Martin Laing Foundation A Registered Charity Report and Financial Statements 5 April 2023
Martin Laing Foundation A Registered Charity CONTENTS Page TRUSTEES, REPORT AUDITOR5, REPORT STATEMENTOF FINANCIAL ACTIVITIES BALANCE SHEET STATEMENT OF CASHFLOWS io NOTESTOTHE FINANCIAL STATEMENTS 11-19
Martin Laing Foundation A Registered Charity TRUSTEES. REPORT 815 Aprll 2023 The Trusiees preseni their finantial statements and annual report for the year ended 5 April 2023. The financial statemenis have been prepared in accordance with the ètcountinE polities set out in note I to the accounts and comply with the harity's IfU51 deed dated 2 july 1979, Ihe Charities Act 2011 and Accountin8 and Rewrting by Charitie5'. Statement of Re¢ommended Practice IFRS 1021 and update Bulletins l & 2. Refèrontè and Admlnlstratfon Detallsof the Charfty,1¢5 TIu5tee5 and Adv150r5 &rJphn Maftin Kirby Laing Date of Oeed 2 july 1979 Trustees Sir John Martin Kirby Laing Edward Charle5 Kirby Laing Ni¢holasJohn Gregory Lady Stephanie siearn Laing Colin Howard Fletcher- retired 5 April 2023 AleXa[a Catherine Beatrice lane Gregory Charlotte Elizabeth LaingGregory-appoinled S April 2023 Registered Addres5 33 Bunns Lane Lond¢n NW7 2DX Registered Charity Number 278461 Website banker5 HSBC bank plc 23 New ionduit Street Norfolk PE30 IDE Accountant5 TMFGlobal 5ervice5 IUKI Ltd OneAD8el Court London EC2R 7HJ Auditor5 Mercer& Hole LLP 72 London Road St Alban5 Herrfordshlre ALI INS Investment Advi50ts 8arratt & Cooke 516 Opie Street Norwich NRI 3DW Pothecary With3m Wek4 84 Ec(leSt Square Londo swiv ipx
Martin Laing Foundation A Registered Charity TRUSTEES, REPORT at 5 April 2023 Trust Objecrive5 IncorDe ExpÈnd3ble endowment exclusively for ¢h?rtt8ble purposes. To be retained byihe Trusteesor. attheirdixretlon. 3pplitrd asfor in¢¢me. Strutture, Governance and Managernent The Martin Laing Foundatitsn I'the Foundation'l Isan unincorporated trust chariry, numèer 278461. The Trust wa5 established by a gift from the Settlor, Sirjohn Martin Kirby Lain8. Followin8 the appointment of two new Trustees. Charlotte Gregory and Robert GirdlestOnE. the Iztter appointed after the year end, and the resignation ol Cglin FSetcher.there areturrÈntlyseven TruStees.The power making such appointments he takes account of the range of skills and experlente necessary for the efficient 8overnance of the Foundation. Pfocedures forthe indurtioll of newTtusteesinvolve an initiil meetlng with &r Martin. his co-Trustees and the Trust Oirect¢r to discuss investments, the 8r3nt-makinB process and the powers and responslbilifies of the Tru5tee5, and the prowsion Of a pack of information iTh¢luding most recent occoynts innu81 return. investment ptsrts, a topy of the Trust DÈÈd and minutès of thè last Trusteès. meètln8. Whlle welcomlng the new Trustee5, the remaining Tru5tee5 would liketo pl3¢e ort record theirthanks to Colin Fleicher for the wealth of knowledge wise advice he brought to the Foundation over 16 year5. TheTru5tee5 meet three tirnes a yèar to tonsidw thè performènce of their investment portfolio, èpprovethe éiStributSon of grants and revlew policie5 on reserves and risk assessment. The day-to-day administration of grants are carried out by a small staff team, who are employed bythe Kirby Laing Trust. Kirby Lain4 Foundaiion and MauricÈ & Hllda Irt8 Charitable Trust, known collectively as the Laing Famlly Trusts-, employment costs and costs assDCiated With the shared office space, which is owned by the Reculver Trust, are divided between the Trusts. TheTru5ts also have a joint website IvdWW.laingfamilytrusts.or8.ukl which provides guidance on the objecte5 and Activitie5 The Foundatlon's only charktsble actlvlty lslts 8r3nt-makln8 programme. In at¢¢rdince with the Trust Deeo, whlch states thatthe trust funds areto be Tru5tee5 Seek, through this prOgrn[nE, to 5UPPOrt charitable projects In environmental and conservation work proje5 benefitlng disadvantaged young people or the eldedyrinfirm In Norfolk. Essex or Hertfordshire supported primarily through sm311 social welfare and cultural projects ID Malta and Thail3nd Annu31 grant5 are rnade to z fiumber of charities with which the Trustees have3 close affinityand veryfew un501icitedapplicatvJn5 tothe Foundation are 5ucce55ful. Grants made to overseas prolects, predominantly in Malta but a150 In Th8i18nd, are made at the invitation of the founderonly. The Trustee5 have a presence in1hesetr0cOUntrie5, which enable5them to obtain a thorough workln8 knowledgeof iheor8aDisationsiheysupport.Thi515 Particularfy so
Martin Laing Foundation A Registered Charity TRUSTEES, REPORT at S April 2023 Of St Paul's Anglitan Pro-cathedral im Valletta to which fvrther Instalments Df the grant of £,000, pledged toward5 the Re5toratiDn Appeal in the pyevlous year, weie released through the Chvrth of England's Diocese in Europe. Work oll the restoration of the C3thÈdral's Iconic tower and spire, iogetherwith thea550Clated w¢ik re4uiied lorimprovedaccessibilitytothe Cathedral Parvi5, has progrÈssed well and the Trustees have pledged 3 further grant of up t¢ £440.(M)D since the yeai end in order to 5UPP¢rt Its hève been drawn from ihe Found3rion'5 re5erve5 of unèxpended income, allowrbg thÈ normal £rèni-making programme to contiTrue unaffetted. The Trusteès also contlnued their 5upportforthe Richmond Foundation. whose work to ralse mental health awareness and gupport people experiencin8 mental health problems in Malla. both we and p05t pandemic, hès drawn The Foundation'5 grant-making programme is finarKed by income derived solelyfromthe Foundatlon'slnvestment portfolioand it5 holdingin E5kmulr Properties. The portfolk) is managed solely bythe Foundation's investment mana8er oll 4 di5crelionary basis-, performance is reviewed. and measured agalnst published indice5, on a regulaf basi5. Thtr objÈctive continues to be to achieve 3 bèlarbce beiween capital growth and in(omE yield by Investlng nd pr05pect5 forfuiure 8rowth. Achievements, Pertormance and Public Benefit During thè yèar to 5th Aprll 2013 the Foundation made charitablÉ 8rants totalling £566,76912022.- £548,8371, a small inirease on the prÈviOUS year were leased. There was also significant investment in proletts In Norfolk. Grants were made towards the purchase and restorititsn of Sweet Briar Nlarshes In Norwich. creatin8 an urb4n naturÈ reseNe In the heart ol ihe city, and the pre5eryalion of the tounty's churches through the Norfolk Wildlife Trust aDd Norfolk Churches Trust, to Macmillan Cancer Care and the E•51 AnglianAirAmbulance tosupport health 5eTvice5 acr055 cttunty tbd. in pirti¢ular, to support the Norfolkcommunity Foundation and some of lis partners inthecreation ofa co.ordinatEd approath tothecostof living trlsis and food poverty In the county through thÈ Noulishing Norfolk initiative. The network of food hubsacrossthe County ofler people who are household items at reduced cost and the opportunlty to access other support 5eTvice5 to help address any Issues which have contributed to the $4tuation in whith they find themselves. All grants are listed, by category, in noto 7 to the accounts, With further detalls of the twelve 8rants of £10,000 and above provlded below. Cultural & Envlronmental SweetBriorAlarshE5.'A WildeTNonvychfo<AII WWF-UK 10,0 Seed5 of Hope.. Re-establhIu9 SeoorJss In the UK Welsh National OpeTa WNOProgromme5 & Engogement- WNO Teo¢h 12nèol3 grontsl iO,(MX) lo,0
Martin Laing Foundation A Registered Charity TRUSTEES, REPORT at 5 April 2023 Heakh & Medicalwelfare Macmillan Cancer Support12nd of 3 6rantsi Services in Norfolk E35t An8llan AlrAmbulance12nd of a grantsl PotientSymulot¢rMt7nikin5 io.oth) 10,000 Overseas Develo ment StudentS¢h¢lorship Progromme Ri¢hmond F¢unditioTr EquippingnÉw oJJices/off Psy¢holooirolSypport Service 15,000 26,769 Rell lon Diocese ID Europe StPaylsPro-CothedToI, Valletta- RestorÉrtlon Appettl 14 insttslmetstsl 330,000 The Norfolk ChurchesTrust Spon50fship of Holkhum Operas 10,000 Soclal W If ommun Nortolkcommunity FoundÈiion 'Nourishln9 NorfDlk'ltsltlotltye The Salvatlon Army UK HQ Sherinphom Corps CommunityStOTe John L31ngCharltable Trust Loln9 Pensloners'SiJmmerOutin¥$2022 20.(ts) io,(Lx) io,oc¥) RlskAssessment The Trusttrtrs annually reviewthe major nsk5 to which Ihey feel the charlry is exwsed. These fall into three rnain areas.. protection of assets and incomè. intÈgrity of the 8rant-makinB proces5 and employment and retentlon otstafF. Havlng carried outtheirannualreviewofthese ri5k5.lhey remain confident thai they havè in place system5 and procedure5 which
Martin Laing Foundation A Registered Charity TRUSTEES, REPORT at 5 April 2023 St3tementottheTrustees' regponslbllltles In re5pert of the finanaal statemeDts The Trustees are re5pDnslble for prepaiing the Rep¢rt of the Tru5teÈs and Ihe financial statements ITr accordance wth pplicable13W and United Kingdom Generally Accepted Ac(ountlng Practice. The law 3pplicablÈ to charities in England and Wale5, the Charities Aci 2011. Charity (Accounts and RÈPOrtsl ftegulalion5 2(M)8 and the prowsions ol tho Trust oeed requires the Trustees to prepare financial siaiementsfor each financial year whi¢h give true and fair eW of the state ol affairs of the charity and of the incoming resource5 and applicatlon of rOUrCes. including Ihe income and eXnditUre, of the charity lor ifral period. ID preparing those financial ststements, Ihe Trustee5 are required select suitable accounting policiès and thèn ap¥ Ihèm coDsstentlv'. observe the methods and prlnciples In ihe Charitles SORP.. makejudgementsand estimates that are re350nable and prudent. Stale whether apFli¢3ble accounting standards have been followed, subject ro any TDateri31 departure5 dlsclosed and prepare the fina¢131 5tstement5 on the 8OlnB toncern basis unless It is inappropriate to presume that the Foundat The Trustee5 are responsible fDr keepitbg proper ac¢ountin8 rÈcords which disclpse with reasonable accufacy at any tlme the riDancial poslilon of the charity and to enable them to ensure that the financial 5t3tEment5 romply with the Charities Act 2011, the Charity (Account5 and Reportsl Regulations 200S and the provision5 of the trust deed They arè also rEspon5iblelor safeguaTding thc assets of the charity and hence for tafig reasonable steps for the Pfevenrion and detection ol Iravd and Approved by theTiustee50n'. slgned on iheir behalf by.. Trustee
INDEPENDENT AUDITOR'S REPORT tothoTru5tees of the Martin Laing Foundatlon- A Re8lstered Charfty OplniDn We have iwliied the finandal statements of the Martin Lain8 Foundation lthè'charit¢l for the year ended 5 Aprll 2023 whlch policies. The financial reportlng framework that ha5 been applied in their prÉparation 15 applicable 13W and United Kingdom Accounting Standards. including Finantial Reporting Standard L02 The Fynunciul Reporting SrondoiGI opplictsble in thÈ UK ond Republicof Ireland (United Kingdom GenerallyAccepted Accounting Ptscticel. give 3 twe and fairyiew ol the state Df the ch3fity's affairs as ai 5 April 2023. and of it5 incomlng resouicesalld application of resources, Iniluding its income and expendlture, fortheye3r then ended.. ve been properly prÈpared in accordance with United Kingdom Generally Accepted Accounting Practitp.. and havÈ been prepared in attordance with the reguirernent5 Of the Charities Act 2011. Bèsls lor oplnlon We tonducted our audit in accordance wlth Internati¢oal 5tsndards on Auditins IUKI IISAS IUKII and applit8ble law. Our sèction of our report. We are Independentof thecharityin 3ctordaThce withthe ethical re4uirernents thatarerèlevantto our audit in accordance th these requlrements. We believe that the audit eviden¢e we have obt3ined is Suifi(ient and approprlate to provide a basisforour ts10n. Concl¥slons relatlng to 80ing conttrn In auditing the financial statements. we have ¢oncluded that the trustees, use of the 80ing concern bisis of attounting in the Based on the work we have performed, we have not identified any material uncertainiies relating to events o< Condit5 that, twelve months from when the financial statements are authorfsed for i55ue. OurrespoD5ibilities and the responsibilitiÈs of thetrusteeswith resped to 8olngconcern are described in rhe relevant sectionsof thi5 report. Other Informatlon ThÈ other Information Comprises the information included in the tru51ees' annual report, other than the financlal statements and our auditorfs report Ihereon. The trustee5 are responsible for the other Into<mation toniained within the annv31 report. Our opinion On the financial ststements doe5 not C¢VErthe Dther inform3tion and. except to the extent otherwise expllcitiy stated In our report, wedo note¥press any form of a5suran¢& concltssion thetsn. Our responsibility Is to read the other informatbn and, In doin8 $0, Consider whether the other information Is material c¢n51Stent wth the financi31 statements or our knoedge obtained in the COur5e of the avdit Or otherwise appear5 to be materially misstated. If we identify such material inconsistencie5 or apparent material mis5tatement5, we are required to determinewhetheithis give5rise to i material mis51atemeni in thefinancial statement5 thernselve5. If, based ontheworkwe have performed, we conclude that there Is a mater131 misststetnentof thi5 Other information, we are rÈquired ttt report that fact. We have nothing report In this regard. Matters on whlch we are requiredto repDrtby ex<eptlon We have nothingto report in re5pett of thefollowin8 m8tter5 in relion to which the Charities (Accounts artd Report51 RegulatlQnS 2(Xl8 require US to report ioyou If, In ouroplnion.. the Information giveTr in thÈ financlal statements is inconsistent in any material respettwith the trustees, report,. or the charity has not keptadeiuate atcountin8 retords., or the financi31 statements are not In aBreementwith the accounting records and returns.. or we have not receivecl all the informètion and explallations we iequireforour ludit. Re5ponsIbilit5 oftrustees explained more lully in thè trustees. responsibileS ststement. set out on pa8e 5, the trustee5 are re5ponslble for the preparation of the financial statements and for bein8 5atlsfied thai theygive a true and fairview, and forsuch internal tontrol as the trustees determine is nece$5ary to enable the preparation of finahcial sratementS that are free from rnaterial mi5Statement, whether dvÈ lofraudor error. In prep¥ringthefinaThcial statements, the rrustees are rponSibleOr5sess1Thg the charity'sabllity toconbnue a5 a going contrrn. di5cIosin& as applitable, matters rela*d to golng £oncem and usln8 the 8oln8 concern b6515 of accounting unless the trustees either intènd ro liquidate the Charity or to cease operations, or have no realistit alternative but to do so.
Audlttsr Thetharity'sauditor, Merter & Hole, incorporatedon i odober2022 to become Mercer & Hole LLP. ThetruSteesha coll5end to treating the intorporation of Mercer & Hole LLP ag a coniilluation of the existing audit atrangement. We have been appointed as auditor under section 144 of the Charltie5 Act 2011 and report in aordanCe wth re8ulati¢ns made under Settl 154 of that Acl Our objectives are to obtain reasonable assurance about wheiher the financial 5tatement5 as a whole are flee from material niis51atement. whether dve to frèud or error, and to 155ue an auditor's reportihat lThclude5 our opinion Reasonable assurance isa hi8h level of assurance but is not a guar3ntee thai an audit conducted In accoidance with ISAS IUXI will always dÈtect a malErial ag8reEate, th¢y could reisonably be expected to influence the cconomic de¢islons of users t3ken on the bas15 01 these financial statement5. Ex13110n a5 towhatextentthe audit was consldered capable of detectlng irregularitie5, IncludiThB fraud We gained aD understanding of the lèg31 and re8ul3toiy framework applicable io the charity aDd the environment in whith li aperates and considered the risk ol atts by the chiritvthai werÈ tonirary lo applicable liws and regulations. intluding fraud. WeevaluatEdmanagement'sincentl¥esand opportuniiie5forfraudulent manlpulationolthefinan¢la1 s%aremÈnisand thefinancial entrio5 including jourNalsio oversiate revenue or understate expenditu and management bi3% in accounting estirnates. Audit procedures perforrned by ihe engagement te3m in¢luded.. di5CUSSions wilh rnanègement, including considerations of known or suSfECted instances of n¢n- compliance with laws and gaining an understanding of management'scontrolsdesi8ned to pvent aDd detect irregularitie5', and with a law orregulatlon is removed from the Èvent5 and transaciion5 rellected ID the linancial staternents. as we will be les5 likely to betomeaware tsf instance5 Qf non-compliante. The risk isalsogreater re8ardin8 irre8ulaiiliesoccurrin8due to fraud ratherthan error, asfraud involves Intentional concealment, forgeryi collusv)n. om15sion or mlsrepresÈntaiion. A further description hu www.Irc.o -uk Our-work audiiors our auditor's report. Audil-anda55urance Standard5-aThd- DESC Ilon-ol-ouditors-res uidance ndards-and- uidant on U5t tsf our report This report is made solely to the charity'5 trustees. 35 a body, in atcoidaDce with Part 4 01 the Charities (Accounts and Reportsl Ptgulation5 2008. Our iudll woik hag been undertaken 50 that we might state to the th3rrtl5 trusiees those matter5 we are requlred to Stale to them in an audito¢s report andfor no other purpose. Tothe lulle51 extent pormitied by law. we do not atte or assume responsibility to anyone other than the tharity and the charity's trustee5 3$ 3 body. for our audil work, lortbis report. orfor the opnionswe haveformed. Steve Robin50ft Senlor sialutory AL¥Jitor Mercer& Hole LLP Chartered Accountants 72 London Road, $1 Mbans, Herttardshire. ALI INS Dare.. 17 January 2024 MerceT& Hole LLPiseligible to odos on auditorln terms olsÈ£tlon J2J2 oAthe CofflpJnlesArt2006.
Martin Laing Foundation A Registered Charity STATEMENT OF FINANCIAL ACTIVITIES for the yearended 5 April 2023 rotsl Unrestrlrtéd Funds Total Unre5trlctèd Fund5 Expendable Endowment Intome 2023 2022 Note INCOME AND ENDOWMENTS Investment5 396,962 396.962 409,081 TOTAL INCOME 396.962 396.962 409,081 EXPENDrruRE Cost of rèisingfunds Charitable artivities 7,S31 571.540 i.(0 590,505 591,585 TOTAL EXPENDITURE 1,764 590,505 592,269 579.171 NET EXPENDrruftE BEFORE GAINS AND I0S5ES ON INVESTMENTS 1193.5431 1195.3071 1170,0901 Net gain5 on investments io 93,517 93,517 1.858,668 NET IEXPENDITUREIIINCOME AFfER GAINS ANO LOSSESON INVESTMEMrs 91,753 1193,5431 1101,7901 1,688,578 Foreign curr@ncy1055es 12Z31 NET MOVEMENTIN FUNDS 91,481 1193,5431 1102.0621 1,688.355 FUND BALAi4CESBROiIGHTFORWARD 13,863,934 484,593 14,348.527 12.660.172 FUND BALANCES CARRIED FORWARD 13,955,415 291,050 14.246,465 14,348.527 All incomeand expenditure derwèsfrom contlnuing actwities.
Martin Laing Foundation A Registered Charity BALANCE SHEET 2023 2022 Note FIXEDASSETS Inv@&tments Lo 13,779,456 13.709.639 13.779,456 13,709,639 CUARENT ASSETS DebtDf5 li 1,828 479,822 Qsh ai bank 12 648,340 481,650 648.340 19,4521 LIABILITIES.. amounts lallint due within one year 13 NETCURRENT ASSETS 4167.009 638,888 TOTAi ASSEfs LESS CURRENTLIABIUTIES 14,246,465 14,348.527 TOTALNET ASSETS 14.246.465 14.348,527 Repieseniing.. UNRESTRICTED FUNDS Expendable endowmeni Undlstributed income 14 13.955,415 291.050 J3.863,934 484,593 14 14.246,465 14,348.527 Approved by theTrustees on.. and Signed on their behalf by.. Oite TTUStee
Martin Laing Foundation A Registered Charity STATEMENTOF CASHFLOWS for the year ended S April 2023 2023 202Z Note Cash floY4sfrom opÈr3ttng4rtfvltles.' Net cash used In Opèrating artlvStles 16 1589.1801 IS7S,4441 Cashtl)w5 from Invest5n8actlwttle$.' Invesimèni iDcome Proceeds trom sale of investments Purth35e of investments 396.962 599.901 409.081 3.028.672 Net cash provided by investin8 act1¥•$ 331,636 286,676 Chan81 rash and cash equlvalents in the year Cash and cash equivaleDt5 at the beglnningof the year 1257.5441 770,944 1288,7681 1.059,712 Cash and cash equlwélents at the knd of theye4r 513,400 770.944 Represented bv.. Cash held within the illvestment PDrtf0l) Cash at bank io 33,578 479.822 122,604 648.340 12 513,400 770.944 A5 the trust has no borrowings, no analysis of net debt Is Included in these financial statements. 10
Martin Laing Foundation A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at 5 April 2Q23 ACCOUNTING POLICIES The prin¢ip31 accountirt8 poIicYè5 adopted are as follows.. ¥} Basisof prÈparatioD and as5e55mÈrtt of golngcon¢ern The financial statemenis have been prepared In accordinte with Actouniing and Reporting by Charities.. Statement of Recorntnended Proctice IFRS 10213nd update Bulletin5 1 &2, and theCharitie5 kt 2011 and applicable reeulations. The fin3ncial statements have been prepared under the historical wst convention. modified to include the revaluatlon of fixed asset investment5. The charityconstituies a public benefit eDtity as defined by FRS 102. TheTru5tee5considerthat Ihere are no material untertalntie5 about the Charity's ability to continueasa 80iDg concern. bl Funds structure The expendablÈ Èndowment represeDt5 the funds settled originally by the settlor and funds settled by the Kirby Laing Will Trust. TheTrustee5 ale pe<mitted to appl¥the capital as Ifitwere income. Income 15 to be used for ¢harltable purwsesonly. cl Inctsme recognitlon All income is recogn15ed ¢nte the charity has entitlement to the Income, IhÈre is sufficient certainty of reipl and 50 It is probable that Ihe incorne wlll be reteived, and the 3mouni of income receivable can be measured reliably. Iniere51 on funds held is included upoD Mtiflcaiion of the interest pald or payable. DivldÈnds are reto8nlse(S onte ihe dlvldend ha5 been decli¢d and notificarion ha5 been received of the dividend due. Credit 15 taken in the attoumts lor intome ta% deducted from Investment Income whl¢h h25 or will be reclaitned Irorn Revenue & Custom5 UP to 5 ApTiI 2023. lTrcome froffl d¢niiions and legacles is recO8nlsed a5 is ¢eteived by Ihe Trusttes. dl Expenditure recognititsn and irre¢tsverable VAT expenditure, it 15 probable that settlementwill be required and theamount of the obllgaiion be mea5urÈd reliably. l expenditurE 1$ 3ccounted for on an accrva15 basis and h35 been c135srfied under headin8$ that aÈ8regate all cosis related t¢ the caioEQry. ngle or multi-yearEr3nts are 3¢tounted for when either the recipient has a rea5able expectstlon that they will recewe a grani and ihe Trustee5 have agreed to wy the grant ¥Vithoui conditlon, or the recipient has 3 rea50nible expectstk)n that they will re1ve a grant any condition aitached io the grant 15 Outside the control of the charity- IrrecoverableVAT 15 ¢harged agalrt the cattr80ry of resources expended for which it was irbcurred. el All(bcatlon of governance ¥nd other supportCOSt5 GoverDance and support cost5 have been alloc3ted between tharitable adivlties and govemante. Gowernante and 5UPPOrt C05t5 relating io charitable actiiryties have beert apportioned based on the estim3tÈd time spent by staff it the office of the Laine Family Trusts In the admin15tration of doDalions and assessment of projects. The allocalion of governance and $ppOrt(0%ts is analy5ed irt note 5. Governance costs ¢ompr15e all costs Involving Ihe public a¢couniability ol the Charlty and its ¢ompliance with regulation and good practice. These costs Include the accouDtan¢y and audit costs relating to these financial st8MentS 108ether with an apportionment of overhead and 5upportcosts. The105t of generaiing funds tomprises the Investment managers. charges.
Martin Laing Foundation A Registered Charity NOTES TO THE FINANCIALSTATEMENTS 3t 5 April 2023 ACCOUNTING POLICI£S- continued The expenditure on charitable attiVit5 comprises grant5 made In the year and governance and svpport Costs. An analy5 of the grani expenditure forthe year i%shown in note 7. hl Fixed asset investments Listed investments are valued in the Balance Sheet at markei value. Unlisted investments are included at the Tru5tees' estlmate of markei lUe. The net gain/llos51 on revaluation and disposal of investments Is shown in the Slatement of 11 ReallsÈd ialns and IossE5 All gains and IossES are taken to Ihe 5ratement of Financial A¢tivitiesas they arise. Realised gain5 and losses on Investments are Calculated as the differente between sales proceeds and their openin8 carrying value or their purchase value if acouired fair value at the Year encl and their ¢arryiDg value. Reali5ed and unrealised investment Bains and 1055es are combihed in the jl Foreign eKhan&e differences are tsken totheStatemeTrtof Financial Activities. kl Currenty The lin3n¢ial 5tatementsare prepared itl sterling, whlch is thefunctional currencyof the charity. Monetary amounts inthese financial statements are rourhded to the nearest £. INCOME AND ENDOWMENTS Unguoted Investment Quoted Investments Barratt & Cooke TtU5tees' Nam$ Total 2D23 Total 2022 UK instMentS Overseas investments DPFC lllvestmÉTht 81,ISO 144.312 54,840 125.693 225.462 54,840 125.693 245.489 49,471 123,839 81,150 324,845 405,995 418,799 Le5s'. non recoverable and ovetseas tax 111.3361 19.7B61 81,150 313.509 394.659 4.013 Intèreston cash dep051t 2,303 68 396.962 409.081 co¥roF RAISING FUNDS 2023 2022 Investment managers, ch3r8e5 7,631 12
Martin Laing Foundation A Registered Charitv NOTESTOTHE FINANCIALSTATEMENTS at 5 ApNI 2023 ANALYSIS OF CHARttABLE ACTIVITIES The chariLy awarded grants to a number of inslitutlons in lurtherante of its charitable activitieswhlch are summèrised as T4)tal 2023 Z022 GTant funded activity Support and governance Costs 566.769 12.003 11.733 548,837 JO,879 11,824 governance expeDd3blÈ endowtDent 591.585 571,540 ALLOCATION OF OVERMEAD AND SUPPORT¢OSTS ilnrèstrlcted Fvrtds Expendablè Endowment Total ZO2# Tot¥1 2022 Income Employmeni cosrs 10,431 10,431 1.080 10.273 Computer maintenancc 33S 335 269 3.600 6,813 123 2,640 7,996 A¢¢ountancy 5etvi¢es Bank charges Buildingsarbd maintenance Sundry expenses 6,813 123 434 434 3411 2,000 2,0 1,080 23,736 24,816 22,703 Since October 2007, the Martin Laing Foundatlon has bÈÈn admin15tered alongside The Maurico & Hilda Laing Charitsble Trust. The Beairice LaiD8 Trusi and the Kirby Laing Foundation wth whi¢h It share5 the13iter'5 IhreÈ lull-tirne members of Staff and office space. The Martin Laing FoundatioD together wirh The Beatrice Laing Trust aDd The Maurice & Hilda LaiD8 Ch41itable Trusts make coniributions to the Kirby Lain£ Foundation towardsemployment costs. The Martin Laing Foundatio contributed £10.431 during the Neartowardsthese costs. The Martln Laing Foundation also made tontributiOD5 of £434 to The Reculvercharitèble Trust. the Landlord of the office, in re5pertof maintenante c051s of the office. Sir Martin Lain8 and AlexaDdra 6re80ry arealso Trustees of the Beatrice LaingTrust. 13
Martin Laing Foundation - A Registered Charity NOTESTOTHE FINANCIALSTATEMENTS at 5 April 2023 ALLOCATrON OF OVERHEADAND SUPPORT cosrs- tontlnued Support CDSts were allocèted between Governance and Charitsble AciivltSes a55hown below.. Total AIIoc*d Cost Type Governance A(tiTrlttie5 Basisof Apportlonment ErnploymèntC05ts Computer maintenance Auditor's fees Accountancyservices Bank char8t5 Buildin85 and maintenance Sundry expenses 10,431 335 a,6 6.813 123 434 1,043 34 3,fQO 6,813 9.388 l0%8OvèrnancelSA ch3ritable activltiÈS 301 I80veranCe19c charitable activhles All gOvErnance costs 18overnance costs 123 Related to transactlons 391 10% governancÈ/gTh chariiable 8ctivffies 1.800 IIMg¢vernancel90% charitable aaivitie5 43 2023 23,736 11,733 12,003 2022 22.703 11,824 10.879 TRUSTEES EXPENSES AND REMUNERAMON The Tru5tee5 recelved nD remuneration ortravel expen5e5 durin8 the year12022 - Enill. GRANTS The charity awarded grants to 3 number of Instltutions in furtherance of its charitable èttivilie5 which ère summarised as zola 2022 No Children & Young People Cultural & Enwronrnental He1h & Medical Welfare Oversea5 Development io.ooo 40,IKM) 30.0 51.769 340,0 S5,QYJO 40,(V)O 26.000 10,000 105,000 52,837 330,(X)O 5.000 20.000 io Stscial Welfare & Community Charitles Foundatlon 566.769 548.837 DONATION TO CHARrriES BYCHE UE OR BANK TRAPI Children & Y un Peo Air Training Corps- 104 (City of Cambridge) Squadron 5,000 5,000 io.wo 14
Martin Laing Foundation A Registered Charity NOTESTOTHE FINANCIALSTATEMENTS GRANTS. contlnued DONATION5TO CHARITIES BY CHE UE OR BANKTRANSFER Herts & Middle5ei WildlifeTrust 5.000 io,ooo Noiwich PuppetTheaire WWF.UK iO,IMK) 10,0 Welsh National Oper AO.000 Health & Medlcal Welfare Action for M.E. East Anglian Air Ambulante Macmillan Cancer 5uppDrt The Elainwave Contre 10.000 iO.IMM) 30,000 Overseas DevEIo ment 81iti5h Red Cross UKllllternational Hands Around The World Rithmend Foundatio 5.000 s.000 26,769 15,frfM) Students Education Twvsi 51.769 Diocese In Europe14 grants) The Norfolk churChesT5t 330.WO LO.(I]O 340,0)0 Stsclal Welfare & C mun ABFThe Soldiers. Charity Age UK Norwich 5.000 5.000 io,ooo 20,000 Norfolk Communlty Foundation Puffleet Trust The Salvation Army UK HQ iO,IMM) 55,000 CHARITIESAID FOUNDATION 40,OLN) TOTAL DONATIONSFOR THE YEAR 566.769
Martin Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 April 2023 GRANfs- contInd OONATIONSTO REGISTERED CHARITI VIA CHARITIES AID F Grant5 were paid to the following In5titutlons'. NDATION Children & Peo Cultural & Ehvlronmental 2.000 Bvtterflyconservation ttle Owe Headwaterscharity The Ware Mvsevm Trust 2,srM) 8.5 H alth & Medical Welf The HimletCentreTrust 2.0(k) rseas Deve 8eyond Confiirt I,o(K) 1,0 Diocese In Europe 2.5 5,500 Soclal Weltsre & Commun A¢ce55 Migrant Support Assist Trust Ay15ham & District Care Trust Choppin's Charity Norfolk and Nopwich As50cLitlon for the Bllnd Sunbeams Play 2.OCM) 2,500 5th) 10.500 rotsl grants made via CharitiesAid Foundation 29,500 CHAR1 OUNDATION- MMARY Balance held asat 6 April 2022 Paymentsto Charities Aid Foundation Account charge5 GrantchÈquÈg 11,141 40,WO 129,5001 21.464 RELATED PARTYTrANSACTIONS Sirj M K Liing 15 the Chairm3nof the %avethe Valletta Skyline. Appeal. 15 ralslngfundsfor the restoratlon forst Paul's An8lican Pro-cathedral in Malla. The £330,0 Df donations to the Di¢¢e5e In Europe are ¢¢ntributions to this appeal. There were no other related partydonations. 16
Martin Laing Foundation A Registered Charitv NOTESTO THE FINANCIALSTATEMENTS FUTURE COMMITMENTS 2023 ZOZ4 2025 2026 Commitments brought forward 385,0(M) 1385,0(Ql Is.0 415,0(M) 1385.0(Ql Commitments paid during theyear Oeferred Cotnmiiments added durlngthe year 14,th)0 L4,0 Commitments carried forward ai 5 April 2023 39,000 5.000 44,000 In principle, additioDil ¢ommitment5 amountlng to £49,5(X) have been made bul not scheduled.. the Tru5tee5 wlll make a flnal detlslon on the award of the grant onlywhen certain conditlOn5 have been met. 10. FIXEDASSEt INVESTMENTS Unquoted Investfflents Trustee5' Name5 Qvoted Investments Borratt & Cotyke Cash held in Totsl Marketvalue at 5 April 2022 Disposal proceed5 Add.. aCqUlSlLionsal ¢OSt Transfer between funds Investment gain5111055esl Movements in cash 2.985.114 10.601,921 1599.9011 665,227 J22,604 13,709,639 1599,9011 $65,227 7S2.844 1659.3271 93,517 189.0261 189,0261 Mathet value at S April 2023 3,737,958 10.007.920 33.578 13.779,456 HtOric¢0Stat 5 April 2013 508.492 .001,376 8,509,868 508,492 7,821,329 8,329,821 The marf(etvalue of the unquoted investment, Eskmuir Properties Ltd. has been calculatèd u55ngthe estimated marketvalue provided to the Tru5tee5 at 30 September2022 of £12.81 pef share. Unquoted Investment5 TIu5tee' Names QuotÈd Cash hÈld Inve5tment wlthinthe Bair8tt & Investment Cooke Portfollo Total 3,737,958 7.114,879 2,893.041 33,578 10.886,415 2,893.041 Invesiment a5s*s outside the UK 3.737,958 10,007,920 33,578 13,779.456 The follo1 investmentscornpri5e more than 5% of the value of Investment portfolio.. M4rk•t Value Name Hddlng 291,800 ordinaryshares of £1 1,649.725 unit5 3,737.958 2,236,367 The 01versild Property Fund for Charities IOPFCI 17
Martin Laing Foundation A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 April 2023 11. DEBTORS 2023 Z022 Dividends due 1.828 1.828 IZ. CASH AT BANK 2013 2022 8ank account Money manager attount Barratt & Cooke 68,887 402.05S 8.880 181.7281 718.645 11,423 479.822 648,340 13. LIABILITIES.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 AoUntantS 6,812 3,007 1,080 142 6.812 Kirby Laing Foundation ReculverTrL 3,600 2.640 14,641 9.452 14. UNRE5TRicfED FUNDS Unrestricted fundsat 5 Aprll 2023 comprise thelollowin8'. Expendable Endowmènt InÈome Account Totsi Investments 13,779,456 177,039 13.779,456 479,822 1,828 114,5411 Cash Debtor 302.783 1,828 I,561) Credlta 11.0801 13.955,415 291,DS0 14.246,465 15. VOLUNTEERS Otherthan theTrustees, the Charlty rece nocontributSon from vduDteei5. 18
Martin Laing Foundation A Registered Charity NOTES TO THE FINANCIALSTATEMENTS 16. RECONCILIAT1014 OF NET MOVEMENTS IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net movemeni In fund5 las per the Statemènt of Financlal Activitiesl 1102,0621 1,688,355 193,5171 11,858,6681 1396.9621 1409,0811 3.518 432 Deduct inve51ment income showm in invest1ng activitles Ilncreasel/decrease in debtors Increase In creditors 5,189 1589,1801 1575,4441 19