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2023-04-05-accounts

THE ALAN AND BABETTE

SAINSBURY CHARITABLE FUND

ANNUAL REPORT & FINANCIAL STATEMENTS

5 APRIL 2023

T H E P E A K 5 W I L T O N R O A D L O N D O N S W 1 V 1 A P

CONTENTS CONTENTS PAGE
1 Reference and Administrative Details 2
2 Report of the Trustees 3 - 10
3 Independent Auditor’s Report 11 - 14
4 Statement of Financial Activities 15
5 Balance Sheet 16
6 Cash Flow Statement 17
7 Notes to the Account 18 - 25
8 Appendix 26

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

REFERENCE & ADMINISTRATIVE DETAILS

The Alan and Babette Sainsbury Charitable Fund (No. 292930) was established under a Trust Deed dated 14 July 1953, and became a registered charity on 12 November 1985.

Trustees
Registered
Office
Principal
Officers
Bankers
Solicitors
Auditor
Investment
Advisers		 Ms Lindsey Anderson
Mr Julian Sainsbury
Ms Jessica Sainsbury
The Peak
5 Wilton Road
London SW1V 1AP
Mrs Karen Everett
Chief Executive Officer
Ms Thrisha Haldar
Executive
All the Principal Officers are employed on a part-time basis.
Royal Bank of Scotland
119 - 121 Victoria Street
London
SW1E 6RA
BDB Pitmans LLP
1 Bartholomew Close
London EC1A 7BL
Sayer Vincent LLP
Invicta House
108 - 114 Golden Lane
London
EC1Y 0TL
Cazenove Capital
1 London Wall Place
London EC2Y 5AU

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

REPORT OF THE TRUSTEES

The trustees present their report and the audited financial statements for the year ended 5 April 2023.

Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives

The objects of the Trust as given in the Trust Deed, are for such charitable purpose at such time or times and in such manner as they may from to time decide.

History

The Alan & Babette Sainsbury Charitable Fund (ABS) is a UK-based grant-making foundation, the oldest of the Sainsbury Family Charitable Trusts, established by Lord Alan Sainsbury in 1953. The Fund continues to reflect his wishes by supporting activities which align with his original priorities, whilst responding to current issues.

Governance and Administration

The Trust is one of the Sainsbury Family Charitable Trusts which share a common administration.

The remuneration of all staff is reviewed by the Trustees on an annual basis, benchmarked in the sector and taking into account the requirements of their role and performance during the year.

Trustees are appointed by the existing Trustees and are provided with relevant information and induction into their responsibilities as Trustees.

The Trustees are aware of the Charity Governance Code which sets out the principles and recommended practice for good governance within the sector. The Charity has reviewed its governance arrangements against the principles within the code In 2023, The Charity specifically took steps to clarify its organisational purpose, become more transparent and has set out plans with measurable targets on its Diversity, Equity and Inclusion. This information is published on the Charity’s new website.

The Trust and its Trustees are familiar with the requirements and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trust’s income is generated from investments, for which Trustees set specific policies (see below). As the Trust does not undertake fundraising from the general public and does not use professional fundraisers or commercial participators, the Trust is not part of any regulatory scheme relating to fundraising.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

REPORT OF THE TRUSTEES (continued)

Grant-Making Approach

During this financial year, The Alan and Babette Sainsbury Charitable Fund (the Charity) awarded 22 grants totalling £354,500

More detailed information about its grant-making strategy and grant awards can be found on The Alan & Babette Sainsbury Charitable Fund website.

The Charity strives to practice relational, transparent, and equitable grant making. To achieve this, the team works alongside grantees, acknowledging their expertise and welcoming their insights to inform the Trust’s practice.

The majority of the Trust’s grants are for core costs or flexible use, knowing that grantee-partners are best placed to decide how to deploy resources to achieve their aims and for the communities they serve.

The Charity supports an evidence based and joined up approach to grant-making and to this end now openly publishes all its grant-making using the 360Giving Data Standard, for use by other donors and potential grantees.

The Charity does not accept unsolicited applications. Instead, it proactively researches and identifies groups that align with its priorities – often “by and for” groups who have few resources to employ professional fundraisers.

During the year the Trustees considered proposals under the following categories:

Charities and Public Benefit

Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust’s aims, activities, and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries, and through them to the public, that arise from those activities.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

REPORT OF THE TRUSTEES (continued)

Review of the Past Year

During the year the asset value of the Trust decreased from £18,198,668 at 5 April 2022 to £17,213,163 at 5 April 2023, a decrease of 5.4%. The net unrestricted income of the Trust for the year after charging support costs was £405,630, a decrease of £6,663 on the previous year’s figure of £412,293.

The Trust has adopted a total return basis to budget for its annual income. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.

The Trustees met twice during the year to make grants.

Reserves Policy and Going Concern

It is the Trustees’ policy to approve grants for payment over a period of years, subject to certain conditions over the life of the grant. Those expected to be paid within twelve months of the yearend are accrued in the accounts, whilst those grants due to be paid after this date are not accrued. The latter are referred to in note 4 to the accounts and amount to £nil (2022: £nil). They represent funds earmarked for continued support to certain existing grantee-partners where formal commitments have been made but the conditions had not yet been met at the balance sheet date.

Cash flow projections for income and expenditure are regularly reviewed to ensure that the level of available reserves is adequate and that the Trust can meet all its commitments.

The Trustees consider that, when possible, it is appropriate to hold funds, both to meet the short-term working capital needs of the Trust and in anticipation of the potential payment of subsequent grant instalments. In the unlikely event that the Trustees find themselves unable to meet current commitments from the future income, they would be willing to draw on expendable endowment in order to meet those commitments, as they see fit. As at 5 April 2023, the Trust held total funds of £17,213,163 (2022: £18,198,668) including expendable endowment funds of £16,965,647 (2022: £18,003,982).

The trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

REPORT OF THE TRUSTEES (continued)

Investment Policy

Trustees meet with their investment managers twice a year to discuss investment strategy and to seek to ensure that the Trust’s income requirements are met, and that long term capital growth is in line with relevant indices. The Trustees normally hold investments for the long term.

Trustees regularly review investments of the Fund’s endowment against environmental, social and governance criteria. The Alan and Babette Sainsbury Charitable Fund has no segregated investments in oil and gas and exposure to these areas in co-mingled funds will never exceed 5% of total investments, but we aim for less than 1%.

For the period 6 April 2022 to 5 April 2023 the portfolio fell -2.6% compared to a fall of -2.4% in the benchmark ARC GBP Steady Growth over the same period.

Risk Assessment

The Trustees have examined the major strategic, business, and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to meet such potential risks as the Trustees have identified, such as maintaining and reviewing an operational risk register on a quarterly basis. The Trustees continue to be vigilant and to keep processes under review.

The Trustees identified the uncertainty of financial returns to constitute the Trust’s major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review the investments strategy and monitor financial performance. They also operate a grant distribution formula which helps to ensure the stability of resources available for grant awards in any given year.

Trustees review risk on each application for funding, including the financial health and governance of applicant organisations. Trustees are increasingly committed to supporting groups that are overlooked by donors, which may include unregistered charities. Trustees ensure that appropriate due diligence checks are carried out by the Executive team before releasing funds. Risk mitigation approaches may include funding an intermediary charity to hold funds on behalf of an unregistered group.

Future Plans

The Trust supports activities and organisations that align with the Settlor’s vision and wishes. The current Chair, in conjunction with the board and Executive, is reviewing the grant-making priorities to ensure awards continue to be relevant and to make an impact, particularly in the wake of inequalities exposed by the cost of living and the climate crisis.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND

5 A p r i l 2 0 2 3

REPORT OF THE TRUSTEES (continued)

Grants Approved

Grants approved during the year are analysed by number and by value in the categories set out below:

Refugee and Asylum Seekers
Intercommunity Dialogue
International
Disadvantaged young people in Southwark
Grand Total		 Grants
Approved
£
10
134,500
4
55,000
2
75,000
6
90,000
22
354,500

REFUGEE AND ASYLUM SEEKERS – £134,500

The Charity funds small, grassroots organisations led by refugee and asylum seekers who address access to justice by providing accurate advice in immigration, housing and benefits and also those seeking policy change. The Charity also funds groups who effect systemic change through strategic litigation. Grants approved in this category were as follows:

Bail for Immigration Detainees - £30,000

To provide expert legal advice to pro bono lawyers to secure bail for those at risk of deportation.

Community InfoSource- £10,000

Venue and refreshment hire to run English language and healthcare awareness events for refugees.

Ethnic Minorities Law Centre- £10,000

Towards core costs.

Impact Law for Social Justice - £10,000

Towards supporting grassroots refugee and asylum seekers groups to design and implement strategic litigation campaigns to bring about fairer decisions for refugees and asylum seekers.

JustRight Scotland - £7,500

To mitigate the impact of inflation on the organisation’s core costs.

Middlesborough Saint George Ethiopian Orthodox Church Group - £7,000

Community activities and meals for asylum seeker mothers and their children.

North of England Refugee Service - £30,000

Salary costs and its destitution fund.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

REPORT OF THE TRUSTEES (continued)

Refugee and Asylum Participatory Action Research (RAPAR) - £10,000

Unrestricted core funding.

Refugee Women Connect - £10,000

Towards the new post of senior staff member with lived experience of the issues facing its client.

Work Rights Centre - £10,000

Towards unrestricted core funding to bolster its support for Ukrainian asylum seekers.

INTERCOMMUNITY DIALOGUE - £55,000

The Charity supports organisations that build bridges between communities through dialogue and education. We are also committed to promoting understanding between Israeli and Arab citizens to promote a united society both nationally and internationally, remaining true to our settlors’ wishes.

Council of Christians & Jews - £10,000

Towards core costs.

New Israel Fund - £20,000

Towards its Gender Equality Programme.

Tech2Peace - £10,000

Towards core costs.

The Abraham Initiative - £15,000

Towards the Education for a Shared Society programme.

INTERNATIONAL – £75,000

Our international funding prioritises organisations led from the majority world who are addressing climate change and economic injustice. Grants approved in this category were:

Global Greengrants Fund UK - £50,000

Towards salaries of two practitioners to provide intensive support to children.

Thousand Currents - £25,000

Towards the Buen Vivir Fund which provides impact investment to grassroots groups working for economic and climate resilience.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

REPORT OF THE TRUSTEES (continued)

DISADVANTAGED YOUNG PEOPLE IN SOUTHWARK – £90,000

The Fund has historical links with Southwark as Sainsbury Plc’s first headquarters were in the borough. The charity works collaboratively with a range of trusts, foundations and businesses to support Southwark based groups and organisations addressing inequalities in the borough. The grants approved in this category were:

Community Southwark - £5,000

Towards the salary of its Support Officer to minoritised community groups.

Dream Believe Achieve (DBA) CIC - £5,000

Towards core costs.

Future Men (formerly Working with Men) - £30,000

Boys Development Programme in Southwark.

School Home Support - £10,000

Towards salaries of two practitioners to provide intensive support to children.

Southside Young Leaders Academy - £10,000

Unrestricted grant to be used flexibly at the discretion of their leadership.

Southwark Group of Tenants Organisation - £30,000

Core funding to support tenants’ to access rights & basic needs in face of the Cost of Living crisis.

Race Equality Audit and Actions

In early 2022, the Charity carried out a review of its grant-making and recruitment to reflect on how the Fund can be equitable in its use of resources.

The Trust remains committed to learning, improving and being transparent about Diversity, Equity and Inclusion. As part of this journey, The Charity undertook an audit of its grant-making, using the Funders for Race Equality Alliance toolkit, to understand which organisations in the portfolio are led by and for people of Black, Asian and Minority Ethnic people. This is an ongoing process and the Charity will continue to monitor the diversity of its grantee portfolio to inform its grant making practice.

In addition, the Charity hosted a 2027 Associate – a scheme that places talented people from diverse working class backgrounds into grant-making foundations - for mutual learning and as part of a goal to diversify the grant making sector by 2027.

9

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping proper accounting records that 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions financial information included on the charity’s website.

Approved by the Board of Trustees on 14[th] November 2023 and signed on their behalf by

Ms Lindsey Anderson, Trustee

10

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

Independent Auditors’ Report to the Trustees of The Alan and Babette Sainsbury Charitable Fund

Opinion

We have audited the financial statements of The Alan and Babette Sainsbury Charitable Fund (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 trustees' 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 Alan and Babette Sainsbury Charitable Fund’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.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

Other Information

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

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

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 regulations made under section 154 of that Act.

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.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

13

5 A p r i l 2 0 2 3

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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.

Date 11 January 2024 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted
Expendable
Total Funds
Total Funds		 Unrestricted
Expendable
Total Funds
Total Funds
Notes
Income from:
Investments
3
Bank deposit interest
Total Income
Expenditure on:
Raising funds:
Investment management fees
Charitable activity:
Grant-making:
Grant expenditure
4
Grant related support costs
5
Total Expenditure
Net income/(expenditure) before (losses)/gains on investments
Net (losses)/gains on investment assets:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Funds
Endowment
2023
2022
£
£
£
£
480,662
-
480,662
500,135
20,081
-
20,081
75
500,743
-
500,743
500,210
-
59,031
59,031
60,358
352,800
-
352,800
404,761
95,113
-
95,113
87,917
447,913
59,031
506,944
553,036
52,830
(59,031)
(6,201)
(52,826)
-
(979,304)
(979,304)
901,456
52,830
(1,038,335)
(985,505)
848,630
194,686
18,003,982
18,198,668
17,350,038
247,516
16,965,647
17,213,163
18,198,668

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

BALANCE SHEET AS AT 5 APRIL 2023

----- Start of picture text -----
Notes 2023 2022
£ £ £
FIXED ASSETS
Tangible fixed assets 7 2,354 2,942
Investments 8 17,105,749 18,142,511
17,108,103 18,145,453
CURRENT ASSETS
Debtors 9 33,196 27,007
Cash at bank and in hand 234,292 219,054
267,488 246,061
CURRENT LIABILITIES
Creditors - amounts falling due within 1 year 10 (162,427) (192,846)
NET CURRENT ASSETS 105,061 53,215
NET ASSETS 17,213,163 18,198,668
CAPITAL FUNDS
Expendable endowment 11 16,965,647 18,003,982
INCOME FUNDS
Unrestricted funds 11 247,516 194,686
17,213,163 18,198,668
----- End of picture text -----

The financial statements were approved and authorised for issue by the Trustees on 14th November 2023 and were signed on their behalf by:

Ms Lindsey Anderson

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2023

RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net cash used in operating activities
Cash flows from investing activities:
Dividends and interest from investments
Purchase of investments
Proceeds from Sale of investments
Net cash provided by investing activities		 2023
£
(542,964)
500,743
(7,182,049)
7,935,689
1,254,383		 2022
£
(523,123)
500,210
(981,133)
1,286,597
805,674
Change in cash and cash equivalents 711,419 282,551
Cash and cash equivalents brought forward 704,308 421,757
Cash and cash equivalent carried forward 1,415,727 704,308
Reconciliation of net cash used in operating activities
Net movement in funds as per Statement of Financial Activities
Dividends and interest from investments
Losses/(Gains) on investments		 2023
£
(985,505)
(500,743)
979,304		 2022
£
848,630
(500,210)
(901,456)
Depreciation charges 588 1,498
(Increase)/Decrease in Debtors
(Decrease)/Increase in Creditors		 (6,189)
(30,419)
(542,964)		 23,460
4,955
(523,123)
2023
2022
Change in
year
£
£		 £
Cash at bank and in hand
Cash balances held by investment manager for reinvestment		 234,291
219,054
1,181,436
485,254		 15,238
696,181
1,415,727
704,308		 711,419

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

1 CHARITABLE STATUS

The Alan and Babette Sainsbury Charitable Fund is an unincorporated charity (Charity registration number 292930), registered in England and Wales. The address of the registered office is 5 Wilton Road, London, SW1V 1AP.

2 PRINCIPAL ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Trust constitutes a public benefit entity as defined by FRS 102.

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

The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects.

b) Income

Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable.

Dividends are included by reference to their due dates.

Interest is included when receivable.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

2 ACCOUNTING POLICIES (continued)

c) Expenditure on Charitable activities

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Costs of generating funds represent amounts paid to the Trust's external investment advisors.

Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

The view of the trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued. Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.

Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.

Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

2 ACCOUNTING POLICIES (continued)

e) Depreciation

Fixed assets are depreciated at rates which reflect their useful life to the Trust. Items of equipment are capitalised where the purchase price exceeds £5,000.

Leasehold improvments are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used:

Leasehold improvements - 7 year straight

f) Financial Instruments

The charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

At the balance sheet date the charity held financial assets at fair value of £15,924,313 (2022: £17,657,257).

g) Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h) Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates, assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

3. INVESTMENT INCOME

Income received on investments may be analysed as follows:

Fixed interest
UK equities
Overseas equities
Alternatives		 2023
2022
£
%
£
%
33,310
7%
48,129
10%
147,764
31%
173,696
35%
108,539
23%
118,111
24%
191,049
39%
160,199
31%
480,662
100%
500,135
100%

4. GRANTS PAYABLE

----- Start of picture text -----
2023 2022
Reconciliation of grants payable:
Commitments at 6 April 2022 155,250 147,500
Grants approved in the year 354,500 415,500
Grants cancelled or refunded (1,700) (10,739)
Grants payable for the period 352,800 404,761
Grants paid during the period (389,550) (397,011)
Commitments at 5 April 2023 118,500 155,250
Commitments at 5 April 2023 are payable as follows:
2023 2022
£ £
Within one year (note 10) 118,500 155,250
----- End of picture text -----

Commitments

A list of Grants payable is included in Appendix A

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THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

5. ALLOCATION OF SUPPORT COSTS

----- Start of picture text -----
2023 2023 2023 2022 2022 2022
Grant- Governance Total Grant- Governance Total
Making Allocated Making Allocated
£ £ £ £ £ £
Staff costs 68,706 2,132 70,838 60,525 1,852 62,377
Share of joint office costs 11,474 - 11,474 14,240 - 14,240
Direct costs including travel 2,807 - 2,807 2,722 - 2,722
Legal and professional fees 1,606 - 1,606 - - -
Depreciation 588 - 588 1,498 - 1,498
Auditor's remuneration - 7,800 7,800 - 7,080 7,080
85,181 9,932 95,113 78,985 8,932 87,917
Auditors remuneration excluding VAT = £6,500 (2022: £5,900)
During the year no trustee received any remuneration for their services during the current or prior year.
No trustee received reimbursements for any travel expenses (One trustee was reimbursed for travel expenses in 2022: £525).
6. ANALYSIS OF STAFF COSTS
2023 2022
£ £
Salaries and wages 57,648 50,926
Social security costs 7,193 5,760
Other pension costs 5,997 5,691
70,838 62,377
----- End of picture text -----

The Trust is one of the Sainsbury Family Charitable Trusts, which share a joint administration at the Registered Office. 0.7% (2022: 0.7%) of the total support and administration costs of these trusts have been allocated to The Alan and Babette Sainsbury Charitable Fund, including a proportionate share of the cost of employing the total number of staff serving in the office in 2023.

The actual number of staff employed during the period was 7; all on a part-time basis (2022: 7). This was equivalent to 0.8 full time employee (2022: 0.9). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits, including employer pension contributions, of these personnel were £37,247 (2022: £37,674). No employee of the charity earned in excess of £60,000 (2022: Nil).

7. TANGIBLE FIXED ASSETS

Leasehold Improvements

Cost
At 6 April 2022
Additions
Disposals
At 5 April 2023
Depreciation		 2023
2022
£
£
13,218
13,218
-
-
(9,100)
-
4,118
13,218
At 6 April 2022
Disposals
Charge for the period
At 5 April 2023
Net Book Value
At 5 April 2023		 10,276
8,778
(9,100)
-
588
1,498
1,764
10,276
2,354
2,942

22

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

8. FIXED ASSET INVESTMENTS

----- Start of picture text -----
2023 2022
£ £
Market value 6 April 2022 17,657,257 17,061,265
Less: disposals at proceeds (7,935,689) (1,286,597)
Add: Acquisition at cost 7,182,049 981,133
Net (losses)/gains on investments (979,304) 901,456
Market value 5 April 2023 15,924,313 17,657,257
Investment cash 1,181,436 485,254
Total investments 17,105,749 18,142,511
----- End of picture text -----

The investments held as at 5 April 2023 were as follows:

----- Start of picture text -----
2023 2022
Cost Market Cost Market
Value Value
£ £ £ £
Fixed Interest 1,539,687 1,644,415 1,836,523 1,761,324
UK Equities 1,753,829 2,873,051 2,688,873 4,148,225
Overseas Equities 8,081,516 8,473,113 4,819,094 8,347,810
Alternatives 2,968,482 2,923,734 2,968,482 3,389,898
Social Investment 10,000 10,000 10,000 10,000
14,353,514 15,924,313 12,322,972 17,657,257
----- End of picture text -----

9. DEBTORS

Prepayments and accrued income 2023
2022
£
£
33,196
27,007
33,196
27,007
10. CREDITORS - amounts falling due within one year
Grants payable within one year
Accruals
Other creditors		 2023
2022
£
£
118,500
155,250
19,244
19,279
24,683
18,317
162,427
192,846

23

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 5 April 2023 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2022
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Closing balance as at 5 April 2023		 Unrestricted
Expendable
Totals
Funds
Endowment
2023
£
£
£
-
2,354
2,354
-
17,105,749
17,105,749
395,738
(128,251)
267,487
(148,222)
(14,205)
(162,427)
247,516
16,965,647
17,213,163
194,686
18,003,982
18,198,668
500,743
-
500,743
-
(59,031)
(59,031)
(447,913)
-
(447,913)
-
(979,304)
(979,304)
247,516
16,965,647
17,213,163
Unrestricted
Expendable
Totals
Funds
Endowment
2022
Fund balances at 5 April 2022 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities		 £
£
£
-
2,942
2,942
-
18,142,511
18,142,511
372,813
(126,752)
246,061
(178,127)
(14,719)
(192,846)
Total net assets 194,686
18,003,982
18,198,668
Movement in the year
Opening balance as at 5 April 2021
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments		 187,154
17,162,884
17,350,038
500,210
-
500,210
-
(60,358)
(60,358)
(492,678)
-
(492,678)
-
901,456
901,456
Closing balance as at 5 April 2022 194,686
18,003,982
18,198,668

24

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

NOTES TO THE ACCOUNTS

12. RELATED PARTY TRANSACTIONS

There were no related party transactions in the current or prior reporting period which require disclosure.

13. STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Notes
Income from:
Investments
3
Bank deposit interest and other income
Total Income
Expenditure on:
Raising funds:
Investment management fees
Grant-making:
Grant expenditure
4
Grant related support costs
5
Total Expenditure
Net income/(expenditure) before gains on investments
Net gains on investment assets:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Expendable
Total Funds
Funds
Endowment
2022
£
£
£
500,135
-
500,135
75
-
75
500,210
-
500,210
-
60,358
60,358
404,761
-
404,761
87,917
-
87,917
492,678
60,358
553,036
7,532
(60,358)
(52,826)
-
901,456
901,456
7,532
841,098
848,630
187,154
17,162,884
17,350,038
194,686
18,003,982
18,198,668

25

THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 A p r i l 2 0 2 3

APPENDIX

Appendix A.

GRANTS PAYABLE

The amount payable in the period ended 5 April 2023 consisted of the following:

----- Start of picture text -----
REFUGEE AND ASYLUM SEEKERS £
Community InfoSource 10,000
Refugee and Asylum Participatory Action Research (RAPAR) 10,000
Refugee Women Connect 10,000
Work Rights Centre 10,000
Impact Law for Social Justice 10,000
Ethnic Minorities Law Centre 10,000
North of England Refugee Service 30,000
JustRight Scotland 7,500
Bail for Immigration Detainees 30,000
Middlesborough Saint George Ethiopian Orthodox Church Group 7,000
INTERCOMMUNITY DIALOGUE
New Israel Fund 20,000
The Abraham Initiative 15,000
Tech2Peace 10,000
Council of Christians & Jews 10,000
INTERNATIONAL
Global Greengrants Fund UK 50,000
Thousand Currents 25,000
SCIENTIFIC AND MEDICAL RESEARCH
University College, London, Institute for Immunity & Transplantation (1,700)
DISADVANTAGED YOUNG PEOPLE IN SOUTHWARK
Community Southwark 5,000
Dream Believe Achieve (DBA) 5,000
Southside Young Leaders Academy 10,000
Future Men (Working with Men) 30,000
School Home Support 10,000
Southwark Group of Tenants Organisation (SGTO) 30,000
Total grants payable per Statement of Financial Activities 352,800
The amount payable in the period ended 5 April 2022 consisted of the following:
REFUGEE AND ASYLUM SEEKERS £
All African Women's Group 15,000
Community InfoSource 30,000
Coventry Asylum and Refugee Action Group 10,000
Destitute Asylum Seekers Huddersfield (DASH) 15,000
Nations of Migrations Awakening the Diaspora (NOMAD) 20,000
Student Action for Refugees 15,000
The Unity Project 30,000
Women Asylum Seekers Together 10,000
INTERCOMMUNITY DIALOGUE
Harwich Kindertransport Memorial and Learning Trust Limited 5,000
National Holocaust Centre & Museum 5,000
Solutions Not Sides 40,000
The Linking Network 40,000
INTERNATIONAL
Adeso African Development Solutions 5,000
Ashden Climate Solutions 70,000
SCIENTIFIC AND MEDICAL RESEARCH
University College London - Institute of Neurology (10,739)
DISADVANTAGED YOUNG PEOPLE IN SOUTHWARK
Bede House Association 10,000
Community Southwark 10,000
Social Innovation Partnership (TSIP) 15,000
The Advocacy Academy 20,000
United St. Saviours 25,000
General
Kentish Town City Farm 25,500
Total grants payable per Statement of Financial Activities 404,761
----- End of picture text -----

26