Kirby Laing Foundation A Registered Charity Report and Financial Statements 31 December 2024 Kirby Laing Foundation - A Registered Charity CONTENTS PaBe TRUSTEES, REPORT AUDITOR'S REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET STATEMENT OF CASHFLOWS NOTES TO THE FINANCIAL STATEMENTS 11-23 Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT t 31 December 2024 The TrusteÈs present their financial statement5 and annual report for the year ended 310ecember 2024. The financial siaternents have been prepared in accordance with the accounting policies set out lft note I to the a¢count5 and comply with thÈ ¢harity's trust deed dated 14 June 1972, the Charities Act 2011 and Accounting and Reporting by Charitie5'. Statement of Recommended Practice IFRS 1021 and upd4te Bulletin5 1 and 2. Settlor Sir Iwilliarnl Klrby Lain8- deceased 12 April 2CM)9 Date of5ettiement 14 June 1972 Trustees mon Webley Charles Edward Burch Frederick Terence Wyndham Weller Lewis Alison Claire L3in8-appointed 18 April 2024 The power of appointinE Trustee5 15 vested in the exi5tinE Trustees. Règistered Address 33 Bunns Lane London NW7 2DX RegSstered Charity Number 264299 Bankers Bank of kotland 33 Old Broad Street LondoTr BX2 ILU Sollcitors One Silk Street London EC2Y 8HQ Accountants TMF Global Service5 IUKI Ltd l Angel Court London EC2R 7HJ Auditors Mercer & HolÈ LLP 72 London Road St Albans Hertfordshire ALI INS Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT at 31 December 2024 Investment Advisors Brewin Dolphin 12 Smlthfield Street London ECIA 9LA Quilter Cheviot Senator House 85 Queen Victoria Street London EC4V 4AB Director Ms E Harley clo 33 Bunn5 Lane London NW7 2DX Destlnation of Funds lèl Income Exclusively forcharitable purpose5. Ibl Expendable Endowment To be Tetained by the Tru5tÈes or, at their dlscretion, applled as for income. Investment Power5 Unrestricted. Structure. Governance and Managernent The ￿rbY Laing Foundation was established Sn 1972 by SSr Kirby L3in8. The Settletnent governing the Foundation states that the incotTie from the trust funds 3nd. at the Trustee5' discretion, the capitsl tao, is to be d15tributed in don3tions 'for charitable purposes" This is achieved through the Foundation's 8rant-makin8 proEramtne, which is it5 only charitable As recorded in135t year's report, 2024 saw changes to the rnake-up of the Boèrd of Trustees followin8 the sad death of David Laing. with Charles Burch t8kin8 over as Chair and the appointment of Alison Laing. The power to appolnt new Trustees rests with the existing trustees as a body and they are continuing to review the range of skills and experience represented among their nurnber with a view to strengthening the Trustee Board, while cognisant of the need to stay true to Sir Kirby's legacy. Policie5 and procedures for the induction of new Trustees are in place. The Tru5tee5 meet four times a year to conslder the perFormance of their irwe5tment portfolio, reflect upon their grant-mèkinE Strate8y, approve the distribution of grants and review policies on reserves and rlsk assessment. The day-to-day3drninistr8tion of grants and the processingofapplications priorto consideration bytheTrustees, inclu(ling meÈtingswith applicBnts ènd projeitvisits where lar8ergrant5 Hre anticipated, have been delegatÉd tothe Trust Dlrector, who is supported by a small staff team. The staff are all employees of the Kirby Lain8 Foundation, but their tirne is shared with the Maurice & Hild3 Laing Charitable Trust. the Beatrice Lain8 Trust and the Martln L4ing Foundation, which contribute towards employment costs. The four trusts, known collÈttively 35 the Laing Family Trusts, also share office space owned by the Reculver Trust, making quarterly contribution5 towards the rnaintenance of the property at 33 Bunns Lane, Mill Hill. An application to 4ny one of the Laing Family Trusts is treated as an application to all, Ithough, after the initial sifting process, èppIic3tions considered Suitable for further consideratlon by the Klrby Laing Foundation lollow the Foundation's own administrative procedures and declsion-tnakinÈ processes. Application is by letter and the grant appSication process, guidance on which 3ppears on the Laing Family Trusts, website, is deslEr*d to be as simple as possible, while drawing out the key information required for a decision. Kirby Laing Foundation A Registered Charity TRUSTEES, ANNUAL REPORT at 31 December 2024 Objectives and Activities Havln8 reversÈd their decision io spend down the Foundation's capital endowment, the Trustees spent much of tFE year reviewing the Foundation's mission. values and grant- makin8 StrÈte8y. The values to whlch they aspire have beeri defined as follows.. CHRISTIAN - inspired by Christian faith and values, while respecting the belief5 of others ENABLING- working to ensure that everyone can reach their full potential COMPA55IONATE- considerate in our relationships with people, genuinely caringfor our staff and grantees PIONEERING- encouraging exceptlonal pèople to do extroordin3ry things COLLAÈORATIVE-willingto ptrtnerwith other5to share resources andworktowards common Boa15 IMPACTFUL- targeting our time, resources and funds where they are needed most and can make a ton￿ble & tnea5urable difference .and will underpin the dell¥eryof a Erant-makin8 programme focussed onfivefunding 5tream5.' l. Promotion of the Evan elical Christian F81th To contribvte towards the growth of a sustainable Chrisiian Church, confident in cornmunicating the evangellcal Christian faith in ways relevant to the 21" century, through Projerts supporting theological education and tralnlng, primarily in the UK, focusing Innovative projects focused on nurturin8 Christiari faith in teen5 to 30s age Eroup Support for English Cathedra15 seeking to enhance sustainability, access and / or Christian outreach 2. Health and Soaal Care Advanon Educatlon & Welfare in To contrlbute toward5 the improvement of elderly and ènd of life care in the UK, in the context of society faced wSth 8n ageing popul8tion and increasing health and social care costs. through research, trainin8 and the dissemination of mode15 of good practlce, In Translational research to advance understanding of the process of aBeSn8 and improve the treatment of aEe-related condition5 Development of innovative and 5U5tainable mode15 of care to improve the quality of life of older pÈople in their later years and at the end of life Programmes 5UPPOrtingthe Èducation and training of health professionals in ageing and age-related conditions a. Devel in Talent In the Performin Art5 (rf Music & Theatre-To provideopportunitie5 for talented young people, particularly thosp from disadvantaged backgrounds, to fulfil their potentlal and explore opportunities for employment In the creative industries throuEh Progratnrnes with 4 natlonal or re8ionèl focus, reaching children and younE people from diverse backgrounds. aimed at identifyin6 and nurturing talent in music or drama. with clearly identified pathways for progression ènd / or routes into the profession Pro8ramme5 5upporringyoJn6 professionalsto develop theirtèlent, includingthose exploring bickstage roles Capital Projects, the primary purpose of which is to ÈnhancÈ the delivery of proErammes aimed at developing young talent las abovel Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT at 3L December 2024 Objectives and Activities- continued 4. Overseas Devdo ment Pro ects- To improve the quality of life and Èmployment opportunitiesforwomen and Elrls and / or people ¥vith disabilitles, prlmarily In Nepal and B3ng13desh. For the time bèinL smaller gr3nts will be rnade to SJstalnable & replicable projects to improve educational and employment opportunitle5 for women and girls in Nepal and B8ngladesh. developed in collaboration with local communitie5 5ustalnable & replicable projects to Improve the quality of life of peop5e with disabilitie5, pritnèrily in Nepal and Bangladesh, developed in collaboration with local communities 5. scien￿ and E rneertft Innovation Workin8 With consultants Total Flow as enablinE Partner. the Trustees will Shortly bE lèunching a new Science & Engineering Innovation ProEramme, seeking to maxitnise the use of fund5 and Social and environmentsl impact in the built environment. They are currently in the process of putting in place the capability required to deliver the programme and appointing an Advisory Btrard to support effective decision-maklng. Alongside the launth of thls Programme, the Trustees expett to report on the establishment of some significant partnerships in e3ch of the first three funding streams next year. The #rant-maklng programme is financed by Income derived solely from the Found3tion's two investment portfolS0s and its holding in the Diversified Property Fund for Charitie5. the proce55of gifting its holding in Eskmuir Propertie5 tothethrÈe foundatlons e5tabli5hed by Sir Kirby's descendants (the Martin, David arbd Christopher Laing Foundation51, thus enabling younger 8enerations to continue the family's tradition of Christian philanthropv, 85 part of the earfier Spend down proErarnme, having been formally completed in June 2024. The two investment portfolios are m3n3ged on a discretionary ba515 by the Found3tion's 5tockbroker5, Brewin Dolphin and Quilter Cheviot. Their performance is reviewed, and measured against published indice5, on a regular basis. The objective has been to invest for a comblnation of iapital and income growth on 3 lon8-term basi5. The Trustees do not invest in Companies whose core busine￿ is pomogr8phv. Eambling, tobacco or the production andlor distribution of 31cohol. The investment managers are required to comment on their overall approach to Environmental. Social and Governance IESGI issue5 and the way in which these factors ère influencing their Investment 8dvitr I deci5i0n5, and on ESG performance relating spÈciflcallyto holding5 Within the Foundation's portfolios, when reportSn8 to the Trustees. Athievements and Performance Excluding the gift of shares to the three family foundations, grant expenditure in 2024 tutalled É1.350.204, 3 signrficant reduction of 50% on the previous year's total of £2,727.677, reflecting the decision taken by the Trustees to take time to review their grant-making prioritie5. All Èrants of £5.000 and above are listed by category in note 7 to the accounts, with additionèl details of all Érants of £25,000 and over provided below. These ère 8rouped within the five funding streams, although a number of thetn fulfilled cornmitments made in previous years. ristian Farth Blble Reading Fellowship Church LetsdforAnno Chopl¢Tlncy Blackburn Cathedral Reveoling the Hidden Aerituge Church of England Foundation for Educational Leadership Growino Foith Foumdotion Learning Hubs ILost of 2 grJnt5) Kirby Laing Centre lor PubllcTheology In Cambridge Core Costs London Institute for Contemporary Christianity Eouipping rhe Emerging GEneratitrns' Ilost of 3 grontsl £53,974 £25,000 £26,250 £ioo,000 £ioo.ooo Kirby Laing Foundation A Registered Charity TRUSTEES, ANNUAL REPORT at 31 Decèmber 2024 AchievÈtnEnts and Performènce continued Christlan Faith contlnued SAT-7 Trust Ltd ArJbic Digitol Medio undAudience Relutions York Minster Fund Centre of ExcellenceforHerittsge Croftskills & Estote Monogement Youthscape rrL¥nsloting God.. DI5￿PIeS￿1p Resourcesfvr Young People Il, of 3 grants) £50,OLK) £50.000 £3D,O Fealth & Social Care ospice UK Project ECHO- FrtsiltyNetwork12 of 6grGrJtsJ M3Egie's Celltre Construction of o New Centre in NorthomptDrJ Netional H05Pital for NeuroloÈy & Neurosurgery Development Foundation Rore Dementio Support Champions Scheffle Progromme Royal H05Pltal for Neuro-Disabilitv Hunter Word Upgrode £107.830 EItKI,WO £75,000 £30,WO Performin Art5 8irminÉham Royal Ballet Junior Compttny IIG5t of 3 oronts) Nation31 Qperè Studio TtslentDevelopment Prograrnme12 of 4 grontsl Royal Acad@my of Dramatic Art 5tOge Critil¢TI Compoion £50,OCM) £125,000 E50,000 Oversea5 Develo ment The Lepr05y Mission Activtsting& Enq¢TgingPortnerships to Reduce Lepiosyin Bonglodesh115Eof 4 grJntsl £25,000 In 3ddition tothe grants Ilsted in note 7, a further 7 grants. totallinÈ £13,280, were made from the Foundation'5 Charities Aid Foundation account. Taken tO8etherthe Trustee5 are confident that the grants demonstrate a high degree of public benefit to a number of different sections of SDciety, Including vulnerable and disadvantaged people wh8tever their age, background, ability or additional needs, in Sectors facing significant flnancial challenges eg. the arts, Christianeducation and outreach, and soci81 care. A number ofthemes, itTrcludinEthe provision of opportunitie5 for young people to fulfil their potential. care for the environment. pastorall5piritual care for those in need and preservation of tradrclonal craft skills are sÈen ès common to more than one of the five funding streatll5. In addition to grant expendlture, a further £123,551 was spent on investment manaEerfs fee5 and £156,054 on support and governance costs. The transfer of the sh3res In Eskrnuir Properties part way through the year wa5 the primèry cause of H reduction in the income EenErated from the Found3tian'5 Investments, which fell by 11.6% to £1,961.554. the full effectof the transferon the Foundotiori's investment incomewill be seen in 2025. The transfer of sharÈ5, offset by a surplu5 of inwme over expenditure of £445,286 and gain on the value of the remainin8 irNestrnents of £1,291,473, meant that the value of the Found3tion' expendable endowment fell by £20,621,165 to £44,518,068 Risk Assessrnent The Trustees annually reviÈw the rnalor rlsks to which they feel the charity is exposed. These fall into threp tnain areas. protection of asset$ 3nd intome, integrity of the grant-MakiTrg proce55 and employment and retention of Staff. Having carripd out their annual review of these risks they rernain confident that they have in place systems and procedures which mitigate the risks as far a5 Possible. Auditors In accordance with Chapter 3 S147 of Part Vlll of the Charitie5Act 2011 the Charity's financial statements are subject to audit for the year to 31 December 2024. Kirby Laing Foundation - A Registered Charity TRUSTEES, ANNUAL REPORT at 31 DecembÈr 2024 staternent of Trustees. re5ponsibllltles for the financial statement5 The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and UnSted KinBdom Generally Accepted Accounting Prartice. The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Account5 and Reports) Regulations 2008 and the provisions of the Trust Deed require the Trustees to prepare financial statements for each financial year which gwe a true and fair view of the state of affairs of the charlty arKI of the incoming rÉsaurce5 and application of Tesources. includingthe Income and expenditure, of the chartyfor that period. In preparing those financial statements, the Trustee5 are requlred to.. selett 5Ultable accounting policies and then apply them consi5tent1y', observe the methods and principles in the Charity 50RP". make judgements and estimatesthat are reasonable and prudent- State whetherapplicable accounting 5tHndards have been followed, subject to any material departures disclosed and explained in the financial statetnents,. arKI prepare the fSnancial statetnents on the 80ing concern ba515 unless It Is Inapproprlate to presume that the Charity W￿11 continue. The Tru5tee5 are responsible for keeping proper accountinE record5 which disclose with reasonable accuracy at any time the f1nancia1 position of the charity and to enable them to ensure that the financial st8tement5 comply wlth the Charitles Act 2011. theCharitylAccotsnt5and Reports) ReEulations 2008and the provisions ofthe trust deed. They are also responsible forsafeguardinE the assets of the charity ènd hen￿ for taking reasonable 5tep5 for the prevention and detection of fraud and other irregularities. Approved by the Tru5tÈes on". Date nd signed on their behalf by.. Trustee INDEPENDENT AUDITOR'S REPORT to theyrustees of the Kirby Laing Foundation- A ReBlsiered Charity Opinion We have audited the financial statements of Kirby L3inE Foundation (the 'charrty'l for the year ended 31 Decern￿r 2024 which comprise 5tatÈment of Financial ActNitie5, the Balance Sheet and notes to the financial statements, including significant accountin8 policies. The financial reporting frameworkth3t has been applied In their preparation is applicable léwand United Kinedom Accountin8 5tandard5. including Financièl Reporting Standard 102 The Fin¢TncioI RepLirting Stondord opplicoble in the UK Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and f3irview of thÈ state of the charity's affairs a5 at 31 December2024, and of its incomin6 resour￿$ and application of resources, Including it5 income and expenditure, for the year then ended,. have been properly prepared in accordantr with United Kingdom Generalty Accepted Accountlng Prartice- 3nd Iwve been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted ouraudit in accordancewfth International Standards on Auditing IUKI IISA5 IUKII and applicable law. Our responslbS1ities under those standards are further described In the Auditor's responsiblllties for the 3udit 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 audlt of the financial 5tatemenis In the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical re5ponsibilitie5 in accordance wlth these requirements. We believè that the 3udit evldente we have obtained is sufficient and appropriate to provide a i￿$1$ for our opinion. Conrlu5ions relaiingio going concern In 3uditing the financial statements, we have concluded that the trustees, use of the Eolng concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identifièd any material vncertalnties relating to events or tonditions that. indlvidually or collectively, m3y cast significant doubt on the charity'5 ability to continue as a going concern fcr a period of 8t least twelve tnonth5 from when the financi31 starements are authori5ed for issue. Our responsibilitie5 and the responsibilitie5 of the trustep5 Wlth respectto going concern are described in the relevant section5 of thls report. Other Snlorrnation The other inforrnation comprises the Information included in thÈ trustee5 annual report, other than the financial Statements and our auditorfs report thereon. The trustees are re5pon5ible for the other inforrllatian 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 expre55 any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing 50, consider whether the other information Is materially inconslstent with the financial statements or our knowledge obtained in the course of the audit or otherwise &ppears to be materially tni55tated. If we idpntify such rnaterial inconsi5tencies or apparent material misstatements, we are required to determine whether this gives rise to a tnaterial misstatement in the financial st8tem2nts thernselves. If, based on the work we hève performed, we concludo thatthere Is material tnisstatement of this other information. are required to reportthat fact. We have nothingto report in this regard. Maiters on which we are required to report by exceptlon We have nothinE to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulation5 2008 requlre us to report to you if, in our opinion.. the information given in the financial statements Is Inconsistent in 3rTry Material respect with the tru5tees' repurt,. or the chari(y has not kept adequate accounting records. Dr the fin3nclal statements are not in è8Teement with the accounting records and returns; or we havè not received all the information and explanations we require for our audit. Responsibilities of trustee5 As explained more fully in the trustee5' responsibilities statement Set OLJt on paEe 6, the trustees are responsible for the preparation of the financial 5t4ternents and for being satisfied that they Eive 3 true and fair view. and for such internal control a5 the trustees deterrnine is neces￿r¥ to enable the preparation of finaricial statements that are free from material misstatement, whether due to fraud or error. In preparing the financlal statements, the trustees are responsible for 8ssessinE the charty's ablllty to continue as a goln8 concern, di5closin& as applicable, tnatters related tc> going concern and usingthe 8oin8 concern b35is of accountln8 unless the trustee5 either intend to liqJidate the charity or to ￿8$e operations, or have no realistic alternative but tc do so. Auditorfs responsibilities for the audit of the financlal statements We have been appointed as auditor section 144 of the CharitiesAct2011 and reportin accordancewith regulatlons rnade under section 154 of that Act. Our objectivès are to obtain reasonable assurance about whether the financial Statements a5 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report thèt Includes our oplnion. Reasonable assurance is a high level of assur3nce but 15 not a Euarantee that Èn audlt conducted in acctsrdan￿ with ISA5 IUKI will alwa￿ detect a material mlsststernent when it exi5t5 Mi55tatements can arise from fraud or errer and ère considered m3terial rf, individually or in the aggregate, they could reasonably be expected tc influence the economic declsions of users taken on the basis of these financi31 5tatementS. Irre8ularities. including fraud, are instances of non-cornpliance with law5 and regu13tion5. We design procedures in line with our responsibilities. outlined above, to detect material rni5Statements respect of irre6ularitie5, includingfraud. The extent to which our prOced￿re$ are cap3ble of detecting irregularities, including fraud, is detailed below. Explanation as to what extent the audit was considered capable of det@ctin8 irresularities, Includingfraud We gained an understandingof the legal and regulatory frèmeworkapplic3bletothe charity and the environment inwhich it operatES and cor15idered the risk of 3ct5 by the charitythat were contrary to appllcable laws and re8ulations, including fraud. We evaluated management'5 incentives and opportunities for fraudulent manipulation of the financial statements end the financial report lincludingthe rfsk of override of controls). and deterrnined that the principal risk5 were related to postin8 inappropriate entrie5 includlngjournals to overstate revenue or understate expenditure and management bias in accountinE estimate5. Audit procedures performed bythe en8a8ement team included.. discussion5 With tllanaEement. irKluding consideratSons of known or suspected in5tantÈs of non- compllance with law5 and rÈ8ulatlons and fraud,. gainin8 an understanding of management's controls desig￿ed to prevent and detett Irregularities; and Identifyin8 and testlng Journal entrie5. Because of the Inherent limitations trf an audit, there 15 a risk that we will not detpit all irregularitie5, including those leading to a material mi55tBtement in the financial Statements or non-compliance with reEul8tion. This rlsk Increase5 the more that compliance with 8 law or regulation is removed from the events and transactions reflected In the financial statements, 3$ we will be le55 likely to become aware of instancesof non-compliance. The rlsk is alsogreatprregarding irregularitie5 occurringduetofraud ratherthan error. as fraud Involves intentional concealment, forgery. collusion, omission or rnisrepresentation. A further description of our responsibilitie5 is èvailable an the Finaniial Reporting Council's website at.. A dito¢5 Res the Audit This description forms part of our auditor's report. 5for Use of our report This report is made solely to the charity's tru5tee5, as a body. in accordance with Part 4 of the Charities (Accounts and Reportsl Regul3tions 2008. Our audit work has been undertaken so that we mieht state to the chariws trustees those matter5we are required to state to thern in an auditor's report and for no other purpose To the fullest extent perrnitted by law. we do not accept or assume responsibility to anyone othpr thon the charity 3nd the charity's trustees as 3 body, for our audit work. for thls report, or fDr the opinions we have formed. Steve Robinson, Senlor Statutory Auditor Mercer & Hole LLP Chartered Accountants 72 London Road, St Albans, ALI INS Dote.. 23 Soptèmbor 2025 Mercer& HoleLLPis eligible to utt os on uyditOTln térmsofsecrion 1212 oAthe ComponiesAct200& Kirby Laing Foundation - A Registered Charity STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2024 Total Unrestritted Funds Expendable Endowrnent Unrestricted Funds Yotal Income 2024 2023 Note INCOME AND ENDOWMENT5 Investments 1,961,S54 1,961,554 2,220.047 TOTAL INCOME 1.951,554 1,961,554 2,220,047 EXPENDITURE C05t trf rai51n8funds 123,552 22,234,372 123,552 23.750,640 115,849 2.867.392 1.516,268 TOTAL EXPENDITURE 22,357.924 1,516,268 23,874,192 2,983.241 NET INCOMEIIEXPENDITUREI BEFORE GAINS AND L055ES ON INVESTMENTS 122,357,924) 445,286 121,912,638) 1763,1941 Net gains/l1055esl on investment5 io 1.291,473 1,291,473 1886.2451 NET INCOME1(EXPEND￿URE) AFTER GAINS AND LOSSE5 ON INVESTMENTS 121,066.4511 445,286 120.621,1651 11,649.4391 TRANSFER BETWEEN FUNDS 445,286 1445,2861 NET MOVEMENT IN FUNDS 120,621,165) 120,621,165] IL,649,4391 FUND BALANCES BROUGFff FORWARD 65,139,233 65,139.233 66,788,672 FUND BALANCES CARRIED FORWARD 44,518,068 44,518,068 65,139.233 The Statement of Financial Activitie5 include5 all gain5 and losses recognSsed in the year. All Incorne and expenditure derfve from continuing activities. Kirby Laing Foundation - A Registered Charity BALANCE SHEE[ as at 31 December 2024 2024 2023 Note FIXED ASSErs Investments LO 42,715,833 63.617.539 42,715,833 63.617.539 CURRENT AssErs Debtcr5 Cash at bank li 1,159,746 732,909 1,153,237 451,106 12 1,892,655 190,4201 1,604,343 182.6491 LIABIL￿lEs. omounts falling due within oneyear L3 NET CURRENT ASSETS 1,802,235 1,521.694 TOTAL ASSETS LESS CURRENT LIABILITIES 44,518,068 65,139,233 ReprÈsentin8-. UNRESTRICTED FUNDS 14 44,518.068 65,139,233 Re8lstered Charity No.. 264299 Approved by the Trustees on.. D3te and signed on their behalf by.. Trustee io Kirby Laing Foundation A Registered Charity STATEMENT OF CASHFLOWS for the year ended 31 Oecember 2024 2024 2023 Noie Cash ftows from operating actfviiies.. Net cash PTovided by (used opeTating activities 16 123,872,930) 13,913.0301 Cash flLSWS frorn invESting activitie5= Investment income Proceed5 from sale of in¥estrnent5 Transfer out of shèrÈs by donation Purchase of inve5trnents 1,961.554 7,362,586 22.234.372 17,737,793) 2,220.047 791,585 1707,5751 Net cash provlded by (used It)} Investln8 actl¥ities 23,820,719 2,304,057 Chan8e in cash and cash equivalents in the year Cash and ￿$h equivalents atthÈ be8inning of the year 52,211 1,259,142 11,608,973) 2.868.115 Cash and ush equivalent5 at the end of the year 1,206.931 1,259.142 Represented by.. Cash held within the investrnent portfolio Cash èt bank io 12 474,022 732,909 808,036 451,106 1,206,931 1.259,142 li Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL sTATEME￿s at 31 DecerDber 2024 ACCoU￿1NG POLICIE5 The principal accounting policies adopted are a5 follows.. al Ba515 Df prepaTation and assessment of going concern The financial statements have been prepared In accordance with Accaunting and Reporting by Charities.. Statement of Recomrnended Prartice IFRS 1021 and update Bulletins l and 2, the Charities Act 2011 and applicable The financial statements have been prepared under the historical cost convention, modified to lrtlude the reviluation Df fixed a55et irTrve5trnents. Thp Charity constitutes 8 publlc beneflt enfjty as defined by FRS 102. The Trustees Consider that there are no materlal uncertalntSes about the Charity'5 ability to continue 35 3 going concern. bl Funds structure The expendable endowment represents the funds settled originally by the Settlor and the Trustees are permltted to applythe capital a5 though it were income. Income is to be used lor charitsble purposes only. cl Income recognition l income is reco8ni5ed once the charity has entitlement to the income, there1$ Sufficient certainty of receipt and so It Is probable that the income will be received. 3nd the imount of income receivable can be rnea5ured reliably. Interest en funds held Is included upon notification of the interest paid or payable. Dividend5 are recognised once the dividend has been declared ond notification has been received of the dividend due. Credit 15 taken in the accounts for income tBx deducted from investment income which ha5 or wll be reclaimed from H M Revenue & Cu5tums UP to 31 December 2024. dl Expenditure reco8nitiDn and irrecoverable VAT LiabilitiP5 are recosnisèd as expenditure as soon as there is a leg31 or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required Hnd the amount of the obligatioti can be meosvred reliab1v. All expenditure 15 accounted for on an attruals basis and has been classlfied under headings that aggregote a51 costs reloted to the category. Single or multi-year Erant5 are accounted for when either the recipient has a reasonable expectation that they wlll receivè 8 Erant and the Trustees have agreed to pay the grant without condition, or the recipient has a rea50n8ble expectationthat theywill receive a ¥rantand any condition attached to thegrant Is outside thecontrol of the charity. Irrecoverable VAT is charged against thp cètegory of resources expended for whlch It was Incurred. el Allocatlon of governan￿ and other support costs Governance 8nd support costs have been allocated between charitable activitie5 and sovernance. Governance and 5UPPQrt costs relating to charitable activities have been apportioned based on the estimated time Spent by staff at the office of the Laing Family Trusts in the adrllinistration of donations and assessment of prolects. The allocatlon of Eovernance and SLJPPOrt costs is analysed in note 5. Governance costs comprlse all costs Involvln6 the public accountability of the Charity and its tompliance with regulation and good practice. These cost5 include the accountancy and audlt costs relating to these financi31 Statements together with an apportionment of overhead and support costs. 12 Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2024 ACCOUNTING POLICIES. continued fj Cost of ralsinB funds Cost of generatinE funds comprise5 the investment managers, charge5. gl Charitable actlvltles The expenditure on charitable activities COFnpfise5 8rant5 made in the year and 8overnance arKJ support C05t5. An analysis of the grant eKpEnditure forthe yeHr is shown in note 7. hl Fixed asset investments Llsted investments are valued in the Balance Sheet at market value. Unlisted investments are included at the Trustees, estimate of market value. The net gain/llossl on revaluatlon and disposal of investments is shown In the Statement of Financial Activities. il Reali5edEains and losses All gains ènd losses are taken to the Statement of Financial Activitie5 a5 they arise. Realised gains and losses on investments are calcul8ted as the difference between 5ale5 proceeds ind rheir opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised g8in5 and losses are alculated a5 the difference bètween the fair value atthe year end ènd theircarryingvalue. Reali5ed Hnd unrealised Investment gains and losse5 Hre combined In the 5taternent of Financial Activities. Il Pensions The Found8tion oper8tes a group stakeholder pension scheme for employees. Contributions are charged to the 5tstÈtnent of Financial Activities a5 they become payablÈ. kl Foreign exchange Tran5actlDn5 denominated in foreign currencie5 are recorded at the r3te of e¥chan8e ruling at the datÈ of the transartions. Monetary asset5 and liabilities denominated in forei8n currencies are translated into sterlingatyeèr- end rate5 and translation differences are taken to the Statement of Financial Activities. 11 Currencv The financial statements are prepared in 5teding. which is the functional currency of the charity. Monetary amount5 in these financial statements ère rounded to the nearest £. INCOME AND ENDOWMENTS Unquoted Quoted Total 2024 Irivestment Income from assets in the UK Investment income from assets outside the UK 1.122.528 592,515 240,895 1,715,043 240.895 1,122,528 833.410 122,8671 1,955.938 122.8671 Le55.' non-recoverable tax credits and foieign tsxation 1,122,528 810.543 1,933,071 Deposit interest 28,483 1,961,554 13 Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2024 INCOME AND ENDOWMENTS-continued Unquoted Quoted Total 2023 Investment intome from assets In the UK Investment income from assets outside the UK 1,379.864 603.159 234.450 1,983,023 234.450 1,379,864 837.609 122,5741 2,217,473 122,5741 Less.. non-recoverable tax credits ènd foreign taxation 1,379,864 815,035 2,194,899 Deposit interest 25,148 2,220,047 OST OF RAISING FUNDS 2024 2023 Investment mana8er5' charÈes 123,552 115,849 ANALYSIS OF CHARITABLE AcllviTIES Total Totol 2024 2023 Grant funded activity15ee note 71 Support and governance iosts 1,360,204 114,209 41.855 2.727,677 100.598 39,117 charitable ictiiritie515ee note 51 governance (see note 51 1,516.268 2,867.392 Eskmuir share transfer 22,234,372 In February 2024, the charity transferred èll its 1,926,722 E5ktnuir Propertles Limited share5 to the Martin Laln8 Foundation. the Christopher Lain8 Foundation and the D3vld Laing Foundation in the proportion 642,241. 642.241 and 642,240 respectively. 14 ## Kirby Laing Foundation - A Registered Charity ## NOTES TO THE FINANCIAL STATEMENTS at 31 December 2024 ## **5. ALLOCATION OF OVERHEAD AND SUPPORT COSTS** ## **Unrestricted Funds** |Property maintenance costs
Legal fees
Auditors' remuneration
Accountancy services
Office expenses
Charitable Support costs
Trustee/meeting expenses
Computer support costs
Staff costs
Bank charges|**Expendable**
**Endowment**
**£**
-
-
-
-
-
-
-
-
-
-
-|**Income**
**£**
3,094
2,100
5,220
23,928
9,177
6,360
1,820
2,791
102,748
(1,174)
156,064|**Total**
**2024**
**£**
3,094
2,100
5,220
23,928
9,177
6,360
1,820
2,791
102,748
(1,174)
156,064|**Total**
**2023**
**£**
3,751
-
4,680
23,017
7,785
-
1,233
2,768
96,102
379
139,715| |---|---|---|---|---| Staff costs are disclosed net of contributions recovered from The Maurice & Hilda Laing Charitable Trust, The Beatrice Laing Trust and The Martin Laing Foundation as disclosed below. The Foundation is administered alongside The Maurice & Hilda Laing Charitable Trust, The Beatrice Laing Trust and The Martin Laing Foundation with which it shares its four full-time members of staff. The staff are employees of the Foundation, the net employee costs for the year being £102,748 (2023 £96,102). Employment costs outstanding at the year-end amount to £58,441 (2023 £49,832). The Foundation received contributions from the aforementioned Laing Family Trusts towards the cost of staff. Staff costs comprise the following: |Gross salaries
Benefits in kind
Employer's National Insurance costs
Employer's pension contributions
Recruitment and payroll costs
Less contributions from other Laing Family Trusts:
The Maurice & Hilda Laing Charitable Trust
The Beatrice Laing Trust
The Martin Laing Foundation
Total staff costs borne by Foundation||**2024**
**£**
248,508
7,947
30,163
38,617
1,356
326,591
(102,906)
(102,906)
(18,031)
102,748|


|**2023**
**£**
226,894
15,868
26,746
33,596
1,110| |---|---|---|---|---| |||||304,214
(97,935)
(97,935)
(12,242)
96,102| One employee received emoluments in the £110,000 - £120,000 band during the year (2023 - one employee in the £90,000 - £100,000 band). Pension contributions to the stakeholder pension scheme of £22,050 (2023 - £21,190) were made in respect of this employee. Four employees were members of the stakeholder pension scheme. 15 Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2024 ALLOCAYION OF OVERHEADAND SUPPORT COSTS- condnued Overhead and support costs were allocated betwepn governance and charitable activitie5 as detailed below.. 2024 ChaTitable Actlvltle5 Governance Total UNRESTRICTED INCOME FUND Pioperty maintenance costs Legal fees Auditors, remuneratitrn 3￿ 2,785 3,094 2.1 5,220 23.928 9,177 6,360 1,820 2,791 102,748 11,1741 2.100 5,220 23,928 918 Accountancyfees Offlce expenses Choritable Support costs TrusteelMeetinE expenses Computer support costs Staff costs 8,259 6,360 1,820 2,512 92.473 279 10,275 11,1741 Bank charges 41,855 114,209 156,064 Z023 Charitable Governance Total UNRESTRicfÉD INCOME FUND Property maintenance costs Auditois, remuneration Accountancy fees Office expenses Trustee/Meeting expenses Computer support costs Staff costs Bènk charges 375 3,376 3,751 4,680 23,017 7,785 1,233 2,768 96,102 379 4,680 23,017 778 7.007 1,233 2,490 86.492 278 9.610 379 39,117 I￿,$96 139.715 TRUSTEES, EXPENSES AND REMUNERATION The Trustees received no remuneratSon durlng the year 12023 - £nill. Three Trustees were reimbursed travellin8 coststotalin8 El,82012023- three Trustees- £3051 and no subsistence costs were incurred12023- £nlll. 16 Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2024 GRANTS The charity awarded Èrants to a number of institutions in furtherance of its charitable actiwties which are summ?rised a5 follows.. 2D24 2023 No No Children & Young People Education & TrèininÉ Environment & Heritage Health & Medical Welfare 7,5fA) 57,500 76,2CM) 53,700 50,000 786.115 394,664 859.448 20.000 464.500 45,000 li 388,830 73,7CM) 420,474 20,0 373,5CN) Overseas Developrnent 14 13 Is Social Welfare & Communty The Arts Charities Aid Foundation 22 28 Donation adj to loan Grant returned 13,2501 1,360,204 2,727,677 2024 Children & Youn Chance to Shine Peo 7,500 7,500 Education & Trainin Queen EIiz3beth kholarship Trust The KinE'5 Foundètion Worshipful Company of Paviors York Minster Fund 10.000 11.200 5.000 50,000 76.200 Health & Medlcal Welfare BRACE12 paymentsl Brain Research UK 30.000 6,000 15,000 5.000 107,830 l(N),LX)O 75,000 10,000 30,000 10,000 Dernentia UK ecancer Global Foundation Hosplce UK Ma88le's Centre Natlonal Hospital for Neurology and Neurosurgery Developmerit Foundation Peninsu13 Medical Foundation Royal H05Pital for NeurTrDi5ability The RNOH Charity 388,830 17 Kirby Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 31 December 2024 GRANTS- continued 2024 verseas Develo ment Child Rescue Nepal Frank Water IMPACT Found8tion Link5 lfiternational Mines Advisory Group The Leprosy Mi55ion The Li Tim-oi Foundation 5.0(NJ 6.200 15,0(M) 5,000 10,O(M) 25,000 7,500 73,700 Bible Reading FEIIow5hip 813ckburn Cathedral Centre for the Study of Christi3nity & Culture Church of Enel8nd Foundation for Educational Leadership Gearge Whitefield CDllege Kirby Lain8 Centre for Public Theology in Cambridge London Institute for Contemporèry Christianity Oak Church. Stevenage Office of the ArchbishDP of York Royal Hospltal for Neuro-Disability SAT-7 Trust Ltd 53,974 25,000 5,250 26,250 5,0 loo,000 iOO,OOD 7,5Crf) 5,OLNJ 7,500 50,000 5,000 30,000 The WayFarer Trust Youthscape 420.474 Sc 1.153,237 153,6811 128,9681 65,139,233 65.135,233 15. VOLUNTEERS Other than the Trustees, thÈ Charity receive5 no contrlbutSon from volunteers. 16. RECONCILIATION OF NET MOVEMENTS IN FLINDSTO NET CASH FLOW FROM OPERATING AcfiviTIES 2024 2023 Net movernent in funds las per the Statement of Financial Activities) 120.621.1651 11,649,439] IG3insl/lusse5 on investments shDwn in Investing attivitie5 11,291,473) 886,245 Deduct investment income shown in investing activitie5 11,961,554) 12,220,047) Ilncreaselldecrease in debtors 16,5091 1953.4431 Incre35e/ldecreasel In creditors 7,771 23,654 123,872.9301 13,913,030) 24