2022-04-05-accounts

	Page
TRUSTEES' REPORT	1-6
AUDITORS' REPORT	6-7
STATEMENT OF FINANCIAL ACTIVITIES
BALANCE SHEET
STATEMENT OF CASHFLOWS	10
NOTES TO THE FINANCIAL STATEMENTS	11-19

Reference	and Administration	and Administration	Details ofthe Charity, its Trustees and Advisors	Details ofthe Charity, its Trustees and Advisors	Details ofthe Charity, its Trustees and Advisors	Details ofthe Charity, its Trustees and Advisors
Settlor			Sir John 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		33Bunns Lane
			Mill Hill
			London
			NW7 2DX
Registered	Charity	Number	278461
Website			www. lain amil		trusts. or	.uk
Bankers			HSBC Bank pic
			23 New Conduit		Street
			Kings Lynn
			Norfolk
			PE301DE
Accountants			TMF Global Services (UK) Ltd
			960Capability	Green
			Luton
			Bedfordshire
			LU13PE
Auditors			Mercer &Hole
			72 London Road
			StAlbans
			Hertfordshire
			AL1 1NS
Investment	Advisors		Barrett &Cooke
			5/6 Opie Street
			Norwich
			NR1 3DW
			Quilter Cheviot
			Senator House
			65Queen Victoria Street
			London
			EC4V 4AB

Trust Objectives	Trust Objectives
(aj	Income		Exclusively for charitable purposes.
(b)	Expendable	endowment	To be retained by the Trustees or, at their discretion, applied as for income.
Structure,	Governance	and Management	The Foundation is an unincorporated trust constituted under atrust deed dated
			2 July 1979 and is a registered charity, number 27B461. The Trust was
			established by a gift from the Settlor, SirJohn Martin Kirby Laing.
			There are currently six Trustees, meeting three times a year to consider the
			performance of their investment portfolio, approve the distribution of grants
			and review policies on reserves and risk assessment. The power to appoint new
			Trustees is vested in the Settlor during his lifetime. In making such
			appointments he takes account ofthe range ofskills and experience necessary
			forthe efficient governance ofthe Trust. The Trustees are currently considering
			the future ofthe Foundation and the appointment oftwo additional Trustees,
			one ofwhom might be a family member and the other from outside the Laing
			family. Procedures for the induction of new Trustees involve an initial meeting
			with Sir Martin and his co-Trustees to discuss investments, the grant-making
			process and the powers and responsibilities ofthe Trustees, and the provision
			of a pack ofinformation including the most recent accounts and annual return,
			investment reports, a copy ofthe Trust Deed and minutes ofthe last Trustees'
			meeting.
			The Foundation is administered alongside the Beatdice Laing Trust, Kirby Laing
			Foundation and Maurice gr Hilda Laing Charitable Trust, known collectively as
			the Laing Family Trusts. Administrative staff, who are employed by the Kirby
			Laing Foundation, office space, which is owned by the Reculver Trust, and office
			costs are shared with the other three Trusts. The Trusts also have ajoint website
			(www. lain amil rusts.or .uk which provides guidance on the Foundation's
			grant-making criteria and application process. Recommendations for the award
			ofgrants are considered by the Trustees at their three annual meetings.

Achievements, -continued	Performance	and Public Benefit	The Trustees are confident that together these grants demonstrate a high degree of public benefit in accordance with the guidance published by the
			Charity Commission.
			Income generated by the Foundation's investment portfolios amounted to
			6409,081 in 2021/22, an increase of 650,062 (14M) on the previous year.
			Including management and support costs of 622,703, expenditure from the
			Income Account amounted to 6571,540, with 6162,499 being drawn from
			reserves of unexpended income, which now stand at 6484,593.After allowing
			for investment managers' charges, the gain on investments resulted in an
			increase in the net capital value ofthe portfolio of61,850,814to 613,863,934.
Risk Assessment			The Trustees annually review the major risks to which they feel the charity is
			exposed. These fall into three main areas: protection of assets and income,
			integrity of the grant-making process and employment and retention of staff.
			Having carried out their annual review of these risks, including the impact of
			Covid-19 in each ofthese areas, they remain confident that they have in place
			systems and procedures which mitigate the risks as far as possible.

					Total	Total
					Unrestricted	Unrestdcted
			Expendable		Funds	Funds
			Endowment	income	2022	2021
		Note	6			6
INCOME AND ENDOWMENTS
Investments				409,081	409,081	359,019
TOTAL INCOME				409,081	409,081	359,019
EXPENDITURE
Costofraising funds Charitable activities		3 4	7,631	571,540	7,631 571,540	18,340 319,548
TOTAL EXPENDITURE			7,631	571,540	579,171	337,888
NET INCOME/(EXPENDITURE)	BEFORE
GAINS AND LOSSESON INVESTMENTS			(7,631)	(162,459)	(170,090)	21,131
Net gains/(losses] on investments		10	1,858,668		1,858,668	901,471
NET INCOME/(EXPENDITURE) AFTER GAINS AND LOSSESON INVESTMENTS			1,851,037	(162,459)	1,688,578	922,602
(Losses)/gains on currency			(223)		(223)	(132)
NET MOVEMENT IN FUNDS			1,850,814	(162,459)	1,688,355	922,470
FUND BALANCES BROUGHT FORWARD			12,013,120	647,052	12,660,172	11,737,702
FUND BALANCES CARRIED FORWARD			13,863,934	484.593	14,348,527	12,660,172

				2022	2021
			Note
FIXED ASSETS
Investments			10	13,709,639	11,857,155
				13,709,639	11,857,155
CURRENT ASSETS
Debtors			11		3,518
Cash at bank			12	648,340	808,519
				648,340	812,037
LIABILITIES:amounts		falling due within one year	13	(9,452)	(9,020)
NET CURRENT	A55ETS			638,888	803,017
TOTAL ASSETS LESSCURRENT LIABILITIES				14,348,527	12,660,172
TOTAL NET ASSETS				14,348,527	12,660,172
Representing:
UNRESTRICTED FUNDS
Expendable endowment			14	13,863,934	12013120
Undistributed	income		14	484,593	647,052
				14,348,527	12,660,172

						2022	2021
					Note	6
Cash flows from operating	activities:
Net cash provided by (used in) operating				activities	16	(575,444)	(341,007)
Cash flows from investing	activities:
Investment income						409,081	359,019
Proceeds from sale ofinvestments						3,028,672	793,491
Purchase ofinvestments						(3,151,077)	(1,020,952)
Net cash provided by (used in) investing			activities			286,676	131,558
Change in cash and cash equivalents		in the year				(288,768)	(209,449)
Cash and cash equivalents	at the beginning			ofthe year		1,059,712	1,269,161
Cash and cash equivalents	at the end	of	the year			770,944	1,059,712
Represented by:
Cash held within the investment portfolio					10	122,604	251,193
Cash at bank					12	648,340	808,519
						770,944	1,059,712

			Unquoted
			Investment	Quoted	Investments
			Trustees'	Quilter	Barrett &	Total	Total
			Names	Cheviot	Cooke	2022	2021
			6	E		E	6
UK investments Overseas investments			93,376	5,899 5,863	146,214 43,608	245,489 49,471	199,508 51,324
DPFC Investment				61,535	62,304	123,839	115,679
			93,376	73,297	252,126	418,799	366,511
Less: non	recoverable	and
overseas	tax			(338)	(9,448)	(9,786)	(7,866)
			93,376	72,959	242,678	409,013	358,645
Interest on cash deposit						68	374
						409,081	359,019
CO5T OF RAISING FUNDS
						2022	2021
Investment	managers'	charges				7,631	18,340

						Total	Total
						2022	2021
						E	E
Grant funded	activity					548,837	298,932
Support and	governance	costs	charitable	activities		10,879	10,197
			governance			11,824	10,419
						571,540	319,548
ALLOCATION	OF OVERHEAD AND SUPPORT COSTS
				Unrestricted	Funds
				Expendable		Total	Total
				Endowment	Income	2022	2021
Employment	costs				10,273	10,273	9,552
Computer maintenance					269	269	269
Auditors' fees					2,640	2,640	2,580
Accountancy	services				7,996	7,996	6,727
Bank charges					184	184	189
Buildings and	maintenance				341	341	299
Sundry expenses					1,000	1,000	1,000
					22,703	22,703	20,616

			Total		Charitable
CostType			Allocated	Governance	Activities	Basis ofApportionment
			E	E	6
Employment		costs	10,273	1,027	9,246	10%governance/90/	charitable	activities
Computer	maintenance		269	27	242	10%governance/90%	charitable	activities
Auditor's	fees		2,640	2,640		All governance costs
Accountancy		services	7,996	7,996		All governance costs
Bank charges			184		184	Related to transactions
Buildings	and	maintenance	341	34	307	10%governance/90%	charitable	activities
Sundry expenses			1,000	100	900	10%governance/90%	charitable	activities
2022			22,703	11,824	10,879
2021			20,616	10,419	10,197

The charity award follows;	ed gr	ants to a n	umber of institutions in further	ance of	its cha	ritable activities	which are	summarised
					2022			2021
				No		6	No	E
Child &Youth						26,000	5	40,000
Cultural & Environmental						10,000	6	45,000
Health &Medicine				10		105,000	8	60,000
Overseas Development						52,837	9	83,932
Religion						330,000	2	20,000
Social Welfare						5,000	3	15,000
Charities Aid Foundation						20,000		25,000
The Reculver Trust								10,000
						548,837		298,932
DONATIONS TO CHARITIES BYCHE			UE OR BANK TRANSFER
Child &Youth
BREAK						6,000
Ormiston Children	&Families Trust					5,000
The Pushkin Trust						10,000
The Worshipful Company		of Barbers				5,000
						26,000

DONATIONS TO CHARITIES BYCHE	DONATIONS TO CHARITIES BYCHE	UE OR BANK TRANSFER
Cultural &Environmental
Welsh National Opera			10,000
			10,000
Health &Medicine
Action for M.E.			5,000
Diabetes UK			10,000
East Anglian Air Ambulance			10,000
Hear for Norfolk			5,000
Macmillan Cancer Support			10,000
Norfolk & Norwich Scope Association			S,DDO
Oakhaven Hospice			5,000
Priscilla Bacon Norfolk Hospice Care			25,000
StJohn Ambulance			25,000
The Anne Robson Trust			5,000
			105,000
British Red Cross UK/International			5,000
Fondazzjoni Patrimonju	Malti		10,265
Hands Around The World			5,000
Malta Aviation Museum	Foundation	(2)	8,773
Richmond Foundation			8,799
Students Education Trust			15,000
			52,837
~Reli ion
Diocese In Europe (3)			320,000
The Norfolk Churches Trust			10,00D
			330,000
Social Welfare
ABFThe Soldiers' Charity			5,000
			5,000
			528,837
CHARITIES AID FOUNDATION			20,000
TOTAL DONATIONS FOR	THE YEAR		548,837

Child &Youth
Make a Wish					2,500
War Child					2,000
					4,500
Social Welfare
Cdsis					2,500
Open Road West Norfolk					2,000
Princes Trust					2,500
The Salvation Army		UK HQ			2,500
Ware Museum	Trust				3,000
					12,500
Total grants made via			Charities	Aid Foundation	17,000
CHARITIES AID	FOUNDATION -			SUIVIMARY
Balance held as	at 6Apiil 2021				8,334
Payments to Charities			Aid Foundation		20,000
Account charges					(193)
Grant cheques					(17,000)
Balance as at 5April		2022			11,141

		2022	2023	2024	2025	Total
		E	E	E	E	E
Commitments	brought forward
at 6April 2021		35,000	25,000			60,000
Commitments Deferred	paid during the year	(23,500) (11,500)	11,500			(23,500)
Commitments	added during the year		348,500	25,000	5,000	378,500
Commitments	carried forward at 5 April 2022		385,000	25,000	5,000	415,000

10.	FIXEDAS5ET INVESTMENTS	Unquoted
		Investments	Quoted Investments		Cash held in
		Trustees'	Quilter	Barrett gr	Capital
		Names	Cheviot	Cooke	Accounts	Total
						E
	Market value at 5 April 2021	2,451,120	4,434,343	4,720,499	251,193	11,857,155
	Disposal proceeds		(763,236)	(2,265,436)		(3,028,672)
	Add: acquisitions at cost			3,151,077		3,151,077
	Transfer between funds		(3,671,107)	3,671,107
	Investment gains/(losses)	533,994		1,324,674		1,858,668
	Movements in cash				(128,589)	(128,589)
	Market value at 5April 2022	2,985,114		10,601,921	122,604	13,709,639
	Historic cost at 5 April 2022	508,492		7,821,329		8,329,821
	Historic cost at 5April 2021	508,492	3,501,124	3,553,387		7,563,003

provided to	th	e Tr	ustees	at 30September	2021ofE10.23	per share.
					Unquoted				Cash held
					Investments	Quoted	Investments		within the
					Trustees'	Quilter		Barrett lk	Investment
					Names	Cheviot		Cooke	Portfolio	Total
						E		E	E	E
Investment	assets		in the	UK	2,985,114			7,868,687	122,604	10,976,405
Investment	assets		outside the UK					2,733,234		2,733,234
					2,985,114			10,601,921	122,604	13,709,639
The following		investments		comprise more	than 5%ofthe value ofinvestment			portfolio:
									Market Value
Name						Holding
Eskmuir Properties			Ltd			291,800ordinary		shares ofE1	2,985,114
The Diversified		Property		Fund for Charities	(DPFC)	1,649,725	units		2,551,465
SirJohn Martin		Kirby Laing resigned as a Director of Eskmuir Properties					Ltd in	January 2022.

		2022	2021
		E
Dividends	due		3,518
			3,518

12.	CASH AT BANK
			2022	2021
	Bank account		(81,728)	180,852
	Money manager account		718,645	625,201
	Stockbrokers' income accounts
	-Quilter Cheviot			449
	- Barratt 8Cooke		11,423	2,017
			648,340	808,519
13.	LIABILITIES:AMOUNTS	FALLING DUE WITHIN ONE YEAR
			2022	2021
	Accountants		6,812	6,440
	Auditors		2,640	2,580
			9,452	9,020
14.	UNRESTRICTED FUNDS

Unrestricted funds at 5 April 2022 com	prise the following:
	Expendable	Income
	Endowment	Account	Total
Investments	13,709,639		13,709,639
Cash	154,295	494,045	648,340
Creditors		(9,452)	(9,452)
	13,863,934	484,593	14,348,527

							2022	2021
Net movement in	funds (as per the	Statement			of	Financial Activities)	1,688,355	922,470
(Gains)/losses on investments shown			in	investing		activities	(1,858,668)	(901,471)
Deduct investment	income shown	in	investing		activities		(409,081)	(359,019)
(Increase)/decrease	in debtors						3,518	(2,933)
(Decrease)/increase	in creditors						432	(54)
Net cash provided	by (used in) operating			activities			(575,444)	(341,007)