The Maurice & Hilda Laing Charitable Trust A Registered Charity Report and Financial Statements 31 December 2024
The Maurice & Hilda Laing Charitable Trust- A Registered Charity CONTENTS Page TRUSTEES, ANNUAL REPORT AUDITOR5, REPORT STATEMENT OF FINANCIAL A1VITIEs io BALANCE SHEET li STATEMENT OF CASHFLOWS 12 NOTES TO THE FINANCIAL STATEMENTS 13-20
The Maurice & Hilda Laing Charitable Trust - A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2024 The Trustees present thelr financial statements and annual report for the year ended 31 December 2024. The financial Statements have been prepared in accordance with the accounting policies set out in note I to the accounts and comply with the tharity's trust deed dated 19 August 1996, the Charitles Act 2011 and Accountins and Reportlng by Charitles.. Statement of Recommended Practice IFRS 1021 and update Bulletins l and 2. Reference and Admlnlstratlon Detslls of the Charlty* Its Trustèes and Advlsors Settlor Slr ljohnl Maurice Laing Date of Settlement Deed 19 August 1996 Trustees Stephen John Haine5 Ludlow Andrea Jane Currie- Died 26 March 2025 Charles William David Laing Simon David Martle Paul Michael van den Bosch There shall be at least three Trustees. The power of appointing Trustees Is now vested in the Trustees. Registered Address clo LaSng Family Trusts 33 Bunn5 Lane London NW7 2DX Nature of Trust Registered Charity No. 1058109 Banker5 Bank of Scotland 33 Old Broad Street London BX2 ILB Accountants TMF Global Services IUKI Ltd 13lh Floor l Angel Court London EC2R 7HJ Auditors Mercer & Hole LLP 72 London Road St Albans Hertfordshire ALI INS
The Maurice & Hilda Laing Charitable Trust- A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2024 Investrnent Advisors Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ Solicitors Pothecary Witham Weld 84 Eccleston Square Pimlico London swiv ipx Dlrettor Ms E Harley 33 Bunns Lane Mill Hill London NW7 2DX Destlnation of Funds al Income To charitable purposes only but princlpally for the following purposes.. the advancement of the Christian religlon in any part of the world,. Ihe advancement of religious educatlon in accordance with the doctrines and princlples of the Christian falth by such means as the Trustees think fit,. the rellef of poverty throu8hout the world,. and the protection and preservatlon of health and the rellef of 5ickne55 and mental and physical disabllitv. bl Capital To be Tetained by the Trustees or, at their discretion, applied as income. Investment Powers Under the terms of the trust deed the Trustees have the power to invest and reinvest the Trust Fund.. al in any account with any bank, bulldlns society or other finantial institvtion,. bl In buylng any property Itanglble, rnovable or immovable) in any part of the world whether or not It produces income,. and cl In making secured loans.
The Maurice & Hilda Laing Charitable Trust - A Registered Charity TRUSTEES, ANNUAL REPORT a5 at 31 December 2024 Structu¥e, Governance & Mana8ernent The Maurice & Hilda Laing CharitableTiust Wa5 established in 1996with funds made avallable from the Maurice Laing Foundation. The Trust's objectives. as set out in the Trust Deed, are the advancement of the Christian religion in any part of the world, the advancernent of religious educatlon in accordance with the prlnciples and doctrines of the Christian faith. the rellef of poverty throushouttheworld and the protection and preservation of health and rellef of sickness and mental and physical disabillties. These are achieved through the Trust's grant-making programme, which 15 Its only tharitable activitv. The Trust Deed requlres the Trust to have a minirnum of three trustees. Followingthe very sad and unexpected death of Andrea Currie in March 2025, post the year end.. there are cvirently four trustees. The niece of Sir Maurice nd Lady Hllda Lain& Andrea was appointed as a trustee In 2(6 and was a fine ambassador for the Maurlce & Hilda Laing Charitable Trust. She was approachable by all and a passionate advocate for the vulnerable, particularlv children and families. She provided practlcal guldance and encouragement to beneficlaries, staff and her fellow Trustees alike. along wlth gentle reminders of the Chrlstian falth and compassion which underpinned Sir Maurlce and Lady Hilda Laing's original gift. The power to appoint new Tfustees rests wlth the existing trustees as a body. Hastened by Andrea's Ios5, they are continuing to review the range of skills and experlence represented among their number with a vlew lo stren8thening the Trustee Board. whlle cognlsant of the need to stay true to the original legacy. PrOdureS for the appolntment and induction of new Trustees, who will in future be appolnted for a maximum of three 4-yeaT terms, are Sn place. The day-to-day administration of grants and the processing of applicatlons prior to consideration by the Trustees. including meetings with applicant5 and project vlslts where larger grants ale tontemplated, have been delegated to the Trust Director. who is supported by a small staff team. The Trust Director and staff are shared wlth the Klrbv Laing Foundation. the Beatrlce LalnÉ Trust and the Martin Laing Foundation; the Trusts are known collectively a5 the Lalng Family Trusts and the Chair of Trustees slts on a joint Employment Committee. The Trusts also share office Space owned by the Reculver Trust,. a Memorandum of Understandlng sets out the basis upon which adn)snistratlve costs are shared. An application to any one of the Laing Family Trusts is treated a5 an applicatio to all, although after initial review applications consldered suitable for further consideration by the Maurice & Hilda Laing Charltable Trust followthe Trust's own administrative procedures and declslon-making processes. Application 15 by letter and the 8rant application process, guidance on which appears on the L3lng Fèmlly Trusts, website, is designed to be as simple as possible whilst drawing out the key Information required for a decision. The Trustees meet four times a year to tonslder recommendations for, and rnake decisions on, the award of grants over £IO,(K)O. The Trustees have delegated power to make grant5 of £IO.OOD and below to the Trust Director, up to a Maximum of £30,000 In any one quarter. These grant5 are made on an ongoin8 basis and ralified by the Trustees at their qijarterly meeting5.
The Maurice & Hilda Laing Charitable Trust- A Registered Charity TRUSTEES, ANNUAL REPORT a5 at 31 December 2024 Oblectlves & Aclivltie5 The Trustees, grant-making prioritles fall into three main categorles= To advante Chrlstlan falth and values, wlth an emphasls on.. maklng the Christian messaÈe accessible to 311 through Innovative 'fresh expressions, of church and ploneer ministries nurturing children and young people in the Chrlstlan faith- helping them to explore. and grow in, Christlan faith providing support for oppressed Christian communlties over5ea5 To supporl organlsatlons, prlmarlly those Insplred by Chrlstlan falth, offerlnB prartltal support to those In thè U.K. who are dlsadvantaged, vulnerable and / or sotially i501ated. wlth a partlcular focus on helplng: families and young people at risk prlsoners and ex-offenders. particularly women In the criminal justice system the homeless refugees Rellef of povertyoverseas. prlmarlly through Chrlstlan organlsatlon5 worklng In the low income count¥les of Sub-saharan Afrlca,focuslng on projecls whlch seek to Improve educatlonal opportunitles and bulld sustainable livellhoods for.. street children and young people at rlsk those wlth disabilities In all area5 the Trustees are lookin8 to 5UPPOrt projects which are financially and envl¥onmentally sustainable and replicable. The grant-m3klng programme is financed by income derived from the Trust's Investment portfolio. The Investment portfolio is manaÈed by Rathbones on a discretionèry basis and, at the Trustees, request, in line wlth the guidance of the Church of England's Ethlcal Advisory Group. The Trustees met regularly with the Rathbones team throu£hout the year to review performance and ensure that their ethical and income requirements were fully understood. The Trustees are seeking to rnalntain an endowment fund of £24.Imillion, a figure whlch Is revised annually In Ilne with inflation and are currentlytarseting grant expenditure of £lmilllon per annum. They are also actively exploring soclal Investment opportunities, tts which a proportion of any fund5 in excess of the £24.Imillion target figure might be directed. The refurbishment of the house in Hinckley, which was purchased in 2023 with the IntentloA of leasing it to Hope Into Action Coventryfor an initial perlod of fiveyears a5 a home for slngle men who might otherwise be homeless, was finally con)pleted post the year end and there are now two tenants in Tesidence. The tenants are recelving support from Hope Into Aetion and mentoringand friendship from members of a local partner church. Rental income will be recelved 6 months in arrears, but the Trustees are also interesied in explorin8 ways of measuring the soclal impact of thls investment.
The Maurice & Hilda Laing Charitable Trust- A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2024 Achievernents and Performance Grant expenditure In 2024 totalled £1,049,250, an increase of 15.9% on the prevlous year's total of E905,360. All grants of £5,000 and above are listed by category in note 7 to the accounts. An addltional 19 grants, totalling £55,500, were distributed through the Chariti@5 Aid Foundation. Taken together, the Trustees are confident that the grants demonstrate a hish degree of public beneflt lo a number of different sections of society, including vulnerable and disadvantaged people whatever their age, background, ability or additional needs. Further details of all grants of £25,000 and above are provided below.. hlldren & Youn South Wight Area Youth Partnership ISWAYI Community Hub Transforming Llves for Good Expansion of Eorly Intervention Progromme (2. of 3 UKSA Lister Building refurbishment Rell lon Bible Reading Fellowship Trtsinlng & Development Leodfor Me55y Church (Lust of 3 Church Army Growlng Imptsct acr055 Northern Irelond (1st of 2 gronts) Church of England Foundation for Educational Leadership Pald £so,o(x) £50.CLIO £50,000 £25,000 £25,0 nd Growing F(Flth Foundation Learning Hubs12 of 2 grunts? Salmon Youth Centre Faith in the City- Resident Warden & PostorolSupptsrt (I" SAT-7 Trust Ltd Arobic Digit(Fl Medio andAUdIen Relorions The Big Glve Christmos Challenge Big Glve (Together Fund}12 grontsj Soclal Welfare and Communlt Christians Agalnst Poverty New Debt Help Productsystem (I" of 2 grantsj One Small Thing Hope Streetsalory Funding Il" of 3 grants) £39.375 £30,0 £25,000 £52,500 £45,0 £50,IM)O There was a continuin8 focus on re50UltinÉ churches to engaÉe wlth the younger generation through a variety of initlatlves, including Messy Church, sports actlvities and the development ol creatlve or innovative practlces to build strategic partnerships between school, chureh and home, with the aim of placing children, young people and families at the heart of the mlsslon and ministry of the Church. The grant of £50,000 to Christian youth tharity SWAY will contribute towards the construction of a new Community Hub In Chale on the Isle of Wight, a place dear to Sir Maurice and Lady Hilda Lain& provlding base for SWAY and external agencies working wlth young people and their familles in the South Wight area, with Spate for education, training and leisure activitles, and a small café and grocery shop. This was one of bNo significant grants made to project5 onthe Isle of Wight, the other beinga grant of £50,000 towards the refurbishment of accommodation and classrooms at UKSA, charlty based in Cowes which provides Opportunities for young people from the local community and further afield, partlcularly those who are disadvantaged, to develop Ilfe skills and broaden their horizons through the water-based activities which Slr Maurice Lain& as a keen sailor. a150 enjoyed.
The Maurice & Hilda Laing Charitable Trust - A Registered Charity TRUSTEES, ANNUAL REPORT a5 at 31 December 2024 Achievements and Performance- continued The Trustees continued to respond to the cost-of-Ilvin8 crisis by supporting churches or faith-based charitles addressing needs in their local ctsmrnunities through the provision of low-cost food, debt advice or simply a warm space in which to meet with others, fotU55ing particularly on deprived areas in the Isle of Wight, Thanet and the north of England. Following the discontlnuation of the Warm Spaces Church Fund by the Good Falth Foundation, staff were 8iven discretlon to make grants of £1,000 lup to a total of £25,0001 to support churches running 2024125 Warm Spaces re8lStered with the Worm Welcome Compolgn in areas of deprlvation in Thanet, Isle of Wight and Cumbria, over and above their normal discretionary limit. The 'Fund' was launched in December 2024 on the Lalng Family Trusts website,. applicants were invited to apply via email, using a simple two-page application form. The geographical reach was later extended to more of the top 20% of deprived are35 in EF>gland and by April 2025, 25 grantees from across England had received grants of EI,000 a5 a contributlon towards the Cost of running their Warm Spaces. Thls could include increased utility costs, staff or volunteer Costs. the purchase of sundrles such as food, tea & coffee or the cost of running activities. Building on th@ lessons learnt, this programme will run again, opening In the autumn of 2025. For a fifth year, the Trustee5 a150 joined with other members of the Christlan Funders Forum, of whlch it is an active member, to provide matched funding through the Together Fund to enable Christian charlties to participate in The Blg Give Christmas Challenge. Many of these charities are Involved in soclal action projects in their local communities, and this gave thern an opportunity to raisé valuable funds and make contatt with a wider donor base. In addltion to 8rant expenditure, a further £118,790 was spent on investment manager's fees and £138,706 on support and governance costs. Income genewated from the Foundation's Investments was sllghtly lower at £725,182. The excess of expendlture over income wa5 balanced by a 8aln on investments of £1,452,599. The value of the Foundation's expendable endowment at the year-end was £25,107,299, a rise of £857,81313.5%1 on the previous year. Risk Assessment The Tfustees annually review the major ri5k5 to which they feel the charlty is exposed. These fall into three main areas: protedlon of assets and income, Integrity of the grant-rnaking process and employment ènd retention of staff. Having carried out their annual review of these rlsks they remain confident that they have In place systems and procedures whlth Mitigate the rlsk5 as far 5 possible.
The Maurice & Hilda Laing Charitable Trust- A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2024 Statement of the Trustees. responslbllltle5 In respect of the financlal Statements The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with pplicable law and United Kingdom Generally Accepted Acctsunting Practice. The law appllcable to ¢haritles in England and Wales. the Charities Act 2011, Charity (Accounts and Reports) Re8ulation5 2008 and the provislons of the Trust Deed require the Trustees to prepare financial statements for each financial year whlch give a true and fair view of the state of affairs of the eharity and of the incoming resources and application of resources, including the income and expendSture, of the eharity for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policles and then apply them conslstently; observe the methods and prlntlples in the Charlty SORP,. make judgements and estimates that are reasonable and prudent; state whether applicable accoUntng standard5 have been followed, subject to any mater131 departures dlsclosed and explained In the financlal statements,. and prepare the financlal statements on the 8tslng concern basls unles5 It Is Inappropriate to presume that the Charltv will continue. The Trustees are respon5sble for keeping proper accounting record5 whlch disclose wlth reasonable accuracy at any time the finaneial position of the charity and to enable them to ensure that the financial statements comply with the Charitles Act 2011, the Charity (Accounts and Reportsl Regulattons 2008 and the provisions of the trust deed. They are also responsible for safeguardingthe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other Approved by the Trustees on.. Date and slgned on th Ir behalf bv: Trustee
INDEPENDENT AUDITOR'S REPORT to the Trustees of The Maurlce & Hllda Lalng Charltable Trust- A Reglstered Charltv Oplnlon We have audited the financlèl statements of The Maurice & Hilda Laing Charitable Trust Ithe'charlty'l forthe yearended 31 December 2024 which comprise Statement of Financlal Activitles. the Balante Sheet and notes to the financlal statements, including significant accounting policles. The financial reportlng frameworkthat has been applied in their preparation is applicable law3nd Unlted Kingdom Accounting Standards, including Financlal Reportlng Standard 102 The Finorjtiul Reporting Stt7ndord applicoble in the UKond Republic of Ireland Iunlted Kingdom Generally Accepted Accounting Pra¢ticel. In our opinion the financlal statements.. give a true and fair viewolthe state of the charitvs affair5 35 at 31 December 2024. and of Its incoming resources and application of resources, including its incorne and expenditure, for the year then ended,. have been properly prepared In accordance with Unlted Kingdom Generally Accepted Accounting Prattlce; and have been prepared In accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audlt in accordance wlth International Standards on Auditing IUKI IISAS IUKII and applltable law. Our responsiblllties under those standards are further described in the Auditor'5 responsibilities for the audit of the financial Statements settion of our report. We are independent of the charity in accordance wlth the ethlcal requirements that are relevant to our audlt of the financial statements in the UK. includinÉ the FRC'S Ethlcal Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained Is sufficient and approprlate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditlng the financial statements, we have concluded that the trustees, vse of the going conrn basis of accounting In the preparation of the financial statemènts 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 charlty'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 Informatlon The other Informatlon comprises the informatlon 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 oplnlon on the financial statements does not cover the other informètion and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance concluslon thereon. Our responsibility is to read the other information and. In doing so, consider whether the other information is materially Inetsn51Stent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially mSsstated. If we Identify such material incon51Stencles or apparent material mlsstatements. we are required to determine whether thls gives rise to a mateTial misstatement in the financlal statements themselves. If, based on the work we have performed, we tonclude that there is a matevial misstatement of thi5 Other Information, we are requlred to report that.fact. We have nothing to report in this regard. Mattels on whlth we are requlred to repori by exception We have nothing to report in respect of the following matters in relation to whl¢h the Charitie5 IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial Statements (s inconsistent tn any material respect with the trustees, report,. or the charity has not kept adequate accounting records., or the financial statements are ntst in agreement with the accountln8 records and returns,. or we have not recelved all the Inforrnation and explanatlons we require for our audit.
Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement Iset out on page 71, the trustees are responsible for the preparation of the financlal statement5 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 assesslng the charlty's ablllty to continue as a Èolng concern, di5c105ing, 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 alternatlve but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements We have been appointed as auditor undersection 144 of the Charities Act 2011 and report In accordance wlth reÈulatlons made under section 154 of that Act. Our objectives are to obtaln reasonable assurance about whether the financial statement5 a5 a whole are free from rnaterial mlsstatement. whether due to fraud or error. and to Issue an auditor's report that include5 our opinion. Reasonable assurance is a hlgh level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exi5t5. Mi55taternents can arise from fraud or error and are considered material if, individually or in the a@Èregate. they ctsuld reasonably be expected to Influence the economic decision5 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 respon5ibilitie5, Outlined above, to detect material mi5Statements in respect of irregularities, including fraud. The extent to which our procedure5 are capable of detectin8 irre8ularities, including fraud, is detailed below. Explanatlon as to what extent the audlt was con51dered capable of detectln8 IrreBularltles, Includlng fraud We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in whlch It operates and considered the risk of acts by the charity that were contrary to applleable laws and regulations. Includlng fraud. We evaluated management's incentives and opportunities for fraudulent manlpulatlon of the financlal statements and the flnanclal report (including the risk of override of controls), and determined that the prlncipal rlskswere related to postlng Inappropriate entries including journals to overstate revenue oi understate expenditure and management blas In accountlng estimates. Audit procedures performed by the engagement team included: discussions with rnanagement, including considerations of known or suspected instances of non- compllance wlth laws and regulations and fraud,. gaining an understanding of management's controls designed to prevent and detect Irre8ularltles.' and identifying and testing journal entries. Because of the inherent limitations of an audit, there is a risk that we wlll not detect all Irre8ularlties, Including those leading to a material misstatement in the financial statements or non-compliance with re8ulation. Thls risk increases the more that complianee wilh a law or reÈulation Is removed from the events and transactions reflected in the financial statement5, a5 we will be le55 likely to become awère of instances of non-compllance. The risk Is also greater regarding irregularitie5 occurring due to fraud ratherthan error, as fraud Involves Intentlonal concealment. forgery, collusSon. omlsslon or misrepresentation. A further description of our responsibilities15 3v3llable on the Financial Reporting Council'5 website at.. Auditor's Res the Audit Financi31 Re ortin Council frc.or This description forms part of our auditor's report. Use of our report Thi5 report is made solely to the charitvs trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reportsl Regulations 2008. Our audit work has been undertaken 50 that we might state to the charity's trustees those matters we are required to state to them in an auditor'5 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 thls report, or for the opinion5 we have formed. Inson, Senior Statutory Auditor Mercer & Hole LLP Chartered Accountants 72 London Road, St Albans, ALI INS Dote.. 24 Seplernber 2025 Mercer& HolelLPiseligible to uctos on tjudltorln terms ofse¢tion 1212 of the CompGnie5Act2006.
The Maurice & Hilda Laing Charitable Trust - A Registered Charity STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024 Unrestrlcted Funds Expendablè Endowment Total Total Incomè Z024 2023 Note INCOMEAND ENDOWMENTS Investment5 725,182 725,182 752.402 TOTAL INCOME 725,182 725,182 752,402 EXPENDITURE C05t of Faisin8 funds Charitable attivitie5 118,790 118,790 1.187.956 112,552 1,039,204 1,187,956 TOTAL EXPENDITURE 118,790 1,187,956 1,306,746 1,151,756 NET INCOMEIIEXPENDITUREI BEFORE GAINS AND LOSSES ON INVESTMENTS 1118,7901 1462,7741 1581,5641 1399.3541 Net gain51llos5esl on investments Ioal 1,452,599 1,452,599 855,846 NET INCOMEIIEXPENDITUREI AFTER GAINS AND LOSSES ON INVESTMENTS 1,333,809 1462,7741 871,035 456.492 TRANSFER BETWEEN FUNDS 13 1462,7741 462,774 OTHER RECOGNISED GAINSIILOSSESI Gains/llossesl on foreign currency 113.2221 113,2221 13,1361 NET MOVEMENT IN FUNDS 857,813 857.813 453,356 FUND BALANCES BROUGHT FORWARD 24,249,486 24.249,486 23.796,130 FUND BALANCES CARRIED FORWARD 25,107,299 25,107.299 24.249,486 io
The Maurice & Hilda Laing Charitable Trust- A Registered Charity BALANCE SHEET as at 31 December 2024 2024 2023 Notè FIXED ASSETS Quoted investments Soeial Investment Ioal Iobl 24,59D,756 201,734 23,992,722 201,734 24,792,490 24,194,456 CURRENT ASSETS Cash at Bank li 402,190 113,144 402,190 187,3811 113,144 158,1141 LIABILITIES.. amounts falllng due wiihln one year 12 NET CURRENT ASSETS 314.809 55,030 TOTAL ASSETS LESS CURRENT LIABILITIES 25,107.299 24,249,486 NET ASSETS 25.107,299 24.249,486 Representing: FUNDS.. UNRESTRICTED Expendable endowment 13 25,107,299 24,249,486 Reglstered Charlty No: 1058109 Approved by the Trustees on.. Date and signe n their behalf by.. Trustee li
The Maurice & Hilda Laing Charitable Trust - A Registered Charity STATEMENT OF CASHFLOWS for the year ended 31 December 2024 2024 2023 Note Cash flows from operatlng actlvltie5: Net ¢ash used In operatlng actlvltles 14 11.290,7011 11,164,904) Cash flows from Investlng artlvltles.. Investment Ineorne Proceeds from sale of investments Purchase of investments Purchase of Social Investment 725,182 4.826,532 14,921,893) 752,402 4,202,820 12,927,489) 1201,7341 Net cash provlded by {u5ed In) Investlng actlvltles 629,821 1,825,999 Change In cash ènd cash equlvalenls In the year Cash and cash equivalents at the beginning of the year 1660,8801 1,129,391 661.095 468,296 Cash and cash e4ulvalet)ts at the end ot the year 468,511 1,129.391 Represented by.. Cash held withln the investment portfolio Cash at bank Ioal li 66,321 402,190 1.016,247 113.144 468,511 1.129,391 As the trust has no borrowings, no analysis of net debt is included in these financlal statements. 12
The Maurice & Hilda Laing Charitable Trust- A Registered Charity NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 ACCOUNTING POLICIES The principal accounting pollcles adopted are as follows: al Basls of preparatlon and assessment of golng concern The linanclal statements have been prepared in accordance with Accountlng and Reporting by Charities.. Statement of Recommended Practlce IFRS 1021 and update Bulletins l and 2, and the Charities Act 2011 alld applicable regulatlons. The financial statement5 have been prepared under the historical cost conventlon, modified to include the revaluation of Ilxed asset investments. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertaintles about the Charlty's ability to continue as a going concern. bl Funds structurè The expendable endowment represents the funds settled originally by the Settlor and additional funds from the Estate of Lady Hilda Lalng. The Trustees are permitted to apply the endowment as If it were intome. Income Is to be used for charitable purposes only. cl Income recognltlon All income is recognised once the chaTlty has entitlement to the incorne, there is sufficient tertainty of recelpt and so it is probable that the Income will be received, and the amount of Ineome receivable can be rnea5ured reliably. Interest on funds held is included upon notlfication of the interest paid or payable. Dividends are recognised once the divldend has been declared and notification has been received of the dividend due. Credit 15 taken in the accounts for income tax deducted from investment income whieh has or will be reclalmed from H M Revenue & Customs up to 31 December 2024. dl Expendlture rètognltlon Llabllitie5 are retognised as expenditure as soon as there is a legal or con5tructlve obligation committing ihe Charity to that expenditure. it Is probable that settlement will be requifed and the amount of the obligatlon can be measured reliably. All expenditure is accounted for on an accruals basls and ha5 been classified vnder headin85 that aggregate all costs related to the category. Single or rnulti-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will recelve a grant and any conditlon attached to the grant is outside the control of the charity. el Allocatlon of governance and other Support cost5 Governance and support costs have been allocated between charitable activities and governance. Governance and support costs relating to Charitable activities have been apportioned based on the estimated time spent by staff at the office of the Lalng Family Trusts in the admlnistration of donations and assessment of projects. The allocation of governance and support Costs Is analysed in note 5. Governance costs cornprise all costs involving the publlc accountability of the Charity and its compliance wlth regulation and good practice. These costs include the accountancy and audlt costs relating to these financlal statements together with an apportionment of overhead and support costs. fl Cost of ralsln8 funds The cost of generating funds comprises the investment management charges. gl Charltable actlvltles The expendlture on charltable activitles comprises Èrants made in the year and governance and support costs. An analysis of the grant expendlture for the year is shown In note 7. h} Flxed asset investment5 Listed investments are valued in the Balance Sheet at market value. The net gainlllossl on revaluation and disposal of investments 15 shown in the Statement of Financial Activitles. 13
The Maurice & Hilda Laing Charitable Trust- A Registered Charity NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 ACCOUNTING POLICIES- tontlnued 11 Reali5ed galns and losses All gains and losses are taken to the Statement of Finantial Activitles as they arlse. Realised galns and losses on investments are calculated as the difference between sales proceeds and their opening carrying valve or thelr purchase value If acquired on or subsequent to the first day of the financial year. Unreallsed 8ains and losses are calculated as the dlfference between the fair value at the year end and their carrying value. Realised and unrealised investment galns and losses are combined In the Statement of Financial Activities. 11 Currenty The financial statements are prepared in Sterling, which is the functional currency of the charity. Monetary amounts in these finèncial statements are rounded to the nearest £. INCOME AND ENDOWMENTS 2024 2023 Investment Income Dividends- equiti@S Interest- fixed Interest securities 573,014 167.215 618,110 145,102 740.229 763,212 Investment Income arising from listed investment5 is split geographically as follows... 2024 2023 Wlthin UK Outside the UK 463,245 276,984 522,498 240,714 Total Gross income Les5 non-recoverable tax Interest on cash deposit 740,229 130,4071 15,360 763,212 121,3061 10,496 725,182 752.402 COST OF RAISING FUNDS 2024 2023 Investment management fees 118.790 112,552 ANALYSIS OF CHARITABLE ACTIVITIES The charity undertakes Its charitable activities thiouÈh grant maklng and awarded grants to a number of institutlons in furtherance of its chèritable activlties. 2024 2023 Grant making actSvlty Expendable endowment fund Income 1.049,250 905,360 Total per note 7 Charitable activities Governance- income 1.049,250 108,328 30,378 9D5,360 Support and governance costs 105,284 28.560 1,187,956 1,039.204 14
The Maurice & Hilda Laing Charitable Trust - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 ALLOCATION OF OVERHEAD AND SUPPORT COST5 Charltable Actlvltles Governan¢e Total Z024 Property maintenance Salaries and offlce costs Accountancy services Auditors, remuneration Trustee expenses Bank charges Support costs Sut)dry expenses 309 11,091 13,800 4,980 52 12531 2,785 99,815 3,094 110,906 13,800 4,980 527 12531 1,661 3,991 475 1,661 3,592 399 30,378 108,328 138.706 Charltable Actlvltles Governart¢e Total 2023 Property maintenance Salaries and office costs Accountancy services Auditors, remuneration Trustee expenses Bank charge5 Support cost5 Sundry expenses 357 10.643 12,322 4,680 16 50 3,214 95,792 3,571 106,435 12,322 4,680 164 50 1.706 4.916 148 1,706 4,424 492 28,560 105,284 133,844 The Maurice & Hilda Lalngcharitable Trust is admlnlstered alongside The Beatrice Laing 7rust, The Martin Laing Foundatlon and The Kirby laing Foundation wlth which it shares the latter's three full-time members of staff and offtce spate. Mr C W D Laing, a Trustee. is also a Trustee of The Beatrlte Laing Trust. The Maurice & Hilda Laing Charitable Trust, The Beatrlce Lèlng Trust and The Martin Laing Foundation make contributions to The Kirby Laing Foundation towards employment tosts. The Maurice & Hilda Laing Charitable Trust contrlbuted £102,90612023 £97,935) during the year towards these cost5. 2024 2023 Gross salarles Employer's natlonal insurance Other salary related costs Pension contrfbutitsn5 78,304 9,504 2,930 12,168 71,716 8,558 6,019 11,642 102,9D6 97.935 The Maurice & Hilda Laing Charitable Trust also made contrlbutlons of £3,094 to The Retulver Trust, the landlord of the office, In respect of maintenance costs for the offlce 12023 £3,571). Ms E Harley is a Trustee of The Reculver Trust. 15
The Maurice & Hilda Laing Charitable Trust - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 ALLOCATION OF OVERHEAD AND SUPPORT COSTS- tontlnued Expendable Endowment Totsl Total 2023 Governance costs Income 2024 Property maintenance Salaries and office cost5 309 309 357 11.091 13.800 4.980 52 ii,ogi 13,800 4,980 52 10,643 12,322 4,680 16 Accountancy seivice5 Auditors, remuneration Trustee expenses Bank charges Sundry expenses 12531 399 12531 399 50 492 30.378 30.378 28,560 In 2024 and 2023 all c05t5 were charged to Income. TRUSTEES EXPENSES AND REMUNERATION The Trustees received no remuneration during the year12023 £nill. Three Trustees incurred travelling costs totallng £527 during the year12023- £1641 and no subsistence costs were inturred12023- Enlll. GRANTS 2024 2023 No No Children & Young People Envlronment & Heritage Health & Medical Welfare Overseas Development Religion Social Welfare and Comrnunity Miscellaneous Returned grant 223,250 75,000 15,000 s,000 160,750 203,175 366,435 80,IJOO 12 15 24 iii,000 245,375 292.125 177,500 12 14 27 Grants made during the year 62 1,049.250 61 905,360 The following grants were made In 2024.. Chlldren & Youn Peo IÈ Queens Road Baptist Church, Broadstairs Salmon Youth Centre South Wlght Area Youth Partnership South Yorkshire Chaplaincy and Listening Services STEP The 267 Proje¢t Transforming Live5 for Good UKSA YMCA London Cityand North 8,250 30,000 50,000 5,000 5,000 5,000 50,IX)O 50.IKJO 20.1i00 223.250 16
The Maurice & Hilda Laing Charitable Trust- A Registered Charity NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 GRANTS- contlnued Oversèas Develo ACET UK Anglican Internatlonal Development CURE International UK Ethiopiaid Friends of the Holy Land Hope Internatlonal Development Agenty Medalr Reseed The Li Tim-oi Foundation Too15 wlth a Mission Turnbull Famlly Charitable Trust WeSeeHope ment iO,CK)O 16,000 10,0 15,OOC) io,tKJO 7,500 io.o(KJ 5,000 7,500 io,ooo 5,000 5,000 iii,(x)o Rell lon Bible Reading Fellowship Church Army Church of England Foundatlon for Educational Leadership Intercultural Churches UK Office of the Archbishop of York Premler Chrislian Media Trust Release International SAT-7 Trust Ltd Thanet Community Churche5 The Cinnamon Network The Wooll Institute Welcome Churches Wlntershall CIO YMCA UK National Council Youthscape 25,0(K) 25,QOO 39,375 9,5(K) 8,50D 15,000 iO,CMJO 25,000 15.OCKJ iO,O(K) io,Lx)o 18.000 iO,O(K) 5,000 20,000 245,375 Soclal Welfarè and Com nit Belfast Central Mission Chiistians Against Poverty Church of Ireland, Diotese of Down and Dromtsre City of Sanctuary Sheffield 5.000 45,000 5.000 5,000 io.ocxj iO,O(K) 7,500 5,CKJO 7,500 5,OCK) 20,OCM) 20.625 15,000 20,000 50,000 Oepaul UK Derby City Mission Emmaus Transformatlon Trust Famlly Support Work Gloucester City Mission Grace Enterprises Hope into Actlon Coventry Hope Into Actlon UK L'Arche UK One Small Thlng 17
The Maurice & Hilda Laing Charitable Trust - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 GRANTS- tontlnued oclal Welfare- contlnued One25 Pact Prison Fellowship Sixty-one The Recruitment junction The Welcome Dirertory Upbeat Communities Willowfield Parish Community Association Your Place (London) Ltd 5.000 io,cM)o 15,OOQ 5,OOD 5,000 5,QOO 5.000 6,500 5,000 292.125 Mlscellaneous Charlties Aid Foundation12 grantsl The Bi8 Give12 Èrantsl 125.000 52.500 177,5CX) Total overall 1.049,250 RELATED PARTY TRANSACTIONS There are no related party transactlons in the year. FUTURE COMMITMENTS The Trustees have made non-binding eiant commltments payable In the next three years a5 follows.. 2024 2025 2026 2027 Cornmltment5 brought forward at l January 2024 Commltments paid during the year Commitrnents made during the year Commitments deferred 331,750 1321,7501 156,000 90,000 250.500 iO,(KJO 98.000 67,500 iio,0001 Commitments carried fonNard at 31 December 2024 416,500 188,000 67,500 In prineiple commitment5 amountin8 to £443.60112023 £484,101) have been made but not scheduled; the Trustees will make a flnal decision on the award of these grants only when eertain condltions have been met. 18
The Maurice & Hilda Laing Charitable Trust- A Registered Charity NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 FIXED ASSETS Ioal QUOTED INVESTMENTS 2024 2023 Llsted Listed Opening rnarket value Disposal proceeds Add: acquisltlons at cost Investment 8ains/llosse51 22,976,475 14.826,5321 4,921,893 1.452,599 23,395,960 14,202,820) 2,927,489 855,846 Closing market value Cash held within the investment portfolio 24,524,435 66,321 22,976.475 1,016,247 24,590,756 23.992,722 Closing historical cost 19.783,862 18,795,518 No investments comprise more than 5% of the value of the portfolio at 31 December 2024. Iobl SOCIAL INVESTMENT A freehold property was purchased In the year to 31 December 2023 for the use of the charity, Hope into Actlon Coventry. This purchase price plus subsequent additions to the property are capltalised in the accounts at cost. No provision has been made for depretlatlon as the Trustees are of the oplnion that the recoverable amount of the property is not lower than the carrying value. An annual impairment review will be performed by the Trustees to ensure that no change to this opinion occur5. 11. CASH 2024 2023 Bank of Scotland Rathbone5 Income account 390,568 100,614 11,622 12,530 402,190 113.144 12. LIABILITIES: amounts duè wlthln one year 2024 2023 Accountancy services Audit services Investment managers Employment costs Building costs 26,122 4,980 29,509 26,256 514 24,643 4,680 28,791 87,381 58,114 19
The Maurice & Hilda Laing Charitable Trust - A Registered Charitv NOTES TO THE FINANCIAL STATEMENTS as at 31 December 2024 13. UNRESTRICTED FUNDS Expendable Endowment Income Total 2024 2024 Unrestricted funds comprise the following.. Investments Cash 24.792,490 807,092 129,5091 1462,7741 24,792,490 402,190 187,3811 1404,9021 157,8721 462,774 Creditors Transfer between funds 25,107,299 25.107.299 Expendable Endowment Income Total 2023 2023 Unrestrlcted funds comprise the following.. Investments 24,194.456 24,194,456 113,144 158,1141 Cash 370,623 128,7911 1286,8021 1257,4791 129,3231 286,802 Creditors Transfer between funds 24,249.486 24,249,486 The transfers between funds represent the excesses of expenditure over Income during the years. 14. RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 20Z3 Net movement in funds las per the Statement of Financial Activltlesl IGainsl/losses on investments shown in investing activltles Deduct Investment income shown in investlng activitles Ilncreaselldecrease In debtors Increaselldecreasel In creditors 857.813 11,452,599) 1725.1821 453,356 1855.8461 1752,4021 29,267 110.0121 Net cash used in operating actSvities 11.290,7011 11,164,904) 20