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2023-07-31-accounts

THE SAINSBURY cE￿rRE ENDOWMENT FUND AccouNrs FOR THE YEAR ENDED 31 JULY 2023

THE SAINSBURY CENTRE ENDOWMENT FUND

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023

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 2023

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 Maguire (appointed ex officio 23 May 2023)
Professor D J Richardson (retired ex officio 23 May 2023)
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 BDB Pitmans LLP
1 Bartholomew Close
London
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 2023

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 over the past year, 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 which is permanent endowment 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 2023

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 £407,622 (2022 - £368,300) 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

This has been a busy year for the Sainsbury Centre as alongside our business-as-usual activities we have also developed a new vision and strategic implementation plan. The realisation of this plan with a public relaunch in May 2022 has gone extremely well. Alongside the relaunch we have opened a series of exciting new exhibitions, digital experiences and engaging public events that have grown both our audience numbers and levels of meaningful audience engagement. We have put in place an exciting plan for our future programming at the Centre that captures the original intent of its founders in the 1970s and reframes them within the 21st Century.

The Centre has successfully delivered a number of exhibitions during this reporting period including; Visions of Ancient Egypt 15 September 2022 - 2 January 2023, Empowering Art: Indigenous Creativity and Activism from the American Northwest Coast 15 March – August 2023, Julian Stair: Art, Death and Afterlife 25 March – 10 September 2023 and Living Art – Sharing Stories May 20 2023 – May 5 2024 . We have also hosted a number of artist collaborations including Sara Sallam’s work in the Living Area.

Another major delivery has been the development of a new digital app for the Sainsbury Centre in collaboration with Smartify that means every artwork on display can have its associated documentation accessed in gallery by visitors. In addition we have developed two digital experiences for visitors to be used in the gallery with the app called Living Art: a one to one tour of the permanent collection introducing visitors to a uniquely Sainsbury Centre methodology for understanding art. And Sharing Stories: a choice based tour of the permanent collection allowing visitors to choose the voice they wish to hear for an artwork from either Artist, Expert or Lived Experience. These have received fantastic feedback from early user experience.

3

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

Director's Report (cont.) The Sainsbury Collections continue to attract global attention with
request for loans from Kettle’s Yard, The Laing Art Gallery,
Serlachius Museum, The Hepworth Wakefield, Scotish National
Gallery of Modern Art, Tate St Ives, Guggenheim, Royal Academy,
Barbican, Fry Art Gallery, The Amelia, Rozelle House, Museum of
Making, Cooper Gallery, Isokon Gallery, 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 and
exhibitions this year and staff are energised for future
developments. The current five year plan is developing extremely
successfully thanks to continued support.
Jago Cooper, Director, September 2023
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 value of the investment portfolio continues to fluctuate as a
result of difficult economic conditions, not least as a result of the
continuing war in the Ukraine. The value of investments has
decreased by 2.8% compared to 2022.
Investment income has increased by 1.9% compared to the
previous year the prevailing economic conditions saw moderate
dividend returns. Investment income remains difficult to find, and
Trustees are mindful that slowing global growth and geopolitical
uncertainty could have a negative impact on future 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 £401,732.
The total grant paid out of the income of the Trust for
the year ended 31 July 2023 was £407,622.

4

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

Financial Review (cont.) The net expenditure of resources for the year of the Unrestricted fun after making these grants were £14,390. The balance of the Unrestricted Fund at 31 July 2023 was £40,641. 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 O Byrne, Mr A Collett Mr D Flynn, Ms H Johnston, Miss J S Portrait.

5

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2023

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 8 November 2023 and signed on their behalf by

) ) Mr P Hesketh ) ) ) Professor D Maguire )

Trustees

6

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

FOR THE YEAR ENDED 31 JULY 2023

Opinion

We have audited the financial statements of the Sainsbury Centre Endowment Fund for the year ended 31 July 2023 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:

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 2023

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

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.

8

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

FOR THE YEAR ENDED 31 JULY 2023

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 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

17 November 2023

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 2023

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
(Losses)/Gains on investments
3
Net (expenditure)/income and
capital (outflow)/inflow
Total funds brought forward
Balance carried forward		 Unrestricted
Funds
£
401,732		 Permanent
Endowment
£
-
2023		 2022
Total
Total Funds
£
£
401,732
394,191
401,732 - 401,732
394,191
-
407,622
8,500		 36,602
-
3,132		 36,602
38,178
407,622
368,303
11,632
12,400
416,122 39,734 455,856
418,881
(14,390)
-		 (39,734)
(253,793)		 (54,124)
(24,690)
(253,793)
188,131
(14,390)
55,031		 (293,527)
10,399,694		 (307,917)
163,441
10,454,725
10,291,284
40,641 10,106,167 10,146,808
10,454,725

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 2023

2023
Total
Funds
£
Fixed assets
Quoted stocks and shares
10,109,200
Total fixed assets
10,109,200
Current assets
Debtors and prepayments
32,292
Cash at bank and in hand
15,998
Total current assets
48,290
Creditors: amounts falling due within one year
(10,682)
Net current assets
37,608
Net assets
10,146,808
Funds of the charity:-
Unrestricted Funds
40,641
Permanent Endowment
10,106,167
10,146,808
The notes on pages 12 to 22 form part of these financial statements.
Notes
3
4
5
9
9		 2022
Total
Funds
£
10,402,977
10,402,977
31,436
30,079
61,515
(9,767)
51,748
10,454,725
55,031
10,399,694
10,454,725

Approved by the Board and signed on its behalf by

) ) Mr P Hesketh ) Trustees ) ) Professor D Maguire )

Date: 8 November 2023

11

THE SAINSBURY CENTRE ENDOWMENT FUND

STATEMENT OF CASH FLOWS

AS AT 31 JULY 2023

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)		 2023
Total Funds
£
(103,091)
(352,273)
(455,364)
87,927
313,372
193,969
687,256
(135,544)
(783,387)
363,593
(91,771)
172,502
80,731
47,243
17,490
64,733
8,429
7,569
15,998
80,731		 2022
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

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 2023

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 2023

2 Accounting Policies

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 2023

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 (losses)/gains (1983)
Net investment (losses)/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		 2023
£
2,332,090
7,928,464
135,544
783,387
(193,969)
(687,256)
(58,041)
(195,752)
10,044,467
2023
£
10,044,467
47,243
17,490
64,733
10,109,200		 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
142,423
10,402,977

15

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

2023 2022
£ £
3.2 Historical Cost
At 31 July 2023 (1983) 1,935,990
At 31 July 2023 (1986) 6,516,394
8,452,384
At 1 August 2022 (1983) 1,835,776
At 1 August 2022 (1986) 6,286,985
8,122,761
3.3 The following material investment holdings represented more than 5% of the total value of
the charity's total investments:-
2023 2022
£ £
iShares Plc - S&P 500 Index (1983) 216,596 204,434
iShares Plc - S&P 500 Index (1986) 745,658 703,789
Vanguard S&P 500 UCITS ETF (1983) 147,814 139,558
Vanguard S&P 500 UCITS ETF (1986) 538,064 508,011
Federated Hermes Unconstrained Credit Fund (1983) 120,016 -
Fidelity Global Dividend Fund (1986) 408,000 -
2,176,148 1,555,792
4 Debtors and Prepayments
2023 2022
£ £
Accruals (1983) 5,587 5,351
Accruals (1986) 25,854 25,657
Prepayments (1983) 284 143
Prepayments (1986) 567 285
32,292 31,436

16

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

5 Creditors: Amounts Falling Due Within One Year

Audit fees (1983)
Audit fees (1986)
Investment management charges (1983)
Investment management charges (1986)		 2023
2022
£
£
2,599
2,185
5,045
4,295
680
855
2,358
2,432
10,682
9,767

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 (2022: owed by the 1986 fund £17,583).

17

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

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)		 2023
£
88,163
313,569
401,732
2023
£
8,138
28,464
36,602
2023
£
85,166
322,456
407,622		 2022
£
84,745
309,446
394,191
2022
£
8,728
29,450
38,178
2022
£
73,955
294,348
368,303

18

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

8.3
Other Costs
Audit fees (1983)
Audit fees (1986)
Legal and administration fees (1983)
Legal and administration fees (1986)
Insurances (1983)
Insurances (1986)		 2023
2022
£
£
2,549
2,161
5,096
4,320
1,044
1,548
2,088
3,096
285
425
570
850
11,632
12,400

Legal and administration fees are for services provided by BDB Pitmans LLP, a firm in which Mr O Byrne, Mr A Collett, Mr D Flynn and Ms H Johnston were 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 2023 (2022 - none).

19

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

9 Analysis of Fund Movements

9.1
Balances
Brought
Forward,
01.08.2022
£
a
Unrestricted
Funds
55,031
b
Permanent
Endowment
10,399,694
10,454,725
9.2
Balances
Brought
Forward,
01.08.2021
£
a
Unrestricted
Funds
36,899
b
Permanent
Endowment
10,254,385
10,291,284		 £
-
394,191
394,191
-
401,732
Income
Income
£
401,732		 (39,734)
£
(42,822)
(376,059)
(418,881)
(455,856)
Expenditure
Expenditure
£
(416,122)		 Investments
Loss
£
-
(253,793)
(253,793)
Investments
Gain
£
-
188,131
188,131		 Funds
Carried
Forward,
31.07.2023
£
40,641
10,106,167
10,146,808
Funds
Carried
Forward,
31.07.2022
£
55,031
10,399,694
10,454,725

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 and 30 December 1986. 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 2023

10
Reconciliation of Cash Flows From Operating Activities
2023
£
(54,124)
Adjustments for:
Dividends, interest and rents from investments
(401,732)
(Increase)/decrease in debtors
(422)
Increase/(decrease) in creditors
914
(455,364)
11
Statement of Financial Activities: for the year ended 31 July 2022
Permanent
Endowment
£
Incoming and endowments from
Investment income
-
Total income and endowments
-
Expenditure on
Raising funds
38,178
Charitable activities
-
Other costs
4,644
Total expenditure
42,822
Net expenditure from operations
before transfers and investment gains
(42,822)
Losses on investment
188,131
145,309
Total funds brought forward
10,254,385
Balance carried forward
10,399,694
Notes
394,191
394,191
Net (expenditure) for the year (as per Statement of
Financial Activities)
Unrestricted
Funds
£
376,059
7,756
368,303
-
18,132
Net income and capital inflow
36,899
55,031
-
18,132		 10
Reconciliation of Cash Flows From Operating Activities
2023
£
(54,124)
Adjustments for:
Dividends, interest and rents from investments
(401,732)
(Increase)/decrease in debtors
(422)
Increase/(decrease) in creditors
914
(455,364)
11
Statement of Financial Activities: for the year ended 31 July 2022
Permanent
Endowment
£
Incoming and endowments from
Investment income
-
Total income and endowments
-
Expenditure on
Raising funds
38,178
Charitable activities
-
Other costs
4,644
Total expenditure
42,822
Net expenditure from operations
before transfers and investment gains
(42,822)
Losses on investment
188,131
145,309
Total funds brought forward
10,254,385
Balance carried forward
10,399,694
Notes
394,191
394,191
Net (expenditure) for the year (as per Statement of
Financial Activities)
Unrestricted
Funds
£
376,059
7,756
368,303
-
18,132
Net income and capital inflow
36,899
55,031
-
18,132		 2022
£
(24,690)
(394,191)
-
(2,454)
(421,335)
Total
£
394,191
394,191
38,178
368,303
12,400
418,881
(24,690)
188,131
145,309
10,254,385
10,399,694		 163,441
10,291,284
10,454,725

21

THE SAINSBURY CENTRE ENDOWMENT FUND

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2023

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
£
40,641
Unrestricted
Funds
32,292
-
55,031
-
(6,484)
31,436
30,079
(7,649)
15,998
£		 Permanent
Endowment
£
10,109,200
-
-
(3,033)
10,106,167
Permanent
Endowment
£
10,402,977
-
-
(3,283)
10,399,694
2022
2023		 Total
£
10,109,200
32,292
15,998
(10,682)
10,146,808
Total
£
10,402,977
31,436
30,079
(9,767)
10,454,725

13 Financial Instruments

At the balance sheet date, the Fund held financial assets at at fair value of £10,044,467 (2022: £10,260,554) and financial liabilities at amortised cost of £10,682 (2022: £9,767). 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 £401,732 (2022: £394,191) and expenditure incurred was £36,602 (2022: £38,178). Losses in the period were £253,793 (2022: Gain of £188,131).

22