#
##
##
|||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)|