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2022-12-31-accounts

Page
TRUSTEES' REPORT 1-7
AUDITOR'S
REPORT		 8&9
STATEMENT OF FINANCIAL ACTIVITIES 10
BALANCE SHEET
STATEMENT OF CASHFLOWS 12
NOTES TO THE FINANCIAL STATEMENTS 13-25

Settlor Sir (William)
Kirby Laing		 Sir (William)
Kirby Laing		 - deceased - deceased 12April 2009
Date ofSettlement 14June 1972
Trustees Simon Webley
David Eric Laing
Charles Edward Burch
Frederick Terence Wyndham Weller Lewis
The power ofappointing Trustees is vested in the existing Trustees.
Registered Address 33 Bunns Lane
Mill Hill
London
NW7 2DX
Registered Charity Number 264299
Bankers Bank ofScotland
33 Old Broad Street
London
BX21LB
Solicitors Linklaters
One Silk Street
London
EC2Y BHQ
Accountants TMF Global Services (UK) Ltd
960Capability Green
Luton
Bedfordshlre
LU1 3PE
Auditors Mercer & Hole LLP
72 London Road
StAlbans
Hertfordshire
AL1 1NS

Objectivesand Activities-continued The Foundation's
grant-making
programme
is financed		 The Foundation's
grant-making
programme
is financed		 by income by income by income by income by income derived derived derived solely solely from the
Foundation's
investment
portfolios
and its holdings		 in unit trusts, Eskmulr Properties and the
Diversified
Property
Fund for Charities,
The two		 investment porffolios are managed
on a
discretionary
basis by the Foundation's
stockbrokers,		 Brewin Dolphin and Quilter Cheviot.
Their performance
Is reviewed,
and measured
against		 published indices, on a regular
basis.
The objective has been to Invest for a combination of capital and income growth on a long-
term basis; this policy Is subject to revision
as the		 Trustees implement their plans to spend
down the capital endowment
over the next few years. The		 Trustees do not invest in companies
whose core business
Isgambling,
tobacco orthe production		 and/or distribution ofalcohol, and
the
investment
managers
are
required
to
comment		 on their overall approach
to
Environmental,
Social and Governance
(ESG) issues and		 the way in which these factors are
influencing
their investment
advice / decisions,
and on		 ESG performance relating specifically
to holdings
within the Foundation's
porffolios, when reporting		 to the Trustees.
Achievements and Performance Grant expenditure
in 2022 totalled E2,946,257, a reduction		 of 2996 on the previous year's total
ofE4 165002.All grants of65000 and above are listed by category in note 7 to the accounts,
with additional
details of all grants of625,000and above		 provided below:
Christian
Youth Enterprises
Sailing Centre
Project Delta - New changing
ond staff accommodation		 facilities 50,000
Princes Trust
Get into Health Core Progromme
(2nd of3grants)		 25,000
Cultural
&Environmental
Birmingham
Royal Ballet
Establishment
ofoJunior Company (1stof3grants)		 50,000
Health &Medical We fare
Priscilla Bacon Norfolk Hospice Care
Construction ofo new hospice 60,000
Restoration
ofAppearance
and Function Trust
Breast Reconstruction
Project (lostof4 grunts)		 50,000
The Stroke Association
Senior Lectureship
Programme
(Lost of5grontsJ		 40,000
The Leprosy Mission
FOUND
(Fuelling
Opportunities
to end
Unemployment		 for Nepoiis with
Dlsobgitles) Project, Nepal (mode up of2 grontsJ (port of5 grontsJ 233,385
~Rail
lan
Bible Reading
Fellowship
Church Leodfor Anno Chaplaincy (1stof3grants) 55,037
Coventry
Cathedral
Development
Trust
Diamond Jubilee Endowment
Fund		 1,000,000
igrby Laing Centre for Public Theology
In Cambridge
Core Costs (1stof3gronBJ 100,000
Leicester Cathedral
Leicester Cathedral
Revealed - Learning &Engagement		 Centre 250,000
London Institute for Contemporary
Christianity
Equipping
the 'Emerging
Generations'
(1stof3 grunts)		 100,000
Oriel College
Centre for the Study ofthe Bible In the Humanities (lost of3grants) 25,000
Peterborough
Cathedral
Sustoinobigty
Projects- Shop Refurbishment		 100,000
SAT-7 Trust Ltd
Women's
Programming
(lost of5grants)
University
ofGloucestershlre
Postgraduate
Scholarships
(lost of5grants)		 30,000

Total
Unrestricted Funds Unrestricted
Expendable Total Funds
Endowment Income 2022 2021
Note E E E E
INCOME AND ENDOWMENTS
Investments 2,293,555 2,293,555 2,099,751
TOTAL INCOME 2,293,555 2,293,555 2,099,751
EXPENDITURE
Cost of raising funds 116,815 116,815 128,688
Charitable
activities		 3,073,876 3,073,876 4,286,736
TOTAL EXPENDITURE 116,815 3,073,876 3,190,691 4,415,424
NET INCOME/(EXPENDITURE) BEFORE GAINS AND
LOSSES ON INVESTMENTS (116,815) (780,321) (897,136) (2,315,673)
Net gains/(losses)
on Investments		 10 1,158,922 1,158,922 9,145,501
NET INCOME/(EXPENDITURE) AFTER GAINS AND
LOSSESON INVESTMENTS 1,042,107 (780,321) 261,786 6,829,828
TRANSFER BETWEEN FUNDS (780,321) 780,321
NET MOVEMENT
IN FUNDS		 261,786 261,786 6,829,828
FUND BALANCES BROUGHT FORWARD 66,426,886 66,426,886 59,597,058
FUND BALANCES CARRIED FORWARD 66,688,672 66,688,672 66,426,886

2022 2021
Note
Cash flows from operating activities:
Net cash provided
by (used In) operating		 activities 16 (3,243,208) (4,420,947)
Cash flows from investing activities:
Investment
income		 2,293,555 2,099,751
Proceeds from sale of investments 3,045,972 4,923,180
Purchase of Investments (1,415,361) (3,764,130)
Net cash provided
by (used In) Investing activities		 3,924,166 3,258,801
Change
In cash and cash equivalents		 ln the year 680,958 (1,162,146)
Cash and cash equivalents at the beginning ofthe year 2,187,157 3,349,303
Cash and cash equivalents at the end ofthe year 2,868,115 2,187,157
Represented
by:
Cash held within the investment porffolio 10 839,876 357,414
Cash at bank 12 2,028,239 1,829,743
2,868,115 2,187,157

Unquoted Quoted Total
6 E 6
2022
Investment income from assets in the UK 1,451,040 627,633 2,078,673
Investment income from assets outside the UK 236,172 236,172
1,451,040 863,805 2,314,845
Less; non-recoverable tax credits and foreign taxation (22,241) (22,241)
1,451,040 841,564 2,292,604
Deposit interest 951
2,293,555

2. INCOME AND ENDOWMENTS —continued INCOME AND ENDOWMENTS —continued INCOME AND ENDOWMENTS —continued INCOME AND ENDOWMENTS —continued INCOME AND ENDOWMENTS —continued
Unquoted Quoted Total
E E E
2021
Investment income from assets in the UK 1,298,890 590,360 1,889,250
Investment income from assets outside the UK 232,631 232,631
1,298,890 822,991 2,121,881
Less. non-recoverable tax credits and foreign taxation (22,130) (22,130)
1,298,890 800,861 2,099,751
Deposit interest
2,099,751
3. COST OF RAISING FUNDS
2022 2021
E E
Investment managers' charges 116,815 128,688
4. ANALYSIS OF CHARITABLE ACTIVITIES
Total Total
2022 2021
Grant funded
activity		 (see note 7) 2,946,257 4,165,002
Support and governance costs -charitable activities (see note 5) 89,809 85,949
—governance (see note 5) 37,810 35,785
3,073,876 4,286,736

LLOCATION
OF O		 VER HEAD AND SUPPO RT COSTS
Unrestricted Funds
Expendable Total Total
Endowment Income 2022 2021
Property maintenance costs 3,006 3,006 4,902
Auditors'
remuneration		 4,620 4,620 3,660
Accountancy
services		 23,017 23,017 22,135
Office expenses 12,500 12,500 5,000
Trustee/meeting expenses 2,274 2,274
Computer
support		 costs 2,149 2,149 2,275
Staff costs 79,607 79,607 82,694
Bank charges 446
127,619 127,619 121,734
Staff costs comprise the follow ing:
2022 2021
Gross salaries 179,644 188,335
Benefits in kind 14,578 13,060
Employer's
National		 insurance costs 22,894 22,935
Employer's
pension		 contributions 30,579 30,452
Recruitment
and payroll costs		 1,128 708
248,823 255,490
Less contributions from other Laing Family Trusts:
The Maurice & Hilda Lalng Charitable Trust (79,631) (81,316)
The Beatrice Laing Trust (79,631) (81,316)
The Martin
Laing Foundation		 (9,954) (10,164)
Total staffcosts borne by Foundation 79,607 82,694

ALLOCATION
OF OVER		 ALLOCATION
OF OVER		 HEAD AND SUPPORT COSTS -continued
Overhead
and support		 costs were allocated between governance and charitable
activities as detailed below:
2022 Charitable
Governance Activities Total
UNRESTRICTED INCOME FUND
Property maintenance costs 301 2,705 3,006
Auditors'
remuneration		 4,620 4,620
Accountancy
fees		 23,017 23,017
Office expenses 1,250 11,250 12,500
Trustee/Meeting expenses 2,274 2,274
Computer
support		 costs 215 1,934 2,149
Staff costs 7,961 71,646 79,607
Bank charges 446 446
37,810 89,809 127,619
2021 Charitable
Governance Activities Total
UNRESTRICTED INCOME FUND
Property maintenance costs 490 4,412 4,902
Auditors'
remuneration		 3,660 3,660
Accountancy
fees		 22,135 22,135
Oflice expenses 500 4,500 5,000
Trustee/Meeting expenses 564 564
Computer
support		 costs 227 2,048 2,275
Staff costs 8,269 74,425 82,694
Bank charges 504 504
35,785 85,949 121,734

The charity
awarded
gra
summarised
as follows;		 nt s
to a n		 umber
of Insti		 tutions
in		 furtheran ce
of its chan		 table
a		 ctivities which
are
2022 2021
Na E No
Children,
Education
& Youth		 Development 110,000 275,700
Culture,
Environment
&the		 Arts 28 282,855 21 734,000
Health
& Medical Welfare		 14 242,480 18 2,057,000
Overseas Development
Projects		 12 348,385 341,802
Religion 19 1,922,537 16 631,500
Sodal Welfare 15,000 85,000
Miscellaneous 25,000 40,000
Charities
Aid Foundation
2,946,257 4,165,002
2022
E
Children
Education
&Youth Develo		 ment
Aston University 10,000
Bletchley Park Trust 20,000
Christian
Youth Enterprises		 Sailing Centre 50,000
Princes Trust 25,000
Tall Ships Youth Trust ~5000
110,000
Culture
Environment
&the Arts
78 Derngate
Northampton		 Trust 10,000
Academy ofAncient Music 5,000
Bath Festival Orchestra 5,000
Birmingham
Royal Ballet		 50,000
Boston Festival 5,000
Dorset Opera 5,000
English National
Opera		 5,000
Garsington
Opera		 5,000
6lyndebourne
Arts Trust		 (2grants) 10,355
Hatfield
House Chamber		 Music Festival 5,000
Historic England
Foundation		 15,000
London
Philharmonic
Orchestra		 5,000
Landon Symphony
Orchestra		 5,000
National
Children's
Orchestras ofGreat Britain		 10,$M
National
Opera Studio		 20,000
National
Railway Museum		 10,000
National
Youth Jazz Orchestra		 20,000
National
Youth Orchestra		 ofGreat Britain 10,000
Royal College of Music 18,500

GRANTS - continued 2022
E
Culture
Environment		 &the Arts - continued
Royal Northern
College		 of Music 10,000
Southbank
Slnfonla		 9,000
The Brunel Museum 10,000
Trinity Laban Conservatolre of Music &Dance 10,000
Tyne &Wear Archives & Museums Development Trust 5,000
Wallace Collection 5,000
Welsh National
Opera
Wildlife Trusts Bedfordshire,		 Cambridgeshire, Northamptonshire 10,000
~5000
282,855
Health &Medical Welfare
BRACE (2grants) 30,000
British Heart Foundation 10,000
Coress 5,000
Dementia
UK		 20,000
Fight for Sight 5,000
Hospice UK 2,055
Motor Neurone
Disease Association		 5,000
Muscular
Dystrophy
UK		 5,000
Northamptonshire
Carers		 Association 5,000
Priscilla Bacon Norfolk Hospice Care 60,000
Restoration
ofAppearance		 and Function Trust 50,000
The Sick Children's
Trust		 5,425
The Stroke Association ~40000
242,480
Ove seas Develo
me		 t ro acts
British Red Cross UK/International 15,000
Child Rescue Nepal 5,000
Gurkha Welfare Trust 10,000
Hamlln
Fistula
UK		 20,000
IMPACT Foundation
(2grants)		 25,000
International
Nepal Fellowship		 5,000
Pragya
UK		 10,000
Renewable
World		 10,000
TBAlert 5,000
The Leprosy Mission (2grants)
World Vision
UK		 233,385
~10000
348,385

GRANTS - continued
2022
6
~Rell ion
Association
of English Cathedrals		 10,000
Bible Reading
Fellowship		 55,037
Coventry
Cathedral		 Development Trust 1,000,000
idrby Lalng Centre for Public Theology in Cambridge 100,000
Leicester Cathedral 250,000
uverpool
Cathedral		 Foundation 10,000
London Institute for Contemporary Christianity 100,000
Oriel College 25,000
Peterborough
Cathedral		 (2grants) 100,000
Rose Castle Foundation 5,000
SAT-7 Trust Ltd 100,000
Scripture
Union		 5,000
Stevenage
Pioneer Youth		 Trust 7,500
St George's Chapel, Windsor Castle 5,000
St Laurence
Church,		 Cafford 5,000
The Faraday Institute 20,000
University
ofGloucestershire		 30,000
Westminster
Abbey		 Trust 25,000
Youthscape ~70000
1,922,537
Social Welfare
Arts 4 Dementia 5,000
John Laing Charitable Trust 5,000
Music For My Mind ~5000
15,000
Miscellaneous
Charities
Aid Foundation		 25,000
25,000
TOTAL DONATIONS TO CHARITIES 2,946,257

The Trustees
follows:		 have made
non-binding
 grant commitme nts
of E5,000		 and above paya ble
In the next		 four years
2022 2023 2024 2025 2026
6 E E 6 E
Commitments brought
forward		 806,260 299,590
Commitments paid during year f768,760)
Commitments made during year 1,278,187 588,804 7,500 7,500
Commitments deferred (37,500) 37,500
Commitments at 31December 2022 1,615,277 593,804 7,500 7,500
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2022 2021
Maurice & Hilda Laing Charitable Trust 42,595 19,941
Beatrice Lalng Trust 42,595 19,941
Martin Laing Foundation 5,325 2,493
Tax recoverable 4,692 1,476
Dividends
due		 4,587 4,845
99,794 48,696
CASH
The cash at bank Is made up as follows: 2022 2021
E E
Current account 1,983,433 1,798,401
Brewin Dolphin income account 44,806 31,342
2,028,239 1,829,743
LIABILITIES:AMOUNTS DUE WITHIN ONE YEAR
2022 2021
E E
Auditors 4,620 3,660
Accountants 23,017 22,135
Pension contribution 2,538
Reculver Trust 348
Trustee Expense 58
Curo 120
Aviva 2,012
Investment
managers		 28,820 32,081
58,995 60,414

Expendable Income
2022 Endowment Account Total
E E
Unrestricted funds comprise the following:
Investments 64,619,634 64,619,634
Cash 2,097,858 (69,619) 2,028,239
Debtors 99,794 99,794
Creditors (28,820) (30,175) (58,995)
66,688,672 66,688,672

Expendable Income
2021 Endowment Account Total
E E 6
Unrestricted funds comprise the following;
Investments 64,608,861 64,608,861
Cash 1,850,106 (20,363) 1,829,743
Debtors 48,696 48,696
Creditors (32,081) (28,333) (60,414)
66,426,886 66,426,886

2022 2021
6 E
Net movement
in		 funds (as per the Statement of Financial Activities) 261,786 6,829,828
(Gains)/losses
on investments
shown		 in investing activities (1,158,922) (9,145,501)
Deduct Investment income shown in investing activities (2,293,555) (2,099,751)
(Increase)/decrease in debtors (51,098) (7,904)
Increase/(decrease) in creditors (1,419) 2,381
(3,243,208) (4,420,947)