**REGISTERED CHARITY NUMBER: 326790**
**Report of the Trustees and**
**Financial Statements**
**for the Year Ended 31 December 2024**
**for The Saintbury Trust**
Locke Williams Associates LLP Chartered Accountants Registered Auditors Studio 2 50-54 St Pauls Square Birmingham West Midlands B3 1QS
**The Saintbury Trust**
## **Contents of the Financial Statements for the Year Ended 31 December 2024**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 4|
|**Statement of Trustees' Responsibilities**|5|
|**Report of the Independent Auditors**|6 to 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10 to 11|
|**Notes to the Financial Statements**|12 to 20|
|**Detailed Statement of Financial Activities**|21|
**The Saintbury Trust**
## **Reference and Administrative Details for the Year Ended 31 December 2024**
|**TRUSTEES**|Jane Philippa Lewis|
|---|---|
||Anne Rosemary Thomas|
||Victoria Karen Houghton|
||Amanda Elizabeth Atkinson-Willes|
||Harry Oliphant Forrester|
||Cerian Elizabeth Brogan|
||Anita Bhalla|
||Benjamin Atkinson-Willes|
||Jake Andrew Reynolds Houghton|
||Sarah Eleri Wareing|
||Kabir Prem Sondhi|
|**PRINCIPAL ADDRESS**|PO Box 464|
||Dorking|
||Surry|
||RH4 9AF|
|**REGISTERED CHARITY**|326790|
|**NUMBER**||
|**AUDITORS**|Locke Williams Associates LLP|
||Chartered Accountants|
||Registered Auditors|
||Studio 2|
||50-54 St Pauls Square|
||Birmingham|
||West Midlands|
||B3 1QS|
|**SETTLORS**|Alan Christopher Bryant (died 14 July|
||2012)|
||Jean Mary Bryant (died 31 August 2002)|
|**SOLICITORS**|Mills and Reeve|
||78-84 Colmore Row|
||Birmingham|
||B3 2AB|
|**INVESTMENT MANAGERS**|RBC Brewin Dolphin|
||Time Central|
||Gallowgate|
||Newcastle upon Tyne|
||NE1 4SR|
Page 1
## **The Saintbury Trust**
## **Report of the Trustees for the Year Ended 31 December 2024**
The Trustees present their report and the audited financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, the Financial Reporting Standard 102 (effective January 2019) and the provisions of the trust deed.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and activities**
The objects of the charity including the grant making policy are as follows:-
During the initial period, the Trustees had the power to pay or apply the income and also so much of the capital of the Trust Fund as the Settlors or the survivor of them might from time to time direct to such charities or charitable purposes (other than charities or charitable purposes for the benefit of animals) and in such proportions, terms and conditions as the Settlors might from time to time direct and subject to and in default of any such direction as the Trustees might at their uncontrolled discretion determine.
The initial period ceased on 2 January 2010 (being 25 years from January 1985). Since then, the Trustees have had and, continue to have, the power to pay or apply the capital and income to charities or for charitable purposes at their discretion (other than charities or charitable purposes for the benefit of animals).
The accumulation period ended on 2 January 2006. From this date, the whole of the net available annual income has to be distributed by the Trustees.
The Trust’s aim is to assist such other charities as the Trustees in their absolute discretion think fit in achieving their aims by awarding grants. The Trust aims to award grants each year to other charities totalling at least the Trust’s net available income; the Trustees may also, if they see fit, have recourse to the accumulated income and/or capital in achieving its aims.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
In January 2022, the Trust implemented a change to its geographical eligibility criteria. Applicant charities must now be based in one of the eligible post-code districts which can be found on the Trust's website. Intending applicants (including applicants that have previously applied to the Trust) are advised to visit the Trust's website to check eligibility.
It remains a requirement that all applications must be made on the Trust's application form, and submitted online to admin@thesaintburytrust.co.uk Postal applications will no longer be accepted.
The Trustees have absolute discretion as to whether to approve any particular application and will not give reasons for any refusal.
## **Achievements and performance**
In 2024 grants totalled £304,000 to 76 different charities. A grant of £50,000 was made to the charity B:Music Ltd and three grants of £10,000 were made to each of Alzheimer's Research UK, City of Birmingham Symphony Orchestra and The Royal Shakespeare Company. Two grants of £8,000 were paid to Ex Cathedra and St Richard's Hospice and two grants of £6,000 were donated to Birmingham Boys and Girls Union and Birmingham Hospice. The majority of grants remain within the £2,000 to £5,000 range.
The official Saintbury Trust website not only clearly sets out the history and background to the charity, the criteria under which grant applications will be considered, and the conditions which will be imposed on grants made but also enables the grant application form to be downloaded.
## **Public Benefit**
The Trustees have considered the Charity Commission’s guidance on the operation of public benefit under the Charities Act 2011 and consider that the requirements have been met.
Page 2
**The Saintbury Trust**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **FINANCIAL REVIEW**
## **Financial review and investment policy**
The incoming resources of the Trust for the year ended 31 December 2024, excluding investment gains and losses, amounted to £361,821. £304,000 was distributed by way of charitable grants and other expenses absorbed £30,383 leaving net expenditure for the year, excluding investment gains and losses, of £28,081.
The Trustees aim to distribute the available net income as detailed in the objectives and activities section of the Trustees' report above. Decisions on awarding grants are made by the Trustees at the two regular meetings held each year.
During the year, a number of investments were disposed of and realised a net gain of £321,092. The value of the investments held in the unrestricted funds increased from £13,859,183 (December 2023) to £14,942,572 (December 2024), and the value of investments in the restricted fund decreased from £242,587 (December 2023) to £232,783 (December 2024).
The Trustees have wide powers of investment and the overall objective is to maximise the long term return of the Trust's funds. The portfolio should be well balanced over the sectors and avoid high risk investments. For historical reasons, there was a concentration in the house building sector. Prior to 2023, the Trustees carried out a policy of a gradual reduction in the Trust's exposure to this sector and, as from the beginning of 2023 to date, the Trustees consider that the current level of exposure was, and remains, appropriate. The Trustees maintain a written investment policy that further details the management, risk and ethical policy of the investment funds.
## **Reserves policy**
It is the policy of the Trustees to maintain the general unrestricted funds at a level to provide sufficient funds in reserves to meet the future anticipated demands on the Trust's resources. The Trustees expect the number of applications received to increase year on year but at a comparatively modest level. Having regard to the likely levels of incoming resources and direct charitable expenditure, the Trustees are satisfied that the funds and assets at 31 December 2024 as reflected in the balance sheet are available and adequate for the Trustees to fulfil the obligations of the Charity and maintain its operations.
Total reserves, at December 2024 were £15,473,419, whilst the amount of unrestricted free reserves was £15,254,789. Free reserves are those reserves that are available to be freely spent on the charitable objectives, and exclude restricted reserves as these must be spent in a specific way.
## **CBOEF Fund**
On 4 April 2023, the Trust received a gift of funds from the City of Birmingham Orchestral Endowment Fund (registered charity number 217996). In accordance with the terms of the gift, it is treated as a restricted fund in the accounts of the Trust.
During 2024, grants amounting to £39,000 were made according to criteria from CBOEF (the restricted fund). However, no monies were transferred from the restricted fund account. As the cash to fund the grants came from unrestricted funds, the amount of the grants has been treated as a loan from the unrestricted to the restricted fund.
## **PLANS FOR THE FUTURE**
The Trustees aim to continue to provide grants to help the preferred charitable objects but these plans are subject to geopolitical considerations that are beyond the Trustees' control.
Page 3
**The Saintbury Trust**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Structure, governance and management**
The Saintbury Trust is an unincorporated trust, constituted under a trust deed dated 2 January 1985 with funds provided by Alan Christopher Bryant and his wife, Jean Mary Bryant. It is a registered charity, charity number 326790.
The power of appointing new trustees is vested in the Trustees. On appointment, new trustees are provided with information on the structure, administration, policies and procedures of the Trust and the duties of the Trustees. Where appropriate, and depending on the existing knowledge and experience in the charities sector of the incoming Trustee, any new Trustee is encouraged to consider whether they would benefit from external training.
Details of the Trustees who served during the year and since the year-end are set out on page 1. The Trustees provide their services without charge and no Trustees’ remuneration was paid during the year.
All matters of policy and management are determined by the Trustees who routinely meet twice a year and as circumstances require. The Trustees rotate as chair of the regular twice-yearly meetings.
## **Risk management**
Having regard to the Trust’s organisation and activities, it is the view of the Trustees that the major risks to which the Trust may be exposed are largely financial in nature.
The Trustees review the major risks which the Trust faces on a regular basis and believe that maintaining free reserves at the levels indicated provides sufficient resources to support the likely level of future grants awarded and the continuing administration of the Trust.
The two main risks to the Charity are the protection of assets and the integrity of the grant making process. The Trustees are advised on investment matters by the Trust’s investment managers, RBC Brewin Dolphin, and meet with them annually to consider performance. The Trustees have wide powers of investment under the trust deed.
The Trustees’ criteria for making grants and their procedures are set out in ‘Objectives and activities’. These are reviewed from time to time. The day to day administration, together with the processing and handling of applications as well as background checks on potential recipients of grants prior to consideration by the Trustees, will be dealt with by the administrator but all grant-making decisions will continue to be made by the Trustees at one of their regular twice-yearly meetings. The Trustees are required to disclose all relevant interests and third party transactions, any and all of which are recorded within the annual financial statements. The Trustees consider that they have the systems and procedures in place to mitigate these identified risks as far as possible.
Approved by order of the board of trustees on and signed on its behalf by: 24 July 2025
Jane Lewis (Jul 24, 2025 13:12:56 GMT+1)
Jane Philippa Lewis - Trustee
Page 4
**The Saintbury Trust**
## **Statement of Trustees' Responsibilities for the Year Ended 31 December 2024**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
Page 5
## **Report of the Independent Auditors to the Trustees of The Saintbury Trust**
## **Opinion**
We have audited the financial statements of The Saintbury Trust (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
## In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditors' 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 trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material 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 Report of the Independent Auditors 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.
In connection with our audit of the financial statements, 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 fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
**Report of the Independent Auditors to the Trustees of The Saintbury Trust**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, 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.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors 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 a Report of the Independent Auditors 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.
Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the charity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
obtained an understanding of the nature of the sector, including the legal and regulatory frameworks
- that the charity operates in and how the charity is complying with the legal and regulatory frameworks;
- - inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Charities Act 2011, the charity's governing document and United Kingdom tax legislation. We performed audit procedures to detect noncompliance which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees' Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from external advisors.
Page 7
**Report of the Independent Auditors to the Trustees of The Saintbury Trust**
The audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.
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 Report of the Independent Auditors.
## **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 auditors' 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.
Locke Williams Associates LLP Chartered Accountants Registered Auditors Studio 2 50-54 St Pauls Square Birmingham West Midlands B3 1QS
Date: 24 July 2025
Page 8
## **The Saintbury Trust**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
funds
funds
£
£
**-**
**-**
**354,379**
**7,442**
**354,379**
**7,442**
**54,564**
**955**
**295,383**
**39,000**
**349,947**
**39,955**
**1,093,015**
**8,679**
**1,097,447**
**(23,834)**
**14,157,342**
**242,464**
**15,254,789**
**218,630**|**31.12.24**
**Total**
**funds**
**£**
**-**
**361,821**
**361,821**
**55,519**
**334,383**
**389,902 **
**1,101,694 **
**1,073,613**
**14,399,806**
**15,473,419**|31.12.23
Total
funds
£
249,919
308,421
558,340
50,750
295,329
346,079
892,544
1,104,805
13,295,001
14,399,806|
|---|---|---|---|
## **CONTINUING OPERATIONS**
All recognised realised gains and losses on investments have been included in the Statement of Financial Activities and the amounts included are derived from continuing activities of the Trust.
The notes form part of these financial statements
Page 9
## **The Saintbury Trust**
|**Balance Sheet**
**31 December 2024**
Unrestricted
Restricted
funds
funds
Notes
£
£
**FIXED ASSETS**
Investments
8
**14,942,572**
**232,783**
**CURRENT ASSETS**
Debtors
9
**37,946**
**14**
Investments
10
**69,782**
**3,833**
Cash at bank
**227,289**
**-**
**335,017**
**3,847**
**CREDITORS**
Amounts falling due within one year
11
**(22,800)**
**(18,000)**
**NET CURRENT ASSETS**
**312,217**
**(14,153) **
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**15,254,789**
**218,630**
**NET ASSETS**
**15,254,789**
**218,630**|**31.12.24**
**Total**
**funds**
**£**
**15,175,355**
**37,960**
**73,615**
**227,289**
**338,864**
**(40,800)**
**298,064 **
**15,473,419**
**15,473,419**|31.12.23
Total
funds
£
14,101,770
30,447
121,828
191,361
343,636
(45,600)
298,036
14,399,806
14,399,806|
|---|---|---|
The notes form part of these financial statements
Page 10
**The Saintbury Trust**
## **Balance Sheet - continued 31 December 2024**
|**FUNDS**|12|||
|---|---|---|---|
|Unrestricted funds:||||
|Income||**26,486**|22,053|
|Capital||**15,228,303**|14,135,289|
|||**15,254,789**|14,157,342|
|Restricted funds:||||
|Income||**(44,936)**|(12,423)|
|Capital||**263,566**|254,887|
|||**218,630**|242,464|
|||||
|**TOTAL FUNDS**||**15,473,419**|14,399,806|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 July 2025 and were signed on its behalf by:
## Anne Thomas
Jane Lewis (Jul 24, 2025 13:12:56 GMT+1)
Jane Philippa Lewis - Trustee
Anne Thomas (Jul 20, 2025 14:08 GMT+1)
Anne Rosemary Thomas - Trustee
## - A E Atkinson Willes
Victoria Karen Houghton (Jul 1, 2025 15:26 GMT+1)
Victoria Karen Houghton - Trustee
A E Atkinson-Willes (Jul 16, 2025 14:53 GMT+1)
Amanda Elizabeth Atkinson-Willes - Trustee
## ~~Oe~~
~~her~~ Harry Forrester (Jul 23, 2025 16:15:12 GMT+1)
Harry Oliphant Forrester - Trustee
Cerian Brogan (Jul 23, 2025 12:40:21 GMT+1)
Cerian Elizabeth Brogan - Trustee
## - Ben Atkinson Willes
Anita Bhalla (Jul 23, 2025 12:44:28 GMT+1)
Anita Bhalla - Trustee
Ben Atkinson-Willes (Jul 16, 2025 16:38 GMT+1)
Benjamin Atkinson-Willes - Trustee
~~Go~~ Jake Houghton (Jul 14, 2025 12:48 GMT+1)
Jake Andrew Reynolds Houghton - Trustee
## ~~a~~
Sarah Wareing (Jul 23, 2025 21:07:36 GMT+1)
Sarah Eleri Wareing - Trustee
Kabir Prem Sondhi - Trustee
The notes form part of these financial statements
Page 11
**The Saintbury Trust**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Going concern**
The Trustees consider that the charity has sufficient resources to continue in operational existence for the foreseeable future. The Trustees have a reasonable expectation that the charity is well placed to manage its business successfully despite the current uncertain economic outlook. Accordingly they continue to adopt a going concern basis in preparing the financial statements.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants made by the Trust are charged against income in the year in which they are awarded.
## **Support and governance costs**
Governance costs are the administrative and management costs in support of charitable objects. These costs include audit and other costs associated with statutory requirements.
## **Investments**
Listed investments are stated at closing middle market price as at 31 December 2024. All movements in value are shown in the Statement of Financial Activities. Income from listed investments is recognised as income when due together with any associated recoverable income tax or tax credit.
Realised and unrealised gains and losses are shown separately in the appropriate section of the Statement of Financial Activities.
## **Taxation**
The charity is exempt from income and corporation and capital gains tax provided its income and gains are applied for its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Page 12
**The Saintbury Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **2. INVESTMENT INCOME**
|Other fixed asset invest - FII
Deposit account interest
**3.**
**GRANTS PAYABLE**
Charitable
Charitable grants
**1.** **Prevention or Relief of Poverty**
Spitfire Advice and Support Services LTD
Karis Neighbour Scheme
**Total**
**2.** **Advancement of Education**
Birmingham Boys and Girls Union
**Total**
**3.** **Advancement of Health or the Saving of Lives**
The Air Ambulance Service
The Myriad Centre
Alzheimers Research UK
University Hospitals Birmingham
**Total**
**4.** **Advancement of Citizenship or Community Development**
The Dorothy Parkes Centre
Fair Shares
**Total**|**31.12.24**
**£**
**355,368**
**6,453**
**361,821**
**31.12.24**
**£**
**304,000**
£
£
3,000
1,000
6,000
5,000
2,000
10,000
5,000
2,000
1,000|31.12.23
£
296,467
11,954
308,421
31.12.23
£
260,000
**£**
**4,000**
**6,000**
**22,000**
**3,000**|
|---|---|---|
Page 13
**The Saintbury Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **3. GRANTS PAYABLE - continued**
**5. Advancement of Arts, Culture, Heritage or Science**
**5a. Arts and culture**
|Midlands Arts Centre
Services for Education Limited
Birmingham Royal Ballet
Legacy West Midlands
Orchestra of the Swan †
Birmingham Hippodrome
Birmingham Repertory Theatre Limited
Big Brum Theatre in Education Company Ltd
The Royal Birmingham Society of Artists
B:Music Ltd
B:Music Ltd †
The National Youth Orchestra †
Birmingham Bach Choir †
Broadway Arts Festival
Longborough Festival Opera
Ex Cathedra †
Fierce Festival
City of Birmingham Symphony Orchestra †
The Royal Shakespeare Company
**b. Heritage and Science**
Gloucester Civic Trust
Gloucester Cathedral
Garden Organic
**Total**
**6.** **Advancement of Amateur Sport**
Sandwell Asian Development Association
**Total**
**7.**
**Advancement of Human Rights, Conflict Resolution or**
**Reconciliation or the Promotion of Religious or Racial**
**Harmony or Equality of Diversity**
The Women and Families Resource Centre
**Total**
**8.** **Advancement of Environmental Protection or Improvement**
Birmingham and Black Country Wildlife Trust
The Heart of England Forest
Gloucestershire Wildlife Trust
Worcestershire Wildlife Trust
Warley Woods Community Trust
**Total**|5,000
2,000
3,000
2,000
5,000
5,000
4,000
2,000
2,000
40,000
10,000
3,000
3,000
1,000
2,000
8,000
2,000
10,000
10,000
119,000
2,000
5,000
2,000
9,000
**128,000**
2,000
**2,000**
2,000
**2,000**
5,000
4,000
2,000
2,000
2,000
**15,000**|
|---|---|
Page 14
**The Saintbury Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **3. GRANTS PAYABLE - continued**
## **9. Relief of those in Need by reason of Youth, Age, Ill-Health, Disability, Financial Hardship or other Disadvantage**
## **9a. Care of the Dying**
|Shipston Home Nursing
St Richards Hospice Foundation
The Shakespeare Hospice
Acorns Childrens Hospice Trust
Birmingham Hospice
Longfield Hospice Care
**9b. Childhood & Youth**
Ecobirmingham
Beyond the Horizon Charity
Jericho
Birmingham Settlement
Meriden Adventure Playground Association
Sport 4 Life UK
Bentley Beginnings
Missing People Ltd
**9c. Community**
Home Start South Warwickshire
Solihull Moors Foundation
BIRCH Network
**9d. Disability & Ill-health**
Waterloo Community Counselling
Foundation for Conductive Education (NICE)
CASBA
Where Next Association
Disability Challengers
Wild Goose Rural Training
Castel Froma Neuro Care
Resources for Autism
Cotswold Friends
Norton Hall Children and Family Centre
National Star
Perdiswell Young People's Leisure Club
Martineau Gardens
Options for Life
James Hopkins Trust
Acacia Family Support
Art Therapies UK
ASPIE
Birmingham Disability Resource Centre
Better Understanding of Dementia for Sandwell|2,000
8,000
2,000
2,000
6,000
3,000
23,000
2,000
2,000
2,000
5,000
2,000
3,000
1,000
5,000
22,000
3,000
3,000
5,000
11,000
3,000
5,000
3,000
2,000
5,000
2,000
3,000
2,000
2,000
2,000
5,000
2,000
2,000
5,000
3,000
3,000
3,000
2,000
3,000
3,000
60,000|
|---|---|
Page 15
**The Saintbury Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **3. GRANTS PAYABLE - continued**
|**9e Homelessness**
St Anne's Hostel
**9f. Old Age**
Cape Community Care Day Centre
**Total**
**Total grants approved in 2024**
† CBOEF fund grants.
**4.**
**SUPPORT COSTS**|4,000
2,000|4,000
2,000|**122,000**
**304,000**|
|---|---|---|---|
|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Management|costs|Totals|
||£|£|£|
|Charitable|**13,583**|**16,800**|**30,383**|
|Support costs, included in the above, are as follows:||||
|**Management**||||
|||**31.12.24**|31.12.23|
||||Total|
|||Charitable|activities|
|||**£**|£|
|Office costs||**1,329**|**1,395**|
|Administration fees||**12,000**|**12,000**|
|Bank charges||**254 **|**292 **|
|||**13,583**|**13,687**|
|**Governance costs**||||
|||**31.12.24**|31.12.23|
||||Total|
|||Charitable|activities|
|||**£**|£|
|Auditors' remuneration||**6,000**|
**6,000**|
|Auditors' remuneration – under provision in prior years||**-**|**42**|
|Accountancy||**7,200**|**12,000**|
|Accountancy – under provision in prior years||**3,600**|**3,600**|
|||**16,800**|**21,642**|
Page 16
**The Saintbury Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **6. EMPLOYEES**
There were no full or part time employees during the current or prior year.
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
funds
funds
£
£
-
249,919
303,394
5,027
303,394
254,946
50,300
450
278,329
17,000
328,629
17,450
887,576
4,968
862,341
242,464
13,295,001
-
14,157,342
242,464|
Total
funds
£
249,919
308,421
558,340
50,750
295,329
346,079
892,544
1,104,805
13,295,001
14,399,806|
|---|---|---|
Page 17
**The Saintbury Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 January 2024
Additions
Sale proceeds from disposals
Equalisations
Realised gains/(losses)
Unrealised gains/(losses)
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|Listed
investments
£
**14,101,770**
**3,985,623**
**(4,009,092)**
**(4,640)**
**321,092**
**780,602 **
**15,175,355**
**15,175,355**
14,101,770|
|---|---|
The historical cost of investments held at 31 December 2024 was £11,691,132 (2023: £10,878,569).
There were no investment assets outside the UK.
## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Dividends receivable
Interest receivable
Inter-fund loan
**10.**
**CURRENT ASSET INVESTMENTS**
Funds held by stockbrokers
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Inter-fund loan
Accountancy and audit charges
Expenses due|**31.12.24**
**£**
**19,460**
**500**
**18,000**
**37,960**
**31.12.24**
**£**
**73,615**
**31.12.24**
**£**
**18,000**
**22,800**
**-**
**40,800**|
31.12.23
£
12,827
620
17,000
30,447
31.12.23
£
121,828
31.12.23
£
17,000
27,600
1,000
45,600|
|---|---|---|
Page 18
**The Saintbury Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **12. MOVEMENT IN FUNDS**
|**Unrestricted funds**
Income
Capital
**Restricted funds**
Income
Capital
**TOTAL FUNDS**|At 1.1.24
£
**22,054**
**14,135,288**
**14,157,342**
**(12,423)**
**254,887 **
**242,464 **
**14,399,806**|Net
movement
in funds
£
**4,432**
**1,093,015**
**1,097,447**
**(32,513)**
**8,679**
**(23,834)**
**1,073,613**|
At
31.12.24
£
**26,486**
**15,228,303**
**15,254,789**
**(44,936)**
**263,566**
**218,630**
**15,473,419**|
|---|---|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Income
Capital
**Restricted funds**
Income
Capital
**TOTAL FUNDS**|Incoming
resources
£
**354,379**
**-**
**354,379**
**7,442**
**-**
**7,442**
**361,821**|
Resources
expended
£
**(349,947)**
**-**
**(349,947)**
**(39,955)**
**-**
**(39,955)**
**(389,902)**|
Gains and
losses
£
**-**
**1,093,015**
**1,093,015**
**-**
**8,679**
**8,679**
**1,101,694 **|
Movement
in funds
£
**4,432**
**1,093,015**
**1,097,447**
**(32,513)**
**8,679**
**(23,834)**
**1,073,613**|
|---|---|---|---|---|
Page 19
**The Saintbury Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **12. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
Income
Capital
**Restricted funds**
Income
Capital
**TOTAL FUNDS**|At 1.1.23
£
47,288
13,247,713
13,295,001
-
-
-
13,295,001|Net
movement
in funds
£
(25,235)
887,576
862,341
(12,423)
254,887
242,464
1,104,805|
At
31.12.23
£
22,053
14,135,289
14,157,342
(12,423)
254,887
242,464
14,399,806|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Income
Capital
**Restricted funds**
Income
Capital
**TOTAL FUNDS**|Incoming
resources
£
303,394
-
303,394
5,027
249,919
254,946
558,340|Resources
expended
£
(328,629)
-
(328,629)
(17,450)
-
(17,450)
(346,079)|Gains and
Movement
losses
in funds
£
£
-
(25,235)
887,576
887,576
887,576
862,341
-
(12,423)
4,968
254,887
4,968
242,464
892,544
1,104,805|
|---|---|---|---|
The CBOEF funds shown above are held for the purpose of encouragement and support of orchestral music of a symphonic or classical character and for the promotion of musical performances not conducted for profit and of such a standard and character as will further the cultivation of improvement of musical education and knowledge in the City of Birmingham and the Midlands.
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2024.
Page 20
## **The Saintbury Trust**
|**Detailed Statement of Financial**|**Detailed Statement of Financial**|**Activities**||||
|---|---|---|---|---|---|
|**for the Year**|**Ended 31 December 2024**|||||
|||||31.12.24|31.12.23|
||Unrestricted|Restricted||Total|Total|
||funds|funds||funds|funds|
||£|£||£|£|
|**INCOME AND ENDOWMENTS**||||||
|**Donations and legacies**||||||
|Gifts|**-**||**-**|**-**|12,253|
|Donations|**-**||**-**|**-**|237,666|
||**-**||**-**|**-**|249,919|
|**Investment income**||||||
|Other fixed asset invest - FII|**348,390**|**6,978**||**355,368**|296,467|
|Deposit account interest|**5,989**|**464 **||**6,453**|11,954|
||**354,379**|**7,442**||**361,821**|308,421|
|**Total incoming resources**|**354,379**|**7,442**||**361,821**|558,340|
|**EXPENDITURE**||||||
|**Investment management costs**||||||
|Portfolio management|**54,564**|**955**||**55,519**|50,750|
|**Charitable activities**||||||
|Grants to institutions|**265,000**|**39,000**||**304,000**|260,000|
|**Support costs**||||||
|**Management**||||||
|Office costs|**1,329**||**-**|**1,329**|1,395|
|Administration fees|**12,000**||**-**|**12,000**|12,000|
|Bank charges|**254 **||**-**|**254 **|292|
||**13,583**||**-**|**13,583**|13,687|
|**Governance costs**||||||
|Auditors' remuneration for non audit work|**6,000**||**-**|**6,000**|6,042|
|Accountancy|**10,800**||**-**|**10,800**|15,600|
||**16,800**||**-**|**16,800**|21,642|
|Total resources expended|**349,947**|**39,955**||**389,902 **|346,079|
|**Net income before gains and losses**|**4,432**|**(32,513)**||**(28,081)**|212,261|
|**Realised recognised gains and losses**||||||
|Realised gains/(losses) on fixed asset||||||
|investments|**318,365**|**2,727**||**321,092 **|160,497|
|**Net income**|**322,797 **|**(29,786) **||**293,011**|372,758|
This page does not form part of the statutory financial statements
Page 21
2025-07-24
Final Audit Report
## SAI02-CHA 2024 Final
Created: 2025-07-01 By: DAVID WILLIAMS (davidw@lockewilliams.com) Status: Signed Transaction ID: CBJCHBCAABAAXaFnp_X__rXRM-Puv_o-bbzxggLDB0Cl
## "SAI02-CHA 2024 Final" History
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2025-07-01 - 13:38:13 GMT
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Agreement completed.
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