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2024-12-31-accounts

Charity number: 236852

John Laing Charitable Trust

Report and financial statements For the year ended 31 December 2024

John Laing Charitable Trust

Contents

For the year ended 31 December 2024

Reference and administrative information ....................................................................................... 1 Trustees’ annual report ................................................................................................................... 2 Independent auditor’s report......................................................................................................... 14 Statement of financial activities ..................................................................................................... 18 Balance sheet ................................................................................................................................ 19 Statement of cash flows ................................................................................................................ 20 Notes to the financial statements .................................................................................................. 21

John Laing Charitable Trust

Reference and administrative information

For the year ended 31 December 2024

Charity number 236852
Country of England & Wales
registration
Registered office 33 Bunn’s Lane
and operational London
address NW7 2DX
Trustees Timothy G Foster Chairman
Christopher Laing Vice Chairman
Alexandra C B J Gregory
Lynette G Krige
Stewart C K Laing
Pam Orchard Appointed 19 November 2024
Christopher B Waples
Key Management Helen Parker Trust Director
Bankers HSBC Bank plc
101-103 Station Road
Edgware
Middlesex
HA8 7JJ
Investment Charles Stanley
Manager 55 Bishopsgate
London
EC2N 3AS
Solicitors Bates Wells
10 Queen Street Place
London
EC4R 1BE
Auditor Sayer Vincent LLP
Chartered Accountants and Statutory Auditor
110 Golden Lane
London
EC1Y 0TG

1

The Trustees present their report and the audited financial statements for the year ended 31 December 2024.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

The Trustees review the aims, objectives and activities of the Trust each year. This report looks at what the Trust has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the Trust has brought to those groups of people that it helps. The review also helps the Trustees ensure the Trust's aims, objectives and activities remained focused on its stated purpose.

Purpose and aims

The John Laing Charitable Trust exists to provide for hardship to qualifying former and existing staff of John Laing (the “Company”) and to make grants for the benefit of the public as shall be exclusively charitable. The Trustees, from time to time, may determine the Trust purpose and aims in their absolute discretion and with regard to the guidance published by the Charity Commission under section 4 of the Charities Act 2011.

Through grant-making, the Trust aims to improve the quality of life of its beneficiaries. The overall strategy and objectives achieve the Trust’s:

Mission

‘To care for the welfare of existing and former employees of John Laing and to work with others in the community to improve the lives of those in need.’

Core Values

Community: encouraging initiatives by those living and working in the community to strengthen their communities by enabling and supporting those in need.

Opportunity: all people should have the opportunity to develop their full potential and contribute to society.

Compassion: recognising the Christian values of our founder in addressing disadvantage.

Social Responsibility: respecting the welfare of individuals, communities and the environment.

2

Respect: recognising the needs of individuals and organisations in the communities we serve,

including people from all backgrounds.

The principal activities of the Trust

Welfare: In recognition of the Trust Deed, the Trustees consider that the welfare of former and current employees of the Company should be the first priority of the Trust. This is managed through a dedicated team of Welfare Officers who carry out planned, targeted and prioritised visits firstly to those previously identified as being in financial need, secondly to those former employees that are over 75 years of age, and thirdly, where time permits to more general visits to pensioners. Where applicable, Welfare Officers may recommend financial assistance. Hardship payments are also available to existing staff and applications are assessed by the Trust Director.

Grant-making: The Trustees in their discretion make grants to charitable organisations and have currently placed a priority on the concerns of Homelessness, Young People, Skills & Education and Community. The Trustees will adapt grant-making to be able to respond to emergencies arising from natural disasters or other crises.

The Trust also supports the charitable activities of John Laing Group including its engagement in the communities where the Company operates both in the United Kingdom and overseas. Support is provided to a number of the Company’s annual staff initiatives by way of matching their fundraising efforts (the “Staff Matching” scheme) up to the value of £1,500 per individual event; making a £1,000 grant to charitable or not for profit organisations where staff and/or their immediate family are actively involved (the “Make a Difference” scheme); donations to chosen charitable organisations nominated by staff who are being recognised for their long service and exemplar contribution to the Company.

Structure, governance and management

The John Laing Charitable Trust (the “Trust”) is governed by the Deed of the Trust dated 21 December 1962 as modified by a number of supplemental deeds (the “Trust Deeds”). The Trust was set up by John Laing Limited. The Trust was later combined with the Laing Benevolent Fund which had been set up in 1932 by Sir John Laing in order to provide for hardship to staff who had done valuable work for the Company and served considerable time.

The Company originally covenanted to make payments to the Trust of £10,000 per year for a period of seven years.

The Trust Deeds empower the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees. The income received by the Trust from these investments is utilised to fund the Trust’s welfare payments and its charitable work as a grant-making charity.

The Trust Deeds were updated in May 2023 to enable effective governance. The most significant change to the Trust Deeds is clarity on the appointment of new trustees and tenure of office.

3

Definition of and Trustees has been introduced. A is a direct descendent, or the spouse of a direct descendent, of Sir John Laing CBE who was born on 24 September 1879 and who died on 11 January 1978. Under the revised Trust Deeds a may not be appointed if that would result in a majority of .

Board Committees

There are three Committees to the full Board: the Investment & Finance Committee, the Resources Committee (both established in 2019) and the Nominations & Governance Committee (NGC, established in 2022). The Board has delegated responsibilities to these committees to undertake activity within its terms of reference and to make necessary recommendations to the Board. In particular, responsibilities delegated to the NGC include reviewing the composition and membership of the Board and Board Committees; as well as advising on Board succession, trustee recruitment and training and development needs.

Appointment of Trustees

The power to appoint new Trustees was initially fully vested in the Company, which was instrumental in setting up the Trust. In December 2015, the Company gave up this entitlement and retained their right to appoint two (“Company Trustees”) of the maximum eight Trustees with the remaining six (“non-Company Trustees”) to be appointed by the Trustees.

In May 2023, the residual right of the Company to appoint two trustees was removed. The appointment of all the maximum eight Trustees is now the responsibility of the Trustees. Trustees are recruited for their experience, empathy and knowledge of the Trust and its values and to balance the skills and composition of the trustee body.

In November 2024, a new trustee Pam Orchard was appointed to the board of trustees following an open recruitment process, informed by a skills audit, and brings to the board extensive experience in the Homelessness sector.

Trustee induction and training

On their appointment, new Trustees are given an induction by the Trust Director which includes a welcome pack containing the history of the Trust, a copy of the Trust Deed as well as minutes of the previous year’s Trustees meetings and the latest published accounts and budget for the current year. If required Trustees can attend courses to familiarize themselves with the Charity Commission’s Essential Trustee guidance.

Related parties and relationships with other organisations

The Trustees are responsible for the general control and governance of the Trust. The Trustees give their time freely and receive no remuneration or other financial benefits. Details of the Trustee expenses and related party transactions are disclosed in note 7 to the accounts.

4

Trustees are required to disclose all relevant interests and register them with the Board of Trustees and in accordance with the Trust’s policy do not participate in decisions where a conflict of interest arises.

Day-to-day operation of the Trust

The Trustees delegate the day-to-day management and operation of the Trust to the Trust Director. The Trust Director, together with the Office Manager, Publishing and Communications Manager, Grants Manager and 8 members of the Welfare Team are directly employed by the Trust. In early 2025, an additional Welfare team member was recruited on a fixed term contract, bringing the number of Welfare team members to 9. This will enable delivery of Welfare activities to be maintained during a period of extended sickness absence for one Welfare team member.

The Resources Committee reviews the salaries of staff in December each year.

Learning and Development

The Trust aims to develop its people through the provision of learning activities so that they are equipped to pursue the Trust’s purpose and to help inform Trustees in their decision making. During the year:

5

Strategic Priorities for grant-making

The Trust’s Strategic Priorities for grant-making inform major grant making: -

Public Benefit

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Achievements and performance

The Trust’s main activities and beneficiaries are described below. All its charitable activities are undertaken to further John Laing Charitable Trust’s charitable purposes for the public benefit and to achieve the Trust’s strategic objectives.

Welfare: The following were achieved in the year

6

Charitable Giving: Trustees aim to make grants which are aligned to the strategic priorities of the Trust. The Trust is a proactive funder, finding organisations through research and referral, that work in our four key areas: Community, Skills & Education, Young People and Homelessness, The Trust does not have an open application process but often collaborates with other funders to reach local groups. Key partners include the John Laing Group and Community Foundations across the UK. The Trust works in close partnership with John Laing Group to jointly fund grants meeting the Trust’s priorities. During the year, the Trust’s approach continued to evolve, including two new Major Keystone Grants “(target level c. £100,000 - £150,000)” to Fareshare and Independent Age. Trustees wish to target specific social needs and fund organisations taking a strategic approach, including for example growing effective models of support, promoting systems change and influencing others, or filling gaps in provision.

The Trustees awarded major grants listed below, which will help achieve their strategic aims:-

i. COMMUNITY – Supporting people in need: Grants totaling £556,200 were awarded in the year:-

Supporting people facing financial hardship, isolation and marginalisation by strengthening community-based services

Children Change Colombia £48,000 Education & skills programme
Cruz Roja Colombiana £24,800 Young entrepreneurship
Fareshare £100,000 Regional sourcing programme
Gateshead Carers £16,500 Respite programme

7

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Habitat for Humanity – Metro Denver £31,000 Housing for low-income families
Independent Age £94,100 Boosting advice fund
Turn2Us £36,800 Greater access to financial help
Community Foundation for Lancs &
Merseyside £25,000 Lancashire Women’s Fund
Community Foundation for Lancs &
Merseyside £10,000 Southport Strong Together Appeal
£25,000 Elderly Companionship and Young
Community Foundation for Surrey People Funds
£30,000 Winter Warmth Fund and Brighter
Cumbria Community Foundation Futures
Essex Community Foundation £25,000 Community Needs Fund
£40,000 Sir Martin Laing Fund- Older People
Norfolk Community Foundation in North Norfolk
Oxfordshire Community Foundation £25,000 Thriving in Nature Fund
Sussex Community Foundation £25,000 Reaching Potential Fund
----- End of picture text -----

ii. YOUNG PEOPLE – BUILDING FUTURES: Grants totaling £393,400 were awarded in the year:-

empowering young people facing disadvantage, and supporting pathways to education, training, employment and skills for life towards independence

Alder Hey Children's Charity £20,000 Youth Voice project
Coram Voice £60,000 Outreach service including rural
expansion
East Wall Youth £33,600 Youth support programme
Kips Bay Boys and Girls Club £24,800 Youth club and activities
New Horizon Youth Centre £50,000 Stand By Me outreach & mentoring
Ormiston Families £50,000 Breaking Barriers service
Right to Succeed £155,000 Blackpool Pathways for All, Raising
Rochdale and Great Yarmouth programmes

iii. SKILLS & EDUCATION – INSPIRING LEARNING: Grants totaling £305,442 were awarded in the year:-

To improve access to education and employability skills for people facing greater barriers, particularly in areas of high deprivation.

8

----- Start of picture text -----
Build Up Foundation £35,000 Construction projects for young people
£24,738 Engaging male Aboriginal & Torres Strait
Clontarf Foundation Islander students in Australia
Elevate Orlando £33,500 Teacher- mentor programme
IMC Weekend School £8,000 Educational programmes
Inclusion Barnet £40,000 Disability advice workforce
IPSEA £50,000 SEN advice capacity building
Oxford Hospitals Charity £41,731Hospital school programme
Read Easy UK £50,000 Adult literacy capacity building
£22,472 Holistic mentoring support to Aboriginal &
Stars Foundation Limited Torres Strait Islanders girls and young women
----- End of picture text -----

iv. HOMELESSNESS – SAFE HOMES FOR ALL Grants totaling £267,500 were awarded in the year:-

To help end the cycle of homelessness by supporting holistic services for people who are homeless or at risk of homelessness, including long-term accommodation models.

----- Start of picture text -----
Christians Ready Equipped and
Willing (CREW) £24,000 Community Support and outreach
Every Youth £150,000 Future Builders support & accommodation
Homeless Link £30,000 Policy and National Practice Development
Oxfordshire Homeless Movement £30,000 No Recourse to Public Funds project
St Francis House £33,500 Refuge services
----- End of picture text -----

Financial review

The Trustees aim to finance grant and operational needs out of investment income. Funding targets are set based on the anticipated income from the investment portfolio and may be adjusted to take into account circumstances surrounding the changing needs of our beneficiaries and the sector. The Trustees continue to achieve the objectives of the Trust by careful management of the endowment in prevailing markets in order to preserve the long-term value of the investments in real terms as well as balancing the income the portfolio can generate for disbursement.

----- Start of picture text -----
£’000 31 December 2024 31 December 2023
Investment income 2,516 2,423
Other 20 20
Total income 2,536 2,443
----- End of picture text -----

9

Income comprises interest and dividends received from the portfolio of investments. Funds increased in the year to 73.1 from £71.2m (2023).

The Trustees have an investment strategy through a diversified asset portfolio applying a medium to high-risk strategy. Out of £71.4 million of assets, £65.0 million of the Trust’s portfolio is managed by Charles Stanley & Co Limited (“Charles Stanley”) against a range of indicators and benchmarks deemed satisfactory by the Trustees. Investments are made under the constraints placed by the Trustees as described in the Investment Policy.

The remaining investments are monitored directly by the Trustees and relate to investments in Diversified Property Fund for Charities (“DPFC”).

Investment Policy

The Trust retains the services of Charles Stanley who operate within the agreed discretionary investment mandate established and reviewed by the Investment and Finance Committee. Investment in DPFC is made through the trustees’ powers contained in the Deeds, to invest as if they were the beneficial owners of the Trust property.

The Trust’s Investment Policy Statement was reviewed in the year and continues to support a medium to high level of risk. Any investments made on behalf of the Charity must comply with the following restrictions:

10

Principal risks and uncertainties

Trustees are responsible for monitoring the risks facing the Trust and ensuring arrangements to manage these risks are reviewed regularly. The risk management process involves identifying potential risks, the likelihood of these risks arising and severity of their impact, as well as reviewing the measures taken to mitigate against them.

The principal risks facing the Trust are:-

  1. Stock market and geopolitical volatility leading to a reduction in the funds available for grants due to a decline in the value of the investment portfolio and reduction in income. The short term risk is mitigated by cash deposits to meet 12 months’ grant making forecast. In the medium to long term this is mitigated by an investment policy seeking a diverse portfolio of investments, managed by a monitored investment manager on a discretionary basis, reviewed by the Trustees, at least twice a year.

  2. The team lack sufficient resources or skills to deliver programmes, and/or key staff are lost, leading to Trust programmes being partially or not delivered. This is mitigated by regular review of the budget and plan, objectives and personal performance of the employees and outsourced providers.

  3. Inadequate knowledge and expertise of programme areas lead to Trust programmes not effectively achieving their objectives. This risk is mitigated by the Trust team attending briefings. The duties of the Nominations and Governance Committee include an annual review of board composition – including skills, knowledge, and experience. This informed the process of trustee recruitment that took place in the second half of 2024, resulting in the recruitment of new trustee Pam Orchard to the board bringing expertise in the field of Homelessness. Board development will continue to be a priority for the Trust.

Reserves policy and going concern

The Trust does not run a specific Reserves Policy. The Trustees manage the assets of the Trust as “expendable endowment” to provide income from which to make grants. The whole endowment therefore is available to act as reserves.

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

Fundraising

The Trust does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Trust nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and the Trust received no complaints relating to its fundraising practice.

11

Plans for the future

The Trustees have no immediate plans to change the activities of the Trust. The provision of the welfare programme adapts to the changing needs of the ageing population of John Laing pensioners in need of assistance. Over time, their number is declining and as this happens the balance of charitable donations is increasing, compared to the expenditure on welfare services. The impact of this change on resources will be reviewed regularly.

There will be continued review of grant making policy as well as impact measurement and reporting to ensure grants are making a real difference. Social Investment will also be explored as an opportunity for the Trust to meet social objectives through the investment portfolio.

12

Statement of responsibilities of the Trustees

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. 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.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

Sayer Vincent LLP were re-appointed as the auditor during the year.

The Trustees’ annual report has been approved by the Trustees on July 2025 and signed on their behalf by

Christopher B Waples Trustee

13

To the members of

John Laing Charitable Trust

Opinion

We have audited the financial statements of John Laing Charitable Trust (the ‘charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows 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 FRS 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:

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 responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the 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 John Laing Charitable Trust’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.

14

Independent auditor’s report

To the members of

John Laing Charitable Trust

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our 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 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going 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.

15

To the members of

John Laing Charitable Trust

Auditor’s responsibilities for the audit of the financial statements

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 are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We inspected the minutes of meetings of those charged with governance.

16

Independent auditor’s report

To the members of

John Laing Charitable Trust

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date

Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

17

John Laing Charitable Trust

Statement of financial activities

For the year ended 31 December 2024

----- Start of picture text -----
2024 2023
Total Total
Note £'000 £'000
Income from:
Investments 2 2,516 2,423
Other 20 20
Total income 2,536 2,443
Expenditure on:
Raising funds (200) (188)
Charitable activities
Grants 3a (2,101) (1,897)
Welfare and related costs 3a (806) (786)
Total expenditure (3,107) (2,871)
Net income / (expenditure) before net gains / (losses) on
investments 4 (571) (428)
Net gains on investments 2,472 4,740
Net movement in funds 1,901 4,312
Reconciliation of funds:
Total funds brought forward 71,150 66,838
Total funds carried forward 73,051 71,150
----- End of picture text -----

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 14a to the financial statements.

All funds are unrestricted.

1

John Laing Charitable Trust

Balance sheet

As at 31 December 2024

----- Start of picture text -----
2024 2023
Note £'000 £'000 £'000 £'000
Fixed assets:
Freehold property 9 24 24
Investments 10 71,414 69,091
71,438 69,115
Current assets:
Debtors 11 319 316
Short term deposits 1,104 779
Cash in bank and on call 431 1,019
1,854 2,114
Creditors: amounts falling due within one year 12 (241) (79)
Net current assets 1,613 2,035
Total assets less current liabilities 73,051 71,150
73,051 71,150
The funds of the charity: 14
Unrestricted income funds:
Designated funds 3 3
General funds 73,048 71,147
Total unrestricted funds 73,051 71,150
Total charity funds 73,051 71,150
----- End of picture text -----

Approved by the trustees on July 2025 and signed on their behalf by

Christopher B Waples Trustee

1

John Laing Charitable Trust

Statement of cash flows

For the year ended 31 December 2024

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2023

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

1 Accounting policies

a) Statutory information

John Laing Charitable Trust is an unincorporated charity registered with the Charity Commission for England and Wales.

The registered office address is 33 Bunns Lane, London, NW7 2DX.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

The Trustees are satisfied that the Trust has sufficient unrestricted funds to continue as a going concern for the foreseeable future. Cashflow forecast are regularly prepared and in addition to cash, liquidity within investments portfolio means assets can be readily realised to meet any short term requirements.

e) Income

Income on deposits has been accounted for on an accruals basis. All other investment income has been taken into account on the basis of due date for payment. Foreign income is translated into sterling at the rate ruling at the date of the transaction.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

2

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation (where a commitment has been communicated to the recipient) to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Expenditure on charitable activities includes the costs of paying grants and welfare payments undertaken to further the purposes of the charity and their associated support costs

Other expenditure represents those items not falling into any other heading

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Grants payable

Grants payable are payments made to third parties in furtherance of the charitable objectives of the charity. Single or multi-year grants are recognised when, following Board approval, the recipient receives the conditional offer of the grant. This is the case unless it cannot be determined with certainty that the recipient will meet these conditions. If at the balance sheet date it is known that any grant liability will not be fully claimed, the liability is corrected to reflect the true extent of the likely claim.

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, salaries are based on staff time and overheads are based on the split of non support expenditure, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

k) Fixed assets

Items of equipment are capitalised where the purchase price exceeds £3,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

2

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

l) Freehold property

Freehold property is included in the balance sheet at historic cost. The property is not depreciated as the carrying value is less than recoverable amount. Impairment reviews will be conducted on an annual basis by the Trust to ensure the cost recognised on the balance sheet remains appropriate.

m) Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

n) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

o) Short term deposits

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months.

p) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

q) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Pensions

The Trust operates a defined contribution pension scheme with Legal and General. The pension cost charge represents contributions payable under the scheme by the Trust to the fund. The Trust has no liability under the scheme other than for the payment of those contributions.

2

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

2 Income from investments

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |Total|Total| |£'000|£'000| |Listed Investments, including unit trusts| |UK|1,757|1,679| |Overseas|235|234| |Unlisted| |UK|524|510| |2,516|2,423|

----- End of picture text -----

3a Charitable activities - Grant making (current year)

----- Start of picture text -----
|||||| |---|---|---|---|---| |Grants to|Grants to|Support| |institutions|individuals|costs|2024| |£'000|£'000|£'000|£'000| |Grants|1,701|-|400|2,101| |Welfare payments to individuals|-|313|316|629| |Retirement Clubs|-|89|88|177| |At the end of the year|1,701|402|804|2,907|

----- End of picture text -----

The total grants paid and accrued to institutions and individuals for the year were £1,701,922 (2023: £1,550,642).

3b Charitable activities-Grant making (prior year)

----- Start of picture text -----
|||||| |---|---|---|---|---| |Grants to|Grants to|Support| |institutions|4|individuals|costs|2023| |£'000|£'000|£'000|£'000| |Grants|1,549|-|348|1,897| |Welfare payments to individuals|-|374|262|636| |Retirement Clubs|-|72|78|150| |At the end of the year|1,549|446|688|2,683|

----- End of picture text -----

The Trust support causes concerning the needs under their four key priority areas of Community, Disadvantaged Youth, Education and Homelessness. Further information on grants awarded by size can be found by visiting the Trust's website: johnlaingcharitabletrust.com.

4 Net expenditure before net (losses) / gains on investments

This is stated after charging:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£'000|£'000| |Trustee professional indemnity insurance|2|1| |Trustees' expenses|1|-| |Auditor's remuneration (excluding VAT):| |Audit|11|10|

----- End of picture text -----

2

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

5 Analysis of staff costs and the cost of key management personnel

Staff costs were as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£'000|£'000| |Salaries and wages|427|398| |Social security costs|40|38| |Employer’s contribution to defined contribution pension schemes|94|79| |561|515|

----- End of picture text -----

The following number of employees received employee emoluments (excluding employer pension costs and employer's national insurance) during the year between:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |No.|No.| |£90,000 - £99,999|1|1|

----- End of picture text -----

The total employee emoluments (including pension contributions and employer's national insurance) of the key management personnel were £132,527 (2023: £126,261).

6 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 12.75 (2023: 13).

7 Related party transactions

Christopher Laing is the Chairman of Eskmuir Properties Limited (EPL). EPL is the parent company of Eskmuir Fund Management Limited and Eskmuir Asset Management Limited who are respectively, the Fund Manager and Asset Manager of the Diversified Property Fund for Charities (DPFC). Christopher Laing is excluded from all discussions relating to investments in DPFC units. There were no DPFC transactions during the year (2023: nil).

The charity Trustees were neither paid nor received any other benefits from employment with the charity in the year (2023: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2023: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £383 (2023: £126) incurred by two (2023: one) members relating to attendance at meetings of the Trustees. The annual summer luncheon for all nine Retirement Clubs formed for retired John Laing employees are supported by the Trustees. The costs associated to Trustees' attendance at these events amounted to £236 (2023: £554).

2

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

7 Related party transactions (continued)

The annual Laing Retirement Clubs Summer Luncheon is supported by members of the Laing family and the Laing Family Trusts. In 2024, there were £20,000 contributions received during the year (2023: £20,000). There were no related party transactions other than those listed above.

8 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9 Fixed assets

The freehold property of held on the balance sheet consists of a Caldew House - a property that is leased to Gateshead Carers who use it as a holiday home for carers and cared for people. The custodianship was transferred to the Charity Commission in March 2004. This is held at cost in the accounts.

10 Listed investments

ents comprise:
as and other Equities
y
Fixed interest
ities
ovement in the year
ue at the start of the year
ns at cost
ss) / gain on change in fair value
al proceeds
d		 2
0
2
4
£
'
0
0
0
6
9
,
0
9
2
2
,
0
1
7
(
2
,
0
3
1
)
2
,
4
7
2
(
1
3
5
)
7
1
,
4
1
4
2
0
2
4
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'
0
0
0
5
,
5
5
0
3
4
,
7
8
0
2
2
,
4
7
7
4
6
4
6
,
3
8
6
1
,
7
5
7
7
1
4
1
4		 2023
£'000
64,495
1,491
(701)
4,740
(933)
69,092
2023
£'000
5,556
34,991
19,884
547
6,221
1,892
69091

Material Investments

At the end of the year, the Trust's investment in Diversified Portfolio for Charities ("DPFC") was valued at £6.4 million representing 7.5% of the total assets. (2023: £6.2 million representing 7.4%).

11 Debtors

ments
ent debtors		 2
0
2
4
£
'
0
0
0
3
1
3
6
3
1
9		 2023
£'000
309
7
316

2

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

----- Start of picture text -----
12 Creditors: amounts falling due within one year
2024 2023
£'000 £'000
Grants payable (note 13) 119 -
Other creditors 122 79
241 79
13 Grants Payable
2024 2023
£'000 £'000
Balance at the beginning of the year - 129
Grants awarded in the year 1,701 1,549
Grants paid during the year (1,582) (1,678)
-
Grants cancelled during the year
Balance at the end of the year 119 -
14a Movements in funds (current year)
At 31
At 1 January Income & Expenditure December
2024 gains & losses Transfers 2024
£'000 £'000 £'000 £'000 £'000
Unrestricted funds:
Designated funds:
Staff Hardship 3 - - - 3
Total designated funds 3 - - - 3
General funds 71,147 5,008 (3,107) - 73,048
Total unrestricted funds 71,150 5,008 (3,107) - 73,051
----- End of picture text -----

Designated fund - Trustees decided to designate some funds towards a staff hardship fund.

2

John Laing Charitable Trust

Notes to the financial statements

For the year ended 31 December 2024

----- Start of picture text -----
14b Movements in funds (prior year)
At 31
At 31 January Income & Expenditure December
2023 gains & losses Transfers 2023
£'000 £'000 £'000 £'000 £'000
Unrestricted funds:
Designated funds:
Staff Hardship 14 - (11) - 3
Total designated funds 14 - (11) - 3
General funds 66,824 2,443 1,880 - 71,147
Total unrestricted funds 66,838 2,443 1,869 - 71,150
----- End of picture text -----

15 Post balance sheet events

JLCT committed £1,000,000 to the Social and Sustainable Housing II (SASH II) Fund, with Fund Manager Social & Sustainable Capital LLP (SASC) on 16th May 2025. The Fund provides loans to social sector organisations to enable purchase and refurbishment of properties. The Fund is targeting a net IRR of 7% and runs for a period of 13 years, comprising a 3 year investment period and a 10 year portfolio phase.

2