Martin Laing Foundation A Registered Charity Report and Financial Statements 5 April 2024
Martin Laing Foundation - A Registered Charity CONTENTS Page TRUSTEES, REPORT AUDThORS' REPORT STATEME[ OF FINANCIAL ACTIVITIES BALAIICE SHEE[ STATEMENT OF CASHFLOWS io NOTES TOTHE FINANCIALStATEMENTS 11-19
Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at S April 2024 Thp Tru5tee5 presenr their financial statement5 and annual report for the year ended 5 April 2024. The financial $18iemenis have been prepared in accordance with the accounting policies Sei out In note I to the accounts and comY with the hariiy's trust deed dated 2 July 1979, the CharltSes Art 2011 and Ae£ounting and Reporting by Chartiies: Statement of Recommended Pracrice IF 1021 and update 8ulletin5 1 & 2. Referenceand Admlnlstratlon Detai150f the Charlty. Its Trtee$and Ad¥lsors Settlor Sir John Martin Kirby Laing Idled 27 December20231 O•te of Deed 2 ju 1979 Trv5tees 5irJohn Martln Kirby Lalng (died 27 December20231 Edward Charle5 Kirby Lain8 Nichola5 John GreÉory Lady Stephanie Stearn L3in8 Alexandra Citherlne Beatrtcejane Gregory CharlDtte Elizabeth Lain8Gre80ry Robert Paul Girdlestone-appointed IB Au8USt 2023 ReEisrered Address 33 Bunns lane London NW7 2DX Registered Charlty Number 278461 WebsSte w4*w.lalft ankers HSBC Bank 23 New condu Street King5 Lynn Norfolk PE30 IDE Attountant5 TMFGlob31 Services IUKI Lid One AngEI Court London ECZR 7HJ Auditors Mercer& Hole LLP 72 London Road St Albans Hertfordshire ALI IN5 InvestmentA(fv150rs BBrratt & Cooke 516 Opie Sireet NoTwich NRI 3DW 5ollcSters Pothecary Witham Weld 84 Eccleston Square LDndon SWIV IPX
Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 AprS12024 Trust Objectives Income Expendable endowrnent Exclusively for charitable purposes. To be retained bythe Trustees or. at their discretion, applied a5 for
ncome. Structure, Governonce and Management The Martin Lain8 FoundatSon I'the FouDdation"115 an unincorporatedtrust consiiluted under a trust deed dated 2nd July 1979 and is a re8isiered charity, number 278461. The Trv5t was esrètAished by 3 gift from the Settlor, 5irJohn Martln Kirby Lain& The Trustees. many of whom are famlly member5, werE deeply s3ddÈned by Sir M3rtin'5 death on 271h tleeember 2023. Since his initial gift 45 years Bgo, the Foundation has distributed over É8rnillion in Ef3nts to charitiP5 reflectin8 his intere5t5 in consorvètion and the environment. sustainable development ènd tmpoweringyoungpeopleio fulfil theirpotential. Hewas closely involved With charities in Norfolk, including those piovidin8 setvi£Ès to the fflore di5advanta6ed in 5oiieiy. encoura8inB them to work together wherever possible to lake advantage of economie5 of Scale, and, in later years. with charitable organisations in Malta. As Chair of rhe Sove the Volletto Skyline Appeol. he leo Ihe campaign to r3ise funds for the Villetli,. the successful completion Df ihe work ju5r before he died was a The remainln8 Trustees, now co.chairei* by Sir Martin 5 children. Edward The power to appoint new TrusieEs 15 now vested in them and processes are in place for the induction of new irustees. The Trustee5 meet three times 8 year EO consider the perfofrnance Df their investtnent portfolio. approve the distribution of gfints 3nd review policie5 on reserve5 and risk 355e55fflent, ntstill8 the day-to-day administration of grants and the processinE of 3pplication5 10 3 Small staff team. This team 45 emplDyed by the Kirby Lain8 Foundation. The Foundation is admin$tered alongside the Kirby Lain8 Foundation. Beairice Laing Tru5r, and Maurice & Hilda Laing CharitBble Trust, which are known collectively as the Laing fami TrustS,' employment cost5 and cost5 3550Ciated with the shared ofFice space, which is owned by the Reculver Trust. are divided between the Trusis. The Trusts Iso have a joint web5ire 1www.lain ami .ukl which provides uidance on the Foundation's grant-making criteria and appliCatn process, ObjectNes and Activities The Foundariofi's only charitBblE attiwty is its Érant-making programrne. In accordèntè with the Trust Deed, whlch States that the trust funds are to be area5 identified a5 bein8 Df particular interestto tlem, Their current Brant- making priorlties a defined 25 follows.. envSronmenial and conserwdtvJn work social welfare projects in ihe LJK, with a particulBr focus on Norfolk. E55ex and Hertford5hire supported primarlly through srnall ¢3piral social welfare aDd culfural projett5 in Malta and Thailand
Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2024 ObjectNes andActlvitles- Continued Annual Érznts are made to a number of charities with which the Trustees have a closeaffinityand veryfewun501icited appli¢ation5tothe Foundatlon are successful. In the case of their overseas givin8, the Trustees have presencp in both M3lt3 and Thailand. which enables them to obtain a thorough workin8 knowled8e of thE or8ani53tions they 5UPPOrt. In anticipation of a significlnt increase in Income arising frtrm a forthcDrning gift of shares in Eskmvir Propertie5 from the Kirby Laing Foundation, the Trvstees will be revSe¥wn8 their 8rant-making polities and priorities in the coming year. The Foundation's Erant-maklng programme Is financ*J by income derived solely from the Foundation'squoted investment portfolio and its holdin8 In E5kmuir Properties. The portfollo is managed solely by the Foundation's investmentrn3na8eron 3 discretionarybasis," performance isreviewed. and measured ègalnst published indices, on a regular ba515. The objectfve £ontinue5 to be to achieve a balance between c3pStal Erowth and incume vield by investSng prlmarily in high quality bonds and equitie5 Wlth reasonable dividend yield and prospects for future Erowth. Achievements. Performance and Public Benefft Durin8 the year ro 5th April 2024 the Foundation made chèritèble grant5 totallin8 £352,98212023.. E566,7691, the decrease of 35% largely refletting redu£ed comrnitrnent5 in Malta. Further Instalments of the Erant towards the restorètion ofthetowerand spireofst Paul'5 Anglican Pro-caihedral In Valletta. mentioned earlier in thls report, were released. and there also contlnued to be significant inve5trnent in project5 in Norfolk. Once aEaln. 8r&nt5 were mBde towards the preservèilon of the county's thurche5 through the Norfolk Churthes Trust lind directty to All Salm5 Church In Tever5ham, Cambridgeshirel. to Macmillan Cancer Care and rhe East Anglian Air Ambulance to support heah services aeross the countyand. In particu&i, to the Norfolk Community Foundirion and some of its partners t05UPPOrt thecrearionefa co-ordinatedapproathto Ihecostof Iwingcri51S and fDod poverty in the county through the Jvourishino Norfolk initiative. The network of food hubs across the county continue to offer people who are strJgAlin8 wtih th& risin8 c05t5 of Imng a Ioc31 place to shop for food and household iiern5 at reduced c05t and the opportunity to atce5S Other support services to help address any issues which have contrlbuied to the $ituation in whith they find themsefve5. All 8rant5 are listed, by cltegory, in note 7 tothe accounts and the Trusteès are confldenr that tOEether these 8rants dernonstrate a hi8h de8ree of public benefit in accordance With the guidance published by the Charity Commwion. Furtherdetails oFthe 13 8rantsof£lO,CWand èbove provsded below. Chlldr The Pushkin Trust BoronscourtDGy5 2o33-crosm0mmunitytItie$f0r PrimLTry5choolchildren io,zc¥) WWF-UK Community-BosedMorineRestorotiOn Projectin thtr Firth cf Forth David Lain8 Foundation 51rJohn Loingsttstue io.c lo.co)
Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at S April 2024 Achievements, Performance ènd Publlc 8enefit continued H alth & Medical Welfare Dlabetes UK Clinicol Champions Progromme East AnElian AirAmbulance 8loodon 8oard 10.000 io, Macmlllan canrsupport Servires in Norfolk 10,000 Overseas Devei rnent Fondazijoni P8irimonju Malti Rolsing oworenes5 of Molta'5 heriroge through mv5eurn5, exhibition5 & publicgtions-LTnnuolgront 10,782 All Sèints Chvrch. Teversham E55entig1 repoirs io.ooo St Pouls Pro-coihedfol Voll¢rjts RestOlOPion Appeol loo.000 ial W Ifare & Communlt Jghn L2in8 Charitable Trust Laing Pen5ioner5'Summer Outings2023 Norfolk Cornmunity Foundation 'Notsrishino Norfolk'lnitiotive io.oLKI 20,OiX> Welsh National Opera WNO Communityfvogrommes& Enooqemenr- WNO reGch 10,0 Income generated by the Foundation'5 investment5 amaunted to £421,048 in 2023124, an increase of £24,08616%1 on the pr0S year. Includlng management and support cost5 of £26.262. expenditurè from the Income Account amounted to £379.244. resulting In 3 small surplus of e41.804 to adfed"to"t È"rÈserves of ufiexpen ncome,-w ete over the prevlous rwo years byi now stand at £332,854. AFter allowing for investment mana8ers' ch3rges and a loss on invtstmenis of £83.296. the nei cap1131 value of the portfolio srand5 ai É13,869,098, £86,317 le5S than the previou5 yÈar. Aisk Assessment The Trustee5 annually revi&w the major lisks to which they feel the charlty Is exposed. These fall into three rnain arEas'. protection of assets and income, integrity of the grani-making pfo¢es$ and empbymenf and retenLion ofstaff. Havin8carried out Iheirannual reviewof theserlsks.they remèin confident that thty have in pkce systems and procedures which rnltlgaie Ihe ri5k5 as faras possible.
Martin Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2024 Statement of the Trtsstees, responslbllltles In respert of the finantlal statements The TrStee$ ère responslble for preparlng the Report of the Trustees and the financial 5taternEnt5 In accordance wlth ppllcable law and United Kin8dom GenerallyAccepted AttouTrtin8 Practice. The law applicable to charities in En8land and Wales, the CharitlE5Act 2011. Charity (Accounts and Reports) Regulations 2008 and the pro¥i5ions of the Trnst Deèd require5 the Trustees to prepère financial staternEnt5 for each financial year whSch give a true and fair view of the State of affair5 of the charity and of the incomin£ resources and application of re50urce5, includinÉ the incorne and expenditure, vf the charity for that perfod. In preparing those financi315totements, the Trustees a reouired to-. select sultable accountln8 P4leS and then appty them conslstentlyi ob5eThe the methods and principles in the Ch3riries50flP,' make jud8ements ond estSmates that are reasonable and prudent,. state whether applicable è¢couThtin8 Standard5 have been followed. sublect to any material dEpartUTe5 dCloSed and expfained In thefinancial 5t3tements', and prepare the financial 5tatefflpnt5 on the golng concern b•sls unless it is In3ppropriHte to presume thar the Foundation will contlnue. The Trustees are responsible far keeping proper accountin8 retords which disc105e wlth re350nable accurac¥ at any tlme the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. the Charlty (Accounts and Reports) Reguloiions ZOO8 and the prowsions of thetru5t deed. They are ilso responslble for safeguarding the a5spts of the charlty and hence for takin8 reasonable steps for the preventlon and detettson of fraud and Approved by theTrusteeson.' Date and 5i8ned on their behalf by.. Trustee
INDEPE14DENT AUDITOR'S REPORT to the TfU5tee50f the Martin Laing Foundatlon- A Registered Opinion We have audited the financlal slatemenis of the M3rtin L3ing Found3tion Ithe 'charitfl for the year Ènded 5 April 2024 which comprise Statement ofFinancial Activities, the Balance Sheet and noiestothefinancial siatemen15, including5ignificant accounting PDliiies. The financial reporting framework Ihat has been applied in their preparatioll is applicablÈ law and United Kingdom Accounting 5t?ndard5, includinB Financial Reporting Standard 102 The Finoncitsl Reportino Stondord opplicoble In the UK ond Republic Gllielond Iuntied Kin8dum Genèrally Accepted Accounting Practlcel. In our opinion the financial 5tatern2nt5'. 81ve a true and fair view of the state of ihe charity's affalrs 35 at 5 April 2024, and of ir5 incorning resources and 3ppIKion of resDufcEs. in¢ludinÈ its income and expenditure. for theyearthen ended,. have bpen propedy prepared in accordance wth United Kingdom Generally Accepted Accoynting Practice,. and have been prep3red in accordance with the requirement5 Of the Charities Act 2011. Basis foropinlon We conducted our audit in accordante with International Standards on Audltlng IUKI 11SAs IUKII and applic3ble law. Our section Dfourreport. We are independent of the th8rity In accordancewith theethical requirementsth?i are relevani ro our Hudii in accordance wth these r¥uirernents. We believe that the audit evidence we have obtained is sufficient and appropriate to Conclu5ion5 rel¥tinÉ to Èo¢ngcontern In auditing the financial statements. we have concluded that the tru5tees' Use uf the ¥oin8 concern bèsis of accounting in the Based on the work we have performed. we have not Idèntified any material unceriainiies relating to event5 or conditions that. Other inlomiatlort The other information compri5e5 the infDrrnalion included in the trustees, annual report, oiher than the financial 51atement5 and gur audiiof s report thereon. ThÈ irusiees are responsible for the other inforrnalion cont3ined within the anllual reptrrt. Our opinion on the financial 5taternenis does Trol cover thE Other informètion and. except to the extent o[henlse explicitly 5rated in ur report. we do not expre55 any form of assurance conclusion thereon. Our respoDsibilily is to read the other InfDrrn3iion and, in doing so, consider whether the other infortnation is materially incen5i5tent with the Financial statements or eur knowledÉe obtained in the course of rhe audii or otherwise appears lo be materially missrated. If we idÈntify such material inconsistencies or apparent material mi55tatements. we are requirEd to defermine whetherthi5 gwes rise toa fflaterial misstatement in the f5nanci81 staiemenis themselves. If, ba5edontheworkwe have performed, we conclude thar there Is a rnaterial missratement ofthis other information, we are rEquired to repDrt that fact. We have noihingto report in this reg?rd. Matterson whl¢h we are requlred to report by exception We have nothing 10 report ID respect of Ihe followingmarier5 in rdattonto which the ChÈrf(ies IACtountS 2nd Reportsl Regulations 2008 reqlre u5 to report to you if, in our opinion.. the charity ha5 not kppt adeque accountln8 records.. or the financial statements are not in a8reement with the accounting records and returns.. or we have not received all the informairon and explanations we require forour audit. Re5ponslbilltles of trustees A5 explained morE fully in the t¢ustees' responsibilities statement, set out on page 5, the trustee5 are responsible for the preparation of the financial statements and for being Satisfied that they give a true fair view. and for SLs¢h internal coThrrol a5 the trustees detèrmine Is netsssary to enable the preparation ol financial st3ternent5 ihal are free from rnateriaS misstatement, whether due io fraud orerror. In PTeparingthefininual st3ternent5, the trustees are responsiblefor8ssessinÉ the charit¢sability io contlnue a5 a golngconcern, disclosin& as applicable. matters related to EDing concern and usin8 the going concern basis of accountin8 unless the trustees either intend to liquidate the charty Drto cease operations, or have no realistic alternative but to do $0,
Audltor Thech3riV5 auditor. Mercer& Hole. incorporated on IOctober2022 to becorne Mercef & Hole LLP. Thetrustees havecon5ented to treatingthe incorporation of Mercer& Hole LLP as a contlnuatlon of the existin8audlt arran8ement. Audltorfs re5ponsltsllltlesfortheaudltof the finantlal $tstemertts We have bpen appointed B5 auditor under 5ectlon 144 of the Chafltles Att 2011 and report in accordarKe wlth regulatlons made under settion 154 of that Act. Our objectlves are to obtain reasonable 3$5uran¢e aboyt whether the financiol 5totements 05 a whole are free from matertal mi55tatement. whether due to fraud orerror, Èndto Issue an auditoes report that ineludèsour opinion. Reasonèble 85surance 15 high level of a5surdnce but IS noi a guarantee that an audit conducted in accordance wffth ISAS IUKI will always detett 8 material misstement when r( exists. Misstatefflents can arise from fraud or error and are considered material if, individually or in the 3ggregate, they could re850nably be expected to influence the economic decisions Df u5e¢s taken on the basi5 of these financial statements. Irresularities. including fraud are instances of nofvcompliance wlth laws and regulatlons. We desSEn procedures In Ilne wr(h our responsibilities, outlined above, to detect materi31 misstatements in respect of irregularities. including fvaud. The exent to whlch our procedures3re capable of detetting irregularities. Includingfraud, is detailed below. Explariatlon a5 to what extentthe was conslde¢edcawble of deieetlnÈ IrreEul•rltles, IntludinE frèud We Eained an understanding of the legal and regulatory framework applicable tu the charity an( the ?nvironment in svhirh It opprate5 and considered the rlsk of act5 by the Charity that were contraryto applicable laws and regulatSon¥ Includlnefraud. WeevaluBted mana8ernent'sincentives andopportunltles forfrnudulentmanlpulatlon ofthefinan£lalstatememtsand Iheflnancial report lincludin8 the risk of override of controlsl, and determined that the prlncipal risks were related to posting inapproprlate entrle5 includingjournals to oversrate revenue or understate expeJ)dTture and management bSas In accountingestimatts. Audit procedure5 performed bythe enEagementteam Included.. discu5510n5with rn3na8ement, includSn8 conslderatlons of known or suspected InstaKes OF non- compllance wlth laws ènd regulations and fvaud,. gaining an undpr5tanding of rnan3gement'5 controls desiqned to preventand detert irre8ularitie5; and identifyin8 and testingjournal entries. Because ofthe inherent lirnitatK)n5 of an audlt, there ts a risk that we will not detea311 irregulaTitie5. Includin8t05e leading io a material mi5Stotement in thefinanclalstatements ornon-compliancewith re8ulation. This rlsklncreasesthe morethattomplianee with a laworre8ulation is removed from the events and rransaciion5 flected in rhe financial Statements, a5we will be le55 likelv to become aware of instances of non<ompliance. The r15k i5also8reater re8ardin8 irregulariliesocctsrrin8due to fraud rnrherthan error. as fraud involves intentiunèl concealment, for8ery, collusion, orni55 or misrepresentation. A further dE5cription of our respoll5ibilffies 15 avallHble on the Financial Reporting Councifs webyte at.. ThSs description fomis part ofour auditorfs report. Useof our report This report 15 fftade solely to the charitws trustees. as a body. In accordance with Part 4 of the Charitie5 (Accounts and Reports) Re8ulation5 2008. Our audit work has been undertiken so that we might state to the charity's trustees those matters we are required to state tothem in an auditor'5 report and for no other purw$e. To the fullest extent permitted by law, we do not accept or assume responsibilllyto anyone other thar the charityand the charitrfs trustees as a body. for our audit work forthls report, or for the opinionswe have formed. Sieve Robin50n Senior5tètutoryAuditor Mercer & Hole LLP Chartered Atcountants 72 Lundon Road, St Alban5, Hertford5hire. ALI INS Dote.. 15 Oelober 2024 Mer¢er& Hole LLPis eligible tDUttGS on ouditorin terffis ofsection 1212 of theCofflpaniesAtt2006.
Martin Laing Foundation - A Registered Charity STATEMENT OF FINANCIAL ACTIVITIES for the ye2r ended 5 April 2Q24 Total Unrestricted Fund5 Totèl Unrestricted Fund5 Expendable Endowment Inffle ZOZ4 2023 Note INCOMEAND ENDOWMENTS Investments 421,048 421,048 396,962 TOTALINCOhlE 421,048 421.048 396,962 EXPENDITURE Cost of raising funds 1,008 1,740 379,244 380,984 $9i.s85 TOTAL EXPENDITURE 2.748 379.244 381,992 592.269 NET EXPENDITURE BEFORE GA1NS AND 19.ns6 Nei Ios5 On investmertts io 183.2961 93.517 NETIEXPENDITUREIIINCOME AFTER GAINS AND LOSSES ON INVESTMENTS 186,0441 41,804 144,2401 IIOL7901 Foreign currency losses 12721 NÉI MOVEMENT IN FUNDS 186.3171 41,È04 144,5131 IIOL0621 FUND BALANCES BROUGHT FORWARD 13,955,415 291,050 14,246,465 14.348,5Z7 FUND BAiANCES CARRIÈD FORWARD 13,869,098 332,854 14,201,952 14,246,465 The Statement of Flnanclal Activities includes all gains and1055es recognised in the year. All income and exppnditure derives from coniinuin8actlvliies.
Martin Laing Foundation - A Registered Charity BALANCE SHEET as at 5 April 2D24 2024 2023 Note FIXEDASSETS Investments io 13,449.641 13,779,456 la,449,641 13,779,456 CURRENT ASSErs Debtors Cash at bonk li 1.611 764.970 1,828 479,822 12 766,581 114,2701 481,650 114,6411 LIABILtTIE5: amounts lalllng dutwlthln one year 13 NETCVRRENT ASSETS 75Z.311 467,9 TOTALASSETS LESS CURRENTUABILIME5 14,21Jl,952 14,Z46.465 TOTAL NEfASSET5 14,201,952 14.241465 RepresentSn8'. UNRE5TRicfED FUP4DS Expendable endowment Undlstributed income 14 13,869,098 331854 13.955,415 291,050 14 14,201,952 14,246.465 41proved bythe Trustees on.. and si8ned ofi theSr behalf by.. tr4 Iv Trustee
Martin Laing Foundation - A Registered Charity STATEMENTOF CASHFLOWS for the year ended 5 April 2024 IQZ 2021 Note Cash flovJ5 frurn operating èctivities- Netcash used in operatlns activitie$ 16 138Z,4191 1589,1801 Cash flows Irom Investlng actlvltles: Investmeni incotne 421,048 1,410,498 11.184,5161 396,962 599,9)1 1665,2271 Proceeds from sale of Investments Purcha52 DFinve5tments Net cash provided by inves8act5¥[tle5 647,030 331,636 Chanse in cash and cash Equivalen15 In the year Cosh and cash equivalen15 01 Ihe beginning of the year 264,611 S13.400 1297.S441 770,944 Cash and tash eouivalenis èi the end of the year 77S.011 513,.100 Representett b¥.. io 12 33.578 479.822 Cash ai bank 764,970 778.011 513,400 As the trust has no borrowines, no analy515 of net debt is Included in rhese financi?1 siaternents. 10
Martin Laing Foundation - A Registered Charity NOTES TOTHE FINANCIALSTATEMENTS at 5 April 2024 ACCOUNTING POUCIE5 The prSndpal accouTrting pDIKies adopted are as follows.. al Basls of preparatlon and assessment of goin8 ¢on¢ern The finttnaal statemènts have been prep3red in acwrdance with Aceountln8 and Reportin8 by Ch8Tltles.' Svdtement of Recommended Prartlce IFRS 1021 and update Bulletins l &1 and the Charitie5 Art 2011 and applicable regulations. The finanei21 statements have been prepared under the historical CDSt conventlon. modified to include the revaluation of fiyed a55et inve5trnents. The th3ritycon5titute5 a pU1C benefit entityas defined by FRS ID2. The Trustees considerthat there are no material uNtertaSntles about the Charl5 Ibility to Continue as a EoinE concern. bl Funds structure The expendable endowment represents the funds settled orisinèlly by the settlor and fund5 settled by the Klrby Lèlng W511 Trust. The Trustee5 are perrnitted to applythe capital as Sf twe incorre. In¢orne is ta be used for charitable purposes onW. cl Income retognltlon I locome Is reco8n15ed once the charity has entitlement to the income, there is sufficlent certainty of receipt and 50 It is probable thatthe income will be recelved. and the arnount of incorne receivable can be measured reliably. Interest on funds held is Included upon notiflc3tlon of the interest pald or pay3ble. Dwidends ère reco8nlsed once the dSvldend h35 been declared and notification has been recelved of the dividend due. Credit 15 taken in the accounts for incume tax deducted from Invesiment income which has or wll be reclaSmed from H M Revenue & Customs up ro 5 Apr51 2024. InEome from donations and legades Is recognised 3S it is received by the TrUse5. dl Expenditurere¢oEftltlon and Irrecoverable VAT ablllttres are reco8ni5ed a5 expenditure as soon as there Is a le831 or ctrn5tructwe obligation cornmittin8 th2 charty to the expenditure, il is probable that settlement will be required and the ornount of ¢he obIltiOn can be measured reliablv. l expendSture Is accounred for on an a£cruals basis and ha5 been classlfied under headings that awe8ate all cost5 related to the cate60ry. Single or multi-year Érants are accounted for when eitherthe reclpieni ha5 a reasonable Expettation that they will receive grant and the Tru5tee5 have asreed to pay rhe grant without condition. Dr the recSpient has a reasonable expectation that theywlll recelve a 8rant 3nd ony condition attached to thegrant is outsidethe tontrol of the charfty. Irrecoverable VAT is charged asainst the category of resources expended for whlch it was incurred. el Wlocatlon of Sovernanand athersupportwsts Governance and support costs have been alloc3ted betsyeen charf(able attivFlles and governance. Govern8nte and support costs relating to chariiable artivities have beEn apportioned b35ed on the estirnated time spent by stam at the office of the Lain8 Family Trusts in the admlnistralion of donations and assessment of projects. The allocatrn of governance aDd support Costs is an3ly5ed in note 5. Governance costs comprise all costs involving the public actontabl11ty of the Charity and it5 tompllance wlth regullitknn and good pracrice. These costs include the accountancy and audit costs relatln8 to these financial statements t¢8etheTVllth èn apptsrtionment ofoverhead and support CD5t f) C05t of ralslng funds The cost of generaiinB funds comprise5the investment Managers, charges. 11
Martin Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 April 2024 ACCOUNTING POLICIE5-wntlnued Él Charitableaaivities The expenditure on charitable actlvities comprises grant5 rnade in the year and 8overftance and support costs. An analy515 of thegtant expenditure for Ihe year is shown in llote 7. h) FIMed asset investments Listed investmenrs 8rE valued in the Balance Sheet at market value. Unlisted invÈstmÈnls are included at the Trustee5' estimate of markei Value, The net pin/l10551 on revaluation and disposal gf Investments is shown in the Sratement of RealisedEains and1055e5 All 83in5 and losses are taken to the Staternent of Flnèntial Attivities a5 they arlse. Realised 8Bin5 and losse5 on Investments are calcolaied as the difference beiwtEn sale5 proceeds and their opening carryin8 value or iheir purchasevalue if acquired subsequent to the first day of the financial year. Unrealised gains and105se5 are calculated a5 the difference between the Fail value ai the year end and their tarryiTrg value. Realised and uThreali5ed investment gains and losses are combined in the Il Foreign exchanÈe Tr?nsactioDs denominated in foreign Currencies are recorded at the rate of exchange ruling ai Ihe date of the transaction5. kl Currencv INCOME AND ENDOWMENTS Un4uoted Investment Trustees. Names Quoted Investments Barratt & ooke Total 2024 Total 1023 UK inve5tmenrs erseas investment5 OPFC Investment 83.572 13L263 82,063 126,633 214.835 82.063 126,633 225,462 54,840 125.693 83,572 339,959 423,531 405,995 Less.. non reto¥er3ble and over5e15 t3x 110,6981 110,6981 83,572 329,261 412.B33 394,659 esLoLosth osi 421,048 396.962 cosroF RAISING FUNDS 2024 2023 Investment managers, thar8es 1.008 12
Martin Laing Foundation - A Registered Charity NOTES TOTHE FINANCIALSTATEMENTS at S April 2024 ANALY5150F CHARITABLE AcfiviTIE5 The charity awaed 8rènts to 3 numberof institutions In furtherance of Its char&able activities which are summarised as follows.. Totsl 2024 Total 2023 Grant funded activity Support and governance cests 351982 13.811 IZ.451 1.740 566,769 12,003 11,733 1,080 tharitable actNitles &overnèn expendable endowment 380,984 591,585 ALLOCATION OF OVERHEAD ANDSUPPORT COSTS Unrestrltted Funds Expendable Endowment Totsl 2024 Total 20Z3 Incorne Employment costs Leeal fees Computer maintenanee Auditors, fees 12.463 Il463 1,740 349 10,431 1.080 1.740 349 335 3,720 7,21)0 104 426 3.720 7,2OJ 104 3,6CQ 6,813 123 Actountanty services Bank chBr8es 8ulldiny and maintenan Sundry expenses 426 434 2,000 1.740 26,262 28,002 24.816 51nce October 2CknJ7, the Martln LalnB FoundatSon has been admlnistered alon85ide The Maurice & Hilda laing Charitable Trust, The Beatrice L3in8 Trust aTrd the Kirby Lains FDundation wth which It share5 the13tter's three full-time members of staff and office space, The Martin Laing Foundation together with The Beatrice Lain8 Trust and The Maurlce & Hilda Laing Ch•rit•blo Trusts make eentributions to the Kirby Lalng FoundJtlon ioward5 employrnent Costs. The Martin Lain8 Foundation contribjted £12.463 durln8 th2 year towafd5the5e£ost5. The Martin Laing Foundation also made contrfbutions of £426 to The ReculverCh3rit3bleTrust, the lJndJurd of the offit4 In respeci ofmaSntenance cosrs of rhe office. Alexandra Gregory is aL50 a Truste2 of The 8eatito Lain8Trust. 13
Martin Laing Foundation - A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at S April 2024 ALLOCATION OF OVERHEAD AND SUPPORT COSTS- contlnued Support costs w&r2 allocated between Gevernance and Charitable Activitiesas shown below-. CostType Total Allocated Charlt3bJe Governae Activities Ba51s of Apportlonment Ernployrnent costs Computer maintenance Auditor'5 fee5 Accountancy Services 8ank thar8e5 Buildin8s and rnalnienance Sundry expenses 12.463 349 3,720 7.2C 104 1,246 35 3.720 7,200 11.217 10%8overnin¢eWY6 charirable actwities 314 IO%Éovemance/g0% rharitable acllvities All governance c05ts All Eovernance costs 97 Related 10 transattioTrs 383 10% 8overn3nce/90% charitable ictlvllles I,W IO%go¥erD8nce190% charitable activities 426 43 2CIJ z,wo 2024 26.262 12,451 13,811 2023 23.736 11.733 12,003 IRUSTEE5 EXPENSE5 AND REMUNERATION GRANTS The charity awarded granis to a numbèr of Institutn9 in furtherance of its charitablE activitie5 which are summarised as follows.. 2024 2023 Children & Young People Education & Training Environment & Heritage He31th & Medical Welfare Overseas Development 10.200 s,rKJo 25,000 35,000 15,782 217,OOJ 35,(M)O io.c 10,0 40,OW 30.0 51.769 340,(¥JO 55,0( S0¢i31 Welfare & Community The Arts Charitie5 Foundation 40.LKJO DONATION ARITIES BY CHE UE OR 8ANK TRANSFER Children & Youn The Pushkin Trust 10,200 10,200 Educatlon &Tr Worshipful Company of Paviors 14
Martin Laing Foundation - A Registered Charity MOTES TO THE FINANCIAL STATEMENTS at 5 April 2024 GRANTS-ConnUed DOPIATIONS TO CHARITIES BY ¥iro Herka HE E OR BA14KTRANSFER rne David Laing Foundation David Shepherd Conservation Foundation WWF-UK io,oryJ io.( 25,000 Health & Medl I W If Diabetes UK East Anglian AirAmbulance Maifflillan Cancersupport The Bralnwave Centre iO,(M iO.L io.(KNJ 35,OLN) Over5ea5 Develo ent Fondazzloni Patrimonju Malti Hands Around Theworld 10,782 15,782 Rell lon All 5aiTrt5 Church, Tever5hBm Diocese In Europe12 grantsl Si Andrew'5 Church, Guist The Norfolk Churches Trust iO.LKQ 195,(KNJ io,(y]o 21Y.f Soclal W Fareshare EH5t of England John Laing Charitable Trust Norfolk Communiry Foundatlon 10.0 20.C 35,0 The Art5 Welsh N8tlona1 Opera io.(Mx) iO,LK CHARITIE5AID FOUNDATION TOTALDONATION5 FOR TlfE YEAR 352,982 1S
Martin Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 Aprll 2024 GRANTS- continued DONATIONS TO REGISTERED CHARITIES VIA CHARITIES AID FOIJNDATIOP4 Educatlon & Tralnln St Edmund's Suciely 3,ofMI 3,crpJ Envlronment & Herita The Ware Museum Trust 3,CQO Sl Anne's Church. Limehouse 4,(QO clal Welfare & Cornmunlt Choppin'5 Chirity fvIusicHI Key5 The Feed Fuundhiion sc ?.oco Total gran¢5 mide via ChariiiesAid Foundation 15,5(M) CHARrriES AID FOUNDAmof4-SUMMARY Ba13nce held as at 6 April 2023 PaymentstD Charitie5 Aid Foundation Donation adjustment prior year Account charges 21,464 1,995 14691 Lo 115,5001 Grant cheque5 Balance as at 5April 2024 7,500 RELATED PARTY TRANsAloN5 &rJ M K L8in8was the Chairman of the-save the Valletta Skyline- Appeal.which 15 rèisingfund5 forthe restoration for Sl Paul, Anglican Pro-cathedral in Malta. The £195,000 of donation5 to the Diocese In Europe 3re contributions to this appe31. There were no other rellred art donatlons. Alexandra Catherlne Beatricejine Gregory Is a Trustee of theJohn LalnÉ Charitable Trust which receNed a donation of ElO.O durin8 the year. Therewere no other related partydonaiions. 16
Martin Laing Foundation - A Registered Charity NOTESTOTHE FINANCIALSTATEMENTS at 5 Aprfl 2024 FUTURE COMMITMEf4T5 2024 2025 2026 2027 Totsl Cornmitfflents brou6ht forward at 6 Aprll 2023 Commitments paid duringthe year Deferred Comrnitments added durihgthe year 39,0 I39,(} 5.fXIO 139,CWI 20.LDJ 20,CIJO Commitments carrfed forward at 5 April 20Z4 25,LUI 25,riJo In prlnclple, addltlonal comrnftments arnovntlnE to É280.WO have been made but not scheduled,. the Trustees 11 make final decision on the award of the grdnt ontywhen certain conditions have been met. 10. FIXEDNSSEf INVEsfMENrs Unquoted Investments Trustees. Name5 Quoted Investments Barratt & Cooke Cash held In Capttal Accounts Total Market valve ar 5 Aprll 2023 D55posal proceeds Add.. atouisitions at cost Transferbètween funds Investment gain511105se51 Movement5 in c05h 3,737.958 10,C4J7,920 11,4LO,4981 1.184,516 33,578 13,779,456 11,410,498) 1,184,516 1370.5861 287.290 I,296) 120.5371 120,5371 MaAtet d]ue at 5 April 2024 3,367,372 10,069.228 13,041 13,449,641 Historic cost at 5 April 2024 508,492 7.872,184 8.380,676 Historic c05t at S April 2023 508,492 ,001.376 8,$09,868 The market value of the unouoted investment, E5kmvlr Properties Ltd. ha5 been calculated usiM8 the estlmated net asset value provided to the Trustee5 at 305eptember 2023 of £11.54 pershare. Unquoted Quoted sh held Ir*¥e5kneTrts Investments wlthln the Trustees. Barratt & Invesiment Name5 Cooke Portfol Total Invesirnent J55ers In the UK Investment assets Olrtslde the UK 3.367,372 7,265.748 2,803,480 13,041 10,646.161 Z,803,480 3,367.372 10.C69,Z28 L3,041 13,449.641 The followlnE i¢we5tments compr15e more than 5% of thev3lue of investment portfolio.. Markervalue IlamE Holdlng Eskmuir Propertie5 Ltd The Dlverslfied Property Fund foT Charities IDPFQ Nicholas John Gregory is a Direttor of Eskmulr. 29lB ordln3ry 5hare5 of £1 1,649,725 units 3,367,372 2.271.671 17
Martin Laing Foundation - A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at 5 April 2024 11. DEBTORS 2024 2023 Dividends due 1,611 1.828 1.611 1,828 12. CASH ATbANT( 1024 2023 83nk accounr Money manègèr account Barratt & Cooke 264,164 493.106 7,700 68.887 402,055 8.880 764.970 479.822 I'-.AR 2024 2013 Accountants 7,2(K) 3,228 6,812 3,007 1.080 Kirby Laing Foundation ReculverTrust 122 142 Auditors 3.720 14,270 14.641 14. U14RE5TRICTED FUNDS Unre5trKted fund5 at 5 April 2024 comprlse the followin8'. Expendable E#dowmeTht IrKome Accouni Total Investments 13.449.641 13.449.641 764.970 1,611 114.2701 Cash Debtor reditor5 419,457 345,513 1.611 114.1701 13,869,098 331854 14,201,952 15. VOLUNTEERS Otherthan rhe Trustees, the Charity receives no contf¥bution from volunteers. 18
Martin Laing Foundation - A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at S Aprll 2024 16. RECONCILIAnON OFNETMOVEMENT5 IN FUNDS TO 14ETCASH FLOW FROM OPEKAnNG ACTMnES 2024 2023 Net movernent In funds las per the Statement of nancIal Activltiesl iossesllGainsl on investment5 shown in investin8 acti¥iiie5 Deduct inve5tmeTrt income shown Sn Snvesting attivities Lkcreaselllnerea5el in debtors 144,5131 83,296 1421.0481 Z17 1102,0621 193,5171 1396.9621 11,8281 5,189 Net cash used In oper8tin8actlvities 1382,4191 1589,1801 19