Kirby Laing Foundation A Registered Charity Report and Financial Statements 31 December 2023 Kirby Laing Foundation - A Registered Charity CONTENTS PaBe TRUSTEES, REPORT AUDITOR'S REPORT 7&8 STATEMENT OF FINANCIAL ACTIVITIE5 8ALANCE SHEET io STATEMENT OF C4SHFLOW5 li NOTES TO THE FINANCIAL STATEMENrs 12-24 Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT ?r 31 December 202a ThÈTrustees present theirfinanclal ststements and ènnual reportfor the yeaf ended 31 December 2023. The financial statements have been prepared in accorrtance wsth the accovnting policles set out in note I to the accounts and comply with the ch3rity'strust deed dated 14 June 1972, the Charities Act2011 afid Acwuntin8 and Reportln8 byCharf(ie$'. Ststement of Recommended Pracbce IFR5 1021 and update Bvlletlfts l and 2. Settlor Sir (William) Klrby Laln8- deceased 12 Aprfl 2ryJ9 Date of Sett12ment 14 June 1972 Trustees 51mon Webley Davld Eric Laing-died 3 March 2024 Charles Edward Burch FredenckTerente Wyndham Weller Lewis The power of appointin8 Trustees Is vested In the2xi5tin8Trustees. Reglstered Addres5 33 8unns Lane London t4W7 ZDX Reglstered Charity Nurnber 264299 ankers Bankof Scotland 33 Old 8road Street London BX2 ILB lIn￿ater$ One Silk Street Lorsdon EC2Y8HQ Accountants TMF Global Servltes IUKI Ltd 13th Floor l AnÉel Court London ec2R 7HU Auditors Mercer & Hole LLP 72 london Road St Alban5 Hertfordshlre ALI INS Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT t 310ecember 2023 Investment Advisor5 8rewin Dolphin 12 Smithfield Street London ECIA9LA Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V4AB OirectDr Ms E Harley clo 33 Bunns Lane London NW7 ZDX Destinatiuth ofFunds lay Income Ibl Expendable Endowmènt To be reiained by the Trustees or, al their di5cretlDn. applied 15 for jn(otne. PowEr% Struciure, GOver￿n¢￿ and Managernent governing the Foundation 518res th3t the incorne from the trust fund5 and. at the Trustees, discretion. the capital too, is to be distributed In donation5.for charitable purposes- This Is achleved through the Foundation's Erant-makin8 prograrnffle, which 15 It5 only charitable Cl￿11¥. For the past IS years, the Foundatlon'5 Board of Trustees ha5 bEen ably led by David LainE. who took over the Chairmanship from his father, Sir Kirby Lain8. in 2009, having been a Trustee since 1986. It was with greai sadness that Trustees and staff learrit just before the vear end ihat David was tprminally ill.. he died 3¢ the beginnin8 of March 2024. David was attively involved with nurnerous lotal Ifirst in Hertford5hire, then in North3rnPtcinshirÈl and national chariries, His charitable interests reflecred his keen Interest in literature, fflusic, the wider arts and sport, alon8 Wlth his passlon for hlstorlc buildings and encoura8in8 the presetwatlon Df heritage craft5 and skSlls...and hi5 Christian faith. all OF which he brought to the Kirby Laing Foundation. The èward of a CSE in the 2024 New Yearfs Honours list for services to Charity and Philanthropy was richly deseryed- his leadership and warm good humourare sorely missed byTrustee5 and staff alike. The ower to a int new Trustees rests with the existing trustees a5 a body and they are currently a¢tively reviewin8 the range of skills and experience represented among tliéir number In order to ensure that they are adequate for the effective 8overnante of the Foundation and to inform the èppointment of new Trustees. A5 a first Step towards strenEtheningtheTru5tee Board, Iheyare pleased to have been able to recruitorie of David's dau¥hters-Sn-law, Alison Laing, who brings w¥(h her a vanety of Inter￿t5 and experience, intludlnE in early years education, the arts and churth matters. Policies and procedures for the Induction of new Trustees are in place. Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT at 31 Deternber 2023 Structure, Governance and Management- continued The Trustees meet four tlmes a year to consider the performan￿ of thelr Investrnent portfollo, reflert upon their8rant-makinE 5trateEY. approve the distrlbutlon of 8rant5 and review policies on reserves and risk assessment. The day-to-day admlnistrètion of grants and the processinE of applicatiiins prior to Consideration by the Trustees. includlng meetings with applicants 8nd praject V151ts where larger grantsare antiupated. have been dele8ated to the Trust Director. who Is wpported by a small sraff team. The staff are 211 employees of the Kirby Laing Foundation but are sh8red wlth the Maurice & Hilda Laing Charitable Trust. the Beatrice Laing Trust and the Martin Laing Foundation, whKh cooiribute towards employment £ost5. The four trusts, known collectively as the Laing Family Trusts, a150 share offlce Space owned by the Reculver Trust, m3kln8 quarterly contrlbutitsn5towards the mainten3nce of the property at33 Bunns Lane, Mlll Hill. An application to any or*È of the Lain£ Famity Trusts is treated as an applicatlon to èll. although. after the Inlttal sifting process, applications considered 5Ult3ble for further consideration by the Kirby LainE Foundation fullow the Foundatlon's own administrative prtKedures and decision-makinÉ pro¢e55es. Application 15 by letter and the grant application proces5, 8uidance on whlch appears on the LalnÉ Family Trusts, webslte. Is desiÉned t¢ be as slmple as p055ible. Whi￿ drawnE Out the key informatlon requirÈd lor dec1510n. Objectlves and ActMtie5 A53ntltlpatedin105tyearfs report, followinga proce% of dued1l1gen￿, adetlsion was made to dlvide a proportion of the Foundation'5endowmentfund between the three foundattons estsblished by Sir ￿rb*S descendants (the Martin. David and Chrlstopher Laing Found2tion51, thus enabllng yuun8er generatlons to continue the famivs tr3dition of Christian phil3nthropy. The process was finally formally completed in lune 2D24 3nd Is thus not reflected In the financial statements Current￿ under review. The transferof shares was part of a spend down proÉrarnme which the Trustee5 have since declded to discontinue, Sn the bellef that. forthe foreseeablefuture,the Foundation ha5a continuingandvaluablerole to play In providing funding In sectors faciftg si8nificant financial challenues eg. the arts, Christlan education and outreach. and Social care. They are currenuy revlewing their grant- makln8 priorities in the118ht of this decision aod of the redurtion in incomewhich will result from the share tr3n5fer but are likety to continue to focu5 Qn the flve funding streams origlnally identified as part of the spend down programme. with themes within them reflertln8the interests of thefounder. interpreted toie5pond to presentdayi5sues. Sublett to on8oing review, these are.. Promotion of the EvanEelltal Chri5tlan Fatth: Theolegical education and trainin8- practical application & Chri5tlan ethi Nurturing Christian faith In teens to 305 age group ETr8lish Cathedrdls-su5tainabilltYt access and Christian outreach Medltal Welfare and Reseaith- Education & Welfare In ABelr Itnprovin8 untSerstandin8 of the process and treatment of ageing and og related conditions Development of innovative models of care to improve the livesof older peopl Programmes supporting the educatiofi & training of health professionals In Bgeing and age-related conditions Dèvelopment of su5t3inable modelsof palliatlve eart at end of life Performlh¥Art5- DeveloplniTalent Encouraging participation at grassr{￿ts level In orderto Identify talent Pro8rammes supportin8young professlona15 O¥Erseas Developmert ProlectS Projects beTrefitlDE elrlslyoung women and thosÈ with disabrlilie5. with a 8eo8raphlcal focus on Nepal and Bangladesh 5dence & Ehiineerlng Innovatior*-The Trustees are currendyconsiderlng aduptin8 1 new approach to maximlse the use of funds aftd ImpacL fvrther details of which will appearon the web51te in due course. Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT at 31 December 2023 Objettives and Activities- continued Grant5 may be made toward5 capital projects, programme development costs or capacity building for future 5USt3inability,- grants are rarely made tDwards core costs, the dtSivery of ongoinE projects or to indwiduals. The Foundation's grant-maklnÉ programrne Is fin3nce6 by income derived 501ely from the Foundation's investment portfolios and its holding in ihe Diversified Property Fund for Charities. its holding in Eskmuir Propertie5 having been Eifted to the three family foundations referred to above. The two Investment portfolios are managed OD a di5cretionèry ba515 by the Foundation's stockbrokers. Brewin Dolphin and Quilter Cheviot. Their perforrnance 45 reviewed, and measured aEainst published indice5, on a re8ular b35is. The objeitive has been tv invest for a combinètion of capital and income ETOWth on a long-term basis. The Trustee5 do not invest in companies whose core bu5ine5s is porno8raphy, Éamblin& tubacco or the prodvction andlor distribution ef alcohol. Investment rnanager5 are required to comment on their overall approach to Environment31. Saiial and GovernancE IESGI issues and the way in which the5È facror5 are influencing thoir invesiment adv1ce1decls￿¢nS. and on ESG performance relating specifically to holdings wiihin the Foundation's portfolios. when reporting to the Trustees. Achievement5 and Performance Grant expenditure in 2023 totalled £2,727.677. a reduciion of 7.4%on the previou5yEarfs total of £2,946,257. All grants of £S,CW and 3bove are listed by category in note 7 to the attounts, with addiiional details of 3S18rants of E25.OOOalld over. broadly spread across Ihe live fLJnding Sfrgam5 Identified èbove. provided below. Children & Youn Peo Paid E2S,000 Trinilp Developfflent Project EZS,000 Education & Trainin Princes Trust Getlnto Heolth Core Progromme IlustDf 3 gmntsl £25,000 Environment & Herita David LainE Faundation Sirjohn Loing StGrue E30.000 Heahh & H05pice UK Project ECHO- FroiltyNetworkl3 of 6 grontlnsttT1ft7ent5} National Hospital for Neurology & Neurosurgery Rore Dementlosupportchompions Scheme (Istof2 gruntsl dlcal Welfare E590,115 £125,lYX) verseas Develo ment The Leprosy MiSSIDn FOUND {Fuelling Opportunities to end Unemployrnent lor Nepolls with Bible Reading Fellowshlp Church LeGdfvrAnm7 ChGpkrincy12ndof3 grofttsl Cathedral Isle of Man RtoKdering Projert Church of England foundation for Educatienal Leadership Growing Foith Foundorion leorning Hubs115tof2 grontsl Exetercathedral NeWClo￿ter Gollery £53,198 £25.CQO £26.250 £250.OLK) Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT at 310ecember 2023 Achlevements and Performance -continued ntlnued Kirby Lain8 Centre for PublicTheolo8y in Cambridge Core Costs12nd of3grontsJ London Institute for Contemporary Christianity Equipping the'EmerqlTrg Generotians'12nd?13 gmntsl SAT-7Trust Ltd Digltolmedio ondViewer5upport Work The Auckland pro1￿t Creotiontsfthe Foith Museum Pald £i(KTr,O(M) £ioo.000 £ioo.( £135,000 BirminEham Royal Ballet EsroblishmentoloJuniorCompunyf2ndof 3 9rtsntsl Gar51ngton Opera Gorsift4tan Studios-Arts Hub Proiert ESO,000 £225,CbJO A5 well 39 the grants listed in note 7. a further 7 grants totgllin¥ £16,￿0 were distributed through the CharltSes Aid Foundation. Taken tegether the Trustees ?re confident that the grants demenstrate a highdegree of publicbenefittu a numberofdifferent 5edons of 5uciety, including vulnerable and diso￿ants8ed people whatever thelr 08e. bitkground. ability or additional need5. In additSon to8rant e¥penditure, a lunher £115.849 was Spent on investmEnt maTragerf5 fees and £139,715 on support and govemance costs. Income generated from the Foundation's investments fell by 3.2% to É2,Z20,047. The exce55 of expenditure over income. combined with a loss ef E886.245 on thev31ue of the Foundètlon's investrnents meant that the valtje of the Foundation'5 expend?ble endowment fell by £1.649,439 to £65,039,233, a figure which will be si8nificantly reduced in the next set of flnancial statements followSng the transfer of the5ha￿S In Eskmulr Propertie5. Risk A$5es5ment The Trustees 8nnually revaew the malor rlsks to which they feel the charity Is exposed. These fall inio three mèln areas.. protection of assets and Incame, integrity of the gr2nt-rnaking process and employrnent and retentlon of staff. Havin8 carried out their annual review of these risks they remain confident that they have in p13ce systems ind procedures whlch mlllgate the risks as far as possible. A￿ditorS Inaccordancewith Chapter 3 $147of Part Vlll of the CharitiesAct2¢11 theChariV5 financial statement5 are subject to audit forthe yeartu 31 December 2023. Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT t 31 December 2023 Staternen¢ of Trustees. responsibilities for the finantl81 ststemerts The Trustees are rÈsponsible for prep8dnE the Report of the Truste2s and the financial st3tement5 in orcordonce with applicable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charfties In England and Wa125. the Chadties Att 2011, Charity Ikcounts and Reports) R2¥ulations 2W8 and the provisions of the Trust Deed require ihe Tru5tee5 to prepare financial statements far each finBncial year which give a true and fair view of the state of affair5 of the charity and of the incoming re50UTces and application of resources. including the income and expenditure, of the charity for that period. In preparing those financial statèments, the Trustees are required to.. select suitèble accoUn￿nE pollcles and then applyth2m consIstent￿., observe the method5 and principles In the Charliv 50RP,' make judgementsand estimate5 thatare re350nBble and prudent,. stste whether applicable accounting Standards have been followed, subjectto any matethal deparrures dix105ed and explained in the financial st3ternent5', 3Trd prepare the f1nancial 5tatemenr5 on rhe goin8 concern ba515 unless it is inappropri3le to pre5uffle that the Charity will continue. the CharitylActounts 3nd Report51 Regulations 2008 and Ihe provisionsof the trust deed They are a150 responsible forsafeguarding thÈ a55et5 of Ihe charity and hence for takin6 rE8son8ble Steps for rhe prevention and deiection ol fr8ud and orher irregu13ritie5. Approved by the Trustees on.. Date and signed on their behalf bv.. Truste INDEPENDENT AUDITOR'S REPORT to theTr￿t¢es ol the Klrby Laingfour￿atlOn-A Re8tstered Charlty Oplnlon We have audited the Anantial statements of Kirby Lain8 Foundation Ithe 'chèriVI for the year ended 31 December 2023 whlch comprise Statement of Flnantial ActN*ties, the Balance Sheet and notes to the financial statements, including sigTrifitant accountin8 policie5. The financial reportingfr3mework that has been applied in the51 preparation 15 applicable law ènd United KinBdorn Accountin Stand3rd5, includlng Financi31 ReportinÉ Standard 102 The fiTronciol Reporting Stondard applKoble the UK Republic of Irelortd (United KlnÉdom Generally Accepted Accounting Practice). In ouropinion the f1Th3Thclal statemÈnts'. 8ive a true andfalrvlewef th* State ofthe charlvs affairsa5 at31 Oecember2023. and of tt5incomin8 resourcesand application of resource5, Includin8 its income and expenditure. fortheyearthen ended.. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Practke.. and have been prepared In 3tCOTdance with the requirements of the CharitlesAct 2011. Basi¥ foroplnlo We conducted ouraudit in accordance with Internatlonal StandardsonAuditin8 ILIKI IISAS IUKII and zpplicable law. Ourresponsibilities nder those Standards are further described In thp Auditorfs ￿sponSIbIl￿tieS for the audit of the financlal state￿ents section of our report. We are Independent of the charity In èccordance with the erhlcal rE9uirements that are relev3nt to our audit of the finanElal 5tstements in the UK, including the FRC5 Ethical Stsndard, and we have fulfilled our other ethlcal responsibilitte5 in 3ccordan¢e with these requirement5. We believe that the audit evidence we have obtained 15 suffioent and approwiate to provide 3 basi5 for our opinion. ¢on¢luslons relatin810 going con¢em In audltlng the financial Statements, we hove concluded th* the tru5tees' Use of the going contern basis of accountin8 In the preparatioTh otthe financfjal 5taternents 15 approprlate. Based on the work we have perfts￿ed, we have not identified any material uncertalntles relatin8 to events or £ondltian$ that, Sndlvldually or collertivelyi mav cast slgnificant doubt on the charity'5 ability to contlnue ès a 8oln8 concern for a perSod of at least twelve morTrths from when the financial statements are authorised fori55ue. Our responsibili(ie5 and the responsibilitie5 of the trustees wth re$pe¢tto goin8 concern are described in the relevant Set￿OnS Df thls report. Otherlnfomiation The other inforrnation comprlses the Information included In the trustep5 annual repon, other than the financ￿1 statements and our auditorfs report thereon. The trustee5 are responsible for the ether informatyon contalned within the annu31 report. Our opinian on the financial staternents does not tDver the other informètion ttnd. except to the extent otherwlse explicitly 5tsted In wr report. we do not express any form of aswrance conclusian thereon. Our responsibility i¥ to read the other iAformation and, In doln8 so. con5iderwhether the other rnformation is materlalty Inconsistent wlth the flnancial statements or our knewled8e obtiined In rhe course of the audit or otherwlse appear5 to rnaterially misstated. If we Identlfy such material inconsistencie5 or apparent rnaterfal misstatements. we are required to determine whether thls iov*s rise to ? materSal misststprnent in the financial st2ternents themselves. If. b85ed an the work we have performed. we conclude thèt there 15 matsrial mi55tatement of thi5 Otherlnformation. we are required to reportthatf3cL We have nothlng to repprt in thls r￿rd. Marters on whleh WÈ are requlred to report by èxceptlon We have nothlnE to report in respect of the followin8 matter5 in relation to whlth thÈ Charities (Accounts and Reports) Re8ulafjons 2008 require us to reportto you If. in our opinlon= the information given in the financial statements Is inconsistent in any materSal respect with the trustees, report,. or the £harity has not kept adequate Actcunting records.. or the flnanclal 5taternents are not In agreement with the accountin8 records and returns,. or we have not received allthe inforrnation and eMpl•nètions we requlre forour audlt. Responsibllltles of trustees As explained more fully in thetru5tees' reswnsibilitlesstatement Iset out on page 71. the trustees are responsibleforthe preparatlon of the financial statements and for being 5at15liEd that they give a true ènd fair view, and for such internal control a5 the trustees determlne is necessary te enable the preparatian of financial statements that are free from material mi$5tsternent, whether due to frèud or error. In preparin8 the financial statements, the trustees are responsible for assessin¥ the tharity's abillty to continue as a going concern, di5d054n& as applicable, rnatter5 related to golng concern and using the goin8 concerrt basis of accounting unless rhe trustees eiiher Intend to liquidate the ch3rity or to cease operatians. or have no reallstlc alternative butto dTr 50. Auditorf5 respothslbllltlesforthe audit oFthe finattcialstaiements We have been appolnted as auditor undersection 144 of thecharities Act 2011 and reportin accordance with re8ulations maée under section 154 of thatArt. Our objettive5 are to obtain reasonable assurance about whether the financkl statements as a whole are free from m4teri?I mi55t3tement. whether due to fraud or error, and lo Issue an ouditor's report that intludes our opinion. Reasonable assurance 15 a high level of assurance but 15 nut a 8varantee that an audit conducted in accordance with Is•￿ IUKI will always deteci i miterial misstztement when it exists. Mi5Statements cèn arise from fraud or error and 3re con51dered rnèteri21 if, individualW or In the aEgreg3te, they could rea50n3bly be expected to influence the economic decisions of users taken on the basis of these finanual statement5. Irregularities, intludinE fraud, are in5tance5 of non-compliance wlth laws and reEulations. We desi8n procedure5 in line with our responsibilities, outllned above. to detect m3teri31 mi5Staternents in respect of irregularities, includingfraud. The extent to whichour procedures are capable of detecting irregularities. including fraud, is detailed below. Explanation as to whatextent ihe audlt Wa5 con$id¢red capable of dete¢tin8 IrreEsJlaritles, in¢ludinE fraud We gailled an understanding of the lega1 and regJlaiory framework applicable to the charity and the environmenr in which li operates nd considered the risk of ac15 by ihe charity that wert contrary 10 applicable law5 and regulations, Including fraud. We evaluated mènagemenl's inceTrtive5 and opporiJnities for fraudulènt manipulation af the linaDcial Slitemenis and the financial including journals to overstate revenue or under5tarE expendirurt and managemeni bia5 In accounting E5tirnaies. Audii procedures perforrned by the engaBefflent team Inclvded.. discussions with rnanagement, Indudinz censiderations of known or 5uspett*d rnstances of non- compliance wirh law5 and re8ulations and fraud,. g2iniftE an under5tandin8 of management's controls designed to prevent and detett Irregularlties.. and identifyin¥and testingjournal entrie> matErial mis$13tement in the financial staiement5 or Don-compliance with regulation. This risk Increa5e5 the more that complian with a law or regulation is removed from rhe events and transactions reflected in the financial statement5, a5 we will be le55 likely to become aware of in5tanie5 of non-cempliance rhe risk ￿ 3150 greater re88rdin6 irregularities occurring due to froud rather thanerror, as fraud involves intentional Concealment, forgeryt Collus￿n. omission or mlsrepresentation. A further description of our responsibilities Is avail3ble on the Financial ReportlnÉ Councll's website at.. the Audit . Thls descrSption forms partgf our auditoes report. uditoFs Res Vse of our report This report 15 made 501ely to the charity's tru5tee5. as a body. in èccordance wlth Part 4 of the Charities IAccounts and Reportsl ulation$ 21K)8. Our audit work has been undertaken so that we might slate to thecharity's trustees those matters we are required to state to t em in ari audiiorfs report 4nCfor no other purpose. fo the fullesl extent perrnitted o not-accept or assume responsibility to anyone other than the charty and the ch8rity'S trustees as a body, for our audit work. fLTrr this report, or for the opinions we have formed. Steve Robin50n, Senlor513tutory Auditty Mercer & Hole LLP Chartered Accountants 72 London Road. 5t Albans, ALI INS Date.. 15 Oelober 2024 Mercer& HoleLLPisellqlble to uct050FJ ouditorin tem?soJsection 1212of theComponiesAct2006. Kirby Laing Foundation - A Registered Charity STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 Total Unre5trict2d Funds Expendable Endowment Unrestrlrttd Funds Total Income 2023 2022 Re$￿ed Nots INCOME AND ENDOWMEiirs Investments 2.220,047 1220.047 2,293.555 TOTAL INCOME 2,220,Q47 1220,047 2,293,555 EXPENDITURE Cost of ralsing fund5 Charitable aetiwtles IIS.849 115,849 2.867.392 116,B15 2.973.876 2.867.392 TOTAL EXPENDITURE 115.849 2,867,392 2.983.241 3,090,691 N￿INcOMe11EXPENDMjREl BEFORE GAINSAND LOSSES ON INVE5TMENrs 1115,8491 1647.3451 1763,1941 1797,1361 Netgains/lPossesl on invesbments io 1886.24SI 1886.2451 1,158.922 NEf INCOMEIIEXPENDITUREIAFTER GWN5 AND LOSSES ON INVESTMENTS 11,002.0941 1647,3451 11.649,4391 361.786 TRANSFER BEfwEEN FUNDS 1647,3451 647.345 MOVEMENT IN FLIND5 11,649,4391 11,649,439> 361,786 FUND BALANCES BROUGHT FORWARD 66.788,672 66.788,672 66.425￿86 FUND BALANCES CARRIED FORWARD 65.139.233 65.139,233 66,788,672 The Statèment of Flnancfjèl Acttvities include5 all Ealns and10s5es reco8nised In the year. All incorne and expendlture derive from contlnulngattivitles. Kirby Laing Foundation A Registered Charity BALANCE SHEET as at 31 Oecember 2023 2023 2022 Restated FIXED A$S￿s Inve5trnents io 63,617.539 64,619,634 63,617,539 64,619.634 CU41RENT A55ETS Debrors Cash at bank li 1,153,237 451.106 199.794 2,028.239 12 l.Ed4.343 182,6491 2,228.033 158.9951 IIA8ILITIE5'. amounts falllnÈ due Wifhin one year 13 NET CURRENT A5sgrs 1.521.694 2,169,038 TOTAL ASSETS LESS CURRENT LIABILITIES 65.139.233 66.788.672 UNRESTRICTED FUNDS 14 65.139,233 66,788,672 Registered Charity No.. 264199 Approved by the Trustees on.. Oafe and signed on their behalf by.. Trustee io Kirby Laing Foundation - A Registered Charity STATEMENT OF CASHFLOWS for the year ended 31 December 2023 2023 2022 Note Cash flow5 from operatlm¥actlvitles: Netcash prtsvided by ILE5ed In) operating aclivillES 16 13,913.0301 13,143,2081 Cash flow5 from Investlng activI￿e5. Investment income 2,220.047 791,585 1707.5751 2,293,555 3,045.972 11,415,361) Proceed5 frorn sile of Snvestment5 PUrCh￿e ofinvestmemts Net t•sh provlded by lused Inl Intrtstin8 acllvltles 2.304,Q57 3,924,166 ChaTr8e In cash and tash equivalerbts In the year Cash and trash equivalents at the beglnnln8 of the year 11,608.9731 2,868,115 680,958 2.187,157 Cash and a$h equfvalentsat thp end of the year 1,259,142 2.868,115 Represent¢d by= Cash held within the Investment portfolio C45h 4t bank io 12 808,036 451.106 839,876 lo28,￿9 1.259,142 2,868 115 li Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2023 ACCOUNTING POLICIES The principal accountlnE polScles adopted are as follows.. al 8a51s of preparation and assessmeni of going ¢oDcern Thp f5nancial statements have bpen prepared in accordance with Accounting and Reportlng by Charlties.. Statement of Recommended Practice IFRS 1021 and Update sulletins l and 2, and the Charities Act 2011 and appllcable The financial ststernents have been prepared under thp historical cost conventlon, modified to include the revaluatkin of fixed asset investments. The Chèrliy consritutes a public benefit entity as defined by FRS 102. The Tru5teES censider thzt there Bre no matÈri31 uncèrtainties about the Charit15 ability to tontSnue as a going concern. bl Furtds structure The expendable endawment represents the fund5 settled ori8inally by the Settler and the Trustees are permittpd to apply the capit31 a5 though it werp inceme. Incorne is to be used for charitable pU￿oSe$ only. cl Income re¢oEnition All income 15 recogni5ed unte the chaniy has eniirlement to the income, there Is stsfficienr certainty c>f receipt 3nd so it 15 probablL' Lh3t ihe income %vill be receivad. ènd rhe omount of iThcDme receivable [30 bc tneasurcd rEIFablv Di'ldeids a'.- accounis lor iacome tax deducted from Investmenr inroffle which ha5 or will be reclaimed froln H M Revenue & Custom5 UP to 31 Deiember 2023. dl Expenditure recoÈnrtlon and Irr￿0verable VAT Liabilities are recogni5ed 25 expenditure as soon as there is a legal or constructive obli83tion committing the tharity to the expenditure, it is probèble that seidement will be required and the amount of the obligation can be measurèd reliably. All expenditure is accounted for on an ac£rua15 basis and has been classified Ur￿er headin85 that Èggregate all Costs related to the category. Single or multi-year Rrants are occounted for when either the recSpient has a reasonable èxpectation that they wlll receive B grant and the Trustees have 38reed to pay the grant without condition, or the recipient has a reasonable expectationthattheywill receive a 8rant and anycondition attached to thegrant is outside thecontral of thecharlty. Irrecoverable VAT 15 charÈed against the category of re50urtes expended for which it was incurred. el Allocation of go¥em8nce and other5UPPOrt costs Govern8nce and support costs hawe been allocate t¥veeri c fa eTrct gtsvernance-. and support cost5 relating to charirable activities have been apportioned based on the estirnated time spent bv staff èt the office of the Laing Family Trusts in the administration of donations ènd assessment of project5. The allocation of 8overnance and support costs is an31y5ed note 5. overnance Govemance costs comprise all costs Invol¥inE the public ac¢ountability of the Charity and its compliance with re¥ulati¢n and good practice. These iosts Snclude the accountancy and audit costs relating to these finHn¢ial Statements together with an apportionment of overhead and sUPPOrt custs. Iz Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2023 ACCOUNnNG POLICIES-¢ontlnued n Cort olra151ng funds Costof 8eneTrtinE funds tornpri5es the investment manager5. charges. g) Charltable attivitlE¥ The expenditure on charitable actDiitie5 cornprlses gr3Trts made In the year and governance and support Costs. An analysis olthe Era*)t expenditure forthe year is sh¢)wn in note 7. h) FSxèd asset Invellments ti5ted investments are valued In the Balance Sheet at market value. Unlisted investmenis ère intluded zt the Trustees. estimate of market value. The net ga*nlllossl on revaluation and disposal of Investment5 15 shown in the 5tatementof Financial Artlvities. 11 Re811sed 8alns and losses All gains ènd Ios5e5 are taken to the Ststernent of Flnanclal Attivitie5 as they arise. Realised gains and losses on Investment5 are c31cvlated as the difference between sa1È5 proceeds and theSr openin8 carrying value or thelr purchase value if acquired Subsequent to the first day of the financlal year. Unrealised gain5 and losses are calculated as the difference between the falrvalue at th2 year end and their carrying value. Realised ind unrealised investmentzains and1055e5 3r¢ combined In ihe Ststement of Financlal AttDifties Il Penslons The Foundatlon opeizte5 a group stakeholder pen5i0n xheme for employees. Contributlons are Charged to the Staternentof Flnancial Acthiities as they becgme payable. kl FDrei8n exchan8e Trdn5arti005 denomlnated in foreign currencies are recorded 3t the rate of exchan8e rullnE at the date of the transactions. Monetary assets and liabllitles denominated In foreign Currencies are translated Into sterffngatyear. end rates and translation differences are tèken to the Statement of Financial Activitie5. 11 Cyrrenry The financial 5t3ternents are prepared in 5terlin& whlch Is the furkttional currerKy of the charity. Monetary amounis In these financial statements are rounded ts the nearest £. INCOME AND ENDOVIMENTS Un4UOted quoted 2013 Investment Income from a$5ets In the UK Investment Income fTom assets outside the UK 1,379,864 603,159 234,450 1.983,023 234.450 1.379.864 837.609 IZ2.5741 1217,473 122.5741 Less.. non-recoverabletax credits and forei8n tsxatiDn 1.379.864 815,035 2,194,899 Deposlt Intsrest 25,148 2,220,047 13 Kirby Laing Foundation A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2023 INCOMEAND ENDOWMENT5-contlnued Un4uutsd Quoted Total 2022 Investment incorne from assets Sn the UK Investment income from assets outside the UK 1,451,040 627.633 236.172 2,078,673 236,172 1.451,040 863,805 122.2411 2,314,845 122,2411 Less.. non-reioverabletax credits and forei8n taxation 1,451,040 841.564 2,292,604 Deposir inter25t 951 2,293,555 COST OF RAISING FUNDS 2023 Z022 ANALYSIS OF CHARITABLE ACTIVITIES Total Total 2023 2022 Restated Grant funded activity15ee note 71 Support and 8avernance costs 2.727.677 100.598 39,117 2.846.257 89.809 37.810 - govem3nce (see note 51 2.867,392 2.973.876 14 Kirby Laing Foundation A Registered Charitv NOTES TO THE FINANCIAL STATEMENTS at 31 December 2023 ALLOCATION OF OVERHEADAND SUPPORT C05T5 Unrestrlrted Funds Expendable Endowment Totsl Total Income 2013 2022 Property Maintenance costs Auditors, remuneratio 3,751 3,751 4,680 23.017 7.785 1,233 2,768 3,006 4,620 23.017 12,500 2,274 2,149 79.607 Accountancy services Office expense5 Tru5teelmeetlng expen5e5 CornputersuppDrtC05ts staff cost5 23,017 7,785 1.233 2,768 96,102 379 96.102 379 Bank charges 139.715 139,715 127,619 Staff costs are disrk)5ed net of contrlbution5 Te¢overed from The MaurlcÈ & Flilda Laing Charitable TNSL The Beatrice Laln8 Trust and The Martln Laing Foundation a5 disclosed below. The Feundation 15 adminlstered alongside The Maurice & Hllda Laln¥ Charitable Trust, The Beatrice Laing Twstand The Martin L3ing Foundatlon with which it share5 Sts three full-time mernbers of staff. Mr D Laing, a Trustee, was also a Trustee of The Beat¥i¢e Laing Trust. The stoff are employees of the Foundation, the net employee c05t5 for the year being E96.10212022 £79,6071- Employment costs outstandirTr8 at the year-end amount to £49.83212022 £90,5151. The Foundation reteived contrfbutlons from the aforernentioned LalnE Farnily Tru5t5 t¢)waTds the cost of staff. Staff costs cornpr15e the follo￿n8'. 2023 2022 Gross salaries enefits In klnd Employer's Natlonal Insurance cost5 Ernployer'5 pension contributions Recrultment and payroll costs 226,894 15,868 26.745 33,596 I,iio 179.644 14,578 22,894 30.579 1.128 304.214 248AZ3 Less contributions from other Laing FamilyTru5ts'. The Maurlce & Hilda Laing Charltable Trust The Beatrice LalnÉ Trust The Martin Laing Foundatlon 197,9351 197,9351 112.2421 179,6311 179.6311 19,9541 Total staff costs borne by Foundatlon 96.102 79.607 One employee received emoluments in the £90.￿0 - £I(M).OC¥J band during the year12022 one employee in the £90.000 É100,(NJO bandl. Pension contrlbutions to rhe stakeholder pènsion scheme of £21,19012022 £20.0511 were made Sn respect cf this employee. Three employees were member5 of the stakeholder P2nSPDn 5chEme. Is Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2023 ALLOCAfioM OF OVEAHEAD AND SUPPORT C05T5-coThtinued Owerhead and supportcosts were allocated between governance and eharitrdble actlvlties as detalled below.. 2023 Charitable Activities fjovernance Total UNRESTRICTEO INCOME FUND Property rnaintenènte costs Auditors, remuneratyon 375 3.376 3,751 4,680 23,017 7,785 1,233 2,768 96,102 379 4,680 23.017 778 Accountancy fee5 Qrfite expenses Tru5teelMeeting expenses C¢mpurer support cost5 Staff costs 7.(K17 1,233 2,490 86,492 278 9,610 379 Bank charge5 39,117 100.598 139.715 2022 Governance UNRESTRICTED INCOME FUND Property tnèinten8n¢e costs Auditors, remuneration Accountancy fees Office Èxpense5 Trustee/Meetin8 expenses Compurer support costs Staff costs Bank Ihar8es 301 2,7QS 3.(H)6 4,620 23,017 12,5 2,274 1149 79,607 446 4,620 23,017 1.250 11,250 2,274 1,934 71,646 215 7.961 446 37,810 89.809 127.619 TRU5TEES' EXPENSES AND REMUNERAT1014 The Trustees received no remuneration during the year12022 £nill- Three Trustees were reirnbur5ed tr3vellin8 COSt5 totallng E3051202Z- three Tru5tees- £6041 ènd no subsistence costs were Incurred12022- £nill. 16 Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2023 GRANTS The charity awarded grants to a number of iTrstltutlons In furtherance of its charlt3ble artivitie5 which are summ8r15ed 35follow5'. 2023 2022 Rertaled Chlldren & Youn8 People Educatrcn & Training Environment & Hentage ealth & Med*cal Welfare Overseas Developrnent Relig￿n Soclal Welfare The Art5 Charitles Ald Foundation Donation adj to103n Grant returned 57,50D iio.ojo 53,7QO 50,WO 786,115 394,664 859.448 20,(X)O 464,500 45,OCNJ 242.480 348,385 1.922,537 1S,0(X) 282,855 25,000 1100,0001,, 14 12 15 19 28 28 13,2501 2,727,677 1846,257 IOZJ Chll &You Chance to Shine Christian Youth Enterpr15es 5allln8 Centre FellttwshlpAfloat Charitable Trust Peo 7,500 25,000 57,50D du¢atltsTh & Tr31nln Princes Trust Queen Elizabeth Scholarship Trust S3li5bury Cathedral Trust The Klng's Foundation ,000 10,000 7,500 11.200 53,7(Y) Envlro nt & Herita D?vid Lalng Foundation LouEhborou8h Bell Foundry Trust 50.000 ZO.O(N) 50,000 Health al Welfare A%sociation of British Neurologists BRACE IZ payments) Brain Researth UK 8ritlsh Heart F¢undatSon Hospice UK13 paymentsl Motor Neurone Di5ea5e Associatlon F4ation31 Hospital for Neurolo8y and Neurosurgery Development Faundation Unlver5ity ofAberdee ID.OOD 30,000 s,000 iO,(M)O 590,115 125,OLX) 786,115 17 Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 310ecember 2023 6RANT5- continued 2023 Over eas Develo Bdrish Red Cross UKllnternatlonal Carer5 Worldwide Dhaka Ahsania Mission UX Frank Water Gurkha Welfare Trust IMPACT Foundation Internationèl Nepal Fellowship Intersèrye Great Britain & Ireland LAMB He31th Care Foundatio Mines Advisory Group Plan Internarion31 UK The LEprosy Mission12 payrnentsl United Purpose World Vi510n UK rThent Is,￿0 io,coo 6,200 io,wo 15,000 20,000 5,000 io,uoo 20,000 257.464 5,000 10,000 394,664 5.000 25,000 20,OiKS 26,25D 250,000 100,000 Cathedral Isle of Man Chiihester Cathedral Restoration & Developrnent Trust Church of England Foundatlon for Educational Leadership Exeter Cathedral Kirby LainÉ Centre for Public Theology in Cambridge Lichfield Cathedral London In5tilutÈ for Contempornry Christianity Oak Churrh, Stevenage Royal Hospital for Neuro-Disabilitv SAT-7 Trusi Ltd 5t P3uI's Cathedral Foundation The Auckland Projert The Royal School of Churth Music 100,000 7,500 7,500 loo.000 20.000 135,000 859.448 John Loing Ch3ritsble Trust terature Work5 5,0 20.OCQ 18 Kirby Laing Foundation A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2023 GKANTS. rontlnued 1023 The Arts Academy of Anclent Mus Art Fund Awards for Young Muslclans Birmin£ham Royal Ballet Buxton Festival 10.000 10,000 50,000 Creative Oundle Dorset Opero Gars5ngton Opera12 payments) Haffield House Chamber Music Festival Help Muslclans UK London Philh3rmonic Orchestra London symphony Orchestra National Youth Orchestr NatSonal Youth Orchestra of Great 8rftaln Nev¢ll Holt Opera Opera Holland Park Fripnds Royal & Oern8ate Northampton5hlre Roy?1 Colle8e of Music Ro¥31 Northern Colle8e of Music Southbank Sinfonia 5t Albans International Organ Festlval Wallace Collection Welsh N*ional Oper3 iO,(h)O 225.000 5,OiYJ io,wo 20,000 10,000 io,ocx) 5,000 io,coo 18.5(KJ 10.000 9,000 12,000 io,( 464.SLN) M15C Charitles Ald Foundation Grant returned 45,CQO 13.2501 4L750 TOTAL DONATIONSTO CFIAAMES 2,7Z7.677 19 Kirby Laing Foundation - A Registered Charity NOTES TOTHE FINANCIAL STATEMENTS at 31 December 2023 RELATED PARTY TRANsA￿l011s No related partytransaction5 were made durlng the year. FUTURE COMMThMENTS The Trustees have made nofj-knnding grant commitments of E5.000 and above payable in the next four years a5 follows". 2023 2024 2025 1026 2027 Commitment5 brought forward 1,615,277 S93￿04 7.500 7,500 Commitment5 paid during year 11.615,2771 Cornmltments made during year 106,9 73.700 50.000 10,0 Cornmitments deferred Cornmitmenls at 31 Detember 2023 7(KJ,704 81,200 57,500 10,000 DvrjnE 2023 Ihe Trustees 3150 rnade further non.binding grant (Dmmitmertts to future projects. the t1ming of whiih is 11Tr4nown. 1013lill> 720 00012022 El.O