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 r￿IOnal 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
charita￿e purpose of the advan￿m￿nt 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 inc￿8$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 th￿e 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 re￿Ved 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 SUC￿ssful., 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, st￿ngthened 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 redU￿d 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 re￿IVed 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 Edu￿tIOnal 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 Lau￿1 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, lo￿1 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
sec￿tary 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 pa￿nIs, 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
Ir￿ome 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 p￿parIng 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 reS￿Ct 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 Informa￿0￿
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 re￿iVed 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 finan￿al
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
CUr￿n1 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