i- linbury

TI-l I-

LINBURYTRUST

ANNUAL REPORT

5 APRIL 2020

5 WILTON ROADLONDON SW1V 1AP

THE LINBURY TRUST —5 APRIL 2020

CONTENTS PAGE

1. The Trustees' Report

2. Statement of Financial Activities 13

3. Balance Sheet 14

4. Cash Flow Statement 15

5. Notes to the Accounts 16

6. Statement of Trustees' Responsibilities 23

7. Independent Auditors' Report 24


Le al and Administrative

The charity (No 287077) was established under a Trust Deed dated 5 May 1983.

Trustees Lord Sainsbury of Preston Candover KG *

Lady Sainsbury CBEJames Barnard *

Richard Butler Adams (Chair)*Sarah Butler-SlossSir Martin Jacomb *

Julian SainsburyMark Sainsbury *

* member of Investment Committee

Registered Office 5 Wilton RoadLondon SW1V 1AP

Principal Officers

Bankers

Stuart Hobley

Robert Bell

Karen Everett

Child 8 Co1 Fleet StreetLondon EC4Y 1BD

Director, The Linbury Trust (from 4November 2019)Director, Sainsbury Family CharitableTrusts (from 1 September 2018 toDecember 2019)

Director, Sainsbury Family CharitableTrusts (from 1 December 2019)

Solicitors Farrer & Co66 Lincoln's Inn FieldsLondon WC2A 3LH

Auditors Saffery Champness LLP71 Queen Victoria StreetLondon EC4V 4BE

Investment Advisers Cazenove Capital Management12 MoorgateLondon EC2R 6DA

Troy Asset Managers Limited44 Davies StreetLondon W1K 5JA

Windmill Hill Asset Management LimitedWaddesdonBuckinghamshire HP18 OJZ

~Ob'ects

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


Summa of rants aid: 2019- 2020 and the last 10 ears

2019-20fm

2010-20fm

A- Arts

B —Education

C —Museums and Heritage

D —Environment

E —Social Welfare / Medical

F —Overseas

1.1 11 22.1 27

4.1 42 15.3 19

1 7 18 27 9 34

0.3 3 2.3 3

2 3 24 10 5 13

0.2 2 2.9 49.7 100 81.0 100

Grants Paid 2019-2020

F, 29o

D, 3so W

Grants Paid 2010-2020


The Trust is one of the Sainsbury Family Charitable Trusts which share a commonadministration but are otherwise independent of each other.

Each of the current Trustees has extensive experience of trusteeship generally and ofthe charity sector more specifically. Trustees are aware of the Charity Commission'sguidance on Charities and Public Benefit. In this annual report they provide very full

information about the Trust's aims, and about its activities and achievements in themany areas of interest that the Trust supports. They consider that this informationdemonstrates the benefits to the Trust's beneficiaries, and through them to the public,that arise from carrying out those aims.

The section below headed 'Review of the Past Year' (p 5-12) provides an overview ofthe Trustees' actions during the year in each of the grant-making categories listedbelow and, selectively, gives a flavour of the valuable work undertaken by ourbeneficiaries.

General Policies

The Trustees continued to initiate and consider proposals to make grants within thefollowing categories. The sums awarded may be small or may amount to manymillions, either on a once only basis or as a commitment over a number of years:

~ Arts~ Environment~ Museums and Heritage~ Social Welfare

~ Education~ Medical~ Overseas

The Trustees take a proactive approach towards grant-making; accordingly,unsolicited applications are not usually accepted. The Trustees' practice is to givegrants only for work which they believe will be meaningful, have impact and be valuefor money. The Trustees give priority to charitable causes where they have particularknowledge and experience of; for areas where they do not have sufficient knowledgeor experience, they may seek expert advice from qualified specialists. Decisions aretaken by the Trustees who delegate day to day management to the Principal Officers.

Risk Assessment

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

The Trustees have identified the uncertainty of financial returns as the charity'sprincipal financial risk. This risk is mitigated through the appointment of threeexperienced investment management firms, and by the diversification of the porffolioreferred to in the following section.

The COVID-19 pandemic has not adversely affected the Trust's viability and the Trustis focused on supporting applicants through this crisis.

Another major risk is misuse of funds by a grant beneficiary. The Trustees mitigatethis risk by normally restricting grants to charities that are registered with the CharityCommission for England and Wales, and to charitable bodies that are exempt fromregistration. Grants are made only after a thorough assessment and are regularlymonitored.


Reserves Polic

The Trustees approve grants for payment over one or more years. These are broughtinto the accounts where there is a commitment to pay. The Trustees meet thesecommitments out of income, and where there is insufficient income, they do so fromexpendable endowment. Accordingly, Trustees take the view that all available fundsshould be seen as one; they have therefore adopted a Statement of Financial Activitiesthat merges all resources.

It is the policy of the Trustees to ensure that there are sufficient resources to meetcommitments as they fall due. The Trustees are satisfied that the totality andcomposition of the Trust's resources are sufficient for this purpose. The Trust does notfundraise.

As shown on page 14, at the year end the total funds of the Trust consisted ofExpendable Endowment of F120.3m (2019:F135.3m).

Investment Powers Polic and Performance

The Trust Deed empowers the Trustees to appoint investment advisers, who are givendiscretion to invest the funds of the Trust within guidelines established by the Trustees.

The Trustees' investment policy is to maximise funds available for grant-making whilepreserving the real value of the endowment over the medium term. The Trusteescontinue to broaden the diversification of the investment porffolio: at the year-end theTrust's shares in J Sainsbury pic represented 14% of the total value of the endowment(2019: 16%).

The major part of the Trust's endowment continues to be invested in stock markets.

The investment committee of Trustees regularly meets the Trust's investment advisersto discuss strategy and to review performance

Review of the Past Year

The Trust's income for the year, excluding donations, declined by 8.5% to L2.9 million

(2019:f3.2 million).

In 2020 the Trustees paid grants totalling F9.7 million (2019: F11.6 million); theyapproved 52 grants (2019: 72) amounting to F2.3million (2019:F8.9million). Many ofthe grants that Trustees approve are awarded on a conditional basis, and may bepayable over several years; accordingly such grants do not appear in full in theStatement of Financial Activities in the year in which they are awarded. Trusteesregard the level of grants actually paid during the year as a more helpful measure ofgrant-making activity and have used this measure of their activity within this Trustees'Report. They anticipate that the nature of grant-making of recent years will bemaintained for the foreseeable future.

As a proportion of grants paid, costs of administration were 6.3% (2019:5.7%).

The advent of COVID19 has had a considerable impact on all charitable sectors,especially those supported by Linbury, including arts, heritage and museums andsocial welfare. As with all Sainsbury Charitable Trusts, we have signed the jointstatement of support co-ordinated by the London Funders. This includes being flexiblearound reporting and payment dates, as well as support for adapting project activity.


The following sections describe the Trust's activities in each of the major categoriesof grants. Trustees believe that the readers of this report will find a representative listof the larger grants actually paid during the year to be helpful; these are itemised in

the following pages.

ARTS

Grants Paid in Year: E1 050255

The Linbury Trust has consistently supported excellence in the visual and performingarts through a series of grants to several of the UK's most important culturalinstitutions, in some cases towards major capital projects.

This includes the 'Open-Up' project at the Royal Opera House, which has transformedthe Linbury Theatre, as well as the building's public spaces; the re-location of theEnglish National Ballet to City Island and the 'Anniversary Works' at the Theatre Royal,Bristol, home of the Bristol Old Vic, which will create an entirely new front-of-house.

MAJOR GRANTS PAID IN 2019/2020:

English National BalletTowards the re-location to City Island

150,000

Rambert School of Ballet and Contemporary DanceTowards the Centenary Project

150,000

Linbury Prize for Stage DesignTowards the 2019 Prize

118,600

Gainsborough HouseMuseum Development

100,000

Southward PlayhouseTowards relocation to Elephant and Castle

100,000

Octagon TheatreTowards the redevelopment of the theatre

100,000

Theatre Royal Stratford EastTowards the refurbishment of the technical stage equipment

100,000

Grange FestivalTowards core costs

50,000

Grant a ments below F50k:In addition, 15 organisations received grant payments totalling F181,655


EDUCATION

Grants Paid in Year: 84063 725

Trustees have over many years been stalwart supporters of arts education in the UK,particularly in the fields of dance and the visual arts, in some cases towards majorcapital projects. The latter includes a F4m grant towards the Couitauld Connectsproject, funding for the refurbishment of Worcester College's Dining Hall, and a totalgrant of ftm towards the relocation of the English National Ballet to City Island.Payments totalling f300k towards this grant are shown equally split between the Artsand Education category as the grant will further both aspects.

Trustees also supported Northern Ballet's programme of Children's Ballets, aResearch Fellowship at Worcester College and the start-up of London Music Master' sTeam Teach initiative.


Courtauid Institute of ArtSecond instalment of a grant of 24m towards the CourtauldConnects project

1,500,000

Royal College of ArtsTowards the new Battersea Campus

1,250,000

University of Oxford - Sa'id Business SchoolSecond instalment towards a grant of F550k for the Scholarshipprogramme at the Sa'id Business School

185,000

English National BalletTowards a total grant of F1m for the relocation to City Island (inaddition to the F150k instalment shown in the Arts category)

150,000

Mountview Academy of Theatre ArtsFinal instalment of a 8250k grant towards the relocation to Peckham

125,000

British AcademyTowards Academy Development

100,000

Northern Ballet TheatreTowards the programme of Children's Ballets

75,000

Rambert Dance CompanyTowards Rambert2

70,000

St George's Chapel, WindsorTowards the Queen's Choral Foundation endowment

62,500


City & Guilds of London Art SchoolTowards the development of the stone-carving and woodcarvingstudios 50,000

London Music MasterTowards the start-up of the Team Teach initiative 50,000

St Pauls Cathedral FoundationTowards the school's expansion project 50,000

Grant a ments below 850k:

In addition, 28 organisations received grant payments totalling F398,225.

MUSEUMS AND HERITAGE

Grants Paid in Year: R1 729 000

The majority of the Trustees' support in this area is towards capital projects.Trustees have pledged a grant of F1.25 million towards the creation of the ScienceCity Gallery at the Science Museum.

Trustees have continued their support of the refurbishment project at AucklandCastle and the endowment fund and gallery refurbishment of the AshmoleanMuseum.


University of Oxford —Ashmolean MuseumTowards the endowment fund and gallery refurbishment

650,000

Science MuseumFirst payment of a F1.25m grant towards the creation ofthe 'London: Science City' Gallery

750,000

Wordsworth TrustTowards the 'Reimagining Wordsworth' project

100,000

Suttons Hospital in CharterhouseTowards refurbishment of the Great Chamber

75,000

Bath Abbey TrustTowards Footprint Project

50,000

Grant Pa ments Below F50k:



ENVIRONMENT

Grants Paid in Year: 8305000

Trustees continued their long-standing support for Ashden Sustainable Solutions,Better Lives, which identifies and champions exemplary and replicable projects usingsustainable sources of energy; and supported the enhancement of Innovation forAgriculture's communications capability.


Ashden Sustainable Solutions, Better LivesTowards core costs and implementation strategy

225,000

Innovation for Agriculture (IfA)Towards the enhancement of IfA's communications capability

60,000


In addition, two organisations received grant payments totalling f20,000.


SOCIAL WELFARE

Grants Paid in Year: R1 514 286

Trustees reserve a part of their grant-making for support for charities working toimprove the quality of life of the elderly and of those suffering from dementia.

Trustees have also long taken an interest in charities working with disadvantaged andunder-achieving young people, and have long supported a range of programmesdesigned to help young people to break free from the nexus of low aspirations, anti-social behaviour, substance abuse, crime and, in all too many cases, re-offending.

Latterly, Trustees have also become concerned by the difficulties facing asylum-seekers and migrants to the UK, particularly in the case of young people, andespecially where they are unaccompanied by an older family member.


Claremont ProjectTowards refurbishment project

377,000

Young MindsSupport for those looking after child migrants in East Kent, Croydonand Teesside

180,000

Onside FoundationFinal instalment of a grant of F450k towards the construction of anew Youth Zone in Barnet

150,000

Social FinanceSecond instalment of a grant of f375k towards core costs

125,000

Winston Churchill Memorial TrustTowards UK's Approach to Migration Fellowships

64,750

Dementia UKTowards the employment of 2 Admiral Nurses in Wiltshire

55,000

CrisisTowards the Christmas appeal

50,000

10


Local SolutionsTowards the renewal of the AIMS project

50,500

Wigmore HallTowards the Music for Life Programme

50,000

999 ClubTowards core costs

50,000

Prism the Gift FundTowards the micro-loans project

50,000



MEDICAL

Grants Paid in Year: 6786 979

Trustees continued their support of a multi-year research project in Liverpool whichwill assess the feasibility of sub-retinal microsurgery.


Maggies Cancer Caring CentreTowards Maggies Centre in Southampton

400,000

CWPlusTowards the expansion of the ICU at Chelsea and WestminsterHospital

125,000

Royal Liverpool University HospitalTowards the research project 'Transplantation of Cells under theRetina'

75,000

Motor Neurone Disease Association —NorthamptonTowards the AMBRoSIA research project into better diagnosis ofMotor Neurone Disease

50,000


In addition, five organisations received grant payments totalling f136,979.

11


OVERSEAS

Grants Paid in Year: 8294337

Trustees' primary continuing interest in this category remains in supportingorganisations that work in Palestine, in the Caribbean, and to provide emergencyfunding.


In Place of WarTowards Community Arts Centre in Cape Flats

Community Enterprise FoundationTowards bushfire disaster appeal

100,000

50,000


In addition, eight organisations received grant payments totalling 2144,337.

Approved by the Board of Trustees on 8'" October 2020 and signed on their behalfby

Richard Butler AdamsTRUSTEE

12


STATEMENT OF FINANCIAL ACTIVITIESFOR THE YEAR ENDED 5 APRIL 2020

INCOME AND ENDOWMENTS from:

Notes 2020 2019E'000 E'000

Donation received, including gift aid

Investment income

Bank deposit interest and other income

1,795 1,2502,921 3, 190

32 27

Total Income 4,748 4,467

EXPENDITURE on:

Cost of generating funds:Investment management fees 325 319

Charitable activityGrant-making —Costs of administration

- Grants payable

610 6566,767 8, 870

Total Expenditure

Net operating deficit

Currency exchange (losses) / gains

(Losses) / Gains on investment assets

Net movement in funds

Total funds brought forward

Total funds carried forward

7,702 9,845

(2,954) (5,378)

(8) (6)

(12,007) 10,875

(14,969) 5,491

135,310 129,819120,341 135,310

The notes on pages 16 —22 form part of these accounts.

There are no gains and losses in either the current year or preceding period otherthan those recognised in the statement of financial activities.

13


BALANCE SHEET AS AT 5 APRIL 2020

Notes 2020 2019

FIXED ASSETSE'000 F'000 E'000

InvestmentsLoans to beneficiaries

116,7791,705

133,6441, 740

118,484 135,384

CURRENT ASSETS

DebtorsCash at bank and in hand

7 2606,2646,524

2677, 5867, 853

CURRENT LIABILITIES

Creditors —amounts falling due within one year 8 (3,387)

NET CURRENT ASSETS 3, 137

(4,910)

2, 943

Creditors —amounts falling due after one year 9 (1,280) (3,017)

NET ASSETS 120,341 135,310

Expendable endowment

Unrestricted income funds

120,341 135,310

TOTAL FUNDS 120,341 135,310

The notes on pages 16- 22 form part of these accounts

The financial statements were approved and authorised for issue by the Trusteeson 8th October 2020 and were signed on their behalf by:

Richard Butler Adams

-TRUSTEE

14


STATEMENT OF CASHFLOWS

FOR THE YEAR ENDED 5 APRIL 2020

Net cash used in operating activities

Cash flows from investing activities:Interest and dividends

Proceeds from sale of investments

Purchase of investment

Effect of foreign exchange rate changesNet cash provided by investing activities

Cash flows from financing activities:Receipt of expendable endowment

Note 2020 2019E'000 E'000

10 (10,920) (13,031)

2,953 3,21712,557 39,812(4,902) (29,088)

(8) (6)10,600 13,935

1,795 1,250

Net cash provided by financing activities

Change in cash and cash equivalents in the year

Cash and cash equivalents brought forward

Cash and cash equivalents carried forward

1,795 1,250

1,475 2, 154

9,355 7,20110,830 9,355

Analysis of the balance of cash as shown in the balance sheet

2020Change

2019 in year

Cash at bank and in hand

Investment cash (Note 5)

K'000

6,2644,566

5'000 6'0007,586 (1,322)1,769 2,797

10,830 9,355 1,475

The notes on pages 16 to 22 form part of these accounts.

15


NOTES TO THE ACCOUNTSFOR THE YEAR ENDED 5 APRIL 2020

1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Charities SORP (FRS102)applicable to charities preparing their accounts in accordance with the Financial Reporting Standardapplicable in the UK and Repulic of Ireland (FRS102) and the Charities Act 2011 and UK GenerallyAccepted Practice.

The financial statements have been prepared under the historical cost convention with itemsrecognised at cost or transaction value unless otherwise stated in the relevant note(s) to theseaccounts.

The Trust constitutes a public benefit entity as defined by FRS102, registered in England.

The financial statements have been prepared to give a true and fair view and have departed from theCharities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and

fair view. This departure has involved following the Charities SORP (FRS 102) rather than Accountingand Reporting by Charities: Statement of Recommended Practice (revised 2005) which has beenwithdrawn.

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

The principal accounting policies adopted are as follows:

a) Income Recognition

All incoming resources are included in the Statement of Financial Activities when the Trust is entitled

to the income and the amounts can be quantified with reasonable accuracy.

(i) Income is shown gross including tax deducted unless it is considered irrecoverable.

(ii) Dividends are included when receivable.(iii) Interest is recorded only when it is receivable.

b) Expenditure

All expenditure is accounted for on an accruals basis.

(i) Grants for which there is a binding commitment are accounted for within the Statement ofFinancial Activities.

(ii) Other grants and grant instalments are accounted for in the Statement of Financial Activities whenconditions attaching to the grant are fulfilled.

(iii) Costs of administration relate in the main to the grant-making activity of the Trust and include ashare of the staff and office costs of the joint office of the Sainsbury Family Charitable Trusts, which

are allocated in proportion to time spent on Trust matters and grants paid.

Trustees consider that the separation of the costs of administration of the charity between supportand governance as required by Charities SORP (FRS 102), and particularly where these costs areimmaterial by reference to the total expenditure, adds little value to these accounts.

(iv) Any redundancy or other costs relating to termination of employment are recognised when theemployee or group of employees are given notice that they will be made redundant.


NOTES TO THE ACCOUNTS

1. ACCOUNTING POLICIES (continued)

c) Investments

(i) Net realised and unrealised gains and losses are reflected in the Statement of Financial Activities.

(ii) Investments are shown at mid market value.

(iii) Partial disposals are accounted for using average book value.

(iv) Investments held in foreign currency are converted into sterling at the prevailing exchange rateand any foreign currency gains or losses on disposal are reflected in the Statement of Financial

Activities.

(v) Loans to beneficiaries represent loans made at less than a market rate of interest for charitablepurposes. They are included at the amount advanced less any repayments and impairments.

d) Loans to beneficiariesTrustees make loans in furtherance of the Trust's charitable objects. Any financial return is likely tobe below market rates but can be justified by the charitable impact.

e) Fund accountingThe Trustees do not distinguish between the income fund and expendable endowment fund in

managing the charity. Consequently the income fund is not separately disclosed as the movementson it are considered to be immaterial.

f) Financial InstrumentsThe Trust has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequentlymeasured at amortised cost using the effective interest method. Financial assets held at amortisedcost comprise cash at bank and in hand, together with accrued interest and other debtors. Financialliabilities held at amortised cost comprise grants payable and accruals.

Investments, including bonds held as part of an investment portfolio, are held at fair value at thebalance sheet date, with gains and losses being recognised within income and expenditure.

At the balance sheet date the charity held financial assets at fair value of F112.2m (2019: f131.9m).

The Trust does not fundraise

g) Critical accounting judgements and key sources of estimation uncertaintyIn the application of the charity's accounting policies, which are described above, Trustees arerequired to make judgements, estimates, assumptions about the carrying values of assets and

liabilities that are not readily apparent from other sources. The estimates and underlying assumptionsare 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 toaccounting 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 thecurrent and future periods.

In the view of the Trustees, no assumptions concerning the future or estimation uncertainty affectingassets and liabilities at the balance sheet date are likely to result in a material adjustment to their

carrying amounts in the next financial year.



2. INVESTMENT INCOME

Income received on investments is analysed as follows:2020 2019

UK Government Fixed Interest

Other fixed interest

UK Equities

Overseas EquitiesAlternatives

6'0001

182,453

265184

0/

0%

0%87%

8%5%

8'000 Y1 0%

13 0%2, 766 92%

254 5%156 3%

3. COSTS OF ADMINISTRATION

2,921 100% 3, 190 100%

Salaries and associated costsOffice costsAuditor's remuneration

20206'000

299301

10610

2019E'000

365279

12656

The auditor's remuneration includes the amount payable to the auditors of 69,900(2019: f.'9,600).

4. ANALYSIS OF GRANTS2020

F'000 E'0002019

8'000 8'000Reconciliation of grants payable:Grants committed but unpaid at 5 April 2019Grants conditionally approved at 5 April 2019Grants approved in the yearGrants cancelled, amended or refunded

Grants conditionally approved at 5 April 2020Grants payable for the year

21,0192,339

(20)(16,571)

7,015

6,767

20, 9848, 913

(8)(21,019)

9, 714

8,870

GRANTS PAID IN THE YEAR (9,745) (11,569)

Grants committed but unpaid at 5 April 2020

Commitments at 5 April 2020 are payable:

Within one year (note 8)After more than one year (note 9)

4,037

2020F'0002,8071,2304,037

7, 015

2019E'0004, 0482, 9677, 015



4. ANALYSIS OF GRANTS (continued)

The total of grants paid in the year can be classified as follows:

2020E'000

2019E'000

ARTS

EDUCATION

ENVIRONMENT

MUSEUMS & HERITAGE

SOCIAL WELFARE

MEDICAL

OVERSEAS

1,051

4,064

305

1,729

1,514

787

2959,745

2, 669

2, 953

327

3,075

1,475

411

65911,569

19



5. FIXED ASSET INVESTMENTS

Market value at 6 April 2019Less: Proceeds from disposalsAdd: Acquisitions at cost(Losses) / gains on investment assets

2020 2019R'000 E'000

131,875 131,724(12,557) (39,812)

4,902 29,088(12,007) 10,875

Market value at 5 April 2020

Investment cash

Total Investments

112,213 131,875

4,566 1, 769

116,779 133,644

The investments held as at 5 April 2020 were as follows:

2020Cost Market

Value

2019Cost Market

Va/ue

E'000 E'000 E'000 E'000

UK Government Fixed InterestOther fixed interest

UK Equities

Overseas Equities

Alternatives

668862

112,6189,9394,364

759966

92,67813,0564,754

668862

92,06911,0844, 157

757877

109,01715,6845, 540

128,451 112,213 108,840 131,875

6. LOANS TO BENEFICIARIES

Balance at beginning of yearLoans (cancelled)/made in yearBalance at end of year

2020 2019R'000 E'0001,740 1, 700

(35) 401,705 1, 740

20



7. DEBTORS

P repaymentsOther debtors and accrued income

2020E'000

80180260

20198'000

27240267

8. CREDITORS - amounts falling due within 1 year

Grants payable within one yearAccruals

Taxation and social security

Other creditors

2020E'000

2,80765

5153,387

20198'0004, 048

9792

6734, 910

9. CREDITORS - amounts falling due after more than 1 year

Grants payable after more than one yearLong term liability

2020K'000

1,23050

1,280

2019f'0002, 967

503,017

10. RECONCILIATION OF NET MOVEMENT IN FUNDS

TO NET CASH FLOW FROM OPERATING ACTIVITIES

2020 2019E'000 E'000

Net movement in funds

Deduct gift of endowment

Deduct interest income shown in investing activities

(Deduct gains) / add back losses on investments

Add back losses on currency exchangeLoans to beneficiaries (approved) in yearDecrease / (increase) in debtors(Decrease) in creditors

(14,969)(1,795)(2,953)12,007

835

7(3,260)

(10,920)

5,491(1,250)(3,217)

(10,875)6

(40)120

(3,266)(13,031)



11. ANALYSIS OF STAFF COSTS

Staff costs:Wages and salariesSocial security costsOther pension costs

2020K'000

2373032

20198'000

3103124

299 365

Staff costs above include termination payments of anil (2019: f66,875).

As mentioned in Accounting Policies note (b), the Trust is one of theSainsbury Family Charitable Trusts which share a joint administration at theRegistered Office. 5.1% (2019: 5.1%) of the total costs of these trusts have

been allocated to The Linbury Trust, including a proportionate share of thecosts of employing the total number of staff serving in the office in 2020.

The average total number of staff employed during the year was 12, most ofwhom worked for the Linbury Trust on a part-time basis (2019: 9). This wasequivalent to 2.6 full-time employees (2019: 1.7).

The Trust considers its key management personnel to comprise the Trusteesand Principal Officers. The Trustees all give freely of their time and expertisewithout remuneration, expenses or other benefit in cash or kind (2019: anil).Cost for key management is 286, 152 and during the year no employeeearned over 660,000 for services provided to the Trust.

12. RELATED PARTY TRANSACTIONS

Donations in the sum of f1.795m including Gift Aid (2019: F1.25m) werereceived from the Settlor.

Included within loans to beneficiaries (Note 6) is an interest-free loan ofE1.5m (2019: F1.5m) to the Rambert School of Ballet and ContemporaryDance Trust (registered charity number 1114705)of which Richard ButlerAdams is a Trustee. The loan was made in 2004 and repayments are frozenuntil 2026.

A donation of f150,000 was made to Rambert School of Ballet and

Contemporary Dance during the year.

During the year The Linbury Trust made E9.7m grants of which two weremade to Trusts where there are trustees in common. Whilst these charitiesare connected through having a common trustee, they are not controlled byThe Linbury Trust and the trustees are mindful of the need to consider anypotential conflicts of interest when making decisions as trustees of TheLinbury Trust.

22


STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE ACCOUNTS

The trustees are responsible for preparing the Trustees' Report and the financialstatements in accordance with the Financial Reporting Standard applicable in the UKand Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)).

The law applicable to charities in England & Wales requires the trustees to preparefinancial statements for each financial year which give a true and fair view of the stateof affairs of the charity and of the incoming resources and application of resources ofthe charity for that period. In preparing these financial statements, the trustees arerequired to:

select suitable accounting policies and then apply them consistently;observe the methods and principles in the Charities SORP (FRS 102);make judgements and estimates that are reasonable and prudent;state whether applicable accounting standards have been followed, subject toany material departures disclosed and explained in the financial statements;prepare the financial statements on the going concern basis unless it isinappropriate to presume that the charity will continue in business.

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 themto ensure that the financial statements comply with the Charities Act 2011 and theprovisions of the trust deed. They are also responsible for safeguarding the assets ofthe charity and hence for taking reasonable steps for the prevention and detection offraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity andfinancial information included on the charity's website. Legislation in the UnitedKingdom governing the preparation and dissemination of financial statements maydiffer from legislation in other jurisdictions.

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES

Opinion

We have audited the financial statements of The Linbury Trust for the year ended 5April 2020 which comprise the statement of financial activities, balance sheet, cashflow statement and notes to the financial statements, including a summary ofsignificant accounting policies. The financial reporting framework that has beenapplied in their preparation is applicable law and United Kingdom AccountingStandards, including Financial Reporting Standard 102, the Financial ReportingStandard applicable in the UK and Republic of Ireland (United Kingdom GenerallyAccepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 5 April 2020and of its incoming resources and application of resources for the year thenended;

have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice; and

have been prepared in accordance with the requirements of the Charities Act2011.

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 furtherdescribed in the Auditors' responsibilities for the audit of the financial statementssection of our report. We are independent of the charity in accordance with the ethicalrequirements 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 ethicalresponsibilities in accordance with these requirements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which theISAs (UK) require us to report to you where:

the trustees' use of the going concern basis of accounting in the preparation ofthe financial statements is not appropriate; or

the trustees have not disclosed in the financial statements any identifiedmaterial uncertainties that may cast significant doubt about the charity's abilityto continue to adopt the going concern basis of accounting for a period of atleast twelve months from the date when the financial statements areauthorised for issue.

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES (continued)

Other information

The trustees are responsible for the other information. The other informationcomprises the information included in the annual report, other than the financialstatements and our auditors' report thereon. Our opinion on the financial statementsdoes not cover the other information and, except to the extent otherwise explicitlystated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read theother information and, in doing so, consider whether the other information is materiallyinconsistent with the financial statements or our knowledge obtained in the audit orotherwise appears to be materially misstated. If we identify such materialinconsistencies or apparent material misstatements, we are required to determinewhether there is a material misstatement in the financial statements or a materialmisstatement of the other information. If, based on the work we have performed, weconclude that there is a material misstatement of this other information; we arerequired to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which theCharities (Accounts and Reports) Regulations 2008 require us to report to you if, in

our opinion:~ the information given in the Trustees' Annual Report is inconsistent in any

material respect with the financial statements; or

~ the charity has not kept sufficient accounting records; or~ the financial statements are not in agreement with the accounting records and

returns; or~ we have not received all the information and explanations we require for our

audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities set out on page23, the trustees are responsible for the preparation of the financial statements and forbeing satisfied that they give a true and fair view, and for such internal control as thetrustees determine is necessary to enable the preparation of financial statements thatare free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing thecharity's ability to continue as a going concern, disclosing, as applicable, mattersrelated to going concern and using the going concern basis of accounting unless thetrustees either intend to liquidate the charity or to cease operations, or have no realisticalternative but to do so.

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in

accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement, whether due to fraud orerror, and to issue an auditors' report that includes our opinion. Reasonable assuranceis 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, individuallyor in the aggregate, they could reasonably be expected to influence the economicdecisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements islocated on the Financial Reporting Council's website at:www. frc.or .uk/auditorsres onsibilities. This description forms part of our auditors'report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with part4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has beenundertaken so that we might state to the trustees those matters we are required tostate to them in an auditor's report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other than thecharity and the trustees as a body, for our audit work, for this report, or for the opinionswe have formed.

Saffery Champness LLPChartered AccountantsStatutory Auditors71 Queen Victoria StreetLondonEC4V 4BE

Date: 1+ W2D.Saffery Champness LLP is eligible to act as an auditor in terms of section 1212 of theCompanies Act 2006

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