2021-04-05-accounts - The Martin Laing Foundation

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TRUSTEES' REPORT	1-5
AUDITORS' REPORT	6-7
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
STATEMENT OF CASHFLOWS	10
NOTES TO THE FINANCIAL STATEMENTS	11-21

Recommend	ed Practice (FRS	ed Practice (FRS	102)and update Bulletins 1lk 2.	102)and update Bulletins 1lk 2.	102)and update Bulletins 1lk 2.
Reference	and Administration		Details ofthe Charity, its Trustees and			Advisors
Settlor			SirJohn Martin		Kirby Laing
Date ofDeed			2July 1979
Trustees			Sir John Martin		Kirby	Laing
			Edward Charles		Kirby	Laing
			Nicholas John	Gregory
			Lady Stephanie		Steam	Laing
			Colin Howard	Fletcher
			Alexandra Catherine Beatrice Jane Gregory
Registered	Address		33Banns Lane
			Mill Hig
			London
			NW7 2DX
Registered	Charity	Number	278461
Bankers			HSBC Bank pic
			23 New Conduit		Street
			Kings Lynn
			Norfolk
			PE301DE
Solicitors			Linkl aters
			One Silk Street
			London
			EC2Y BHQ
Accountants			TMF Global Services (UK) Ltd
			960Capability	Green
			Luton
			Bedfordshire
			LU1 3PE
Auditors			Mercer &Hole
			72 London Road
			StAlbans
			Hertfordshire
			AL1 1NS
Investment	Advisors		Barrett &Cooke
			S/6 Opie Street
			Norwich
			NR1 3DW
			Quilter Cheviot
			Senator House
			BSQueen Victoria Street
			London
			EC4V 4AB

						Total
						Unrestricted
			Expendab		Total	Funds
			Endowme	Income	2021	2020
		Note	6		6	6
INCOME ANO ENDOWMENTS
Investments				359,019	359,019	404,385
TOTAL INCOME				359,019	359,019	404,385
EXPENDITURE
Cost ofraising funds		3	18,340		18,34D	16,381
Charitable activities		4		319,548	319,548	223,117
TOTAL EXPENDITURE			18,340	319,548	337,888	239,498
NET INCOME/(EXPENDITURE)	BEFORE
GAINS AND LOSSES ON INVESTMENTS			(18,340)	39,471	21,131	164,887
Net gains/(losses) on investments		10	901,471		901,471	(800,894)
NET INCOME/(EXPENDITURE)	AFTER		883,131	39,471	922,602	(636,007)
GAINS AND LOSSESON INVESTMENTS
(Losses)/gains on currency			(132)		(132)	(140)
NET MOVEMENT IN FUNDS			882,999	39,471	922,470	(636,147)
FUND BALANCES BROUGHT FORWARD			11,130,121	607,581	11,737,702	12,373,849
FUND BALANCES CARRIED FORWARD			12,013,120	647,052	12,660,172	11,737,702

				2021	2020
			Note
FIXEDASSETS
Investments			10	11,857,155	11,004,825
				11,857,155	11,004,825
CURRENT ASSETS
Debtors			11	3,518	585
Cash at bank			12	808,519	741,366
				812,037	741,951
LIABILITIES:amounts		falling due within one year	13	(9,020)	(9,074)
NET CURRENT	ASSETS			803,017	732,877
TOTAL ASSETS LESSCURRENT LIABILITIES				12,660,172	11,737,702
TOTAL NET ASSETS				12,660,172	11,737,702
Representing:
UNRESTRICTED FUNDS
Expendable endowment			14	12,013,120	11,130,121
Undistributed	income		14	647,052	607,581
				12,660,172	11,737,702

						2021	2020
					Note		6
Cash flows from operating	activities:
Net cash provided by (used in) operating				activities	16	(341,007)	(239,989)
Cash flows from investing	activities:
Investment income						359,019	404,385
Proceeds from sale ofinvestments						793,491	701,874
Purchase ofinvestments						(1,020,952)	(472,525)
Net cash provided by (used in) investing			activities			131,558	633,734
Change in cash and cash equivalents		in the year				(209,449)	393,745
Cash and cash equivalents	at the beginning			ofthe year		1,269,161	875,416
Cash and cash equivalents	at the end	of	the year			1,059,712	1,269,161
Represented by:
Cash held within the investment portfolio					10	251,193	527,795
Cash at bank					12	808,519	741,366
						1,059,712	1,269,161

		Unquoted
		Investment	Quoted Investments
		Trustees'	Quilter	Barratt &	Total	Total
		Names	Cheviot	Cooke	2021	2020
		E	E	E	E	E
UK investments		71,433	38,357	89,718	199,508	219,875
Overseas investments			27,627	23,697	51,324	69,974
DPFC Investment			115,679		115,679	121,529
		71,433	181,663	113,415	366,511	411,378
Less; non recoverable	and
overseas tax			(2,947)	(4,919)	(7,866)	(8,866)
		71,433	178,716	108,496	358,645	402,512
Interest on cash deposit					374	1,873
					359,019	404,385
COST OF RAISING FUNDS
					2021	2020
Investment managers'	charges				18,340	16,381

						Total	Total
						2021	2020
						E	E
Grant funded	activity					298,932	202,462
Support and governance		costs	charitable	activities		10,419	10,434
			governance			10,197	10,221
						319,548	223,117
ALLOCATION	OF OVERHEAD AND SUPPORT COSTS
				Unrestricted	Funds
				Expendable		Total	To~el
				Endowment	Income	2021	2020
Employment	costs				9,552	9,552	9,227
Computer maintenance					269	269	833
Auditors' fees					2,580	2,580	2,520
Accountancy	services				6,727	6,727	6,555
Bank charges					189	189	120
Buildings and	maintenance				299	299	400
Sundry expenses					1,000	1,000	1,000
					20,616	20,616	20,655

		Total		Charitable
Cost Type		Allocated	Governance	Activities	Basis ofApportionment
		E	E	6
Employment	costs	9,552	955	8,597	10%governance/90%	charitable	activities
Computer maintenance		269	27	242	10%governance/90%	charitable	activities
Auditor's fees		2,580	2,580		All governance costs
Accountancyservices		6,727	6,727		All governance costs
Bank charges		189		189	Related to transactions
Buildings and	maintenance	299	30	269	10%governance/90%	charitable	activities
Sundry expenses		1,000	100	900	10%governance/90%	charitable	activities
2021		20,616	10,419	10,197
2020		20,655	10,221	10,434

The charity awarded grants to a n follows:	umber of institutions in further	ance of	its cha	ritable activities	which ar	e summarised
			2021			2020
		No			No
Child and Youth				40,000		15,000
Cultural and Environmental				45,000		30,000
Health and Medicine				60,000		42,000
Overseas Development				83,932		15,462
Religion				20,000		60,000
Social Welfare				15,000		15,000
Charities Aid Foundation				25,000		25,000
The Reculver Trust				10,000
				298,932		202,462
DONATIONS TO CHARITIES BYCHE	UE OR BANK TRANSFER
Child and Youth
(iST)Childhood First				5,00O
Ormiston Children &Families Trust				5,000
The Pushkin Trust				10,000
University ofEast Anglia				15,000
Wilderness Foundation				5,000
				40,000

DONATIONS TO CHARITIES BYCHE	DONATIONS TO CHARITIES BYCHE	UE OR BANK TRANSFER
Cultural and Environmental
David Shepherd Conservation	Foundation		5,000
Gilbert White &The Dates Collections			5,000
Norfolk Ik Suffolk Broads Charitable		Trust	10,000
Norwich Puppet Theatre			5,000
Welsh National Opera			10,000
WWF-UK			10,000
			45,000
Health and Medicine
Action for M.E.			5,000
Diabetes UK			10,000
East Anglian Air Ambulance			10,000
Essex Dementia Care			5,000
Home Farm Trust Limited			5,000
Macmillan Cancer Support			15,000
Norfolk and Norwich Association forthe Blind			5,000
The Brainwave Centre			5,000
			60,000
Flimkien ghal Ambient Ahjar			2,313
Fondazzjoni Patrimonlu Malti			11,017
Foodbank Lifeline Foundation			4,643
Hands Around the World			5,000
Malta Aviation Museum Foundation			4,700
Richmond Foundation			18,503
Students Education Trust			15,000
The Inspire Foundation			2,756
StJohn Ambulance			20,000
			83,932
~Reli ion
All Saints Church, Teversham			10,000
The Norfolk Churches Trust			10,000
			20,000

DONATIONS TO CHARITIES BYCHE	UE OR BANK TRANSFER
Social Welfare
Builders Benevolent Institution		5,000
King's Lynn Debt Centre		5,000
Wellspring Family Centre		5,000
		15,000
		263,932
CHARITIES AID FOUNDATION		25,000
THE RECULVER TRUST		10,000
TOTAL DONATIONS FOR THE YEAR		298,932

DONATIONS TO REGISTERED CHARITIES	DONATIONS TO REGISTERED CHARITIES	DONATIONS TO REGISTERED CHARITIES	DONATIONS TO REGISTERED CHARITIES	VIA CHARITIES AID FOUNDATION
Grants were paid to the following			institutions:
Child and Youth
Marks Hall Estate					2,500
The Ekklesia Project					2,000
					4,500
Cultural and Environmental
British Trust for Ornithology					2,500
The Ware Museum Trust					3,000
The Worshipful Company of Information				Technologists	2,000
					7,500
Health and Medicine
Headway Norfolk &Waveney					3,000
Musical Keys					2,850
Noah's Ark Children's Hospice					1,000
St Clare Hospice					4,000
Thames Valley Air Ambulance					3,000
The Air Ambulance Service					1,000
					14,BSO
Social Welfare
Choppin's Charity					500
North Norfolk Community	Transport				4,000
Snitterheld Village Hall					3,000
					7,500
Total grants made via Charities		Aid	Foundation		34,350
CHARITIES AID FOUNDATION -		SUMMARY
Balance held as at 6April 2020					17,740
Payments to Charities Aid	Foundation				25,000
Account charges					(56j
Grantcheques					(34,350)
Balance as at 5April 2021					8,334

FUTURE COMM	ITMEN	TS
			2021	2022	2023	2024	Total
			E	E	E	E	E
Commitments	brought	forward
at 6April 2020			64,500	20,000	15,000		99,500
Commitments	paid during the year		(59,500)				(59,500)
Deferred			(5,000)	5,000
Commitments	added during the year			10,000	10,000		20,000
Commitments	carried	forward at 5 April 2021		35,000	25,000		60,000
Overseas commitments				612,000

FIXED ASSET INVESTMENTS	Unquoted
	Investments	Quoted Investments			Cash held in
	Trustees'	Quilter	Barrett &		Capital
	Names	Cheviot	Cooke		Accounts	Total
		E	E			E
Market value at 5April 2020	2,553,250	3,947,226	3,976,554	'	527,795	11,004,825
Disposal proceeds		(303,330)	(490,161)			(793,491)
Add; acquisitions at cost		331,819	689,133			1,020,952
Investment gains/(losses)	(102,130)	458,628	544,973			901,471
Movements in cash					(276,602)	(276,602)
Market value at 5 April 2021	2,451,120	4,434,343	4,720,499		251,193	11,857,155
Historic cost at 5 April 2021	508,492	3,501,124	3,553,387			7,563,003
Historic cost at 5 April 2020	508,492	3,382,174	3,365,378			7,256,044

			Unquoted			Cash held
			Investments	Quoted Investments		within the
			Trustees'	Quilter	Barrett &	Investment
			Names	Cheviot	Cooke	Portfolio	Total
			E	E	E	E	E
Investment	assets	in the UK	2,451,120	2,922,411	3,614,619	251,193	9,239,343
Investment	assets	outside the UK		1,511,932	1,105,880		2,617,812
			2,451,120	4,434,343	4,720,499	251,193	11,857,155

				M	arket Value
Name				Holding
Eskmuir Properties		Ltd		291,800ordinary shares ofE1	2,451,120
The Diversified	Property		Fund for Charities	1,649,725 units	2,089,542

			2021	2020
Dividends	due		3,518	471
H M Revenue		&Customs		114
			3,518	585

CASH A	T BA	NK
				2021	2020
Bankaccount				180,852	184,566
Money	manager account			625,201	553,395
Stockbrokers'		income accounts
-Quilter	Cheviot			449	1,193
-Barratt	gr Cooke			2,017	2,212
				808,519	741,366
LIABILITIES:		AMOUNTS	FALLING DUE WITHIN ONE YEAR
				2021	2020
				6
Accountants				6,440	6,554
Auditors				2,580	2,520
				9,020	9,074

Unrestricted funds at 5 April 2021com	prise the following:
	Expendable	Income
	Endowment	Account	Total
Investments	11,857,155		11,857,155
Cash	155,965	652,554	808,519
Debtors		3,518	3,518
Creditors		(9,020)	(9,020)
	12,013,120	647,052	12,660,172

							2021	2020
Net movement in	funds (as per the	Statement			of	Financial Activities)	922,470	(636,147)
(Gains)/losses on investments shown			in	investing		activities	(901,471)	800,894
Deduct investment	income shown	in	investing		activities		(359,019)	(404,385)
(Increase)/decrease	in debtors						(2,933)	(471)
(Decrease)/increase	in creditors						(54)	120
Net cash provided	by (used in) operating			activities			(341,007)	(239,989)