2025-07-31-accounts

THE SAINSBURYCENTRE ENDOWMENT FUND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

THE SAINSBURY CENTRE ENDOWMENT FUND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 CONTENTS Page TTUStees' Rewrt 1 to 6 Ind8p@ndénl Auditor's Report 7 to 9 Slalemenl of Financial Activities 10 Balance Sheel 11 Slalemenl of Cash Flows 12 Notes to the Accounts 13 to 22

THE SAINSBURYCENTRE ENDOWMENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2025 Refèrence and Administrative Details Charity r8gistratlon number 287378 Principal address The Peak 5 Wilton Road London SW1V IAP University Trustees Mr D I Callaghan Pr(Ifessor I P Dewing Ir¢lired 8 October 2025) Professor D Maguire Professor C T Richardson laptx)inled 8 October 20251 Exiernal Tru$t¢es H O N & V Trustee Ltd Mr P Heskelh Mr J C Burns Auditors Crowe U.K. LLP 55 Ludgale Hill London EC4Y 8EH Soll¢ltors Broadfield Law UK LLP 1 Bartholomew Close London ECIA 78L Investment managèrs Cazenove Capital Management l London INalS Place London EC2Y SAU

THE SAINSBURYCENTRE ENDOWMENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 202S structure Governance and Mana Govorning document ement The SainsbLEry 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 urKler a Trust Oeed dated 23 December 1986. Although the two funds are administered soparalely they are Irealed as one ch8rily by th6 Charity Commission and the individual accounts have been combined for the purpose of the slalulory audit. The power of appointing University Trustees is exercisable by the University of East Anglia I'UEA'}. The Extèrnal Trustees are appointed by the continuing External Trustees who in turn are required lo appoint those nominated by Lord Sainsbury of Turville. The External Trustees are responsible for investment poliGy and management. The TrUst￿S meet twice a year to consider reports from the External Trustees on invesknenl performance and policy, lo receive reports on the applicalian of the funds passed lo tha University in order lo fulfil the objects of the Trust and lo consider the annual report and financial 8lalemenls. The key risk lo the ITUSt fund is thè volalilily of market investments where the value of investments and future investment income fluctuates. The Trustees, in consultation with and on the advice of their Investment Advisers, maintain a diverse 2nd balanced investment portfolio lo miligale so far as possible against adverse iisks affecting the overall value of the endowment so Ihal the charity Can continue lo pay out the income generated lo the trust beneficiary. Al thè same lime, other major risks ID whtch the IrLJsI is exposed are considered and, whera necessary, steps are taken lo miligale and minimise those risks. Trustee Selectlon Mèthods Organisational structuY8 of thè ¢h#rlly and how d¢¢lslon8 are mado Risk polley Ob'ectlves and Activities Objects The principal purpose ol the Fund is lo provide income bul not capital which is permanent endowment lo support the running costs of the Sainsbury Centre for Visual Arts al the UEA, NorwiGh I'lhe Cenlre'l wh￿h are allr(bulable to parts of the Centre which are being used for displaying a collection or exhibition. The Trustees confirm Ihal they have referred lo the guidance contained in thè Charity Commission's general guidance on public benefit when reviewing the Ttusl's aims and objectives and in planning future activities {and selling the grant making policy for the yearl. Publ1¢ Benefit statemont

THE SAINSBURYCENTRE ENDOWMENT FUND "rRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025 Conneetad Charities Connected charities, independently admlnlslered and with similar objects and with which this charity operates, are the Sainsbury Research Unil for the Arts DfAfrica, Oceania and the Americas. Achievements and Perfomiance Achigvemonts Dur¢ng the year the Trust distributed £392,894 {2024 - £417,505) lo the Univorsily of East Anglia, to expend lor the benefit ol the Sainsbury Centre for Visual Arts in accordanGe with the terms of the Trust Deed, The charity has no Paid staff. 11 has been an exoiling year of aellvity at the Sainsbury Cènlre with growing numbers of visitors as well as increased profile for the museum. This increased ititeresl is perhaps behind the sléep rise in loan requests that the Centre has processed for artworks in our collection. During the last year works from the Collection have travelled across the country and beyond, lo a wide range of exhibillons and displays in museLEMS including the Museum of Modèrn Arl Vienna, Modemuseum Anlwerpen, CLAY Museum of CeTamic Art. Museum Barberini, GAM CaL￿ria Civica d'Arte Modèrna e Contemporanea, Regione Friuli Venezia Giulia, Fondalion Pierre Gianadda, Kunslmuseum Basel, London Tran8POrt MLFseurll, National Porlrail Gallery. Pallanl House Gallery, Saatchi Gallery, Saalchi Yates, Sheringham Museurn, The Bowès Museum, The Box, The Hepworth Wakelield, The Holburnè Museum and the lthilechapel Gallery. 11 is wonderful that so many people 81 all these venues are seeing and enjoying art from the SainsbLFry Centre. The new ways of aclivaling the permanent collèction have improved audience engagement and the new fundamental questions approach to programming is proving popular. This pDptJlarity has fuelled the exhibition teams here lo new heights and they have put an enormous range of shows together under the different fundamental questions framework. These exhibitions include The Camer8 Never Lies.. Chellenging im8g&s Ihrough The Incite Proiecl, LNquid Gender, In Event of Moon Disaster. Lower Galleries." Tank Man and The Heart of TnJlh, Why Do We Take Drugs? Pow8r Plants.. Inloxicanls, Sfrimulanls and Narcotics. Ayahuasca and the Art olthe AmazoTP, Heroin Falls, Hol Mess, Towards Ihe weird heart of things, Wortd of Mlater, Danvin in Paradise C8mp.' Yuki Kih8r8, A World of Water, and Sea Inside. Most of these exhibitions were supported through collaborative research 2nd conversalion with colleagues aGr055 Ihts University, helping the Centre lo bring lo the fore some of the18lesl thinking in aieas ol cultural challenge and social Change. Director's Report

THE SAINSBURY CENTRE ENDOWMENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2025 Director's R8port l¢ont.} Artists are keen lo get involvèd with the Cenlre's fundamental quest￿￿$ Spproach and are enlhusiaslic lo participate in ils programme. AS a result, the Centre's events programme is packed with exciting artist talks, academic walks and social gatherings of different kinds. More than nine thousand schoolchildren visited the Sainsbury Centre this y6ar and ils learning PTogramme has developed ways to include people from across the demographic spectrum. These inilialives all help strengthen the community bond with the museum and underpin the strong sense of loyally of ils visitor base. This funding has had a fundamental impact on the ability ol the Sainsbury Centre lo deliver its core aclivily, onlina colle¢lions anof exhibitions this year and staff are energised for the future. Jago Coop6r, Direotor, Seplember2025 The Trustees have wide power of investment. The objective of the Trustees is lo maintain a level of investment income ovor time that keeps pace with Inflation. The Trust's permanent olldowmenl funds 8r6 invested lo generate income and provide long-lerm capital growth in line with relevant indicés. The Trustees regularly meet the investment managers lo discuss strategy and review performance. In the year under revEw, Trustees maintained a defensive investment strategy. There has been a very strong recovery in equity markets with regions outside of the US doing well. This is partty to do with US excgplionalism being questioned earlier in the year and ID some extent the dollar's weakness benefiting olh&r areas in the world, As a consequence, tho UK, Japan, Asia and Emerging markets have seen strong reluins and the poilfolio's returns are outperforming their respective market indices. The value of inveslmants has increased by 6.1 % Compared lo 2024. Investment income has decreased by 6.1¥0 Compared lo the previous y6ar. The dividend yield is lower as dividend payments from ￿[taIn sectors have been reduced in comparison to a year eailier, the strength of sterling, and a Teduclion in the number Df special dividends. The dividend yield appears lo have slabili8ed around 4°k p.a, The Trust does not iaise funds from the public. This is a grant making trust with no direct aclivilies, all distribvlable income being donated lo th8 UEA for the purposes specified above. Thèrefore there are no specific aGlivilies lo be reportad on by the Truste¢s. The income of the year, all derived from stock exchange investments and cash placed on deposit wa¥ £403,310. Investment policy Invostment performance Finan¢lal R0vIgw

THE SAINSBURY CENTRE ENDOWMENT FUND TRUSTEES, REPORT FOR THEYEAR ENDED 31 JULY2025 Financlal Review cont. The total grant paid out of the income of the Trust for the year ended 31 July 2025 was £392,894, The nel income for the year of the Unreslricled Fund after making these grants and m8ellng other costs was £686. The balance of the Unre81rlcled Fund at 31 July 2025 was £42,512. The UEA and External Tru51ees mel twice during the year to consider the allocation of available income. The Exlemal Trustees had two further meetings with Cazenove Capital Management. The TrLFslees receive an annual report Irom the UEA on the application of funds paid lo the UEA. The UEA accounts for the activities funded from the income made over lo il by the Trustees within the scope of ils Annual Report alld ABcounls. Reserves Polic The Trustees, policy is to pay the nel income lo the UEA. Goin Concern Having assessed the Trusfs financial position and plans for the foreseeable future, the Trustees sre sali¥lied that il remains appropriate ID prepare the financial slalements on the going concern basi5. Directors The directors of HON & VTruslee Ltd are,. Mr O Byrne, Mr A Collell Miss J S Portrait. Mr H Smith. Retirement The Trustees note the relirernenl of Professor I P Dewing and extend their thanks for his assistance during his appoinlmenl.

THE SAINSBURY CENTRE ENDOWMENT FUND

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2025

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 24 November 2025 and signed on their behalf by

Mr P Hesketh

Trustees

Professor D Maguire

6

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SAINSBURY CENTRE ENDOWMENT FUND FOR THE YEAR ENDED 31 JULY 2025 Opinion We have audited the frnancial slalemerils ol the Sainsbury Centre Er¥Jowment Fund for the year onded 31 July 2025 which compri52 the Statement of Flnanaal Aclivltles, the Balan￿ Sheet and kne Statement of Cash Flows and notes to the finanei81 statements, including a summary ol significant accounting p￿t¢leS. Th8 financial reporting tramowork that has been applied in their preparation is applicgble law 8nd United Kingdom Accounting Standards, including Financial Reporbng Standard 102. The Financial Reporting Standard applie8bl6 in the UK and Republic ol Iieland (United ￿ngdtsM Generalty Accepted Accounting Practice). In our opinion the financial slalernonls.. ' give s true and lair view of the state ol the charity's affairs as at 31 July 2025 and ol its incomlng resourcos and application of resouices, incl[￿1￿9 its inCOTne and expendiluie forthe year then ended., . have been property prepared in accordance with United Kingdom Generally A¢￿pted Accounting Praelice.. and . have been pr8par8d in aC￿rdan￿ with the requiretnents of the Charitses Act 2011. Ba$Ss for oplnlon We conducted our audll in accordance ￿th International Standards on Auditing IUKI IISAS IUKII and 8pplicable18w. Our ￿$[K)nSibIlitieS under those standards are further descrabed in the Auditor's responsibililios lor the audit ol th9 financial stalemonls section of our report We are independent ol th8 charity in Bccordance with the eth￿al requirements that are relevant to our audit oil the fi'nancral 5taletnenls in the UK, Includlng the FRC'S Ethlcal Siandard, Elid we Iiave fulfilled our oiher ethical responsibilities in acmrdance wllh these r8quiiernenls_ We bell8V8 that th8 audSt 8￿denc& w8 hav8 obtained is sufficient and appropriate to provide a basis lor our opini￿. Concluslons relatlng to golng concern In auditing the financial slalemen15, we h8ve concluded that the truslee5' Use of the golng concern basls ol accounting in the preparation ol the financial statements is appropriate. Based on the work w8 have p&rform8d, we have not identlfied any matérial unc8rtalntl85 relating to events or conditions that, individually or collectively, may cast 8[gr)if￿an1 doubl on the charity's ability to nlinue as a going concem lor a period of at least Iwelve months from when the financial statements are aulhorised for Issue. Our responsibilities and Ihg respoDslbillbe8 of the trustee8 ￿th rosped lo going con¢orn are ¢Jescribed in the ￿levallt sedions ol this report. Other Infomatlon The trustees afe responsible for thè other information. The other inlormalion comprises Ihe informatlo included in the annual 18POrt, olh8r than the fi'nancial statem8nl8 and ovr auditor's report thereon. Our opinion on the financial s(81gments does not cover the other information and, ex￿p1 to the exlenl olhethse expllcluy statèd In trur report, we do not axpress any form ol assurancè condusion thereon. Our responsibillty Is lo read the other information and, in doing so, consider whelhgr the other Informatlon is materially inconsistent with the financial siatements or our knowledge obtained in the aLKJit or olherwi8e appe81s to be materially fiii88181od. Ilwo identify rn81eiial inconsi51encie5 Qr appargnl mater￿1 misstatements, we are required to determine whether this gives rise lo a mat8rial misslatemenl In th6 finandal statements themselves. 11, based on the work we have performed, we conclude that there 18 8 maloiial misslatemenl ol tris other infoimallon, we are reqUI￿d to feport Ihat facL

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SAINSBURY CENTRE ENDOWMENT FUND FOR THE YEAR ENDED 31 JULY 2025 We have nothing to report in thls regard. Matters on whlch we arè required to report by ex¢eptlon We have nothing lo report in respect ol the follo￿qng matters in rejalion tts whid) the Charille5 (Accounts and Reports) Regulations 2008 requirè u5 to report lo you il, in our opinion.. the information given the financial stslemenls is inconsislenl in any materkgl respect with the tru5tees' report.. or 4 sufficlènt accounting records have not been kept", or the finaKial statements are not In 8gre8menl with the accounting records and returns,, or we have not received all tho Information and explanations wa requir8 for our audit. Responslbillties of trustees As explained more fully in the trustèes, responsibilili9s statement sel out on page 6. the tru8tees are respoiisible for the Preparati(￿ of the finanaal 8talements and for bèing satisfied that Ihoy give a true a￿1 fair view, and for such Internal conliol as the trubtEe5 detemiine is Dece8sary lo enable the prepatalion oif financial slalemenls that are frèe from materi31 misstalernent, thether due to fraud or error. In preparing the finan¢i8181alemenls. the trustees are responslble for assessing th8 charlty's abiKty to eonlinue 85 8 golng concern, disclosiru, as applicable, mallers related to going concern and using the going cor1￿M basis ol accounting unless thè Irusl88s eilh8r intend to liquidale the Gharily or lo ce8se opÈrations, or have no realistic alternative bul to do so. Audltovs rè8ponslbllitles far the eudlt of tho flnanclal statoments We have been appointed as auditor under sèction 144 of the Charities Act 2011 and rewjrt in accordarrE with ihe Act and relevant regulations rnade or having effect thereundèr. Our objectives are to obtain reason8ble as8urance about whelher the financlal stglements as a who are free from m8terLg1 misstalemenl, whether due lo fraud or error, and to Issuo 8n audilorfs report that includes our opin￿n. Reasonable assurance is 8 hlgh18V81 of assuran￿, bul is not a guarantee that an audit conducted in accordan￿ with ISAS IUKI will a￿ayS delecl a material misst8lem8nt vthen il 8xisIs. Misstatements can arise from fraud or error and are consldered materi81 if. individually or in the aggregate, they Could roasonaljy be expected lo inlluen¢e the economlc decisions ol user5 taken on the basis ol these financtal statements. Deiails ol the extent to wh￿h the aud*l was considered capable ol detecting i￿egula￿lI18s, including fraud and ￿n-cOmplian￿ with laws and regulations are sel out bebw. A further descrption ol our responsib>lities lor the audit olthe financial statements Is located on the Financlal Rèwrting CounGil's website al.. wm.frc.org.uklaudilorsresponsibllltsg8. This description forms part of our auditorfs report. Extent to whlch the audlt wa¥ ¢on$ldered capable of detectlng Irregularities, Includlng fraud Irregularities, including fraud, are insianc08 of non-carnpliance with laws and regulations. We identified and assessed the rfsks ol male¥ial misslalernont ol the financial statements from irregularities, whether due lo freud or error, and dis¢u$8ed those between our audit team member5. Vve then designed and P8rfortn8d audit procedures responsive to those rtsks, including obtairring audll evidence sufficient and approprlate to piovade a b8515 for our opinion.

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SAINSBURY CENTRE ENDOWMENT FUND FOR THE YEAR ENDED 31 JULY 2025 W6 obtained 8n underst8nding of the legal and regulatory frameworks within which the ¢haiily opet8les, focusing on those laws and iegulation5 that have a direct effect on the deterMInat￿n ol material amounts and disclosures in the financial 81al¢menls. The laws and regulations we consldered in thls ¢onlexl were the Charities Act 2011 logelher with the Charities SORP IFRS 1021. We assess8d th8 r8qulr8d compliance with these laws and regulations as part ol our audit proc8duros on the relal¢d financial stalemonl items. In addition, we considered provisions of other laws and regulatlons that do not have a direct effecl on the financial statements but compliance with which mlght bt3 fundamental to the eharity's ability lo operate or lo avold a mater181 penalty. We also considered the opportunities and In￿ntIveS that may 8X18t within the charity lor fraud, Auditing standards limit the required audit procedures to idontify non-compliance with these laws and regulations lo enquiry of the Trustees and other management and inspection of regulatory and legal CLYrespondence, if any. We identified the greatest risk of material Impact on the financial stalement.q from irregularities, induding fraud, to be within the ov8rrid8 of controls by management. Our audit proeedures lo respond to these risks included enquiries ol management about Ihoir own idontilicalion and assessment of the rlsks of irregUla￿lIes. sample tesung on the posilng oljournals, reviewng accounting estimate8 ft)r blases, reviewing regulatory correspondence wlh the Charity commiss￿￿, and re(Iding minutes ol meetings of those charged with governan¢e. Owing lo the inherent Ilmltallons of an 8udil, there is Rn unavcTridable risk that we may not have detected some m81erial m18slaloments in Ihg financial 5tatetnents, even though WE havE properly planned and perfottned our audit in accordance with auditinq standaTds. For example, th8 further removed non- compli8nc8 With laws and règulations lirregularitiesl is frorn the events and transactions reflected in the financial statem8n18, the less likdy the inherenlly litnlted prO￿d￿￿5 requlred by auditing standards WOU￿ identify il. In addition, as ￿q1h any audit, there ￿M•&ned 8 higher risk ol non-delection ol irrogularities, as these m8y involve collusion, fofgery, inlcnlional omisssons. misrepresentslions. or override ol inlemal conlio15. We are not responsible for preventing non-compliance and cannot be expected to deteci non-compliance wth all law8 8nd regulations, Use of our report This report is made solely lo tho tharity'5 trustees, as a body, In accordance with Part 4 01 the Charibes (Accounts and Reports) Regulations 2008. Our audit work hts been undertaken sts thal we might state lo the charity's trustees those mallers we are required lo slal8 lo them Sn an auditor's r8POrt and for no olhor puipose. To the fvllesl exlenl permitied bylaw, we do Not ac￿pt or assume responsibility lo anyone other than the charity and Ihg charity's Iru51ees as a body, for our audit WDrk, for thi5 repor( or lor the opinion5 we have formed. 11. k. Crowe U.K. LLP Slalulory Auditor London 15 December 2025 CrvNeU.K. LLP Ise1￿￿b￿1O1appDlnIMen1as8udltO[0f IhBcharilyby virtuBof iise1igibilityforap￿nlMÉ￿la8auditWOfa company ur￿e[SeCt￿￿ 1212 ofth8 Compan￿& ?OOS.

THE SAINSBURY CENTRE ENDOWMENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Unrestrlctgd Funds Permanent Endowment Total Tol81 Funds Note$ Incomo and endowments from Investment income 403,310 403.310 428,163 Total Incomo and endowment8 403,31 D 403,310 428, 163 Expenditure on Ralsing funds 39,238 39,238 36.652 Charitable aclNili 392,894 392,894 417,505 Other costs 9,730 9,730 90,043 Total expenditure 402,624 39,238 441,862 464,200 Net incomellexpenditur¢) from operations before transfers and Investments gains 139.2381 138,552} f36,037) Gain on investments 718,874 718,874 733, 122 Nat incom8 and capital inflow 679,636 680,322 697,085 Total fund8 brought forward 41,826 10,802,[￿7 10.843,893 10, 746.808 Balance carri8d foNard 1,703 ,524,215 Th8 notes on pages 13 to 22 form part of these financial stslemenls. 10

THE SAINSBURY CENTRE ENDOWMENT FUND

BALANCE SHEET

AS AT31 JULY2025

		2025	2024
		Total Funds	Total Funds
	Notes	£	£
Fixed assets
Quoted stocks and shares	3	11,484,737	10,805,101
Total fixed assets		11,484,737	10,805,101
Current assets
Debtors and prepayments	4	32,218	34,209
Cash at bank and in hand		18,751	15,817
Total current assets		50,969	50,026
Creditors: amounts falling due within one year	5	(11,491)	(11,234)
Net current assets		39,478	38,792
Net assets		11,524,215	10,843,893
Funds of the charity:-
Unrestricted Funds	9	42,512	41,826
Permanent Endowment	9	11,481,703	10,802,067
		11,524,215	10,843,893
The notes on pages 13 to 22 form part of these financial statements.
Approved by the Board and signed on its behalf by
Mr P Hesketh
	Trustees
	Date:	24November	2025
	11

THE SAINSBURY CENTRE ENDOWMENT FUND STATEMENT OF CASH FLOWS AS AT 31 JULY 2025 2025 2024 Notes Total Fund8 Tot81 Funds Cashflows from operating actlvlties: Net cash {usèd In) operating actlvltle8119831 Nèt cash lused In) operating activitiè$119861 {99,021) 1342,584} 199,8191 1363,8291 10 1441,6051 1463.6481 Cashflow8 from investlng activities.. Diviclends, Interest and rents from inveslments119831 Dividends, interest and rent5 frotn inveslMents11986) Proceeds from sale of investm8nls119831 Proceeds from sale of invoslmenls11986} Purchase of investments11983} Purchase of investments11986} 90,155 315,146 218,46C> 785,494 {195,6511 (449,2101 91,562 334,684 270,478 790,775 1238,5501 1718,3341 Net ¢a$h provided by investing activities 764,394 530,615 Change in cash and eash equivalents In the reporting period 322,789 66,967 Cash and ca$h equivalents at tho b8glnning of the reporting period 147.698 80,731 Cash and cash equivalènts at the end of the reporting pèriod 470,487 147,698 Analy818 of cash and Cash squlvalents UK Cash held as part of investment porlfolio119831 UK Cash held as part of investment portfolio119861 125,323 328,413 451,736 111,487 20.394 131,881 Cash al bank and in hand {79831 Cash at bank and in hand11986} 8,820 9,931 18,751 8,714 7,103 15,817 470,487 147,698 The note5 on pages 13 to 22 form part of Iheso financial slalemenls. 12

THE SAINSBURY CENTRE ENDOWMENT FUND NOTES TO THEACCOUNTS FOR THEYEAR ENDED 31 JULY2025 Basls of Prepardtlon BBsis ofAccountln Form of Entity.. Charitable Trust Country of Incorporation.. Unltecl Kingdom R8glsl8r8d Office.. Unlverslty of EastAnglia, Norwlch Research Park, Nomch NR4 7TJ, These financi81 slalements have been PTepared In accordance with the Charitle5 SORP 2019 (FRS 102) applicable lo charllles preparing thelr accounts in accordance with th8 Flnanc181 Reporting Standards applicable in the UK and Republic of Ireland and the Chalilles Act 2011 And UK Generally Accepted Pracllce. The accounts (financial stalemenlsl have been prepared to give a'true and fair vlèw And have departed from the charities (Accounts and Reports) Regulatlons only to the extent required to provide 8 tme and falr vlew" Fund accounun The charities both have a slnglÉ permanent endowment fund and unre8tricled fund. Gtsin Concem Having assessed the Trust's financial position and plans for the foreseeable future, Ihg trustees are salisfled that il remalns appropriate to prepare the finandal slalèments c>n the golng concern basis. Public 8enefil The trust Is 8 publlc benefit entity. Accounting Policies Incoming resources are Included In the Slalement ol Financial Acllvilles ISOFAI when., the Gharlty becomes entitled to the resources., the trustees are virtually Gertaln they will receive the resources; and thè monel8ry value can be measuied wllh S￿￿tIent reliability. Where incomlng tesouices have Telated expendlturÉ. the Incoming rèsources and related expènditure are reported gross in the SOFA Grants and donations are only includèd In th8 SOFA when the charity has unconditional enlitlemgnl lo th& resources. 13

THE SAINSBURY CENTRE ENDOWPJIENT FUND NOTES TO THEACCOUNTS FOR THEYEAR ENDED 31 JULY 2025 Accounting Pollclas Incomlng Tesources fron) tax reclaims are Included in the SOFA al the same Ilmo as the income lo whlch they relate. Investment incomè Is Included in the accounts when receivable. Inveslmonl gains and losses indudè 8ny galn or loss on thè salo of inve8lmenls and any galn or loss resulting from rèvaluing the investments to market value at the end of the year. Llabllities are recognlsed as soon as there is a legal or conslruclive obllgation commltting the charfty to pay out resourcès. Govèrnan￿ costs includ8 tho cost ofthe preparation and gxamlnation of slatulory accounts, the cost of TrustaÈ mèellngs and cost of any legal advice lo the Trust8ès on governance or constilulional matters. Grants payabSe are payments m8dè lo thlrd parties in the furtherance of the charitable objectives of the trust, The grants are accounted for where either the trusteès have agTeed to pay the grant without condition and the recipient has a reasonable expectation that thÈy will receive a grant, orany condltion attachlng lo the grant is oulslde the control of the trust. 2.10 Investmènts quoted on a recognlsed stock exchange are valued at maiket value al the year gnd. 2.11 Tho Trust is an exempt chaAtywlthln the rneaning of Section 519 of the Income Tax Act, 2007. Accordlngly, It is potentially exempt from 18xallon in respect of Income or capllal galns received within categories Covered by Section 256 of the Taxation of Chargeable Galns Act, 1992 to th8 extent that such income or gains are applied to 8xcluslvgly ¢harilab18 purposes. Thg Trust receiv8s no èxèmptlon In respect of Value Addod Tax (VATI and is nolVAT registered. 2.12 Endowed funds are permanent endowments where the donor has specifiad that the capital of the gift cannot be gxpgndgd and that only the income arlsing from the capllal may be used for the purpose named by tha donor. None of these funds are available lo meet tha general costs of the Trust. Investment management charges and legal fees ara ch8rged to thè capitsl of the endowed funds. 2.13 Sources of esllmallon uncertainly that have a slgniflcanl effect on the amounts recognlsed in the financial slal@mènls are described in the accounting policies. No specific 8ccounllng JUdg￿nentS and un￿rtaintI￿S have been identified for tho current year. 14

THE SAINSBURY CENTRE ENDOWMENT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 2.14 The cha￿tY has financlal assets and finandal118blllliès of a kind that qualify as basic financial Instruments. Baslc financial Instruments are initially recognised al Ir8nsaction value and subsequgnlly measured al amortised cost uslng tho effecllve interest method. Flnanclal ssels held at amortised cost comprise Cash al bank and In hand, together with trade an other debtors. Financial liabllllies held al amortlsgd co$1 comprise trade and other crèditors. Investments are held al falr valLJ8 8t the Balance Sheet dale, Tmlh galns and losses being recognised with income and expendilure. Cash held for reinveslmenl In Ihe portfolio has been included wllhin fixad assat investments only as 51 Is a long term investment. Olhgr cash that is available on demand wlthln the income is incluLled within current assets. 2.15 InvestTnent Assets 2025 2024 Quotgd Investm•nts Markèt value brought forward119831 Market value brought foDNard11986) Additions 119831 Addilions 119861 Dlspos818 119831 Disposals 119861 Nel invèstment gainlllosse8111983} N91 investment gainsloossesl 119861 2,340,950 8,332,270 195,651 449,210 1218,4601 1785,4941 223,513 495,361 2,215,623 7,828,844 238,550 718.334 (270,478) (790, 775) t57.255 575.867 Invfystments Ilsted on a r•cognls8d stock exchange .033,0 ,673.220 2025 2024 Investments 115ted on a recognlsed stock oxtthange 11,033,001 10,6T3,220 UK cash held as part of Investment pE>rtfolio11S831 UK cash held as part of invastment portfolio11986} 125,323 326,413 451,736 111,487 20.394 131,881 Market value atyear ènd 4.73

THE SAINSBURY CENTRE ENDOWMENT FUND NOTES TO THE ACCOUNTS FOR THEYEAR ENDED 31 JULY 2025 2025 2024 Historical Cost Al 31 July 2025119831 At 31 July 2025119861 1,925,839 641627Q Al 1 August 2024 (19831 Al 1 August 202411986} 1.945,450 6 519 089 The followlng malèrlal Investment holdlng8 ropresenled more than 50kn of the lolal valu& of Ihg charity's total Inveslmenls... 2025 2024 IShar&s PIC- S&P 500 Index (19831 Ishares PIC- S&P 500 Index119861 293,425 1,010,153 267.629 900,690 Vanguard S&P 500 UCITS ETF (1983) Vanguard S&P 500 UCITS ETF (1986) 20D,083 728,332 178,640 650,274 Burberry Group PLC11983) SchroderAsian Income Ftind119861 TwenlyFourAbsolule Return Credlt Fund11983} Fid61ity Global Dividend Fund 119861 161,313 429,518 175,604 516,000 t72, 947 464,000 3 514 428 2 628 f80 D8btors and Prepayments 2025 2024 Accruals119831 Accruals 119861 5,037 26,33C 6.373 26,985 Prepayments 119831 Prepayments 119861 284 567 284 567 16

THE SAINSBURY CENTRE ENDOWMENT FUND NOTESTO THEA¢COUNTS FOR THEYEAR ENDED 31 JULY 2025 Craditors.. Amounts Falllng Du9 Withln One Year 2026 2024 Audll féÈs119831 Audll fees119861 2,874 5.579 2, 787 5,409 Investment management charges 119831 Investment management charges {19861 680 2,355 2,358 Transactions Wlth Related Parties The Trustees are consider8d the Key Management Per80nnèl of thè charity. No Trustee is or has been ontlued lo any fee or salary {2024- £NIII, No TrLEslee has been r8Smbursed wlth any oul-of-pocket expenses {2024 - £Nill- Othèr than as sel out In Note 8.3, there were no transactions wlth Trustèés or conn6Cted persons12024 £Nil). The 1986 fund Is due to recelve from the 1983 fund £3,157 (2024.. was due to ￿ceive £4,256) for expenses pald on its behalf during the financial year. A transfer of £Nil (2024.. £Nil) was made from the 1983 fund to thè 1986 fund as reimbursement of 8xpÈns8s incurred in the pr&vlou8 flnanGlal year. The nel amount owed by the 1983 fund to the 1966 fund at the end of the financlal ygar Is £18,948 (2024.. £22, f 06). 17

THE SAINSBLIRY CENTRE ENDOWMENT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY2025 Analysls of Incomlng Rèsources 2026 2024 Investmont In¢ome Ir5come receivable on quoted inveslment811983) Income recèivable on quoted Investments {198e) 88,819 314,491 92,348 335,815 428, 163 Analysls ot Resources EX￿nded 2025 2024 Co$ts of Generating Voluntary Income SlockbrDkeTS' management fee 119831 Slockbrc>kèrs' management fee 119861 8,973 30,265 8,273 28,379 36, 652 2025 2024 Charltsble Activiti•s Grants lo the Universlly of East Anglla11983) Grants to the Unlversity of East Anglia11986} 90,049 302.845 90,976 326.529 417,505 18

THE SAINSBURY CENTRE ENDOWMENT FUND NOTESTO THEACCOUNTS FOR THE YEAR ENDED 31 JULY2026 2025 2024 other Costs Audit fees119831 Audll fees119861 2.818 5,635 2.732 5.464 Legsl and admlnlstration fe8s179831 Legal and administration f888119861 190 38Q Insurances 119831 Insurances 119861 426 851 426 851 Legal and administration fees are for services provided by Broadfield Law UK LLP (formerly BDB Pitmans LLPI, a firm in which Mr A CollÈtt, Mr D Flynn and Mr H Smlth were partners. The Fund employed no staff dur*ng the year ended 31 July 2025 (2024- nonè). 19

THE SAINSBURY CENTRE ENDOWMENT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 Analysis of Fund Movements Balances Brought Fomard, 01.08.2024 Funds Carried Fotward, 31.07.2025 Invo$tm¢nts Galn Income Expenditure a Unreslricled Funds 41,826 403,310 1402,6241 42.512 b Permanent Endowment 10.802,C67 (39.238} 718,874 11.481,703 10 843 893 403 310 718874 11524215 Balan￿S Funds Garri8d Forward. 31.07.2024 Fonvard, 01.08.2023 Investments GaNn Incomg Expendilure Unreslricled Funds 40,641 428, 163 (426,978) 41,826 b P8Tman@nl Endowment 10, 106, 167 (37.222) 733, 122 10.802,067 10 146 808 428 163 464 200 733 122 10 843 893 The permanent endowment represents the value of assets held as invesknents arising from the original assets sellled by Sir Robert Sainsbury on 21 June 1983 and 30 December 1986. The income arising on these assets is av211able lor use In accordance with the trust's objects and is included in unreslricled income. 20

THE SAINSBURY CENTRE ENDOWMENT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 10 Reconclllallon of Cash Flows From Operatlng Actlvitiès 2025 2024 Nel lexpenditurel for the year las per Statement of Financial Aclivitiesl 138.5521 (36,037) Adjustments for. Dividends, inlèresl and rents from investments Increase In creditors 1403.310} 257 (428, 163) 552 441605 463 648 11 statsment of Financial Actlvltle8: for th& year gnded 31 July 2024 Unrestricted Funds Permanont Endowmellt Total Notes Incomlng and endowments from Investment it)come 401,732 401,732 401,732 Total income and endowments 401,732 Exptrndlturo on Raising funds Charitable aclivslle8 36.6a2 36,602 407,622 407,622 Other costs 8.500 3,132 11,632 Total éxp8ndSturo 416.122 39,734 455,856 Net expenditure from operatlon8 before transfers and investment galns 114.3901 {39,7341 154,124} Losses on inveslm¥nl 1253,7931 1293,5271 1253,7931 {307,9171 Net income and capital Inflow 114,3901 Total funds brought forward 55,031 10,399,694 10.454.725 Balance carrl&d forward 40,641 10,106,167 10,146,808 21

THE SAINSBURY CENTRE ENDOWMENT FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 12 Analysis of NetAssets Between Funds 12.1 2025 Pemianent Endowment Unrestricted Funds Total Fix8d a8$etsllnvestments 11.484.737 11,484,737 Currant as$et8 Debtors and prepayments Cash at bank and in hand 32,218 18,751 32,218 18.751 Current Iliabilities) 18.4571 13,0341 111,4911 42512 11481703 11 524216 12.2 2024 Pennanent Endowm8nl Unrestr￿led Funds T¢)tal Ftxed asselsfinveslments 10,805, 101 70,805, 101 CUr￿n1 2ssels Debtors and prepayments Cash at bank and in hand 34,209 15,817 34,209 15,817 Current Iliabililiesl (8,200) (3.034) (11,234) 10 802 067 10 843 893 13 Financial Instruments At the balance sheet dale, the Fund held finarkcial assets al al fair value of £11,033,D01 12024.. £10,873,220) and financial liabilities al amorlised ¢osl of £11.49112024.. £11,234). Total nleresl received in respect of financial sssets held al amortised cost lolalled £Nil {2024'. £Nill, Income in respect of assets held at fair value totalled £403,31012024.. £428,163) and expenditure incurred was £39,23812024.' £36,6S2}. Gain¥ in the period were £718,87412024'. £733,122). 22