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2024-07-31-accounts

THE SAINSBURY RESEARCH UNIT FOR THE ARTS OF

AFRICA, OCEANIA AND THE AMERICAS

ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

THE SAINSBURY RESEARCH UNIT

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2024

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 2024

Any other name by which 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 Maguire
External Trustees H O N & V Trustee Ltd
Mr P Hesketh
Mr JC Burns
Auditors Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Solicitors BDB Pitmans LLP
1 Bartholomew Close
London
EC1A ?BL
Investment managers Cazenove Capital Management
1 London Wall Place
London
EC2Y SAU

1

THE SAINSBURY RESEARCH UNIT

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

Structure Governance and Management

Governing document

Trustee Selection Methods

The Sainsbury Research Unit was established under a Trust Deed dated 30 December 1986.

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 over the past year, 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

Public Benefit Statement

The principal purpose of the Trust is to apply income but not the capital which is permanent endowment 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.

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 2024

Achievements and Performance

Connected Charities

Achievements

Connected charities, independently administered and with similar objects and with which this charity operates, are the Sainsbury Centre Endowment Fund (1983 and 1986).

During the year the Trust distributed £378,737 (2023 - £354,262) 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 2023-24 the SRU endowment fund provided support for staff costs, teaching and research programmes, visiting research fellowships, student scholarships, the running costs of the Robert Sainsbury Library, including purchases, and consumables.

The SRU had 6.0 FTE faculty members, 3 FTE library staff and 1.5 FTE administrative staff, rising to 2 FTE by the end of the reporting year. All faculty have been engaged in teaching Masters students, supervising PhD students, providing undergraduate modules and lectures, attending and presenting at seminars and conferences, both in person and via Teams/Zoom, and carrying out research. Nine MAs joined in September 2023 and all have done well except one who had to withdraw because of personal health issues. Four PhDs joined in October 2023 (making a total of 17), including two highly competitive collaborative doctoral awards for students to work on the British Museum collections, one on the Americas and the other on Oceania. Faculty continued with a range of research projects and activities, including hosting a successful international conference held at UEA in October 2023 towards the end of Professor Lau's AHRC/NSF project. Faculty continue to undertake research and produce publications that will contribute to the next REF in 2029. The SRU, in collaboration with the Sainsbury Centre, also hosted the annual Museum Ethnographers' Group conference in April 2024, with over 100 delegates.

The SRU's national and international impact remains strong, with faculty membership of learned societies such as the British Academy and editorial boards such as that for Le Journal des Oceanistes. Alumni continue to flourish in academic and museum posts worldwide, extending the SRU's already extensive professional networks.

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 2024

Director's Report (cont.) The SRU has not been directly affected by the financial difficulties at UEA and it has not had to modify or reduce any programmes. Professor Steven Hooper, Director SRU, September 2024 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 £396,739. Grants paid out of the income of the Trust for the year ended 31 July 2024 were £378,737. Net incoming resources for the year of the Unrestricted Fund after making these grants and paying other expenses were £9, 125 Unrestricted Funds had a net fund balance at 31 July 2024 of £64,933. 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 2024

Investment performance Markets performed better than anticipated, with a broader equity
performance from a larger number of companies. Bond markets also
performed well on the back of better inflation data and expectations
that interest rates had peaked. The value of investments has
increased by 6.8% compared to 2023.
Investment income has increased by 7.4% compared to the previous
year. The dividend yield appears to have stabilised around 4% p.a.,
with dividends from companies outside the United Kingdom higher thar
than expected due to larger than expected special dividend payouts,
strength in Europe and Japan, and some US dollar weakness.
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 O Byrne, Mr A Collett,
Mr D Flynn, Mr H Smith, Miss J S Portrait.

5

THE SAINSBURY RESEARCH UNIT

TRUSTEES'REPORT

FOR THE YEAR ENDED 31 JULY 2024

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 27 November 2024 and signed on their behalf by

Mr P Hesketh

Trustees

Professor D Ma�e

6

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

FOR THE YEAR ENDED 31 JULY 2024

Opinion

We have audited the financial statements of the Sainsbury Research Unit for the year ended 31 July 2024 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 applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 2024

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

As explained more fully in the trustees' responsibilities statement set out on page 6, 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

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with 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 are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2024

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 the financial statements but compliance with which might be fundamental to the charity's ability to 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 non­ detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non­ compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Crowe U.K. LLP Statutory Auditor London

13 December 2024

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 2024

2024 2023
Un restricted Permanent
Funds Endowment Total Total Funds
Notes £ £ £ £
Income and endowments from
Investment income 7 396,739 396,739 369,395
Total income and endowments 396,739 396,739 356,075
Expenditure on
Raising funds 8.1 33,943 33,943 34,026
Charitable activities 8.2 378,737 378,737 354,262
Other costs 8.3 8,877 570 9,447 11,356
Total expenditure 387,614 34,513 422,127 399,644
Net income/(loss) from operations before
transfers and investment gains 9,125 (34,513) (25,388) (30,249)
Gains/(losses) on investment 686,594 686,594 (255,403)
Net (outgoing)/incoming resources
for the year 9,125 652,081 661,206 (285,652)
Total funds brought forward 55,808 9,349,609 9,405,417 9,691,069
Balance carried forward 64,933 10,001,690 10,066,623 9,405,417

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

10

THE SAINSBURY RESEARCH UNIT

BALANCE SHEET

AS AT 31 JULY 2024

Fixed assets
Quoted stocks and shares
Total fixed assets
Current assets
Debtors and prepayments
Cash at bank and in hand
Total current assets
Creditors: amounts falling due within one year
Net current assets
Net assets
Funds of the charity:-
Unrestricted Funds
Endowment Funds
Notes
3.1
4
5
9
9		 2024
Total
Funds
£
10,004,495
10,004,495
31,773
40,734
72,507
(10,379)
62,128
10,066,623
64,933
10,001,690
10,066,623		 2023
Ttal
Funds·
£
9,352,415
9,352,415
29,689
33,200
62,889
(9,887)
53,002
9,405,417
55,808
9,349,609
9,405,417

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

Date ...................................... . 27 November 2024

11

THE SAINSBURY RESEARCH UNIT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes Total Funds Ttal Funds
£ £
Cashflows from operating activities:
Net cash used in operating activities 10 (423,719) (98,842)
Cash flows from investing activities:
Dividends, interest and rents from investments 396,739 369,395
Proceeds from sale and return of investments 3.1 937,288 855,971
Purchase of investments 3.1 (880,373) (866,722)
Net cash provided by investing activities 453,654 358,644
Change in cash and cash equivalents in the reporting period 29,935 (40,198)
Cash and cash equivalents at the beginning of the
reporting period 117,425 157,623
Cash and cash equivalents at the end of the reporting period 147,360 117,425
Analysis of cash and cash equivalents
Capital account 3.1 106,626 84,225
Cash at bank and in hand 40,734 33,200
147,360 117,425
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 2024

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 7T J.

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

2.1 Incoming resources are included in the Statement of Financial Activities (SoFA) when:

2.2 Where incoming resources have related expenditure, the incoming resources and related expenditure are reported gross in the SoFA.

13

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

2 Accounting Policies cont.

14

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

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 efective 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
2024
2023
£
£
3.1 Quoted Investments
Market value brought forward
9,268,190
9,512,842
Additions
880,373
866,722
Disposals
(937,288)
(855,971)
Net investment gains
686,594
(255,403)
Investments listed on a recognised stock exchange
9,897,869
9,268,190
UK cash held as part of investment portfolio
106,626
84,225
Market value at year end
10,004,495
9,352,415
3.2 Historical Cost
At 31 July 2024
7,716,777
At 1 August 2023
7,708,311

15

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

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:-
2024 2023
£ £
iShares Pie - S&P 500 Index 990,759 820,223
Vanguard S&P 500 UCITS ETF 550,213
Fidelity Global Dividend Fund (1986) 522,000
2,062,972 820,223
4 Debtors and Prepayments
2024 2023
£ £
Investment income due at year end 30,902 28,818
Prepayments 871 871
31,773 29,689
5 Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Audit Fees 7,572 7,080
Investment Management Fees 2,807 2,807
10,379 9,887

16

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

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 (2023 - £Nil).
6.3 No Trustee has been reimbursed with any out-of-pocket expenses (2023 - £Nil).
6.4 There were no transactions with Trustees or connected persons (2023 - £Nil).
7 Analysis of Incoming Resources
2024 2023
£ £
Investment Income
Income receivable on quoted investments 396,739 369,395
396,739 369,395
8 Analysis of Resources Expended
2024 2023
£ £
8.1 Investment management fees
Stockbrokers' management fee 33,943 34,026
33,943 34,026
2024 2023
£ £
8.2 Charitable Activities
Donations to the University of East Anglia 378,737 354,262
378,737 354,262

17

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

2024 2023
£ £
8.3 Other Costs
Legal fees 570 2,970
Audit fees 7,572 7,080
Insurances 1,305 1,306
9,447 11,356

Legal and administration fees are for services provided by BOB Pitmans LLP, a firm in which Mr O Byrne, Mr A Collett, Mr D Flynn and Mr H Smith 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 2024

9 Analysis of Fund Movements
9.1 Balances Funds
Brought Carried
Forward, Investments Forward,
01.08.2023 Income Expenditure Gain 31.07.2024
£ £ £ £ £
a Unrestricted
Funds 55,808 396,739 (387,614) 64,933
b Permanent
Endowment 9,349,609 (34,513) 686,594 10,001,690
9,405,417 396,739 (422,127) 686,594 10,066,623
9.2 Balances Funds
Brught
Forard,		 Investments Caried
Forard,
01.08.2022 Income Eendtur Gain 31.07.2023
£ £ £ £ £
a Unrstcted
Funds 49,061 369,395 (362,648) 55,808
b Permanent
endowent 9,642,008 (36,996) (255,403) 9,349,609
9,691,069 369,395 (399,044 (255,403) 9,405,417

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 2024

10 Reconciliation of Cash Flows From Operating Activities Reconciliation of Cash Flows From Operating Activities
2024 2023
£ £
Net (expenditure) for the year(as per Statement of Financial
Activities) (25,388) (0,249)
Adjustments for:
Dividends, interest and rents from investments (396,739) (369,395)
Increase in creditors 492 986
(Increase) in debtors (2,084) (184
Net cash used in operating activities (423,719) (398,842)
11 Statement of Financial Activities: year ended 31 July 2023
Un restricted Permanent
Funds Endowment Total
£ £ £
Income and endowments from
Investment income 369,395 369,395
Total income and endowments 369,395 369,395
Expenditure on
Raising funds 34,026 34,026
Charitable activities 354,262 354,262
Other costs 8,386 2,970 11,356
Total expenditure 362,648 36,996 399,644
Net income/(loss) from operations before
transfers and investment gains 6,747 (36,996) (30,249)
Loss on investments (255,403) (255,403)
Net incoming/ (outgoing) resources for
the year 6,747 (292,399) (285,652)
Total funds brought forward 49,061 9,642,008 9,691,069
Balance carried forard 55,808 9,349,609 9,405,417

20

THE SAINSBURY RESEARCH UNIT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2024

12 Analysis of Net Assets Between Funds
12.1 2023
Un restricted Permanent
Funds Endowment Total
£ £ £
Fixed assets/ investments 10,004,495 10,004,495
Current assets
Debtors and prepayments 31,773 31,773
Cash at bank and in hand 40,734 40,734
Current (liabilities) (7,574) (2,805) (10,379)
64,933 10,001,690 10,066,623
12.2 2023
Unrstcted
Funds		 Peranent
Edowent		 Total
£ £ £
Fixed assets/ investments 9,352,415 9,352,415
Current assets
Debtors and prepayments 29,689 29,689
Cash at bank and in hand 33,200 33,200
Current (liabilities) (7,081) (2,806) (9,887
55,808 9,349,609 9,405,417
13 Financial Instruments

At the balance sheet date, the Fund held financial assets at fair value of £10,004,495 (2023: £9,352,415) and financial liabilities at amortised cost of £10,379 (2023: £9,887). Total interest charged in respect of financial assets held at amortised cost totalled £Nil (2023: interest received of £Nil). Income in respect of assets held at fair value totalled £396,739 (2023: £369,395) and expenditure incurred was £33,943 (2023: £34,026). Gains in the period were £686,594 (2023: Losses of £255,403).

21