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**<br>**Funds**|_Total_<br>_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**|<br>**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