THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND ANN UAL REPORT & FINANCIAL STATEMENTS 5 APRI L 2 0 2 4 THEPEA 5WILTOtrIROAD LONDONSWIVIAP CONTENTS PAGE Reference and Administrative Detalls Report of the Trustees Independent Auditorfs Report 9-12 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Account 16-23 Appendix 24-25 THE ALAN AND BABE￿E SAINSBURY CHARITABLE FUND 5Apri12024 REFERENCE & ADMINISTRATIVE DETAILS The Alan and Babette Sainsbury Charitable Fund (No. 2929301 was established under a Trust Deed dated 14 July 1953 and became a registered charity on 12 November 1985. Trustees Ms Lindsey Anderson Mr Julian Sainsbury Ms Jesslca Sainsbury Registered Office The Peak 5 Wilton Road London SWIV IAP Princlpal Officer5 Mrs Karen Everett Ms Thrisha Haldar Chief Executive Officer Lead Executive All the Principal Officers are employed on a part-time basis. Bankers Royal Bank of Scotland 119- 121 Victoria Street London SWIE 6RA Solicitors BDB Pitmans LLP l Bartholomew Close London ECIA 7BL Auditor Sayer Vincent LLP 110 Golden Lane London ECIY OTG Investment Advisers Cazenove Capital l London Wall Place London EC2Y SAU THE ALAN AND BABE￿E SAINSBURY CHARITABLE FUND 5Apri12024 REPORT OF THE TRUSTEES The Trustees present their report and the audited financial statements for the year ended 5 April 2024 for the Alan and Babette Sainsbury Charitable Fund 1.the Trust"l. Reference and administrative information set out on page 2 fomis part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practlce- Accounting and Reporting by Charities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. Objectlves and Governance The Trust was established in 1953 by Lord Alan Sainsbury and his wife Babette. It continues to reflect the Settlors. wishes, set out in the Trust Deed by supporting activities which align with their original priorities, whllst responding to current issues. The Trustees are aware of the Charity Governance Code which sets out the principles and recommended practice for good governance within the sector. The Trust reviewed its governance arrangements against the principles within the code in 2023 and took steps to become more transparent; and to improve Diversity, Equity and Inclusion in recruitment. retention and its grant-making. More information is available on the Charitls website. The Trustees rnet twice during the year to make grants, and the Chair met regularly with the Lead Executive, grantee-partners and investment managers throughout the year to ensure good governance and informed decision making. The 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 Isee below). As the Trust does not undertake fundraising from the public or professional fundraisers or commercial participants, the Trust is not part of any regulatory scheme relating to fundraising. The Trust 15 one of the Sainsbury Family Charitable Trusts, which Share a common administration. Remuneration of all staff is reviewed by the Trustees on an annual basis, benchmarked in the Sector and reflect 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. Grant-maklng Approach During this financial year. The Trust awarded 28 grants totalling £811,025. More detailed information about its grant-makinE Strategy and grant awards can be found on The Alan & Babette Sainsbu Charitable Fund website. The Trust strives to prattice relational, transparent, and equitable grant making. To achieve this, the team works alongside grantees, acknowledging their expertise and welcoming their insi8ht5 to inform its practice. THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5Apri12024 Increasingly, the Trust's grants are for core costs or ftexible use, knowing that grantee-partners are best placed to decide how to deploy resources to achieve their aims and for the communities they serve. In this financial year, 62% of grants were unrestricted or for core funding. The charity supports an evidence based and joined up approach to grant-making and to this end now publishes all its grant-making using the 360Giving Data Standard. for use by other donors and potential grantees. The Fund does not have an application form. Instead, it proactively researches and identifies groups for funding that align with its priorities- often "by and fort groups who have few resources to employ professional fundraisers. Durlng the year the Trustees considered proposals under the following categories: Refugee and Asylum Seekers Intercommunity Dialogue International Disadvanta8ed young people in Southwark General Charities and Public Benefit Trustees are aware of the Charity Commission guidance on Charity and Public Benefit and confimi 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. Reserves Policy and Going Concem It is the Trustees. policy to approve grants for payment over a period of year5, subject to certain conditions over the life of the grant. Those experted to be paid within twelve months of the year-end 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 £112,02512023: £nill. They represent funds earmarked for continued support to certain existing grantee•artners where formal commitments have been made but the conditlons had not yet been met at the balance sheet date. Cash flow projettions for income and expenditure are regularly reviewed to ensure that the level of available reserves 15 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 to meet those commitments. As at 5 April 2024. the Trust held total funds of £18,329,43112023.. £17,213,163) including expendable endowment funds of £18,081,91512023- £16,965,647). The trustees are not aware of any material uncertainties that would prevent the financial statements from being prepared on a going concern basis. THE ALAN AND BABErrE SAINSBURY CHARITABLE FUND 5Apri12024 Investment Policy Trustees meet with thelr investment managers twice a year to discuss investment strategy and to seek to ensure that the Trust'5 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. The endowment assets of the Trust remain slgnificant. and the Trust will continue to pay out to Its grantee partners in accordance with the Trust's objects. During this year, the Trust has adopted a total return basis to budget for its annual expenditure, which provides grantees with stable funding regardless of fluctuation in investment income. This meant that though the capital value increased from £17.213,163 at 5 April 2023 to £18,329,431 at S April 2024 lan Increase of 6.5%), the net unrestricted income of the Trust for the year after charging support costs was £311,476, a decrease of £94,154 on the previovs yearfs figure of £405,630. Trustees wlll contlnue to review this approach. 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 investment5 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 2023 to 5 April 2024 the portfolio galned +10.0%, compared to 3 gain of +9.8% ofthe Composite Benchmark 75% MSCI AC World ex Oil & Minin& IO% FTA Gilts, 15% CPI +3% and the galn of +5.6% for ARC Steady Growth Index. Risk A55e55ment 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 identlfied the uncertainty of financial returns to constitute the Trust's main financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review the investment5 Strategy and monitor financial performance. Trustees review risk on each application for fundlng, Including the financial health and govemance of appllcant organisations. Trustees are increasingly committed to supporting groups that are overlooked by donors, which may include unregistered charities. Trustee5 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 current Chair, in conjunction with the board, Executive and wider civil society, continues to review the Tnjst's priorities to be relevant and to make an impact, particularly in the wake of widening inequalities and global crises. THE ALAN AND BABErrE SAINSBURY CHARITABLE FUND 5ApTi12024 Grant5 Approved Grants approved during the year are analysed by number and by value in the categories set out below: Grant5 Approved li Refugee and Asylum Seekers Intercommunity Dialogue International Disadvantaged young people in Southwark General Grand Total 330,275 190,000 60,000 220,750 28 811025 REFUGEE AND ASYLUM SEEKERS-£330,275 The Charity funds small, grassroots organisations led by refugees and asylum seekers who provide direct support and advice on immigration, housingi and benefit5. Grants also support groups who effett systemlc change through strategic litigation or policy change, for example. Grants approved in this category were as follows: Afghan Bristol Community All African Women's Group Civic Power Fund Migrant Centre Northern Ireland Nations of Migrations Awakening the Diaspora 10.0 31,5CMJ 33,1(X) 20,OLNJ INOMADI Refugee & Migrant Centre Refugees for Justice Social Workers Without Borders Southwark Refugee Communities Forum Student Action for Refugees Work Rights Centre 33,100 30.000 24.825 49,650 30,000 35,000 33,100 INTERCOMMUNITY DIALOGUE- £190,000 The Charity 5UPPOrts organisations that build bridges between tommunities through dialogue and education. Artion Aid New Israel Fund Solutions Not Sides The Abraham Initiative Wiener Holocaust Library 30,OCM) 60,000 70,OTrJ io.oc(J 20,000 THE ALAN AND BABE￿E SAINSBURY CHARITABLE FUND 5Apri12024 INTERNATIONAL- £60.000 Our international funding prioritises organisations led from the majority world who are addressing climate change and economic injustice. Grants approved in this category were= Fund for Global Human Rights Network of Youth for Sustainable Initiative Success Capital Organlsation Turkey Mozaik Foundation 20.OLNJ io,ocKJ io,o(x) 20,0 DISADVANTAGED YOUNG PEOPLE IN SOUTHWARK- £220,750 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 5UPPOrt Southwark based groups and organi5ations addressing inequalitles in the borough. The grants approved in this category were- Bede House Asslxiation Clearview Research Ltd Dream Believe Achieve IDBAI CIC Eritrean Community Centre Football Journeys Salmon Youth Centre The AdvocacyAcademy 15,000 42,000 49,650 33,100 15,000 45,000 21,000 GENERAL-£IO,000 The Sainsbury Archlve io,oco Race Equality Audit and Actions In early 2022, the Charity carried out a review of its grant-making and recruitment to reflett 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 organlsations in the portfolio are led by and for BlacL Asian, and Minority Ethnic people. This is an ongoing process, and the Charity will continue to monltor the diversity of its grantee portfolio to inform its grant making practice. ## **THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND** **5 Apr ii 2 0 24** ## **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: - Select suitable accounting policies and then apply them consistently - Observe the methods and principles in the Charities SORP - Make judgements and estimates that are reasonable and prudent - State whether applicable UK Accounting Standards and statements of recommended practice - 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 in operation 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 19 **[th ]** November 2024 and signed on their behalf by Ms Lindsey Anderson, Trustee 8 THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5Apri12024 Independent Auditors, Report to the Trustees ofThe Alan and Babette Salnsbury Charitable Fund Opinion We have audited the financial statements of The Alan and Babette Sainsbury Charitable Fund (the 'Charit￿l for the year ended 5 April 2024 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 Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: Give a true and fair view of the state of the charitls affairs as at 5 April 2024 and of it5 incoming resources and application of resources. for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared irb accordance with the requirements of the Charities Act 2011 Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs 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 FRtrs 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 golng concern In auditing the financial statements, we have concluded that the trustees, use of the 8oin8 concern basls 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 con￿rn are described in the relevant sections of this report. THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5Apri12024 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 infomiation contained within the annual report. Our opinion on the financial Statements does not cover the other information and, except to the exient 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 wlth 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 thi5 regard. Matters on whieh 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.. The infom)ation given in the trustees, annual report Is inconsistent in any material respect wlth the financial statements; Sufficient accounting records have not been kept: or The financial statements are not in agreement with the accounting record5 and retums- or We have not received all the information and explanations we require for our audit Responsibilities ol 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 staternents that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charIt￿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 alternatlve but to do so. Auditor's responslbllltles for the audit of the financlal 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 financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report 10 THE ALAN AND BABE￿E SAINSBURY CHARITABLE FUND 5Apri12024 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 IUKI will always detect a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered materlal 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. IrregularÉties, 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 deteciing Irregularities, including fraud are set out below. Capablllty of the audit in detecting irregularltles In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedure5 included the following: We enquired of management ond the board of trustees, whlch Included obtaining and reviewing supporting documentation, concerning the charitls policie5 and procedures relating to: Identifying. evaluatin& and complying with laws and regulations and whether they were aware of any instances of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud,. The internal controls established to mltlgate rlsks related to fraud or non-compllance wlth laws and regulations. We inspected the minutes of meetings of those charged with sovernance. We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statement5 or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remalned alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relatlonships that may indicate risks of material mi55tatement due to fraud. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are Indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 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 rlsk Increase5 the more that compliance with a law or regulation is removed from the event5 and transartions reflected in the financial statements, as we will be less likely to become aware of instances of non-compllance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves Intentional concealment, forgery, collusion, omi55ion. or misrepresentation. THE ALAN AND BABEThE SAIN5BURY CHARITABLE FUND 5Apr112024 A further description of our respon5ibilitie5 is avallable on the Financial Reporting Councll's website at.. www.frc.org.uklauditorsre5ponsibilities. This description forms part of our auditorfs report. Use of our report Thls report Is made solely to the charity's trustees as a body. in accordan￿ with section 144 of the Charitie5 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 auditorfs 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 7 January 2025 Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, London, ECIY OTG Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Art 2006 12 THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5Apr112024 STATEMENT OF FINANCIALAcnviTIES FOR THEYEAR ENDED 5APRILZOZ4 Urbrestrlcled Funds Eypendaljle Totsl Funds Endowment 2024 Totsl Funds 2023 Notes In￿rne from.. Investment5 8ank deposit Inte￿t 371.840 36.937 371,840 16,937 480,662 20.081 Totsl Income 408.777 408.777 500.743 Expenthiure on: Ra￿￿EfUnd5'. Investment managementfees 58,129 58.129 59.031 Chorltoble uctwlty.. GraTrt-makine'. Grant expendlture Grant related support Costs 699.( 97,301 699.000 97,301 352.800 95,113 Totsl Expendlture 796,301 58,129 854.430 506.944 Netlexpendlturtl belore yins/l10$5e51 OTh Inve5tmeThts 1387.5241 158,1191 1445,6531 16.2011 Net gain5111055esl on irwestment assets.. li 1.561.921 1,$61,921 1979.3041 Transfers between funds li 387,524 1387,5241 Net movement in funds 1.116,268 1,116.268 1985.5051 Reconciliètion of fund5-. Total funds brou8htforward Total funds carriedforward 247,516 247,516 16,965.647 17,213,163 18.198.668 18,081.915 18.329,431 17.213.163 l of the above resuks arederived from contlnulTrg actfv1tl￿.There were no other recognised galns or losse5 Otherthan I￿se ststed above. 13 THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5Apri12024 BAiANCE SHEET AS AT 5 APRIL 2024 24 ￿025 FIXED ASSET5 TangSble fixed assets Investments 1,765 2,354 CURRENY ASSETS Debtors Cash ai bank and in hand 12,311 323 633 33,196 267,488 CURRENT LIABILMES Credltors- amounts falling due within l year 42Y NET CURRENT ASSETS 113.811 105.061 NET A5SFf5 17.213,165 CAPITAL FUNDS Expendable endowment li 18,081.915 16965,647 INCOME FUNDS Unrestritted fund5 li 247.516 247,516 IIL431 17,213.163 The fin3Thcial statements were approved and authorised for issue by the Trustee5 on 19 November 2024 and were signed on their behalf by.. Ms Llndsey Ander50n TRUSTEE 14 THE ALAN AND BABETfE SAINSBURY CHARITABLE FUND 5Apri12024 CASH FLOW SYATEMENT FOR THE YEAR ENDED 5 APRIL 2024 RECONCIUATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTivmES Net(a5h used In operatlng actlvltles Cash Ilows from Inve511ngartivitle5: Dividends and interestfrom investments È108,777 11.965,1041 51)0.743 17,182,049} Purchase of investments Proceeds from sale of in¥estments NetC8shl used Inl I provided by investing artlvlUe5 1,254.383 Chan8e In ¢ash and eash equivalonts 1839,3671 711.419 Cash and tash equivalents bToughtforward Cash and cash equlvalentcarrledforward 1.415.727 Reconclllatlon of netwh used tn operatingartivitie5 Z024 2023 Net movement In funds as perstatement of Financial Activities 1.116.268 1985.5051 Dlvidends ènd interest frorn investments 1408.7771 11,561,921> 588 150D,743) 979,304 (Gain51 I losses on investments Depreciation Decreasellincreasel in Debtors Increaselltlecreasel In Creditors 20,885 16,189) {5419641 ungeln yettr 2024 2023 Cash at bank and in hand Cash balances held by thvestment man88er for reinvestment 452,323 234.292 124.038 1.181,436 I IAIS,727 218,031 11,057,398J 1839.367 15 THE ALAN AND BABEThE 5AINSBURY CHARITABLE FUND SApri12024 NOTES TO THE ACCOUNTS I CHARITABLE STATUS The Alan and Babètte Sainsbury Charitable Fund is an unincorporated charity (Charity registration number 2929301, registered in England and Wales. The address of the registered office is 5 Wilton Road, London, SWIV IAP. 2 PRINCIPAL ACCOUNTING POLICIES al Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by CharitSes: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the LIK and RÈpublic of Ireland IFRS 1021- Icharities SORP FRS 1021, The Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statèments have been prepared to give a 'true and fair view, and have departed from the Charityes (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and falr vlew,. This departure has Involved following A¢¢ounting and Reporting by Charities preparing their accounts in accordan￿ with the Financial Repothng Standard applicable in the UK and Republic of Ireland IFRS1021 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effectlve from l April 2005 which has since been withdrawn. The Trust constitutes a public benefit entlty as deflned by FRS 102. Havin8 assessed the Trusys financial position and plans for the foreseeable flrture, the Trustees are satisfied that remains appropriate to prepare the financial statements on the going concern ba51S. The endowment assets of the Trust remain signlficant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects. bl Incame Income is shown gross whlch Includes the associated tax credit unless the tax so dedu¢ted is considered irrecoverable. Dividends are included by reference to their due dates. Interest is included when receivable. 16 THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5Apri12024 Notes to the Accounts 2. Accounting Policles Icontlnued) c) Expenditure on tharitable artivities Expenditure is recognised once there Is a legal or construrtive 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. Expenditure is classified under the following activity headings. Costs of generating funds represent amounts paid to the Trust's external investment advisors. Charitable activities expenditvre comprises Erants 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 Erant Is outside of the control of the charlty. The view of the trustees is that any instalments payable within 12 months of the reporting date are expected to be pald regardless of the status of attached condltions and so these are accrued. Any payments due in more than 12 months from the reporting date, where cor¢ditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment (see note 41. 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. C05t5 include a share of the staff and office costs of the joint offi￿5 of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid. dl Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment galns and losse5, whether realised or unrealised, are combined and shown in the heading"Net gains/llossesl on investments" in the statement of financial activities. The charity does not acquire put options. derivatives or other complex financial instruments. 17 THE ALAN AND BAB￿￿E SAINSBURY CHARITABLE FUND 5Apri12024 2. Accounting Policies (continued) el Depreclatlon Fixed assets are depreciated at rates which reflect thelr useful life to the Trust. Items of equipment are capitalised where the purchase price exceeds £5,000. Leasehold improvements are depreciated over the outstandlng Ilfe of the lease at the time the work was completed. The following rates have been used: Leasehold improvements- 7 year straight Financial Instruments The charity has financial assets and financial liabilitie5 of a kind that qualify as basic financlal 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 finandal assets at falr value of £18,089.81712023.. £15,924,313). Cash and cash equlvalents Cash at bank and cash in hand includes cash and short term highly liquid investment5 Wlth a short maturity of three months or less from the date of acquisition or opening of the deposit or slmllar account. h) Critieal accounting judgements and key sources of estlmation uncertainty In the application of the charity's accounting policies, which are described above. Trustees are required to make judgements, estimatès, a5sumption5 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 factor5 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 perlod of the revision and future periods if the revision affect5 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. 18 THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5Apri12024 NOTESTOTHE ACCOVNIS IP4VESTMEKriNtOME Income received on Investrnents fflay be anatysed as folbws.. Z024 2028 F￿d htere 23,797 103,379 88,045 156.619 371￿40 6% 33,310 7% UK equir￿$ Overseas equliies ternative5 147,764 31% 24% 108.S39 42% 191,049 480,662 i(x)% GRANTS PAYABLE Re¢onG4latktTrof 8￿fits payabTe'. Commltmentsa16Aprtl 2023 Ill5riJ 155.250 6rnDts norassesl on Investments Marketvalue 5Aprll 2024 15,924.313 17.657.257 11,36lS111 17,935,6891 1,965,104 7,182,04Y 1,561,921 (979.3041 18.089.817 15,924.3J3 Investrnent cash 124.038 1.181.436 Yotal Investments 18,213,855 17.105.749 The investments held as at SAprS120Z4 were as follows.. 2024 Market Value Cost Cost Morket Value Flxed Interest 1,539.687 1.895.110 8,688,836 2,793.935 io,otK) 1,659.740 3,017.010 10,925.216 2,477.851 iO.O(A) l539,687 1,614.415 UK Equitie5 Overseas Equities Akeinatives 1,753,829 8,081516 2,568.482 10,000 1873.051 8.473,113 2.923,734 io,o(k) Secial InvestrneTht 14,927.568 18.089.817 14.351.514 15.924,313 PEBTORS 20Z4 2023 Accrued incorne 11311 33.196 11311 33.196 10. CREDITORS- am0¥t￿ fallni due wlthln one year 2024 2023 Grants payable within one year Accrua Other ¢reditDrs 308,625 20,842 21,355 350,822 118,5 19,244 24,683 163,427 21 THE ALAN AND BABE￿E SAINSBURY CHARITABLE FUND 5Apri12024 NOTES TO THE ACCOUNTS 11. ANALYSISOF NET ASSETS BEnhiEENFUNDS Unrestrlrted Empendable Totsls Fund balanees at 5 April 2024 are tepre5ented by: Tangible fixed assets Inve5tEnentS Current assets Current1Iabilities 1,765 18,213,855 1118.5031 115.2021 1,765 18.213.855 464.633 1350.8221 583,136 1335.6201 Total neta$5et5 Movement in the yeor Opening balance as at 5 April 2024 Total incorne and endowrnent5 247.516 16.965,647 17.213.163 408.777 408.777 158,1291 1796,3011 1,561,921 Cost of raising funds Cost of 8rant-making Net Bains on investments Transfers between funds 158,1291 1796,3011 1.56L921 1387.5241 387.524 C105ing balance asat 5 April 2024 Intheyear under review,therewas a transferfrom expendableendowment of £387,52412023.. £nsll to clearthe deficit on unrestricted funds. Unrestrlcted Expendable Totals Fund balantes at 5 April 2023 represented by= Tangible fixed a5set5 Investments 2,354 17.105.749 1128.2511 114,2051 2.354 17.105,749 267,487 1162.4271 C￿r￿nt assets rrent liabllities 395.738 1148.2221 Totsl net assets Movement in the year Opening balance as at 5 April 2022 Total income and endowments Cost of raising funds C05t of gr¥nt-making Net gain5 on investment5 194,686 5CO.743 18,003.982 18,198.668 500.743 159,0311 1447.9131 1979.3041 159.0311 1447,9131 1979,3041 Closing balan￿ as at 5April 2023 22 THE ALAN AND BABETfE 5AINSBURY CHARITABLE FUND 5Apr112024 NOTESTO THE ACCOUNTS IL RELATED PARTYTRANSACTIONS There were no related party tran5artion5 in the current or prior reportln8 perlod which require disclosure. 13. STATEMENT OF FINANCIALACTivrfiES FOR THE YEAR ENDED 5 APRIL20Z3 Unrestricted Expendable ent Total Funds 2023 Notes Income from: Investments 480,662 20,DBI 480.662 20.081 Bank dep051t interest and other income Total Income Expenditure on: Raising funds.. Invesrmentmonogementfees 59.031 59,031 Gront-rnuking.. Grant expenditure Grant rel8ted support costs 352,800 95,113 352.8CO 95.113 Yotal Expendlture 59.Q21 Net Intomellexpendltur•l bofore Kalns on Investments 52,830 159,0311 16.2011 Net1055e$ on Investment assets: 1979.3041 1979,3041 Net movement in funds 52.830 11,038.3351 1985,5051 Reconciliation of fvnds: Tottilfvnds1)roughtforward Total funds ￿rrIed forward 686 18,W3,982 16.965.647 18.198,668 17.213,1fi3 23 THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5Apri12024 PENOIX AppendlxA. GHANT5 PAYABLE ThÈarnaunt payab191nt￿ ended 5A ri12D24can515ted of thefollowlDB'. REFUfjEE ANDA5YWM SEEKERS Work Rightscentre 5outhwark Refu8eeCornmunlUesForurn Refugee & Mlgrnntcentre StudentArtknnfor Aefu84ÈS MvJrantCentre Nl AIIAfrlcJnWomen'sGroLP Cfvlcpower Fund REf￿eesforJUSt1ce saC￿lw0[ker5wlth0llt 8ordelS AfghJn Bii5rolCornmunity Natlon5of ml%ratlonsAWake￿fis the Dlaspora INOMAOI INTERCOMMiFNIIYOIALOGUE 21,WO.00 30,WO.00 30,WO.00 25,WO 00 20,WO.00 31,￿0.00 21.WOfjO 7.5￿.00 31.500.00 10.rthoo 2t.(w.00 New lsraelFund eo.oDo.oo 10.(X)O.oo 70.WO.00 20.ts)0.00 30.WO.00 WienerHolocaust ￿b[ary Action Ald INTERNAnONAL Tuthmolaik Fourtdat￿>n Netwoth of Youth foi 5vstsinJWelnitwwe Fund forGlobal Human RL%hts SUC￿$5 Capltsl OryanIsat￿Tr GENE8Ai TheSain5buryArchr4e OISADVANTAGEOYOUNG PEOPiE INSOUTHWARK Bede H￿seA55r