REGISTERED CHARITY NUMBER: 278462
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
FOR
THE DAVID LAING FOUNDATION
THE DAVID LAING FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
| Page | |
|---|---|
| Report of the Trustees | 1 to 5 |
| Report of the Independent Auditors | 6 to 7 |
| Statement of Financial Activities | 8 |
| Statement of Financial Position | 9 |
| Notes to the Financial Statements | 10 to 16 |
THE DAVID LAING FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Trust's income, which is derived from investments, is used to fund grants to bodies with exclusively charitable objectives. It is the Trustees' policy to delegate investment management to fund managers under a discretionary agreement in order to achieve a reasonable balance between capital growth and income yield. The charity is a general grant making trust.
Public benefit
The trustees have had regard to the Charity Commission guidance on public benefit and consider that all the Foundation's activities fall within this.
Grant making
The Trustees have continued their policy of making gifts to a wide range of charities with the emphasis on youth, disability and the arts.
Page 1
THE DAVID LAING FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
ACHIEVEMENT AND PERFORMANCE Charitable activities
Over the year the trust has continued to support a wide range of charities whilst maintaining a satisfactory capital value despite a very variable investment market. The trustees are grateful for the work of the financial managers Walker Cripps and Sarasins in achieving this. The two property based investments DPFC and Eskmuir have had excellent years with the latter distributing an additional special dividend following a successful property sale.
The Three Community Foundation experienced a year of exceptional pressures of demand across the range of their communities as a result of the rapidly rising costs; these are likely to continue through at least to 2024. They have been resilient in their handling of the situation and maintain regular contact with the Foundation.
Trustees have visited a wide range of charities / organisations and groups, and this is reflected in the grants delivered. The demand for donations is increasing and the trustees concentrate their giving in the geographical areas where they are based with Northamptonshire being the largest recipient. Giving is maintained to the charities previously supported as well as to new applicants with the aim being to support those we have supported rather than spread the gifting too thinly with less effect.
The "special" projects supported over the years and continuing through this year have all demonstrated good "social returns" and have flourished through the economic problems and it is the availability of labour / staff that is a problem rather than cash. It is hard not to feel sympathetic to charities in economic post covid need but the foundation has, as stated earlier tried to ensure that charities supported in the past remain buoyant. Additional secretarial support has been obtained to assist in the office management and the "out-sourcing" of some management functions is being considered. This will allow for any future growth and development of the foundation.
The experiences shared with a charity the Finnis Scott Trust have demonstrated the effectiveness of this, allowing the trustees to concentrate on their core functions.
The charity has completely revised its management and accountancy functions with the appointment of Hcr Hewitsons as its managers providing all office functions.
This has both revitalized and energized these functions.
The matter of additional trustees has been considered and the addition of Charles Laing and now Dominic Hopkins as trustees are great assets. The appointment of further trustees is now being considered and will be reviewed during the year. It is agreed that an additional "external" trustee would be beneficial.
The area of greatest risk to the Foundation is the possible collapse of the property market where the Foundation derives a great deal of its income. This would reduce income and the capability of giving but would not cause a fundamental problem for the Foundation.
The need to have a progression of new trustees is being considered to ensure continuity.
The governance of the Foundation is monitored by the professional advisors and the charity commission. Organisations visited and supported during the year include;
Birmingham Royal Ballet Fiori Musicali Crusader community boating Eleven Arches Music in Country Churches PCC of Grafton Underwood The Northamptonshire Community Foundation Royal College of Music St John Priory Group Northamptonshire Music and Performing Arts Trust
Page 2
THE DAVID LAING FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
FINANCIAL REVIEW
The trustees have resolved to retain liquid reserves of not less than 2.5% of the current market value of the fund. At the year-end liquid cash reserves of £142,316 were held by the charity, which equates to 2.44% of total charity funds. The trustees regard the liquidity of the investments to be sufficient to cover the charity's requirements. At the year-end total funds are £5,829,442 of which all are unrestricted.
The management costs of the Investment Portfolio of £24,159 (2022: £25,312) have been allocated against the capital of the Trust.
The investment income for the year amounted to £182,652 (2022: £179,721) from which were allocated administration expenses of £7,621 (2022: £10,034). Charitable donations of £329,940 (2022: £244,410), as detailed in the notes to the accounts, were made during the year. Charitable project costs spent in the year amounted to £174,397. Running costs associated with the charity's fixed assets amounted to £6,269 (2022: £6,269). The administration costs make up 4.4% (2022: 5.3%) of total incoming resources.
The trustees donations target of making total annual donations of at least 5% of the gross value of the Foundation is a target and is reviewed annually. The 5% target was met this year.
FUTURE PLANS
Who knows where the future will lead us over the coming year, but trustees will look to support charities previously supported in order to ensure their ongoing viability as well as those where we can provide our help for cases of need.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is an unincorporated trust, constituted under a trust deed dated 2 July 1979 and is a registered charity, number 278462. The Trust was established by an initial gift from David Eric Laing. The trust does not actively fundraise and seeks to continue the work desired by the Settlor through the careful stewardship of its existing resources.
At the half year Trustees' meeting the Trustees agreed the strategy and areas of activity for the Trust including consideration of grant making, investment, reserves and risk management policies and performance.
The Foundation's Deed does not provide for a minimum number of Trustees and the Trustees do not need to be reappointed in any one year. The power of appointing a new Trustee or Trustees is vested in the Settlor (David Laing) during his life.
The policies and procedures adopted for the induction and training of new Trustees is decided by the continuing Trustees prior to appointment.
Trustees
Trustees work on a gratuitous basis and may request for reimbursable out of pocket expenses.
Investment Policy
Investments are held in a discretionary management basis with the Foundations Fund managers and may also be held in any approved vehicle.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
278462
Principal address
The Manor House Grafton Underwood Northamptonshire NN14 3AA
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THE DAVID LAING FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
Trustees
D E Laing J S Lewis R F D Barlow (deceased 3/11/23) Mrs F M Laing C Laing (appointed 1/1/23) D Hopkins (appointed 23/9/23)
Auditors
Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor 264 Banbury Road Oxford Oxfordshire OX2 7DY
Bankers
Weatherbys Bank PLC Sanders Road Wellingborough Northamptonshire NN8 4BX
Investment Managers
Walker Crips Stockbrokers Finsbury Tower 103-105 Bunhill Row London EC1Y 8LZ
Sarasin & Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
The Trustees are jointly responsible for the day to day running and management of the Charity.
TRUSTEES HOLDING TITLE TO PROPERTY
The Trustees D E Laing, Mrs F M Laing, C W D Laing, J S Lewis and D A Hopkins hold title to the property that belongs to the Charity, as stated in the notes to the financial statements.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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THE DAVID LAING FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 5[th] February 2024 and signed on its behalf by:
Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVID LAING FOUNDATION
Opinion
We have audited the financial statements of The David Laing Foundation (the 'charity') for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVID LAING FOUNDATION
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of investment income and unusual bank transactions. We discussed these risks with client management, designed audit procedures to test the timing of income, reviewed any large and unusual bank transactions to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor 264 Banbury Road Oxford Oxfordshire OX2 7DY
Date: 5[th] February 2024
Page 7
THE DAVID LAING FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities 3 Charitable activities Investment income 2 Total EXPENDITURE ON Raising funds 4 Charitable activities Charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 15,000 182,652 197,652 24,159 518,227 542,386 (396,568) (741,302) 6,570,744 5,829,442 |
Restricted fund £ - - - - - - - - - - - |
2023 Total funds £ - 15,000 182,652 197,652 24,159 518,227 542,386 (396,568) (741,302) 6,570,744 5,829,442 |
2022 Total funds £ 10,000 15,000 179,721 204,721 25,312 275,713 301,025 621,000 524,696 6,046,048 6,570,744 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 8
THE DAVID LAING FOUNDATION
STATEMENT OF FINANCIAL POSITION 5 APRIL 2023
| Notes FIXED ASSETS Tangible assets 9 Investments 10 CURRENT ASSETS Debtors: amounts falling due within one year 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS |
Unrestricted Restricted fund fund £ £ 263,307 - 5,491,878 - 5,755,185 - 20,865 - 142,316 - 163,181 - (88,924) - 74,257 - 5,829,442 - 5,829,442 - |
2023 Total funds £ 263,307 5,491,878 5,755,185 20,865 142,316 163,181 (88,924) 74,257 5,829,442 5,829,442 5,829,442 5,829,442 |
2022 Total funds £ 269,576 6,112,275 6,381,851 18,686 188,726 207,412 (18,519) 188,893 6,570,744 6,570,744 6,570,744 6,570,744 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 5[th] February 2024 and were signed on its behalf by:
The notes form part of these financial statements
Page 9
THE DAVID LAING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The presentation currency of the financial statements is the Pound Sterling (£).
Legal form
The Foundation is an unincorporated charity registered in England and Wales. Its registered charity number and principal address is shown in the Trustees Report.
Going Concern
There are no material going concern uncertainties.
Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the charity accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or a reasonable value on receipt.
Depreciation is provided at the following annual rates to write off each asset over its estimated useful life:
- Freehold property - over 50 years
Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property have different useful lives, they are accounted for as separate items of property.
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THE DAVID LAING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
1. ACCOUNTING POLICIES - continued
Tangible fixed assets for use by charity
Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The trustees are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The trustees consider that the individual carrying values of assets are supportable by their value in use.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments quoted on a recognised stock exchange are valued at fair value at the year end. Other investment assets are included at trustees' best estimate of fair value.
Financial Instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
2. INVESTMENT INCOME
| UK Dividends Foreign Dividends UK Interest Distribution Authorised Unit Trusts Real Estate Investment Trust-PID |
2023 £ 96,428 18,343 47,669 16,031 4,181 182,652 |
2022 £ 102,775 14,357 44,692 14,330 3,565 179,719 |
|---|---|---|
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THE DAVID LAING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
| 3. | INCOME FROM CHARITABLE ACTIVITIES | INCOME FROM CHARITABLE ACTIVITIES | ||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| Activity | £ | £ | ||||
| Rental income | Charitable activities | 15,000 | 15,000 | |||
| 4. | RAISING FUNDS | |||||
| Investment management costs | ||||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Investment management fees | 24,159 | 25,312 | ||||
| 5. | GRANTS PAYABLE | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Charitable activities | 329,940 | 259,410 | ||||
| Grants payable to institutions | ||||||
| Purpose for which grants | made | 2023 | 2022 | |||
| £ | £ | |||||
| Arts & Culture | 103,830 | 106,310 | ||||
| Child & Youth (including education) | 6,200 | 38,450 | ||||
| General Charitable Purposes | 145,250 | 70,450 | ||||
| Disability/Disadvantaged/Health/Sickness/Medical | 45,410 | 30,200 | ||||
| Overseas Aid | 5,600 | 2,650 | ||||
| Religion | 10,150 | 4,500 | ||||
| Social Welfare/Sports/Recreation | 13,500 | 8,350 | ||||
| 329,940 | 259,410 | |||||
| Grants payable to institutions during the year totalling £3,500 or greater than are shown below: | ||||||
| £ | ||||||
| Birmingham Royal Ballet | 39,000 | |||||
| Fiori Musicali | 12,000 | |||||
| Crusader community boating | 5,000 | |||||
| Eleven Arches | 10,000 | |||||
| Music in Country Churches | 5,000 | |||||
| PCC of Grafton Underwood | 40,000 | |||||
| The Northamptonshire Community Foundation | 85,000 | |||||
| Royal College of Music | 7,000 | |||||
| St John Priory Group | 25,000 | |||||
| Northamptonshire Music and Performing Arts Trust | 5,400 | |||||
| The Princess Trust | 10,000 |
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THE DAVID LAING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
6. AUDITORS' REMUNERATION
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's auditors for the audit of the charity's | ||
| financial statements | 6,390 | 5,956 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
All transactions for the comparative period were on unrestricted fund so the disclosure on the face of the SOFA (page 8) is complete.
9. TANGIBLE FIXED ASSETS
| COST At 6 April 2022 and 5 April 2023 DEPRECIATION At 6 April 2022 Charge for year At 5 April 2023 NET BOOK VALUE At 5 April 2023 At 5 April 2022 |
Freehold property £ 313,459 43,883 6,269 50,152 263,307 269,576 |
|---|---|
10. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2022 Additions Disposals Revaluations At 5 April 2023 NET BOOK VALUE At 5 April 2023 At 5 April 2022 |
Listed investments £ 5,162,275 319,521 (543,350) (356,568) 4,581,878 4,581,878 5,162,275 |
Unlisted investments £ 950,000 - - (40,000) 910,000 910,000 950,000 |
Totals £ 6,112,275 319,521 (543,350) (396,568) 5,491,878 5,491,878 6,112,275 |
|---|---|---|---|
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THE DAVID LAING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
10. FIXED ASSET INVESTMENTS - continued
There were no investment assets held outside the UK.
Investments held within the portfolio which represent greater than 5% of the total value of the investments held at the year end are shown below:
| Monument Growth Fund Sarasin Endowments Fund Class A Income Eskmuir Properties Limited Diversified Property Fund for Charities 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income 13. MOVEMENT IN FUNDS At 6/4/22 £ Unrestricted funds General fund 6,570,744 TOTAL FUNDS 6,570,744 |
value at 05/04/2023 Holding at 05/04/2023 £ % 1,210,030 26.41 645,834 14.10 470,000 10.26 440,000 9.60 2023 2022 £ £ 20,865 18,686 2023 2022 £ £ 88,924 18,519 Net movement At in funds 5/4/23 £ £ (741,302) 5,829,442 (741,302) 5,829,442 |
|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 197,652 197,652 |
Resources expended £ (542,386) (542,386) |
Gains and Movement losses in funds £ £ (396,568) (741,302) (396,568) (741,302) |
|---|---|---|---|
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THE DAVID LAING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
13. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 6/4/21 £ 6,046,048 6,046,048 |
Net movement in funds £ 524,696 524,696 |
At 5/4/22 £ 6,570,744 6,570,744 |
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Sir John Laing statue TOTAL FUNDS |
Incoming resources £ 179,721 10,000 189,721 |
Resources expended £ (276,025) (10,000) (286,025) |
Gains and Movement losses in funds £ £ 621,000 524,696 - - 621,000 524,696 |
|---|---|---|---|
Unrestricted Funds
General funds to be used for any purposes within the charitable objectives of the Foundation.
Restricted Funds
The Sir John Laing statue fund is for funds received specifically to be spent on the commissioning of a bronze statue of Sir John Laing, to be situated in Barrow-in-Furness.
14. RELATED PARTY DISCLOSURES
All grants paid to related charities are subject to approval of the full Board of Trustees and are made in accordance with the usual grant making activities.
The Foundation holds shares within Eskmuir Properties Limited, a company in which David Laing is a non executive director, but he does not have control of the company. The investment is noted previously in the notes to the financial statements.
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THE DAVID LAING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023
15. ULTIMATE CONTROLLING PARTY
The charity was under the ultimate control of the Trustees throughout the year.
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