Registered number. 05774260 Charity number: 1117330 THE LAUREL TRUST (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
THE LAUREL TRUST IA company limited by guarantee) CONTENTS Page Reference and administratlve detall$ of the Charity? Its Trustees and advisers Trustees. report Independent examlnerfs report 10 Statement of financial actlvStie$ Balance sheet 12-13 Notes to the financlal statements 14-27
THE LAUREL TRUST {A company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021 Trustees W Goddard, Chair R Durban, Trustee Dame P Collarbone. Trustee R Greenhalgh, Truste8 M Slaricoff. Trustee S Albone, Trustee P Bull. Trustee D Jharnat, Trustee Company registered number 05774260 Charity registered number 1117330 Registered office CIO Stone King Boundary House 91 Charterhouse Street London EC1M 6HR Company secretary Stone King LLP {unlil 13 September 20211 Accountants and Independent Examiner MHA Maclntyre Hudson Chartered Accounlanls Victoria Court 17-21 Ashford Road Maidslone Kent ME14 5DA Bankers Charities Alcl Foundation Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Ston& King LLP Boundary House 91 Charterhouse Street London ECIM 6HR Consultant dlroctor M Roger Page 1
THE LAUREL TRUST (A company limited by guaranteel TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2021 The Trustees present their annual report together with the financial statements of Charity for the 1 August 2020 to 31 July 2021. The annual fftport serves the purposes of both a Trustees, report and a D1reclors' report undei Company law. The Trustees Gonfirm that the Annual port and financial statements of the charitablg company comply with the current statutory qUIrements, the requirements of the charitable companrfs goveming document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 20191. Sincè thg Charity qualifies 8$ small under section 382 of th8 Companies Aot 2006, the Slr818gic roport required of medium and large companies under the Companies Act 2006 Islralegic Report and Direclors, ReFX)rtI Regulations 2013 has been omitted. As a result of the ending of govemmenl grants for rIOnal and national providers lo train teachers for leadership in education the Iruslees made the strategic decision in July 2016 that lo continue to take forwarcl the charitae purpose of the advanmnt of education il was necessary to change the operationaj methodology and the name of the charity 11 was decided lo adopt the name the Laurel Trust and this was formally enacted on 3 October 2016 when the change of name was registerecl with Companies House and the Charity Commission. The operational methodology was changed from training provision for leadership in education lo ch8rilalJe grant making. This new strategy was selected on the basis of the need In schools and olhei educational providers lo support practical action fftsearch in ordèr to promote school irnprovemenl and educational achievement in multiply deprived communities through partnerships in educab.on for children up lo 11 years old, including provision for the earty years and speoal educats'onal needs and disability ISENDI. Oblectlves and activities a. Policies and objectlves The chanlable objects of the Trust are "the advancement of educab"on. in particular Iwilhoul prejudice lo the generalilyl by promoting, improving and developing educational leadership in schools, local education authorities and other organisalions sijpporting or providing education regionally, nationally and intemalionalll, lexlract from the objects in the Articles of Association 20161. In setting objectives and planning for aclivilies, the Trustees have given due consideration to general guidance published Oy tme Charity Commission relating to public tsenefil, Inclutsing the guidance 'Putslic tjenefit.. running a Charity IPB21' b. Strategies for achlevlng objectlves The Trustees have adopted the strategy of grsnl making lolalling up lo £250.000 per 8nnum lo support 8clion research projects lo Improve schools 8nd raise achievement. To ensure seale and wide application the res8arch projects are carried out by collaborative partnerships of schools and other e(tucalion81 providers serving children up to 11 years old, notably those living in multiply deprived CDmmunilies. Local malch funding including professional staff time inc8$eS the resourcing of research projects enabffng wider dissemination of outcomes and enhanced impact on education for the public benefit. Page 2
THE LAUREL TRUST {A ¢ompany Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Objectives and actlvllies (continued) c. Activities undertaken to achieve oblectives Following a rewew of The Laurel Trust activities which was completed in 2020. and a further interim review in 2021, the Trustees focused on their application and selection processes. and their subsequent partnerships with schools. on ensuring that there was a greater emphasis on.. the impact on Children's progress and well-being, on suslainabilily and on school improvement more widely. Because of Covid 19 and ils aftermath another central feature of our work with schools was an increased emphasis on children's mental health and well-being. During Ihp year 2020-21 the 6 schools in CDhort 3 supported over 80 schools 2nd were partnered by univer5itieslHEls. Speech and Language Therapists, Educational Psychologists, Maths Hubs and Teaching and Research Schools. This Cohort wa5 awarded grants tolalling £154,325 in 2019-20. The research projects of these schools were b2dly affected by the national lockdowns and tiered lockdown5. 11 was an extremely challenging and disruptive year for all schools, bul especially those in areas of disadvantage and hardship. Our schools in the North and Midlands were closed or had partial allendance 2nd acute staffing problems for prolonged periocls of lime. As a result. the Trustees have adopted a degree of flexibility around Completion dales and have extended these where appropriate. Two of the Lead Schools, which were advanced in their research, completed In 2020 and the remaining four schcK)Is reVed support from Trustees and the ConsuY(anl Director and are now on track to complete their projects. In 2020-21 the Trustees were anxious lo support schools and the children badly hit by Covid 19 and an additional round of applications resulted in 9 successful applications involving over 100 schools and their supportive partner organisalions which inc1ud8d.' universilieslHEls. local authorities. specialist 2nd caring agencies, NHS, school nurses, and a hospilal school. Each of these applications was based on a collaboration and each coll8bofftlion is commilled lo the longevity of its project through sustainability and widespread dissemination so that their work is beneficial lo the widest possible number of schools, education, and heaSlh partners. These Cohort 4 schools afft receiving grants lol81ling £241.620. All rèsearch proi8Cts aro monitorad and supportad by 18rmly visits by tho Trustges and Consultant Director. regular contact. and a help11ne. A further small recruilrnent round look place in November 2021 to ameliorate the 8dverse effects of Covid 19 on children's progress. health and we11- being and lo give support lo schools again in areas of disadvantage and challenge. 3 Lead Schools were successful on behalf of their collaborations - representing over 20 schods. Grants were awarded lolalling £84,500. These schools will complete their research in 2023. Page 3
THE LAUREL TRUST {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Objectlves and actlvltles {continuedl d. Main artivities undertaken to further the Charity's purposes for ttEe public benefit The year 2020-21 w8s an extremely difficult one for the schools supported by The Laurel Trust. National and Regional lockdowns and prolonged pupil and staff absences hindered their research. However, the Trustees conlirm that to the best of their ability they continued lo support Schools and despite the severe constraints They have exercised their duties and have therefore complied with their dLJty to have due regard lo the 'Aclw"gv&m8nt of Education for Public Banelit, published by Charity Commission. Their main activities were promoting and supporting school improvement in a wide range of schools nationally and thereby supporting school improverNent and pupil progress. achievement. and well-being in 180 primary arKI special schools and settings and in early years, provision. The results ol the research have been. and will continue lo be, shared with local networks and collaborations. In addition, they will be disseminated both regionally and nationally so that the max1murn number of school5 and localities benefit. In this way the Trust contributes lo school improvement and perfomiance and lo potentially reaching and giving benefit 500.000 children and teachers. In 2020-21 wider partnerships have continued to be formed wilh NHS, Local Authorities, spe¢ialisl, and caring agencies lo support children's mental health and well-being and aid their catch-up. Achlevements and performance a. Main achievements of the Charlty In Aprill May 2020 advertisements were placed in the education press and infomialion was sent lo Local ALJthorits"es and Regional School Commissioners in the targeted areas which were all i(tenlified as areas of high deprivation Because of Covid it was impossible lo interview the collabor21ions that showed potential or to hold our customary induction conference so clarification meetings were held by Zoomtteams lo ascertain the strength and readiness of collaboration which showed promise 12 Lead Schools were interviewed by the Trustees and 9 were SUCssful., they became our Cohort 4 schools with the 9 Lead Schools having 100 partner schools and a range of health and other educational partners. The schools were awarded grants totalling over £154k. Each of these research projects is given an assigned Trustee who, along with the Consultant Director, give5 SUPPOrt lo the Lead School and monitors the progress, quality and outcomes of the pioiecl and ensures that The Laurel Trust funding Is spent judiciously and gives value for money. Theii particular focus. as the research evolved, was on ils impact on children's progress and achievement, staff development and increased knowledge and skill, and wider school improvement. Each Lead School wrote a terrnly report which detailed both the challenges and the successes during that term. Every prDject has a slruclured profession81 development for leaderslleachers. This is a requirement so that they are able to enhan their conlidence, knowledge, skills and capabilities and lo extend their repertoire of teaching strategies so that teachers are beller able lo support children s learning. In the most challenging of years lo date, All schools retained their commitment lo complete thair research and through il facilitate sehool improvement and better outcomes for the children and their f8milieslcommunilies. The production of a regular newsletter Update containing research, articles and those of regional and national interest has kept The Laurel Trust in touch with its schools as has a helpline for schools needed guidance and 5UPPQrt. Upclale has also L>een sent to Local Authorities and Regional School Commlssioners IRSCS) to keep them abreast of the developmènts in their locality. The Laurd Tnjsl is slrenglhening its partnerships with Local Authorities and with Universities and HEIS. During 2020-21 the Trustees revised, stngthened and renewed their Policies especially those around safeguarding children and they now have a knowledgeable nomin2ted safeguarding Trustee and a range of Policies relating to children's safely, security and well-being. Other liCIeS were also reviewad 2nd strengthened lo ensure that the Trustees complied with their legal duts"es. Significant lime was spent in Page 4
THE LAUREL TRUST IA company Ilmlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Achievements and performance {contlnuedl viewing, risk assessment and probilylvalue for money. Safeguarding, risk 8ssessment and finanaal monitoring are standing items on the monthly agendas. b. Key perfomiance indicators In the period 2020-21 and just after. the Trustees allocated £241,620 12019-20 £154,325) to 9 12019-20. 61 collaborative projects each headed by a Lead School. The 9 collaborat.ons involved over 100 schools and a wide range of education and health partners 12019-20 6 collaborations, over 80 schools). The Trustees also continued to support four schools whose research had been heavily disrupted by Covid and werè re-engaging with their projects and ulilising the secoThl half of their funcling. Of those schools with dissemination grants totalling £1T,350, 2 Lead Schools have completed their iSseM1na1l0n activities and 4 are contlnuing to publicise their research lo the benefit of the school-led system. During 2020-21 total reseTves reduced by £60,159 from £2,840.536 10 £2.780,377 12019-20 redUd by £175.068 from £3,015,604 10 £2,840,536} with £299,38212019-20 £246,305) expended on charitable activities ancj income of £66,65012019-20 £65,419) made up from income from investments and interest paid on deposit accounts. c. Review of activities All schools newly engaged in research or those remaining from earlier projects reIVed lermly reviewlmoniloring visits from the Trustees and Consultant Director. The Trustees also received a term1y report from each school showing the activities and Impact for that term The research projects all demonstrated positive impact which was linked lo School Developmenlllmprovement Plans and reflected the school and often the r8gion21 priorities. Evidence suggested that completion of the current projects will result in improved progress. achievement. and well-being for the children. The projects increasingly showed benefit for their communities reflecting the gie8ter involvement of parenlslcafftrs, the local authorities and special agencies such as the NHS. All these partnership and school ath"vilies have shown positive, and sometimes, outstanding results. This year 8 focus has been on enabling and facilitation research projects which help children catch up, make ac¢&l8rated progress, and support th&r well-being 8nd mental health following prolonged periods of Covid and the adverse effects on the education sector Positive outcomes have also been seen in the professional development of teachers and leaders with increased knowledge. skills, confidencè, and capability. This has been particularly so whefft they have increased their knowledge and skills base by working with agencies like the NHS. Family Support Workers, Speech and Language Therapists and EdutIOnal Psychologists. This will en8ble sustain8bilily and dissemination acb"vilies and longevity both within and beyond partiapating schools bringing wider engagement and improvement. All schools and providers who Worked on earlier projects have received positive Extemal Evaluations from universities, HEIS or National Research Schools. These evaluation reports have cited the support, engagement and partnership with the Trustees and Consultant Director and have shown that their on-going support and visible commitment to the schooSs is highly valued. The schools now hold empirical evidence on school improvement and children's learning. This evidence has been used to improve the Trust's practice and the Trustees a committed to a det8ile(¥ annual rewew and to conh'nuous improvement. In 2020-21 the pandemic continued to have a signilicant impact on our ability lo visit some schools and to conduct face-to-face meelings. However, regular review meetings and the practice of lermly Orting continued effective through a mixture of face-lo-face meetings and Zoomtfeams, meetings. Each month the Consultant Director reports lo the Board of Trustees and provides an update of the schools, circumstances and progress. If barriers and hindrances have occurred these are discussed with the Board and ways of ameliorating or overcoming these are explor8d. The Board adopts a solution finding approach whilst maintaining thg necessary rigour. All Current projects show high levels of enthusiasm and, where there have been clifficullies, an increased commitment lo complete and sustain their researeh. Page 5
THE LAUREL TRUST IA company Ilmlted by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Achievement5 and perfomiance {continuedl d. Investment poli¢y and perfomi&nce Noting the modest interest of under £3K paid from the Scoth"sh Widows Deposit Account in 2017-18 and the sale of the Sillingboume property. also in 2017-18, adding over £1.25M lo the cash resetves. tre Trustees mitled the company secretary to research altemabve inveslmenls, including &quilies and bonds which could be managed by an "Investment Expert" firm in line with the powers in the Articles of Associ8ts"on and charity law. This review was to b& completed by the Autumn 2018 when tho secrglary was remitted lo make recommendations lo the Trustees on the future Investment Policy. In May 2019, £2.7M was invested with Tilney with instructions lo invest in a portfolio appropriate for an investor with a five-year time horizon or more, who is comfortable with moderate Volatility of returr7s and having typically up lo 60010 of their porrfolio in equities, and who Is able lo lolerale a loss of up lo 15°/o of the value of their portfolio in any one year. This percentage Ioss 15 based on what one might reasonably expect in any one year 950/9 of the lime. or 19 years out of 20, and so there may be occasions when the percentage fall is greater than the 15¥0 loss slated. Al 31 July 2021, the investment portfolio was valued al £3,002,40112020'. £2,863,182). Financlal review a. Golng concern After making appropriale enquiries. the Trustees have a reasonable expectation that the Charity has 8clequale resources to continue in operational oxislence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves pollcy Throughout the financial year the Trustees regularfy reviewed the healthy nel assets lolalling £2,780,377 on 31 July 2021 1£2,840.536 on 31 July 20201 They resolved lo wnlinue with the long-lerm serveS policy of combining high levels of reserves with cautious application lo new grant making developments budgeted al up 10 £250,000 per annurn In order lo safegLJard ch8nlable assets and mairilain financial stability during the ongoing period of government policy changes in education including auslerily cuts. c. Financial rlsk management obJectlves an(1 pollcles During the past year the Trustees continued lo carefully monitor the associated financial risks and under their duty of prudence maintained their cautious reserves policy subject to the above vieW of the reserves invoslment policy. d. Principal funding With the ending of government grants from the Department for Education in 2fY16 the Trust relies upon investment income lo maintain reasonable reserves. In future years there will be a possibility of approaching other charitable trusts supporting research in education On the Trust has produced publications and disseminated research project findings nationwide and has a track record for quality high impact research in prirnary educabon. Page 6
THE LAUREL TRUST {A company limited by guarantee) TRUSTEES. REPORT(CONTINUED) FOR THE YEAR ENDED 31 JULY 2021 Structure. governance and management a. Constitution Conslitulionally the Lau1 Trust (previously SELTI 1$ 8 registered charity number 1117330 and company limited by guarantee number 05774260 to advance education based on Articles of Association first registered in 2006 and last amended with the change of name in 2016. b. Methods of appolntment or electlon of Trustees The Trust is governed by a mulli-skilled and diverse Board of Trustees and new Iruslees are cruited through the educational networks developed by the Trust Including schools, lo1 and diocesan education authorities and universities together with commissioning Trustees Unlimited as a sp&cialisl trustee recruitment agency. Trustees are appointed and co-opted on a voluntary basis. All new trustees are inducted by the company sectary on their legal duties and responsibilities of trusteeship using Charity Cbmmission Guidance an literature published by the Trust's solicitors BWB and Stone King. In addition, the company secretary has introduced the NCVO Best 8ehaviour Code, which has been adopted by the Board 8nd all trustees are required lo sign the code and complete the declaration of interests, which is updated annually. Thè company secretary and the Trust's solicitors ensure that Trustees act in accordance with their legal obligab"ons, corporate governance principles and guidance from the Charity Commission and other organisations in the charity sector including NCVO. DSC and ACEVO. In 2019 three new Trustees were appointed lo the Board of Trustees after a rigorous recruilmenl and selection procedure. They have brought additional expertise and greater diversity. c. Oryanlsatlonal structure and declsion-making policies The management of the charity is the responsibility of the Trustees who are appointed and co-opted under the term5 of thè Articles of Association. Support for and evaluation of the resèarch projects Is undortaken by Trustees on a voluntary t)asis in association with consullanls Ib&lowl and in futu years independent evaluation exercises and reports will be undertaken. d. Related party relationshlps Tho truslaBs have taken Isgal advica on this and for tho futura tho tru51 has adoptgd and will consislgnlly apply a bespoke management policy written by the specialist charity department al BW8 Inow al Stone King) which encompasses the duly to avoid conflict of interest. full declamlions and where necessary provisions for the proper management of 811 incidences of conflict of interest and loyally to ensure that board decisions are reasonable, prudent, independent and objective, including those for the allocation of grants. e. Consultants as Advisors The charity currently has no employees. These have been replaced by a free-lance Consultant Director lo whom the educalionlschools work is outsourced and who works part-lime. The llmer Company Secretary whose role was to oversee the governance and finance of Trust left in 2019. These functions are now carried out by Stone King Solicitors supported by the Chair of Trustees. A designaled Stone King soliator attends all Trustee meetings and provides ongoing legal advi. P2ge 7
THE LAUREL TRUST IA company limlted by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Plans for future periods The Trustees plan lo support the completion of research of all current research projects those hil by Covid and those new ones recruilecl post- Covid lo support schools and children in redressing tho adverse effects of Covid on children's leaming, progress, well-being and mental health. For many children the has been a significant loss of confidence and a huge impact on their learning and expected progress. Their panIs, carers, teachers and their communities have also been under immense strain. This is particularly so in areas of hardship. The Laurel Trust believe5 that the continued grant funding will enable schools lo engage in creative projects lo countgracl som8 of thase difficulties. 11 has alrèady seen avidence, through its projects, of gains In children's reading, mentsl health and well-being. The Laurel Trust is therefore deeply comrllitted to the compleb.on of this work with culmination in a publication and hopefully, if conditions allow, a celebratory conference. A further round of ¢rUItMent will take place in 2022123. The Laurel Trust has been approached by the Institute of Education IIOEI, which has been Commissioned by the Department of Education to write the new National Qua11ficalions for Leaders at all levels. The IOE have requested pernission to use 3 highly successful Laurel Trust research case stOdies in the new National Qualifications lo illustrate good prad'¢e In Autism, Family Links and learning and well-being. The IOE is the mostly highly rated provider of education research in the worfd and are part of University College London {UCL), also rated world-class. Overall plans include the continued enhancement of the website and other conduits for local, national and regional dissemin81ion so that the maximum number of schools, children, families and ¢ommunilias benefit from our research with schools. The Laurel Trust is ambitious lo have the widest possible reach and engagement sulling from ils work and lo engage the highest possible number of primary schocls, special and nursery schoo151setb.ng especially those disadvantaged communities facing poverty and challenge. To increase the capacity, skills and diversity of the Board of Trustees another round of Trustee recrurtmenl has been started and will be completed later this year. Statement of Trustees. responslbllltles The Trustees Iwho are also the directors of the Charity for purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GeneraSly Accepted Accounting Pmcticel. Company law requires the Trustees to prepare financial slalemenls for each financial . Under company law, the Trustees musl not approve the financial statements unless they a satisfied that they give 8 true and fair view of the slate of 8ffairs of the Charity and of ils incoming resources and application of resources, including ils Irome and expenditure, for that period. In preparing these f1nancia stslemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently.. observe the methods 2nd principles of the Charities SORP IFRS 102),. make judgements and accounting eslimales that are aSOnable and prudent", stale whether applicable UK Accounting Siandards IFRS 1021 have been followed. subject lo any materI21 dep8rtures disclosed and explained in the financial slalemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensure that the financia1 statements comply with the Companies Ael 2006. They aro also responsible for safeguarcling the assets of the Charity and hence for taking reasonable steps for the prevenb.on and deteth.on of fraud and other irregularities. Page 8
THE LAUREL TRUST IA company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Awroved by order of the members of the tK)ard of Trustees and signed on their behalf by.. W Goddard Dale.. JttfyL22. Page 9
THE LAUREL TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2021 Sndependent examlnels report lo the Trustees of The Laurel Trust {'the Charty.) I report lo the charity Trustees on my examination of the accounts of the Ch8rity for the year ended 31 July 2021. Responsibllltles and basis of report As the Trustees of the Charity land ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the qUIrementS of the Companies Act 20061.the 20(E Acl'l. Having satisfied myself that the accounts of the Charily are not required lo be audited under Part 16 of the 2006 Ael and a eligible for independent examination. l port in respect of my examination of the Charity's 2ccount5 caffied out under section 145 of the Ch8rilies Act 2011 I'lhe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have come to my attention in Connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Ael., or the 8ecounls do not accord with those records.. or the accounts do not comply with the accounting requirements of section 396 of the 20( Act other than any requirement that the 8ccounts give a 'lTue and fair, view which is not a matter considered as part of an indep8ndenl examination,. or the accounts have not been prepared in accordance with the method5 and principles of the Statement of Recommended Practice for accounting and porting by charities applicable to charities pparIng their accounts in aCCDrdance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order 10 enable a propel understanding of the accoynls to be reached. This report is made solely to the Charity's Trustees, as a body, ln accordan with Part 4 of the Charities {Accounls and Report51 Regulations 2008 My work has been undertaken so that I might state to the Charity's Trustees those matters l am required lo slate lo them in an Independent ex8mineff s report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than thec rily and the Charity's Trustees as a body. for my work or for this reEx)rt. Dated. 26 April 2022 Duncan Cochrane-Dyel Bsc BFP FCA MHA Maclntyre Hudson Chartored Accountants Maidstone Unitecl Kingdom Page 10
THE LAUREL TRUST IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2021 Unrestricted funds 2021 Total funds 2021 Total funds 2020 Note Income from: Investments 65.650 65,650 65,419 25 Other income Total income 65,6S0 65,650 65.444 Expenditure on: Raislng funds Chantable activrties 20,531 299,382 20.531 . 299,382 19,669 246,305 Total expenditure 319.913 319.913 265,974 Net expendlture before net galns on investments Nel gains on Investment5 {254,2631 194.104 (254,263) 194.104 1200.5301 25,462 Net movement in funds 160,1591 160,159) 1175,0681 Reconciliation of funds: Total funds brought forward N81 movement in funds 2,840.536 160,1591 2,840,536 160,1591 3,015.604 1175,C681 Total funds carrled forward 2,780.377 2,780,377 2,840.536 The Slalemenl of financial activities includes all gains and losses cOgnised in the year. The notes on pages 14 to 27 form part of these financial statements. Page11
THE LAUREL TRUST IA company limited by guarantee) REGISTERED NUMBER: 05774260 BALANCE SHEET AS AT 31 JULY 2021 2021 2020 Note Fixed assets Investments 12 3,002,401 2,863, 182 3.002,401 2.863,182 Current assets Debtors 13 247 49,156 226 97.238 Cash at bank and in hand 49,403 97,464 Creditors.. amounts falling due within one year 14 {271.4271 1120.1101 Net current liabilitles 1222.0241 122.6461 Total assets less current1Sablllties 2,780,377 2,840,536 Net assets excludlng pension asset 2,780,377 2,840.536 Total net assets 2,780,377 2.840,536 CharÉty funds Reslricled funds 16 Unreslricled funds 16 2,780.377 2,840,536 Total funds 2,780,377 2,840,536 Page 12
THE LAUREL TRUST {A company limited by guarantee) REGISTERED NUMBER: 05774260 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2021 The Charity was enliued lo exemption from audit under sgclion 477 of the Companies Act 2006. The members have not required the company lo obtain an audrt for the year in quesb'on in accordance with section 476 of Companies Act 2006. The Trugt8ès acknowledge Ih&r responsibilities for complying with the reqtjirèments of the Act with reSCt to accounting records and preparation of financial slalemenls. The financial slalemenls have been prepared in accordan with the provisions applicable to entities subject lo the small companies fftgime. The fi atemenls were approved and authorised for issue by the Trustees and signed on their behalf by.. W Goddard R Durban Date.. 32- fv ali The notes on pages 14 10 27 form part of these tinancial slalements. Page 13
THE LAUREL TRiJST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 General Informa0 The Charity is a private company limited by gtJ2rantee. The members of the company are the Trustees named on page 1. In the event of the Charity t>eing wound up. the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is clo Stone King. Boundary House, 91 Charterhouse Street, Lonclon. EC1 M 6HR. The financi81 statements are pfftsenled in sterling which is the ftJnclion81 currency of the charity and are rounded to the nearest pound. The nature of the charity's operations and principal activities are "the advancement of education, in particular Iwilhout prejudice lo the generality) by promoting, improving and developing educational leadership in schools, local education authorities and other organisations supporting or providing education regionally, nationally and Inlern81ionally° (extract from the objects In the Articles of Associatio 20161. Accountlng policies 11 Basis of preparatlon of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Rewmmended Practice applicable lo charities preparing their accounts in accord8noe with the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 201M. The Laurel Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni5ed at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 12 Going concern There are no material uncertainties affecting the Charity's ability lo continue and the Trustees have reasonable expectation Ihal the Charity has adequate resources lo continue in operational existence for the forseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial statements. 2.3 Income All income is recognised once the Charity has ents'tlement lo the income, il is probabSe that tho income will t)e received and the amount of income CeiVable can be measured lIablY. Income lax recoverable in latiOn lo investment income is recognised al the lime the investment income is rec6tvabl&. Other income is recognised in the period in which il is receivable and lo the exlenl the goods have been provided or on completion of the service. Page 14
THE LAUREL TRUST IA ¢ompany limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accountlng policies Icontlnued) 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit lo a third party, il is probable that a transfer of economic benefits will be required in selllemenl 2nd the amount of the oL)ligalion can be measured reliably. Expenditure is classsfied by aclimly. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable lo a single activity 2re allocated direelly lo that aclivily. Shared costs which contribute lo more than one activity an¢Y support costs which are not attributable lo a single actiwty are apportioned between those actiwlies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes 811 expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable Ir8ding. Expenditure on charitable activities is incurr6d on dir8¢tly undertaking the activities which further the Charity's objeth"ves, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfi1Sed. Grants offered subject lo conditions which have not been mel al the year end are notecl as a commitment, bul not accrued as expenditure. All expenditure is indusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured r8li8bly by th8 Charity,. this is normally upon notification of the intarosl paid or payable by tha inslituty'on with whom the funds are deposited. 2.6 Investments Fixed a5sel investments are a fom of financial instrument and are initially recognised al their trans8clion cost and subsequently measured at fair value al the Balance sheet dale, unless the value cannot be measured reliably in which case il is measured al Cost less impaimenl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLossesl on Inveslmenls. in the Slalemenl of financial aclivilies. 2.7 Debtors Trade and other debtors are cogniSed al tha setllem8nt amount after any trade discount offerad. Prepayments are valued al the amount prepaid net of any trade discounts due 2.8 Cash at.bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from the dale of acquisits.on or opening of the deposit or similar account. Page15
THE LAUREL TRUST IA Company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 A¢counting pollcles {continued) 19 Liabilities and provislons LiÈbililies are recognised when there is an ob11g81ion al the Balance sheet dale as a resLJII of a past event, Il is probable that a transfer of economic benefit will be required In settlement, and the amount of the settlement can be eslimaled lIablY. Liabilities are rs¢ognised at the amount that the Charity anticipates il will pay to settle the debt or the amount il has reiVed as advanced payments for the goods or services it MLJSI provide. Provisions are measured at the best estimate of the amounts Quire(l to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, cliscounled al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activrties as a finance cost. 2.10 Financlal Instruments The Charity only has financial assets and finanual liabilities of a kind that qudify as basic financial instruments. Basic financial instruments are initially recognised 8t transaction value and subsequently measured al their selllemenl value with the exception of bank loans which are subsequenlly measured al amortised cost using the effective interest method. Z11 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in fLJrtherancè of the general objectives of the Charity ancl which have not been designated for other purwses. Designated funds compris6 unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund Is set out in the notes to the finanal slalemenls_ Investment income, gains and losses are allocated lo the appropriate fund. Investment Income Unrestricted funds 2021 Total funds 2021 Income from listed investments Bank Interest 65,646 65,646 65,650 65.650 Page 16
THE LAVREL TRUST {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Investment Income Icontlnuedl Unrestrictecl funds 2020 Total funds 2020 Income from listed investments B8nk interest 65,157 262 65,157 262 65.419 65,419 Other Incoming resources Total funds 2021 Old balance returned from previous solicitors Unrestricted funds 2020 Total funds 2020 Old balance relumed from previous solicitors 25 25 Investment management costs Unrestricted funds 2021 Total funds 2021 Investment management fees Investment miscellaneous charges 20.459 72 20,459 72 Total 2021 20,531 20,531 Page 17
THE LAUREL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Investment management costs Icontinuedl Unreslricled funds 2020 Total funds 2020 Investment management fees 19,669 19,669 Analysis of grants Grants to intitutions 2021 2021 Total funds 2021 Grants payaL)le 224,720 224.720 Grants to Inslilulions 2020 Total funds 2020 Grants payable 171,675 171,675 Page 18
THE LAUREL TRUST {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysis of grants Icontinuedl The Charity has made the following material grants lo institutions during the year.. 2021 2020 Name of Institution Grafton Primary School Courthouse Green Primary School The Dales Teaching SchcK)l Alliance School 21 Sl Catherine's Catholic Primary School (Hallam) Clarendon Road Kingswood Primary School re Gipsy Hill Federation and TSA Owler Brook Primary School and Locality in partnership with the NHS Patkl8nd Primary School re Discovery Schools Ac8demy Trust Devon County Council r8 South Wesl Specialist TSA Communilas Education Trust IMATI Brixton Leaming Co-OP8ralive and primary schools in the Windmill Cluster St Johns C8ludon Castle 34.000 33,750 34,000 24,970 25,000 40,000 20,000 28,000 18,825 40.500 27.000 20.000 15,900 14,600 New grants awarded in yoar Other grants ID institutions- dissemination grants 222,220 154.325 2,500 17,350 Total Grants 224,720 171,675 A Tr additional grant of É19.400 was awardad lo Cubitt Town just aftar thg yaar 8nd maktng total grants of £241.620 for Cohort 4. Analysis of expendtture on charitsble actlvltles Summary by fund type Unrestricted funds 2021 Total funds 2021 Grant making activities 299,382 299,382 Page 19
THE LAUREL TRUST IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analys15 of expenditure on charitable activities leontinuedl Summary by fund type leontinued) Unreslricled funds 2020 Total funds 2020 Grant making acliwlies 246,305 246.305 Analysls of expenditure by actlvities Grant funding of activitles 2021 Support costs 2021 Total funds 2021 Grant making 8clivilies 224.720 74.662 299,382 Activities undert8ken directly 2020 Grant funding of activities 2020 Support costs Total funds 2020 2020 Grant making activities 1,563 171,675 73.067 246.305 Analysis of direct costs Grant making actiVSties 2021 Total funds 2021 Venues Page 20
THE LAUREL TRUST {A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysis of expenditure by a¢tivities {continuedl Analysis of direct costs Icontinuedl Grant making activities 2020 Total funds 2020 Venues 1,563 1,563 Analysls of support Costs Grant making activities 2021 Totsl funds 2021 Travel and subsistence Printing, postsge and stationery Other expenses Tr2ining Rent and rates Computer supplies and charges Bank charges Legal and professional Marketing Other accountancy fees 45 6,090 35 45 6,090 35 23 23 3.052 201 86 3.052 201 47,082 6,502 11,546 47.082 6,502 11.546 74,662 74,662 During the year ended 31 July 2021, the Charity incurred the following Govemance costs.. £4,720 12020." £4,650) included within Ihe table above in respect of the independent ex8mination of the Charity's annual accounts. Page 21
THE LAUREL TRUST IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysis of expendlture by activities l¢ontinuedl Analysis of support costs (continued) Grant making aclivilie5 Total funds 2020 2020 Travel and subsislen Printing, postage and stationery Other expenses Training Ronl and rates Computer supplies and charges Bank charges Legal and professional Marketing Other accountancy fees 3,111 2,829 36 25 3.111 2,829 25 2,856 17 65 2,856 17 65 50,136 2,227 11,765 50,136 2,227 11,765 73,(b7 73,(E7 Independent examlnerfs remuneration 2021 2020 Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable lo the Charitys independent examiner in respect of.. All other services not includod above 4,720 4,650 6,826 7,115 Page 22
THE LAUREL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10. Staff Costs The average number of persons employed by the Charity during the year was as follows.. During th8 y8ar tha Charity had no employees {2020." none) The average number of employees wefft NIL12020.' NIL) During the year, wages and salaries were £NIL12020." £NILI No employees received remuneration amountiro to more than £60,000 in either year. 11. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or oltter banefils12020 - £NILI. During the yaar ended 31 July 2021, travel, subsistence and training expensas totalling £68 were reimbursed lo 1 Truslee12020 - £1,082 to 5 Trustees). 12. Fixed asset investments Other flxed asset Listed investments investments Cash Totsl Cost or valuatlon At l August 2020 Additions Disposals Revaluations Other transfers 2,837,770 115,453 1184,745} 194,104 25,412 236.825 {122.4181 2,863,182 352,278 1307.1631 194.104 {ioo,0001 1100,000) 39,819 Al 31 July 2021 2,962.582 3,002,401 Net book value At31 July2021 2.962,582 39,819 3,002,401 Al 31 July 2020 2,837,770 25,412 2,863, 182 Valuations are provided by the investment managers. Tilney. ancl the listed investments are based on the quoted market price in an a¢live market. Page 23
THE LAUREL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 13. Debtors 2021 2020 Due vAthln one year Prepayments and accrued income 247 226 247 226 14. Credltors: Amounts falllng due within one year 2021 2020 Trade creditors Accruals and deferred income Grants awrued - inslilulional 1,098 10,464 259,865 6,460 12,550 101,100 271,427 120,110 15. Flnancial instruments 2021 2020 Flnanclal assets Financial assets measure0$ 2t fair value through iricome and expenditure 1962,582 2,837,770 Financial assets measured al fair value thrO)h Income and expenditure comprise fixed asset investments. Page 24
THE LAUREL TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 16. Statement of funds Statement of funds - current year Balance at 1 August 2020 Galnsl Balance at {Losses} 31 July 2021 Income Expenditure Unrestrlctsd funds General Funds 2,840,538 85,650 1319,9131 194,104 2,780,377 statement of funds- prior year Balance al l August 2019 Gainsl Balanco at (Losses) 31 July 2020 Income Expenditure Unrestricted funds General Funds 3,015.604 65,444 1265,9741 25.462 2.840,536 Page 25
THE LAUREL TRUST IA Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 17. Summary offunds Summary of funds . cuffent year Balance at 1 August 2020 Gainsl Balance at ILo$sesl 31 July 2021 Income Expendlture Gener81 funds 2,840.536 65,650 {319,9131 194.104 2,780,377 Summary of funds- prfor year Balance al 1 August 2099 Gainsl Balance al {Los5esl 31 July 2020 Incoma Expenditure General funds 3.015,604 65,444 1265,9741 25,462 2.840.536 Page 26
THE LAUREL TRUST {A company limited by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 18. Analysi3 of net assets between fund5 Analysis of net assets between funds - current year Unrestrlcted funds 2021 Total funds 2021 Fixed asset investments Current assets Creditors due within one year 3,(X)2,401 49,403 1271,4271 3,002,401 49,403 1271,4271 Total 2.780.377 1780.377 Analysls of net assets between funds- prlor year Unrestricted funds 2020 Total funds 2020 Fixed asset investments CUrn1 assets Creditors due within one year 2.863. 182 97,464 1120.1101 2,863.182 97.464 1120.1101 2,840,536 Totsl 2,840,536 19. Related party transactlons Induded in legal and professional fees is £20,925 12020.. £23,875) invoiced by M A Roger Associates Limited, a Company with a director, M Roger. who is also a consultsnl director of The Laurel Trust. As al the balance sheet dale £2.00012020.' £1,500) was outstanding and included in creditors. Also during the year M Roger was paid travel and subsistence payments amounting lo £nil12020." £1,587). Includsd in Iggal and professional f8as is Énil (2020.. £7,405) invoicad by IPCEP Limitad, a company with a director, I Pearce, who was the company secretary of The Laurel Trust unty 7 March 2020. As at the balance sheet dale £nil12020.' £3.5111 was outstanding and included in ¢dItorS. Induded in legal and professional fees is 2,144(2D2O.' £13,844) invoiced by Stone King LLP, which has been the company secretary of The Laurel Trust since 27 Marth 2020. As at the balance sheet date £2,20412020'. £2.7341 was oulslanding and included in creditors. Page 27