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 2024
THE LAUREL TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees, report 3-11 Independent examinerfs report 12 Statement of financial activitles 13 Balance sheet 14-15 Notes to the financial statements 16-28
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 2024 Trustees W Goddard. Chair Dame P Collarbone. Trustee (resigned 9 December 2024) R Greenhalgh, Trustee (resigned 9 December 2024) M Staricoff, Trustee (resigned 8 November 2023) S Albone, Trustee P Bull, Trustee D J*amo3 . -.stee Iresigb <1 uecenber 2024, Dr D McPhail. Trustee A Mohan, Trustee (resigned 10 September 2023) T Thurogood-Hyde. Trustee M Tiplin. Trustee Company regisTered number 05774260 Charfty registered number 1117330 Reaistered office CIO Stone Kino Boundary House 91 Charterhou5e Street London EC1M 6HR Independent Examiner Duncan Cochrane-Dyet Bsc BFP FCA MtriA Victoria Court 17-21 Ashford Road Maidstone Kent ME14 5DA Bankers Charities Aid Foundation Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1 M 6HR Consultant director M Roger Page 1
THE LAUREL TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Investment managers Evelyn Partners 45 Gresham Street London EC2V 78G Page 2
THE LAUREL TRUST (A company Ilmited by guarantee) TRUiTttS: REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together wtth the financial statements of Charity for the 1 August 2023 to 31 July 2024. The annual report serves the purposes of both a Trustees, report and a Directors, report under company law. The Trustees confirm that the Annual report and financial statemenls of the charitable company comply wiin ine curreni siaiuiory requiremenis, ine requiremenis OT ine cnariiaDie companys governing document and the provisions of the Statement of Recommended Practice {SORPI applicable to charities preparing their accounLS in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effethve 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required Oi mediuiTr and large cotripanieo ufider ihe Corripanies Act 2006 IOLlategic RepottL ailu Dir¥Ctors' R¥HOrtLj Regulations 2013 has been omitted. As a result of the ending of govemment grants for regional and national providers to train teachers for leadership in educats'on the trustees made the strategic decision in July 2016 that to continue to.take forward the charitable purpose of the advancement of education it was necessary to change the operational methodology and the name of the charity. It was decided to adopt the name the Laurel Trust and this was fomally enacted on 3 OcioDer 2Uib wnen ine cnange OT name iNas regisiereo wiin iompanies Mouse ana ine inariiy iommission. The operational methodology was changed from training provision for leadership in education to charitable grant making. This new strategy was selected on the basis of the need in schools arid other educational providers to support practical action research in order to promote school improvement and educational achievement in multiply deprived communities through partnerships in education for children up to 11 years old, including provision for the early years and special educational needs and disability (SEND). Objectlves and actlvities a. Policies and objectives The charitable objects of the Trust are 'the advancement of education, in particular {without prejudice to the generality) by promoting. improving and developing educational leadership in schools, local education authorits'es nd OLI i¥r orgdnisatioris SUPPvrtLifig or prUidng &uUb(Jlion reyiofiaii5i. l iativi iaily ai id li iivi I laLiGfiaiiy acL I I OI I the objects in the Articles of Association 2016). Sn setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. induding the guidance 'Public benefit. running a charity {P82)'. b. Strategies for achieving objectives The Trustees have adopted the strategy of grant making io support acbon research projects to improve schools and raise achievement To ensure scale and wide application the research projects are carrsed out by collaboralive partnerships of schools and other educational providers serving children and young people up to the age of 18, notably those living in multiply deprived communities. A conlribution from the collaboration of schools including profésiiofial staff Liifie incr¥a>¥S the Irsourcing of research project) enabling lder dissemination of outcomes and enhanced impact on education for the public benefit. Page 3
THE LAUREL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 ObjectÉves and actlvities (continued) c. Activities undertaken to achieve objectives In 2023-2024 The Laurel Trust conkn'nued to work with schools and organisations in areas of socio-economic deprivation and educational disadvanlage. In addition. it focused on including areas of disadvantage from which there had been a low take-up of funding. this was a successful strategy and attracted groups of schools from the North-west and the South-west. This has resulted in a several successful research projects which have impactad on children and their familias and in som8 cases on the wider community. Support for schools by the Trustees and Consultant Director continued for schools in Cohorts 4 and 5 where follow up visits and on-line meetings were undertaken to see the medium and longer-lem impact of the grants. In most cases the improvement supported by The Laurel Trust had been sustained and embedded. Therefore, Ihe benefits to schools and their childrenlyoung people continued. The challenges for schools with funding issues, the absenteeism of children and staff shortages continue but the partner schools have worked hard to maintain the beneficial impact of their funding and resultant improved pradice. The Trust has supported the schools in Cohort 6 as their research and development has progressed through termly monitoring visits or on-line meetings, lessons observations, discussions with key staff and attendance at their conferences and celebration events. Cohort 6 complete in January 2025. They had been awarded £256,169 in grant-funding. This grant-funding has supported 8 Lead Schools and wtth them almost 100 partner schools. including UniversitieslHEIR busiTie<s, community partners and rp.ul*i-agencies plus social service¢ te police, speech and language therapists and a Pupil Referral Setvice. The headteacher of the latter has wntten a book on relational approaches to behaviour management to be published by Routledge in the Spring. in which the support of The Laurel Trust is acknowledged To obtain the 185ting benefit to the school-led system dissemination activities continue to be of fundamental importance. The Lead School and its partners are required to disseminate their research and the resulting enhanced practice as widely as possible so that it benefits the maximum number of schools and their communities. Dissemination activities often include supportive reSoUrS for other schcKsls to use. These can be guidance booklets, videos, classroom activities or support to a school undertaking similar work. This enables the impacl of the res63arch projects to exten.d their reacl and engagem¥Jnt. To ep.able acress to schools throughout England a n024. This was third book of our research Pi ojebts. 'Celebrating Reseoftsh that Gei¥ Results, was published in L distributed to all Local Authonties, to schools and associates and thereby was given national coverage. In addition, a Laurel Trust newsletter is widely distributed to keep schoo15 Up-to-date and maintain the momentum of the work of the Trust. Looking ahead to the recruitment of Cohort 7 in February 2025 an advertising campaign has been held by the new Consultant Director supported b! the retirina one and the response has been extremelv positive from schools across the country. Page 4
THE LAUREL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Objectives and activities (continued) d. Main activities undertaken to further the Charttys pUoSeS forthe public benefit In the year 2023-2024 the dfficulties facing schools continue with shortages in schools, budgels and increasing outgoings making for continuing financial challenges There is a national issue and concern around pupil attendance and persistent problems with staff recruitment and absence continue. However, the Trustees can confirm that they have Continued to give structured and regular support and guidance to schools. When necessary, this h¢JS been extended to give addiLIOiI al support LO ensure that the schools working in partnership with the Trust achievgd the improved outcomes thoy intendad for children and families. Thg Tru5teas have exercised their duties and therefore complied with the duty to have due regard to the 'Achievement of Education and Public Benefit. published by the Charity Commission. The Trust's main activities were promoling and supporting school improvement and pupils, progress and achievement in ovei a hLindred Sbhovls in ail phase> of ediicaiion from early year) LO teirtlary educatloii includirs special schools and settings. In addition, they have aisseminaled Iheir research to the benefit of schools, locally, regionally and nationally so that the maximum number of schools can use the research and practice. In this way the Trust is supporting and fostering self-improving schools with all the attendant benefits. Achlevements and perforniance a. Main achievements of the Charity The main achievements of the Trust indude the support of schools by Trustees and the Consultant Director which has resulted in school improvement. In 2024 the eight collaborations of schools in Cohort 6 worked with their Lead School, Universities, HEIS and a range of educational, caring and specialist agencies to improve outcomes for children and young people. Grants totalling over a quarter of a million pounds were given to these schools to SLiPDOrt Lheii plac¥-ba)eu reoeafci i and irin0atiOnO. Ifi air case) iii Pi oved Pi has f¥>UILed. Examples would indude.. marked improvements in reading ages for poor readers in eady secondary education, enhap,ced opportunities for young people with special educ2tional needs to enter paid employment and several projects around Ihe well-being and achievement of children involving their families for a wider and sustainable impact. These examples are not exhaustive and as Ihis cohort's research reaches completion further and sustained impacl is anticipated. In addition to improvements for chilaren and young people, all the research projects have included structured professional development for the teacher5 and leaders involved. These were designed to build the 5kill5, capability and capacity SO that the impact is embedded and sustained. Families too have benefited where they have leamt new approaches and skills working with teachers and supporting their children at home. All the final reports from this cohort will be submitted in January and Extemal Evaluations carried out to judge overall impact and efficacy. As indicated later in the report the Trustees and Consultant Director have had a schedule of regular visiis io ine ieaa bcnoois io giva support. guiaance ana cnaiienge. I nis criiicai Tnena approacn is trie naiimari( OT the work of the Trust. The schools were located across the county in Devon, Somerset. Doncaster, Sheffield, Greater Manchester, the Wirral and Sundedand A third book of earfier research projects conducted (2022-2024) was published and a fourth volume is planned in Ihe >pring or 2u2ti wnicn wiii allow scnoois naiionaiiy io access. use, ana Denefit Trom Ine research and Practice of The Laurel Trust schools. The continued and termly production of our newsletter, Update. has been valued by schools and other interested agencies such as NHS, Universities, Local Authorities and academy chains. It keeps schools in contact with other stakeholders and ensures that artides of interest and digests of research reach a wide range of audiences. Page 5
THE LAUREL TRUST (A company limited by guardntee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achievements and perfomiance (continued) Update has a usual nctIon in disseminating not only our research but pertinent articles and matters of regional or national interest. In addition, it signpos:s schools to the research of others and fosters neOrkInq. The Trust continues to offer a telephone helpline for those schools needing advice and guidance. The Trust continues to maintain strong links with The London Leadership Centre (UCL) which is highly ranked in Ihe world's ratings for educational research and practi. The London Leadership Centre regularly uses the research of Laurel Trust Schools as case-studies rf they ivish to demonstrate the importance of school-based piaLLILiviiei iebediLfi £lll(i lis inlP<lLi. Iviule IgLèIIUy Lll¢ bildil Ui i rids IlliJU¢ IiiiKS wiiri iiie tduLdllVII Policy Institute which would give the Trust a voice in the national arena and access to potentially influencing future policy relating to children's achievement and well-being. A further round of recruitment is currently in progress which will close in February 2Q25 in which areas of social deprivation and educational disadvantage have again been invite(J to apply for funding. The invitation has been dislribLilpd n8tionallv throi Igh eve.rv l.A in Fnnl4nd, VIA T% and olhpr p.dLlfAlinnal nrn8nqalion Arp.A* frnm whir.h we have had few applications but have high levels of poverty and need have been targeted by the recruitment which is inclusive and open to all schools The Board of Trustees regularly reviews it policies and practices to ensure compliance wilh its legal duties and in 2024 undertook a strategic review of its priorities and plans and the associated risks. The nominated Safeguarding Lead is vigilant in ensuring that we re1ve NCPCC safeguarding training for Trustees and it is a requirement that this is renewed annually She also provides regular updates relating to the safety, security and wellbeing of children and young people. The nsk register is all so examined at each meeting and a significant amount of ts'me is also spent in reporting and assessing finanaal matters and ensuring financial probity and value for money. In Ihe Autumn of 2024 a recruitment drive was held for new Trustees in anticipation of existing Trustees reaching their maximum term of office and stepping down in Dernber 2024. Five high.-quality Trustees were appoinled who will bring additional skills, strengths and expenences and will enhance the Board's membership with perspectives from the worlds of educats'on, business and finance. Page 6
THE LAUREL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Achievements and perforniance (continued) b. Key porfoman¢o indicators In the years 2022-2024 the Board of Trustees allocated £2.169 to Cohort 6 which was led by 8 Ofsted-rated outstanding or good schools and in total reached almost 100 sch(x)Is across England - and a range of partners including universities, HEIS, local authorities, Speech and Language Therapists, Occupational Therapists, social services, inausiry, commerce ana ine poli. beveral projeas naa a wiaer impaci on parents, carers and the local communities. Each research project had a rigorous but developmental external evaluation and these were condLJCted by university professors or researchers, experienced ex-headteachers or national figures in education in specialist fields such as Early Years. The evaluations are used to demonstrate impacl and leaming resulting from the research and indicate to the schools and Trust possible directions for the future. All Lead Schools are required to consider and plan for dissemination of their work. Prasentations have been given at national conferences by schools showcasing their research and articles and a book is shortly to be published emanating trom research into relatsonal approaches to behaviour management. During 2023-2024 total reserves reduced by £102,591 from £2,418,567 to £2.315,976 (2022-2023 reduced by £68,369 from £2,486,936 to £2.418,567) with £370,465 {2022-2023 £88,222) expended on charitable activities and income of £50.063 {2022-2023 £53.256) made up from income froffl investments and interest receiv¥d on deposit accounts and income tax repayments. c. Review of activities The focus has been on enabling and facilitating research that involved parentslcarers. families and the wider community. The underfying aim was to have an impact on school improvement and better outcomes for children and young people To this end thP has been an emph8.sis on research projec.ts for all c.hildren e¥perjp.ncing education disadvantage and often those with additional, special or complex needs. Two examples whi-h demonstrate this approach woulu tse a project in Ihe Wirral which showcased the chllaren's work on art, wriling and sustainability and protecting the environment. The second example from the South-west looked at the creation and fostering of links wilh a varied range of businesses and employers to create access and opportunities for paid work for students with special educational needs. This work also was in partnership with the careers service. Using a wider focus had brough a richness to our current research projects which will be published in the Spring of 2025. We continue to encourage schools to work with a ran.ge of stakeholders for maximum reach and benefit. d. Investment policy and perfom)ance Noting the modest interest of under £3K paid from the Scottish Widows Deposit Account in 2017-18 and the sale of the Sittinaboume property, also in 2017-18. adding over £1.25M to the cash reseAves. the Trustees remitted the company secrotary to rosearch altgmative investments, including oquitios and bonds which could be managed by an "Investment Expert fimi in line with Ihe powers in the Articles of Association and chanty law. This review was to be compleled by the Autumn 2018 when the secretary was remitted to make recommendations to the Trustees on the future Inveslment Policy. In May 2019, £2.7M was invested with Tilney with instructions to invest in a portfolio appropriate for an investor wilh a five-year time horizon or more, who is K*VI 114UI Li11Jl¥ V¥l(I I IIIVUfla4¥ ¥UlaLbllLy VI I¥LUI ai iu I iavii Iy LylJlkndlly Lip LV VV 10 Vl Ll Iftl IJVI Llvliv 51 i equi(i¥). and who is able to tolerate a loss of up to 150/0 of the value of their portfolio in any one year. This percentage loss is based on what one might reasonably expect in any one year 950/0 of the lime, or 19 years out of 20. and so there may be occasions when the percentage fall is greater than the 15Q/o loss stated At 31 July 2024, the investment portfolio was valued at £2,289,143 {2023.' £2.407.849). Page 7
THE LAUREL TRUST (A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR TFI.F VFIIR FNnFn 34 JUI Y 2094 Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation thal the Charity has adequate resources to continue in operational existence 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 policy Throughout the financial year the Trustees regularly reviewed the healthy net assets lotalling £2,315,976 on 31 July 2024 (£2,418.567 on 31 July 2023) They resolved to continue with the long-temi reserves policy of combining high levels of reserves with cautious application to new grant making developments budgeled at up to £250,000 per annum in order to safeguard charitable assets and maintain financial stability during the ongoing period of govemment policy cnanges in eL1ucation induding austerity Cuts. c. Financial risk management objectives and policies During the past year the Trustees continued to carefully monitor the associated financial risks and under their duty of pruden maintained their cautious reserves policy subject to the above review of the reserves investment policy. d. Prlncipal funding With the ending of govemment grants from the Department for Education in 2016 the Trust relies upon investment income to maintain reasoriable reserves. In future years Lhere will be a possibility of approaching other charitable trusts supporting research in education once the Trust has produced publications and frfiqqpminJ.t@¢J r<sRPArc.h proiÈrt finflinnq nalion.widp Anrl has a traek rp.enrrJ for qijality h.igh imnAr.t re¢e?.rr.h in primary education. structure, governance and management a. Constitution Constitutionally the Laurel Trust (previously Southem Educational Leadership Trust) is a charitable company limited by guarantee with registered charity number 1117330 and company numher 05774260 governed by Memorandum and Articles of Association adopted on incorporation on 7 April 20(J8 and last amended by special r•*nli itinn dated ?6 . Iijlv ?n?A Page 8
THE LAUREL TRUST IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Structure. govemance and management (contlnued) b. Methods of appointment or election of Trustees The Trust is govemed by a multi-skilled and diverse Board of Truslees and new Trustees are recruited through commissioning Trustees Unlimited as a specialist trustee recruitment agency. Trustees are appointed and co- opted on a voluntary basis. All new Trustees are inducted on their legal duties and responsibilities of Trusteeship using Charity Commission Guidance and literature published by the Trust's solicitors, Stone King LLP. In addition the Board has introduced the NCVO Best Behawour Code, which has been adopted by the Board and all Trustees are required to sign the code and complele the declaration of interests, which is updated annually. The Trust's solicitors ensure Ihat the Trustees act in accordance with their legal obligations, corporate government principles and guidance from thp Charity Commission and other organisations in the charity sector including NCVO, DSC and ACEVO. In 2022 four new Trustees were appointed to the Board of Trustees after a rigorous recruitment and selection procedure. They have brought additional expertise and greater diversity. c. Organisational structure and declsion-making policies The management of the charity is the responsibility ot the Trustees who are appointed and co-opted under the terms of the Articles of Association. Supwrt for and evaluation of the research projects is undertaken by Trustees on a voluntary basis in association with consultanls (below) and in fulure years independefit evaluation exercises and reports will be undertaken. d. Related party relatlonships Tho trusteas havg taken legal advice on this and for thg future the trust has adopted and will consistently apply a bespoke management policy written by Ihe specialist charity departmeni at BWB jnow at Stone King) which encompasses the duty to avoid conflict of interesl. full declarations and where neSSary provisions for the proper management of all incidences of confiict of interest and loyalty to ensure that board decisions are reasonable, prudent. independent and objective, induding those for the allocation of grants. e. Consultants as Advisors The chariiy currently has no employees. These have been replaced by a free-lance Consultant Director to whom the educationlschools work is outsourced and who works part-time. The fomier Company Secretary whose role was to oversee the g0veMan and finance of the Trust left in 2019. These fvnctions are now carried out by Stone King Solicitors supported by the Chair of Trustees. A designated Stone King solicitor attends all Trustee meetings and provides ongoing legal adwce. Page 9
THE LAUREL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Plans for future periods The Trustees plan to support the completion of research of all current research projects. Parents, carers. teachers and their communities have been under immense sirain. particularly so in areas of hardship. The Laufel Trust believes that the continued grant funding will enable schools to engage in creats-ve projects to counteract some of these difficulties. It has already seen evidence through its projects. of gains in children's reading, mental health and wellbeing. The Laurel Trust is therefore deeply committed to supporting this work. A fourth volume of "Research which gets Results, will be published in Spring 2025. A further round of recruitment is taking place in Spring 2024 with a focus on 'Effective Transition.. educational readiness for every child at evèry phase. University College London Institute of Education continue to use 3 highly successful Laurel Trust research case studies in the new National Qualifications for Leaders at all levels in order to illustrate good practice in Autism, Family Links. and leaming and wellbeing Further discussions are under way lo extend this potential in sharing good practice through exposure in these nalional programmes. The Institute of Education is the most highly rated provider of educational research in the world and is pari of University College London, which is also rated as wodd class. Overall plans continue to include the continued enhancement of the website and other conduits for local, national and regional dissemination so that the maximum number of schools, children. families and communities benefit from our research with schools. The Laurel Trusl is ambitious to have the widest possible reach and engagement resulting from its work and to engage the highest possible number of schools especially in disadvantaged communities facing F)overty and challenge. During the late summer 2024 Trustees will be appointsng a new Consultant Director and also new Trustees to replace Trustees whose temi of Offi has reached its conclusion. Statement of Trustees. responsibilities The Trustees {who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, report and the financÈal statements in accordance with applicable law and United Kingdom Accounting Standards (United Kj'ngdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements iJnless they are satisfied that they give a true and fair view of the state of affairs of the Chariiy and of its incoming resources ana application of resources, including its income and expenditure. for that period. In prepanng these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently-, observe the methods and principles of the Charilies SORP (FRS 102)" make judgements and accounts.ng estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in Ihe financial slatemenls, prepare the financial statements on the going concem basis unless it is inapptE)priate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time tho financial position of tho Charity and enable them to enslire that the financial statements comply with the Companies Act 20C6. They ale also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 10
THE LAUREL TRUST (A company Ilmlted by guarantee TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Approved by order of the members of the board of Trustees and signed on their behalf by.. W Goddard Cnair Date: /L2ts6L L Js- Page 11
THE LAUREL TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024 Independent examinerfs report to the Trustees of The Laurel Trust ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2024. Responsibilities and basis of report As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the Charity's accounts carried out under sethon 145 of the Charits"es Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Acl. Independent examlnerfs statement I have completed my examination I confirm that no matters. other than those fully detailed below. have come to my allefjtion in connection with the examination. giving me reasonable cause to believe that in any material respect. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act., or the accounts do not accord with those records,. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any reqi iir0mAnt that the arcounts give a 'Ètue an(5 fair, view which is not a matter considered as part of an independent examination" or the accounts have nol been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounb-ng and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Disclosure sectlon MHA provide bookkeeping serVIS for The Laurel Trust. I have applied the FRC'S Revised Ethical Standard 2024 iSSLied by the Financial Reprting Council. This report is made solely to the Charity's Trustees: as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2LK)8. My work has been undertaken so that l might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpos To tne fullest extent pemitted Dy law. I do not accept or assume responsibility to anyone other than tne Cha an the Charity's Trustees as a body. for my work or for Ihis report. Dated.. 21 March 2025 uncan Cochrane-Dyet Bsc BFP FCA MHA Maidstone United Kingdom Page 12
THE LAUREL TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds 2024 Total funds 2024 Tot31 funds 2023 Note Income from: Investments $0,063 50,063 53,256 Total income 50,063 50,063 53,256 Expenditure on: Raising funds Charitable activiiies 17.318 370,465 17,318 370,465 17,816 88,222 Total expenditure 387,783 387,783 106,038 Net expenditure before net galnsl(losses) on investments Net g2insl(lossesl on investments (337,720) 235,129 1337,720) 235,129 152,782) (15,587) Net movement in funds (102,5911 (102,591 168,369) Reconciliation of funds: Total fu.nds broi Ight forward Net movement in funds 2,418,567 (102.591) 2,418,567 (102.591) 2,486,936 (68.369) Total funds carried forward 2,31S.976 2,31 S,976 2,418,567 The Statement of financial activities includes all gains and losses recognised in the current and prior year. The notes on pages 16 to 28 fomi part of these financial statements. Page 13
THE LAUREL TRUST (A company limited by guarantee) REGISTERED NUMBER: 05774260 BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Note Fixed assets Investments 11 2,289,143 2,407,849 2.289.143 2,407.849 Current assets Debtors Cash at bank and in hand 12 505 199 61,483 104,754 105,259 61,682 Creditors.. amounts falling due within one year 13 (78,426) (50,9641 Net current assets 26,833 10,718 Total assets less current liabilities 2,315,976 2,418,567 Net assets excluding pension asset 2,315,976 2.418.567 Total net assets 2,315,976 2,418,567 Charity funds Restricted funds Unfestricted funds 15 15 2.315,976 2,418,567 Total funds 2,315,976 2,418,567 Page 14
THE LAUREL TRUST (A company limited by guarantee) REGISTERED NUMBER: 05774260 BALANCE SHEET {CONTINUED) AS AT 31 JULY 2024 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with sects'on 476 of Companies Act 20C6. Tha Trustees acknowledge thoir responsibilitias for complying with the requiremants of the Act with rospect to accounting records and preparation of finanual stalements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small campanies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. W Goddard Chair R Durban Trustee Date". The notes on pages 16 10 28 fomi part of these financial statements. Page 15
THE LAUREL TRUST (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 General inforniation The Charity is a private company limited by guarantee The members of the company are the Trustees named on page 1. In the event of +he Ch8P,t5' being 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, London, EC1 M 6HR. The financial statements are presented in sterling which is the functional cUencY of the charity and are rounded to Ihe nearest pound. The nature of the chanty's operatsons and principal activities are "the advancement of education. in particular (lthoU1 prqudictr to the generality) by promo:ing. improving and developing educational leadership in schools. local educats'on authorities and other organisations supporting or providing education regionally, nationally and intemationally" (extract from the objects in the Articles of Association 2016). Accounting policies 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Slatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Laurel Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Going concern There are no material uncertainties affecting the Chariws ability to continue and the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the forseeable future_ For this reason they continue to adopt the going concern basis in preparing the financial statements. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 16
THE LAUREL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EliDED 31 JULY 2024 Accounting policies (continued) 2.4 Expendlture Expenditure is recognised once there is a legal or conslructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefiis will be required in seLtlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activily an(J support costs which are not attributable to a 5ifigle activity are apportioried bemeen those activities on a basis consSStent 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 indudes all expenditure incurred by the Charity to raise funds for ils charitable purposes and includes costs of all fundraising activities events and nonohantable trading. Expenditure on charitabla activities is incurred on directly undertaking the activities which furthar tha Chanty's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in Ihose cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to cond6tions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of iffecoverable VAT. 2.$ Interest receivable Interest on funds held on deposit is included when receivable and the amount can be Ineasured reliably by the Charity.. this is normally upon notifltIOn of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Investments Fixed asset inveslmenls are a fom of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balan sheet date, unless the value cannot be measured raliably ',n whick, case it is measured at cost less inpairment I nvestment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments, in the Statement of financial activities. 2.7 Debtors Trade and other defjtors are recognisea at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in h2nd Includes cash and short-tem nigniy liquiL1 investments with a short maturity of three months or less from the date of 2CqUiSltion or opening of the deposit or similar account. Page 17
THE LAUREL TRUST (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting pollcies (continued) 2.9 Llabilities and provisions Liabilities are recognised when there is an obligabon at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in SeteMent, and the amount of the settlement can be ests'mated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.10 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financia instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 Fund accounting Genefal funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objecknves of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that havo been sat aside by the Trustees for particular PLirposes. The aim and use of each designate¢y fund is Set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Investment income Unrestricted funds 2024 Total funds 2024 Income from listed investments Bank and tax repayment interest 48,483 1,580 48,483 1,580 Total 2024 50,063 50.063 Page 18
THE LAUREL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EviucD 31 JULY 2024 Investment income (continued) Unrestricted funds 2023 Total funds 2023 Income from listed investments Bank and tax repayment interest 52,205 1,051 52,205 1.051 Total 2023 53,256 53,256 Investment management costs Unrestricted funds 2024 Total funds 2024 Investment management fees Investment miscellaneous charges 17,246 72 17,246 72 Total 2024 17,318 Unrestricted funds 2023 Total funds 2023 Investment management fees Investment miscellaneous charges 17.744 72 17,744 72 Total 2023 17,816 17,816 Page 19
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of grants Grants to intitutions 2024 Total funds 2024 Total funds 2023 Grants payable 256,169 256,169 Total 2024 256.169 256,169 2024 2023 Name of institution Tameside Pupil Refeffal SeNce Exceed Learning Partnefship l Bentley High Streei Primary Scriool Sunningdale Specialist School Dagenham Park Church of England School Fairmead School Shortbrook Primary School Rivièra Education Trust l Oldway Primary Sch[ St John Plessington Catholic College 49,750 25,070 16,500 32,000 29,000 30.000 23,949 49,91XI 256,169 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2024 Total 2024 Grant making activities 370.465 370.465 Unrestricted funds 2023 Total 2023 Grant making activities 88.222 88,222 Page 20
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure on charttable activities (continued) Summary by expenditure type Other costs 2024 Total 2024 Grant making activitres 370,455 370,465 Other costs 2023 Total 2023 Grant making acbvities 88,222 88,222 Analysis of expenditure by activlties Grant funding of activities 2024 Support costs 2024 Total funds 2024 Grant making activities 256,169 114,296 370,465 Support costs 2023 Total funds 2023 Grant making activitses 88,222 88,222 Page 21
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure by activities (continued) Analysis of support costs Grant making activities 2024 Total funds 2024 Travel and subsistence Printing, postage and stats'onery Other expenses Rent and rates Computer supplies and charges Bank Charges Legal and professional Marketing Recruitment costs Other accountancy fees 2,193 3,752 35 2,193 3,752 35 860 156 860 156 60 70,001 14,553 7,800 14,886 70,001 14,553 7,800 14.886 Total 2024 114,296 114,296 During the year ended 31 July 2024, the Charity incurred Govemance costs totalling £47,931 (2023 £29,475) included in the table above. These are made up as fo15ows'. £31,g41 {2023'. £21:815) in respect of 5egal advice and services in connection with Irustee meetings: elc., £NIl (2023.. £730) in respect of Venues for meetings, £7,800 (2023 £NIl} in respect of costs of recruiting new Trustees, and £8,398 (2023: £6,930) in respect of the preparation and independent examination of the Charitws statutory annual accounts. Page 22
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Anaiysls of expendlture by actlvftles (contlnued) Analysis of support costs (continued) Grant making activities 2023 Total funds 2023 Travel and subsistence 2,444 396 365 Printing. y0sLg ai IK4 Slaiivi Irri Other expenses Training Rent and rates Computer supplies and charges Bani( criarges Legal and professional Marketing Venues Other accountancy fees 396 365 49 1,477 179 49 1,477 179 63 60,440 7,236 730 60,440 7,236 730 14,843 14,843 88,222 88,222 Independent examinerfs remuneration 2024 2023 Fees payable to the Charity's independent examiner for the independent examination of the Chanty's annual accounts Fees payable to the Charity's independent examiner in respect of= All other services not Included above 6,510 5,371 8,376 9.472 Page 23
THE LAUREL TRUST (A company Ibmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Staff costs The average number of persons employed by the Chanty during the year was as follows.. During the year the Charity had no employees {2023'. NIL) The average number of employees were NIL (2023: NIL) During the year. wages and salaries were £NIL (2023.. £NIL) No employees received remuneration amounting to more than £60:000 in either year. 10. Trustees, remuneration and expenses During the year. no Trustees received any remuneration or other benefits {2023- £NI L). During the year ended 31 July 2024. travel. subsistence and training expenses totalling £2.193 were reimbursed to 6 Trustees {2023 - £2.412 to i Trustees). 11. Fixed asset investments Other fixed asset Listed investments investments - Cash Total Cost or valuation At 1 August 2023 Additions Disposals Revaluations 2,346,470 636,773 (978.566) 235.129 61.379 2,407,849 636,773 1990,608} 235,129 112,042) At 31 July 2024 2,239,806 49,337 2,289,143 Net book value At 31 July 2024 2,239.806 49,337 2,289.143 At 31 July 2023 2,346.4-, 61,379 2,407,849 Valualions are provided by the investment managers, Evelyn Partners, and the listed investments are based on the quoted market price in an active market. Page 24
THE LAUREL TRUST (A company Ilmlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 12. Debtors 2024 2023 Due within one year Prepayments and accrued income 505 199 505 199 13. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Granls accrued - institutional 10,044 12,932 55,450 3,495 12,519 34,950 78,426 50,964 14. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 2,239,806 2,346,470 Financial assets measured at fair value through income and expenditure comprise fixed asset investments. Page 25
THE LAUREL TRUST (A company limited by guardntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 15. Statement of funds Statement of funds - current year Balance at 1 August 2023 Gainsl Balance at (Losses) 31 July 2024 Income Expenditure Unrestricted funds General Funds 2,418.567 50.063 (387,783) 235.129 2,315,976 statement of funds - prfor year Ba12p,re at 1 August 2022 Gainsl Balance at (Losses) 31 July 2023 Income Expendilure Unrestricted funds General Funds 2,4P6.936 53.256 (106,038) (15,587) 2,418,567 Page 26
THE LAUREL TRUST (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Summary of funds Summary of funds - current year Balance at 1 August 2023 Gainsl Balance at (Losse3) 31 July 2024 Income Expenditure General funds 2,418,567 50,063 1387.783) 235,129 2,315,976 Summary of funds- prior year Balance at 1 August 2022 Gainsl Balance at (Losses) 31 July 2023 Income Expenditure General funds 2.486.936 53,256 (106.038) (15,587) 2,418,567 Page 27
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 17. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 2,289.143 305,259 (78.426) 2,289,143 105,259 (78,426) Total . 2,315,976 1315,976 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Fixed asset investments Current assets Creditors due within one year 2,407.849 61,682 {50,964) 2,407,849 61,682 (50,964) Total 2.418,567 2,418,567 18. Related party transactions Included in legal and professional fees is £29,250 {2023'. £32,125) invoiced by M A Roger Associates Limited, a company with a director. M Roger, who is also a consultant director of The Laurel Trust. As at the balance sheet dale £1,875 (2023= £3.000) was outstanding and induded in creditors. Also during the year M Roger was paid travel and subsistence payments amounting to £Nil (2023.. £32}. Included in legal and professional fees is £31.941 (2023= £21.815) invold by Stone King LLP, which was the company secretary of The Laurel Trust from 27 March 2020 to 13 S}ptember 2021. As at the balance sheet date £3,104 {2023.' £2,207) was outstanding and included in creditors. Page 28