Martin Laing Foundation - A Registered Charity Report and Financial Statements 5 April 2025
Martin Laing Foundation - A Registered Charity CONTENTS Page TRUSTEES. REPORT AUDITORS, REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET STATEMENT OF cHFL0WS io NOTESTO THE FINANCIAL STATEMENTS 11-19
Martin Laing Foundation - A Registered Charity TRU5TEES' REPORT at 5 April 2025 The Trustees present their financial statements and annual report for the year ended 5 April 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I tc the accounts and comply with the charity'5 trust deed dÈted 2 July 1979. the Charities Act 2011 and Accounting and Reporting by Charities.. Ststement of Recommended PrartSce IFRS 1021 and update Bvlletins l & 2. RelereficÈ and AdmInIstra0Th Detslls ofthe Charityi ItsTTif5tees and Advisor5 Settlor Sirjohn Martin Kirby LainE (died 27 Dpcember 20231 Dat• of Deed 2 July 1979 Trustee5 Edward Charle5 rbY Lalng John Gre60ry Lady Stephanie Stearn L8ing Alexandra Catherine Beatrice Jane GreEOry Charlotte Eli2abeth Laing Gregory Robert Paul Girdlestone exander Paul Finkenr3th- appointed 6 May 2Q25 Registered AddrÈ55 33 Bunn5 Lane London NW72DX Registered Charity Number 278461 WebsSte ww ain ru s.or B3nker5 HSBC Bank plc 23 New Conduit Street Kin85 Lynn Norfolk PE3D IDE Accountant5 TMF Global Services IUKI Ltd One Angel Court London ECZR 7HI Auditors Mercer & Hole LLP 72 London Ro?d St Albans Hertfordshlre ALI INS Investment Advisors Barratt & Cooke 516 Opio Street Norwich NRI 3DW SollcStors Pothecary Witham Weld 84 Eccleston Square London swiv ipx
Martin Laing Foundation - A Registered Charity TRUSTEES. REPUK I at 5 April 2025 Trust Objectives Exclu5wely forchoritable purposes. To be retsined bythe Trustee5 or, at their discretlon, applied as for income. ExpÉndable endowment structure, CEmn¢t and Manasement The Martln L3in8 Foundètion I'thp Fr)tsndatiDn"l is an unincorpor3ted trust constituted under a trust deed dated 2nd July 1979 and Is 3 registered harity, number 278461. The Trust was established by a gift frorn the Settlor, Sir john Martin Kirby LainE. Atthetime of wrrfcingthere are seven Tru5tÈes, a second independent (non- farnilyl Trustee, Alexander Finkenrath, having been appointed since the year end. The power to appoint new trustees is vested in the current Trustees and processes are in place for the induction of nèw tru5tee5. The Trustees meet three tlmes a year to consider the performance of their inve5trnent porttolio, approve the ¢15tribution of grènt5 and review yuliLivS on reserves and risk assessment, entrusting thÈ day-to-day Hdtllinistration of Erants and the proce55ingof application5to a small staff team. Thi5team 15 employed by the Kirby Laing Foundatiun. The Foundation is administered alongside the Kirby Laing Foundation, Beatrice Lalng Trust, and Maurice & Hilda Laing Charitable Trust, which are known collectively 35 the Laing Famil¥ Trurt", pmployment Costs ccsgtg asgoci3teH with the shared office space. which 15 owned by the ReculverTrust, Hredivided betweenthe Trusts. The Trusts also have a joint website 1www.lain whirh prnvid•g guidance on the Foundation's %rant-makinE criteria and application proce5S. Oblectlves and Activities The Foundation's only charitable 2CtiwSty is its grant-making prDgramme. In acwrdante with the Trust Deed, which statesthat the trust fund5 are to be Used exclusively for charltable purposes 3t the Trustees, discretion, the Trustee5 seek to support charitable projects in areas idèntified 85 bein8 of partlcular interest to them. In the1I8ht ot a significant Increase In Income arisingfrom thegift of sharès In E5kmuir Properties receivod from the Kirbv Laing Foundation durin8 the course of the year, the Trustees are in the process of reviewing their 8rant-maklng policies and prioritie5, be3rin8 in mind the interestsand expressed wlshesofthefounder.The5e prioritiesare currently defined as fcllows.. loca environment31 and conservation prtrjects social welfare projects in the UK, with a particular focus on Norfolk. Essem and HertfordshiT supported primèrlly thrLjh small capital social welfare and cultural projects in Malta 8nd Thailand GoiThE forward, it is likely that the Foun(5atlon's support for soci31 welfare projects in the UK will be extended to cover Bedford5hire, reflecting the interests of the incoming Trustee. Within this area of Eiving, the Trustee5 are also researchlng how best to build upon their exi5tinE SUPPOrt for projects Bimed at preventin8 or alleviating homelessness in the four counties. At present Veryfew unsolicited 8pplication5 to the Foundation are successful and the Tru5tee5 have yet to decide whether èpplications to th15 enhanced proEramme will be by invitation onlv.
Martin Laing Foundation - A Registered Charity TRU5TEES' REPORT at 5 April 2025 OblectDies and ActlvltieS- Continued Inthe case of theiroverseas gnfin8, theTrustees have a presence In both M81ta and Thailand, which enables them to obtain a thorough working knowledge of the organisations they 5UPPOrt. The autumn meeting of the Trustees wa5 held in Malta, RSving all the TrustÈÈs an opportunity to visit the organisations which have received supporc from the Poundation over the year5. These included the Malta Aviation Museum, Flimklen ghal Arnbjent Ahjar and FondaEzjonl Patrimonju MBlti, all of which continue to promote Malta'swonderful historical and cultural heritage through the production of hieh quality publications and eKhSbitlon5. educational attivities and the restoration of historical building5and artefacts.....and St P3ul'sAnglican Pro-CathÈdral in Valletta.where the Tru5tee5 wÉro delight•d tts the newly rc:tDr¢d toywer and 3pire, whiEh doniinaies the Valletta skyline. a project which Sir Marbn LainÈ had worked 50 hard to brin8 to completlon. On the social welfare side, the Trustees were inspired by 3 ¥1Slt to the KIDS Project run by thè Ri¢hmnnd FoLindatiOn. which works to promote Mental health awareness in Malta and to support people Èxperiencln8 metTrtal heèlth problern5, ensurin8 that they are ablè to lead fulfilling live5 in a communlty that understands them, and by St John Malta'5 work ta provide Malta's response to the Covid pandemic. The pandemic meant that this was the first time that the TrustÈe5 had visited these organisations for six years; they were delighted by the resilience they had demon5tr3ted, and further grants were subsequently rnade or pledged to all these or8anisatiOn5. In addition. following a fasiinating pr&sÈntation on the University of Malta'5 Iiidrltlrne archaeology rÈ5earch proEramrne, B grant was mède towards the purchase of enhanced safety equipment for divers, adding to the portfolio of Maltese charltles 5upponed by the Foundation. The Found3tion's gr3nt-making programme is financed by income derived solely from the Foundation's quoted invEStfflent ponfolS0 and its holdin8 in Eskmuir Propertiè%. nnw hoSted Si8nificantly by the 8ift of sha5 from the Kirby Laing Foundation. The portfolio is rnanaged by the Foundation'5 investment manager on a discretionary basis.. performance is reviewed, and measured against published indices. on a regular basis. The Dbjectivè ttsntiniips to be to achieve a balance between cèpital 8rowth and income yield by investing primarlly in high ou81ity bonds and equities wirh a reasonable dividerFd yield and prospects for future growth. The Tru5tee5 do not invest in companies whD5e core business is defÈnce and armaments, pornography, gambling or usury. Achievenients, PeifuiinancE Publlc Benefit OJrin8 the year to 51h April 2025 the Found3tSon tnade charit8ble grants tot8llin6 £385,64512024.. £352.9821. èn incre35e of 9.2%. There continuÈd to be significant investrnent in project5 in Norfolk. Once again, grant5 were made to8d5 the presryLiVil uf the county's churches through the Nortolk Churches Trust. to Macmillan Cancer Care and the East Anglian Air Atnbulonce to support hÈalth servSces acros5 the county and to the Norfolk Community Foundation to support the creation of a co-ordinated approach to the cost of living crisis and foc>d poverty in the county through the Nourishing Norfolk inltiatwe. In addition. at the Specific request of Sir Martin Laing prior to hls death. conver5atiDns wer@ tsppnpd with the academic instltutions at which hc had studipd or been awarded an honorary degree. with B view to rnaking one- off Ef3nts for a Specific purpu5e, in keeping with Sir Martin's interests en8ineering, the environment, busTness innovation l enterprise. Grants of £50,000 were subsequently made to Emmanuel College, CèmbridEe. the Universlty of East Anglia and the University of the West of Engiand (detai15 belowl, with a grant of £50.000 to the University of Birmingham scheduled for release In 2025126.
Martin Laing Foundation - A Regislered Charity TRUSTEES, RipofiT at 5 April 2025 Achievetnents. Performance Jnd Public Benefit continued All grantg are liEtpA. by category. in note 7 to the 3ccountS and the Trustees Jre tonfident that together these grants demonstr3te a hi8h degree of public benefit in accordance with the guidance published bv the Charity Commlssion. Further details of the ten grants of £10,000 and above provided below. Childrèn & Youn The Pushkin Trust Boron5COUrtDtsys- Nlcross-communityeducotionol progrtsmme 2024 £10.200 Education & Trainin Universlty of the West of England Climate Educotion & Outretsch Piogromme Unlversity of East Anglia Student Enterprise Fund ErllFnanuel Colle8e, University of Cambridge College Re5etsrch A550ClUtes Progrgmme £50,000 £50,000 £50.000 EnvlronmÈnt & Her WWF-UK Comrnunity-Bosed Murine Restorotion Projectin the Firth ol Forth Groundwork East New Computer5 TD Enoble Upgrode To'fhe Cloud, Health & dical Welfar Macmillan Cancer Support Services in Norfolk Easr Anglian Air Ambulance Purchase of Crew Héllcoptpr Flight HÈlmetS £10,000 £50.0 £io,wo £IO,OOD Overseas Develo ment Fondazzjoni Patrimonju Maltl AnnLJoI 8enefoctor5ubscriptiort £13.190 The Norfolk ChJrche5 Trust 5ponsor5hip of Holkhom OpETOS 2024 £io,(NJo Income 8enerated by the Foundation's Investments amounted to £615,990 in 2024125. èn Increase of £194.942146.3%1 on the previous year, largely accounted for by the receipt of the final dividend from thÈ glfted sharps in Eskmuir Piopprties. There will be a further increase in the current year, when both the Interim and final dlvldends will ieoeived. Includlng management and support costs of £39,048, expenditure from the Income Account amounted to £424,693 resultin8 In 8 Surplus of £191,297 to be added to the reserves of unexpended income, which now stand at £524,151. Followingthe gift of 642,241 share5 in Eskmuir Properties valued at £7,411.461, offset by investment managers, charges and a 1055 on investrnents tsf £505.616. the ngt rHpitAI value of the portfolio stands at £20,773,707. Risk Assessmont 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 5tsff. Havingcarried out their annual review of these ris, they remain confident that they have in place systems and procedures which mitlgate the risks as far as PDssible.
Martin Laing Foundation - A Registered Charity I IIU5TEE5' REPORT at 5 April 2025 Statement of theTrustees' re5pon5ibilitles In respert olthe flnancial Siatements The Trustees are rÈ5pon5ible for preparin8 the Report of the Trustees and the financial statement5 in accordance with appllcable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in En8iand and Wal, the Charitie5 Act 2011, Chartty (Accounts 8nd Report51 Regulations 2008 and thè provisions of the Trust Deed re4uire5the Trustees to prepare finèrFoal statemÈnts for e4ch financial year which give È true and fair view of the stste of affairs of the crItY and of the incoming resources ènd application of resources, including the income and expenditure, of the charity for that peilod. In preparinE those financial statements, the Trustees 8re required to.. select suitsble accounting policies and then applythem consistently.. observe the method5 an¢ principles in the Lharities SORP,. m8k2 judgements and estimates that are reasonable ènd prudent. state whether applicable accounting standards have been follo%yed, subjett to any material departures disclosed and explained in the financial 5tatements,' and prepare the financial statements on the goinE concern b3515 unless It Is inappropriote to presume th* the Found8tion will continue. The Trustees are responsible for keepin8 proper accounting record5 which disclose with reasonable accuracy at ony time the financial position of the charity and to enable them to ensure that the financial 5tatemenrs comply with the Charitles Act 2011. the Charity (Accounts and Report51 RegJlatlons 2tKJ8 and the provisions of the trust deèd. They are also responsible for safeÈuarding the assets of the cherity 8nd hence for taking reasonable steps for the prÈvention and detection of fraud and Approvpd by the Trustees on.. ILID111( Date and gned on thelr belf by.. Trustee
INDEPENDENT AUDITOR'3 REPORT to theTTurfees of the Martin Laing Foundation- A Registered Charity OplnlDn We have auditpd the financial statements of the Martin Lalng Foundation (the 'charity'l for the year ended 5 April 2025 which comprlse Statementof Financlal Actlvities, the Balance Sheet and note5 tothe financial Statements, includingsignif1cantaccountinE policies. The financial reporting framework that has been applied in their prep3ration 15 applicable law and United Kingdom Accounting Stsndards, includinE Financial Reporting Standard 102 The Finoncigl Reportinp Stjndard opplicoble in the LIK (tnd Republic of Irelond Iunited Kingdom Generally Accepted Accountln8 Practi1. In ouropinion the financial statements.. ive a true and faiT view of the state of the charitrf5 affairs as at 5 April 2025, and of it5 incoming resources and application of resource5. including its Sncome ènd expenditure, for the year then ended.. have been properly prepared In accordance with United Kingdotn Generally Accepted AccountinE PrHrtice.' and have been prepared in accordance with the reouirements of thÈ Charities Act 2011. Basls for oplnion We conducted our audit in 3ccordance wlth Intemational standards on Auditlng IUKI IISA5 IUKII and appliiÈble law. Our section of our report. We are independent of the charity In accordancewith the ethical requirements thot are relevant to our audit of the tinancial statement5 in the UK, including the FRC'S Ethical Standard, and we h3ve fulfilled our other ethlcal re5pon5ibilities in accordance th these re4u1iviiiIltS. We believe that the audit evidence we have obtained is %ufFicient and approprf¥te to providè a baslsfor our opinion. Conclusions relating to going con£e¥n In auditlng the financial statemenrs, we have concluded that the trustees. use of the going concern basis of accountin8 In the preparation of the financial statements Is 3ppropriatÈ. Based on the work we have performed, we have not Identlfled any matÈrial uncertaintie5 relatln8 to event5 OT condition5 that, individually or collectively, may cast Significant doubt on the charity s ability to continue as a going c0firn for a period of at least twelve months from when the financial statements are authori5ed for issue. Our re5ponsibilitie5 and the respDnsibilities of the trustee5 Wlth respect to going concern are described in the relevant sections of Other information The other Information comprises the informatSon included in the trustees, annual report otherthan the financibl statements and our auditor's report rhereon. The rru5Eees are re5POn5Ible foi Ill uLliii iiifoi-matioii contained within the report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, wè do not express any form of assurance conclusion ihereon. Our responsibillty IS to read the other information and, in doing so, consider whether the other informatlon is materially inconsistent with the financial statetnents or our knowlEd8e obtained in the course of the audit or otherwise appears to be rnateri8lly misstated. If we Identify such materlal Inconsistencies or app3rent tnèterial mi5Statements, we are required to determinewhetherthis gives rise to a material misstatement in th2financi81 staternents themselve5. If, based on the work we have perfomed, we contlude that there is a tnateria1 rnis5taternent of thls other infortnation, we are requirÈd to reportthatfact. We have nothing to report this regard. Matters on whith we are requlred to report by exptIOn We have nothing to report in respect of thefollowing matters Sn relition to which the Charities IAccounts and Reports) Hegulation5 2008 rÈouire us to report to you Sf, in our opinion.. the Information given in the fin3nci31 statements is Inconsistent in any m3terial respect with the tru5tees' report., or the charity ha5 not kept adequate 8ccounting records.. or the finantial statements are Trot in agreement with thp accountine record5 and returns., or wè have not recÈived all the Intormation ano explanation5 we require for our audkt. Responsibilities oltrustee5 As e%plBined more fully in the tru".tpes' responsibiliti85 %tatemernt. sÈt on pagg S. Ihp. trustee5 are resDonsible for the preparation of the financlal 5taternent5 and for being sat15fi2d that they Eive a true and fair view, and for such internal control a5 the trustee5 determine 15 necessary to enable the preparation of financial staternents that are free frorn rnaterial misstatement, whpthÈr due to fraud or Èrror. In preparirtgthe financial statements, the trustees arp responsible for assessing the charity'$ abilityto continue as a Eoin8 concern, disclosing, as applicable, matters related to going concern and usin8 the soing concern ba515 of accounting unless the trustees either intend to liquidate the charity or to cea5È operation5, or have no realistic Hltemative but to do so.
Audltor The charity 5 auditor, Mercer & Holp, incorporated on l October2022 to become Mercer& Hole LLP. The trustees have consented totreatin8 the incorporation of Mercer & Hole LLP a5 a continuatlon of the existing3udlt arr8ngement. Audiior's responsibilities for the audit olthe financial 5tatemeThts We have been appointed a5 auditor under section 144 of the Charitie5 Act 2011 and report in èccordance with resulation5 made urKler section 154 of that Act. Our objectives are to obtiin reasonable èssurance about whether the fin3nci31 %txt*mpntfi a5 a whole are free from materlal mi55taterllent, whether due to fr8ud or error, and to 155ue an auditor'5 report that Include5 ouropinion. Reasonable assurance Is è high level of 355ur8nce but 15 not a guarantee that an audit conductsd in actord3nce with Islls IUKI will always detett a material mi5Statement when it exists. Misstaternent5 can arise frorn fraud or error and 8re considered rnBterial if, individually or in the g£regate. they could reasonèbly be expected to influence the economic decSsSons of user5 token on the basi5 of these financial 5tstements. Irrègularities. includln8 fraud, are instance5 of norTr-compliance with law5 Hnd regulatitrns. We design procedures in line with our responsibilitie5. Outlined above, to detett material rni5Statements in re5PPCt of irregularlties, including fraud. The extent to which our procedures are capable of detectin8 irreEu13ritles, including fraud, is detèilÈd below. E¥planatlon a5 towhat extent the audit was consldered capable of detectfjnB irregularities, indudrng fraud We Eained an understanding of the legal and regulatory framework appllcable to the charity and the environment In which it operate5 and considered the risk of acts by the charity that were contrary to applicoble laws and regulations, including fraud. We evaluated rnanagemeni'slncentive5 and opportunities forfraudulent manipulationofthefinancial statementsand thefinancia report lincludinE the risk of override of contrclsl, and determined that the principal risks were related to posting inappropriate entries Including joumals to overstate revenue or understate e¥penditure and management bias in accountinE estimates. Audit prOre$ performed bythe en8a8ement team included.. discussions with mana8ement. Sncludin8 considerations of known or 5U5pected instsnce5 of non-compliance with law5 and regulatlOn5 and fraud,. gaining èn understanding of mina8ement's controls desi8ned to prevent and detect irregularitles.. and dentifying and testinÈ joumal entries. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, Includingthose le3dSn8 to material rni55tatement in thefin3ncial statements ornon-compliancewith regulation. This risk increases the morethat compliance wiLII d 14w Dr re8ulatlon Is removed from the events and transactions retlected Sn the financial statements, as we will be les5 like to becoTne aware of Instances of non-compliance. The risk is alsogreatÈrregarding irregularitie50ccurringduetofraud r4therthan error. as fraud involve5 Intentional concealrrent, forgery, collusion. omission or tnisrepresenlarion. A further description of our responsibilitie5 15 3V?ilable on the Finoncial Reporting Council's website at.. www.frc.or St ndards-codes- audit-assurance-and-ethics auditors-re5 Thi5 description forms Part of our 3uditor'5 report. Use of our report This report is made solelv to the charity's trusto@s. ag a hndy. in accord3ncé with Part 4 of th• CharftSes IAccounts and Aeportsl Regulations 2008. Our audit work ha5 been Undertaken so that we might state to the ch3rity's trustees those matters we are required to State 10 thein in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the Chari5 trustees 8$ a body. fDr our audit work. for thi5 report, or for the opinions we have formed. Steve Robin50n Senior Statutory Auditor Mercer & Hole LLP Chartered Accountants 72 London Road, St Albatk5. Hertfordshire. ALI INS Dute.. 25 Sèptember 2025 Merctr & Hole ILP Is eligible to ort Gs oudittsT in terms ofsection 1212 of the ComportiesAtt2005.
Martin Laing Foundatlon - A Registered Chdrily STATEMENT OF FINANCIALACTIVITIES for the year ended 5 Aprll 2025 Total Unrestricted Fund5 Total Unrestricted Fund5 Expendable EndowrnÈnt Incornp 2025 2024 Note INCOME AND ENDOWMErs Investment5 615,990 615,990 421.048 2a 7.4LI.461 7.411.461 TOTAL INCOME 7,411,461 615.9 8,027,451 421,048 EXPENDITURE C05t of raisingfvnd5 954 954 I,(8 424,693 424,693 380,984 TOTAL EXPENDITURE 954 424,693 425,647 381,992 NET INCOME YEFORE GAINS AND LOSSES ON INVESTMEMrs 7,410,507 191,297 7,601,804 39,056 Net1055 on Investments io 1505,6161 1505,6161 183,2961 NET INCOMEIIEXPENDITUREIAFTER GAINS AND LOSSES ON INVESTMENTS 6,904,891 191,297 7.096,188 144,2401 Forei8n currency losses 12821 12821 NET MOVEMENT IN FUNDS 6,904,609 191,297 7,095,906 144,5131 FUND BALANCES BROUGHT FORWARD 13,869,098 332,854 14,201.952 14,246,465 FUND BALANCES CARRIED FORWARD 20,773,707 524,151 21,297,858 14,201,952 The Statement of FinanciHI Actwities includes èll gains ènd losses recogni5ed in the year. All income and expenditure derivesfrom continuing activities.
Martin Laing Foundation - A Registered Charity BALANCE SHEET 35 at 5 Aprll 2025 2025 2024 Note FIXED ASSETS In¥tMentS io 20,353.820 13.449,641 20.353,820 13,449,641 CURRENT ASSETS Debtor5 Cash at bank li 1.611 764,970 12 962,626 962,626 118,5881 766,581 114,2701 LIABIUTIES.. amounts falling due wlthln one year 13 NET CURRENT A55Ers 944.038 752,311 TOTAL ASSETS LESS CURRENT LIABILITIF5 21,297,8J8 14,201,95Z TOTAL NET ASSETS 21,297,858 14,201.952 Representing.. UNRESTRICTED FUNDS Expendable endowmcnt Undistributed income 14 2L).113,/D7 524,151 13,869,098 332.854 14 21,297,858 14,201,952 Approved by the TrustÈè5 On.. arKI Signed on thÈir behalf by.. |L(ul li( Date Trustee
Martin Laing Foundation - A Registered Charlty STATEMENT nF CASHFLOWS for the year ended 5 Aprll 2025 2025 2024 Note Cash flow5 fvom operating attlvities.. Net t8sh used in operating a£tivltles 16 1420,0(QI 1382,4191 Cash flows from investln8 act¢vities'. Investment income Proceeds from sale of investments Purchase of investments 615,990 1,434,46Z 11.241,2561 421,048 1,410,498 11,184.5161 Nei cash pro¥lded by investing artivitles 809,196 647,030 Change in cash and cash equivalents in the yÈar Cash and c85h equivalents atthe beginning of the year 389.196 778,011 264,611 513,400 Cash and cash eqtjivalents al the end of the year 1,167,207 778,011 Represented bv.. Cash held within the inve5tfflent portfolio Cash ai bank io 204,581 962.626 13,041 764,970 12 1,167,207 778,011 As the trust has no borrowinES. no analy515 of net debt is intluded in these financial 5tstement5. 10
Martin Laing Foundation - A Registered Charity NOTES TO THE fiNANCIALSTATIMENTS at 5 April 2025 ACCOUNTING POLICIES The prlnclpal accounting policies 8dopted arÈ a5 follow5.. al Basls of preparation and assessment of going toncern The financial staternents have been preparÈd in accordance with Accountln8 and RÈpurting by Charities.. Stètement of Recommended Prartice IFRS 1021 and update Bulletins 1 &2. and the Charities Act 20118nd applicable regulations. The financial 5taternents have been prepared under the historScal cost convention, mo(lified to Include the rÈvaluation of fixed asset inve5trnents. The charity constrtute5 a public benefit entity as defined by FRS 102. The Trustees con5iderthat there are no material uncertainties 3b¢ut the Charltvs abilltyto continue a5 a Eoin8 concern. bl Funds strurture The expendable endowment represents the funds sÈttlÈd originally by the settlor and funds sÈttled by the Kirby Laing Will Trust. The Trustees are permitted to apply the capit81 as if it were Income. Income is to be used for charitable purposes only. cl Income recognition All incomp is recogni5ed once the charlty has Èntitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of incotne receivable can be measured reliablv. Interest on funds held Is Sncluded upon notiPication of the Interest paid or payable. Dividends are recognised once the dividend his been declared and notification has been recelved of the dividend due. Credit Is taken In the accounts for income tax deducted from investment incorne which has or will be reclaimed from H M Revenue & Customs up to S April 2025. Incorne from donations and legacies is recognised as It Is reteived by the Trustees. dl ExpendItre recognition and irrecoverable VAT Liabilitie5 are recognised as expenditure a5 soon as there is a legal or wn5tructive obligation committing the charity to the expenditure, it is probable that settlÈment will be required and the amount of the obligation can be measured reliably. All expenditure Ss accounted for on an accruals basis and has been classified under headings that aggre8ate all costs re13ted to the cate80ry. Single or multi-year grants are accounted foT when either the recipient has a reasonable expectation that they will receive grant and the Trustees have agreed to pay the Erant without condition, or the recipient hès a reèsonable expectation that they will receive a grant and any tondition ottached to the grant is outside the control of the charlty. Irrecoverable VAT Is chÈr8ed ag4inst the cate80ry of resource5 expended for which Vc was Incurred. el Allocation of governan and other suppori costs Governance and support Costs have been allocated between charitable activities and governance. Governance 8nd support costs relating to charitable activities have been apportioned based on the Èstimated time spent by staff at the office of the LainE Farnily Tru5t5 in the administration of donation5 and 355es5ment of projects. The allocation of governance and support Costs is analysed in note 5. Governance costs comprise all costs involvin8 the public accountability of the Charity and its cornpli8nce wSth re8ulation and good prattice. These cost5 include the accountanty and audit COSt5 relating to these finèncial Statements tORether with an apportionrnent of overhead and support costs. fl Cost of ralsln8 ftsnds c05t of generating funds comprlses the investrnent managers, charges.
Martln Laing Foundation - A Registered Cliarity NOTESTnTHF FINANCIAL STATEMENTS at 5 April 2025 ACCOUNTING POLICIES- continued El Charitable activities The expenditure on charitable artlvities cornprises grants made In the year and governance and support costs. An analysis of the 8rant expenditure for the year 15 Shown in note 7. h) fixed asset investments Listed inve5tment5 are valued in the Balance Sheet 8t market vèlue. Unllsted Investments are included at the Trustee5' estlmafe of maiket value. The net 8ain/l105sI on revaluation and dlsp05al of inve5ttnents is shown in the Statement of 11 Realised ¥ains and losses All gains and losses are tsken to the Statement of Financial Actlvlties a5 they arise. Realised 8alns and losses on Investrnents are calculated as the dlfference between sales proceeds and their openin£ carrying value or their purchase value if acquired subsequent to the first day of the financial vear. Unrealised Eain5 and losses are calculated a5 the dlfference betweÈn the f3ir valu2 at the year end and their carrying value. Rea115ed and unreÈ1ised investmenr gain5 and 1055es are combined in the 11 Forel8n exchange TraaCtionS denowninated in foreign currencies are recorded at the rate of exchange rullng ot the date of the transactions. Monetsrya5sets and liabllltie5 denominated in foreign currencie5 are translated Into 5terling3t year-end rates and translation dFerenCeS are takÈn to the Statement ot Financial Activities. kl Currency The financial statements are prep3r*d Sn st•rllnB. which is the funrtlonal currency nf thp rharity- Monètary 3rn0unt5 in these financial statements are rounded to the nearest £. INCOME ANO ENDOWMENTS Unquoted Investment Quoted Investments BarraEr & Cooke Irustee5' Names Total 2024 2025 UK investlnents Over5ea5 investments DPFC Inve5ttnÈnt 275,542 132,875 76,687 128,857 408,417 76,687 128,857 214,835 82,063 126,633 275.542 338,419 613,961 423,531 L•ss.' non recovorablo and overseès tax 19,9301 19,9301 110,6981 275,542 328,489 604,031 412,833 Interest on rash dÈposit 11,959 8,215 615,990 421,048 2a. DONATIONS n lune 2024, the charlty recelved 642,241 Esktnuir PropertSe5 Limited share5 from the Kirby Laing Foundation at a volue of £7,411,461. Cost OF RAISING FUNDS 2025 2024 Investment manager5, charges 954 1,008 12
Martin Laing Foundation - A Registered Charity NOTES TO THE fiNANCIAL STATEMENTS at 5 April 2025 ANALYSIS OF CHARITABLE ACTlVtTIES The charity awarded grants to a number of Snstitutions in furtherantr of its charitable attivities which are surnmarlsed a5 follows.. Total Total 2025 2024 Grant funded activity Support and 8overnancÈ costs 385.545 24,5 14,143 3J2,982 13,811 12,451 1,740 Eovernance expendable endowment 424.693 380,984 ALLOCATrON OF OVERHEAD ANO SiIPPORTCOSTS Urbrertrlrt•d Funds Expendable Endowment Total Z025 Total 2024 Income Employment costs Legal fees Computer maintenance Auditors, fees Accountancy Services Bank char8ÈS Buildings ind maintenance Trustees expÈn5es Sundry expenses 20,585 20,585 12,463 1.740 618 618 349 3,900 7,488 3.900 7.488 L74 3.720 7,200 104 174 611 Gll 426 2,034 3,638 2.034 3.63B 2.000 39,048 39,048 28,(M)2 The Martin Laing Foundation is administered alongside The Maurice & Hilda Laing Charrf(able Trust, The Beatri Lain8 Trust and the Kirby Laing Foundation with which it shares the latter's four full-time member5 of staff and office space. The Martin Lain8 Foundation together with The Beatrice LainE Trust and The Maurice & Hilda Laing Ch3ritablÈ Trust5 make contributions to the Kirby Laing Foundation toward5 employment costs. The Martin Lalng Foundation contributed £20,585 durin8 the year tOW3rds these costs. The Martin Laing Foundation H150 made contrlbutlon5 of £611 to The Recufver Charitable TrusL the landlord of the offlce. in respect of office maintenance costs, Alexandr3 GreÉory 15 also a Trustee of The Beatrice Lalng Trust.
Martin Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 April 2025 ALLOCATION OF OVERHEAD AND SUPPORT COSTS- continued support C05ts were allocated between Governance and Charitable Artfvstie5 as shown below.. Total Allocated Charitable Activirles CostTrpe Basi5 of AD[rtIOnMent Governance Employment C05t5 Cornputer mainteriante Auditor's fees Accountancy services Bank char8es BuildInS and rnaintenance Tru5tee5 Expense5 Sundry expense5 20.585 618 3,900 7,488 174 611 2,034 3,638 2.058 61 18,527 10% 8overnancel90% charitable actlvltie5 557 JO% governance/90% charitsble activities All Eovernance cost5 All governance costs 166 Related to transactions 550 10% governance/90% charitsble activitles 1,831 10% goveTnancel90% charitable activities 3.274 10% 8overnancel90% charitable activitiÈs 3,900 7,488 61 203 364 2025 39,048 14,143 24,905 2024 26,362 L2,451 13,811 TRUSTEES EXPENStS AND REMUNERATION TwoTrustees claimed expenses totaling £2,034 during the year 12024- £nlll. GRANTS The charity ywarded grants to a number of ingtStLltinns in furtherance of its charit8ble activities which are summarised 35 follow5.. Z025 224 No No Children & YounÈ People Educatlon & Trainin8 Environment & Heritage Health & Medical Welfare erseas Development 23,200 150,000 20,000 30,000 SLTr,445 15,000 72,000 10,200 5,000 25.000 35,0 L5.78Z 217,000 35,000 10,000 Social Welfare & Commiinity The Arts Charitips Ald Foundation 45.OOD 385,645 352,982 DONATIONSTO CHARITIES BY CHE E OR BANKTRANSFER Children & Youn Peo 8,000 5,000 10,200 Svnderland Sports Fund The Pushkin Trust 23,200 14
Martin Laing Foundation - A Registered Charitv NOTES TO THE FINANCIALSTATEMENTS at 5 April 2025 GRANfs- contlnued DONATIONS TO CHARITIES BY CHE ELlucation & Trainin Emmanuel College, Cambridge Universlty of East Anglia UnSversity of the West of England UEOR8ANK NSFER 50,WO 50,000 50,000 150.0 Environment & Herlta GroJndwork E3St WWF-UK 10,0 10,000 20,fX)O Health & Medical Welfare Action for Ml s,uuu io,wo 10,000 Eèst Ang113n Air Ambulance Macmillan Cancer Support The Brainw3ve Centre 30,WO Ove15ea5 Develo ment FIiiTikien ghal Amblent Ahièr Fondazijoni Patrimonju Mèlti12 grants) Hands Around The World 7.965 17,480 5.000 30,445 Rell lon Diocese In Europe Tlie Norfolk Churches Trust 5,000 10,000 15,0 Soti fare & Cornrnuni Chelmsford Churches Homeless Support Schetne John Lalng Charltable Trust Norfolk Community Foundation North Norfolk Community Transport The Hamlet Centre Trust YMCA Nnrfnlk 25.OOD iO.OOD 20,000 5,000 6,000 6.000 72,fM)O CHARITIE5 AID FOUNDATION 45.000 TOTAL DONATIONS FOR THE YEAR 385,645 15
Martin Laing Foundation - A Reglstered Charity NOTES TOTHE FINANCIALSTATEMENTS at 5 April 2025 GRANTS- continued NATION5TQ EGISTERED CMARITIES VIA CHARITIES AID FOUNDATION Grants were paid to the following institution5'. Environment & H The Ware Museum Trust 3,(KJO 3,WO 2.000 2,000 Sodal W Ifdr¥ & Coinmun British Wireless for the Blind Fund Choppin's Charity The Feed Foundation 4.500 500 2,fN)O 7,000 Total 8rants madevia Charitle5 Aid Foundation 12,000 ID FOUNDATION- UMMARY Balance held as at 6 April 2024 P8ymellt5to Charities Aid Foundatlon Account charges Interest received Irant cheques 10,006 45,000 16821 19 112,0001 lance as at 5 April 2025 42,343 RELATED pARTyTRANSAIONS Alexandr8 Catherine Beatrlce Jane Gresory is a Trustee of the John Laing Ch8ritableTrustwhlch received a donation (rf £10,000 during the year. There were no other re13ted party don3tion5. 16
Martin Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at S April 2025 FUTURE COMMITMEwrs 2025 2026 2027 2028 Total Commitment5 brought forward t 6 April 2024 Commltments paid duringthe year Deferred Comrnltments added durin8 the year 25,0 125,0001 25,000 125.OLN)I 35,000 20,000 55,0(KI Comtnitment5 carried forward at 5 April 2025 35,0 20,0 55,000 In principle, addltional commitrnent5 amounting to £480,CX)O have been made but not scheduled,. the Trustees will mèke a final decision on the iw8rd of the 2rant only when certain conditions PAve met. 10. FIXED ASSET INVESTMENTS Unquoted Inve5trnents Tru5tees' Name5 Qyoted Investments Barratt & Cooke Cash held in Capital Aryounts Total Market value at 5 April 2024 Disposal proceed5 Add.. acquisitions at cost Transferfrom Kirby Laing Foundation Investment Eainslllossesl Movempnt5 in cash 3.367.372 10,069,228 11.434,4621 1,241,256 13,041 13,449,641 11,434,462) 1,241.256 7.411,461 1505,6161 191,540 7,411,461 1233,51Ql 1272.1061 191,540 Market valuè at 5 April 2025 10,545,323 9,603,916 204.581 20.353,820 Historlc cost at 5 April 2025 7,919.953 7,906.9>1 15.826,887 Hlstoric c05t at 5 April 2024 508,492 7,872.184 8,380.676 The market value of the unquoted investmenL Eskmuir Propertie5 Ltd, ha5 been calculated usingthe net455etvalue provlded to the Trustees at 30 Sèptpmh#r ?r)?4 nf f11 ?9 per share. UnquDtÈ41 Investments TrusLees' Names quoted Cash held Investments within the Boriott & InvE5trnem Cooke Portfollo Total Investment a55et5 in the UK Investment assets outside the UK 10,545.323 7,06S,472 2.538.444 204,581 17.815,376 2,538,444 10,545,323 9,603,916 204,581 20,353,820 The following investments comprise rnore thon 5% of the value of investment portfolio.. Market Value Name Holdiag Eskmuir Propertie5 Ltd 934,041 ordinary shares of £1 The DiversifiÈd Property Fund for Charltles IDPFCI 1,649,725 units Nicholas John Gregory 15 a Director of Eskmuir Properties Limited and it's 5Jbsidiaries. 10.54S,323 2,331,721
Martin Laing Foundation - A Registered Charity NOTESTOTHE FINANCIAL STATEMENTS t 5 April 202S 11. DEBTORS ?n24 2024 Dividends due 1,611 1,611 12. CASH AT BANK 2025 2024 Bank account 172,646 779,169 10.811 264,164 493,106 7.700 Money manager atcount BarrÈtt & Cooke 962,626 764,970 13. LIABILITIES: AMOUNTS FALLING DUE WtTHIN ONE YEAR 2025 2024 Accountants 14,688 7,2 3,228 Klrby Laing Foundation Reculver Trust 122 Auditors 3,900 3,720 18,588 14,270 14. UNRESTRicfED FUNDS Unrestrictèd funds at 5 Aprll 2025 comprise the followin8'. Expendable Endowment Income Attount Total Investments 20.353,820 419,887 20,353,820 962,626 Cash Debtor CreOitor5 542,739 118,5881 118.5881 20.773,707 524,151 21,297,858 15. VOWNTEERS Other than the Trustees, the Charity recÈives no contrlbution frorn volunteers.
Martin Laing Foundation - A Registered Charity NOTESTO THE FINANCIAL STATEMENTS at 5 April 2025 16. RECONCILIATION OF NET MOVEMENTS IN FUNDSTO NET CASH FLOW FROM OPERATING A1VITIEs 2025 Z024 Net m(wement in funds las p&r the 5tatetnent Df Financial Activities) L055e51lGain51 on investments shown In investing activities Deduct investment income shown In invosting activities Deduct donation frorn Kirby LainE Foundation Decrea5elllncre35el in debtor5 IncreasellDecreasel In creditors 7.095,906 505,616 I615,9) 17.411.461) 1,611 4,318 144,5131 83,296 1421,0481 217 13711 Net cash used in operatin8 activities 1420.0001 1382.4191