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← The Aurora Trust

2025-04-05-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 5 APRIL 2025

The Peak 5 Wilton Road London SW1V 1AP

www.auroratrust.org.uk

CONTENTS
1
Legal and Administrative
2
The Trustees’ Report
3
Independent Auditor's Report
4
Statement of Financial Activities
5
Balance Sheet
6
Cash Flow Statement
7
Notes to the Accounts		 PAGE
1
2 - 13
14 - 16
17
18
19
20 - 30

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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 Mrs S Butler-Sloss
Ms C Birch
Ms G Yu
Mr Jeremy Rogers (appointed on 31 January 2025)
Registered The Peak
Office 5 Wilton Road
London SW1V 1AP
Website www.auroratrust.org.uk
Address
Principal Mrs K Everett Chief Executive Officer
Officers Mrs S Ferguson Executive
Mr D Chin Executive
Ms E Griffin Executive
Bankers Royal Bank of Scotland
36 St Andrew Square
Edinburgh EH2 2YB
Solicitors
 Broadfield Law UK LLP
1 Bartholomew Close
London EC1A 7BL
Auditors Sayer Vincent LLP
110 Golden Lane
London EC1Y 0TG
Investment Schroder & Co. Limited
Advisers 12 Moorgate
London EC2R 6DA
Tribe Impact Capital
52 Jermyn Street
London, SW1Y 6LX

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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 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 decreased from £43.8m on 5 April 2024 to £40.0m on 5 April 2025, an decrease of 8.6%. The net unrestricted income of the Trust for the year after charging grant related support costs was £1,450,754 compared to £1,780,608

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for the year to 5 April 2024. During the year the Settlor made a generous donation of £832,400 and there was an associated Gift Aid of £150,000.

The Charity has adopted a total return basis of 4% which gave a budgeted annual income of £1.7m. 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 £3,174,808 some of which are payable over more than one year. Payments made during the year totalled £2,267,513.

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 £746,282 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 2025, the Trust held total funds of £40.0m (2024: £43.8m) which includes expendable endowment of £40.0m (2024: £43.8m).

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.

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.

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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 17%. Trustees regularly review the impact and performance of these investments.

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 Hackney Council’s climate programme through a local climate bond for solar panels of schools and council homes.

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. Currently, for example, their fund managers do not consider the risks of global climate tipping points, such as the weakening or demise of the Atlantic Meridional Ocean Circulation system and the Subpolar Gyre. Trustees have advised their fund managers about peer-reviewed research into the financial risks and have sought their guidance about the risks posed to their value of investments. In addition, the Trust supports on-going research by the University of Exeter and Carbon Tracker Initiative, to encourage the finance sector to address these risks. The Trustees regularly review investment strategy to ensure that fulfils with their fiduciary responsibility to use investments to pursue their charitable purposes. 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 make grants to charities registered with the UK Charity Commission or equivalent bodies with clear 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

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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

The following gives a brief description of grants approved in the year..

– ASHDEN CLIMATE SOLUTIONS

Each year the Aurora Trust provides a grant to 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 support enterprises and initiatives finding ways to deal with to climate change that also benefit disadvantaged people. In this reporting period, Ashden prepared a new strategy for the next five years. It will continue with the inspirational annual awards and expand its programmes of support to award winners and finalists as well as to refugee-led businesses providing renewable and clean energy to people in refugee camps. Ashden will continue its Let’s Go Zero Campaign to support schools to reduce their carbon emissions to zero by 2030.

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APPROVED GRANTS - £860,000

£600,000 over two years (£300,000 per year) from April 2025 - Towards the International Climate Solutions programmes

£260,000 in 2024/25 - Towards the International Climate Solutions programmes

CLIMATE CHANGE COLLABORATION

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

The CCC Trusts have supported the global Divest Invest movement for over a decade; 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. The CCC Trusts currently support UK Divest (Friends of the Earth Scotland, and Platform London) to encourage governmental and educational institutions to divest from fossil fuels. The focus for the CCC Trusts has evolved to place a greater emphasis on initiatives which enable investment in climate and nature solutions. They fund the Green Finance Institute which develops and issues Local Climate Bonds for local decarbonisation projects and to encourage local community investors. The CCC Trusts also supported Carbon Tracker Initiative to engage climate scientists to determine the economic impact of climate change. They are currently supporting We are Possible for its campaign to encourage local communities to adopt low-carbon technologies.

The CCC trusts recognise that law and regulation can be used to support efforts to implement the Paris Agreement. They continue to support Peers for the Planet, Uplift and Client Earth. Uplift seeks to end government support for fossil fuel extraction in the UK, and together with Greenpeace secured a legal victory in February 2025 when the Scottish Court of Session ruled the approval of the Rosebank oil field unlawful. Client Earth’s Accountable Finance Programme utilizes legal strategies to shift financial systems and incentives towards more sustainable practices. The CCC Trusts supported ‘South Lakeland Action against Climate Change’ in a High Court judicial review against a proposed coal mine in Cumbria. The 2024 High Court ruling found that the coal mine planning permission was unlawful and will potentially discourage investors speculating on fossil fuel extraction in the UK.

The CCC Trusts understand strategic communications on climate change plays an important role to empower a wide public audience, accelerate action in specific sectors and create the right conditions for ambitious policy change. They continue to support Heard, which helps celebrities, footballers, musicians and popular entertainment with large audiences to talk effectively about climate and nature. Another example is Climate Outreach, who are leading

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the Action on Climate Empowerment Coalition to support the delivery of the Government’s first national Net Zero Public Participation Strategy. This work acknowledges good public engagement is part of effective communications and is necessary to create the right conditions for policy change.

APPROVED GRANTS - £550,296

Bates Wells & Braithwaite LLP - £15,200

To develop a strategy and then commission a legal opinion on potential legal interventions to clarify the duties of pension funds in relation to understanding and managing the impacts of climate change

Carbon Tracker - £33,333

To engage climate scientists to review already-published papers on the economic impacts of climate change

Charity Finance Group - £3,334

To promote the Charity Investment Governance Principles

ClientEarth

£83,334 – A three-year grant to support for the Accountable Finance team £30,667 - To scope a legal action using the European Social Charter

Climate Outreach - £13,000

Towards the Action on Climate Empowerment Coalition to support the delivery of the Government’s first national Net Zero Public Participation Strategy

Conservation Collective - £23,746

To set up the Conservation Collective Foundation for Antigua and Barbuda

E3G - £10,000

Towards the communication costs and secretariat support for London Climate Action Week 2024

Global Legal Action Network - £50,000

Unrestricted grant

Good Law Project - £37,000

To hire a journalist to investigate how ‘dark money’ is used to influence politics in the UK

Green Finance Community Hub - £18,333

Towards a business plan and community/stakeholder engagement for Project Collette

Heard Organisation Ltd - £34,000

A two-year grant of £17,000 per year towards the Climate Stories that Work project

Integrity Initiatives International - £19,678

For a Deputy Director position to work on the International Anti-Corruption Court campaign

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Jesus College Cambridge - £25,000

To complete a project to develop a launch a fossil-free bond index with Bloomberg

New Economy Organisers Network - £65,000

To help deliver worker-led plans which protect jobs and decarbonise UK industry and support their communications needs on this project

Peers for the Planet - £51,565

A three-year grant (£16,849 in 2024/25, £17,186 in 2025/26, and £17,530 in 2026/27) towards staff costs

Peers for the Planet - £3,334

Towards its Guide and its October launch event

South Lakes Action on Climate Change - £15,000

To challenge the development of a proposed coal mine in Cumbria through a judicial review in the High Court

We Are Possible - £18,773

Toward its campaign to encourage communities to adopt low-carbon technologies

CONNECTING PEOPLE WITH NATURE

The Trustees recognise the clear evidence that we are healthier, more resilient, happier and morer inclined to protect the environment 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 that learning with nature is part of how schools deliver the national curriculum and that schools and teachers have capacity and resources to make that happen in ways that support children’s well-being and learning. To achieve that, the Trust continues to fund the Harmony Project’s work with schools across showing that this is possible and 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 - £542,243

Environmental Law Foundation - £60,000

A two-year grant of £30,000 per year towards its work to develop the legal concept of nature’s rights in local authorities in the UK

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Farms for City Children - £60,000

A two-year grant (£30,000 per year) towards core costs

Harmony Project - £233,345

A two-year grant (£33,900 in 2024/25 and £199,445 in 2025/26) to run nature-based learning field trials and develop and test the evaluation framework

Horatio's Garden - £110,000

A three-year grant (£35,000 per year) towards core costs

School of Law, Queens University - £20,000

To develop a charter for the restoration of Lough Neagh

Springtail Productions Community Interest Community - £20,000

Towards the production of schools’ educational materials based on the film, Six Inches of Soil.

Wild in the City Community Interest Community - £30,700

Towards core costs

Woodland Trust - £8,198

To contribute to the Memorial Woodland at Preston Farm Estate

Energy Efficiency and Retrofits

During 2026 Trustees wish to support initiatives that are helping households, schools and organisations with public buildings become more energy efficient to reduce their energy bills, improve people’s comfort and health and reduce greenhouse emissions.

APPROVED GRANTS - £8,000

Good Law Project - £8,000

An additional grant to the Good Law Project in 2023/24 for its legal challenge of the Planning Inspectorate’s rejection of Local Plans

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,

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Sustain and the Nature Friendly Farming Network. The Trust now support Just Farmers, which gives farmers free media training so they can share their farming journeys to wider audiences.

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. This year, the Trust gave funding towards Fields Goods, Northern Ireland’s first festival which brought farmers together over regenerative farming.

During this year, in partnership with the Aurora Trust and the Gatsby Charitable Foundation, the Trust started a new programme to increase research and knowledge in regenerative farming practices. Most farming research in the UK is to develop crops for farming systems that rely on agricultural chemicals and which are damaging nature, soil and our health. This new programme brings together farms, researchers and funders to develop more understanding on how to farm profitably, productively and in harmony with nature.

APPROVED GRANTS - £716,100

Falkland Stewardship Trust - £5,000

Towards Go Falkland 2024

Food, Farming and Countryside Commission - £15,000

Towards the Fields Good 2024 event

Just Farmers - £20,000

Towards its operating costs

Real Farming Trust - £49,100

A two-year grant (24,550 per year) towards its communication programmes and core costs.

Regen Farming Research Programme - £625,000

A five-year grant of £125,000 per year for follow-on work from the Future of UK Agriculture conference

Right of Nature Exploratory discussions - £2,000

Towards Rights of Nature Exploratory discussions

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.

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 supported Traction Energy Asia deliver its third Journalism Academy which train Indonesian journalists to incorporate environmental and climate angles into their reporting. ClientEarth, a longstanding Aurora grantee, developed a judicial training programme to educate South-East Asian judges on adjudicating climate and environmental legal cases.

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.

APPROVED GRANTS - £426,169

Alam Sehat Lestari - £23,627

Towards building its organisational capacity

ClientEarth - £54,027

A two-year grant (£26,680 in 2024/25 and £27,347 in 2025/26) to run a Judicial Training Programme for judges across Asia

Forest Peoples Programmes – £69,351

To continue its work uncovering shadow company operations in Indonesia and using the evidence to secure restitution for communities and stop the trade in illegal palm oil

Global Legal Action Network - £206,000

A three-year grant (£60,000 in 2024/25, £72,000 in 2025/26 and £74,000 in 2026/27) to hire a project manager who will help bring legal action against a multinational commodity conglomerate

Stop Ecocide Foundation - £23,000

Towards a funding shortfall and business support

Traction Energy Asia

£50,164 - For the third edition of the journalist academy

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GENERAL

APPROVED GRANTS - £72,000

East Tytherley Church, Romsey - £4,500

A three-year grant towards annual running costs

King Charles lll Charitable Fund - £10,000

Towards the Coronation Food Project grants programme

Schumacher College budget - £20,000

To support Schumacher College to develop a business plan that considers future options for the College

Shine Campaign - £7,500

To fund the design and delivery of two webinars and guidance about gender equality in the energy transition

The Sainsbury Archive - £30,000

A five-year grant (£6,000 per year) for the annual running and project costs of the Archive

Cancelled Grants

Five grants were cancelled in this financial year, totalling £4,216 as the funding was no longer required by the grantees:

Future Plans

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

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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:

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 28 October 2025 and signed on their behalf by:

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

TRUSTEE

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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 2025 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.

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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:

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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: 9 December 2025

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

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STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

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
(Losses) / gains on investments
Exchange gains / (losses)
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
Restricted
Expendable
Total Funds
Funds
Funds
Endowment
2025
£
£
£
£
982,400
-
-
982,400
749,494
-
-
749,494
120,773
-
-
120,773
1,852,667
-
-
1,852,667
-
-
189,276
189,276
2,197,037
260,000
-
2,457,037
401,913
-
-
401,913
2,598,950
260,000
189,276
3,048,226
(746,283)
(260,000)
(189,276)
(1,195,559)
-
-
(2,572,165)
(2,572,165)
-
-
23,413
23,413
746,283
-
(746,283)
-
-
(260,000)
(3,484,311)
(3,744,311)
-
-
43,768,336
43,768,336
-
(260,000)
40,284,025
40,024,025		 Total Funds
2024
£
1,239,361
801,194
83,373
2,123,928
237,269
2,127,145
343,320
2,707,734
(583,806)
1,480,934
(14,850)
-
882,278
42,886,058
43,768,336

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 20 to 30 form part of these accounts.

17

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BALANCE SHEET AS AT 5 APRIL 2025

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
Restricted funds		 Notes Notes 2025
2024
£
£
2,634
3,952
41,031,719
44,769,030
41,034,353
44,772,982

72,322

310,022

382,344
1,386,990
(1,010,328)
(1,004,646)
40,024,025
43,768,336
40,284,025
43,768,336
-
-
(260,000)
40,024,025
43,768,336
7
8
9
10
11
11
11		 £
30,401
479,838
510,239
1,520,567

The financial statements were approved and authorised for issue by the Trustees on 28 October 2025 and were signed on their behalf by:

……………………………………………………………

TRUSTEE

Mrs S Butler-Sloss

The notes on pages 20 to 30 form part of these accounts.

18

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CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2025

==> picture [85 x 39] intentionally omitted <==

2025
2024
£
£
(1,768,237)
(1,608,263)
Net cash used in operating activities
Cash flows from investing activities:
Dividends and interest		 749,494
884,567
23,413
(14,850)
(14,073,533)
(5,385,868)
14,611,651
6,551,604
1,311,025
2,035,453
(457,212)
427,190
2,555,883
2,128,693
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
2,098,671
2,555,883
2025
2024
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		 £
£
(3,744,311)
882,278
2,572,165
(1,480,934)
(749,494)
(884,567)
(23,413)
14,850
-
-
1,318
1,317
41,921
18,203
133,577
(159,410)
(1,768,237)
(1,608,263)
Dividends and interest
Exchanges (gains) / losses
Net fixed asset write down
Depreciation charges
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
2025
Change in
2024
year
Cash at bank and in hand
Cash balances held by investment manager for reinvestment (Note 8)
479,838
1,618,833		 310,022
169,816
2,245,861
(627,028)
2,098,671 2,555,883
(457,212)

The notes on pages 20 to 30 form part of these accounts.

19

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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:

20

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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 - 14.29% per annum

e) Investments

f) Financial Instruments

21

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NOTES TO THE ACCOUNTS

2. ACCOUNTING POLICIES (cont…)

g) Cash and cash equivalents

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

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.

22

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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		 2025
2024
£
%
£
%
8,673
1
8,773
1
5,177
1
0
0
25,873
4
19,300
3
362,397
48
355,475
44
280,324
37
356,073
44
24,679
3
36,200
5
42,371
6
25,373
3
749,494
100
801,194
100

4. GRANTS PAYABLE

GRANTS PAYABLE
Reconciliation of grants payable:
Commitments at 6 April 2024
Grants not accrued at 6 April 2024
Grants approved in the year
Grants cancelled or refunded
Grants not accrued at 5 April 2025
Grants payable for the year
Grants paid during the year
Commitments at 5 April 2025
Commitments at 5 April 2025 are payable as follows:
Within one year (Note 10)		 2025
2024
£
£
£
£
1,220,789
1,271,996
578,853
152,594
3,174,808
2,645,463
(4,216)
(92,059)
(1,292,408)
(578,853)
2,457,037
2,127,145
(2,267,513)
(2,178,352)
1,410,313
1,220,789
2025
2024
£
£
1,410,313
1,220,789

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 2025 was £1,292,408 (2024:£578,853). This total is payable from 2026/27, 2027/28, 2028/29 to 2029/30.

A list of grants payable is included in Appendix A.

23

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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*		 2025
Grant- Governance
Total
Making
Allocated
£
£
£
262,388
5,051
267,439
60,792
-
60,792
31,431
-
31,431
17,659
-
17,659
13,615
-
13,615
1,317
-
1,317
-
9,660
9,660
387,202
14,711
401,913

During the year no trustee received any remuneration (2024: £nil). Three trustees were reimbursed expenses of £524 (2024: £884).

COMPARATIVE
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

6. ANALYSIS OF STAFF COSTS

ANALYSIS OF STAFF COSTS
Wages and salaries
Social security costs
Other pension costs		 2025
2024
£
£
218,742
186,125
23,957
21,275
24,740
21,051
267,439
228,451

The Trust is one of the Sainsbury Family Charitable Trusts which share a joint administration at the Registered Office. 2.0% (2024: 2.1%) 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 2024/25.

The actual number of staff employed during the period was 15, all on a part-time basis (2024: 14). This was equivalent to 2.8 full time employees (2024: 2.3). 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 £125,050 (2024: £105,953). No employee earned in excess of £60,000 (2024: Nil).

24

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NOTES TO THE ACCOUNTS

7. TANGIBLE FIXED ASSETS

Leasehold Improvements
Cost
At 6 April 2024
At 5 April 2025
Depreciation
At 6 April 2024
Charge for the year
At 5 April 2025
NET BOOK VALUE
At 5 April 2025
NET BOOK VALUE
At 5 April 2024		 2025
2024
£
£
9,220
9,220
9,220
9,220
5,268
3,951
1,318
1,317
6,586
5,268
2,634
3,952
3,952
5,269

25

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NOTES TO THE ACCOUNTS

8. FIXED ASSET INVESTMENTS

Market value 6 April 2024
Add: Acquisitions at cost
Less: Disposal proceeds
Net (losses) / gains on investments
Market value 5 April 2025
Investment cash
Total Fixed Asset Investments		 2025
2024
£
£
42,523,169
42,207,971
14,073,533
5,385,868
(14,611,651)
(6,551,604)
(2,572,165)
1,480,934
39,412,886
42,523,169
1,618,833
2,245,861
41,031,719
44,769,030

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		 2025
2024
Cost
Market
Cost
Market
Value
Value
£
£
£
£
1,926,498
2,002,504
1,597,339
1,624,881
535,471
536,901
722,528
707,936
9,272,686
8,446,198
5,301,736
5,630,025
14,395,692
15,944,722
15,765,651
21,285,481
5,816,791
5,781,111
7,210,145
6,804,725
1,618,833
1,618,833
2,245,861
2,245,861
4,557,648
5,582,380
4,265,198
5,291,299
885,687
1,119,070
885,687
1,178,822
39,009,306
41,031,719
37,994,145
44,769,030

9. DEBTORS

Accrued income Other debtors

2025 2024
£ £
29,378 32,588
1,023 39,734
30,401 72,322

26

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NOTES TO THE ACCOUNTS

10. CREDITORS

CREDITORS
Grants payable within one year
Professional charges
Investment management fee
Other creditors		 2025
2024
£
£
1,410,313
1,220,789
6,300
6,000
36,410
83,061
67,544
77,140
1,520,567
1,386,990

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 5 April 2025 are represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Total net assets
Movement in the year
Opening balance as at 5 April 2024
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 2025
COMPARATIVE

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 losses on investments
Net gains on currency exchange
Transfers between funds
Closing balance as at 5 April 2024		 Unrestricted
Restricted Expendable
Totals
Funds
Funds Endowment
2025
£
£
£
£
-
-
2,634
2,634
-
-
41,031,719
41,031,719
1,224,157
-
(713,918)
510,239
(1,224,157)
(260,000)
(36,410)
(1,520,567)
-
(260,000)
40,284,025
40,024,025
-
-
43,768,336
43,768,336
1,852,667
-
-
1,852,667
-
-
(189,276)
(189,276)
(2,598,950)
(260,000)
-
(2,858,950)
-
-
(2,572,165)
(2,572,165)
-
-
23,413
23,413
746,283
-
(746,283)
-
-
(260,000)
40,284,025
40,024,025
Unrestricted
Restricted Expendable
Totals
Funds
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

27

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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 £760,000 were payable to Ashden Cimate Solutions, an organisation in which Mrs S Butler-Sloss is Founder Director and Chair (2024: £300,000).

During the year to 5 April 2025, unconditional donation of £832,400 was received from Mrs S ButlerSloss, the Settlor and Trustee (2024: £1,089,361).

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 2024

COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
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
2024
£
£
£
1,239,361
-
1,239,361
801,194
-
801,194
83,373
-
83,373
-
2,123,928
-
2,123,928
-
237,269
237,269
2,127,145
-
2,127,145
-
-
-
343,320
-
343,320
2,470,465
237,269
2,707,734
(346,537)
(237,269)
(583,806)
-
1,480,934
1,480,934
-
(14,850)
(14,850)
346,537
(346,537)
-
-
882,278
882,278
-
42,886,058
42,886,058
-
43,768,336
43,768,336

28

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NOTES TO THE ACCOUNTS - APPENDIX A

GRANTS PAYABLE

The amount payable for the year ended 5 April 2025 consisted of the following:

Ashden Climate Solutins
Climate Change Collaboration
Carbon Tracker
Bates Wells & Braithwaite LLP
Bates Wells Budget
Charity Finance Group
ClientEarth
Climate Outreach
Conservation Collective
E3G
Friends of the Earth Scotland
Global Legal Action Network (GLAN)
Good Law Project
Green Finance Community Hub
Green Finance Institute
Heard Organisation Ltd (formerly On Road Media)
Integrity Initiatives International
Jesus College Cambridge
Legal budget
New Economy Organisers Network (NEON)
Peers for the Planet
Platform
PR Budget
South Lakes Action on Climate Change
We Are Possible
Connecting People & Nature
Environmental Law Foundation
Farms for City Children
Harmony Project
Horatio's Garden
School of Law, Queens University
Springtail Productions CIC
Wild in the City CIC
Woodland Trust
Sustainable Farming
Falkland Stewardship Trust
Food, Farming and Countryside Commission
Just Farmers
Real Farming Trust
Regen Farming Research Programme
Right of Nature Exploratory discussions
Sustain
Avoiding Deforestation
Alam Sehat Lestari
ClientEarth
consultancy budget - Stop Ecocide
Forest Peoples Programmes
Gecko project
Global Legal Action Network (GLAN)
Purpose Climate Lab Brazil
Purpose Climate Lab Indonesia
Stop Ecocide Foundation
Traction Energy Asia
Energy Efficiency and Retrofits
Good Law Project
General
East Tytherley Church, Romsey
King Charles lll Charitable Fund
Schumacher College budget
Shine Campaign
The Sainsbury Archive
Total grants payable per Statement of Financial Activities*		 £
760,000
33,333
15,200
12,141
3,334
86,223
13,000
15,967
10,000
15,805
50,000
37,000
18,333
33,333
17,000
19,678
25,000
1,500
65,000
37,369
46,556
10,925
15,000
18,773
60,000
60,000
233,345
73,333
20,000
20,000
30,700
8,198
5,000
15,000
20,000
49,100
(1,253)
2,000
50,000
23,627
54,027
3,000
69,352
60,000
132,000
(444)
(2,204)
20,000
50,164
8,000
3,000
10,000
7,124
7,500
6,000
2,457,037

29

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NOTES TO THE ACCOUNTS - APPENDIX A (continued)

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

30