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2022-07-31-accounts

THE SAINSBURY RESEARCH UNIT FOR THE ARTS OF

AFRICA, OCEANIA AND THE AMERICAS

ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

THE SAINSBURY RESEARCH UNIT

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022

CONTENTS

Page
Trustees' Report 1 to 6
Independent Auditors' Report 7 to 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Accounts 13 to 21

THE SAINSBURY RESEARCH UNIT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Any other name by which The Sainsbury Research Unit for the Arts of Africa, Oceania and The Sainsbury Research Unit for the Arts of Africa, Oceania and
the charity is known the Americas
Charity registration number 296041 (Registered 16 February 1987)
Principal address The Peak
5 Wilton Road
London
SW1V 1AP
University Trustees Mr D I Callaghan
Professor I P Dewing
Professor D J Richardson
External Trustees H O N & V Trustee Ltd
Mr P Hesketh
Mr J C Burns
Auditors Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Solicitors Portrait Solicitors, now BDB Pitmans LLP
21 Whitefriars Street 1 Bartholomew Close
London London
EC4Y 8JJ EC1A 7BL
Investment managers Cazenove Capital Management
1 London Wall Place
London
EC2Y 5AU

1

THE SAINSBURY RESEARCH UNIT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Structure Governance and Management Governing document The Sainsbury Research Unit was established under a Trust Deed dated 30 December 1986. Trustee Selection Methods The power of appointing University Trustees is exercisable by the University of East Anglia ('UEA'). The External Trustees are appointed by the continuing External Trustees with them being required to appoint those nominated by Lord Sainsbury of Turville. Organisational structure of The External Trustees are responsible for investment policy and the charity and how management. The Trustees meet twice a year to consider reports decisions are made from the External Trustees on investment performance and policy, to receive reports on the application of the funds passed to the UEA in order to fulfil the objects of the Trust and to consider the annual report and financial statements. Risk policy The key risk to the trust fund is the volatility of market investments as evidenced by the impact of the Coronavirus pandemic, where the value of investments has fluctuated and future investment income is anticipated to be substantially lower. The Trustees, in consultation with and on the advice of their Investment Advisers, maintain a diverse and balanced investment portfolio to mitigate so far as possible against adverse risks affecting the overall value of the endowment so that the charity can continue to pay out the income generated to the trust beneficiary. At the same time, other major risks to which the trust is exposed are considered and, where necessary, steps are taken to mitigate and minimise those risks.

Objectives and Activities Objects The principal purpose of the Trust is to apply income but not the capital of the Trust for charitable purposes connected with the advancement of education and learning by promoting study into the research and teaching of non-western art, and specifically to pay the costs of employing staff and other direct running costs of the Sainsbury Research Unit (SRU) for the Arts of Africa, Oceania and the Americas at the UEA. Public Benefit Statement The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and consider that the information contained in this Trustees' report, clearly sets out the aims, activities and achievements of the Trust which are of benefit to the general public.

2

THE SAINSBURY RESEARCH UNIT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Achievements and Performance

Connected Charities Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar Connected charities, independently administered and with similar
objects and with which this charity operates, are the Sainsbury
Centre Endowment Fund (1983 and 1986).
Achievements During the year the Trust distributed £333,718 (2021 - £293,159)
to the UEA which continues to support the research and teaching
on non-western art in accordance with the terms of the Trust Deed.
The charity has no paid staff.
Director's Report During 2021-22 the SRU endowment fund provided support for staff
costs, research and teaching programmes, a visiting research
fellowship, student scholarships, the Robert Sainsbury Library and
consumables. The year was less affected by the Covid-19 pandemic
than the previous year and all SRU staff and students remained in
good health. In-person teaching was possible for most sessions;
activities were returning to pre-pandemic levels.
The SRU had 6.2 FTE faculty members, 3 FTE library staff and
1.5 FTE administrative staff. All faculty have been engaged in
teaching Masters students, supervising research students, attending
and presenting at seminars and conferences in person and via Teams
and Zoom, and carrying out research. 6 MAs and 5 PhDs joined in
September 2021 and all have done well. Faculty continued with
transferred to the Musée du quai Branly in Paris in June 2022.
A notable event of the year was the good results reported for REF,
to which the SRU contributed two Impact Case Studies, one in Area
Studies and the other in Art History. A highly successful conference
was hosted by the SRU at UEA in May 2022 in honour of Professor
John Mack, who retired during the year but remains Professor
Emeritus.
Our Autumn 2021 Visiting Fellow was Professor Marco Curatola,
Professor of History at Pontificia Universidad Católica del Perú, Lima.
He contributed to our programmes and engaged fully with students
have belonged, although only as a visiting fellow for a term, to an
institution as special academically and humanly as the SRU. My stay
there has been one of the best experiences of my entire academic

The Robert Sainsbury Library continued to provide excellent services for staff, students, fellows, researchers and the general public, with support being provided for accessing a wide range of digitised material necessary for staff and students to continue their work.

3

THE SAINSBURY RESEARCH UNIT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Director's Report (cont.) As we emerge from the pandemic, the SRU is in good heart. Our As we emerge from the pandemic, the SRU is in good heart. Our As we emerge from the pandemic, the SRU is in good heart. Our As we emerge from the pandemic, the SRU is in good heart. Our As we emerge from the pandemic, the SRU is in good heart. Our
contribution to the REF has been lauded and staff and students
Professor Steven Hooper, Director SRU, September 2022
Financial Review This is a grant making trust with no direct activities, all distributable
income being donated to the UEA for the purposes specified above.
Therefore there are no specific activities to be reported on by the
Trustees.
The income of the year, all derived from stock exchange
investments and cash placed on deposit was £356,075.
Grants paid out of the income of the Trust for the year ended
31 July 2022 were £333,718.
Net incoming resources for the year of the Unrestricted Fund
after making these grants were £15,495.
Unrestricted Funds had a net fund balance at 31 July 2022 of
£49,061.
The UEA and External Trustees met twice during the year to
consider the allocation of available income. The External Trustees
had two further meetings with Cazenove Capital Management. The
Trustees receive an annual report from the University of East
Anglia on the application of funds paid to the UEA. The UEA
accounts for the activities funded from the income made over to it
by the Trustees within the scope of its Annual Report and Accounts.
Future Plans The charity expects to continue to distribute grants in the
foreseeable future.
Reserves policy The Trustees' policy is to pay the net income to the UEA.
Investment policy The Trustees have wide powers of investment. The objective of
the Trustees is to maintain a level of investment income over time
that keeps pace with inflation.
The Trust's permanent endowment funds are invested to generate
income and provide long-term capital growth in line with relevant
indices. The Trustees regularly meet the investment managers to
discuss strategy and review performance. In the year under review,
the Trustees maintained a defensive investment strategy.

4

THE SAINSBURY RESEARCH UNIT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Investment performance The investment portfolio has experienced less volatility during the
financial year now that the Trust has passed through the
unprecedented conditions arising from Covid-19. The market value
of investments has increased by 1.4% compared to 2021, and
investment income has increased by 17% compared to the
previous year as the amounts paid from dividends recover from
pandemic lows. Neverthless investment income remains difficult
to find, and Trustees are mindful of the uncertainty that increased
inflation and the effect of the war in Ukraine will bring to investment
returns.
The charity does not raise funds from the public
Going Concern Having assessed the Trust's financial position and plans for the
foreseeable future, the Trustees are satisfied that it remains
appropriate to prepare the financial statements on the going
concern basis. There are no material uncertainties about the
Trust's ability to continue.
Directors The directors of HON & V Trustee Ltd are: Mr D Flynn, Ms G Harris
(now retired), Ms H Johnston, Miss J S Portrait.

5

THE SAINSBURY RESEARCH UNIT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2022

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the Trustees to prepare the financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its net incoming resources for the period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 16 November 2022 and signed on their behalf by

Mr P Hesketh

Trustees

Professor D J Richardson

6

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY RESEARCH UNIT

FOR THE YEAR ENDED 31 JULY 2022

Opinion

We have audited the financial statements of the Sainsbury Research Unit for the year ended 31 July 2022 which comprise the Statement of Financial Activities, the Balance Sheet and the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and 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 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 trustee's 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 charity'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.

Other information

The trustees are responsible for the other information. The other information comprises the information 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 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

7

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY RESEARCH UNIT

FOR THE YEAR ENDED 31 JULY 2022

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

Responsibilities of trustees

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

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.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

8

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE SAINSBURY RESEARCH UNIT

FOR THE YEAR ENDED 31 JULY 2022

We obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related

In addition, we considered provisions of other laws and regulations that do not have a direct effect on operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor

London

2 December 2022

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

9

THE SAINSBURY RESEARCH UNIT

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 JULY 2022

£
Income and endowments from
Investment income
356,075
Total income and endowments
356,075
Expenditure on
Raising funds
-
Charitable activities
333,718
Other costs
6,862
Total expenditure
340,580
Net income/(loss) from operations before
transfers and investment gains
15,495
Gains on investment
-
Net incoming resources
for the year
15,495
Total funds brought forward
33,566
Balance carried forward
49,061
Notes
7
8.2
8.3
8.1
Unrestricted
Funds		 £
Income and endowments from
Investment income
356,075
Total income and endowments
356,075
Expenditure on
Raising funds
-
Charitable activities
333,718
Other costs
6,862
Total expenditure
340,580
Net income/(loss) from operations before
transfers and investment gains
15,495
Gains on investment
-
Net incoming resources
for the year
15,495
Total funds brought forward
33,566
Balance carried forward
49,061
Notes
7
8.2
8.3
8.1
Unrestricted
Funds		 £
-
2022

Permanent
Endowment		 £
356,075

Total		 2021
£
301,913
Total Funds
356,075 - 356,075 301,913
-
333,718
6,862		 35,211
-
4,592		 35,211
333,718
11,454		 32,804
293,159
13,683
340,580 39,803 380,383 339,646
15,495
-		 (39,803)
193,017		 (24,308)
193,017		 (37,733)
923,725
15,495
33,566		 153,214
9,488,794		 168,709
9,522,360		 885,992
8,636,368
49,061 9,642,008 9,691,069 9,522,360

The notes on pages 13 to 21 form part of these financial statements.

10

THE SAINSBURY RESEARCH UNIT

BALANCE SHEET

AS AT 31 JULY 2022

Notes
Fixed assets
Quoted stocks and shares
3.1
Total fixed assets
Current assets
Debtors and prepayments
4
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one year
5
Net current assets
Net assets
Funds of the charity:-
Unrestricted Funds
9
Endowment Funds
9		 2022
Total
Funds
£
9,644,907
9,644,907
29,504
25,558
55,062
(8,900)
46,162
9,691,069
49,061
9,642,008
9,691,069		 2021
Total
Funds
£
9,493,827
9,493,827
15,350
24,215
39,565
(11,032)
28,534
9,522,360
33,566
9,488,794
9,522,360

The notes on pages 13 to 21 form part of these financial statements.

Approved by the Board and signed on its behalf by

) ) Mr P Hesketh ) Trustees ) ) Professor D J Richardson )

16 November 2022

11

THE SAINSBURY RESEARCH UNIT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2022

Notes
Cashflows from operating activities:
Net cash used in operating activities
10
Cash flows from investing activities:
Dividends, interest and rents from investments
Proceeds from sale and return of investments
3.1
Purchase of investments
3.1
Net cash provided by investing activities
Change in cash and cash equivalents in the reporting period
Analysis of cash and cash equivalents
Capital account
3.1
Cash at bank and in hand
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the reporting period		 2022
Total Funds
£
(396,669)		 2021
Total Funds
£
(343,696)
356,075
1,923,250
(2,052,832)		 301,913
411,175
(669,726)
226,493 43,362
(170,176) (300,334)
327,799 628,133
157,623
132,065
25,558		 327,799
303,584
24,215
157,623 327,799

The notes on pages 13 to 21 form part of these financial statements.

12

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

1 Basis of Preparation

1.1 Basis of Accounting

Form of Entity: Charitable Trust

Country of Incorporation: United Kingdom

Registered Office: University of East Anglia, Norwich Research Park, Norwich, NR4 7TJ.

These financial statements have been prepared in accordance with the Charities SORP (FRS 102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the charities (Accounts and Reports) Regulations only to the extent required to provide a "true and fair view".

1.2 Fund accounting

The charity has a single permanent endowment fund and unrestricted fund.

1.3 Going Concern

Having assessed the Trust's financial position and plans for the foreseeable future, the Trustees are satisfied that it remains appropriate to prepare the financial statements on the going concern basis. There are no material uncertainties about the charity's ability to continue.

1.4 Public Benefit

The trust is a public benefit entity.

2 Accounting Policies

the charity becomes entitled to the resources;

the trustees are virtually certain they will receive the resources; and

the monetary value can be measured with sufficient reliability.

13

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

2 Accounting Policies cont.

14

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

2.14
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 amortised cost using the effective interest method. Financial
assets held at amortised cost comprise cash at bank and in hand, together with trade and
other debtors. Financial liabilities held at amortised cost comprise trade and other creditors.
Investments are held at fair value at the Balance Sheet date, with gains and losses being
recognised with income and expenditure.
2.15
During the year, the classification of cash held by the investment managers has been
reconsidered, and cash held for reinvestment in the portfolio has been included within
fixed asset investments only as it is a long term investment. The other cash that is available
on demand within the income accounts, are now being included within current assets.
The comparative figures have also been restated.
3
Investment Assets
2022
2021
£
£
3.1
Quoted Investments
Market value brought forward
9,190,243
8,007,967
Additions
2,052,832
669,726
Disposals
(1,923,250)
(411,175)
Net investment gains
193,017
923,725
Investments listed on a recognised stock exchange
9,512,842
9,190,243
UK cash held as part of investment portfolio
132,065
303,584
Market value at year end
9,644,907
9,493,827
3.2
Historical Cost
At 31 July 2022
7,389,984
At 1 August 2021
6,657,635		 2.14
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 amortised cost using the effective interest method. Financial
assets held at amortised cost comprise cash at bank and in hand, together with trade and
other debtors. Financial liabilities held at amortised cost comprise trade and other creditors.
Investments are held at fair value at the Balance Sheet date, with gains and losses being
recognised with income and expenditure.
2.15
During the year, the classification of cash held by the investment managers has been
reconsidered, and cash held for reinvestment in the portfolio has been included within
fixed asset investments only as it is a long term investment. The other cash that is available
on demand within the income accounts, are now being included within current assets.
The comparative figures have also been restated.
3
Investment Assets
2022
2021
£
£
3.1
Quoted Investments
Market value brought forward
9,190,243
8,007,967
Additions
2,052,832
669,726
Disposals
(1,923,250)
(411,175)
Net investment gains
193,017
923,725
Investments listed on a recognised stock exchange
9,512,842
9,190,243
UK cash held as part of investment portfolio
132,065
303,584
Market value at year end
9,644,907
9,493,827
3.2
Historical Cost
At 31 July 2022
7,389,984
At 1 August 2021
6,657,635		 2.14
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 amortised cost using the effective interest method. Financial
assets held at amortised cost comprise cash at bank and in hand, together with trade and
other debtors. Financial liabilities held at amortised cost comprise trade and other creditors.
Investments are held at fair value at the Balance Sheet date, with gains and losses being
recognised with income and expenditure.
2.15
During the year, the classification of cash held by the investment managers has been
reconsidered, and cash held for reinvestment in the portfolio has been included within
fixed asset investments only as it is a long term investment. The other cash that is available
on demand within the income accounts, are now being included within current assets.
The comparative figures have also been restated.
3
Investment Assets
2022
2021
£
£
3.1
Quoted Investments
Market value brought forward
9,190,243
8,007,967
Additions
2,052,832
669,726
Disposals
(1,923,250)
(411,175)
Net investment gains
193,017
923,725
Investments listed on a recognised stock exchange
9,512,842
9,190,243
UK cash held as part of investment portfolio
132,065
303,584
Market value at year end
9,644,907
9,493,827
3.2
Historical Cost
At 31 July 2022
7,389,984
At 1 August 2021
6,657,635
9,512,842
132,065
9,644,907
7,389,984		 9,190,243
303,584
9,493,827
6,657,635

15

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

----- Start of picture text -----
|||| |---|---|---| |3|Investment Assets cont.| |3.3|The following material investment holdings represented more than 5% of the total value of| |the charity's total investments:-| |2022|2021| |£|£| |-| |Trojan Investment Funds|478,150| |iShares Plc - S&P 500 Index|774,168|727,968| |4|Debtors and Prepayments| |2022|2021| |£|£| |Investment income due at year end|28,633|14,923| |Prepayments|871|427| |29,504|15,350| |5|Creditors: Amounts Falling Due Within One Year| |2022|2021| |£|£| |Audit Fees|6,000|6,000| |Professional Fees|-|2,500| |Investment Management Fees|2,900|2,532| |8,900|11,032|

----- End of picture text -----

16

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

6 Transactions With Related Parties
6.1 The Trustees are considered the Key Management Personnel of the charity.
6.2 No Trustee is or has been entitled to any fee or salary (2021 - £Nil).
6.3 No Trustee has been reimbursed with any out-of-pocket expenses (2021 - £Nil).
6.4 There were no transactions with Trustees or connected persons (2021 - £Nil).
7 Analysis of Incoming Resources
2022 2021
£ £
Investment Income
Income receivable on quoted investments 356,075 301,913
356,075 301,913
8 Analysis of Resources Expended
2022 2021
£ £
8.1 Investment management fees
Stockbrokers' management fee 35,211 32,804
35,211 32,804
2022 2021
£ £
8.2 Charitable Activities
Donations to the University of East Anglia 333,718 293,159
333,718 293,159

17

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

8.3
Other Costs
Legal fees
Audit fees
Insurances		 2022
£
4,592
6,000
862
11,454		 2021
£
6,276
6,000
1,407
13,683

Legal fees are for services provided by Portait Solicitors, a firm in which Miss J S Portrait and Mr D Flynn were partners. Amounts due at year end in respect of professional fees from the firm are disclosed in Note 5.

18

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

9
Analysis of Fund Movements
9.1
Balances
Brought
Forward,
01.08.2021
£
a Unrestricted
33,566
b Permanent
9,488,794
9,522,360
9.2
Balances
Brought
Forward,
01.08.2020
£
a Unrestricted
Funds
32,219
b Permanent
endowment
8,604,149
8,636,368
Income
£
356,075
Endowment
-
Funds
356,075
301,913
301,913
-
Income
£		 Expenditure
£
(380,383)
(39,803)
(340,580)
(339,646)
(300,566)
(39,080)
Expenditure
£		 Investments
Gain
£
-
193,017
193,017
Investments
Gain
£
-
923,725
923,725		 Funds
Carried
Forward,
31.07.2022
£
49,061
9,642,008
9,691,069
Funds
Carried
Forward,
31.07.2021
£
33,566
9,488,794
9,522,360

9.3 The permanent endowment represents the value of assets held as investments arising from the original assets settled by Sir Robert James Sainsbury on 30 December 1986. The income arising on these assets is available for use in accordance with the trust's objects and is included in unrestricted income.

19

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

10
Adjustments for:
Dividends, interest and rents from investments
(Decrease)/increase in creditors
(Increase) in debtors
Net cash used in operating activities
11
Statement of Financial Activities: year ended 31 July 2021
Unrestricted
Funds
Reconciliation of Cash Flows From Operating Activities
Net (expenditure) for the year(as per Statement of Financial
Activities)
301,913
Income and endowments from
Investment income
£
Gain on investments
Total expenditure
Other costs
Expenditure on
Raising funds
Charitable activities
Net income/(loss) from operations before
transfers and investment gains
1,347
301,913
-
-
300,566
293,159
7,407
Total income and endowments
Net incoming/ (outgoing) resources for
the year
Total funds brought forward
Balance carried forward
1,347
32,219
33,566		 2022
£
(24,308)
(356,075)
(2,132)
(14,154)
(396,669)
£
-
Permanent
Endowment		 2021
£
(37,733)
(301,913)
2,049
(6,099)
(343,696)
£
301,913
Total
- 301,913
32,804
-
6,276		 32,804
293,159
13,683
39,080 339,646
(39,080)
923,725		 (37,733)
923,725
884,645
8,604,149
9,488,794		 885,992
8,636,368
9,522,360

20

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2022

12
Analysis of Net Assets Between Funds
12.1
Debtors and prepayments
Cash at bank and in hand
12.2
Fixed assets/ investments
Current assets
Debtors and prepayments
Cash at bank and in hand
Current (liabilities)
13
Financial Instruments
Current (liabilities)
Current assets
Fixed assets/ investments		 Unrestricted
Funds
24,215
(6,000)
33,565
£
15,350
-
25,558
(6,001)
49,061
Unrestricted
Funds
£
29,504
-		 £
9,644,907
-
-
(2,899)
9,642,008
£
9,493,827
-
-
(5,032)
9,488,795
Permanent
Endowment
2021
Permanent
Endowment
2022		 £
9,644,907
29,504
25,558
(8,900)
Total
9,691,069
£
9,493,827
15,350
24,215
(11,032)
Total
9,522,360

At the balance sheet date, the Fund held financial assets at fair value of £9,512,842 (2021: £9,190,243) and financial liabilities at amortised cost of £8,900 (2021: £11,032) . Total interest charged in respect of financial assets held at amortised cost totalled £Nil (2021: interest received of £Nil) . Income in respect of assets held at fair value totalled £356,075 (2021: £301,913) and expenditure incurred was £35,211 (2021: £32,804) . Gains in the period were £193,017 (2021: £923,726) .

21