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2024-04-05-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 5 APRIL 2024

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 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
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
BDB Pitmans LLP
1 Bartholomew Close
London EC1A 7BL
Sayer Vincent LLP
110 Golden Lane
London EC1Y 0TG
Schroder & Co. Limited
12 Moorgate
London EC2R 6DA

1

The Report of the Trustees

The trustees present their report and the audited financial statements for the year ended 5 April 2024.

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

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 Climate Change Collaboration are generally invited by the Trustees or initiated at their request. The Trustees prefer to support 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 four times during the year to make grants and review investments.

During the year the total asset value of the Trust increased from £42.9m on 5 April 2023 to £43.7m on 5 April 2024, an increase of 2.1%. The net unrestricted income of the Trust for the year after charging grant related support costs was £1,780,608 compared to £436,702 for the

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year to 5 April 2023. During the year the Settlor made a generous donation of £1,089,361 and there was an associated Gift Aid of £150,000.

The Charity has adopted a total return basis of 3.5% which gave a budgeted annual income of £1.2m. 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.

The Trustees have reviewed the Trust’s investment performance since the end of the financial year. The Trustees are aware of investment risks and remain confident that the portfolio will enable the Trust to continue with its charitable activities.

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 52 grants totalling £2,645,463 some of which are payable over more than one year. Payments made during the year totalled £2,178,352. 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:

----- Start of picture text -----
2023/24
Grants Approved Payments Made
Number £ % £ %
Ashden - Climate Solutions in Action 1 600,000 22.7 333,334 15.3
Climate Change Collaboration and Divest Invest 11 376,074 14.2 382,604 17.6
Connecting People with Nature 12 355,511 13.5 482,375 22.1
Energy Eficiency and Retrofits 4 265,434 10.0 219,926 10.1
Sustainable Farming 8 355,503 13.4 383,458 17.6
Stopping Deforestation 12 610,941 23.1 298,655 13.7
General 4 82,000 3.1 78,000 3.6
52 2,645,463 100.0 2,178,352 100.0
----- End of picture text -----

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 £346,537 was made during the year.

The need for unrestricted income funds will vary from year to year and the Trustees will continue to review the position. As of 5 April 2024, the Trust held total funds of £43.7m (2023: £42.9m) which includes expendable endowment of £43.7m (2023: £42.9m).

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.

3

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.

In 2022, trustees adopted an investment policy to align the investments with achieving the Paris Agreement goal of keeping global temperatures to well-below 2 degrees. This means excluding fossil fuels and other high carbon investments, increasing investments in renewable energy and selecting funds and companies that demonstrate alignment with the Paris Agreement. Trustees review progress against the investment policy at investment meetings.

The Trustees have allocated some of the Trust’s expendable endowment for impact investing to achieve substantial social and environmental benefits as well as a financial return to fund the Trust’s work. Over time, trustees have increased the proportion of the endowment invested in this way to about 14%. Trustees regularly review the impact and performance of these investments.

During the year the return on the investments not including the impact investments mentioned above was 6.5%, under-performing the benchmark of 17.1%.

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 early-stage companies can achieve lasting positive environmental and social outcomes and retain the value of the fund over time.

The Fund’s primary ‘pipeline’ for investments are Ashden Award winners and finalists. During this reporting period made an investment in Kakuma Ventures, a refugee-owned business that provides internet access to people in the Kakuma refugee camp.

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. They consider climate change poses major risks to financial markets and are acting, for example through support to the Carbon Tracker Initiative, to encourage the finance sector to address these risks. 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.

4

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.

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 considering the requirements of their role and performance during the year. The SFCT Management Committee completed a reward evaluation process during 2022/2023 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 public and do not use professional fundraisers or commercial participators.

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.

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 (Ashden). Sarah Butler-Sloss founded Ashden in 2001 to raise awareness of sustainable energy to combat climate change and energy poverty. After serving as Director for 19 years, Sarah is now the chair of its Board of Trustees. Ashden’s ambition is to accelerate transformative climate solutions and build a fairer world. Through annual awards, events, and networks, Ashden supports climate innovation in the UK and countries in Global South that have less access to energy supplies and are most affected by climate change.

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In this reporting period, Ashden secured a major grant to expand its Let’s Go Zero Campaign to support schools to reduce their carbon emissions to zero by 2030. The core funding from the Trust helped the senior team manage the associated increase in activity and staff and develop Ashden’s partnership work support political advocacy in Kenya and renewable energy in refugee communities.

APPROVED GRANTS - £600,000

£600,000 - Core costs

PAYMENTS MADE - £ 333,334

(Descriptions included only when different from above.) Ashden Climate £333,334 Three-year unrestricted grant to Ashden. Solutions

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

The Aurora Trust is part of the Climate Change Collaboration (“CCC”) with two other Sainsbury Family Charitable Trusts (The JJ Charitable Trust and The Mark Leonard Trust). 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. The Trusts support a wide range of interventions, including strategic communications and campaigns, legislation, litigation, research, policy work, and changing investment practice.

The CCC trusts continue to fund the global Divest Invest movement; getting private, foundation, faith, pension, and sovereign wealth investors to remove fossil fuel investments from their portfolios. The three Trusts support Friends of the Earth Scotland and Platform London which are encouraging governmental and educational institutions to divest from fossil fuels.

The CCC trustees recognise that law and regulation can be used to support efforts to implement the Paris Agreement. The Collaboration continues to support Client Earth, a charity which uses the law to tackle climate change and protect the environment, and Peers for the Planet, which support House of Lords Peers amend future laws, so they consider climate and nature.

The Global Legal Action Network is a multi-year grantee and the CCC supports several of its initiatives, including its Youth Climate Case where Six Portuguese young people brought a case against 32 European states arguing that their climate inaction infringed their human rights. The Youth Climate Case was heard by the Grand Chamber of the European Court of Human Rights on 27 September 2023, alongside an association of Swiss women and a French city mayor who made similar arguments against the Swiss and French governments.

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The CCC Trusts began supporting more work on tackling corruption and illicit finance as route of addressing the climate emergency. The Trusts funded Integrity Initiatives International, a US not-for-profit, for its campaign and advocacy work to develop a new International Anti-Corruption Court.

APPROVED GRANTS - £376,074

Bates Wells

£8,000 - Towards the costs of Bates Wells and other legal firms producing legal opinions on charity reporting duties

£18,200 - To assess the legal and regulatory impacts of Carbon Tracker’s ‘Loading the Dice report

Carbon Tracker - £16,000

For staff capacity to engage regulators/wider stakeholders with the findings of its ‘Loading the Dice’ report.

Charity Finance Group - £7,666

To develop the Charity Investment Governance Principles

Friends of the Earth Charitable Trust - £56,060

Towards its work on UK Divest

Friends of the Earth Scotland - £30,222

Towards its work on UK Divest

Green Finance Institute - £100,000

Towards the Local Climate Bonds project

Heard Organisation Ltd - £15,000

Towards the climate team in 2024/25

Integrity Initiatives International - £11,815

For fund staff to develop the concept of an International Anti-Corruption Court

Platform - £93,111

Towards its work on UK Divest

PR - £20,000

To support grantees’ PR, comms and market research in 2023/24

PAYMENTS MADE - £382,604

(Descriptions included only when different from above.)

Bates Wells

£13,744 To understand the legal and regulatory impacts of Carbon Tracker’s ‘Loading the Dice report

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Carbon Tracker £16,000 For staff capacity to engage regulators/wider
stakeholders with the findings of its ‘Loading the
Dice’report.
Charity Finance Group £7,666 To develop the Charity Investment Governance
Principles
CIR £7,890 Towards the next phase of the CIR work for briefing
notes, PR support and staff attendance at events
ClientEarth £27,777 To fund a lawyer within the Climate Finance
Initiative
Friends of the Earth £1,044 Supplementary grant towards cost of living
Charitable Trust contribution
Friends of the Earth £28,806 Towards their core work on the UK fossil fuel
Charitable Trust divestment movement and their partnership with
Platform and Friends of the Earth Scotland.
Friends of the Earth £371 Supplementary
grant
towards
cost
of
living
Scotland contributions
Friends of the Earth £14,524 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 Legal Action £18,333 Towards its consortium of trans-national litigation
Network (GLAN) organisations.
Global Legal Action £20,000 Core funding
Network (GLAN)
Good Law Project £10,000 Towards its work to develop new legislation which
would oblige judges to consider and protect the
environment
when
adjudicating
cases
and/or
interpreting legislation.
Green Finance Institute £20,000 For a member of staff and communication campaign
to encourage UK local councils to set up Local
Climate Bonds.
Heard Organisation Ltd
£20,000		 Towards delivering its strategic climate change
(formerly On Road communications project.
Media)
Heard Organisation Ltd
£15,000		 Towards the core climate team in 2024/25
(formerly On Road
Media)
Influence Map £15,000 To investigate lobbying against biodiversity and land
use policies in Europe and globally
Integrity Initiatives £11,815 For staffing needs on the IACC
International

8

Laudato Si’ Movement £45,000 To deliver their Catholic Fossil Fuels Campaign 2.0
Peers for the Planet £20,000 Core funding
Platform £16,667 Kick Fossil Fuels out of Football campaign
Platform £25,300 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 £6,000 To support PR, comms and market research in
2023/24
Social Change Nest £21,667 Unrestricted funding

CONNECTING PEOPLE WITH NATURE

The Trustees recognise the clear evidence that we are healthier, more resilient, and happier when we spend time in nature. The Trust supports activities to enable people, and especially children, to spend time in nature. Trustees believe every child should have time in nature and are most interested in initiatives that give children opportunities to enjoy the countryside and have an enduring impact on their well-being and understanding of the natural world. The Trust prioritises organisations and schools working with more disadvantaged children.

Trustees consider the Government has an important role to make time in nature integral to every child’s education. They support the idea of a Nature Premium – a guarantee that all children and young people have regular time in nature during school time. The Trust continues to fund the Harmony Project to test this idea in schools to find out how it can be delivered in ways that support children’s learning at a reasonable cost so that Government is confident to adopt it.

This year, the Trust also made some grants to support organisations working to protect and facilitate our connection with nature through the concept of Rights of Nature. This recognises that nature has an inherent right to live and thrive.

APPROVED GRANTS - £355,511

Country Trust - £80,000

Core costs

Eco Birmingham - £7,000

Towards its Wild Bunch Holiday programme

Environmental Law Foundation - £7,500

To work with the local community on a democratic process to include the river Ouse’s rights into the Council’s constitution in ways that recognise the participatory rights of local people.

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Ernest Cook Trust - £99,000

Towards its Outdoor Essentials grant programme that provides grants to schools towards the costs of providing outdoor learning opportunities

Free to be Kids - £5,000

Towards Thrive Outside

Harmony Project - £70,000

To continue the Nature Premium field trials in schools

Imagination Design Limited - £10,121

For the expenses associated with Imagination Design’s woodland design and community engagement with local residents around Preston Candover

Nature Vibezzz - £3,890

Towards its afterschool nature-based sessions for local primary school children in Lambeth.

Queen's University, Belfast - £28,000

Programme of work to develop and support Rights of Nature legal expertise and adoption of rights of nature across Ireland and Northern Ireland

Stomping Grounds Forest School North East CIC - £5,000

Towards its Going Wild afterschool sessions for children aged 12-15 in the Chopwell area of Tyne and Wear.

Wild in the City CIC

£5,000 - Fundraising support to help with writing a bid to the National Heritage Lottery Fund £35,000 - Core costs

PAYMENTS MADE - £482,375 PAYMENTS MADE - £482,375
Conservation £49,864 Towards the Active Minds project in Northern Ireland
Volunteers
Country Trust £40,000 Core costs
Eco Birmingham £7,000 Towards its Wild Bunch Holiday programme
Environmental £7,500 To work with local communities on a democratic
Law Foundation process to include the river Ouse’s rights into the
Council’s constitution in ways that recognise the
participatory rights of local people.
Ernest Cook £99,000 Towards its Outdoor Essentials grant programme
Trust
Farms for City £40,000 To reduce the charity’s budget deficit.
Children
Free to be Kids £5,000 Towards Thrive Outside
Harmony Project £70,000 To continue the Nature Premium field trials in
schools

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Horatio's Garden £35,000 Towards core costs
Imagination £10,121 For the expenses associated with Imagination
Design Limited Design’s woodland design and community
engagement with local residents around Preston
Candover
Nature Premium £42,000 Towards the field trials of the Nature Premium
Nature Vibezzz £3,890 Towards its afterschool nature-based sessions for
local primary school children in Lambeth.
Queen’s £28,000 Programme of work to develop and support Rights of
University, Nature legal expertise and adoption of rights of
Belfast nature across Ireland and Northern Ireland
Stomping £5,000 Towards its Going Wild afterschool sessions for
Grounds Forest children aged 12-15 in the Chopwell area of Tyne
School North and Wear.
East CIC
Wild in the City £5,000 Fundraising support to help with writing a bid to the
CIC National Heritage Lottery Fund
Wild in the City £35,000 Core costs
CIC

Energy Efficiency and Retrofits

Homes in the UK are generally poorly insulated. We waste a lot of energy, releasing unnecessary greenhouse gas emissions and spending more than needed to heat our homes. Those who cannot afford the high energy costs are forced to live in cold homes, harming their health and well-being. Improving insulation and home energy efficiency is necessary, but it can be expensive and inconvenient. The best way to do it is setting up local programmes that work with households in every street, in every town and city to provide impartial advice and quality-assured, low-cost solutions. Government and local government have important roles, including training people with the skills for this work, quality assurance and lowering costs.

The Good Law Project were supported to scope litigation which would accelerate energy efficiency uptake in the UK. This exercise identified that government policy prevented local authorities from implementing more stringent and robust energy efficiency measures which went beyond national policy, The Trust supported Good Law Project legally challenge this policy, on the basis that it unlawfully interfered with local authorities’ decision-making abilities.

APPROVED GRANTS - £265,434

Centre for Sustainable Energy - £81,000

To contribute towards the costs of appointing a Policy Officer.

Good Law Project - £80,008

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Towards its legal challenge of the Planning Inspectorate’s rejection of Local Plans on the basis that they impose more stringent energy efficiency standards than required by the Building Regulations 2010

mySociety - £50,000

Towards its Neighbourhood Warmth Programme

New Economy Organisers Network (NEON) - £54,426

For its partnership with the TUC to develop decarbonisation plans within UK industry

PAYMENTS MADE - £219,926 PAYMENTS MADE - £219,926
Centre for £40,500 To contribute towards the costs of appointing a
Sustainable Policy Officer.
Energy
Community £35,000 To fund a package of support for community energy
Energy England organisations to set up and run fuel poverty and
energy efficiency advisory services.
Good Law £40,000 To scope and identify legal cases which would
Project accelerate energy efficiency uptake in the UK.
mySociety £50,000 Towards its Neighbourhood Warmth Programme.
New Economy £54,426 For its partnership with the TUC to develop
Organisers decarbonisation plans within UK industry
Network (NEON)

SUSTAINABLE FARMING

Regenerative farming practices work with nature to restore soil health and reduce greenhouse emissions whilst reducing the use of fertilisers, herbicides and pesticides, enabling farmers to produce healthy food at lower cost and manage the reduction in farm subsidies from Government. Trustees want regenerative farming practices to become widely adopted across the UK, contributing to national targets for reducing greenhouse gas emissions and protecting nature as well as providing healthy, affordable food. The Trust continues to support organisations developing and disseminating good practice on regenerative farming, including the Soil Association, Real Farming Trust, Pasture for Life, FarmEd and the Nature Friendly Farming Network.

Farmers report that they prefer to learn about new farming practices 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. Young people entering the farming sector often train at agricultural universities and colleges and learn about “conventional” farming practices that require extensive use of chemicals and cause harm to soil and nature. Lecturers at the universities and colleges recognise the importance of training students in regenerative farming methods but have little time to update their teaching materials. The Trust is funding

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the Royal Agricultural University to help lecturers and teachers at higher education agricultural institutions redesign their curriculums and teaching materials.

This year, the Trust with two other Sainsbury Family Charitable Trusts, the Mark Leonard Trust and Gatsby Charitable Foundation, explored how farming research can support the transition to and uptake of regenerative farming practices. Sarah Butler-Sloss and Mark Sainsbury (Chair of the Mark Leonard Trust) recognised that most existing farming and crop research is intended for farming systems heavily reliant on chemical inputs and damaging to nature, soil and our health.

The three trusts funded and hosted a conference on 20 and 21 March 2024 at the Sainsbury Laboratory in Cambridge which brought together 130 regenerative farmers, crop, plant and soil scientists, funders and civil society organisations to explore how farming research can support the uptake of ‘wiser’ farming methods. Following this, the three trusts are supporting a new programme bringing farmers, researchers and funders together to develop more understanding on how to farm profitably, productively and in nature-friendly way.

APPROVED GRANTS - £355,503

FarmEd - £25,000

Core costs for FarmEd’s staff

Integrity Soils - £7,000

To contribute to t a student’s scholarship fees to attend Integrity Soil’s UK CREATE course

Nature Friendly Farming Network - £90,000

To cover the salary of NFFN’s Communications Officer

Organic Research Centre - £13,034

Funding for a Rapid Evidence Assessment to find out what existing regenerative farming research exists and where the current research gaps are

Regenerative Farming UK Conference budget

£2,500 - To contribute to the costs of the Regenerative Farming UK Research Conference £10,450 - To contribute to the costs of the Regenerative Farming UK Research Conference

Royal Agricultural University - £57,519

For a project to change how agriculture is taught in higher education institutions

Sustain - £150,000

Core costs for Sustain’s sustainable farming team

PAYMENTS MADE - £383,458

FarmEd £25,000 Towards FarmEd’s core costs

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Food, Farming and
Countryside
Commission		 £64,666
To maintain and build its grassroots networks
Influence Map £45,000
To investigate corporate lobbying against
biodiversity and land use policies in Europe and
globally.
Integrity Soils
£7,000
To contribute to a student’s scholarship fees to
attend Integrity Soil’s UK CREATE course
Linking Environment
and Farming (LEAF)		 £15,000
Funding for LEAF’s Beacons of Excellence
programme.
Nature Friendly
Farming Network		 £45,000
To cover the salary of NFFN’s Communications
Officer
Organic Research
Centre		 £13,034
Funding for a Rapid Evidence Assessment (REA) to
find out what existing regenerative farming research
exists and where the current research gaps are
Pasture For Life £20,000
Core costs for Pasture for Life
Regenerative Farming
UK Conference budget		 £60
To contribute to the costs of the Regenerative
Farming UK Research Conference
Regenerative Farming
UK Conference budget		 £429
To contribute to the costs of the Regenerative
Farming UK Research Conference
Regenerative Farming
UK Conference budget		 £750
To contribute to the costs of the Regenerative
Farming UK Research Conference
Royal Agricultural
University		 £57,519
For a project to change how agriculture is taught in
higher education institutions
Soil Association £40,000
To support their three-year work programme taking
forward its Ten-Year Plan for Agroecology.
Sustain £50,000
Core costs for Sustain’s sustainable farming team

STOPPING DEFORESTATION

Deforestation continues at dangerous rates across the world including within the most important tropical forests in Brazil and Indonesia, which are the regions in which the Trust primarily funds. The main causes are agriculture for palm oil, soybean, beef, and other globally traded products and mining for minerals including oil, gas and gold.

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 forest guardians. Trustees also wish to help increase public consciousness of

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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.

A major success was the EU adopting a new regulation requiring European companies to vet and source deforestation-free products, and for state enforcement agencies to penalise noncompliance. This groundbreaking new law was primarily due to campaigning efforts by Client Earth, a long-standing grantee, and other European civil society organisations which are now monitoring its enforcement across the EU.

In Brazil, the Trust funded work building civic space and making deforestation and climate change national issues within the country. It continued support to Purpose Climate Lab Brazil’s IARA (Innovation and Acceleration in the Amazon) Accelerator which builds the capacity of grassroot organisations (concerned with deforestation, Indigenous rights, and environmental issues) to launch and sustain their campaigns. The Trust also continued support to Forest Peoples Programme’s legal school, which provides legal training to indigenous lawyers and human rights defenders residing in the Peruvian Amazon. New work by the Global Legal Action Network was supported which scopes legal action connecting soy, sourced from illegal deforestation to global buyers and holds them to account.

Within Indonesia, the Trust funds work which tackles commodity corporations using opaque corporate structures to avoid accountability for illegal deforestation. It supports The Gecko Project and Forest Peoples Programme to investigate the use of these structures by prominent oil palm, pulp, and forestry Indonesian corporations. The Trust also funded Purpose Climate Lab Indonesia which is supporting a national movement to make climate change and biodiversity loss a key issue amongst Muslims.

Stop Ecocide Foundation is a multi-year grantee. Its mission is getting ecocide (the mass damage of nature) recognised as an international crime akin to genocide and crimes against humanity. It operates through Stop Ecocide International, a Dutch registered charity. The Trust gave further support this year to improve its fundraising ability.

APPROVED GRANTS - £610,941

ClientEarth - £80,000

Towards a lawyer within Client Earth’s forests team

Forest Peoples Programmes

£8,547 - To host an event at Chatham House in September 2023

£11,944 - To host another meeting of Peruvian indigenous lawyers/human rights defenders and another People’s Legal School for indigenous law students and graduates. £14,299 - To cover the shortfall in funding towards the two-month People’s Legal School £15,886 - To support the alumni network of the People’s Legal School

The Gecko Project - £120,000 To the Gecko Project’s core costs

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Global Legal Action Network (GLAN) - £70,000

To take forward their work to scope and bring legal action, within Brazil and transnationally, to tackle Amazonian deforestation

Purpose Climate Lab Brazil

£40,000 - Rapid Response Hub pilot

£27,778 - To expand its Innovation and Acceleration in the Amazon Region programme into the Cerrado biome

£67,485 - To support PCLB to build a new coalition of Amazonian voices campaigning for Brazil’s phase-out of fossil fuels

Purpose Climate Lab Indonesia - £80,002

To work which uses Islamic finance law to protect forests

Stop Ecocide Foundation - £75,000

Towards a fundraising/development coordinator

PAYMENTS MADE - £298,655

ClientEarth £40,000 Towards a lawyer within Client Earth’s forests team
Forest Peoples £83,726 Investigating and holding to account the illicit
Programmes activities of Indonesian commodity companies
Forest Peoples £8,547 To host an event at Chatham House in September
Programmes 2023
Forest Peoples £11,944 To host another meeting of Peruvian indigenous
Programmes lawyers/human rights defenders and another
People’s Legal School for indigenous law students
and graduates
Purpose Climate £40,000 To run a pilot Rapid Response Hub which responded
Lab Brazil to and combatted fossil fuel extraction in the Amazon
Purpose Climate £39,438 To work which uses Islamic finance law to protect
Lab Indonesia forests
Stop Ecocide £50,000 Towards a freelance fundraising position and an
Foundation administration and communications support position
Stop Ecocide £25,000 Towards a fundraising/development coordinator
Foundation

16

GENERAL

APPROVED GRANTS - £82,000

British Red Cross – Headquarters - £21,000

Towards its Israel and Occupied Palestinian Territory appeal

Conciliation Resources - £20,000

Towards its work on climate change, conflicts, and peacebuilding

Medecins Sans Frontieres - Doctors without Borders - £31,000

Towards its work in the Israel – Hamas conflict.

Turkey Mozaik Foundation - £10,000

Earthquake Relief Fund

PAYMENTS MADE - £78,000 PAYMENTS MADE - £78,000
British Red Cross – £21,000 Towards its Israel and Occupied Palestinian Territory
Headquarters appeal
Conciliation Resources £10,000 Towards its work on climate change, conflicts, and
peacebuilding
East Tytherley Church, £1,000 Annual donation
Romsey
Medecins Sans £31,000 Towards its work in the Israel – Hamas conflict.
Frontieres - Doctors
without Borders
The Sainsbury Archive £5,000 Towards the maintenance and running costs of the
Sainsbury Archives.
Turkey Mozaik £10,000 Earthquake Relief Fund
Foundation

Cancelled Grants

Four grants were cancelled in this financial year, totalling £92,060 (2023: £37,138), as the funding was no longer required by the grantees:

Nature Premium - £33,000

Towards the field trials

Forest Peoples Programme - £2,000

To Nicky Milne to reimburse for any advice provided to FPP as it develops the film.

17

Forest Peoples Programme - £1,000

To fund FPP’s film and offered £2,000 to Nicky Milne to reimburse for any advice she provides to FPP as it develops the film.

Friends of the Earth England, Wales and Northern Ireland - £56,060

Towards its partnership work on UK Divest.

Future Plans

The Trust will continue to make grants to the priorities set out on page two in the next financial years.

18

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:

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 5 November 2024 and signed on their behalf by:

…………………………………………………….

TRUSTEE

Mrs S Butler-Sloss

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 2024 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:

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.

20

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and

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

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:

21

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 18 November 2024

Sayer Vincent LLP, Statutory Auditor

110 Golden Lane, LONDON, EC1Y 0TG

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 2024

Notes
Income and Endowment from:
Donations and gifts
Investment income
3
Bank deposit interest
Total Income
Expenditure on:
Cost of generating funds:
Investment management costs
Charitable activity:
Grant-making:
Grant expenditure
4
Grant related support costs
5
Total Expenditure
Gains / (losses) on investments
Exchange (losses) / gains
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net expenditure before gains / (losses)
on investments		 Unrestricted Expendable
Total Funds
Total Funds
Funds
Endowment
2024
2023
£
£
£
£
1,239,361
-
1,239,361
500,000
801,194
-
801,194
705,893
83,373
-
83,373
31,288
2,123,928
-
2,123,928
1,237,181
-
237,269
237,269
266,372
2,127,145
-
2,127,145
2,066,334
343,320
-
343,320
300,479
2,470,465
237,269
2,707,734
2,633,185
(346,537)
(237,269)
(583,806)
(1,396,004)
-
1,480,934
1,480,934
(1,714,597)
-
(14,850)
(14,850)
306,388
346,537
(346,537)
-
-
-
882,278
882,278
(2,804,213)
-
42,886,058
42,886,058
45,690,271
-
43,768,336
43,768,336
42,886,058

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 2024

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 2024
2023
£
£
3,952
5,269
44,769,030
43,943,579
44,772,982
43,948,848

90,525

393,085

483,610
1,546,400
(1,004,646)
(1,062,790)
43,768,336
42,886,058
43,768,336
42,886,058
-
-
43,768,336
42,886,058
7
8
9
10
11
11		 £
72,322
310,022
382,344
1,386,990

The financial statements were approved and authorised for issue by the Trustees on 5 November 2024 and were signed on their behalf by:

……………………………………………………………

TRUSTEE

Mrs S Butler-Sloss

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

24

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2024

2024
£
(1,608,263)		 2023
£
Net cash used in operating activities
(2,031,872)
Cash flows from investing activities:
Dividends and interest		 884,567
(14,850)
(5,385,868)
6,551,604
2,035,453
427,190
2,128,693		 705,893
Exchanges (losses) / gains 306,388
Purchase of investments
Sale of investments
Net cash generated by investing activities		 (8,308,186)
9,573,117
2,277,212
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		 245,340
1,883,353
2,555,883 2,128,693
2024
Reconciliation of net expenditure to net cash flow from operating activities
2023
Net movement in funds as per the statement of financial activities
(Gains) / losses on investments		 £
882,278
(1,480,934)
(884,567)
14,850
-
1,317
18,203
(159,410)
(1,608,263)		 £
(2,804,213)
1,714,597
Dividends and interest
Exchanges losses / (gains)
Net fixed asset write down		 (705,893)
(306,388)
(1)
Depreciation charges 1,317
Decrease in debtors 12,797
(Decrease) / increase in creditors
Net cash used in operating activities		 55,912
(2,031,872)
Analysis of the balance of cash as shown in the balance sheet Change in
year
2024
Cash at bank and in hand
310,022
Cash balances held by investment manager for reinvestment (Note 8)
2,245,861
2,555,883		 2024 2023
393,085
1,735,608		 (83,063)
510,253
2,555,883 2,128,693 427,190

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

25

NOTES TO THE ACCOUNTS

1. CHARITABLE STATUS

The Aurora 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

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:

26

NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont…)

c) Expenditure on Charitable activities (cont…)

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 rate has been used:

Leasehold improvements (2021) - 14.29% per annum

e) Investments

f) Financial Instruments

27

NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont…)

g) Cash and cash equivalents

h) Critical accounting judgements and key sources of estimation uncertainty

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

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:

INVESTMENT INCOME
Income received on investments may be analysed as follows:
Government Fixed Interest
Other Fixed Interest
UK Equities
Overseas Equities
Alternatives
Impact Investments
Other		 2024
2023
£
%
£
%
8,773
1
8,629
1
0
0
7,800
1
19,300
3
65,498
9
355,475
44
267,506
38
356,073
44
310,377
44
36,200
5
43,112
6
25,373
3
2,971
1
801,194
100
705,893
100

4. GRANTS PAYABLE

GRANTS PAYABLE
Reconciliation of grants payable:
Commitments at 6 April 2023
Grants not accrued at 6 April 2023
Grants approved in the year
Grants cancelled or refunded
Grants not accrued at 5 April 2024
Grants payable for the year
Grants paid during the year
Commitments at 5 April 2024
Commitments at 5 April 2024 are payable as follows:
Within one year (Note 10)		 2024
2023
£
£
£
£
1,271,996
1,156,523
152,594
590,141
2,645,463
1,665,925
(92,059)
(37,138)
(578,853)
(152,594)
2,127,145
2,066,334
(2,178,352)
(1,950,861)
1,220,789
1,271,996
2024
2023
£
£
1,220,789
1,271,996

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 2024 was £578,853 (2023:£152,594). This total is payable from 2025/26 to 2027/28.

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
Auditor's remuneration*		 2024
Grant- Governance
Total
Making
Allocated
£
£
£
223,673
4,778
228,451
49,441
-
49,441
18,655
-
18,655
16,042
-
16,042
20,234
-
20,234
1,317
-
1,317
-
9,180
9,180
329,362
13,958
343,320

During the year no trustee received any remuneration (2023: £nil). Two trustees were reimbursed expenses of £884 (2023: £168).

COMPARATIVE
Staff costs
Share of joint office costs
Direct costs including travel
Legal and professional fees
Consultancy
Depreciation
Auditor's remuneration*		 2023
Grant-
Governance
Total
Making
Allocated
£
£
£
178,480
4,708
183,188
40,196
-
40,196
22,915
-
22,915
20,295
-
20,295
24,408
-
24,408
1,317
-
1,317
-
8,160
8,160
287,611
12,868
300,479

6. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2024
2023
£
£
186,125
149,715
21,275
18,148
21,051
15,325
228,451
183,188

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 2.1% (2023: 1.9%) of the total support and administration costs of these Trusts have been allocated to The Aurora Trust, including a proportionate share of the costs of employing the total number of staff serving in the office in 2023/24.

The actual number of staff employed during the period was 14, all on a part-time basis (2023: 14). This was equivalent to 2.3 full time employees (2023: 1.9). 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 £105,953 (2023: £103,492). No employee earned in excess of £60,000 (2023: Nil).

30

NOTES TO THE ACCOUNTS

7. TANGIBLE FIXED ASSETS

Leasehold Improvements
Cost
At 6 April 2023
Disposals
At 5 April 2024
Depreciation
At 6 April 2023
Disposals
Charge for the year
At 5 April 2024
NET BOOK VALUE
At 5 April 2024
NET BOOK VALUE
At 5 April 2023		 2024
2023
£
£
9,220
39,620
-
(30,400)
9,220
9,220
3,951
33,035
-
(30,401)
1,317
1,317
5,268
3,951
3,952
5,269
5,269
6,585

31

NOTES TO THE ACCOUNTS

8. FIXED ASSET INVESTMENTS

Market value 6 April 2023
Add: Acquisitions at cost
Less: Disposal proceeds
Net gains / (losses) on investments
Market value 5 April 2024
Investment cash
Total Fixed Asset Investments		 2024
2023
£
£
42,207,971
45,187,499
5,385,868
8,308,186
(6,551,604)
(9,573,117)
1,480,934
(1,714,597)
42,523,169
42,207,971
2,245,861
1,735,608
44,769,030
43,943,579

The investments held as at 5 April were as follows:

Direct investment in listed securities
Government fixed interest
Other fixed interest
UK equities
Overseas equities
Alternatives
Cash
Impact investments
Unquoted
Quoted		 2024
2023
Cost
Market
Cost
Market
Value
Value
£
£
£
£
1,597,339
1,624,881
1,597,339
1,597,935
722,528
707,936
722,528
702,991
5,301,736
5,630,025
4,763,223
5,382,848
15,765,651
21,285,481
15,694,819
19,486,254
7,210,145
6,804,725
7,722,496
8,505,922
2,245,861
2,245,861
1,735,608
1,735,608
4,265,198
5,291,299
4,139,346
5,552,942
885,687
1,178,822
885,687
979,079
37,994,145
44,769,030
37,261,047
43,943,579

9. DEBTORS

Accrued income
Other debtors		 2024
2023
£
£
32,588
53,246
39,734
37,279
72,322
90,525

32

NOTES TO THE ACCOUNTS

10. CREDITORS

Grants payable within one year
Professional charges
Investment management fee
Other creditors		 2024
2023
£
£
1,220,789
1,271,996
6,000
12,490
83,061
84,151
77,140
177,763
1,386,990
1,546,400

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 5 April 2024 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2023
Total income and endowments
Cost of raising funds
Cost of grant-making
Net gains on investments
Net losses on currency exchange
Transfers between funds
Closing balance as at 5 April 2024
COMPARATIVE

Fund balances at 5 April 2023 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2022
Total income and endowments
Cost of raising funds
Cost of grant-making
Net losses on investments
Net gains on currency exchange
Transfers between funds
Closing balance as at 5 April 2023		 Unrestricted Expendable
Totals
Funds Endowment
2024
£
£
£
-
3,952
3,952
-
44,769,030
44,769,030
1,303,929
(921,585)
382,344
(1,303,929)
(83,061)
(1,386,990)
-
43,768,336
43,768,336
-
42,886,058
42,886,058
2,123,928
-
2,123,928
-
(237,269)
(237,269)
(2,470,465)
-
(2,470,465)
-
1,480,934
1,480,934
-
(14,850)
(14,850)
346,537
(346,537)
-
-
43,768,336
43,768,336
Unrestricted Expendable
Totals
Funds Endowment
2023
£
£
£
-
5,269
5,269
-
43,943,579
43,943,579
1,462,249
(978,639)
483,610
(1,462,249)
(84,151)
(1,546,400)
-
42,886,058
42,886,058
-
45,690,271
45,690,271
737,181
500,000
1,237,181
-
(266,372)
(266,372)
(2,366,813)
-
(2,366,813)
-
(1,714,597)
(1,714,597)
-
306,388
306,388
1,629,632
(1,629,632)
-
-
42,886,058
42,886,058

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 £300,000 were payable to Ashden Cimate Solutions, an organisation in which Mrs S Butler-Sloss is Founder Director and Chair (2023: £413,334).

During the year to 5 April 2024, unconditional donation of £1,089,361 was received from Mrs S ButlerSloss, the Settlor and Trustee (2023: £400,000).

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

13. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2023
Income and Endowment from:
Donations and gifts
Investment income
Bank deposit interest and other income
Total Income
Expenditure on:
Cost of generating funds:
Investment management costs
Charitable activity:
Grant-making:
Grant expenditure
Irrecoverable loans
Grant related support costs
Total Expenditure
Losses on investments
Exchange gains
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Net (expenditure) / income before gains / (losses) on
investment		 UnrestrictedExpendable Total Funds
Funds Endowment
2023
£
£
£
-
500,000
500,000
705,893
-
705,893
31,288
-
31,288
-
737,181
500,000
1,237,181
-
266,372
266,372
2,066,334
-
2,066,334
-
-
-
300,479
-
300,479
2,366,813
266,372
2,633,185
(1,629,632)
233,628
(1,396,004)
-
(1,714,597)
(1,714,597)
-
306,388
306,388
1,629,632
(1,629,632)
-
-
(2,804,213)
(2,804,213)
-
45,690,271
45,690,271
-
42,886,058
42,886,058

34

NOTES TO THE ACCOUNTS - APPENDIX A

GRANTS PAYABLE

The amount payable for the year ended 5 April 2024 consisted of the following:

Ashden Climate Solutions
Climate Change Collaboration
Bates Wells
Carbon Tracker
Charity Finance Group
CIR
Friends of Earth Scotland
Green Finance Institute
Heard Organisation Ltd (formerly On Road Media)
Integrity Initiatives International
Platform
PR
The Social Change Nest
Connecting People with Nature
Country Trust
ecobirmingham
Environmental Law Foundation
Ernest Cook Trust
Free to be Kids
Harmony Project
Imagination Design Limited
Nature Premium
Nature Vibezzz
Queen's University, Belfast
Stomping Grounds Forest School North East CIC
Wild in the City CIC
Sustainable Farming
FarmEd
Food, Farming and Countryside Commission
Integrity Soils
Nature Friendly Farming Network
Organic Research Centre
Regenerative Farming UK Conference budget
Royal Agricultural University
Soil Association
Sustain
Stopping Deforestation
ClientEarth
Forest Peoples Programmes
Gecko Project
Global Legal Action Network (GLAN)
Purpose Climate Lab Brazil
Purpose Climate Lab Indonesia
Stop Ecocide Foundation
Energy Efficiency and Retrofits
Good Law Project
Centre for Sustainable Energy
New Economy Organisers Network (NEON)
mySociety
General
British Red Cross - Headquarters
Conciliation Resources
Medecins Sans Frontieres - Doctors without Borders
The Sainsbury Archive
Turkey Mozaik Foundation
Total grants payable per Statement of Financial Activities*		 £
300,000
13,744
16,000
7,666
7,890
14,418
33,334
15,000
11,815
46,555
6,000
21,667
80,000
7,000
7,500
99,000
5,000
70,000
10,121
(33,000)
3,890
28,000
5,000
40,000
25,000
64,667
7,000
90,000
13,034
12,950
57,519
40,000
100,000
80,000
47,676
60,000
70,000
135,263
80,002
75,000
80,008
81,000
54,426
50,000
21,000
20,000
31,000
5,000
10,000
2,127,145

35

NOTES TO THE ACCOUNTS - APPENDIX A (continued)

GRANTS PAYABLE

The amount payable for the year ended 5 April 2023 consisted of the following:

Ashden Climate Solutions
Climate Change Collaboration
Bates Wells
Carbon Tracker
CIR budget
ClientEarth
Divest Invest
FrameWorks Institute
Friends of the Earth Charitable Trust
Friends of the Earth Scotland
Global Legal Action Network (GLAN)
Good Law Project
Green Finance Institute
Influence Map
Laudato Si’ Movement
National Council for Voluntary Organisations (NCVO)
Peers for the Planet
People & Planet
Platform
PR
South Lakes Action on Climate Change
Systemiq
The Social Change Nest
Connecting People with Nature
Conservation Volunteers
Farms for City Children
Horatio's Garden
KIND
Nature Premium
Prospects Foundation
Scotswood Natural Community Garden
Sustainable Farming
Food, Farming and Countryside Commission
Influence Map
Linking Environment and Farming (LEAF)
Nature Friendly Farming Network
Pasture For Life Association
Royal Agricultural University
Soil Association
Stopping Deforestation
Amazon Watch
Forest Peoples Programmes
Gecko project
Purpose Climate Lab Brazil
Sherpa Association
Stop Ecocide Foundation
Traction Energy Asia
Energy Efficiency and Retrofits
Ashden Climate Solutions
Community Energy England
Good Law Project
MCS Charitable Foundation
General
Carbon Tracker
East Tytherley Church, Romsey
GPLTC (Gemstone Processing and Lapidary Training Centre)
The Sainsbury Archive
Total grants payable per Statement of Financial Activities*		 £
363,334
(2,800)
(407)
8,129
27,777
(11,556)
(676)
29,850
14,895
49,999
10,000
20,000
15,000
15,000
20,000
20,000
600
59,704
12,110
10,000
(12,000)
41,667
39,400
80,000
35,000
4,275
104,000
3,760
4,918
129,333
45,000
35,000
40,000
40,000
18,750
80,000
82,100
130,822
45,000
118,200
40,000
100,000
928
50,000
35,000
50,000
50,000
(18)
1,000
8,240
5,000
2,066,334

36