2025-04-05-accounts

The Beatrice Laing Trust - A Registered Charity

Report and Financial Statements

5 April 2025

The Beatrice Laing Trust - A Registered Charity

CONTENTS

	Page
TRUSTEES' REPORT	1 - 6
REPORT OF THE AUDITOR	7 - 8
STATEMENT OF FINANCIAL ACTIVITIES	9
BALANCE SHEET	10
STATEMENT OF CASHFLOWS	11
NOTES TO THE FINANCIAL STATEMENTS	12 - 25

The Beatrice Laing Trust - A Registered Charity

TRUSTEES' REPORT

for the year ended 5 April 2025

The Trustees present their financial statements and annual report for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed dated 29 September 1952, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102) and update Bulletins 1 & 2.

Reference and Administration Details of the Charity, its Trustees and Advisors

Settlors Date of Deed Trustees Registered Address Nature of Trust Website Bankers Accountants Auditors Investment Advisors Director

John William Laing - deceased Beatrice Laing - deceased 29 September 1952 Christopher Maurice Laing Paula Joan Stephanie Blacker - Chair Charles William David Laing Alexandra Catherine Beatrice Jane Gregory c/o Laing Family Trusts 33 Bunns Lane Mill Hill London NW7 2DX Registered Charity No. 211884 www.laingfamilytrusts.org.uk National Westminster Bank Plc Edgware (B) Branch 317 Hale Lane Edgware Middlesex HA8 7AX TMF Global Services (UK) Ltd 13thFloor One Angel Court London EC2R 7HJ Mercer & Hole LLP 72 London Road St Albans Hertfordshire AL1 1NS Vermeer Partners 130 Jermyn Street London SW1Y 4UR Ms E A Harley 33 Bunns Lane Mill Hill London NW7 2DX

1

The Beatrice Laing Trust - A Registered Charity

TRUSTEES' REPORT

for the year ended 5 April 2025

Trust Objectives (a) Income To charitable purposes.

(b) Expendable endowment To be retained by the Trustees, or at their discretion, applied as for income.

Investment Powers Unrestricted.

Results The gross income of the charity in the year to 5 April 2025 was £2,900,092 (2024 £3,037,141). Charitable grants from unrestricted funds of £2,353,577 were made in the year to 5 April 2025 (2024 £1,952,320). Also, from Restricted Funds, no grants were made in the year to 5 April 2025 (2024 none).

Structure, Governance and Management The Beatrice Laing Trust was established in 1952 by Sir John Laing and his wife, Beatrice.

The Trust Deed makes provision for a minimum of 5 trustees and a maximum of 7. Following the loss of Sir Martin and David Laing in the previous financial year, there are currently four Trustees, all of whom are members of the Laing family. While they are therefore uniquely placed to aware of the need to ensure that they continue to have access to the right combination of skills and experience, whether from within or outside the family. They have therefore delayed the appointment of new Trustees - making priorities and operational procedures, which is now close to completion.

The Trust is administered alongside the Maurice & Hilda Laing Charitable Trust, Kirby Laing Foundation and Martin Laing Foundation, and shares its administrative staff and office space (which is owned by the Reculver Trust) with them; collectively they are known as the Laing Family Trusts. A Memorandum of Understanding sets out the basis upon which administrative costs are shared. An application to any one of the Laing Family Trusts is treated as an application to all, although after initial review applications considered suitable for further consideration by the decision-making processes. Application is by letter and the grant application process, guidance on which appears on the Laing Family the key information required for a decision. The day-to-day administration of grants and the processing of applications prior to consideration by the Trustees, including meetings with applicants and project visits where larger grants are contemplated, have been delegated to the Trust Director, supported by her small team of staff. The Trustees have also delegated the power to make grants of £10,000 and below to the Trust Director; these grants are made on a monthly basis and ratified by the Trustees at the following meeting.

The Trustees meet three or four times a year to approve the distribution of grants, reflect upon their grant-making strategy, consider the performance of their investment portfolio and review policies on reserves and risk assessment.

2

The Beatrice Laing Trust - A Registered Charity

TRUSTEES' REPORT

for the year ended 5 April 2025

Objectives and Activities

The and grant-making strategy. The values to which they aspire have been defined as follows:

CHRISTIAN - inspired by Christian faith and values, whilst respecting the beliefs of others

COLLABORATIVE - willing to partner with others to share resources and work towards common goals

COMPASSIONATE - considerate in our relationships with people, genuinely caring for our staff and grantees

ENABLING - working to ensure that everyone can reach their full potential

IMPACTFUL - targeting our time, resources and funds where they are needed most and can make a tangible & measurable difference

PIONEERING - encouraging exceptional people to do extraordinary things

-making programme focussed

in the following areas:

addressing inequalities within deprived communities in the UK, with a particular focus on

o improving educational outcomes for young people up to the age of 25

• alleviating homelessness

o alleviating the isolation of the elderly

providing capital grants for projects of new church building, extension or redevelopment, especially where the church is using its resources to work with partners to address inequalities in the local community as identified above

addressing inequalities in low income countries of sub-Saharan Africa, in particular by improving educational outcomes for young people and enhancing livelihoods

-making programme is financed by income derived from Ethical Advisory Group. Their performance is reviewed, and measured against published indices, on a regular basis. The objective continues to be to seek to maximise dividend income from the existing capital. The income to purchase two houses in Bury St Edmunds and Ipswich. These have been leased to the charity Hope Into Action for a minimum period of five years and are now providing settled homes for a family at risk of homelessness and single men on licence agreements seeking to rehabilitate their lives, supported by Selig Suffolk (Hope Into Action Ipswich) and volunteers from local churches. The Trustees intend to explore the potential for investing a larger percentage of their portfolio for social impact.

3

The Beatrice Laing Trust - A Registered Charity

TRUSTEES' REPORT

for the year ended 5 April 2025

Achievements and Performance

274 grants were awarded during the year under review. They totalled £2,353,577, a significant increase (20%) on the previous year. A list of all the grants is provided in note 7.

While reviewing their grant-making priorities, the Trustees continued to support a wide range of charities working to relieve poverty in its broadest sense, both throughout the UK and overseas. In doing so, they confirm that they have referred to the Chari

public benefit. Grant recipients included organisations working with disadvantaged children and young people, including care leavers, the elderly, the homeless or vulnerably housed, ex-offenders and those with physical, mental health or learning difficulties and their families, whatever their religion, ethnicity or background. A significant number of these were Christian organisations seeking to express Christian faith through practical action to help those in need and the Trustees also continued to support projects of new church building, extension or redevelopment, focused particularly on churches seeking to establish themselves not only as places of worship but also as thriving hubs from which to provide support to the local community. Once again, the Trustees also joined with other members of the Christian Funders Forum to provide matched funding through the Together Fund to enable Christian charities to participate in The Big Give Christmas Challenge. Many of these charities are involved in social action projects in their local communities, and participation in the Christmas Challenge provided them with an opportunity to raise valuable funds and make contact with a wider donor base.

Further details of all grants of £25,000 and above, broken down by category, are provided below:

Children & Young People
Ryedale Special Families
'Get a Move On' New Building Project	£25,000
Education & Training
The Garwood Foundation
Creation of a Life Skills Centre	£30,000
The Seashell Trust
Construction of new building for Royal College	£50,000
Manchester
Religion
All Saints Church, Ilkley
Re-Ordering & Restructuring Church Buildings	£30,000
All Saints Church, Highertown and Baldhu
The 10:10 Project Church Redevelopment Project	£30,000
Blackburn Cathedral
Crypt Renovation Project	£25,000

4

The Beatrice Laing Trust - A Registered Charity

TRUSTEES' REPORT

for the year ended 5 April 2025

Achievements and Performance - continued

Religion-continued Holy Trinity Church, Clapham Revitalise 250 Church Redevelopment Project £30,000 Holy Trinity Church, Cookham Church Redevelopment Project £25,000 National Churches Trust Larger Grants Match Fund - Structural Repair Projects £50,000 St Mary's Church, Totnes Uplift! Church Redevelopment Project £25,000 St Michael-le-Belfrey Impact Church Redevelopment Project £50,000 The Big Give Christmas Challenge Big Give (Together Fund) Match Funding £26,250 Thornbury Baptist Church Building The Future Church Redevelopment Project £25,000 Twynham Church Twynham Community Link Project New Church Hall £25,000 York Vineyard Church Building Redevelopment into a Community Hub £25,000 Social Welfare & Community Emmaus UK Business Support Officer - Salary £25,000 Stable Family Home Trust Redevelopment of The Stables and Bradbury Centre £25,000 Samaritans of Cornwall at Truro Redevelopment of Premises in Truro £25,000 Camphill Communities East Anglia Orchard Lodge: Provision of Dementia-Friendly Accommodation £25,000 Hope Housing Purchase of Millside House Holistic Homelessness Hub £25,000 YMCA Wellington & District New College Apartments Supported & Move-On Accommodation for Young Homeless People £30,000 Grove Cottage New Building to Provide Facilities/Activities for those with Learning Disabilities & Special Needs £25,000 Waltham Forest Churches Night Shelter Stepping Stones - new move-on accommodation for former rough sleepers £30,000

5

The Beatrice Laing Trust - A Registered Charity

TRUSTEES' REPORT

for the year ended 5 April 2025

Achievements and Performance - continued

Social Welfare & Community-continued Emmaus Bolton New roofs for Derby Barracks site £25,000 SENSE Refurbishment of the new Belfast Hub £25,000 One YMCA Peartree Hostel Redevelopment, Welwyn Garden City £50,000 Chelmsford Churches Homeless Support Scheme Turning Point - Modular Housing for Single Homeless People £100,00 Bridge for Young People Wessex House & Flats for 16-25 Care Leavers/Homeless £25,000 One Small Thing Hope Street Revenue Funding (1st of 3 grants) £50,000 Camphill Milton Keynes Communities Ltd New Accessible Housing for Adults with Learning Disabilities £50,000

In order to assess the effectiveness of their grant-making programme, the Trustees ask all recipients of grants of £5,000 and above for a report 12 months after the grant has been paid, describing briefly how the grant has been spent and commenting as appropriate on what has been achieved. Larger grants are only paid following the fulfilment of certain conditions, and some grants are paid in instalments, usually over 3 years. The second and subsequent instalments of such grants are not released until a review of progress has been satisfactorily completed and the Trustees reserve the right not to make payment should progress be deemed unsatisfactory. In general grants to overseas projects are made through UK registered charities which are tasked with monitoring and evaluating the use of funds on behalf of the Trustees

In addition to grant expenditure, a further £237,151 was spent on costs, resulting in an overall excess of income over expenditure of £166,754. Reserves of unexpended income from previous years increased to £9,366,979. The level of these reserves will vary according to the investment returns being achieved and the level of grant expenditure, but it is the Trus

months expenditure. The level of reserves is currently well above this which will enable the Trustees to continue to increase the level of their grant expenditure in the short to medium term and to continue to explore social investment models. The

endowment at the year-end fell by £3,381,086 to £65,518,671 as a result of a loss on investments of £3,143,935 combined with investment

Risk Assessment

The Trustees annually review the major risks to which they feel the charity is exposed. These fall into three main areas: protection of assets and income, integrity of the grant-making process and employment and retention of staff. Having carried out their annual review of these risks they remain confident that they have in place systems and procedures which mitigate the risks as far as possible.

6

The Beatrice Laing Trust - A Registered Charity

TRUSTEES' REPORT

for the year ended 5 April 2025

Statement of the Trustees' responsibilities in respect of the financial statements

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charity SORP;

make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are 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.

Approved by the Trustees on

Date

and signed on their behalf by

Trustee

7

INDEPENDENT AUDITOR'S REPORT

to the Trustees of The Beatrice Laing Trust - A Registered Charity

Opinion

We have audited the financial statements of The Beatrice for the year ended 5 April 2025 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

5 April 2025, and of its incoming resources and application

of resources, including its income and expenditure, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit ibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

e

preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

the charity has not kept adequate accounting records; or

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

, set out on page 8, the trustees are responsible for the

preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

g concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

8

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

gaining an understanding of management's controls designed to prevent and detect irregularities; and identifying and testing journal entries.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

for the Audit (frc.org.uk).

Use of our report

orts) r ccept report, or for the opinions we have formed.

Steve Robinson Senior Statutory Auditor Mercer & Hole LLP Chartered Accountants 72 London Road, St Albans, AL1 1NS

Date: 28 January 2026

Mercer & Hole LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

9

The Beatrice Laing Trust - A Registered Charity

STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 5 April 2025

Note INCOME AND ENDOWMENTS Investments 2a Donation 2b TOTAL INCOME EXPENDITURE Cost of raising funds 3 Charitable activities 4 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) BEFORE GAINS AND LOSSES ON INVESTMENTS OTHER RECOGNISED GAINS AND LOSSES Net gains/(losses) on investments 10a NET INCOME/(EXPENDITURE) AFTER GAINS AND LOSSES ON INVESTMENTS NET MOVEMENT IN FUNDS FUND BALANCES BROUGHT FORWARD FUND BALANCES CARRIED FORWARD	Restricted Fund £ - - - - 7,551 7,551 (7,551) - (7,551) (7,551) 7,551 -	------- Unrestricted Funds ------ Expendable Endowment Income £ £ - 2,900,092 - 7,551 - 2,907,643 237,151 - - 2,496,187 237,151 2,496,187 (237,151) 411,456 (3,143,935) - (3,381,086) 411,456 (3,381,086) 411,456 68,899,757 8,963,074 65,518,671 9,374,530	Total 2025 £ 2,900,092 7,551 2,907,643 237,151 2,503,738 2,740,889 166,754 (3,143,935) (2,977,181) (2,977,181) 77,870,382 74,893,201	Total Funds 2024 £ 3,037,141 -
				3,037,141
				227,440 2,092,435
				2,319,875
				717,266 1,969,465
				2,686,731
				2,686,731 75,183,651
				77,870,382

10

The Beatrice Laing Trust - A Registered Charity

BALANCE SHEET

as at 5 April 2025

Note FIXED ASSETS Share Investments 10a Property Investment 10b CURRENT ASSETS Cash at bank 11a Debtor - property investment 11b LIABILITIES: amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Representing: UNRESTRICTED FUNDS Expendable endowment 13 Income Account 13 RESTRICTED FUND 13	2025 £ 71,546,989 539,314 72,086,303 2,899,610 - 2,899,610 (92,712) 2,806,898 74,893,201 65,518,671 9,374,530 - 74,893,201	2024 £ 74,927,670 293,378
		75,221,048
		2,501,840 250,880
		2,752,720 (103,386)
		2,649,334
		77,870,382
		68,899,757 8,963,074 7,551
		77,870,382

Approved by the Trustees on

Date

and signed on their behalf by

Trustee

11

The Beatrice Laing Trust - A Registered Charity

STATEMENT OF CASHFLOWS

for the year ended 5 April 2025

Cash flows from operating activities: Note Net cash provided by (used in) operating activities 15 Cash flows from investing activities: Investment income Proceeds from sale of share investments Purchase of property investment Purchase of share investments Net cash provided by (used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Represented by: Cash held within the share portfolio 10a Cash at bank 11a	2025 £ (2,493,132) 2,900,092 11,058,940 (245,936) (10,692,662) 3,020,434 527,302 3,122,751 3,650,053 750,443 2,899,610 3,650,053	2024 £ (2,563,861)
		3,037,141 15,150,755 (2,930) (14,538,669)
		3,646,297
		1,082,436 2,040,315
		3,122,751
		620,911 2,501,840
		3,122,751

As the trust has no borrowings, no analysis of net debt is included in these financial statements.

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The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

1. ACCOUNTING POLICIES

The principal accounting policies adopted are as follows:

a) Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (FRS 102) and update Bulletins 1 and 2, and the Charities Act 2011 and applicable regulations.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments. The Charity constitutes a public benefit entity as defined by FRS 102.

They have reached this conclusion based on unrestricted reserves and free cash being available to continue making grants and donations and paying administrative costs for a period of at least 12 months from the date of signing the accounts. In addition there are significant expendable reserves that mean that the charity will not face financial challenges for the foreseeable future that cannot be managed by prudent changes to grant making policies if required.

b) Fund structure

The expendable endowment represents the funds settled originally by the Settlor and the Trustees are permitted to apply the endowment as if it were income.

The restricted fund represents gifts given with an explicit instruction from the donor.

c) Income recognition

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Interest on funds held is included upon notification of the interest paid or payable. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Credit is taken in the accounts for income tax deducted from investment income which has or will be reclaimed from H M Revenue & Customs up to 5 April 2025.

Income from donations and legacies is recognised as it is received by the Trustees.

d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Provision is made for grants when the Trustees have made a binding commitment and this has been communicated to the applicant.

e) Allocation of governance and other support costs

Governance and support costs have been allocated between charitable activities and governance. Governance and support costs relating to charitable activities have been apportioned based on the estimated time spent by staff at the office of the Laing Family Trusts in the administration of donations and assessment of projects. The allocation of governance and support costs is analysed in note 5.

Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include the accountancy and audit costs relating to these financial statements together with an apportionment of overhead and support costs.

f) Cost of raising funds

The cost of generating funds comprises the investment management charges.

13

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

1. ACCOUNTING POLICIES - continued

g) Charitable activities

The expenditure on charitable activities comprises grants made in the year and governance and support costs. An analysis of the grant expenditure for the year is shown in notes 7.

h) Fixed asset investments

Listed investments are valued in the Balance Sheet at market value. Unlisted investments are included at the Trustees' estimate of market value. The net gain/(loss) on revaluation and disposal of investments is shown in the Statement of Financial Activities.

Properties held for use by the charity are capitalised at cost which includes purchase price, legal fees plus subsequent additions to the property. No provision has been made for depreciation as the Trustees are of the opinion that the recoverable amount of the property is not lower than the carrying value. An annual impairment review will be performed by the Trustees to ensure that no change to this opinion occurs.

Expenditure on fixtures and fittings under £750 are expensed rather than included on the fixed asset register.

i) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

j) Foreign exchange

Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at year-end rates and translation differences are taken to the Statement of Financial Activities.

k) Currency

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

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The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

2. INCOME AND ENDOWMENTS

a) Investment Income Unquoted

a) Investment Income Unquoted
Investment Trustees' Quoted Names Investments £ £ UK investments 374,540 1,384,800 Overseas investments - 1,205,233 374,540 2,590,033 Less: non-recoverable and overseas tax - (163,915) 374,540 2,426,118 Interest on cash deposit Rental income	Total 2025 £ 1,759,340 1,205,233 2,964,573 (163,915) 2,800,658 88,654 10,780 2,900,092	Total 2024 £
		2,059,191
		1,032,934
		3,092,125 (121,863)
		2,970,262 60,999 5,880
		3,037,141

b) Donations

All dealings with the John Laing Charitable Trust have now been finalised and the excess funds have been transferred to the charity expendable endowment.

3. COST OF RAISING FUNDS

COST OF RAISING FUNDS	2025	2024
	£	£
Investment management charges	237,151	227,440

4. ANALYSIS OF CHARITABLE ACTIVITIES

The Charity undertakes its charitable activities through grant making and social impact investing. It awarded grants to a number of institutions and individuals in furtherance of its charitable objectives.

Grant funded activity - Out of income funds - Property expenses Support and governance costs - Charitable Activities - Governance costs	Total 2025 £ 2,353,577 1,082 112,092 29,436 2,496,187	Total 2024 £ 1,952,320 4,309 103,984 31,822 2,092,435

A detailed analysis of grants awarded during the year is given in note 7.

15

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

5. ALLOCATION OF GOVERNANCE AND SUPPORT COSTS

	2025		2024
	Charitable		Charitable
	Activities Governance		Activities Governance
	£	£	£	£
Audit fee	-	5,580	-	5,280
Accountancy fees	-	11,400	-	10,526
Maintenance costs	2,735	304	3,066	341
Employment costs	92,416	10,269	89,735	9,971
Legal fees	-	-	-	3,720
Sundry Expenses	-	-	-	741
Administration and computer costs	16,941	1,883	11,183	1,243
	112,092	29,436	103,984	31,822

All costs are apportioned on the basis of staff time.

The Beatrice Laing Trust is administered alongside The Maurice & Hilda Laing Charitable Trust, the Kirby Laing Foundation and the Martin Laing Foundation with which it shares its three full-time members of staff and office space. Mrs A C B J Gregory, a Trustee is also a Trustee of the Martin Laing Foundation and Mr C W D Laing, a Trustee, is also a Trustee of the Maurice & Hilda Laing Charitable Trust. The Beatrice Laing Trust, The Maurice & Hilda Laing Charitable Trust and the Martin Laing Foundation make contributions to the Kirby Laing Foundation towards employment costs. The Beatrice Laing Trust contributed £102,685 during the year towards these costs (2024 £99,706). The Beatrice Laing Trust also made contributions of £3,039 to The Reculver Trust, the landlord of the office, in respect of maintenance costs for the office.

6. TRUSTEES EXPENSES AND REMUNERATION

The Trustees received no remuneration or expenses during the year (2024 £nil).

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The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

7. ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS

Children & Young People Education & Training Health & Medical Welfare Overseas Development Religion Social Welfare & Community Miscellaneous Grant adjustments p/y	No 10 13 2 30 114 103 1 274 - 274	2025 £ No 87,500 14 138,000 16 6,000 3 234,225 27 881,550 98 1,010,052 93 26,250 3 2,353,577 254 - - 2,353,577 254	2024 £ 63,500 210,000 10,500 215,870 668,000 742,700 51,250 1,961,820 (9,500) 1,952,320

Details of individual donations made in the year ended 5 April 2025 are as follows:

Children & Young People Action4Youth Become BookTrust Cowes Sailability Club Devas Club Grief Encounter Growth Path Services RAW Workshop Ryedale Special Families Seaview Sailing Trust Education & Training Association of Parents & Friends of Bower Grove School Autism Unlimited Chailey Heritage Foundation Coram Beanstalk Friends of Castledon School Paces Sheffield Schoolreaders Speech and Language UK The Garwood Foundation The Loyne School The Seashell Trust Whirlow Hall Farm Trust Young Epilepsy	£ 20,000 3,000 5,000 5,000 5,000 2,500 2,000 10,000 25,000 10,000
	87,500
	2,000 2,500 10,000 10,000 3,000 3,500 10,000 5,000 30,000 2,000 50,000 5,000 5,000
	138,000

17

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

7. ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS continued

Health & Medical Welfare Demelza Hospice Care for Children Tomorrow's Women Overseas Development Action on Disability and Development Adami Project BMS World Mission Book Aid International Bridge2Aid Cecily's Fund FARM Africa Fields of Life Trust Five Talents Footsteps International Friends of Nixon Memorial Hospital Health Poverty Action Himalayan Trust UK IMPACT Foundation Inter Care MicroLoan Foundation Mikuyu Tanzania ORBIS Princes Risborough Baptist Church Ripple Effect Sense International Spotlight on Africa The Busoga Trust The Huge Partnership The Wulugu Project Tools For Self Reliance Transform Trade Village Water Ltd Workaid Zambia Orphans Aid UK	1,000 5,000 £
	6,000
	2,500 5,000 5,000 10,000 16,000 10,000 5,225 10,000 15,000 5,000 7,500 5,000 21,000 10,000 5,000 5,000 5,000 5,000 7,500 20,000 10,000 5,000 5,000 10,000 2,500 5,000 10,000 5,000 5,000 2,000
	234,225

18

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

7. ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS - continued

£

	£
Religion
All Saints Church, Fulham	20,000
All Saints Church, Highertown and Baldhu	30,000
All Saints Church, Ilkley	30,000
All Saints Church, Lydiard Millicent	5,000
All Saints Church, Trysull	2,000
All Saints Church, Whiteparish	3,500
Beulah Family Church, Thornton Heath	2,500
Blackburn Cathedral	25,000
Buckna Presbyterian Church	5,000
Burghead Free Church	4,000
Calne Free Church	2,000
Christ Church, Bradford-on-Avon	5,000
Christchurch Forest of Dean	2,000
Christchurch, Hailsham	4,000
Christians & Sheffield Schools	4,000
Church of Christ the King, Bradley Stoke	5,000
Church of the Ascension, Whixley	2,500
Church of the Cross, South Thamesmead	2,000
Dagenham Christians Together	2,500
Drayton Parslow PCC - Holy Trinity	2,500
Elgin Baptist Church	5,000
Ellon Baptist Church	10,000
Glebe Chapel CIO	5,000
Good Shepherd Mission	2,500
Grace Church Kidderminster	2,500
Harbour Church Portsmouth	5,000
Holy Trinity Church, Clapham	30,000
Holy Trinity Church, Cookham	25,000
Holy Trinity, Long Itchington	2,500
Hope Community Church, Wigston	2,500
Kings Church, Bangor	20,000
Leyland Baptist Church	2,000
Moncreiff Parish Church	5,000
National Churches Trust	50,000
Netherlorn Church of Scotland	2,500
Pinehurst Community Church	5,000
Quorn Baptist Church	7,500
Raunds Methodist Church	5,000
Renewal North West	5,000
Rufford PCC	3,500
Sandwell Churches Link	2,000
St Albans Church, Earsdon	4,000
St Andrew's Church in the Westlands	7,500
St Andrew's Church, Chelmsford	1,000
St Andrew's Church, High Wycombe	20,000
St Andrew's Church, Winterbourne Houghton	2,500
St Barnabas Church, Kensington	5,000
St Bartholomew's Church, Sutton-Cum-Lound	2,500
St Chad's Church, Dunholme	4,000
St Cleer Parish Church, Liskeard	5,000
St Faith's Church, Havant	4,000

19

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

7. ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS - continued

ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS - continued	£
Religion-continued
St Giles Church, Nazeing	7,500
St Helen's Church, Thorney	4,000
St James' Church, Akeley	5,000
St James Church, Hill	5,000
St James Church, Shirley	2,000
St James the Great Church, Cradley	2,000
St John Fisher Church, Shepperton	2,500
St John the Baptist Church, Churchill	1,000
St John the Baptist Church, Hatherleigh	5,000
St John the Baptist R.C. Church, Melton Mowbray	5,000
St John's Church, Failsworth	4,000
St John's Church, Meads, Eastbourne	2,000
St John's Church, Thornham	2,000
St Lawrence Church, Hungerford	20,000
St Leonard's Church, Glapthorn	2,250
St Luke's Church, Maidstone	5,000
St Luke's Church, Widnes	4,000
St Mael & St Sulien's Church, Corwen	5,000
St Margaret's Church, Horsmonden	5,000
St Mark's Church, Mitcham	2,000
St Mark's Episcopal Church, Edinburgh	5,000
St Martin's Church, Worcester	2,000
St Mary Magdalene Church with St Leonard, Newark	20,000
St Mary Magdalene Church, Cobham	2,500
St Mary the Virgin Church, Stebbing	30,000
St Mary the Virgin, Turville	5,000
St Mary's Church, Great Chart	3,000
St Mary's Church, Great Sankey	4,000
St Mary's Church, Richmond	2,000
St Mary's Church, Totnes	25,000
St Mary's Community Centre, Sheffield	5,000
St Matthew's Church, Ponders End	5,000
St Michael & All Angels Church, Eaton Bishop	2,500
St Michael-le-Belfrey	50,000
St Mildred's Church, Tenterden	7,500
St Nicholas Church, Dersingham	3,000
St Peter's Church, Ayot St Peter	2,000
St Peter's Church, Stanton Lacy	2,500
St Peter's Church, Stockton-on-Tees	5,000
St Peter's Church, Yateley	2,500
St Philip & St James Church, Ilfracombe	7,800
St Sampson's Church, South Hill	5,000
St Thomas' Church, Crosscrake	5,000
St Thomas' Church, Milnthorpe	5,000
St Thomas of Canterbury Church, Lapford	2,500
Stirling Methodist Church	5,000
Stones Methodist Church	5,000
Stowey Church	5,000
Stratfield Saye Parish Church	2,000

20

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

7. ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS - continued

ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS - continued
Religion-continued Sulby Methodist Church Tabernacl Penrhyndeudraeth Taunton Minster The Foundry Sheffield The Gateway Church @ Leek Thornbury Baptist Church Twynham Church Viney Hill Christian Adventure Centre Welton Baptist Church Woking United Reformed Church Woodstock Youth Work Trust Woven St Leodegarius Church, Basford YKids York Vineyard Church Social Welfare & Community Asylum Welcome Barnet Churches Action Bethany Christian Trust Blyth Star Enterprises Bournemouth Foodbank Bridge for Young People BucksVision Camphill Communities East Anglia Camphill Milton Keynes Communities Ltd Canaan Trust Caring in Bristol Ltd Chelmsford Churches Homeless Support Scheme City Gate Community Projects City of Exeter YMCA College of St Barnabas Dean & Cauvin Young People's Trust Designability Diverse Abilities ELHAP Emmaus Bolton Emmaus Hertfordshire Emmaus Sheffield Emmaus South Lambeth Community Emmaus UK Emmaus Village Carlton Encompass Enham Trust Enthum Foundation Exeter Gateway Centre FirmFoundation Freedom from Torture Garvald Edinburgh Genesis Trust Bath	5,000 5,000 5,000 7,500 2,500 25,000 25,000 7,000 5,000 2,500 2,500 2,000 5,000 25,000 £
	851,550
	5,000 5,000 5,000 5,000 2,500 25,000 2,000 25,000 50,000 5,000 5,000 100,000 2,500 5,000 5,000 2,500 18,000 3,000 2,500 25,000 15,177 2,000 1,200 25,000 20,000 20,000 5,000 2,500 2,500 5,000 5,000 2,000 5,000

21

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

7. ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS - continued

	£
Social Welfare & Community-continued
Give a Book	5,000
Gloucester Foodbank	5,000
Grove Cottage	25,000
Hands of Hope	5,000
Happy Days Ministries UK	5,000
Hope Housing	25,000
Hope into Action	20,625
Housing for Women	5,000
IMPAKT Housing & Support	3,000
Independence at Home	5,000
inHope (Bristol) Limited	5,000
Just-Ice Poynton	5,000
Kenward Trust	5,000
Key4Life	5,000
KeySteps	3,000
Lifeline (Harrogate) Limited	3,000
Living Hope - Belfast	4,000
Lunch on the Run	4,000
NEPACS	5,000
Newport Cottage Care Centre	2,500
Noah Enterprise	5,000
Normandy Community Therapy Garden	2,500
North Glasgow Community Food Initiative	2,000
Off The Streets	7,500
One Small Thing	50,000
One YMCA	50,000
Open Door Exmouth	5,000
Parkfields Community Centre	1,000
Porchlight	5,000
Prisoners Abroad	6,000
Prisoners' Education Trust	6,550
Provide Devon	3,000
REACH Community Projects	3,500
Refugee Education UK	10,000
Renova Trust	5,000
Restore (York) Limited	5,000
Rowan Alba	3,500
Samaritans of Cornwall at Truro	25,000
Saracens Sport Foundation	10,000
SCRATCH	5,000
Selig Suffolk Trust	13,000
SENSE	25,000
Shaftesbury	15,000
Southend Foodbank	4,000
Spitalfields Crypt Trust	5,000

22

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

7. ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS continued

ANALYSIS OF CHARITABLE EXPENDITURE OUT OF INCOME FUNDS continued
Social Welfare & Community-continued St Petrock's (Exeter) Ltd Stable Family Home Trust Stockdales of Sale, Altrincham & District Limited SWALLOW Teams & Bensham Community Care The Chilterns Dial-a-Ride The Cranfield Trust The Good Neighbour Scheme for Mill Hill & Burnt Oak The JPK Sussex Project The Key - Unlock Potential The Parish Trust The Shrewsbury Ark This is GrowTH Ltd Tracks Autism Trinity Winchester VisionPK Waltham Forest Churches Night Shelter Walthew House Women's Community Matters YMCA Cornwall YMCA Glenrothes YMCA Henley YMCA Norfolk YMCA North Tyneside YMCA Wellington & District Miscelleanous The Big Give TOTAL GRANTS BY CATEGORY	£ 5,000 25,000 3,500 5,000 3,000 5,000 10,000 2,500 5,000 5,000 3,500 5,000 2,000 1,500 5,000 5,000 30,000 2,000 5,000 5,000 2,500 10,000 6,000 2,500 30,000
	1,010,052
	26,250
	26,250
	2,353,577

23

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

8. RELATED PARTY TRANSACTIONS

No related party transactions were made during the year.

9. FUTURE COMMITMENTS

The Trustees have made non-binding grant commitments payable in 2025/26, and 2026/27 which are detailed below:

Commitments brought forward at 6 April 2024 Commitments made during the year Commitments paid during the year Commitments outstanding during the year Commitments carried forward at 5 April 2025	2024/25 £ 206,625 - (196,625) (10,000) -	2025/26 £ 50,000 162,550 - 10,000 222,550	2026/27 £ - 131,000 - -
			131,000

The Trustees also have made further non-binding grant commitments to future projects, the timing of which is unknown, totalling £984,373.

10. FIXED ASSETS

FIXED ASSETS
a) Share Investments Market value at 5 April 2024 Disposal proceeds Add: acquisitions at cost Investment gains Movement of cash Market value at 5 April 2025 Investment assets in the UK Investment assets outside the UK Historical cost at - 5 April 2025 - 5 April 2024	Listed £ 64,518,963 (11,058,940) 10,692,662 (3,344,248) - 60,808,437 25,990,252 34,818,185 60,808,437 51,918,560 48,597,911	Unlisted £ 9,787,796 - - 200,313 - 9,988,109 9,988,109 - 9,988,109 3,590,925 3,590,925	Cash held within the investment portfolio £ 620,911 - - - 129,532 750,443 750,443 - 750,443 - -	Total £ 74,927,670 (11,058,940) 10,692,662 (3,143,935) 129,532 71,546,989 36,728,804 34,818,185 71,546,989 55,509,485 52,188,836	Total 2024 £ 73,182,648 (15,150,755) 14,538,669 1,969,465 387,643
					74,927,670
					37,889,399 37,038,271
					74,927,670

24

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

10. FIXED ASSETS - continued

The following investments comprise more than 5% of the value of the portfolio at 5 April 2025.

		Market
Share Investments	Holding	Value
		£
Eskmuir Properties Ltd	508,476 ordinary shares of £1	5,740,694
The Diversified Property Fund for Charities	2,874,731 units	4,247,415

Christopher Laing is Chairman of Eskmuir Properties Ltd

The market values of the unlisted investments, Eskmuir Properties Ltd and The Diversified Property Fund for Charities, have been calculated using the estimated market values provided to the Trustees at 30 September 2024 of £11.29 per share, and at 31 March 2025 of £1.4775 per share, respectively.

b) Property Investment Value at 5 April 2024 Additions during the year Value at 5 April 2025	2025 £ 293,378 245,936 539,314	2024 £ 290,448 2,930
		293,378

A first free hold property at 32 Hunter Road, Ipswich was purchased in 2024 for the use of the Charity.

A second free hold property at 1 Stoke Hall Road, Ipswich was purchased for the use of the Charity in April 2024. The purchase funds were transferred to the solicitor on 2 April 2024 and completion took place on 9 April 2024.

The properties are capitalised in the accounts at cost which includes purchase price, legal fees plus subsequent additions to the property. No provision has been made for depreciation as the Trustees are of the opinion that the recoverable amount of the properties is not lower than the carrying value. An annual impairment review will be performed by the Trustees to ensure that no change to this opinion occurs and a formal valuation will be attained periodically. This is currently set for 2027.

11. CURRENT ASSETS

a) Cash at Bank

a) Cash at Bank
Stockbrokers income account Bank account b) Debtors Purchase price of property held by solicitor Rental income due	2025 £ 87,129 2,812,481 2,899,610 2025 £ - - -	2024 £ 103,579 2,398,261
		2,501,840
		2024 £ 245,000 5,880
		250,880

25

The Beatrice Laing Trust - A Registered Charity

NOTES TO THE FINANCIAL STATEMENTS

at 5 April 2025

12. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR

LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
Investment management fees Kirby Laing Foundation Reculver Trust Accruals - professional fees	2025 £ 59,946 - - 32,766 92,712	2024 £ 59,541 25,827 972 17,046
		103,386

13. FUNDS

FUNDS
Comprise the following: - Investments - Cash - Debtors - Creditors	Restricted Funds £ - - - -	---- Unrestricted Funds ---- Expendable Endowment Income £ £ 72,086,303 - (6,507,686) 9,407,296 - - (59,946) (32,766) 65,518,671 9,374,530	Total 2025 £ 72,086,303 2,899,610 - (92,712) 74,893,201	Total 2024 £ 75,221,048 2,501,840 250,880 (103,386)
				77,870,832

14. VOLUNTEERS

Other than the Trustees, the Charity receives no contribution from volunteers.

15. RECONCILIATION OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net movement in funds (as per the Statement of Financial Activities (Gains)/losses on investments shown in investing activities Deduct investment income shown in investing activities Increase/(decrease) in creditors (Increase)/decrease in debtors	2025 £ (2,977,181) 3,143,935 (2,900,092) (10,674) 250,880 (2,493,132)	2024 £ 2,686,731 (1,969,465) (3,037,141) 6,894 (250,880)
		(2,563,861)

26