THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND ANNUAL REPORT & FINANCIAL STATEMENTS 5 APRIL 2025 5 WILTON ROAD LONDON SWIV IAP
CONTENTS PAGE Reference and Administrative Detalls Report of the Trustees Independent Auditor's 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 BABETTE SAINSBURY CHARITABLE FUND 5 April 2025 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 Llndsey Anderson Mr Julian Sainsbury (resigned 23/05120241 Ms Jessica Sainsbury Registered Offlce The Peak 5 Wilton Road London SWIV IAP Principal Officers 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 36 St Andrew Square, Edinburgh, London EH2 2YB Solicitors Broadfields Law UK LLP l Bartholomew Close London ECIA 7BL Auditor Sayer Vincent LLP Invicta House 110 Golden Lane London ECIY OTG Investment Advlsers Cazenove Capital l London Wall Place London EC2Y SAU
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 April 2025 REPORT OF THE TRUSTEES The Trustees present their report and the audited financial statements for the year ended 5 April 2025 for the Alan and Babette Sainsbury Charitable Fund 1.the Trus l. 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 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 prioritie5. whilst responding to current issues. The Trustees are aware of the Charity Governance Code which set5 Out the principles and recommended practice for good governance within the sector. The Trust reviewed its governance arrangement5 against the principles within the code in 2023 and took steps to become more transparent; and to improve Diversity, Equity and Incluslon in recruitment. retention and it5 grant-making. More information is available on the Charitws website. The Trustees met three times during the year, with an additional meeting to reflect on strategy, as well as the usual grant-making meetings. 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 IProtection and Social Investment) Act 2016. The Trust's income is generated f rom investments, for which Trustees set specific policies 15ee 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 is 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-MakingApproach During thi5 financial year, The Trust awarded 23 grant5 totalling £862,410. More detailed information about its grant-making strategy and grant awards can be found on The Alan & Babette Sainsbur Charitable Fund website. The Trust 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 inforrn its practice.
THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 April 2025 Predominantly, 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. In thi5 financial year, 61 % 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 forf groups who have few resources to emplov professional fundraisers. The Trust is part of relevant funding and learning networks to ensure its grant making approach is considerate of relevant sector updates and best practice. During the year the Trustees considered proposals under the following categories: Refvgee and Asylum Seekers Intercommunity Dialogue International Disadvantaged young people in Southwark General Charities and Public Benefft Trustee5 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 achievement5 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 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 year-end are accrued in the accounts, whi15t th05e 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 £243,085 12024: £112,025). 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 atthe 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 commitment5 from the future income, they would be willing to draw on expendable endowment to meet those commitments. As at 5 April 2025, the Trust held total funds of £16,734,63712024: £18.329,4311 including expendable endowment funds of £16,487,12012024: £18,081,915). 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 BABEThE SAINSBURY CHARITABLE FUND 5 April 2025 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 Erowth is in line with relevant indices. The TrLFStees normally hold investments for the long term. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its Erantee partners in accordance with the Trust's objects. During the year, the Trust adopted a total return basis for budgeting its annual expenditure, providing grantees with stable funding regardless of fluctuations in investment income. Although the capital value decreased from £18,329,431 at 5 April 2024 to £16,745,137 at 5 April 2025 la decrease of 8.6Yo the net unrestricted income for the year, after charging support costs, was £266,936, a decrease of £44,540 compared to the previous year's figure of £311,476. The Trustees will continue to review this approach. Trustees regularly review investments of the Fund'5 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 2024 to 5 April 2025 the portfolio fell -4.4%, whilst the benchmark (ARC Steady Growth PCI index) gained +3.2Yo over the same period. Equities account for 70.4% of the portfolio with 10.8% in bonds. 13.2% in alternatives and 5.7% in cash. 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 a5 the Trustees have identified. such as maintaining and reviewing an operational risk register on a quarterly basis. The Trustees identified the uncertainty of financial retums to constitute the Trust's main financial risk. This 15 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 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 Eroup. Future Plans The current Chair, in conjunction with the board, Executive and wider civil society. continues to review the Trust'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 5 Aprll 2025 Grants Approved Grants approved during the year are analysed by number and byvalue In the categories set out below: Grants Approved li Refugee and Asylum Seekers Intercommunity Dialogue International Disadvantaged young people in Southwark General Grand Total £344,476 £135,575 £166,326 £186,033 E30,000 £862,410 23 REFUGEE AND ASYLUM SEEKERS-£344,476 The Charity funds Small. grassroots organi5ation5 led by refugee and asylum seekers provide direct support and advice on immigration, housin& and benefits. Grants also support groups who effect systemic change through strategic litigation or policy change. for example. Grants approved in this category were as follows: Bristol Refugee Right5 Children's Law Centre Northern Ireland Coventry Asylum and Refugee Action Group Ethnic Minorities Law Centre JustRight Scotland Migrant Actlon Migrant5 Organise Refugee and Asylum Participatory Action Research IRAPARI Southwark Law Centre The Unity Project Women Asylum SeekersTogether £20,000 £47,288 £31,525 £31,525 £10,000 £31,525 £47,288 £31,525 £30,750 £31,525 £31,525 INTERCOMMUNITY DIALOGUE- £135,575 The Charity supports organisations that build bridges between communities through dialogue and education. Linking Network Wiener Holocaust Library Abraham Initiatives £63.050 £31.525 £41,OC(I
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND S April 2025 INTERNATIONAL- £166,326 Our international funding prioritises organisations led from the majority world who are addressing climate change and economic injustice. Grants approved in this category were: Ashden Climate Solutions Global Green grants Fund UK Purp05eful Womankind Worldwide £30,750 £47,288 £41,000 £47.288 DISADVANTAGED YOUNG PEOPLE IN SOUTHWARK-£186,033 The Fund has historical links with Sovthwark 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 inequalitie5 in the borough. The grants approved in this category were- Bede House Association Community Southwark Future Men Iformerly Working with Men) Southside Young Leaders Academy £31.525 £82,OLK) £47,288 £25,220 GENERAL- £30,000 The Sainsbury Archive £30,000 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 learnlng, 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.
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 April 2025 STATEMENT OF TRUSTEES, RESPONSIBILITIES Law applicable to charities in Ellgland and Wales requires the trustee5 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 web51te. 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 Ilth November 2025 and signed on their behalf by Ms Lindsey Anderson, Trustee
THE ALAN AND BABErrE SAINSBURY CHARITABLE FUND 5 April 2025 Independent Auditors, Reportto 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 Ithe 'charity'l for the year ended 5 April 2025 which comprise the statement of financial activitles, 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 Practicel. In our opinion, the financial statements.. Give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its 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 in accordance with the requirements of the Charities Act 2011 Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII 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. Concluslons relating to golng 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 uncertaintie5 relating to events or conditions that, individually or collectively, may cast significant doubt on The Alan and Babette Sainsbury Charitable Fund'5 ability to continue as a going concern for a period of at least twelve month5 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.
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 Aprll 2025 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 staternents, or our knowledge obtained in the course of the audit or otherwise appears to be materially mi55tated. 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 themselve5. 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.. The information given in the trustees, annual report is inconsistent in any material respect with the financial statements; Sufficient accounting records have not been kept; or The financial statements are not in agreement with the accounting records and returns; or We have not received all the information and explanations we require for our audit Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities set out in the tru5tees' 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, disclosin& 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. Auditorf5 responsibilitie5 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 regulation5 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 auditorfs report 10
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 April 2025 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 mi55tatement 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. 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 detectlng irregularities, including fraud are Set out below. Capability of the audit in detecting irregularlties In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following.. We enquired of management and the board of trustees, which included obtaining and reviewing 5UPPOrting documentation, concerning the charit¢5 pollcies and procedures relating to.. Identifyin& evaluating, 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 mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. 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 statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable law5 and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We revlewed any reports made to regulators. We reviewed the financial statement disc105ure5 and tested these to supportin8 documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement 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 estimate5 are indicative o* a potential bia5 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 irregularitie5, 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 involve5 intentional concealment, for8ery, collusion, omission, or misrepresentation.
THE ALAN AND BABETTE SAINSBURY CHARITABLE FUND 5 April 2025 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. 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 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= 17 November 2025 Sayer Vincent LLP, Statutory Auditor Invicta House, 110 Golden Lane. London, ECIY OTG Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 12
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 April 2025 STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 5 APRIL 2025 Unremrfaed Funds Expethdable Endowment Total Funds Total Funds 2025 Notes Incompfrom: Investments Bank deposlt Interest 365,983 33.597 365,983 33,597 371,0 36,937 Totsl InLome 399,580 399.580 408,7T/ Expendlture on: Rèislngfunds.. Invesiment mana8ernent fEes 61,848 61.848 58,129 Choritoble ortlvity." Gtsnt-making.. Grant Expendiiure Gtsnt related support cost5 720.850 132,643 720.850 131643 699,(i0 97,301 Totsl Expenditure 853,493 61,848 915,341 85£430 Nei (expendIre) before V055esllEalrts On In%wm¢nts 1453,9131 161.8481 1515.7611 1445,6531 Net Ilossesll8alr*S on inve5trnent 8ssets'. li 11,068,533) 11,068.5331 1,561,921 Transfers between funds 453,913 1453.913 Net movement in funds 11,584.2941 lJ,584,1941 1,116.268 REioncilittion of funds-. Total funds brought forw3rd Total fun¢Js £arried forward 247,516 247,516 18.081,915 16.497.621 18,329.431 16,745,137 17.213 163 18,329.431 All of the above results are derived from continuing activities. There were no other recognised gain5 or losses other than those stated above. 13
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 Apiil 2025 BALANCE SHE AS AT5 APRIL2025 Notes 2025 2024 FIXED ASSETS Tangible fixed assets Investments 1.177 16,888,126 16,889,303 1.765 | 18.213.855 18.215.619 CURRENT ASSETS Debtor5 Cash at bank and in hand 11,000 353,876 364,876 12.311 452,323 464.633 CURRENT LIABIUTIES Creditors- amounts falling due within l year io 509,0431 350,822 NET CURRENT ILIABILITIESIIASSETS 1144.1661 113,811 NET ASSETS 16 745 137 18 329,431 CAPITAL FUNDS Expendable endowment 16.497,621 18,081,915 INCOME FUNDS Unrestricted funds li 247.516 247,516 16,745,137 18 329.431 The financial stataments were approved and authorised for issue by the Trustees on 11 November 2025 and were signed on their beh8lf by.. TRUSTEE Ms Llndsey Anderson 14
THE ALAN AND BABETfE SAINSBURY CHARITABLE FUND 5 April 2025 CASH FLOW sfATEMENT FOR THE YEAR ENDED 5 APRIL2025 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING AcfiviTIES 2025 2024 Neteash used in operating attleS 1755.2211 (644,562) Cash flowsfiorn investlng artivtties.. DlvSdends and interest from Investments 399,580 13,324.0821 4.605,110 1.680.608 408.777 {1.965,104J 1,361.521 1194,805) Purchase of investrnents Proceeds from Sale of investmÈnts Net cash provided by Ilused In I In¥e5tlng activities Change In ¢ash and cash equlvalents 925,386 1839,3671 Cash and cash equivalents brought forward Cash and cash equNolent carrled fopward 576,361 1.501.747 1,415,727 576,361 Reconrlllatlon of net cash used In operntln8 actlvlties 202S 2024 Net movement in fund5 a5 per Stètement of Financlal Actlvlties 11.584.294) 1,116268 Dlvldends and interest frorn iThvestments 1399,5801 1.068,533 1408,7771 (1.561,921) 588 Gains on investments Depreciètion Decrease Ilincreasel in Debtors Increa5ellDecrÈasel in Creditor5 588 1,311 20,885 188.395 {644562J 158,221 1755,2211 Chongeln yeur 2025 2024 Cash èt bank and in hand Cash bal3n¢es held by investment manager for reinvestment 353,876 1,147,870 1,501,747 452.323 124,038 576.361 198 4471 1.023,832 925,586 15
THE ALAN AND BABETfE SAINSBURY CHARITABLE FUND 5 April 2025 NOTES TO THE ACCOUNTS I CHARITABLE STATUS The Alan and Babette Salnsbury Charltable Fund is an unincorporated charity (Charity registration number 2929301, registered in England and Wales. The address of the registered office is 5 Wilton Road, Lon(lon, SWIV IAP. 2 PRINCIPAL ACCOUNTING POLICIES a) Basls of preparation The financial Statements have been prepared in accordance wlth 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 IFRS 1021- (Charities SORP FRS 1021, The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial st8tements have been prepared to give a 'true and fair view, and have departed from the Charitles IAccounts and Report51 Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reportlng by Charktles preparing their accounts in accordance with the Financial Reportlng Standard appliiable in the UK and Republic of Ireland IFR51021 rather than the Accounting and Reporting by Charities.. Statement of Recommended Prartice effective from l 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 Trustee5 are satisfied that remains appropriate to prepare the financial stalements on the going concern basi5. The endowment assets of the Trust remaln slgnlficant, 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. 16
THE ALAN AND BABEfTE SAINSBURY CHARITABLE FUND S April 2025 Notes to the Accounts 2. Accounting Poll¢les (continued) cl Expenditure on charltable 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. Expenditure is classified under the following activity heading5. 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 condltion 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 Isee 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 office5 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 offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid. dl Investments Investment5 are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value a5 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 gains and10sses, whether realised or unrealised. are combined and shown in the heading "Net gains/llossesl on investments" in the statement of financial activitie5. The charity does not acquire put options, derivative5 or other complex financial instruments. 17
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 April 2025 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 improvements 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 Flnancial Instruments The charity has financial a55ets 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 £15,740,25612024'. E18.089.8171. gl 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 les5 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. 18
THE ALAN AND BABETfE SAINSBURY CHARITABLE FUND 5 April 2025 NOTES TO THE ACCOUNTS INVESTMENT INCOME Incomt retefved on Investments may be 3nalysed is follows.. 2025 Fixed Interest 32,466 103,669 99.560 130,288 365.983 23,797 103379 88,045 156,619 37140 UK equities O¥et5pas equlties ternatives 28% 28% 27 24% 35% 42% loo% loo% GKANTS PAYABLE 1025 Re¢oncltfatton of8Antspayabl?-. Commbtment5at 6 Aprll 2024 308,625 118,5 Grant5 Dot actred at 6April 2024 Grants approved inthe year Grants not accruedat 5 April 2025 GAnts payable forthe period 112,025 862,410 12sa.5851 811,025 1112,0251 720.850 699.IX>D Grants pald durin8the period 1588,OLK)I 1508.8751 Commitments at SApril 2025 441,475 308.625 Commltments at5Apr41 Z025are payable J5follos: 20Z5 2024 Within one yearlnote 101 441,475 308.635 Commitments A list of Grants payable is included in Appendix A In addition to the amount5 committed and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions. The total amount authorised but not accrued as expenditure at 5 April 2025 was £253.58512024: £112.0251. 19
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND S April 2025 5. ALLOCAMON OFSLIPPORTCOSTS 2025 2Q25 2024 2024 rotol Grnni- Governance Makthg Total Allocaied Gr(ssJt- Governance Moklnq Staff costs Share of jolnroffitè costs Dlrett Costs includin8tTrvel Legal 3nd profe5SkinalfÉes Depreciation Auditor'5 remuneratton 94,879 19.188 3,905 2A80 588 1,96a 96,842 19,188 3,905 2,880 588 9,240 67,727 13.463 4,569 2,194 69,921 13.463 4569 588 5$8 &760 9,240 8,76Q 121.440 11,203 132,643 86,347 10.954 97?01 'Auditors remuneratlon excludin8 VAT- £7,70012024.. £7.3001 Durin8the year rbD trustee rtceivtd any remuneratlon fortheir 5ervice5 durinÈthe current yeir. One trustee received£563 relmbursements for tVe1 expense512024.. £NIII. 6. ANALYSIS OFSTAFFC05TS Z025 2024 Salaries and wages Social se¢urftycosts Other pen5ioncosts 78.582 9,223 9.037 96A42 6.635 59,921 The Trust is one of the SalnsIry Famlly CharitableTru5ts, whichshatt alolnt admlnlstrationatthe Rewsteredoffite. 0.7% 12024.. 0.6%1 of the total support and administTation costs of these trusts have been allotated to The Alan and Babette Sainsbury Charitable Fund, Includin8 a proportionate share of the cost of employin8 thetotal numberof stsff servln8 In the office in 2025. ThE actual number of staff employed durillg the perlod was 9,. all on a part-tirne ba515 (2024.. 61. Th15 Was equivalent to 1.08 full time employee 12024". 0.971. rhe Trust ionsiders its key m3na8ement personnel tD iomprise the Prfn¢ipal Officers. The total emplownent bEnefits, incluijiryernplvypr pension contrlbwions, of these p2rsonnel were £43,27112024.. E38.1731. No ernpioyee of the charity earned in excessof £60,00012024.. 60,0001. 7. YANGIBLE FIXEDASSErs Lea5thold Impmvements 2025 Z02 Cost At 6 April 2024 D15PD5315 At 5April 2025 4,118 4,118 4.118 4.118 Deprttl8U(Jt) Al 6 Awil 2024 Oi5PDsals CharÉe for the perfod At 5 April 2025 2.353 1.764 S88 2,941 588 Net Book Value At S April 2025 1,177 1765 20
THE ALAN AND BABETfE SAINSBURY CHARITABLE FUND 5 Aprll 2025 8. FIXEDAS5 INVESTMENTS 2025 2024 Market vale 6 April 2024 Less.. disposals at proceeds Add: Acquisition at cost Net gains/ Ilossesl on investments Mèrkètvaltse 5 April 2025 18,089,817 15,924.313 14,605,110) (1.361.521) 3.324.082 1,965,104 11,068,533) 1.561,921 15,740.256 18,089,817 Investment cash 1.147.870 124,038 Total Investments 16,888.126 18,213,855 The investments held as at 5 April 2025 were as follows.. 2025 Market Value 2024 Morket Volue Cost Cost Fixed Interest 1.634.310 1,535,634 9,003.611 2,059,632 10,ooD 1,670,836 2,391.921 9,630,622 2,03677 lo,0 1,539,687 1,895,110 8,688,836 2,793,935 10,000 1,659.740 3,017,010 10,925.216 2,477,851 10.OL UK Equitles Overseas Eouitie5 Alternatives Social Investment 14,243,187 15,740.256 14,927,568 18,089,817 9. DEBTORS 2025 3024 Accrued income 11,000 12.311 11,00 12,311 10. CREDrroRS- amounts fallln8 due within onÈ year 2025 2024 Grants pay3ble within one year Accruals Other creditors 441.475 24,668 42,900 509.IM3 308,625 20,842 21.355 350.822 21
THE ALAN AND BABEThE SAINSBURY CHARITABLE FUND 5 April 2025 NOTES TO THE ACCOUNTS 11. ANALYSIS OF ASSEfs BEtWEEN FUNDS Unrestricted Funds Expendable Endowment Totals 2025 Fund balantes at 5 April 2025 are represented by: Tangible fixed assets Investment5 1,177 16,888,126 1376.2531 115,4281 1,177 16,888,126 364,878 1509,0431 Current assets 741,131 1493,6151 Total nèt assets 247,516 16,497.621 16,745,137 Movement In the year Opening balance as at 5 ApTII 2025 Total income and endowments 247,S16 399,580 18.081,915 18,329,431 399.580 161.8481 1853.4931 11,068,5331 11.068.533) 1453,9131 Cost of raising funds Cost of grant-making Net gains on investments Transfers between funds 161,8481 1853,4931 453.913 Closlng balan as at 5 April 2025 247.516 16,497.621 16,745,137 In the year under review, there was a transfer from expendable endowment of £453.91312024: £387.5241 to Clear the deficit on unrestricted funds. Unrestricted Fund5 Expendable Endowment Totals 2024 Fund balances at 5 Aprll 2024 are represented by: Tangible fixed a55ets Investments Current assets Current liabilitles 1,765 18,213,855 1118.5031 115.2021 1,765 18,213,855 464,633 1350,8221 583,136 1335,6201 Total net assets 247,516 18.081,915 18.329.431 Movement in the year Opening balance as at S April 2024 Total income and endowments Cost of raising funds C05t of grant-makin8 Net gains on investments Transfers between funds 247.516 408,777 16,965,647 17,213,163 408,777 158,1291 1796,3011 1.561.921 158.1291 1796,3011 1,561,921 1387,5241 387.524 Closing balance as at 5 April 2024 247.516 18,081,915 18,329,431 22
THE ALAN AND BABErrE SAINSBURY CHARITABLE FUND 5 April Z025 12. RELATED PARTY TRANSAcfioNS There were no related party transactions in the current or prior reporting period which require disclosure. 13. STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 5 APRIL 2024 Unre5tri¢ted Funds Expendable Endovmient Total Funds 2024 Note5 Income from: Investments Bank deposit interest and other income Total In¢ome 371,840 36,937 371,840 36,937 408,777 408,777 Expendire on: Raising funds.. Investment mt7nogementfees 58,129 Gront-making.. Grant expendlture Grdnt related support Costs 699,000 97.301 699,000 97,301 Total Expendrture 796,301 58,129 854,430 Net lexpendlturel before gain5 on Investments (387,524) (58,129J (445,653J Net galns on investment assets: li 1,561,921 1.561,921 Transfers betweèn funds li 387,524 f387,524J Net movement in funds 1,116,268 1,116,268 Reconciliation of funds.. Totullunds broughtforword Total fund5 carried forward 247,516 247,516 16,965,647 18.081,915 17,213,163 18.329,431 23
THE ALAN AND BABErrE SAINSBURY CHARITABLE FUND 5 April 2025 Appendix A. GIL4NT5 PAYABLE The payabie in the perioilended 5 REFUGEE ANDA5YLUMSEEKERS Brhtol Refee Right5 Chlldren's Law Cenire Northern Iland CIVIC Power Fun CoventryAsylum and Refuyt A¢tion Group Ethnic Minoritie5 Lzwtentre JtsstRl£ht Scotland Migrant Action Migrants Organe N3tianS of Mlgration5 AwakeningthÈ Diaspora IOmAD) RÈfu8ee andAsylum PartKipaloryktion Research IRAPAIII Social Workerswithout Bordpfs Southwark Law Centre StudeniAciion for Refyes The Unlty Prolect WornenAsylum SeekersTo8ether Work Rightscentre INTERCOMMUNITY DIALOGUE LinkingNetwork iener Htslocaust Llbrary Abr6ham Inltlatfves INYERNAnONAL A5hdÈnCllmate Solukions Global GEnyantS FundUK Putsx>sful Womankind Woddwide GEIJÉRAL The SÈinsburythNve DISADVANTAGEDVOVNGPEOPLE IN SOUTIMARK Bedt Htte Association Communiiysouthwark Ore3m Belle¥e Achieve IDBAICIC EDtTean Communitycentre Futvre Men Ifornierly Workingwilh Men) Southsidè Youn8 Leader5kaderny Totrl grants payabperstr¢eMenl Flnanclal A(tl¥hle5 dl 2025con515ted of the folloffj'. 20,000.00 30.750.00 12,100.00 20.500.00 20.500.00 10.000.00 20.500.00 30,750.00 12.100.00 20.500.00 18.150 00 30.750. lo.0.00 20.500.00 20..00 12.1CQ.( 41,LVJO. iO,LWJO.OD 41.OCQ.OD 30.7W.00 30.750.00 41.OW.00 30.750.00 6,1V).OD 20,50D.00 82,ODD.00 18,150.00 12,IOD.QO 30,750.00 16,400.00 720,850.00 24
THE ALAN AND BABErrE SAINSBURY CHARITABLE FUND 5 April 2025 The amount payab the period ended &ALLLL4¢on$6ted Of the followi.. REFVGFÉ AND ASYLUM SEEKERS Work Rights Centre Southwark Rèlv8ee Communitie5 Forum Refu8ee & Mierantcentre studerrtAction for Refugees Migrant Ctntre Nl IAfrican Womèn's Group CNIC PDwer Fund RefuBee5 forluttice Social Workerswithout Borders Afghan Bri5tDI Community Nationsof migratn$ Awakenin8the Dla5pora INOMAOI INTEACOMMUNITY DIALOGUE New Israel Fund 21,OOD.00 30.OOD.00 30.000 00 25,000.00 20,000.00 31,5DD.00 21,OOD 00 7,500 00 31,500 10,000 00 21,000 80.000 00 10.000.00 70.000 00 20,lO.0o 30.0.00 TheAbrahèm Inltlative SDlutlons Not Side5 Wydoer Holotausl Llbrary Aciion INTERNATIONAL Turkey Mozaik Foundation Network of Youthfor Sustainable lThtiative FU for Global Human Rights 5ucce55 Capital Organlsation GENEKAL The SainsburyArchive DISADVANTAGED YOUP4G PEOPLE IN 50UTWIARK Bede Hou5eJtssDciètitsn lrnon Yovth C2ntre Dream Belie Achieve IDBAICIC Clearvtew Reseirth Ltd TheAdvoca¢yA¢ademy Football Joumeys Eritrean Communlt¥Centre Total Érants payèble per 51aiement of Fiwntial ACtlt5 20.000.00 10.WO.00 20.OM.thJ 10.DW.fKI 10.OW.CWJ 15.OW.OD 45,QW.00 31,5W.00 42,OW.00 21,OOD 00 15.OOD 00 21,000.00 699,0(W.00 25