

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THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

7 Analysis of Incoming Resources 7.1 Investment Income Income receivable on quoted investments (1983) Income receivable on quoted investments (1986) 8 Analysis of Resources Expended 8.1 Costs of Generating Voluntary Income Stockbrokers' management fee (1983) Stockbrokers' management fee (1986) 8.2 Charitable Activities Grants to the University of East Anglia (1983) Grants to the University of East Anglia (1986)	2021 £ 71,264 263,758 335,022 2021 £ 7,731 27,717 35,448 2021 £ 70,612 236,696 307,308	2020 £ 78,269 289,062
		367,331
		2020 £ 7,931 27,908
		35,839
		2020 £ 101,399 291,088
		392,487

18

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

8.3 Other Costs Audit fees (1983) Audit fees (1986) Legal and administration fees (1983) Legal and administration fees (1986) Insurances (1983) Insurances (1986)	2021 2020 £ £ 2,161 1,434 4,321 2,867 2,174 2,794 4,348 5,588 426 213 853 426 14,283 13,322

Legal and administration fees are for services provided by Portait Solicitors, a firm in which Miss J S Portrait and Mr D Flynn are partners. Amounts due at year end in respect of professional fees from the firm are disclosed in Note 5.

• 8.4 The Fund employed no staff during the year ended 31 July 2021 (2020 - none).

19

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

9 Analysis of Fund Movements 9.1 Balances Brought Forward, 01.08.2020 £ a Unrestricted Funds 16,946 b Permanent Endowment 9,278,372 9,295,318 9.2 Balances Brought Forward, 01.08.2019 £ a Unrestricted Funds 47,042 b Permanent Endowment 10,668,245 10,715,287 £ - 367,331 367,331 - 335,022 Income Income £ 335,022	(41,970) £ (44,221) (397,427) (441,648) (357,039) Expenditure Expenditure £ (315,069)	Investments Gain/(Loss) £ - 1,017,983 1,017,983 Investments Gain/(Loss) £ - (1,345,652) (1,345,652)	Funds Carried Forward, 31.07.2021 £ 36,899 10,254,385
			10,291,284
			Funds Carried Forward, 31.07.2020 £ 16,946 9,278,372
			9,295,318

9.3 The permanent endowment represents the value of assets held as investments arising from the original assets settled by Sir Robert Sainsbury on 21 June 1983. The income arising on these assets is available for use in accordance with the trust's objects and is included in unrestricted income.

20

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

10 Reconciliation of Cash Flows From Operating Activities 2021 £ (22,017) Adjustments for: Dividends, interest and rents from investments (335,022) Increase/(Decrease) in creditors 2,180 (354,859) 11 Statement of Financial Activities: for the year ended 31 July 2020 Permanent Endowment £ Incoming and endowments from Investment income - Total income and endowments - Expenditure on Raising funds 35,839 Charitable activities - Other costs 8,382 Total expenditure 44,221 Net expenditure from operations before transfers and investment gains (44,221) Losses on investment (1,345,652) (1,389,873) Total funds brought forward 10,668,245 Balance carried forward 9,278,372 Notes 367,331 367,331 Net (expenditure) for the year (as per Statement of Financial Activities) Unrestricted Funds £ 397,427 4,940 392,487 - (30,096) Net income and capital inflow 47,042 16,946 - (30,096)	10 Reconciliation of Cash Flows From Operating Activities 2021 £ (22,017) Adjustments for: Dividends, interest and rents from investments (335,022) Increase/(Decrease) in creditors 2,180 (354,859) 11 Statement of Financial Activities: for the year ended 31 July 2020 Permanent Endowment £ Incoming and endowments from Investment income - Total income and endowments - Expenditure on Raising funds 35,839 Charitable activities - Other costs 8,382 Total expenditure 44,221 Net expenditure from operations before transfers and investment gains (44,221) Losses on investment (1,345,652) (1,389,873) Total funds brought forward 10,668,245 Balance carried forward 9,278,372 Notes 367,331 367,331 Net (expenditure) for the year (as per Statement of Financial Activities) Unrestricted Funds £ 397,427 4,940 392,487 - (30,096) Net income and capital inflow 47,042 16,946 - (30,096)	2020 £ (74,317) (367,331) (21,460)
		(463,108)
		Total £ 367,331
		367,331
		35,839 392,487 13,322
		441,648
		(74,317) (1,345,652)
	(1,389,873) 10,668,245 9,278,372	(1,419,969) 10,715,287
		9,295,318

21

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2021

12 Analysis of Net Assets Between Funds 12.1 Fixed assets/investments Current assets Debtors and prepayments Cash at bank and in hand Current (liabilities) 12.2 Fixed assets/investments Current assets Debtors and prepayments Cash at bank and in hand Current (liabilities)	Unrestricted Funds £ 36,901 Unrestricted Funds 16,503 - 16,946 - (4,300) 9,715 11,531 (6,480) 26,878 £	Permanent Endowment £ 10,260,123 - - (5,740) 10,254,383 Permanent Endowment £ 9,284,110 - - (5,738) 9,278,372 2020 2021	Total £ 10,260,123 16,503 26,878 (12,220)
			10,291,284
			Total £ 9,284,110 9,715 11,531 (10,038)
			9,295,318

13 Financial Instruments

At the balance sheet date, the Fund held financial assets at at fair value of £9,953,087 (2020: £8,641,412) and financial liabilities at amortised cost of £12,220 (2020: £10,038). Total interest received in respect of financial assets held at amortised cost totalled £Nil (2020: £Nil). Income in respect of assets held at fair value totalled £335,022 (2020: £367,331) and expenditure incurred was £35,448 (2020: £35,839). Gains in the period were £1,017,983 (2020: losses of £1,345,652).

22