OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-07-31-accounts

THE SAINSBURY CENTRE ENDOWMENT FUND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

THE SAINSBURY CENTRE ENDOWMENT FUND

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

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 2022

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, now BDB Pitmans LLP
21 Whitefriars Street 1 Bartholomew Close
London London
EC4Y 8JJ EC1A 7BL
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 2022

Structure Governance and Management 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 2022

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 £368,303 (2021 - £307,308) 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 has enjoyed an extremely active and dynamic year despite the challenges of global events. Staff have worked through the challenges of the pandemic to deliver an exciting public programme as planned. Visitor numbers are beginning to increase gradually following the impacts of the pandemic in line with other museum data nationally. The Centre has successfully delivered a number of exhibitions during this reporting period including; Pablo Picasso: The Legacy addition smaller installation projects and events have helped to Another major delivery has been a new online portal for public access to the collections which has been developed and launched in July 2022. In addition to the new content written by experts about works in the collection in collaboration with collegues from the Sainsbury Research Unit and Sainsbury Institute for the Study of Japanese Art and Culture, this has also been an opportunity to upload the wonderful published works from the printed Sainsbury Collections tomes published in the 1990s which is a wonderful resource. https://www.sainsburycentre.ac.uk/art-and-objects/ The expanding sculpture park has received enthusiastic visitor standing of the Sainsbury Collections has been recognised through to museums and galleries throughout the UK and around the world Laing Art Gallery, Serlachius Museum, The Hepworth Wakefield, Scotish National Gallery of Modern Art, Tate St Ives, Guggenheim,

3

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Director's Report (cont.) Royal Academy, Barbican, Fry Art Gallery, The Amelia, Rozelle
House, Museum of Making, Cooper Gallery, Isokon Gallery,
ARKEN, MAPFRE, The Holburne, Kunstmuseen Krefeld (Kaiser
Wilhelm Museum), Centre Pompidou.
This funding has had a fundamental impact on the abililty of
the Sainsbury Centre to deliver its core activity, online collections
portal and exhibitions this year and staff are energised for future
developments. The fifty year anniversary next year of the original
gift of the Sainsbury Centre collections in 1973 is creating a great
energy and focus as we look towards the year ahead.
Jago Cooper, Director, September 2022
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 The investment portfolio has experienced less volatility during the
financial year now that the Trust has passed through the
unprecedented conditions arising from Covid-19. The market
value of investments has increased by 1.5% compared to 2021,
and investment income has increased by 18% compared to the
previous year as the amounts paid from dividends recover from
pandemic lows. Neverthless investment income remains difficult
to find, and Trustees are mindful of the uncertainty that increased
inflation and the effect of the war in Ukraine will bring to investment
returns.
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 £394,191.
The total grant paid out of the income of the Trust for
the year ended 31 July 2022 was £368,303.
The net incoming resources for the year of the Unrestricted fund
after making these grants were £18,132.
The balance of the Unrestricted Fund at 31 July 2022 was £55,031.

4

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

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
(now retired), Ms H Johnston, Miss J S Portrait.

5

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

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:

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 16 November 2022

and signed on their behalf by

----- Start of picture text -----
)
)
Mr P Hesketh )
----- End of picture text -----

Trustees

) ) Professor D J Richardson )

6

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

FOR THE YEAR ENDED 31 JULY 2022

Opinion

We have audited the financial statements of the Sainsbury Centre Endowment Fund for the year ended 31 July 2022 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:

resources and application of resources, including its income and expenditure for the year then ended;

Practice; and

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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

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 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 2022

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:

Responsibilities of trustees

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.

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.

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 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

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.

8

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

FOR THE YEAR ENDED 31 JULY 2022

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.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the 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

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to for the opinions we have formed.

Crowe U.K. LLP

Statutory Auditor

London

2 December 2022

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 2022

Unrestricted
Funds
Notes
£
Income and endowments from
Investment income
7
394,191
Total income and endowments
394,191
Expenditure on
Raising funds
8.1
-
Charitable activities
8.2
368,303
Other costs
8.3
7,756
Total expenditure
376,059
Net expenditure from operations
before transfers and investments
gains
18,132
Gains on investments
3
-
Net income and
18,132
capital inflow
Total funds brought forward
36,899
Balance carried forward
55,031		 Unrestricted
Funds
Notes
£
Income and endowments from
Investment income
7
394,191
Total income and endowments
394,191
Expenditure on
Raising funds
8.1
-
Charitable activities
8.2
368,303
Other costs
8.3
7,756
Total expenditure
376,059
Net expenditure from operations
before transfers and investments
gains
18,132
Gains on investments
3
-
Net income and
18,132
capital inflow
Total funds brought forward
36,899
Balance carried forward
55,031		 Permanent
Endowment
£
-
2022		 Total
£
394,191		 2021
Total Funds
£
335,022
394,191 - 394,191 335,022
-
368,303
7,756		 38,178
-
4,644		 38,178
368,303
12,400		 35,448
307,308
14,283
376,059 42,822 418,881 357,039
18,132
-		 (42,822)
188,131		 (24,690)
188,131		 (22,017)
1,017,983
18,132
36,899		 145,309
10,254,385		 163,441
10,291,284		 995,966
9,295,318
55,031 10,399,694 10,454,725 10,291,284

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 2022

2022
Total
Funds
£
Fixed assets
Quoted stocks and shares
10,402,977
Total fixed assets
10,402,977
Current assets
Debtors and prepayments
31,436
Cash at bank and in hand
30,079
Total current assets
61,515
Creditors: amounts falling due within one year
(9,767)
Net current assets
51,748
Net assets
10,454,725
Funds of the charity:-
Unrestricted Funds
55,031
Permanent Endowment
10,399,694
10,454,725
The notes on pages 12 to 22 form part of these financial statements.
Notes
3
4
5
9
9		 2021
Total
Funds
£
10,260,123
10,260,123
16,503
26,878
43,381
(12,220)
31,161
10,291,284
36,899
10,254,385
10,291,284

Approved by the Board and signed on its behalf by

) ) Mr P Hesketh ) Trustees ) ) 16 November 2022 Professor D J Richardson )

11

THE SAINSBURY CENTRE ENDOWMENT FUND

STATEMENT OF CASH FLOWS

AS AT 31 JULY 2022

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
£
(88,431)
(332,904)
(421,335)
82,571
296,687
412,631
1,640,276
(564,883)
(1,607,359)
259,923
(161,412)
333,914
172,502
263
142,160
142,423
12,148
17,931
30,079
172,502		 2020
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

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

12

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

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.

1.4 Public Benefit

The trust is a public benefit entity.

2 Accounting Policies

13

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

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

14

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

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 (1983)
Net investment gains (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		 2022
£
2,151,027
7,802,060
564,884
1,607,359
(412,631)
(1,640,276)
28,810
159,321
10,260,554
2022
£
10,260,554
263
142,160		 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
142,423
10,402,977		 307,036
10,260,123

15

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

2022 2021
£ £
3.2 Historical Cost
At 31 July 2022 (1983) 1,835,776
At 31 July 2022 (1986) 6,286,985
8,122,761
At 1 August 2021 (1983) 1,582,330
At 1 August 2021 (1986) 5,755,659
7,337,989
3.3 The following material investment holdings represented more than 5% of the total value of
the charity's total investments:-
2022 2021
£ £
iShares Plc - S&P 500 Index (1983) 204,434 192,234
iShares Plc - S&P 500 Index (1986) 703,789 661,789
Vanguard S&P 500 UCITS ETF (1983) 139,558 131,231
Vanguard S&P 500 UCITS ETF (1986) 508,011 477,700
Trojan Income Fund (1986) - 420,772
1,555,792 1,883,726
4 Debtors and Prepayments
2022 2021
£ £
Accruals (1983) 5,351 3,177
Accruals (1986) 25,657 12,898
Prepayments (1983) 143 143
Prepayments (1986) 285 285
31,436 16,503

16

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

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)		 2022
£
2,185
4,295
-
-
855
2,432
9,767		 2021
£
2,185
4,295
1,000
2,000
599
2,141
12,220

6 Transactions With Related Parties

The net amount owed by the 1986 fund to the 1983 fund at the end of the financial year is £17,583 (2021: owed by the 1986 fund £17,882).

17

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

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)		 2022
£
84,745
309,446
394,191
2022
£
8,728
29,450
38,178
2022
£
73,955
294,348
368,303		 2021
£
71,264
263,758
335,022
2021
£
7,731
27,717
35,448
2021
£
70,612
236,696
307,308

18

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

8.3
Other Costs
Audit fees (1983)
Audit fees (1986)
Legal and administration fees (1983)
Legal and administration fees (1986)
Insurances (1983)
Insurances (1986)		 2022
£
2,161
4,320
1,548
3,096
425
850
12,400		 2021
£
2,161
4,321
2,174
4,348
426
853
14,283

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

19

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

9
Analysis of Fund Movements
9.1
Balances
Brought
Forward,
01.08.2021
£
a
Unrestricted
Funds
36,899
b
Permanent
Endowment
10,254,385
10,291,284
9.2
Balances
Brought
Forward,
01.08.2020
£
a
Unrestricted
Funds
16,946
b
Permanent
Endowment
9,278,372
9,295,318
£
-
335,022
335,022
-
394,191
Income
Income
£
394,191		 (42,822)
Expenditure
£
(376,059)		 Investments
Gain
£
-
188,131
188,131
Investments
Gain
£
-
1,017,983
1,017,983		 Funds
Carried
Forward,
31.07.2022
£
55,031
10,399,694
£
(41,970)
(315,069)
(418,881)
Expenditure		 10,454,725
Funds
Carried
Forward,
31.07.2021
£
36,899
10,254,385
(357,039) 10,291,284

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 2022

10
Reconciliation of Cash Flows From Operating Activities
2022
£
(24,690)
Adjustments for:
Dividends, interest and rents from investments
(394,191)
(Decrease)/Increase in creditors
(2,454)
(421,335)
11
Statement of Financial Activities: for the year ended 31 July 2021
Permanent
Endowment
£
Incoming and endowments from
Investment income
-
Total income and endowments
-
Expenditure on
Raising funds
35,448
Charitable activities
-
Other costs
6,522
Total expenditure
41,970
Net expenditure from operations
before transfers and investment gains
(41,970)
Losses on investment
1,017,983
976,013
Total funds brought forward
9,278,372
Balance carried forward
10,254,385
Notes
335,022
335,022
Net (expenditure) for the year (as per Statement of
Financial Activities)
Unrestricted
Funds
£
315,069
7,761
307,308
-
19,953
Net income and capital inflow
16,946
36,899
-
19,953		 10
Reconciliation of Cash Flows From Operating Activities
2022
£
(24,690)
Adjustments for:
Dividends, interest and rents from investments
(394,191)
(Decrease)/Increase in creditors
(2,454)
(421,335)
11
Statement of Financial Activities: for the year ended 31 July 2021
Permanent
Endowment
£
Incoming and endowments from
Investment income
-
Total income and endowments
-
Expenditure on
Raising funds
35,448
Charitable activities
-
Other costs
6,522
Total expenditure
41,970
Net expenditure from operations
before transfers and investment gains
(41,970)
Losses on investment
1,017,983
976,013
Total funds brought forward
9,278,372
Balance carried forward
10,254,385
Notes
335,022
335,022
Net (expenditure) for the year (as per Statement of
Financial Activities)
Unrestricted
Funds
£
315,069
7,761
307,308
-
19,953
Net income and capital inflow
16,946
36,899
-
19,953		 10
Reconciliation of Cash Flows From Operating Activities
2022
£
(24,690)
Adjustments for:
Dividends, interest and rents from investments
(394,191)
(Decrease)/Increase in creditors
(2,454)
(421,335)
11
Statement of Financial Activities: for the year ended 31 July 2021
Permanent
Endowment
£
Incoming and endowments from
Investment income
-
Total income and endowments
-
Expenditure on
Raising funds
35,448
Charitable activities
-
Other costs
6,522
Total expenditure
41,970
Net expenditure from operations
before transfers and investment gains
(41,970)
Losses on investment
1,017,983
976,013
Total funds brought forward
9,278,372
Balance carried forward
10,254,385
Notes
335,022
335,022
Net (expenditure) for the year (as per Statement of
Financial Activities)
Unrestricted
Funds
£
315,069
7,761
307,308
-
19,953
Net income and capital inflow
16,946
36,899
-
19,953		 2021
£
(22,017)
(335,022)
2,180
(354,859)
Total
£
335,022
335,022 335,022
7,761
307,308
-		 35,448
307,308
14,283
315,069 357,039
19,953
-		 (22,017)
1,017,983
16,946
19,953		 976,013
9,278,372
10,254,385		 995,966
9,295,318
36,899 10,291,284

21

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

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
31,436
-
(6,484)
30,079
£		 Permanent
Endowment
£
10,402,977
-
-
(3,283)
10,399,694
Permanent
Endowment
£
10,260,123
-
-
(5,738)
10,254,385
2021
2022		 Total
£
10,402,977
31,436
30,079
(9,767)
Unrestricted
Funds
£
55,031
-
(6,482)
16,503
26,878		 10,454,725
Total
£
10,260,123
16,503
26,878
(12,220)
36,899 10,291,284

13 Financial Instruments

At the balance sheet date, the Fund held financial assets at at fair value of £10,260,554 (2021: £9,953,087) and financial liabilities at amortised cost of £9,767 (2021: £12,220). Total interest received in respect of financial assets held at amortised cost totalled £Nil (2021: £Nil). Income in respect of assets held at fair value totalled £394,191 (2021: £335,022) and expenditure incurred was £38,178 (2021: £35,448). Gains in the period were £188,131 (2021: £1,017,983).

22