THE SAINSBURY RESEARCH UNIT FOR THE AR TS OF AFRICA, OCEANIA AND THE AMERICAS ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 THE SAINSBURY RESEARCH UNIT ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 ¢ONTENT5 Page Tru8t8es' Report 1 b 6 Indepèndent Auditor8, Report 7 to statement of Flnancial Activit￿S 10 88lance Sheet 11 Statement of Cash Fkns 12 Notes lo the Accounts 13 tts 21 THE SAINSBURY RESEARCH UNIT TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 Any other name by whlch the charity Is known The Sainsbury Research Unil for the Arts of Africa, Oceania aTh1 thè Ameri•s Charlty règistration number 256041 IRegi81ered 16 February 19871 Prlnclpal address The Peak 5 Wilion Road London SW1V fjAP Unlverslty Trustees Mr D I Callaghan Professor I P Dewing Iretsred 8 Oolober 20251 Professor D Maguire Profe550r C T Richard50n (appointed 8 October 20251 External Trustees H O N & V Trustee Ltd Mr P Hesketh MrJCBtsms Audllors Crowe U.K. LLP 55 Ludgate Hlll London EC4M 7JW Sollcllors B￿adfield Law UK LLP 1 Bartholomew Close London EC1A 7BL Invèstmènt managers Cazenove Gapilal Management 1 London W811 Plac8 London EC2Y SAU THE SAINSBLIRY RESEARCH UNIT TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 Structure Govérnance and Mana GoVer￿Ing document The Sainsbury Research Unlt was established under a Trust Deed dated 30 D8cember 1986. Thè power of appointing UnNerslly Trustees is exerLusablè by the University ol Ea51 Anglia I'UEA'I. The External Tiustees are appolnted by the continuing Exltsrnal TftJsteEb who in lutn ar8 required lo appoint those nominated by LoFd S8insbury of Turwille. The External Trustees ar0 ro$POn5ible for investment and managomenl. The Trustees meel twice a year to consider reFM)rts frorn the ExleTI)al Truslees on Investment performanc8 and policy, to r8C8Ivè reports on the application ol the tjnds passed lo the UEA in order lo lulffl the objects of the Trusl and lo consider the annual report and financlal slatemenls. The key ri8k lo the trust fvnd is the volalibily of tnarket investments where the value ol investments and lulure investrn8nl income flucluales. Thè Truslees, in consultation Mqlh and on the advice of their Inv@slmenl AdvI5ers, mainlain a div8rse and balanced Invesltnenl portlolio to mitrgale so far as possible against adve188 risks affecting the ov8r811 value ol the endowment so that lh6 charity con continue to pay out the incomg generated to the trust beneficiary. Al the same lirne, other major rlsks to which the tru8115 exposed are considered and, where necessary, steps ale takeri tLI mitigate and minimise Ihoso risks. ement Tru¥l8e Selectlon Methods Organi8atlonal structure of the charlty and how declslons are made Risk pollcy Ob 8Ctlves and Actlvlltes Objects The prindpal purpose of the Trust18 to apply income bul not the capital which is pormanenl endowment ol the TFUSt for ch8ritable purposes CDnnecled with ihe advancomenl of educatlon and learning by promoting sludy Into the rèsearch and teaching ol non-westem art, and specifically to pay the costs of employlng slaff and olhei dire running costs of the Salnsbijry Research Unil ISRUI lor the Arts ol Africa, Oce8nia and the Americas al the UEA The Trustees confirrn that Ih8y have referred lo the guidance contalned in the Charlty Commission's general guidance on public benefit thn revi￿ng the Trust's alm8 and otieclives and in planning future activiti88 land setting the grant making policy for the yearl. Publlc Benefit Statement THE SAINSBURY RESEARCH UNIT TRUSTEES, REPORT FOR THE YEAR END£D 31 JULY 2025 Achlevam&nt8 and Perfomiance Connected Charitles Conneded Charities, Independently adminisler8d and wlh similar objects and with which this charily op8rgles. are the Salnsbury Centre Endowmènt Fund11983 and 19861. During the year the Trust dislributed £368.63912024 £378,7371 to the UEA which continue8 10 8UPPOrt thè research and teaching on non-westsrn art in accordance with the terms of the Trust Dè&d. The chgrity has no paid staff. During 2024125 lup lo 31 July 20251 the SRU Endowvnenl lund 8UPPOrted staff costs, rosoarth and teaching pro9rammes, three visiting research fellowships, student scholarships, th8 Robert Swnsbury Library, equipment replacement and consumables for the SRU. The SRU had 6 FfE faculty members. 3 FTE Ilbiary slalf and 2 FTE admiThstrative staff. All faculty have been engaged in leBohing postgraduate$ and undergradustes, supeNsing re5Earch Students, llnd8rta￿ng their own reseatth and attending and presenlirig at seminars and Conferen￿$, locally, nationally and inlemation811y. Among the highlights ol the ye8r in terms of recognition and achievement is tha start of the 4-year British Acad8my-funded Global Professorship of Professor Abubakar Sulo Sanl of Amadhts B8110 University in Nlgeiia18n gx-SRU PhD studtrntl. This is a presliqious appointment snd one of only eight awaided for the W￿le U recognising the SRU'S status as a oenlre ol excellence. Dr Bolaji Owaseni. a recent SRU doctoral student from Nigeria, ha5 been appointed as the Posldoctoial Research Assistant on the projec( whlch examinès museum rollecuons of Nigeiian archaeologicAI material In the Nigoria and the UK 8$ a m8ans ol laalitating academic nd research collaboratlons. In October 2024 the SRU h08ted the annu31 Robert Sainsbury Lectu￿, dellveied as a dramatic perfomance by the France-b8sed New Zealand MaoA artist George Nuku. This was a m8rn0rable occaslon with over 150 allerKJees. Two faculy appoinlmenls We￿ madg, one lo replace a prof85801 who ha8 taken up a presligiotss Tesearch professorship in Gennany, thè other a nEW 4-year po81 funded by the Galsby Charita￿2 Foundation, lo assist. among other duties, with the development of a distance~ learning progr8mme lo enable the SRU lo reach wider international 8ud4enc85, e8pec4ally overseas academics and museum prole8slonals who have neither the lim8 nc>r lunding lo Attend courses at the SRU in Nomrych, Achievements DlrectoPs R6POrt THE SAINSBURY RESEARCH UNIT TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2025 Director's Report lcont.) The Robert Sainsbury Library continues lo provld$ a comprehensiv8 servity inside and beyond UEA. A Nigorian MA student was awarded Ihg SRU Llbmry Training Butsary, to work one day a week on a rangc of library tasks, The SRU Lontinues to operate in an elleclive way and has established an extensive global academiG and tnuseum netWOTk. This is enhanced by the SRU'S h05ting of regular academic conferences, such 85 the Annual Meeting of the Pacific Art8 Association in Aprll 2025. 11 was also eonfirmed during the Direclor's vislt to New Yolk in May for the r8-op8ning ofthree major gallerie$ 81 the Metropolitan Museum of Art, iwtr olwhich wer9 ¢ur&led by SRU alumni and many SRU alumni were arnong IhE guests. There were over 40 application8 for ils one-year 2025126 BAA course, and over 50 applications for thè two facully appointments. Prof8ssor Steven H(x)p&r, ￿r￿ctOr SRU, Septembsr 2025 This Is a grant making trust wth no direcl aclwlti88, 811 dislribulable income bèing donated to the UEA for the purposes sperAfied above. Therefore there are no specific activities to bo reported on by the Tnjstees. Financlal Review The income of IhB year, all derived from stock exchange iiwestments aNI cash placed on deposit was £372,289. Grants paid out ol the I￿￿￿e of the Trust lor the year endgcl 31 July 2025 were £366,639, Nel outgoing r8sotl￿S lor the y9ar ol the Unrestricted Fund after makiw these grants and paying olhgl gxpenses were £3,574. Unrestricted Funds had a net fund balance at 31 Juty 2025 01 £61,359. The UEA and Extein81 Trustees met twice during the year to consider the allocAtion of available In(￿me. The Extgrnal Trustees had two further meetings with Cazenove Capitsl Management. The Trusloos le￿1ve an annual report from the Unive15ity ol Egsl Anglla on the application of funds paid to th8 UEA. The UEA accounts foi the activities lundgd fvoffl the income made over to il by the Trustees wlhin the scope ol ils Annual Report and Accounts. The charlly expects lo oonlinu8 to distribute grants in the for6geeable fijture. The TTllStees' policy is lo pay the nel income to the U Future Plans Res8rves policy THE SAINSBURY RESEARCH UNIT TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 Investment pollcy The Trustees have wide KM)wers of Inv88lment. The objectiv¢ of the Trustees is lo maintsin a level ol investfflenl income over time that keeps pace with inflalk)n. The Trusfs permanènt endowmenl funds are Invested lo gener818 inc(¥ne and prowde IDng-lerm capital growth in lin& wllh ielevanl indie8s. The Trustees regu1811y meet the inv88tmeril managers lo discuss strategy and review performance. In Ihe yeer under rewew. Ihe Trustees mairilained a def6n8ive investment strategy. Investment perfomiance There has been 8 very Strong recovèry in equily markets wllh regions out￿de of the US dolng well. This is partly lo do with US eX￿ptionall8M being qugstioned earlier in the year and to some exlenl the dollafs we8kness beneh'ting other aroas in the world. As a con52quence, the UK. Japan, Asla and Emerging market8 have seen strong returr)s and the portfolio's rolurns are oulp8rforrning thel¥ respective market Indi￿S. v81u8 01 investments ha8 infxeased by 6.1gk compared to 2024. Investment Iiu>me has decreased by 6.1Yo compared lo the previous year. The dividend yield Is bwer as dividend payments from certaln sectors have been rertu￿d in comparison lo a year eadier. the strength of sterling, and a redUCt￿)n in the number of special dividends. ThB dividend yield appears to havo stabilised around 4% p.a. The charity does not rais8 funds Irom the public Having assessed the Trusl'5 finan¢ial position and plans for Ihe foreseeable futur8, the Trustees ale Satisfied that It remains appropriato to prepare the fin8ncial stalements on the going concern basls. There are no material uncertainties about the Trust's ability lo continuè. The director5 of HON & V Trustee Ltd are.. Mr O Byrae, Mr A Collett. Miss J S Portrait, Mr H Smlth. Goln Concern Dlrectors Retlrement The Twslees note the retirement of Professor I P Dewing and extend their thanks for his assistance during h18 appointment, ## **THE SAINSBURY RESEARCH UNIT** ## **TRUSTEES'REPORT** ## **FOR THE YEAR ENDED 31 JULY 2025** ## **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: - select suitable accounting polices and apply them consistently; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards 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 to operate. 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 24 November 2025 and signed on their behalf by Mr P Hesketh ## **Trustees** 6 INDEPENOENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SAINSBURY RESEARCH UNIT FOR THE YEAR ENDED 31 JULY 2026 Opinlon We have 8udhed the financial slalemenls ol the S•nsbury Research Unit for the year e￿Ied 31 Juty 2025 whlch comptise IhE Slalernont of Financial Actlvilies, the Balarn￿ Sheet and the StatemEnl ol Cash Flow8 and notes to the linan¢lal sklemanls, includlng a summary ol slgnlll¢anl 8ccounling policies. Th¥ financial reportlng 11gmework that has b£8n applied In their prepardlion Is applicable law and Ljnitod Klrwom Accounting Standards. indudlng FlnBncial Reporbng Standard 1D2. The Financial Reporting Standard apKlicabl8 In thè UK and Repullic ol Ireland IUftit8d Kingdom Generally Ac In ourop*nion th8 financial slalotnenls.. ' give a and fair viewol Ihe state of the r*anty's ?ffairs as 8t 31 Juty 2025 and ol its inrJ)mlng resources and apPI￿a￿On of resour￿, includ#)9 118 Income and expenditu￿ for the year then h8vo been propgrly FKep8red In accoTdance wlh Unlted Klngdorn Genèrally Accepl£d Accounllno Practieè.. and . have boen prepared In acCwdan￿ wth th8 requlwments ol the Charille8 Ad 2011. Basls for oplnlon We conducted Ouf audil in ac(y)rdar￿ wth Intematic4Kg1 Standards on A￿￿ttIng IUKI IISAS {UK)} and 8pWicable law. Our r6sponsibilili&s uThJer those standards are further describod in the Auditor's respoii8lbilties for the audll ol the linaTTr(ial sialemonls section of cNJr report. We are independent ol the charity in accordan￿ wth the ethical reqimremenls that ale relevant to our audlt of the financi81 81atemont8 In the UK, Including the FRC'S Ethical Standard, and we have liillillod our other elhlcal responBikn'lilies in accordanc& wllh these r¢quirem8nl8. LElieve that th8 audit evidence we have obtained is Sufficient and appropriBI8 lo provlde a bas18 for our OpTn1￿1. Conclu¥lon8 ￿latIng to golng concem In auditing the finanaal slalements, VE condud&J that ￿ tFUStees' uBe Of￿ gorng concem b8sIs of 8c¢ountirwJ the proparaticfi of Ihe slalements is appropFrat•. Based on the work w8 have perlorrned, we have not Id8nlilied any rnaterial un¢xrtaintle5 relating lo evenl8 or condltions that. individually or collocUv81y, may cast significAnl doubl on th9 charity's Bbilily to conllnuo &8 8 going cuncem for o parli)d ol at le881 twelve month8 from when the financial stAtemenls aro authorised for issue. Our responsibilib6s and the re9Witilibes of Ihe trustees vAth r8SP8rt to golng cx)tKem 8re described in th8 ielèwant section5 oft￿S rawt. Other Infomiatron The trustees ar8 r8sponslble lor the olher informatlon. The other inlomiallon compris68 the inlormatlon included In the annual report, other Ihsn the fi'nan¢lal slaten7enls and our auditorfs report Ihoroon, Our 0￿.n10n on the financ181 stalemenl$ do&s not covor the other information and, ax¢epl lo the exlenl otherw8e eX￿[CluY staled In our report, we (k) not express any form of assuran￿ conclusion thereun. Jr resF¥Jn51bility is lo read the other Inf¢xmation aTrJ, in (kmng so, conskler vthether the other Infomialion is materialty inconsistent wth the finanoal st8tements or our knovAedge obtsine(I In the autht or oth￿￿Se appears lo be m8leriaKy misstated. If Identify such malerial inconsistencia$ or app8rent rnatèrial rnisstatemen18, we are required lo determin8 whelher th18 gives riso lo a materlal mls8talement In tho fiiiancial 51alement5 thernselves.11, based on the work we have p8iforrned, we conclude that there Is 8 mat6rlal misstatement ol Ihls other informallon, we are r8quirod lo report that faGI. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SAINSBURY RESEARCH UNIT FOR THE YEAR ENDED 31 JULY 2025 We h3v8 nothlng to report sn this regard. Matter3 on whlch we are roqulred to report by excep￿0￿ We have ￿thing lo report in resp8cI of the 1015owing matters in relation io whKh the Charities (Aecounts and Rewrtsl Regulallons 2(H)8 rgquire us to reprjrt lo you il, in our opinion.. thtr inforrnatEon given in tho lin8nclal statement8 Is inconsistent in any material respect wth the trustees, resx)rt,' or suffic￿nI accounting records have nol been k8Pt', or the IinBncial slalements are not in ag￿tsment with the accounting records and retums,. OT we have not received all the information and explanations we require for our audlt. R05ponsibllltles of trustw As explained more lully In the trustees, responslbllilies statement set out on pag8 6, the trustees are esponsiblp for the preparation ol the financial slalements and lor b&ing 8atislied that they give a true and fair view. and for such internal control a5 the Irusle8s determine is necessary to enahie the preparallon of financial slalemenls that ar8 free Irtsm mateiial mi5Statemenl, whether due to fraud or In preparing the financbal siatements, the trustees aro responsible lor 8ss95sing the eharity's ablllty to continue as a going concern, disclosing, 8s ap￿Icable, malleis Telated to going con¢ern and using the going concern b2sis of accountlng unless tho Itustees either intend to liquidate the charity or lo cea8e operations, or have no reali51*G alletnab.ve bul lo do str. Audltor's respons1blll¢l￿ for the audlt ot th9 financl81 statamBrrts We have b8en appointed as audltor under secfr'on 144 01 th8 Charities Aet 2011 and report In accordanoe with the Act and relevant regulations made or having effect thereunder, Our objectives are to oblain reasonable assuran￿ about whether the financial statements as a who are Ifee from material misstatement, whether due lo fraud or etror, and to Issu8 an auditor's report that Includes our opink)n. Reasonable assurance is a high level ol assurance, bul is not a guarantee that an audit conducted in aecordance with ISA5 IUKI will always delect a tnalerial misstatement ￿ern it exists. Misslalements can arise fiorn fraud or erior and are considered rnaterial il, individually or In the aggregate, they could regsonsbly be eX￿GI￿d lo Influen￿ t￿ e¢onomK decisions ol users taken on the basis of these financial statements. Details ol the extent to which the 8udit was conside18d capable of dolecling Ir￿SU[aritieS, including fraud and non-eompliance wllh laws and regulauons are s81 out below. A furtherdescription of our Te5pL)nsibilitses for the audit of the financial sla18menls Is located on the Finanaal Reporting Council's website al.. ￿.[rC.0rg.UkIaudiI￿rSresp0n$lbllitles. Thi5 description lorrns part ol our a￿￿￿Or,8 report. Extent to whi¢h the audltwas conBldered capable of deteetlng Irregularltle5, Includlng fraud Irregularltles, indudlng fraud, are instancès ol non-compliance with laws and regulations. We idenllfied and assessed the rr6ks of material rnisstalernent ol the financial siatements trom Itregularities, thther due lo fraud or error, and discussed Ih8S8 between our audit team members. We then designed atyl perforffled audit prDC8dures responsive lo those risks, including obtaining audll evldence sufficient and approprlate to provide a basis for our opinlon. INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE SAINSBURY RESEARCH UNIT FOR THE YEAR ENDED 31 JULY 2025 We obtained an understsriding ol the legal and Tegulaiory fr8meworks vAthin which the charlty operates, focusing on thos8 laws and regulations that have 8 dliect effect on the delerminauon ol rnalerial amounts and dlsdosures in the finan￿81 siatements. The laws and regulations we considered in Ihls ntexl were th¢ Charities Ael 2011 together w￿th th8 Charities SORP IFRS 1021. W& assessed the requlr8d CnmpIian￿ wlh these laws and regulations as p8rt of our audlt procedures on the r8la18d In addition. we considered provisions ol other laws 8nd regulations th&1 do not have 8 dlrecl elfe¢t on the financial stslem8nls bul compliance with which rnighl be ful￿a[￿ents1 lo the charlty's ability to operate or to avoid a maleTial penalty. We also ctsn51dered the opportunit18s and incentives that may exlsl wtthin the eharily forfraud. Auditlng standards Ilmll the required audit piocedures to identify non-com ￿lance with these18w8 and regulations to enqulry af the Trustees 8nd other man&gemenl and Inspectlon ol regulatory and legal corresponden￿. if any. We identif￿d the greatest ￿sk ol fflaterial Impact on the fIna￿la1 slalements from irregularitles. Includlng fraud, to be within the override ol eonlrols by management Our audlt procedures lo respond lo these risks included enquiri85 ol management aboul thèir idonlification and assessment of the risks ol irrEgularitsoS. 8ample testing w the PDSting of journals. reviewing accounting estimates for bia5e5, revi6wing regulatory cotrespondence with the Charity Commission. and ¥eadlng minutes ol mEelings of those charged wlh governance. Owlng lo the inh8renl limitations ol an audll, Ih¢r8 Is an ut)avoldab18 118k that we may not have deteoled some rn8lerial misstatements in the financlal stalemeiit5, even though we have properly planned and performed our Rudit in accordan￿ with audits'ng stand8rds. For example, tho further removed non- cornpliance wllh laws and regulations lirregularitiesl Is from the events and transaC￿onS reflected in tha financigl slalemenls, the less likely the inherèntly limited proceduies iequired by audili'ng standards would identify it. In addition, as with any audit, Ihore remained a higher risk of non-detection of ir￿guIar1I1e$, as these may involve Collusion, forgery, Intentional omissions, misrewesenlalions. or the override of internal controls. We are not responsible for prevenung non-compliance and cannot be expeeled lo delgct non-complian￿ wlh all laws and regulation5, Use of our report This ￿POrt 1$ made SO￿lY to the chaTity's Iruslees, a8 a body, In ac(x)rdance wth Part 4 of the Charities (Accounts snd Reports) Regulations 2008. Our audit wotk has been undertaken so thgt we might stat6 to the charity's trusteès tho8e matters we ar@ required to 8ta18 to them in an auditorfs report and for no other purpose. To thg fullest extent P8rrnitted by law, we do not accept or assume responsibllity lo anyone otherlhan the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. U. k. )Lf Crowe U.K. LLP Slatulory Audllor London 15 December 2025 CroweU.K LLPIS Pl￿1blelorappts1ThtMèn* as audilorof ihechadty byvirtue0lltstl￿1b1fityfordpWniMenIss 8udi¢orofa c￿panY und8r9ectlon 1212 01 theCornpgnlesAc12DD6. THE SAINSBURY RESEARCH UNIT STATEMENT OF FINANCIAL ACTIVITI ES FOR THE YEAR ENDED 31 JULY 2026 2025 2024 Unrestrlctsd Funds Pemianent Endowment Total Tot81 Furjds Notsi Income and endowment8 from Investment income 372,289 372,289 396,739 Total Ineome and ondowmenis 372,289 372,289 396,739 Expendlture on RaisiNJ funds 36.295 36,295 33,945 Charitable actwilies 366.639 366.639 ts78,737 other costs &3 9,224 9,224 9.447 Total expendllure 375,863 36,295 412,158 422.727 Net (loss) from operallon5 before tran$fers and Investment ualns 13,5741 136,2951 139,8691 (25,3881 Gains on hvEstfflenl 643,423 643,423 686,594 Nèt Incomlnglloufigolngl resources for the year 13,5741 607,128 603,554 661,206 Total funds brought lon￿ard 84,933 10,001,eq) 10,068,623 9,405,417 Balance carried foNYard The notes on pagès 13 10 21 fom) part of Ihe$e financial stal8m8nts. 1Q ## **THE SAINSBURY RESEARCH UNIT** ## **BALANCE SHEET** ## **AS AT 31 JULY 2025** |**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**|**2025**
**Total**
**Funds**
**£**
10,610,252
10,610,252
29,784
40,800
70,584
(10,659)
59,925
1□,670, li
61,359
10,608,818
10,670,177|_2024_
_Ttl_
_Fund_
£
_10,004,495_
_10,004,495_
_31,773_
_40,734_
_72,507_
_(10,379)_
62,128
J,_066, 6�:_| |---|---|---| |||64,933
10,001,690
_10,066,623_| The notes on pages 13 _to_ 21 form part of these financial statements. Approved by the Board and signed on its behalf by **----- Start of picture text -----**
Mr P Hesketh
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**----- Start of picture text -----**
Trustees
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Date 24 November 2025 11 THESAINSBURYRESEARCH UNIT STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 2025 2024 Note8 Total Funds Total Funds Cashflows from operating actlvitiès: Net cash used in op8rating activitiBS 10 1409,8891 [423,71PJ Cash ftows from Investing actlvlties: Dividends, interest and rents from investments Proceeds from sale and retum of Investments Purchase of investsnenls 372,289 991,160 1610,961} 396,T39 937,288 (880,373) Net ¢a$h providgd by Investing actlvltles 752.488 453,654 Change in cash and cash èquivalents in the reporting pgrlod 342,599 29,935 Cash and cash equivalents atthe beginning of the reporting pÈrlod 147,360 117,425 Cash and cash equivalents at the end of tha reporting perlod ,95 Analysis of cash 8nd cash equlvalents Capital account Cs$h 8t bank and In hand 449,159 40,800 106,626 40,734 ,360 The notes on pagèy 1310 21 form part of these financial statsmenls. 12 THE SAINSBURY RESEARCH UNIT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 Basls of Prèparatlon asis ol Accauntin Form ol Enb"ty'. Charllable Trust Country of Incorporation.. United lfj'ngdom Regisl8r8d Office.. Unlversity of East Anglla, Norwlth R￿arch Park, Norwch, NR4 7TJ. These financial statèments have been prepared in accordance with th8 Charities SORP 2019 IFRS 1021 applicable to ch8rilles preparing their accounts In arLOrdan￿ with the Financial Rèporting Standards awlieable In the UK and Republic ol Ireland and the Chaiify'es Act 2011 and UK Generally Accepted Practice. The accounts lfinan¢ial statements) have been prepared to glve a'lrue and faiK' vlew and have departed from th8 Charit￿8 IAccounts and Reports) Rggulations only lo extent requlied lo provide a'lrue and lair wew,. d accOun￿n The charity has a Single permanent endowment furid and unre5tri¢ted ￿lld. Goin Concem Havlng assessed the Tru81's fi'nanaal posEtion and plans fw the foreseeable ftrture, the Trustees are 5a115fjed that il rem8lns appropriate lo prepare the financial statements on the going concern basis. There are no material unoertaints.es about the charlty's 8bilily to continue. Public Benefit The tm81 is a publlc benefit entity. Accountin9 Pollcles In￿Mi[¥j resources aro inclsjded in the Statement ol Financial Activlties ISOFAI wknn.. the charlty becomes entitled lo the re80urces,' the trustees ar8 virtually cèrtsin they will recefve the resources., and the monetary value can be ma8sur8d with suff¥clenl rellability. Where incoming resources have related expenditure, th8 incoming resources and related expendituie are reported gross in the SOFA. 13 THE SAINSBURY RESEARCH UNIT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 202S Accountlng Policies cont. Grants and donaknons are only Included in the SOFA when the Gharity has unconditional. entit￿ment lo th8 r8sourttes. Incomino resource8 from tax reclaims are included in the SOFA at the satne ￿me as ihe in¢oNe lo which they relate. Invp8tm¢nl income is includ8d In the accounts wh¢n reCeIva￿e. Investment galns and losses incI￿le any gain or loss on the sale of investmen18 and any gain or loss resulting from revaluing the Inveslmenls to rnartiel value al the end olthe year. Liabilities are recognlsed as soon as Ihorg is a legal trr constructive obligab.on commilling Ihe Charity to pay Out resources, Goveinanc9 cos15 Include the cost ol the preparation and examlnation ol statLrtory accounts, the c05t of iruslee me8tings and cost ol any legal 8dvlce to the Irusleos on governance or con81ilubon81 matters. Grants payable are payments made to third parties In th8 ftjrtherance ol the charitable objecllves ol the Iru8t, The grants are accounted for where either the Iruslees have agr?ed lo pay the giant wltlioul condition and the recipient has a rea5Dnable expectation that they will receive a grant. or any comlition attaching lo the grant is outside Ihe ¢onlrol ol the trust. 2.10 Invèstmènts quoted on a recognlsed slock exchange are valued al market valu8 8t the year 2.11 The trust is an exempt charity wihin th8 meaning ol Section 519 of the Income Tax Act, 2007. Accordingly, il Is potentially exempl fiotn taxation in respèct of income or capital gains recewed ￿thIll categor￿8 covered by Section 258 of thè Taxab"on of Chargeable G8ins Act, 1992 to the exlent that such Income or gains are applied to exclLJsivety charitable purposES. The trust rec8ives M exemption in respect of Value A(k18d Tax IVATI aTrd15 not VAT registered. 2.12 Endowad funds are perm8nenl etKlowmenls wherg the donor has specifi&d th81 the capital ol the gift cannot be expended and that only the income arising from the capital may bg used for the purpose named by the donor. Non8 of these funds are available lo tneel the general costs of the Trust. Inveslrnent managernent charges and legal fees arè chargod lo the capital ol th8 etKlowed fund. 2.13 Sources of eslimalion uncertainty Ihat have a significant effect on the arnounts recognised in the financial st3tEments ar8 d88cribed in the accounting pollcies. No specific 8C¢(>LJnling judgements and unc8rt8inties have been identlfied for the current y&ar. 14 THE SAINSBURY RESEARCH UNIT NOTES 70 THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 2,14 The eharfty has financial assets and financial liabilities of a kind that qualify as baslc finanda Instruments. Baslc financial instruments are initially rec(>gnisod al transaction value and subsequently measured at amorts5ed 0081 using the èffective interest tnethod. Financial assets held al amortised cost comprise cash al bank a￿1 in hand, together vriih irade and other debtors. fjnan¢ial liabilities held al amortssed cost comprise trade and other ¢reditors. Investments are held at fail value al the Balance Sheet date, with galns arKI losses beinu recognised wtth income and expenditure. 2.15 Ca8h held for reinvestment the pgrtfolio has beèn included wthin fixed asset investments as11 is a long term investment. The other cash that is availabla on dernand within the income accounts is included Mfjlhin current assets. Investment Assets 2025 2024 Quoted Inv88tments Market value brought forward Addibo Disp05FJ5 Nel investment gains 9,897,889 610,961 1991,1601 643,423 9,268. 190 B80.313 (937,2881 686,594 Inve3tsnents Ilsted on a recognised sto¢k exchange 10,161.093 9,897,869 UK cash held as part of Investment portfollo 449,159 106,626 Market value at y&8r •nd Hlstorlcal Cost Al 31 July 2025 7,£20,674 Al 1 Augu512024 7,716,Tt7 15 THE SAINSBURY RESEARCH UNIT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 Invastment Assets cont The IrAlowing material investment holdlngs represented more than 5% of th8 tot81 value of the tharity's total investments'.- 2025 2024 Ishares PIC- S&P 500 Indèx Vanguard S&P 500 UCITS ETF Fldelily Global Divid8nd Fund119861 1,111,168 16,260 580,500 990,759 550,213 522,000 Debtors and Prepayments 2025 2024 Investrnenl incorne due al year end 28,913 30,902 Prepayments 871 871 Creditors.. Amounts Falllng Due Wllhln One Year 2025 2024 Audit Fees 7,852 7,572 Inv8sltB8nt M8nagement Fees 2,807 2,807 16 THE SAINSBURY RESEARCH UNIT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 Tran5a¢tlon$ With Related Partlès The Tiuslges are considered the Key Management Personnol of the charity. No Tru51ee is or has been entitled t¢1 any 188 or salary12024 - £Nill. No Tru$lge has been reimbursed with any oul-ol-pocket exp8nses12024 £Nill. oth8r than as $el out in Note 8.3. Ihare were no transactlons wlh Twslee8 or connected peisons12024- £Nill. Analysis of Incomlng Resources 2025 2024 Investment Income Income receivatl8 on quoted investsnenis 372,289 396,739 372 289 Analysts of Resources Expended 2025 2024 Invostmgftl management fees Stockbrok8rs' management fee 38.295 33.943 36,295 2025 2024 Gha￿table ActlvlU88 Donations lo the University ol East Angl18 366.e39 3T8,T37 3T8 731 17 THE SAINSBURY RESEARCH UNIT NOTES TO THE Accoumrs FOR THE YEAR ENDED 31 JULY 2025 2025 2024 othèr Costs Legal fees Audit fees In8Utanc95 570 7,572 1,3Q5 7,852 1,372 Legal and adrnillislralion fees are for setvices proiqd8d by Bro8dfield Law UK LLP Ifomierfy BD8 Pilmans LLPI, 8 firm in which Mr O Byrne, Mr A Collell. Mr D Flynn and Mr H Smith were partners The Fund employed no staff duThng the year ended 31 July 202512024 - none). 18 THE SAINSBURY RESEARCH UNIT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED31 JULY2025 Analysls of Fund Movements Balances Brought Forward, Funds Caffted Fotrward, Investment8 Gain 01.08.2024 Income Exp&ndlture 31.07.2025 a Unrestricied Funds 64,933 372,289 1375,8831 61,359 b Permanent Endwnenl 10,001,690 136.2951 843.423 10,608,818 101k6623 372 289 412157 643 423 10670 177 BalanGes 8ruught Fc}￿8rd, Fund& Carried Forward, 31.01.2024 Inveslmenls 01.08.2023 Income E¥pendilu 8 Unrestticted Funds 396. 759 (387,614) 64.933 b P6nn8nenl endowment 9,349,e (34,513) 686,594 10,OQl,690 940541 396 739 422 127 686 594 0 066 623 The permanent endowment repre8¢nls Ihg value of assets held as iThveslments arising from the original assets Settled by Sir Robert James Sainsbury on 30 December 1986. ThE income aiising on these assets is available for use in accordance with the trusts objects and is induded in unrestricted income. 19 THE SAINSBURY RESEARCH UNIT NOTES TO THEACCOUNTS FOR THEYEAR ENDED 31 JULY2025 10 Reconcillatlon of Cash Flows From Op8ratlng Actlvltles 2025 2024 Not loxpendiluTel forthe yearlas per Statement of Financial Activitie51 Adlustmenls for.. 139,8691 (24388) Dividends, interest and rents from investments Increase in creditors Decreasellincteasel In debtors Net cash used in opèratfng activitie$ 1372,2891 280 1.989 409,88 (396, 739) 492 (2.084) 23, 779 11 Statement of FlnanGlal A¢tlvltles: year ended 31 July 2024 UnrestriGted Funds Permanent Endowment Total Income and endowmènts from Investment income 396.739 396,739 Total in¢gme and 8ndowments 396,739 396,739 Expenditure on Raising funds Chariiable activities 33,943 33.943 378.737 378,737 Othercosts 8,877 387,614 570 9.447 422,127 Total expenditure Net Incomell105sI from operdtlons before transfer8 and Invostment galns 34.513 25 134,5131 686.594 125,3881 Gain on investments 686,594 Net In¢omlng resourc88 for the yaar g,125 e52,081 661,206 Total funds brOughtfo￿ard 55,808 9,349,e09 9,405,417 BalaACè carrled forward ,69 20 THE SAINSBURY RESEARCH UNIT NOTES TO THEACCOUNTS FOR THE YEAR ENDED 31 JULY 2025 12 Analysls of Not Assets Between Funds 12.1 2D25 Vnrestrlctad Funds P&rmanent Endowfflent Total Fix8d as8et$l Investments 10,610,252 10.610,252 Current assets DÈblor$ and prepayments Cash at bank and in hand 29,784 40,800 29.784 40,800 Current (Ilabllltlosl (7,8521 12,8071 (10,6591 I CI 6C17 445 10670 177 12.2 2024 Unreséricted Funds P8rmAnènl Endowment Tofal Fixed assetsl Inv85tm8nls 10,004,495 10,004,495 Current assets Debtors and prepayments Cash al bank and in hand 31, 773 40, 734 31, 773 40, 734 Current Qiabililiesl (7,574) (2, 805) (10,379) 69Q 0 066 623 13 Flnanclal Instrumènts Al the balance sheet date. the Fund held financial assets at falr value of£10,610,25112024.. £10,004,495} and ftnancial liabllitle5 at amort4sed cost of £10.65912024.' £10,379). Total in19resl charged In respect of financial assets held at amort15ed cosl lolallod £Nil12024'. int8rest ro¢eived ol £Nill. Income in respect of assets held at falr value lolalled £372,289 12024., £396,739) and expenditure inCu￿ed was £36,29512024.. £33,943). Gains in the period were £643,42312Q24.' £686,594). 21