Registered number.. 05774260 Charity number= 1117330 THE LAUREL TRUST (A company limlted by guarantee) VNAUDITED TRUSTEES. REPOR T AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 THE LAUREL TRUST IA company limTled by guarantetl CONTENTS Page Ralarance and administr*i¥• d•talls ol tt￿ Charlty. tts Trnstees and adv15eis TfU$tèos' r•port 3-10 Indtpenilent eXan￿￿e￿5 rnport 11 Statem?nt of flnAnclal actlvltles 12 Balance sh•et 13-14 Notes to th• financlal 8tatements 15.27 THE LAUREL TRUST IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENttED 31 JULY202Z Yrnstees W Gothjard, Chai R Durban. Trustee Dame P collarb￿e. Trustee R Greenha￿h, Tnjsiee M Stancoff. Trustee Abone, Truslee P Bull. Trusiee D Jhamal. Trustee Dr D MePhal. Trust•• (ap&￿19￿ 13 July 2022) A Mohan. Twstee lappointed 13 July X1221 T Thurogood-Hyde Trustee18r4)ointed 13 July 20221 Tiplin, Trustee iaFpoin18d 13 July 20221 Company reglstgred numb•r 05774￿0 Ch8rtty reglstered number 1117330 RÈgl8t•r•d offlc¢ CL* St¢Th lfjrKJ Btyjndary Pbuse 91 ChartothoL159 Street London ECIM 6HR Company s•¢r•tary SIcffj81(mg LLP I￿$19ne(1l3 Seplember 20211 Ind•p•nd•nt Ex•mln•r CKJnun C¢xhr*n•-Dy•t 8Se 8FP Ff MHA Victoria Court 17-21 Ashford Road Mai¢Jsto Kent ME1450A Bankerg Charrties AKI Fourxlation Bank 25 Kir¥Js 1411 A¥e¢ 'r￿S Hill Wesl Maifing Keni ME19 4JQ Sollcitors stw Trfj"ng LLP BMdary H¢xtse 91 Ch8rterhoLLse Street London EC1M 6HR Consultaftt d*r•ctor MRog Page I THE LAUREL TRUST IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARtTY, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Investment managèrs Evelyn Partners 45 Gresham Stre8t Lt)ndon EC2V 7BG Page 2 THE LAUREL TRUST {A company limited by guarantse) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2022 The Trustees present their annual report Ic¢3ether with the financpl statements of The Lau¥¥l Trust for the 1 August 202110 31 Juty 2022. The annual report s&Nes the purposes of boih a Tfusteos, report and a Directots, report under cc¥npany law. The Trustees confirm that the AnnLtal report 8nd fjnancial statements of the charitable company c￿npty vhth the current stalulory require￿nts. the requiremelts of the charrtable Company's governing do¢urnent and the prowstons of the Slalemenl of Re¢(xnmended Practi￿ ISORPI applicable lo char+ties preparing their accounts in accordance with Fina￿la1 Rewrts'ng Standard applirabte in the UK and Rèpublic of Ireland IFRS10?I Ipfft¥JNe 1 Janiiary 20191. Since the Charty qvalifK•S #s small under 8ttthJn 382 of the Compan￿$ Act 20C6, th• Stratogk report requir•d ol medium and large t￿paThies under the Cw)•nEs Act 20(￿ Istrategic Report and Directors. Report) RegUlat￿S 2013 has been omitte4J. AS a resutt of the ending ol government gran1$ for regional and nalh)nal provh*ets lo train teachers for leader$hip in education the trustees made the Strateg￿ d¢¢i$ion in July 2016 that to continue to take fO￿ard the charitable purpose of the advancement ol edu¢ation rt was necessary to ¢hang0 the operational melhodology and the n8me of th• ¢harity. 11 was decided 10 8dopt the name the Laurel Tryst and Ihis was fomally ena¢ted on 3 October 2016 when the change of name was registered vthh Ctynpanies House and the Chorily Commission. Th• ep•rational methodob9y wo9 thongod from tr8inin9 Pro￿$1￿n for thlership in education tg Gharitsble grant making. This new strategy was $eEecled on the basis of the need in sc1￿ls and other ￿ucatiOnal provid8rs to BUPPOrt practical xtion research in ord8f to promole school improvem¢nt and educalKJnal achi8￿ment in multiply deprNed ¢tynmunilies through partnerships in eduCat￿n for children up lo 11 years okl, includlnq proviBion forthe earty yEarg and sp￿101 educational ne&Js and di8abiltty ISENDI. Oblectlveg and actlvltl•s •. P¢N¢l•s and obl•ctJv88 Th8 charitable objects of Ihe Trust a￿ 'the a0￿ar￿ement of edu¢ation, in particular IwrthoLrt prejudice lo the genorolityl by promoting, improwng an<1 developirvJ educational leadeTrhip in schools, bcal education authorities and other Organisations supporting or proV￿1ng •dUcal￿ rtyionalty, nat*)nal￿ and intgm9lTh)a1￿ lextracl from thtr objects in the Articl•$ olA55cKiation 20161. In Setting o*ectNes and pfannlrrfJ for xtiwlies, the Truste•$ have gNen due consideration to 9on¥ral guidance published by the Charily CommissKJn relatiro to Publ￿ ￿nefit, Ind￿￿1ng the guKlanc• 'Publi¢ benefrt.. running ¢h¥rity {PB21'. b. Strnt•gl•J lor *ehl•vlng obl•cl(v The Twstees have adopted strategy of grant making totaiirvj up lo £250.1XIO p8r 8nnum to support action research projects to improve Schools and raise aChIe￿Ment. To ensure scale and wide appli¢ation the research projects are carrred out by collaborative partnerships of schools and other educational providers semng children up lo 71 years ok4. notsbty those Imng in mU￿"pty deprived comm(tnitie$. L(xal match fvnding including professional $laff time increases the resouwn9 of research projects ￿•bkn9 *ryder disseminth'on of outcomes and ènhanced impact on educatb)n for the public benefft. P￿e3 THE LAUREL TRUST IA company Ilmlted by guarante•) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Obl•¢tlv•$ and a¢tfvItI￿ Icontinu•dl c. Activlties undertaken to achigvg obJectfv•s The year 2021-22 was an extremely ¢omplèx one. The Trust awarded £84,500 in grants to supwrt research and innovation. In the pericwj fdlowing thd, xhools wer* IxiThJ continuing and signif￿ant stsff aTvJ pupil absence and a rnullitud8 of inteinal pioblem5 whKIi L4)fT1p1￿1￿1 t1￿ wiiyletion of theii feseatGh. A Gon5Kl*rablts number of s¢h¢ol$ a¢rtsss the country We￿ forced lo hall their re5ear¢h during and in this period. As a resull. schools were al different s¢ages of their resèarth to those inlended. The diswptKffi and challenging condrtion5 Continued through 2021-22 and still exist in the many arèas, especially those in poverty wh•re the recruitsnent and retention of t&achers is problematic. The Trustee5 and ConsU￿ant Director therefore put in pla¢¢ a programme of $lru¢tur•d in¢luding addIt￿nal w￿15, ZooJT(feaffjs meettn9s and a telephone helpline. Dunng this period 16 collaborelions of schcd5 w¢re $upported repfesentsn9 122 $¢hools. The schools extended acr065 Ihroe Intakes. Support was inclusive to their partner organisattrjns. Chiel among thèse wer& the NHS (Speech and Language Therapists, Occupational Therapists. Educational Psychologists, and Local Aulhoriti?sl. The visits and prowsion lof schools ranged from Northurnberfand lo O¢von but the majorty We￿ in the m￿landS region and yo￿$h$re. In this way lh¢ Trusl gave coherent sUPPOrt to ovèr 50 senior Staff In our Lead Schools and their t•ach•rE and Indiroctly to th• •ducation and w•ll.b8ing of hundr•ds ol ehildr•n. Tha Board ol Tru$lees requir(* All Schools to embed their Teseafch, moving rt from ihe ￿Search slagtr Into improved practKe. This ensures long8r-temi impact and conlinuty. In addrtv)n. they require The Lead School and ils partners to disseminate the research and resultant practKe as wKlely as possiN• so that it benefts the maximum number of school5. Dissémination actmties often incI￿￿eS suppth guidan￿ I￿ourceS for schools *ithin9 to Introduc8 similar prtsgfammes. The 8ch¢xJL% in wh￿h the Trv31 has worked in 2021-22 ￿ all in areas of $o¢i¢)-ecot)omic deprfvalion 8nd educational challenge where condrtions havè consi(Jerably worsened since Covid. We ar• witnessing schoo15 having to 8stablish food and clothing ￿nkS #s w¢ll •$ d•aling wth a18gary of loss In educ8tw)nal 8tt8inment and pupils, m¥ntal heatth and wel￿b￿￿j. A5 a resutt of the muKiple drffi¢uttie$ fa¢•d by schc** the Truslees hav& ¥dopl•d a d•gm of flexibility around ccqnptelion dales. Twdve of the collaborations that were schedukd lo finish in 2022 have now completed their research aThJ five are scheduled lo finish In July 2023. (One group ol schools In G05POrt were forced to wtthdraw becaus• of the loss ol the hthitheacher and Severe staffing drfficuttiesl. A small further recrurtmenl in NOv￿b¥1 2021 of 3 colaborath)ns represenb'ng 20 schcds are amongst those COMp￿ting in July 2023. These werè award•d £84,500 in addition lo Ihe Q41.620 awarded earfier to Cohort 4 schools in 202￿21 and earfy 2021-22. Of Ihe Coh¢)rt 4 grants £29.500 of the funding has yel lo be requested bul wll be daime(I b¥ $¢hools shortly. of the thw sd)ocls in the most recent group of $¢hool$ (Cohort 5 - 2021-20231 have ¢laimed 100% of their grant lunding and onè has claimed So.￿ with the rernaining £12,750 to be paid in the surrffier tem 2023 when thty ar8 in the latter stages oftheir fgswch period. Currently the Twstees are in the pr￿sS of invrting Khtrjls to appty for a round of funding of vthich £250.000 will be allocated to support schods. Wh"Isl the recruitsnent is a national one. we are also tar9èting area5 01 severe need where f￿r Sd￿lS have applied. These in¢hNled." lh• North-west, Yorkshire 8nd Humber, East Anglia and the SryJth-We$t. Whilst the Trust has coverage across the o)untry, schools in these areas arg Under-￿pr¢Senlod. Page 4 THE LAUREL TRUST IA company limited by guardnteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022 ObJectiv•s and actlvltl•s Imntlnued) d. Maln •dl¥iti95 undertaken to furth•r th• Charlty'$ purp05e5 torthe publlc ben•fft The year 2021-22 contsnued to be an extren*ty dthculi one for the 8ehoo15 8WOrt&J by The Laur81 Tru81. Natwal and Regh)nal disruption and prokgnged pupil and staff ab$er￿S hindered their re$earth. Howevor, the Tru¥teeg confimi that to the b*st tsl th¢ir abilty they Gontinued to support schooL8 desprtè thè sevtre Gon3traints. They have exercised their duties and have therefore complied ¥￿th thwr duty to hav& duè regard lo the 'Achievement of Education for Pubk Ben&fft' published by the Charity Commission. Th•ir maln activities We￿ promoting and supporting s¢lKd knprovement in a vade range of schools natronal and supporting school improv¢mènl and pupl proaress, achievement, and wdfoeing in 122 Pfimary and special schools and settings at)d in ¢arfy yeais, provi5*Jn. The resurts of th• r•s8ar¢h ¢onlinutr lo be shared with local neknrks and comaborations. In ￿drtiOn, they wll be disseminated both re9ionalty and nalion8lly 80 that th• maximum number ol schools and 1xa1￿.8$ b&nefft. In thi$ way th& Trust contr1t￿leS lo Sch1￿ wnprOven￿nI and perfom8n¢e to polenlialty reaching and 9iwng ￿￿Orrt to SCO,￿0 ¢hikJren and teachers. Aohlovoments •nd porfomi•n . Maln •ehl•v•m•nts of th? CharSty In January 2022 lh￿ furthw ¢ollabornlK>ns of 8choc48 in Devon, Stalford and Sund•rtand w•r• wuStod and have made a positNo start supported by #n alt￿ed Trustee and the Consuttont Dir￿Or. Their research focuses on Some key i$sue$ today.. school readiness, high le￿IS ol abs•nteèism and th• development of language and ¢ommuni¢8tbn Sk1￿ in young chiklren. In 2021-22 hKJh qualty support wa5 given lo the sCh￿IS by ￿1 Tw$tees and Iho Consuttanl Director enabled 940k of $ch¢ds lo continue their research to a h*Jh stsn¢Jard In spite of the eXtre￿ty challenging background n4tiori4lly iii w11￿11 Iliey C(Md urKI Ils I#yilCy In¢lvding 5chuol ckjsures, contlnulng hlgh levels of staff antl pupil absence and financial con$trgint$. menl¥l heafth and anxiety. partiDJktly so in Ihe areas of pov•rty irt which The Laurel Trust works. Of those s¢hool$ 63% fintshed their ￿searCh prc46Cts and èmbgddgd th¢ practice into leaching and leaming. The remaining schcols are scheduled to finish in t￿ summèr. The Tru$1 supports 811 Iheir couabgrations of s¢hools In sustsining and disseminating their prq'•¢ts to •nsure their bngevty. reach and tha engagemerbt of other schools. The Tnjsvs aim is for the iesear¢h and the fesultanl improved pract￿￿ lo benefit the maximum number of schooFs, children and thè4r famil*s. To th￿ end the research has also bean publishod in number of jwmals includirYJ that of thè Brilish Edu¢atK)nat Research Joumal IBERAI. The continued produclion of o nv•V5ktter. UFKJate. hBs betti vahjed by sLIMMJf¥ *rbd othw Part￿rn ¥uch as the NHS and L¢¢al Authorrties. tt keeps us in reguFar contact with schools aThJ their partners. U￿ate has usÈlul fun¢tion in disseminating the research of our schtsjls. ￿rtIn*hI arttckn arKI ￿SearCh ol national or gionol interest. We continue lo offer a t•lephon• h*h'no for s¢htr)ls needing advth and guhlance. The Board ol Trustees Tegularty review thèir p￿￿leS prrfedures to ensu￿ rLJmpliarKe with their legal duties and the Trustees undertook a lom￿[ interim ￿￿eW of ts purpose and Strateg￿ priorities in 2022. Thè rK>minated Safeguarding Lead regulaTty sends NSPCC and related updates on Matte￿ rèlating to ¢hitdien'$ safety, Security 8nd well-being lo all Trustee5 and il i8 a staThJin9 item on the 09enda. ￿1 Trustees undertake the NSPCC training for Trustees ann1jal￿. The risk wister is a150 •xamsned at ea¢h Tfustee5' Meeting and signffKant time is spent in reporting and assessing financial mattw5 and ensuring finanual probrty and value for money. Page 5 THE LAUREL TrUST IA company limited by guarants•) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2022 Achlevements and perfomunc• {contlnuedl . W p•rfom•n¢e Indkatorn In the year 2021-22 the TNstee$ alkxated £84,SlJO to suppm C¢+￿rt S s¢t￿ls. In total it continued to support 16 Lead schools lo conduct and ccffiplete their research. With their partnar Khods th8 iotal number of schcds supwted was 230. Many of the collaboration also had partners including L¢¢al Authtsriti*s S￿￿liSt ￿r¥I¢l$, NHS, unN•rsiti&s. Family Support Workers and range of tst￿r r•l¥¢ed professvJnals su¢h as Sptre¢h and Language Therapi$t$. Each research proj'ed is required lo have an Extemal Eva￿￿1￿. These have induded.. university professors or researchers, experk?nced &x-hèadtèach8fs and nat¥)nal figurès in education. All Extemal Evaluators have judged the r&$èar¢h to have Mnpa¢t. be vam and tnJsh¥orthy. translerable to oih•r contexts and of value lo pra¢tilKiners. During 2021-22 toial reseNes reduced by £293,441 from £2.780.377 to Q.466,936 12020.21 redu¢ed by È60.159 from £2,840,S36 to £2,780,37n vAth £192.728 12021%21 £299,382> •xp?nded on charitable 8elivili•s and incoma of £S6.34712020-21 £65.6501 mad• up from income fr¢)m investmenls and Inte￿$t paKI on deposll •¢¢ounts. c. R•vl•w ol a¢tlvltl• All school$ éngayd In resew¢h or thoae rwnaining from *wli•r projects raceived tern7￿ reYN￿lmonItorln9 vlsits from the Tntstee$ and Corn$utt8nt Dire¢t¢y. The Trusl••s also r8cewd a temily report from each school showing Ihtr actsvrties and impact for that lerm. Tho r¢se¥r¢h projects all demon$lraled po$itNe impact which was linked lo School Developmenvlmprovemenl Plans and reflected Ihe s¢hotsl and often the regional pritsrilies. Ewdence suggestod that Complètion ol tha current projects result in improved progress, achievement. and well-being for thé children. rhe propets inertasin9ly shLWrtd benafii for thtir communities refiecting the gr¢oter Invol￿M￿nt ol pa￿nts1¢81¢fs. Ihe authtrtitrs and spwl agències such as th• NHS. All these partnership ond s¢hrx)18Ctiwlies have shvwn posrtive. ond Sometimes. ￿tStandIng re¥uhs. Thi$ yèar 8 focus has been on enabling 8nd faulitation research projects which help chikY￿n catch up, make accelerated progress. and support their well-being and mental health lollM'ng prolonged pe¥ic*Js ol Covid and the adverse effects on the education sector. Positive outcomes have also been seen In the profess*)nal development of teachers and leaderB with increas8d knowwge, skills. ¢onfbJen¢e. and ¢apabilty. Thts has been parti¢ularfy so where they have increased their kntMled9è and skils base by working wrth 8gen¢ie$ like thè NHS. Family Support Workers. Speech and L8nguage Therapists and Educational Ps￿0k)gi$ls. This will enabk sustainabilty and d155ernination a¢tiMti•s nd bngowty both within and boyond the particyating athools bringing wider engagement ond Improvement. I sctk)ol$ and providers who worked on e•rtw proje¢l$ ho¥e r¢¢eNed posrtNé Extemal Evaluations from unwer$rt*s, HEIS or National Research Schrx)Is. These evaluation reFA)rts have ¢ited the support, engagement and partnership with the Trustees and Consultant Director and have shown that their oTrg¢yng support and viwble commrtmenl to the schools is h￿h￿ valued. The schools now hold empirical evKlen¢e on school improvement and ¢hiklren's ieaming. This e￿dence has been used to improve the Trust's pr￿￿e and the TnJstees 8r¢ ¢ommitted ¢0 a detsiled annual revie* and to ￿NtInu￿$ improvoment. In 2021-22 the schools were stdl &xperitincThJ a post4￿￿ and the acute difficutties indi￿tea oarlior In the ￿port. Exampl0$ would ￿ hwh Wl$ of PLpiI absenteeism and of staff ab$eTr￿. This ha5 meant that the Board r)f Tni4tgps ￿0pted a siJrspnrtFve and fvs.yihlg È)r4JrrJ*g) whp¢e thwÈ havÈ sionrfiranl problems such as long-tèmi absence of the research lead. The Consultant DÈrectorworks dosety with the Chair ol Trustees and provides regular repNts to the full Board on the schools, circum5tance5 and pwress. If barriers and hindrancè$ have occurred these are discussed vthh the Board and solutions or ways of ameliorating the difficultie5 explored. The Trustees continue to alopt a solub'on4)ased approach cc¥Jpled wth Ihe necessary rigour. Temily monilonng visits are conducted by the attsched Trv51ee and Consultant Director. Schools receive at least 3 meetings a Pagè 6 THE LALIREL TRUST {A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY2022 Achlevements and perfomiance {¢ontlnuedl year. The$9 yovide 8 balg)ce of support 8r*J to ensure thal a ligh qudily is maintained Schools repcwt that they value thèse lacè lo face meeti¢vJs. AM current p¥oje(ts show h￿h levels ol comrnilmenl to improve Outcomes lor children and Ihar larylllies d. Investment policy and p•rforman¢¢ Noting the mc¥J•st int￿eSt of under £3K paid from the Scottish W￿lOW5 Ey$l A¢¢ounl In 2017-18 and the sale of the Sitlingboume prcperty. also ￿ 2017.18. a¢SJing ovei £1.251A to th• cash r8SeP￿$. the Trustees remitted the company secretary tts altwn*Ève Investrnents, IncludirvJ equi¢Kps 8n(J bonds whith could b& manég6<1 by an "lftv•slment Experf Iim? in line witr) the powors tn the Articjes of AS$￿•110n and ¢h8ri1y law. This revi8w was to be £ornpleted by the Autumn 2018 when It)e sècratary was remitted to make rewmmendalions lo the Trustees on the fvture Investrnent POI￿y. In May 2019, £2.ZM was invested wilh Tilnèy wlth inslructtons lo invest in 8 p￿trollO apprwnate for an investor with a fwe-year lime horizon 01 more. who Ss cornfortable with rnortèrat9 volats.lity of retums and h3wing typcalty up to 60% ot Ihelr portfolio In equities. and who is aNe 10 lobrat8 8 loss ol up to 15% 01 the value ol Iheir pcrfUc410 In any one year. This percentsge loss Is Das80 on whai one mighl reasonaDiy expect In any one year 95% of the ￿Me. LY 19 oul uf 20, oiid bu Ili¥i may be occasions when the ￿r¢ents9e fall 1$ greater Ihan Ihe 15% 10$$ $t8l&J Al 31 July 2022. the lrnvtstmenl pjrtfolio was valued ¥1 £2,574.029 {2021'. £3.002.401). Fln•nelal ￿￿•W . Golng concem After making appropriate ewuides. the Trustees have 8 rÈ8Son8￿O •wi8tlon Ihal th8 Cl)arity h8$ 8d8quat re$our¢es to c(￿11nUe In oporatsonal exister￿￿ for the foreseeable futurè. For this reason. they continue to adopt Ihe going concem basls in preparing Ihe fin￿ty01 $latemenl8. Further details reg*diThJ the adoption of the golng concern basis can be Icrtjnd In the ac£ounbrYJ wicle5. b. Reserves pollcy Throughout the finanoal ￿ar kne ffustses reg(Aarty rèwthvernpany Ibmiied by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY ZOZZ Unrestrfcted lunds 2022 Total funds 2022 To181 ftjnds 2021 Note InGome from.. Investm￿lS 66,347 54347 65, Total Income 66,347 54347 65,650 Expenditu￿ on: Raising funds Chai'ilabl6 aclivilies 19,879 192,728 19.879 192.728 20.531 Total expendlture 212.607 211607 319,913 Net expendl¢ure beforn net I10s8e$Vgalns o Investrnents Nel11055esllgains ty) in¥estm•iis 1156,2601 1137,1811 1156,2601 1137.1811 1254.2631 194.104 Net movemtrtt In funds 1293,441} 1293,4411 160 1591 Reconclllatlon of fvnds: Total fLinds brought fopward Nei movement in funds 2.780.377 1293,4411 2.780,377 1293,4411 2.840.536 160.1591 Total funda earrt•d lopNard 2.4DO,93a 2,488,936 2.700.J77 Thè St*emenl ol financial I￿U(l0$ al 9ain5 losses recogNs&l in th9 year. Tho ThJie$ gn pages IS to 27 form Fk8rt oflhese fy￿￿[31 $weM￿¢S. Page 12 THE LAUREL TRUST IA company Ilmited by guarantee) REGISTERED NUMBER: 057T4260 BALANCE SHEET AS AT 31 JULY 2022 2022 2021 Note Flxed assets Investments 11 1574,029 3,002.401 1574.029 3,002.401 Current a$sot¥ Dtrbtors Cash al bank and in harKI 12 2.71 3 125.944 247 49.1&8 128,667 49.403 Creditor8', amwnts falling ¢Jue wilh'n one year 13 1215,7501 1271,4271 Net current Ilabllltles 187,0931 1222.0241 Total assets less currtnt Il•bllltl•s 2.486,936 2, 180.371 Net aB5ets excludlng penslon asset 2,486.936 2,780,377 Total nèt a￿ets 2,488,936 2,780.377 Charlty funds Re31ncted funds Unrestricted fuThJs 15 15 1486,936 2,780,377 Total fundB 1486,936 2,780.377 Page 13 THE LAUREL TRUST IA cofflpany limrted by guarantee) REGISTERED NUMBER.. 05774260 BALANCE SHEET ICONTINVEDI AS AT 31 JULY 2022 Thé Chanty wa5 enlitièd ￿ exempb'on from uThJer section 477 01 the Cornpanies Act 20c￿. The members have wt raquired the company to obt&n 8n audit lor Ihtr year in qu8stson in a(xordance with Section 476 of c￿￿PaNeS Aet 201%. The Trustees aC￿n￿￿e(S3* ththr re9PMDi￿tr￿s wm tne fequIr¢rn￿lS uf Ilw AGI with re5peGI 10 accounknng re￿rdS and preparatw* oflinanad Stat￿entS. Th8 *'n￿CIal 5talemènls have teen pr8par&J in ar£￿d￿ce wth Iha pro¥ision5 ￿l￿ble lo enliles subpct 10 the ymall CfKnpan￿S regime. ial staiements were approved ancl aults￿'S¢d for issue by Trustees and ￿n0￿ on their tyèharf by.. The fi WGoddard R Dvrban Dalo.. Tts notes on pag8$ 15 to 27 fom part ol these finanaal 5ts10monts. Page 14 THE LAUREL TRUST IA ¢ompany limited by guarantee) hlOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 General Infommtion The Charity is a private compay limited by guarantee The membws ol the company a￿ the Trustees named on page 1. In event of the Chanly t*ing wourvj up. the Iiab41ity in m$ptct of tM gu8ranlae Is Itmiied to £1 per member ol the Chwily. The 8diJress of the registered office is clo Stone King. goundary House. 81 Charterhwse Street. London. EC1M 6HR The finanaal statements are presenled in sterling which is tho fvn¢tiona ¢urrerw of Iha charity and a￿ rrthded k) the nearest pound. The nature of the chanty's operah.ons 8ryJ W[￿4paI acbwts.es afe -the advan￿rnent of education, in partirAJlai Iwilhout prejuth'ce to the 9g￿raityI by prornoling. IrnFYoving and devdopinj educational 18gdarship In Set￿$. local 8(*Jcati¢M aut￿)n￿8$ an(J other organisabth)s supporting or providing education regionally, nab￿allY and IntematKtnally' lextract frorn the 0￿edS in the Articles of A$Sc￿latiOn 20161. Accounllng pollcle$ 2.1 of propar*tloA of Iln*nclal •lat•m*nts The finanaal $181ements ha¥e tegn prepared in a¢¢tydanc8 wilh the Charit￿S SORP IFRS 1021- Accounting and ReFthno ty Charities.. St8temont of R0c￿rnended Practice appli¢abJ8 to ¢haritl6s pr8parirrtJ IM￿r accwnls In ￿e￿Idance wth lh8 FinawAal Rewtiry Standard sp￿iCab58 in th8 UK and Reput￿1¢ of I￿le1￿j IFRS 1021 {effeCtI￿ 1 January 20191. the Financial Repjruro Standard app+1¢•b￿ in lh• UK And of Irèland IFRS 1021 and tho ¢orrp8rw•s Ael 2Ci)8. The Laurel Trusl rne81S the definition of a put4ie ber￿( enlty under FRS 102. Assets and liabililkgs 8re initially re¢￿Tr$e￿ al hi$lorical cost crf tr¥rwction Vall￿ unless otheNvi80 ststed in Ihg rglgvant accounting p¢Sicy. 12 Golng ¢on¢¢m There ara t*) mgltsyid LWK8rtainlies affgdiThJ th8 Chanti$ &>ility lo conUnu• and the Tru$iee8 h8V& e reasonable ewectation that th8 Charity has a(1gquale rescyjrces to coniirnje in 0￿ratIonal existence for tt)tr for$￿able future. For tkns rÈ8SlKI they ccntinue its adoix Ihe goiThJ C￿cern basis in pwaring ttr￿ finanaal siaiements. 2.3 In¢omt All income is recowi68d oneg th• Chanty h45 Onli￿￿@￿t to the inccrfnp it is IhAt the $r￿orne will be rBceived thB am￿￿nI ol in¢ome rec&vable ¢8n te mèasLKed r￿la￿y. Income lax recoveratrAe In rdation to In¥esiment 1$ reo)Jnised at the bmè tha investment ir￿rne is re￿vable. Page 15 THE LAUREL TRUST IA ¢tsmpany limltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Account￿9 policles Icontinuèdl 2.4 Expenditu Expenditure is rÈcognised once Ihere is a legal or con3tructive ￿lga￿On to transfer economic benefit In g third PArty. il ig prt)bahle Ihal a transfer ol economic b8nefils ￿11 be requI￿d In settlement and the amount of the obligalion can measurecl rella￿y. Expendiiure Is dassified by aciivlly. The costs 0¢ 9ach actsvity 8re made up of tts iot* of airecl c0515 and grHred costs. JnclL*Jin9 $UPPOrt cost5 inV￿¥•d in und8rt8king each acliwty. Direct costs 8ttr1bLrtab￿ lo a single acltwty are sKo￿ted ¢*reclly 10 that acliwly. Shared costs whch Con1n￿le lo more Inan one and support costs which are rK*t allnbutable 10 a single actiwty ale appOrtiC￿e¢ tse￿een Ihos6 acti¥itses cyt 8 basis consisienl wilh the use ol r8sour¢es. Central staff ¢ost$ are allorated c¥7 lh& basis ol lime 5p6nl. and Oeyecialion th8rgès albcaled on thè of the asset's Usg. Expendilure on rai$ing fLtnd5 ￿Cl[￿leS all eXpenthtU￿ imjrred by the dharity to raise funds lor ils ¢harilat4e wrposes and I￿￿deS ￿1$ of all ￿ndrels1r@ acii¥Alies events arKJ non-chariiable tr8ding. ExwiiUilui¥ un cjiari1a￿e acbvil*S Is irKurred on diroclly uNdrytakin9 Ih) actswtl86 wh￿￿ ILlrthw th• Charitys obi"8Ctives, as well as any asswated SUFPOrt u>st$ Grnnts p8yaNe ar• charged In ts YearW￿ tr* offèr is made exwt in It￿se cases wher• the offer is coocjilional. SLKh sY8nts betng recognised as eKpendilure th8 conditions allaching ar• full1￿ed Granls offered subjeci io conditions which have Th)1 been mat ai the year end arè noted as a commitment. bul not accr￿0 as 6ypendfftJr¥ l exFenditrJr• Is Indusivè ol irre￿￿rab* VAT. 2.6 Interest recelvabl• Interèst on fund$ held on dep)Sit is induded w recavatme ana tne amount can ba measureLJ rdiably by thè Charity.. Ihis is norrnally up)n notification ol the int8fest paid or payable ty the in$1ituli￿ with whom the fuThJs are deFK)%ted. 16 Investments FIX￿ asset inv951m8nts arg ¥ fom of ￿n&￿al instrument 8nd arè lrrfti￿IY r8cognis•d 91 their transaGbiYi cost and subsequentty measured 8( fair value ai the Balance 5heéi d8ie. unless the value ¢anNA ba rneasured ￿liablY in whid) case It Is me8Sthad at cost kss Impairment Investment gains ano IiJs5ES, whfStliEN tvali)¥NJ or L**ealised. are combined presÈnied os 'GointJlLtsseosl on Investrnents. ￿ lh8 Stslement offinanad actimbes. 2.7 Dèbtor8 Trade and other dèbtors are reciNJni5ed at the 5etUemenl arnount after any trade discount oNeTed. Prepayments ar8 vdued at thè 8mcux Prepaid nel of trale di8oounts 18 Cash at bank and In hand Cash ai bank 2nd in hand IrKivJes cash and $hort4erm ttighly IquKI Inv8slments wth a short maturity Gl three months or less from the date of acqui￿11￿ ¢y opening of thg depogt or simil8ratcount. Pajè 16 THE LAUREL TRUST IA company Ilm6ted by guarantee) NOTES TO THE FINANCiAL STATEIAENTS FOR THE YEAR ENDEO 31 JULY 2022 Aectsuntlng policiÈ¥ l¢ontlnuedl 19 Llabllltl¢s ind provLslons Li&ililies are recogThsed when is an O￿ljatiOn at the B81on¢e Shesi date a$ a result of a past eveii( It i¥ y¢ub¥bl¥ Iki¢il o liiwibfw vf ￿lU1¥NG b¥(Ydlit will ip¥ ivyuiied iii ￿lI1¥In¥l]l, aiiQ Ili¥ aiiiouiil of Iha selyement ¢an b& èsts"m*d f8liaLIy Li*ilitses recognised at It* arnojnt that the Chanty a￿l¢1PateSll will pay lo sellle the debt Of arno￿)1 Il ha$ r*xwved as adva￿erf pa￿ents for the w*)d$ or s8rwc•s It mu$t provide. Prowsion$ are measurèd at the bost estimate of Ihe amounts required to Settle the ¢)bllgatlon WMer8 the effect of the time value of money is fflatenal. Ihg pr0¥15ion Is based on the present V81ue of thos9 amounts. th'scoLmled at Iht p￿-taX discfxml rale Ihal r8nects the nsks 4pecihc to the Iiajillty. The unwinding of thè dise4JLnt Is r8cconisÈd In lh& Slalement of fin3rri81 a¢tiwb'es 8s a financ£ cost. 2.10 Flnan¢lal Instruments The Chwiy or￿Y has financial assets and fin8n¢i81 Il#tsliil8s ol a klnd thal quelrfy as basc flnancial Instrun￿lS. Basic finanoal instnjmenis afe inits¥ly recc>Jnised al tra￿￿10n value and subs6quenlly mDasured at th￿r settlement value Ihe excepti'on of bank loans which are subsaquenuy m6asured al 8rn0rt15ed cosi usin9 the offectwe ￿nterest rnethod 2.11 Fund •ccountlng Genw4 ftnd$ Ltnr8Stn"cted funds afe avafj*8 ts usè al thè dscretion of Ihe Truslg9$ in furth8rarKe ol the g￿ra1 c*'e¢tyw ol tho Charity and whth havo not ￿fjn designatsd for other purpos85 Designated funds comwss8 Un￿kn.¢t￿ ftjnds have be8n sel al'de by the Trustees for parts"cular rposes The aim use of e*h de$HJnated 1$ sèt OLrt In the noleB to the lsnancial stalements. Investment inccffle. gAins losses are dlocatfrd io the apwcpn'ala lund. Imittstment Income Unrestrlcted funds 2022 Total funds 2022 Income trom lisleil Investments 56.270 77 56,270 77 Bank interest Total 2022 58,347 Page 17 THE LAUREL TRUST IA company16mtted by guarante¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Invèstment income (con￿nUe￿) UNastricled funds 2021 Total funds 2021 Income trom listed inv￿lmentS 88nk iTrterg* 6S.846 65,648 Total 2021 65 650 65,650 Investment management cost* Unr8strlcted funds 2022 Total funds 2022 Investrnent management fees Inveslmenl miscellaneous charges 19.807 72 19,807 72 Total 2022 19.879 19,879 Unreslricied funds 2021 Tola lundg 2021 Inve$kn￿l nanagernenl foes Invèstment IYW6c418neoLM clwges 20,459 20,459 72 TO[* 2021 20,531 Analys1$ ol grants Grants to Intitutlons 2022 Total lunds 2022 Grants pay•L4e 98.709 P¥18 THE LAUREL TRUST IA company limited by guaranteel NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Analy515 of grants (Gor¥tlnuedl Grants I Insts'lutions 2021 To181 fuThls 2021 Grants payable 224,720 224,720 Tho Chaftty has mado the malerid lo insh"￿tic￿5 dumg the ye¥.. 2022 2021 Nam• ol In¥titutlon Grgflon Primary Sehool Icohort 41 Courthouse Green Primary Sthcul ICoh¢>l 41 The Dales Teathng Schod Alliance IColTh 41 Schod 21 (Cohort 41 Sl Catherine's cathol￿ Pn"mory Sch￿1 IHallaml Icthort 41 Owler 8rook Primary and L￿ality In parThwsPu"p bwth th8 NHS Par￿arKI Primary S¢h¢ol r¢ Cy'￿)¥8ry S¢ts)ol$ A￿￿TrY Tnjst Caludon C8sUe Icohrxt 41 R¢ywlay (Cohort Sl Lions Icohort 61 Okeharnplon Prirnary Icohort 51 Croyland Nursery Group Iths5emirotiM grant) Pgrkland Primary St*ool {dl$s4mlnats'on granll 33,750 34,0 24.970 25,600 25,000 40,000 19,400 {16.9001 40,000 1 S.900 14.600 19,000 New grants I￿rded In y•ar Other grants to ingtitulions- rfissemination 93nts 87.709 222,220 1.000 Total Grants 88.709 224.720 Page 19 THE LAUREL TRUST IA company limited by guarantee) NOTES TO THE FINANCWL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 Analy51$ of grants Icontinu8dl An addts'wal Cohort 4 grant of Ef9.4GY) was to CuL¥"tl T¢ywn at the start of the year making total grants of £241.620 gwarded coh￿ 4. Hcwev8r. thjring the y$ar the St Johns gr8nt of £15,900 was revoked whan they dropped out ol Ihe 5cJ*me and £291 was not to De fi•eded by Comminitas Education Tusi IMATI. Cohort S grants awwded In Ihe year amounted to £84.500 and 8 furlhar disserninaiion grani £1.OCL) wa awarded yagr. Artaty8ls of exptndlture on ¢haYltable a¢tlvttles Summary by fund type Unro$trScted lunds 2022 Total 2022 Gfanl mthing act1w￿$ 192,728 192.728 Unrestricted lund$ 2021 T￿81 2021 Grant m8kirwJ aciivltigs 299.382 299,332 Analysls of expendlture by a￿1¥11118 Grant funding or act￿ltIeS 2022 Support costs 2022 Total funds 2022 Grant md(ing aCti￿￿S 88.709 104,019 192,728 Gi8ni fmding of tmlies 2021 Support costs 2021 Total funds 2021 Grant makirvJ 8cts"wties 224.720 74.682 299.382 PaJe 20 THE LAVREL Trusr {A company Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMÈNTS FOR THE YEAR ENDED 31 JULY2022 Analysls of expendlture by activlties Icontlnuedl Analy81s ol support Costs Gfant making actlvltles 2022 Total funds 2022 Travel and sub515lerte Prlniing. postage and statsonery Qther expenses Training R•nt and rat•s Computer stjpplies arK3 chgr9eS B￿K charges Legal and prolesglonal Marketing R8cruitm¢nl costs Olhgr accountancy lees 2.074 2,074 35 93 35 93 187 187 50.914 7,494 28.8CB&s12021." nfm•} The average nLmber ol ern￿OYees Wort NIL12021". NIL) During the year. wwJ$$ solaries were ZNIL12021.. £NIL} No 8mploy8es received rèmuner&tity) to MO￿ th￿ W.D)O In y8¥. 10. Tru$t•gs' r•mun•ratlon and expenses During Ihfr year. no Tn2st￿5 r8wved any ramw￿rats￿ or tst￿r b8n8ffils13)21 - £NILI During tho y￿r .?? ?￿ ¥rAN￿. $ub8i*ane8 ano tra￿n9 gxpgn8e& lotdlino £1.781 w•re reimburs8d lo S Trustees12021 . £6810 1 frusl881. 11. Flx8d a8S•t In¥estment* Oth•r flxed as$et L￿ted Investments Investment• - Cash Total Cost or valuillon Al 1 August 2021 Addition$ Disp05als Revaluations 4962.$82 279,B97 1585.20SI 1137,1811 39,819 628,996 (289,8791 3,002A01 908,893 1875.0841 1137,1811 132S,0001 1325,0001 Other Iransf9rs Al 31 July 2022 2.520.093 63,936 2,S74,029 Not book valu• At 31 July 2022 1620.093 63,936 2,574,029 Al 31 July 2021 2.￿.582 39.819 3,002.401 Valuatsons are promded by the Investment managers, Evelyn Partr￿. the listed invèstments are based on the quoted market wce in ￿ acbve market Page 23 THE LAUREL TRUST IA company Ilmited by guarantee) NOTE5 TO THE FINANCLIL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 12. Debtors 2022 2021 Ove vAthfin one year Other debtors p￿paYmentS erd accrued Incom8 1582 247 2,713 247 11 CredIto￿. Amouftts folllng dut wlthln one year 2022 2D21 Trade ¢reLlIlCKS Accrugls and delerre¢ IrKom8 Grant$ accrued- inst11ub￿al 41.456 14,136 160,180 1.098 10.464 259.865 215,750 271.427 14. Flnanclal Inslrum•ntg 2022 2021 Flnanclal assets Finanoal ass8ls meaSUf¥d at lair value through i￿¢￿8 atvj èxpenditure 2.520,093 2.962.582 Fin￿()￿ assets measured al lair thrwgh income and expenditure thmprise fixed &rysel investment$ PwJe 24 THE LAUREL TRUST IA company limited by guaranteel NOTES TO THE FINANCIAL STATFMENTS FOR THE YEAR ENDED 31 JULY 2022 16. Slalement ol lund$ Statement of funds- current ￿ar Balance at 1 Auoust 2021 Galnsl 8alance at (Lossesl 31 Julv 2022 In¢ome Expenditurg Unrestrlcted funds General Funds 1780,Jn 66,347 1212,6071 (137,1811 2,486,938 Statement ol funds- prlor year Balance at 1 August 2020 ExpeNJtu Gainsl 8alan¢o at ILossgs1 31 July 2021 Unre8trfcteLS lullds General Funds 2.840.536 65,850 1319.9131 194.104 2,780.377 Page 25 THE LAUREL TRUST {A company limttÈd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 16. Summary of lund Summary of fvnds- current y¢ar Balanco at 1 August 2021 Galnsl Batance al (Lossetsl 31 July 2022 Income EXpendI￿r& GenefBI fuThfj$ 1780.3n 56.347 {212.6071 1137.1811 2,486,936 Summary offunds- prfor year 1 Au9JsI 2020 tsalnsl 88ian¢e at ILos$asl 3? July 2021 Income Expwdilw• General fur>Js 2.840 Jgo 05.650 1319,0131 104.104 2.?￿.371 Pwjè 26 THE LAUREL TRUST IA eornpany limited by guarantee NOTÈS TO THE FINAhlCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY2022 17. Analy51s of nel assets betwpen lunds Analysi$ of net assets betw•8n funds- c￿rrent year Unre5trleted funds 2022 Total funds 2022 Fixed asset invesin*nl$ Current assets CTeditor5 due vthhin rrn year 2,574,0 2,574028 128,657 128,657 121 S.7501 1215,7501 Total - 2.486.936 2,4B6,936 Analy818 ol net ag8et¥ betw¢•n fund•- prtor y¢4r Unrestricted 4nds 2021 Total funds 2021 Fixed asset In￿5¢MOnt$ Current 85se¢s Creditors due wlhin one yg 3.W2,401 3.002.401 49,403 49,403 1271.4271 1271.4271 Total 2,780.377 2,780,377 18. Related party transactlons Ir*luded in legaf prclessionai fees is £28,SXI {2021.. £20.9251 Invcmced by M A Roger Assoclates Limited, 8 company w*lh a dir8Ctor, M RO￿r. who is 8150 8 consult¥nt drgclor of Thg Lawel Trust. As at Ine balance sheet aate £4,CW {2021" £2.OC(11 wa5 Ful¥￿1￿￿[1￿ ii)dude(J In rttdiiors. Also during the par M Rwr was paid tra￿ arvj sub￿Ster￿ ￿ym￿NitS vanwnliro lo £29312021". Enill. Induded in legal atKI professional fees 1$ £24,41312021 £22.1441 1nvTh￿d by Stone Kin9 LLP, which was the r(Ynpany secretary of L￿re1 Tru51 from 27 March 2(r20 10 13 9eptember 2021. As at th8 balance sheet dale £2,75312021." £2.2041 was outstanth'ng and tndutsd In credilor5. Page 27