## 

||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|





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## 

|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<br>Charles||Kirby Laing||
||||Nicholas John|Gregory|||
||||Lady Stephanie||Steam Laing||
||||Colin Howard|Fletcher|||
||||Alexandra<br>Catherine<br>Beatrice Jane Gregory||||
|Registered|Address||33Bunns Lane||||
||||Mill Hill||||
||||London||||
||||NW7 2DX||||
|Registered|Charity|Number|278461||||
|Website|||www. lain<br>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<br>purposes.|
|(b)|Expendable|endowment|To be retained<br>by the Trustees or, at their discretion,<br>applied as for income.|
|Structure,|Governance|and Management|The Foundation<br>is an unincorporated<br>trust constituted<br>under atrust deed dated|
||||2 July 1979 and<br>is a registered<br>charity,<br>number<br>27B461. The Trust<br>was|
||||established<br>by a gift from the Settlor, SirJohn Martin<br>Kirby Laing.|
||||There are currently<br>six Trustees,<br>meeting<br>three times<br>a year to consider the|
||||performance<br>of their investment<br>portfolio,<br>approve the distribution<br>of grants|
||||and review policies on reserves and risk assessment.<br>The power to appoint new|
||||Trustees<br>is<br>vested<br>in<br>the<br>Settlor<br>during<br>his<br>lifetime.<br>In<br>making<br>such|
||||appointments<br>he takes account ofthe range ofskills and experience necessary|
||||forthe efficient governance ofthe Trust. The Trustees are currently<br>considering|
||||the future ofthe Foundation<br>and the appointment<br>oftwo additional<br>Trustees,|
||||one ofwhom<br>might be a family member<br>and the other from outside the Laing|
||||family. Procedures<br>for the induction of new Trustees<br>involve<br>an initial meeting|
||||with Sir Martin<br>and his co-Trustees to discuss investments,<br>the grant-making|
||||process and the powers and responsibilities<br>ofthe Trustees, and the provision|
||||of a pack ofinformation<br>including<br>the most recent accounts and annual<br>return,|
||||investment<br>reports,<br>a copy ofthe Trust Deed and minutes ofthe last Trustees'|
||||meeting.|
||||The Foundation<br>is administered<br>alongside<br>the Beatdice Laing Trust, Kirby Laing|
||||Foundation<br>and Maurice<br>gr Hilda<br>Laing Charitable<br>Trust, known<br>collectively<br>as|
||||the Laing Family Trusts. Administrative<br>staff, who are employed<br>by the<br>Kirby|
||||Laing Foundation,<br>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<br>amil<br>rusts.or .uk<br>which<br>provides<br>guidance<br>on the Foundation's|
||||grant-making<br>criteria and application<br>process. Recommendations<br>for the award|
||||ofgrants are considered<br>by the Trustees at their three annual<br>meetings.|





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





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## 

||||||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<br>Charitable<br>activities||3<br>4|7,631|571,540|7,631<br>571,540|18,340<br>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]<br>on investments||10|1,858,668||1,858,668|901,471|
|NET INCOME/(EXPENDITURE)<br>AFTER<br>GAINS AND LOSSESON INVESTMENTS|||1,851,037|(162,459)|1,688,578|922,602|
|(Losses)/gains<br>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<br>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<br>by (used in) operating||||activities|16|(575,444)|(341,007)|
|Cash flows from investing|activities:|||||||
|Investment<br>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<br>by (used in) investing|||activities|||286,676|131,558|
|Change<br>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<br>by:||||||||
|Cash held within the investment<br>portfolio|||||10|122,604|251,193|
|Cash at bank|||||12|648,340|808,519|
|||||||770,944|1,059,712|





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||||Unquoted|||||
|---|---|---|---|---|---|---|---|
||||Investment|Quoted|Investments|||
||||Trustees'|Quilter|Barrett &|Total|Total|
||||Names|Cheviot|Cooke|2022|2021|
||||6|E||E|6|
|UK investments<br>Overseas<br>investments|||93,376|5,899<br>5,863|146,214<br>43,608|245,489<br>49,471|199,508<br>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<br>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<br>and|maintenance||||341|341|299|
|Sundry expenses|||||1,000|1,000|1,000|
||||||22,703|22,703|20,616|



## 



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||||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<br>costs|||
|Accountancy||services|7,996|7,996||All governance<br>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||||



## 

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## 

|The charity<br>award<br>follows;|ed<br>gr|ants to a n|umber<br>of institutions<br>in further|ance<br>of|its cha|ritable<br>activities|which are|summarised|
|---|---|---|---|---|---|---|---|---|
||||||2022|||2021|
|||||No||6|No|E|
|Child &Youth||||||26,000|5|40,000|
|Cultural<br>& 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<br>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<br>Children|&Families Trust|||||5,000|||
|The Pushkin Trust||||||10,000|||
|The Worshipful<br>Company||of Barbers||||5,000|||
|||||||26,000|||





## 

## 

|DONATIONS TO CHARITIES BYCHE|DONATIONS TO CHARITIES BYCHE|UE OR BANK TRANSFER||
|---|---|---|---|
|Cultural<br>&Environmental||||
|Welsh National<br>Opera|||10,000|
||||10,000|
|Health &Medicine||||
|Action for M.E.|||5,000|
|Diabetes<br>UK|||10,000|
|East Anglian<br>Air Ambulance|||10,000|
|Hear for Norfolk|||5,000|
|Macmillan<br>Cancer Support|||10,000|
|Norfolk & Norwich Scope Association|||S,DDO|
|Oakhaven<br>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<br>Patrimonju|Malti||10,265|
|Hands Around<br>The World|||5,000|
|Malta Aviation<br>Museum|Foundation|(2)|8,773|
|Richmond<br>Foundation|||8,799|
|Students<br>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<br>FOR|THE YEAR||548,837|





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|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|



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## 

|||2022|2023|2024|2025|Total|
|---|---|---|---|---|---|---|
|||E|E|E|E|E|
|Commitments|brought forward||||||
|at 6April 2021||35,000|25,000|||60,000|
|Commitments<br>Deferred|paid during the year|(23,500)<br>(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<br>at cost|||3,151,077||3,151,077|
||Transfer between<br>funds||(3,671,107)|3,671,107|||
||Investment<br>gains/(losses)|533,994||1,324,674||1,858,668|
||Movements<br>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'<br>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<br>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<br>in|funds (as per the|Statement|||of|Financial Activities)|1,688,355|922,470|
|(Gains)/losses<br>on investments<br>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)|