2022-04-05-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 5 APRIL 2022

The Peak 5 Wilton Road London SW1V 1AP

www.auroratrust.org.uk

CONTENTS	CONTENTS	PAGE
1	Legal and Administrative	1
2	The Trustees’ Report	2 - 19
3	Independent Auditor's Report	20 - 22
4	Statement of Financial Activities	23
5	Balance Sheet	24
6	Cash Flow Statement	25
7	Notes to the Accounts	26 - 36

Legal and Administrative

The Aurora Trust (No. 802623) became a registered charity on 12 January 1990. It was originally established as the The Ashden Trust under a Trust Deed dated 27 November 1989, and later changed its name to The Aurora Trust on 29 November 2021. .

Trustees Registered Office Website Address Principal Officers Bankers Solicitors Auditors Investment Advisers		Mrs S Butler-Sloss Ms C Birch Ms G Yu Mr S Butler-Sloss (resigned on 28 April 2021) The Peak 5 Wilton Road London SW1V 1AP www.auroratrust.org.uk Mrs K Everett Chief Executive Officer Mrs S Ferguson Executive Mr D Chin Executive Ms E Griffin Executive Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA Portrait Solicitors (until 31 July 2022) 21 Whitefriars Street London EC4Y 8JJ BDB Pitmans LLP (from 1 August 2022) 1 Bartholomew Close London EC1A 7BL Sayer Vincent LLP Invicta House 108 - 114 Golden Lane London EC1Y 0TL Schroder & Co. Limited 12 Moorgate London EC2R 6DA

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The Report of the Trustees

The trustees present their report and the audited financial statements for the year ended 5 April 2022.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Trust deed, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objects

The objects of the Trust as given in the Trust Deed are for general charitable purposes.

Grant Making Policy

The Trust’s grant-making priorities are:

Stopping Deforestation Connecting People with Nature Sustainable Farming Climate Change Collaboration Ashden – Climate Solutions in Action

Since 2009, The Aurora Trust has partnered with the JJ Charitable Trust and the Mark Leonard Trust in the Climate Change Collaboration (‘the Collaboration’). The Collaboration’s mission is to support efforts which help stabilise global temperatures to 1.5 degrees, restore our natural world, and support a regenerative economy.

Trustee and Chair, Sarah Butler-Sloss, made substantial donations to the Aurora Trust to increase the grant-making capacity of the Trust in recognition of the urgent need to reduce greenhouse emissions by 45 per cent from 2010 levels by 2030, reaching ‘net zero’ around 2050.

Proposals to The Aurora Trust and the Collaboration are generally invited by the Trustees or initiated at their request. Unsolicited applications are only considered if they are aligned with the Trust’s interests. The Trustees prefer to support innovative approaches that catalyse substantial change. Grants are not normally made to individuals.

Charity and Public Benefit

Trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to it. They consider the full information which follows in this annual report, about the Trust’s aims, activities, and achievements in the many areas of interest that the Trust supports demonstrates the benefit to its beneficiaries and through them to the public that arise from those activities.

Achievements and Financial Review

The Trustees met six times during the year to make grants and review investments.

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During the year the total asset value of the Trust increased from £42.1m at 5 April 2021 to £45.7m at 5 April 2022, an increase of 8.6%. The net unrestricted income of the Trust for the year after charging grant related support costs was £321,628 compared to £334,767 for the year to 5 April 2021. During the year the Settlor made a generous donation of £1,101,460 and was added to the expendable endowment.

The Trustees have reviewed the Trust’s investment performance since the end of the financial year and seen material falls in our investments in line with global markets. The Trustees are aware of investment risks and remain confident that the portfolio will enable the Trust to continue with its charitable activities.

The Charity has adopted a total return basis to budget for its annual income. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust’s objects.

Staff and office costs have been allocated to grant-related support costs and governance costs as required by Charities SORP (FRS102).

During the year, the Trustees approved 64 grants totalling £2,837,082 some of which are payable over more than one year. Payments made during the year totalled £1,706,460. Grants approved during the year may be analysed by number and value; payments made may be analysed by value in the categories set out below:

Ashden - Climate Solutions in Action Climate Change Collaboration and Divest Invest Connecting People with Nature Sustainable Farming Stopping Deforestation General Payments made in former Grant-Making Categories	2021/22	2021/22	2021/22
	Grants Approved		Payments Made
	Number	£ %	£ %
	2 24 14 10 11 3	1,003,350 35.4 780,792 27.5 308,595 10.9 454,649 16.0 264,196 9.3 25,500 0.9 0	416,683 24.4 354,466 20.8 204,831 12.0 361,410 21.2 327,570 19.2 26,500 1.5 15,000 0.9
	64 2,837,082 100.0		1,706,460 100.0

Reserves Policy and Going Concern

It is the policy of the Trustees to approve grants for payment over several years, subject to the fulfilment of certain conditions over the life of the grant. We consider this an important objective of the Trust to give recipients long term support.

The Trustees consider that, when possible, it is appropriate to hold unrestricted funds, both to meet the short-term working capital needs of the Trust, and in anticipation of the potential payment of subsequent grant instalments. However, if these are insufficient, any shortfall could be met from the Trust’s expendable endowment and a transfer of £2,062,770 was made during the year.

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The need for unrestricted income funds will vary from year to year and the Trustees will continue to review the position. As at 5 April 2022, the Trust held total funds of £45.7m (2021: £42.1m) which includes expendable endowment of £45.7m (2021: £42.1m).

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.

Investment Powers, Policy and Performance

The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees.

During this reporting period, the Trust had a three-day High Court hearing to obtain legal clarity on trustee investment duties. In court, the Trustees were represented by Edward Cumming QC and Maxim Cardew at the High Court against Counsel for the Attorney General and Counsel for the Charity Commission. The Trustees sought legal clarity on whether an investment policy aligning investments with the Paris Agreement could be adopted; it was unclear if trustees could forego prioritising maximum financial return to remove potential conflicting investments (i.e., company operations which are contrary to 1.5 degrees global temperature) from the portfolio.

On 29 April 2022, Trustees received the Butler-Sloss judgment. This clarified that trustees’ primary fiduciary responsibility is towards the charitable purposes and they should balance investments which potentially conflict with the charity’s work against relevant factors including financial return.

The High Court blessed the Trust’s decision to adopt the Paris-aligned investment policy; the trustees will begin to implement it during the next reporting period.

During the year the return on the discretionary portfolio was 9.5%, over-performing the benchmark of 9.1%.

The Trustees are committed to using some of the Trust’s expendable endowment for impact investing that will not only result in a financial return, but also produce social and environmental benefits that accord with the Trust’s objectives. The Trustees are interested in sharing their experience in impact investing with other investors to improve their own knowledge in these areas, and to encourage more investors to adopt this approach. A specialist advisor has been appointed by the Trustees to advise on investment opportunities in this area.

The Trust is a signatory to Divest Invest which commits the trust to sell any shares in fossil fuel holdings and invest a proportion of the endowment in ‘climate solutions’, such as renewable energy, energy efficiency and clean tech. This decision has not had a detrimental financial impact on the value of the Trust’s investment portfolio.

Philanthropic impact investments :

In 2020, the Trust established a Philanthropic Impact Investing Fund. Its purpose is to support the development of successful businesses that provide climate change solutions including access to energy, alleviating fuel poverty, sustainable transport, energy efficient building and renewable energy. It is premised on the understanding that thoughtfully invested capital in earlystage companies can achieve lasting positive environmental and social outcomes and retain the value of the fund over time.

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The Fund’s primary ‘pipeline’ for investments are Ashden Award winners and finalists. In 2021, the Trust made an investment in Indian company, Resham Sutra, which designs and installs solar powered machines for small scale, rural silk yarn and fabric makers who are usually women. These machines help the makers work more safely and increase their income.

Risk Assessment

The Trustees have examined the major strategic, business and operational risks to which the Trust may be exposed. Through the joint office of the Sainsbury Family Charitable Trusts, adequate systems are in place to manage such potential risks as the Trustees have identified. The Trustees continue to be vigilant and to keep processes under review.

The Trustees identified the uncertainty of financial returns to constitute the charity's major financial risk. This is mitigated by having a diversified financial portfolio under the management of a major investment house. The Trustees regularly review investment strategy and monitor financial performance. They also operate a grant distribution formula that helps to ensure the stability of resources available for grant awards in any given year.

Another major risk is a misuse of funds by a beneficiary. To mitigate this risk, the Trustees normally restrict grants to charities registered with the UK Charity Commission, or equivalent bodies for charitable purposes. The awards are made following thorough assessment, and grants are regularly monitored. Multi-year grants are paid only on receipt of satisfactory progress reports.

Organisation

The Trust is one of the Sainsbury Family Charitable Trusts which share a common administration.

Trustees are appointed by existing Trustees and are provided with relevant information relating to their responsibilities as Trustees. The Trustees are responsible for the overall direction and supervision of The Aurora Trust; they set the Trust’s strategy, review proposals and approve grants. The Trustees delegate day-to-day operations to the Trust’s Lead Executive, Sian Ferguson.

Trustees are aware of the Charity Governance Code published in 2017 (updated March 2021) which sets out the principles and recommended practice for good governance within the sector. The Charity has reviewed its governance arrangements against the principles within the code and believes that it is compliant with the code whilst maintaining its need to operate its governance efficiently.

The remuneration of the senior staff (including key management personnel) is reviewed by the Trustees on an annual basis taking into account the requirements of their role and performance during the year. The SFCT Management Committee completed a reward evaluation process during 2021/2022 to ensure that the Trusts fully meet their responsibilities and aspirations for fair and equal pay for employees.

The Trustees are fully aware of the requirements and duties set out in the Charities (Protection and Social Investment) Act 2016. The Trustees do not undertake fundraising from the general public and do not use professional fundraisers or commercial participators.

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The income of the Trust is not bound by any regulatory scheme, and the Trustees do not consider it necessary to comply with any voluntary code of practice relating to fundraising. They have received no complaints in relation to any fundraising activities. As they do not approach individuals for the purpose of raising funds, they do not have specific requirements related to fundraising activities, nor do they consider it necessary to design specific procedures to monitor such activities.

Change of name

On 29 November, 2021, Trustees have approved the change of name from the ‘Ashden Trust’ to the ‘Aurora Trust’. Aurora, the Roman goddess of Dawn,, reflects that this is the critical decade to mitigate climate change, restore nature and align our energy, financial and legal systems to deliver the goals of the Paris Agreement.

The Charity Commission confirmed its approval of the name change on 25 March 2022.

GRANTS APPROVED AND PAID

The following gives a brief description of grants approved in the year, and lists payments made with additional information in the case of grants not included in the lists of new approvals.

– ASHDEN CLIMATE SOLUTIONS

Each year the Aurora Trust provides a grant towards the core costs of Ashden – Climate Solutions in Action (Ashden). Sarah Butler-Sloss founded Ashden in 2001, and was its Director for 19 year, to raise awareness of sustainable energy to combat climate change and energy poverty. Sarah is now the chair of its Board of Trustees. Ashden’s ambition is to accelerate transformative climate solutions and build a more just world. Through annual awards, events, and networks, Ashden supports climate innovation in the UK and in least developed countries seeking to increase reliance and access to renewable energy sources.

In 2021, Ashden embarked on a new three-year organisational strategy committed to discovering, amplifying, scaling and connecting the brightest climate innovations. In particular, Ashden will work to elevate organisations and projects that boost the green skills, jobs and livelihoods needed for a low carbon world.

The 2021 award ceremony took place at the COP26 international climate summit in Glasgow, with a keynote speech from the President of Costa Rica. The awards honoured nine pioneering organisations from the UK and low-income countries that lower carbon emissions and build a fairer world.

A fair cooling project run by Ashden, completed implementation in 2021. Ashden supported seven organisations in countries such as Egypt, Columbia, and India to explore how innovations in sustainable cooling can take root and grow. This resulted in 3470 people gaining access to cooling.

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In the UK over 1000 schools joined Ashden’s Let’s Go Zero campaign, which supports schools working to become carbon zero by 2030 and calls for more Government support. Let’s Go Zero worked with the UK government to shape new climate friendly policy.

Also in the UK, Ashden convenes a thriving network that supports local authorities to deliver climate action using a co-benefits approach. Ashden shares best practice, highlight opportunities, and create connections and partnerships.

APPROVED GRANTS - £1,003,350

£1,000,000 – Three-year unrestricted grant to Ashden.

being placed on furlough earlier this year.

PAYMENTS MADE - £416,683

(Descriptions included only when different from above.) Ashden Climate £80,000.00 Towards a new award for Green Skills for Energy Access Solutions Award. Ashden Climate £333,333.00 Three- year unrestricted grant to Ashden. Solutions Ashden Climate £3,350.00 To cover a loss of income resulting from a member of the Solutions Ashden team being placed on furlough earlier this year.

CLIMATE CHANGE COLLABORATION, DIVEST INVEST AND - ACHIEVING THE PARIS AGREEMENT

The Aurora Trust is part of the Climate Change Collaboration with two other Sainsbury Family Charitable Trusts (The JJ Charitable Trust and The Mark Leonard Trust). During this reporting period the Collaboration reviewed its mission to support efforts which help stabilise global temperatures to 1.5 degrees, restore our natural world, and support a regenerative economy. The Trusts aim to support a wide range of approaches and interventions, including strategic communications and campaigns, legislation, litigation, research, policy work, and investment practice.

The Trust has been, and continues to be, a key supporter to the global Divest Invest movement; getting private, foundation, faith, pension and sovereign wealth investors to remove fossil fuel investments from their portfolios. Investors with assets under management of over $40.5 trillion have committed to divest from fossil fuel investments since 2015. Some examples of the CCC grants are UK Divest (Platform, Friends of the Earth Scotland and England, Wales and Northern Ireland) leading divestment campaigning and engagement in the UK. The CCC also continues to support C40’s Divest Invest Forum which supports major cities around the world to divest from fossil fuels and support their green economies. In supporting the ‘Invest’ side of Divest Invest, the CCC is supporting the Green Finance Institute’s Local Climate Bonds campaign. Local climate bonds are financial products which generate funding and allow local people to

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invest in community decarbonisations projects (i.e. solar panels); the campaign seeks pledges from local councils to begin issuing climate bonds 18 months after COP26.

Recognising the perilous situation facing Amazonian forest communities and the vital role they have in protecting the forest, the Collaboration made three emergency grants this year. Articulation of Indigenous Peoples of Brazil (APIB), is challenging two potential laws at the Brazilian Supreme Court that would legally demarcate their territories and enable encroachment on their lands. The other two grants supported emergency defence funds providing on-theground communications and medical equipment to indigenous communities working to stopping the illegal encroachment and deforestation of their territories.

APPROVED GRANTS - £780,792

Amazon Watch- £3,333

Towards Amazon Defence Fund.

Articulation of Indigenous Peoples of Brazil (APIB) - £8,334

Towards APIB’s efforts in preventing the roll-back of indigenous rights.

C40 Cities Climate Leadership Group - £25,000

To continue the work of C40’s Divest Invest Forum

Christian Aid- £50,000

Towards The Big Shift campaign.

ClientEarth - £83,333

To fund a lawyer within the Climate Finance Initiative.

Fleetwood Strategy Limited - £8,750

Towards to conduct market research and develop media messaging for Uplift, making ecocide an international crime, and the Nature Premium

Friends of the Earth Charitable Trust- £54,912

Towards their core work on the UK fossil fuel divestment movement and their partnership with Platform and Friends of the Earth Scotland.

Friends of the Earth Scotland - £23,814

Towards their core work on the UK fossil fuel divestment movement and their partnership with Platform and Friends of the Earth England, Wales and Northern Ireland.

Global Canopy- £6,000

Towards to run an event with the New York Times at COP26

Global Legal Action Network (GLAN) – two grants approved

-£60,000 Towards core funding.

-£20,000 Towards legal work to establish the facts and develop a legal case to challenge the environmental destruction of Barbuda.

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Green Finance Institute - £80,000

Towards a member of staff and communication campaign to encourage UK local councils to set up Local Climate Bonds.

Influence Map- £11,667

Towards developing a report on lobbying efforts to halt transitioning the Energy Charter Treaty to become aligned with international climate agreements.

Instituto Socioambiental (ISA) - £3,333

Towards the ISA’s Fund for the Defence of People’s Rights.

Laudato Si’ Movement- £60,000

Towards delivering their Catholic Fossil Fuels Campaign 2.0.

On Road Media - £ 50,000

Towards delivering its strategic climate change communications project.

Peers for the Planet – £60,000

Towards core funding.

People & Planet - £30,000

Towards funding staff to deliver and expand on its university climate campaign.

Platform - £52,066

Towards their core work on the UK fossil fuel divestment movement and their partnership with Friends of the Earth Scotland and Friends of the Earth England, Wales and Northern Ireland.

PR Budget - £33,000

Towards PR and communications.

Purpose Disruptors - £10,000

Towards Scope 3 project to develop and gain acceptance for a methodology for advertising firms’ net zero plans to include the emissions from the sales resulting from the campaigns they design.

Stop Ecocide Foundation - £15,250

Towards attending and hosting events at COP26.

The Centre for the Study of Existential Risk - £22,000

Towards a research post within the Sustainable Finance Team.

The Social Change Nest - £10,000

Towards Uplift’s legal work on challenging the Oil and Gas Authority’s ‘Maximising Economic Recovery’ strategy.

PAYMENTS MADE - £354,466

(Descriptions included only when different from above.)

Amazon Watch	Amazon Watch	£3,333.00	Amazon Defence Fund
Articulation	of	£8,334.00	Towards APIB’s efforts in preventing the roll-back of
Indigenous	Peoples		indigenous rights.

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of Brazil (APIB)
Christian Aid	£25,000.00	The Big Shift.
ClientEarth	£27,778.00	To fund a lawyer within the Climate Finance Initiative.
Fleetwood Strategy	£8,750.00	To conduct market research and develop media
Limited		messaging for Uplift, making ecocide an international
		crime, and the Nature Premium.
Friends of the Earth	£7,458.00	A grant towards Friends of the Earth to enable it to
Charitable Trust		continue its collaboration with Platform London on its
		divestment work.
Friends of the Earth	£9,290.00	Towards their core work on the UK fossil fuel
Scotland		divestment movement and their partnership with
		Platform and Friends of the Earth England, Wales
		and Northern Ireland.
Global Canopy	£6,000.00	To run an event with the New York Times at COP26.
Global Legal Action	£13,333.00	Towards this budget for the 2020/21 financial year.
Network (GLAN)
Global Legal Action	£20,000.00	Core funding.
Network (GLAN)
Green Finance	£20,000.00	For a member of staff and communication campaign
Institute		to encourage UK local councils to set up Local Climate
		Bonds.
Greenhouse PR Ltd	£2,112.00	Towards PR and communications.
Greenhouse PR Ltd	£3,960.00	Towards PR and communications.
Greenhouse PR Ltd	£2,244.00	Towards PR and communications.
Greenhouse PR Ltd	£2,244.00	Towards PR and communications.
Greenhouse PR Ltd	£2,112.00	Towards PR and communications.
Influence Map	£11,667.00	To develop a report on lobbying efforts to halt
		transitioning the Energy Charter Treaty to become
		aligned with international climate agreements
Instituto	£3,333.00	Towards the ISA’s Fund for the Defence of People’s
Socioambiental (ISA)		Rights.
La Machi	£1,595.35	Towards PR and communications.
Communication for
Good Causes
La Machi	£1,607.36	Towards PR and communications.
Communication for
Good Causes
Laudato Si’	£15,000.00	To deliver their Catholic Fossil Fuels Campaign 2.0.
Movement

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On Road Media	£30,000.00	Towards delivering its strategic climate change
		communications project.
Peers for the Planet	£20,000.00	Core funding.
People & Planet	£15,000.00	To fund staff to deliver and expand on its university
		climate campaign.
Platform	£20,000.00	Towards its on-going Divest Invest programme.
Purpose Disruptors	£10,000.00	For its Scope 3 project to develop and gain acceptance
		for a methodology for advertising firms’ net zero plans
		to include the emissions from the sales resulting from
		the campaigns they design.
Stop Ecocide	£15,250.00	To attend and host events at COP26.
Foundation
Students Organising	£15,000.00	Towards phase 2 of SOS’s work.
for Sustainability
The Social Change	£10,000.00	Towards Uplift’s legal work on challenging the Oil and
Nest		Gas Authority’s ‘Maximising Economic Recovery’
		strategy.
Centre for the Study	£22,000.00	Towards a research post within the Sustainable
of Existential Risk		Finance Team.
(University of
Cambridge)
Warren Johnson Ltd	£2,065.28	Towards PR and communications.

CONNECTING PEOPLE WITH NATURE

The Trustees recognise the overwhelming evidence that shows that our mental and physical health is intricately connected with access to the natural environment and greenspaces. The Trust has supported activities to help people to connect with nature. Trustees think every child should have time to be in and engage with nature and are especially interested in initiatives that improve school children’s access and enjoyment to the countryside and will have an enduring impact on their well-being and understanding of the natural world. They give priority to organisations and schools in deprived communities. In July 2021, the Trust created a ‘smallgrants’ programme which supports organisations which provide outdoor experiences for disadvantaged children throughout the year. The Trust provides larger, more longer-term grants to organisations which support both adults and children connect with and be out in nature.

Trustees prefer to support initiatives that have a direct, positive, and lasting impact on people’s lives, demonstrate good practice in these areas and advocate this powerfully and convincingly to others, including policymakers.

The Trust supported the Nature Premium campaign. The Nature Premium is a proposal to guarantee regular time in nature for all children and young people with additional funding and support to level up those with least access to nature. Since January 2022, substantial progress has been made. There was a successful media campaign in March 2022 and there are now over 40 supporting organisations including the RSPB, the Sustainable Food Trust, The World Wildlife

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Fund (WWF, The Harmony Project and Forest Schools Association. Later in the year, the Nature Premium will be trialled in schools across the country.

To date, the small grants programme has given over £11,000 to six organisations working across different areas of deprivation in the UK.

APPROVED GRANTS - £308,595

Fleetwood Strategy Limited - £8,750

Toward conducting market research and develop media messaging for the Nature Premium.

Forest School Association - £55,200

Towards funding the Nature Premium Campaign.

Greenhouse PR Ltd - £66,053

Towards Greenhouse PR’s work on supportive evidence and dissemination of the benefits of the Nature Premium.

Harmony Project £4,000

Richard is engaged as a consultant for the campaign to get the Nature Premium into the Department for Education’s Sustainability and Climate Change Strategy.

Honeypot Children's Charity - £3,000

Towards summer playschemes.

Horatio's Garden - £105,000 – over 3 years

Towards core costs.

Inspiring Minds - £500

Towards summer playscheme.

Newry Street Unite - 750

To support the summer scheme in 2021.

Tinder Sticks Community Interest Company - £1,000

Towards their 2021 summer playscheme.

Under The Trees - £2,933

To deliver an after -school woodland wellbeing programme to four primary schools in Falkirk from January 2022-April 2022.

Valley Project - £3,000

Towards open-access sessions over winter.

We are Grow - £17,380

Towards the Teacher Training programme.

We are Grow - £15,729

Traineeships and skills development for young people.

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Wild in the City CIC - £25,300

To fund two days a week of Beth Collier’s, Executive Director for one year.

PAYMENTS MADE - £204,831

(Descriptions included only when different from above.)

Country Trust	£30,000.00	Towards core costs to enable The Country Trust to explore
		how to scale its impact, improve the evidence base of
		outdoor education and improve its basic infrastructure,
		such as its contacts and booking database.
Fleetwood Strategy	£8,750.00	To conduct market research and develop media messaging for
Limited		the Nature Premium
Forest School	£55,200.00	To fund the Nature Premium Campaign.
Association
Greenhouse PR Ltd	£22,017.60	Greenhouse PR’s work on supportive evidence and
		dissemination of the benefits of the Nature Premium
Honeypot Children's	£3,000.00	Summer playschemes
Charity
Horatio's Garden	£35,000.00	Towards core costs
Inspiring Minds	£500.00	Summer playscheme
Newry Street Unite	£750.00	To support the summer scheme in 2021
Tinder Sticks	£1,000.00	Towards their 2021 summer playscheme
Community Interest
Company
Under The Trees	£2,933.00	To deliver an after school woodland wellbeing programme to
		four primary schools in Falkirk from January 2022-April 2022
Valley Project	£3,000.00	Open-access sessions over winter.
We are Grow	£17,380.00	Towards the Teacher Training programme
Wild in the City CIC	£25,300.00	To fund two days a week of Beth Collier’s, Executive Director
		for one year.

SUSTAINABLE FARMING

Regenerative farming practices work with nature to restore soil health, reduce greenhouse emissions and improve productivity whilst reducing the use of fertilisers, herbicides and pesticides. The Trust supports efforts to mainstream regenerative farming, making it easier and profitable for farmers to adopt regenerative farming practices. It provided multi-year funding to the Soil Association to collaborate with the Food, Farming and Countryside Commission (FFCC) on a Ten-Year Plan for Agroecology which shows that UK farmers can reduce greenhouse gas

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emissions, improve biodiversity and produce enough food using regenerative farming practices. This work, alongside that of the Sustainable Food Trust and the Real Farming Trust, is helping to inform new Government programmes of support for farmers. The Trust also supports FFCC’s work ‘GrowIn’ project in Northern Ireland, which is supporting farmers transition from conventional to regenerative ways of farming.

Often the easiest and best way for farmers to learn about new farming practices is from other farmers. The Trust supports peer-to-peer learning through the Linking Excellence and Farming (LEAF)’s Beacons of Excellence programme and the Food Farming and Countryside Commission’s GrowIn project in Northern Ireland. It is also supporting the Real Farming Trust to work with agricultural colleges to integrate regenerative farming practices across their curricula and training programmes.

Farmers need certainty that they can sell their produce and regenerative farming practices usually require farmers to grow a more diverse range of crops often with some pasture-fed cattle and sheep. The Trust also supported projects by Sustain Alliance, the Soil Association and Manchester Metropolitan University to identify opportunities for local and regional processing facilities and markets for farmers.

APPROVED GRANTS - £454,649

Fleetwood Strategy Limited - £30,000

Towards the communication for Part Two of the National Food Strategy.

Food, Farming and Countryside Commission - £60,000

Towards the FFCC.

Influence Map - £45,000

Towards InfluenceMap’ s lobbying analysis on corporate influence over biodiversity and farming policy in the UK, EU, Brazil and Indonesia.

Linking Environment and Farming (LEAF) - £40,000

Towards “Beacons of Excellence” programme. This programme will build upon LEAF’s work in showcasing its demonstration farms.

Manchester Metropolitan University - £27,464

Towards joint project with the Soil Association on public sector regional food systems.

Pasture Fed Livestock Association - £30,000

Towards communication officer.

Real Farming Trust - £15,000

Towards the salary of the Manager of The College of Real Food and Farming.

Real Farming Trust - £79,699 – over 2 years

Towards the College of Real Food and Farming’s work on changing farming education within agricultural educational institutions.

Sustain - £17,486

For a project to map the requirements for investment in local food supply chain infrastructure.

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Sustainable Food Trust - £110,000 – over 2 years Towards its global farming metrics work and core costs.

PAYMENTS MADE - £361,410

	PAYMENTS MADE - £361,410	PAYMENTS MADE - £361,410
	(Descriptions included only when different from above.)
Fleetwood Strategy Limited	£30,000.00	The communication for Part Two of the National Food
		Strategy.
Food, Farming and	£60,000.00	To the FFCC
Countryside Commission
Influence Map	£45,000.00	InfluenceMap’ s lobbying analysis on corporate influence over
		biodiversity policy in the UK, EU, Brazil and Indonesia.
Linking Environment and	£40,000.00	"Beacons of Excellence” programme. This programme will
Farming (LEAF)		build upon LEAF’s work in showcasing its demonstration
		farms.
Manchester Metropolitan	£27,464.00	Joint project with the Soil Association on public sector regional
University		food systems.
Pasture Fed Livestock	£30,000.00	Communication officer
Association
Real Farming Trust	£15,000.00	Towards the salary of the Manager of The College of Real
		Food and Farming.
Real Farming Trust	£41,460.00	Towards the College of Real Food and Farming’s work on
		changing farming education within agricultural educational
		institutions.
Sustain	£17,486.00	For a project to map the requirements for investment in local
		food supply chain infrastructure.
Sustainable Food Trust	£55,000.00	Towards its global farming metrics work and core costs

STOPPING DEFORESTATION

Deforestation continues at dangerous rates across the world including within the most important tropical forests in the Amazon and Indonesia. The main causes are agriculture for palm oil, soybean, beef, and other globally traded products and mining for minerals including oil, gas and gold. There is mounting evidence that organised crime is driving some of those activities. The Aurora Trust aims to support organisations that are working to cut off finance for forest destruction, litigate against companies involved in forest destruction and improve the legal protection of forests and indigenous and forest communities. Trustees also wish to help increase public consciousness of the importance of protecting forests and forest communities, changing attitudes to commodities that are linked to forest destruction and encouraging support for other ways to secure prosperity by safeguarding forests.

The Trust funds Development Dialogue Asia’s Journalism Academy which has trained 23 Indonesian journalists on bringing environmental and climate change angles (such as the economic impacts of deforestation) into their reports. The trainees received a year’s support and had their articles published in some of the largest Indonesian media outlets. Purpose Climate Lab Indonesia are working, with the largest Indonesian Islamic organisations, to make

15

climate and environmental protection a voting issue for Indonesian Muslims who are most of Indonesia’s voting population.

The Trust continues to expand its work on protecting the Amazon. For several years it supported Amazon Watch’s programme to uncover links between banks and assets managers to conflicts on Indigenous lands, illegal deforestation, land grabbing and the weakening of environmental protections. It also supported the Forests People’s Programme Peruvian twomonth legal school which developed knowledge and skills of indigenous legal graduates and students on legal mechanisms to protect their communities. Forest People’s Programme also brought together qualified lawyers defending indigenous communities in Peru to share best practice.

The Stop Ecocide Foundation seeks to have ecocide (mass damage of ecosystems) recognised as an international crime (akin to genocide and crimes against

humanity). The Trust supported its advocacy at COP 26 and an official side event of the International Criminal Court to increase the number of countries that back the proposal.

APPROVED GRANTS - £264,196

Forest Peoples Programmes – 6 grants

£14,757.55 - To develop a film which digests FPP’s lengthy report on Indonesian shadow oil palm companies into a short film (the ‘film’).

£2,000 – Towards reimbursing a consultant for their advice to FPP as its team develops and distributes its film.

£1,000 - To distribute the film.

£39,050 – Towards FPP’s Political Economy Analysis work, which seeks to inform funders and international NGOs about Indonesia’s ‘real economy’.

£21,381.27 - Towards FPP’s People’s Legal School based in Peru, which supports indigenous lawyers who can support and advise their communities on legal matters. £11,453.42 - For a legal school for legal professionals working to defend the Amazon.

Forest Trends Association - £45,000

Towards Forest Friend’s project with Canopy Bridge to support the Cumari project Amazon Food Lab.

Global Canopy - £12,000

To support the development of its Indigenous Peoples and Human Rights strategy.

Purpose Climate Lab Indonesia - £40,000

Campaign to build an Islamic Climate Movement in Indonesia which will build public support and put pressure on government for climate action including.

Stop Ecocide Foundation - £55,480

To have a presence at the December 2021 Assembly of State Parties of the International Criminal Court.

16

Traction Energy Asia - £22,073.70

Towards Green Economy Journalism Academy.

PAYMENTS MADE - £327,570

	(Descriptions included only when different from above.)	(Descriptions included only when different from above.)
Amazon Watch	£29,231.46	Towards its finance campaign to protect the Amazon Sacred
		Headwaters.
ClientEarth	£37,500.00	Towards the costs of a new lawyer in its forest litigation team.
Forest Peoples	£14,757.55	To develop a film which digests FPP’s lengthy report on
Programmes		Indonesian shadow oil palm companies into a short film.
Forest Peoples	£39,050.00	Political Economy Analysis work.
Programmes
Forest Trends	£45,000.00	Forest Friend’s project with Canopy Bridge to support the
Association		Cumari project Amazon Food Lab.
Global Canopy	£12,000.00	To support the development of its Indigenous Peoples and
		Human Rights strategy.
Stop Ecocide	£44,500.00	To have a presence at the December 2021 Assembly of State
Foundation		Parties of the International Criminal Court.
Traction Energy	£43,457.61	Towards the costs of the Green Economy Journalism Academy.
Asia
Traction Energy	£22,073.70	Green Economy Journalism Academy.
Asia
Yayasan Alliance of	£20,000.00	Towards core costs.
Indigenous Peoples
of the Archipelago
Yayasan Alliance of	£20,000.00	Towards AMAN’s efforts to pass the Indigenous Peoples Bill
Indigenous Peoples		within Indonesia.
of the Archipelago

GENERAL

APPROVED GRANTS - £25,500

Ashden Climate Solutions - £20,000

To support the Ashden Award for Refugee Livelihoods.

Granville Community Kitchen - £500

Towards away day for volunteers.

King's College London - £5,000

To support the Sir Jonathan Bate Lecture series at King's College London.

17

PAYMENTS MADE - £26,500

(Descriptions included only when different from above.)

East Tytherley Church,	£1,000.00	Annual donation
Romsey
Edfords Care Farm	£5,000.00	Emergency COVID-19 relief
Granville Community Kitchen	£500.00	Away day for volunteers
LIFEHub NI	£5,000.00	Emergency COVID relief
Neo Community	£2,000.00	Emergency COVID relief
People's Kitchen Belfast	£5,000.00	COVID emergencyrelief
The Sainsbury Archive	£5,000.00	Towards the maintenance and running costs of the Sainsbury
		Archives.
Transition Stirling	£3,000.00	Emergency COVID relief

Cancelled Grants

No grants were cancelled in this financial year (2021: £1,739).

Future Plans

The Trust will continue to make grants in the four categories set out on page two in the next financial year.

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Statement of responsibilities of the trustees

Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP

• Make judgements and estimates that are reasonable and prudent

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Trustees on 16 December 2022 and signed on their behalf by:

……………………………………………………. Mrs S Butler-Sloss

TRUSTEE

19

Independent Auditor’s Report to the Trustees of The Aurora Trust

Opinion

We have audited the financial statements of The Aurora Trust (the ‘charity’) for the year ended 5 April 2022 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• Give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its incoming resources and application of resources, for the year then ended.

• Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

• ● Have been prepared in accordance with the requirements of the Charities Act 2011.

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 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 Aurora Trust’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 other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 in relation to which the Charities (Accounts and

20

Reports) Regulations 2008 requires us to report to you if, in our opinion:

• The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements;

• Sufficient accounting records have not been kept; or

• The financial statements are not in agreement with the accounting records and returns; or

• We have not received all the information and explanations we require for our audit

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, 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 regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

• We enquired of management and the board of trustees, which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to:

• Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;

• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

21

• We inspected the minutes of meetings of those charged with governance.

• We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience.

• We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.

• We reviewed any reports made to regulators.

• We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.

• We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an 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.

Date 5 January 2023

Sayer Vincent LLP, Statutory Auditor

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

22

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

		Unrestricted	Expendable	Total Funds		Total Funds
	Notes	Funds	Endowment	2022		2021
		£	£	£		£
Income and Endowment from:
Donations and gifts		-	1,101,460	1,101,460		1,452,194
Investment income	3	656,456	-	656,456		569,853
Bank deposit interest and other income		3,023	-	3,023		2,980
Other income*		37,867	-	37,867		10,001
Total Income		697,346	1,101,460	1,798,806		2,035,028
Expenditure on:
Cost of generating funds:
Investment management costs		-	390,903	390,903		162,688
Charitable activity:
Grant-making:
Grant expenditure	4	2,384,398	-	2,384,398		888,641
Grant related support costs	5	375,718	-	375,718		248,067
Total Expenditure		2,760,116	390,903	3,151,019		1,299,396
Net operating (expenditure) / income		(2,062,770)	710,557	(1,352,213)		735,632
Net gains on investments		-	4,872,312	4,872,312		7,485,574
Exchange gains		-	81,910	81,910		16,136
Transfers between funds		2,062,770	(2,062,770)	-		-
Net movement in funds		-	3,602,009	3,602,009		8,237,342
Reconciliation of funds
Total funds brought forward		-	42,088,262	42,088,262		33,850,920
Total funds carried forward		-	45,690,271	45,690,271		_42,088,262 _

• Within other income are restricted grants totalling £37,867 which were fully spent. There are no brought forward or carried forward restricted funds.

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.

The notes on pages 26 to 36 form part of these accounts.

23

BALANCE SHEET AS AT 5 APRIL 2022

FIXED ASSETS Tangible fixed assets Investments CURRENT ASSETS Debtors - amounts falling due within one year Cash at bank and in hand CURRENT LIABILITIES Creditors - amounts falling due within one year NET CURRENT LIABILITIES NET ASSETS CAPITAL FUNDS Expendable endowment INCOME FUNDS Unrestricted funds	Notes	Notes	2022 2021 £ £ 6,585 10,942 46,360,347 42,126,059 46,366,932 42,137,001 49,951 576,663 626,614 675,353 (676,661) (48,739) 45,690,271 42,088,262 45,690,271 42,088,262 - - 45,690,271 42,088,262
	7 8 9 10 11 11	£ 103,322 710,505
		813,827 1,490,488

The financial statements were approved and authorised for issue by the Trustees on 16 December 2022 and were signed on their behalf by:

…………………………………………………………… Mrs S Butler-Sloss

TRUSTEE

The notes on pages 26 to 36 form part of these accounts.

24

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021

		2022 2021 £ £ (1,242,548) (34,035)
Cash flows from operating activities Net cash (used in) operating activities
Cash flows from investing activities: Dividends and interest		656,456 582,834 81,910 16,136 (6,675,277) (17,414,256) 7,094,607 17,111,944 1,157,696 296,658 (84,852) 262,623 1,968,205 1,705,582
Exchanges gains / (losses)
Purchase of investments Sale of investments Net cash generated by investing activities
Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year
		1,883,353 1,968,205
		2022 2021
Reconciliation of net expenditure to net cash flow from operating activities
Net movement in funds as per the statement of financial activities Losses / (gains) on investments		£ £ 3,602,009 8,237,342 (4,872,312) (7,485,574) (656,456) (582,834) (81,910) (16,136) 0 (9,220) 4,357 4,358 (53,371) 85,101 815,135 (267,072) (1,242,548) (34,035)
Dividends and interest Exchanges (gains) / losses Fixed asset additions
Depreciation charges (Increase) / decrease in debtors Increase / (decrease) in creditors Net cash (used in) operating activities
Analysis of the balance of cash as shown in the balance sheet		Change in 2021 year
Cash at bank and in hand Cash balances held by investment manager for reinvestment (Note 8)	2022
	710,505 1,172,848	576,663 133,842 1,391,542 (218,694)
	1,883,353	1,968,205 (84,852)
The notes on pages 26 to 36 form part of these accounts.

25

NOTES TO THE ACCOUNTS

1. CHARITABLE STATUS

The Ashden Trust is an unincorporated charity (Charity registration number 802623), registered in England and Wales. The address of the registered office is 5 Wilton Road, London, SW1V 1AP.

2. ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair view' and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The trust constitutes a public benefit entity as defined by FRS 102.

In the view of the Trustees, there are no material uncertainties casting doubt on the going concern of the charity.

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. The endowment assets of the Trust remain significant, and the Trust will continue to pay out to its beneficiaries in accordance with the Trust's objects.

b) Income recognition

• (i) Income is shown gross which includes the associated tax credit unless the tax so deducted is considered irrecoverable.

• (ii) Dividends are included by reference to their due dates.

• (iii) Interest is included when receivable.

• (iv) Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

c) Expenditure on Charitable activities

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

• (i) Costs of generating funds represent amounts paid to the Trust's external investment advisors.

• (ii) Charitable activities expenditure comprises grants and donations awarded by the Trustees in accordance with the criteria set out in the Trust Deed, together with grant related support costs.

26

NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont…)

c) Expenditure on Charitable activities (cont…)

• (iii) Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

• The view of the trustees is that any instalments payable within 12 months of the reporting date are expected to be paid regardless of the status of attached conditions and so these are accrued. Any payments due in more than 12 months from the reporting date, where conditions exist that have not been met at the reporting date, are not accrued but are reported as an unaccrued future commitment.

• (iv) Grants approved subject to conditions that have not been met at the year-end are noted as a commitment but not accrued as expenditure.

• (v) Grant related support costs represent staff, office and governance costs incurred in managing the grant award programme. They include a share of the staff and office costs of the joint offices of the Sainsbury Family Charitable Trusts, which are allocated in proportion to the time spent on Trust matters and grants paid.

• (vi) Contributions to defined contribution plans are charged to the statement of financial activities in the period to which they relate.

d) Fixed assets

Fixed assets are depreciated at rates which reflect their useful life to the Trust. Items of equipment are capitalised where the purchase price exceeds £5,000.

Leasehold improvments are depreciated over the outstanding life of the lease at the time the work was completed. The following rates have been used:

Leasehold improvements (2012) - 10% per annum

Leasehold improvements (2021) - 14.29% per annum

e) Investments

• (i) Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

• (ii) Social Impact Investments are valued at their fair value. Where fair value is not practicable, social investments are recognised at cost less impairment.

f) Financial Instruments

• (i) 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 their settlement value.

• (ii) Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

• (iii) Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

27

NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont…)

g) Cash and cash equivalents

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h) Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, which are described above, Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readlly apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result In a material adjustment to their carrying amounts in the next financial year.

28

NOTES TO THE ACCOUNTS

3. INVESTMENT INCOME

Income received on investments may be analysed as follows:

Income received on investments may be analysed as follows:
Government Fixed Interest Other Fixed Interest UK Equities Overseas Equities Alternatives Impact Investments Other	2022 2021
	£ % £ % 644 - 1,089 - 12,673 2 23,898 4 125,436 19 206,930 36 203,247 31 140,409 25 262,569 40 166,020 29 51,846 8 31,399 6 41 - 109 -
	656,456 100 569,854 100

4. GRANTS PAYABLE

GRANTS PAYABLE
Reconciliation of grants payable: Commitments at 6 April 2021 Grants not accrued at 6 April 2021 Grants approved in the year Grants cancelled or refunded Grants not accrued at 5 April 2022 Grants payable for the year Grants paid during the year Commitments at 5 April 2022 Commitments at 5 April 2022 are payable as follows: Within one year (Note 10)	2022 2021 £ £ £ £
	478,584 846,845 137,457 99,706 2,837,082 928,131 - (1,739) (590,141) (137,457) 2,384,398 888,641 (1,706,460) (1,256,902) 1,156,522 478,584 2022 2021 £ £ 1,156,522 478,584

Commitments

In addition to the amounts committed and accrued noted above, the Trustees have also authorised certain grants which are subject to the recipient fulfilling certain conditions relating to the delivery of the grant-funded activities.

The total amount authorised but not accrued as expenditure at 5 April 2022 was £590,141 (2021: £137,457). This total is payable from 2023/24 to 2024/25.

A list of grants payable is included in Appendix A.

29

NOTES TO THE ACCOUNTS

5. ALLOCATION OF SUPPORT COSTS

ALLOCATION OF SUPPORT COSTS
Staff costs Share of joint office costs Direct costs including travel Legal and professional fees Consultancy Depreciation Auditors' remuneration*	2022 Grant- Governance Total Making Allocated
	£ £ £ 136,612 4,416 141,028 41,564 - 41,564 25,247 - 25,247 145,115 - 145,115 10,967 - 10,967 4,357 - 4,357 - 7,440 7,440
	363,862 11,856 375,718

• Auditor's remuneration excluding VAT was £6,200.

During the year no trustee received any remuneration or was reimbursed expenses (2021: £nil).

COMPARATIVE Staff costs Share of joint office costs Direct costs including travel Legal and professional fees Consultancy Depreciation Auditor's remuneration*	2021 Grant- Governance Total Making Allocated
	£ £ £ 119,424 4,470 123,894 28,936 - 28,936 14,512 - 14,512 64,339 - 64,339 3,400 - 3,400 4,358 - 4,358 - 8,628 8,628
	234,969 13,098 248,067

• Auditor's remuneration excluding VAT was £7,190.

6. ANALYSIS OF STAFF COSTS

Wages and salaries Social security costs Other pension costs	2022 2021
	£ £ 115,354 100,918 12,965 11,353 12,709 11,623
	141,028 _123,894 _

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 1.7% (2021: 1.6%) of the total support and administration costs of these Trusts have been allocated to The Ashden Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2021/22.

The actual number of staff employed during the period was 14, all on a part-time basis (2021: 14). This was equivalent to 1.8 full time employees (2021: 1.8). The Trust considers its key management personnel to comprise the Principal Officers. The total employment benefits including employer contributions to group personal pensions, of these personnel were £71,399 (2021: £68,374). No employee earned in excess of £60,000 (2021: Nil).

30

NOTES TO THE ACCOUNTS

7. TANGIBLE FIXED ASSETS

Leasehold Improvements Cost At 6 April 2021 Additions At 5 April 2022 Depreciation At 6 April 2021 Charge for the year At 5 April 2022 NET BOOK VALUE At 5 April 2022 NET BOOK VALUE At 5 April 2021	2022 2021
	£ £ 39,620 30,400 - 9,220
	39,620 39,620
	28,678 24,320 4,357 4,358
	33,035 28,678
	6,585 10,942
	10,942 6,080

31

NOTES TO THE ACCOUNTS

8. FIXED ASSET INVESTMENTS

Market value 6 April 2021 Add: Acquisitions at cost Less: Disposal proceeds Net gains / (losses) on investments Market value 5 April 2022 Investment cash Total Fixed Asset Investments	2022 2021
	£ £ 40,734,517 32,946,631 6,675,277 17,414,256 (7,094,607) (17,111,944) 4,872,312 7,485,574
	45,187,499 40,734,517
	1,172,848 1,391,542
	46,360,347 42,126,059

The investments held as at 5 April 2022 were as follows:

Direct investment in listed securities Government fixed interest Other fixed interest UK equities Overseas equities Alternatives Other Cash Impact investments Unquoted Quoted	2022 2021
	Cost Market Cost Market Value Value
	£ £ £ £ 468,826 577,843 468,826 536,636 537,993 519,708 1,198,432 1,527,535 5,152,577 5,867,610 5,330,778 6,453,255 17,014,770 22,534,656 16,630,505 20,266,318 5,901,566 8,412,831 5,163,550 6,681,034 600,000 600,000 600,000 600,000 1,172,848 1,172,848 1,391,542 1,391,542 4,267,172 5,660,192 4,333,141 3,754,409 885,687 1,014,659 885,813 915,330
	36,001,439 46,360,347 36,002,587 42,126,059

9. DEBTORS

Accrued income Other debtors

2022	2021
£	£
57,691	42,677
45,631	7,274
103,322	49,951

32

NOTES TO THE ACCOUNTS

10. CREDITORS

Grants payable within one year Professional charges Investment management fee Other creditors	2022 2021
	£ £ 1,156,523 478,584 6,204 19,449 248,149 75,939 79,612 _101,381 _
	1,490,488 675,353

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 5 April 2022 are represented by: Tangible fixed assets Investments Current assets Current liabilities Total net assets Movement in the year Opening balance as at 5 April 2021 Total income and endowments Cost of raising funds Cost of grant-making Net gains on investments Net gains on currency exchange Transfers between funds Closing balance as at 5 April 2022 COMPARATIVE Fund balances at 5 April 2021 are represented by: Tangible fixed assets Investments Current assets Current liabilities Total net assets Movement in the year Opening balance as at 5 April 2020 Total income and endowments Cost of raising funds Cost of grant-making Net gains on investments Net gains on currency exchange Transfers between funds Closing balance as at 5 April 2021	Unrestricted Expendable Totals Funds Endowment 2022
	£ £ £ - 6,585 6,585 - 46,360,347 46,360,347 1,242,339 (428,512) 813,827 (1,242,339) (248,149) (1,490,488)
	- 45,690,271 45,690,271
	- 42,088,262 42,088,262 697,346 1,101,460 1,798,806 - (390,903) (390,903) (2,760,116) - (2,760,116) - 4,872,312 4,872,312 - 81,910 81,910 2,062,770 (2,062,770) -
	- 45,690,271 45,690,271
	Unrestricted Expendable Totals Funds Endowment 2021
	£ £ £ - 10,942 10,942 - 42,126,059 42,126,059 599,414 27,200 626,614 (599,414) (75,939) (675,353)
	- 42,088,262 42,088,262
	- 33,850,920 33,850,920 582,834 1,452,194 2,035,028 - (162,688) (162,688) (949,208) (187,500) (1,136,708) - 7,485,574 7,485,574 - 16,136 16,136 366,374 (366,374) -
	- 42,088,262 42,088,262

33

NOTES TO THE ACCOUNTS

12. RELATED PARTY TRANSACTIONS

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office for cost effectiveness. To further reduce the administrative burden, some Trusts share expenses and may pay a third party on behalf of another Trust(s) on the basis that they will be reimbursed. Thus, at any one time there are amounts payable between trusts some of which fall under the definition of related parties by having trustees in common who are also siblings.

During the year grants of £416,683 were paid to Ashden Cimate Solutions, an organisation in which Mrs S Butler-Sloss is Founder Director and Chair (2021: £320,000).

During the year to 5 April 2022, unconditional donation of £1,101,460 was received from Mrs S Butler-Sloss, the Settlor and Trustee (2021: £1,352,194).

The following amounts are included in Other Creditors (Note 10) that are due to/from related parties:

• £18,694 due to The Linbury Trust.

• £72,906 due to The J J Charitable Trust.

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021
Income and Endowment from: Donations and gifts Investment income Bank deposit interest and other income Other income Total Income Expenditure on: Cost of generating funds: Investment management costs Charitable activity: Grant-making: Grant expenditure Grant related support costs Total Expenditure Net operating income Gains on investments Exchange gains Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted Expendable Total Funds Funds Endowment 2021
	£ £ £ - 1,452,194 1,452,194 569,853 - 569,853 2,980 - 2,980 10,001 - 10,001
	582,834 1,452,194 2,035,028
	- 162,688 162,688 701,141 187,500 888,641 248,067 - 248,067
	949,208 350,188 1,299,396
	(366,374) 1,102,006 735,632 - 7,485,574 7,485,574 - 16,136 16,136 366,374 (366,374) -
	- 8,237,342 8,237,342 - 33,850,920 33,850,920
	- 42,088,262 42,088,262

34

NOTES TO THE ACCOUNTS - APPENDIX A

GRANTS PAYABLE

The amount payable for the year ended 5 April 2022 consisted of the following:

Ashden Climate Solutions: Climate Change Collaboration Amazon Watch Articulation of Indigenous Peoples of Brazil (APIB) C40 Cities Climate Leadership Group Christian Aid ClientEarth Fleetwood Strategy Limited Friends of the Earth Charitable Trust Friends of the Earth Scotland Global Canopy Global Legal Action Network (GLAN) Green Finance Institute Influence Map Instituto Socioambiental (ISA) Laudato Si’ Movement On Road Media Peers for the Planet People & Planet Platform PR Budget Purpose Disruptors Stop Ecocide Foundation The Centre for the Study of Existential Risk The Social Change Nest Connecting People with Nature Fleetwood Strategy Limited Forest School Association Greenhouse PR Ltd Harmony Project Honeypot Children's Charity Horatio's Garden Inspiring Minds Newry Street Unite Tinder Sticks Community Interest Company Under The Trees Valley Project We are Grow Wild in the City CIC Sustainable Farming Fleetwood Strategy Limited Food, Farming and Countryside Commission Influence Map Linking Environment and Farming (LEAF) Manchester Metropolitan University Pasture Fed Livestock Association Real Farming Trust Sustain Sustainable Food Trust Stopping Deforestation ClientEarth Development Dialogue Asia (DDA) Forest Peoples Programmes Forest Trends Association Global Canopy Purpose Climate Lab Indonesia Stop Ecocide Foundation Traction Energy Asia General Ashden Climate Solutions East Tytherley Church, Romsey Granville Community Kitchen King's College London The Sainsbury Archive Total grants payable per Statement of Financial Activities

£ 670,016 3,333 8,333 25,000 50,000 55,556 8,750 26,106 9,290 6,000 60,000 60,000 11,667 3,333 45,000 50,000 40,000 30,000 26,766 33,000 10,000 15,250 22,000 10,000 8,750 55,200 66,053 4,000 3,000 70,000 500 750 1,000 2,933 3,000 33,109 25,300 30,000 60,000 45,000 40,000 27,464 30,000 94,699 17,486 110,000 37,500 43,558 89,642 45,000 12,000 40,000 55,480 22,074 20,000 1,000 500 5,000 5,000

2,384,398

35

NOTES TO THE ACCOUNTS - APPENDIX A (continued)

GRANTS PAYABLE

The amount payable for the year ended 5 April 2021 consisted of the following:

Ashden - Climte Solutions in Action Climate Change Collaboration 350.org Bates Wells and Braithwaite LLP C40 Cities Climate Leadership Group Carbon Tracker Citizens UK Divest Invest FrameWorks Institute Friends of the Earth Charitable Trust Global Legal Action Network (GLAN) Greenhouse PR Ltd On Road Media Platform Students Organising for Sustainability Systemiq The Commitment Uplift Connecting People with Nature Country Trust Forest School Association Green Synergy Horatio's Garden Wild in the City Sustainable Farming Sustain Stopping Deforestation Amazon Watch ClientEarth Development Dialogue Asia (DDA) Forest Peoples Programmes Gecko project Global Witness Yayasan Alliance of Indigenous Peoples of the Archipelago General Amazon Watch Basic Needs UK Trust Chiswick House and Gardens Trust East Tytherley Church, Romsey Edfords Care Farm Forest Trends Association Forum for the Future Granville Community Kitchen LIFEHub NI Neo Community People's Kitchen Belfast Resurgence Trust Shine Invest The Sainsbury Archive Transition Stirling Yayasan Alliance of Indigenous Peoples of the Archipelago Total grants payable per Statement of Financial Activities

£ 100,000 8,333 2,800 25,000 8,666 55,000 9,437 6,176 7,458 27,000 (6,176) 30,000 20,000 15,000 12,000 3,333 20,000 30,000 5,000 18,500 25,000 68,750 20,000 30,306 37,500 43,558 53,500 50,000 50,000 40,000 5,500 (5,000) 5,000 1,000 5,000 11,000 5,000 7,500 5,000 2,000 5,000 2,000 5,000 10,000 3,000 5,500

888,641

36