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 c￿HFL0WS
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 AdmInIstra￿0Th 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, C￿Em￿n¢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 thr￿Lj￿h 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 h￿oSted Si8nificantly by the 8ift of sha￿5 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
to￿8￿d5 the pres￿ry￿LiVil 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 c￿rItY 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 be￿lf 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 Practi￿1.
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 re4u1iviii￿IltS. 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 c0fi￿rn 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 ex￿ptIOn
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 prO￿￿￿re$ 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 Chari￿5 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 ENDOWME￿rs
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 ExpendIt￿re 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
Tra￿aCtionS 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
d￿FerenCeS 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
BuildIn￿S 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
2￿24
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 pARTyTRANSA￿IONS
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 A￿1VITIEs
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