**REGISTERED CHARITY NUMBER: 278462**
## **REPORT OF THE TRUSTEES AND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
**FOR**
**THE DAVID LAING FOUNDATION**
**THE DAVID LAING FOUNDATION**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 5|
|**Report of the Independent Auditors**|6 to 8|
|**Statement of Financial Activities**|9|
|**Statement of Financial Position**|10|
|**Statement of Cash Flows**|11|
|**Notes to the Statement of Cash Flows**|12|
|**Notes to the Financial Statements**|13 to 23|
|**Detailed Statement of Financial Activities**|24 to 25|
**THE DAVID LAING FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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 exclusively in accordance with the charity's 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 2025**
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
The Trustees of the David Laing Foundation are pleased to present this Annual Report, outlining the Foundation's activities, financial performance, and charitable impact over the past year. Despite challenging economic conditions, the Foundation has continued to uphold its mission of supporting charitable organisations across Northamptonshire and the wider United Kingdom.
## **Financial Overview**
The Foundation has successfully maintained its capital value throughout the year, despite a highly variable investment market. This achievement is due in large part to the prudent management of our financial advisors, Walker Cripps and Sarasin, to whom the Trustees extend their sincere thanks.
The two property-based investments-DPFC and Eskmuir-have delivered strong returns. The trustees remain deeply grateful to the Kirby Laing Foundation for its generous gift of shares in Eskmuir Properties PLC, received during this financial period. The increased holding in Eskmuir has significantly enhanced the distributable income from these assets, enabling the Foundation to broaden its philanthropic reach and support a wider range of charitable initiatives.
## **Community Foundations and Economic Pressures**
The three Community Foundations supported by the Foundation experienced exceptional demand across their communities, driven by the ongoing Cost of Living Crisis. These pressures are expected to persist through at least 2026. The Trustees commend the resilience and adaptability of the Community Foundations in responding to both macro- and micro-economic challenges and continue to maintain regular contact with them.
The Foundation is proud to support the Northamptonshire Community Foundation through the provision of Trust property at Albion Place, Northampton, enabling their continued operations and outreach.
## **Commitment to Legacy**
The Trustees remain steadfast in their commitment to ensuring that David Laing's legacy continues to shine through the work of the Foundation. Mrs Mary Laing continues to serve as Chairman, upholding the spirit and vision of David's gift. The Trustees are profoundly grateful for her ongoing leadership and support.
## **Grant-Making Activities**
Throughout the year, Trustees have engaged directly with a wide range of charities, organisations, and community groups. This engagement is reflected in the diversity and scope of grants awarded. Demand for funding continues to escalate, and the Trustees have focused their giving within their local regions, with Northamptonshire receiving the largest share.
Support has been maintained for previously funded charities, alongside new applicants. The Foundation's website has played a key role in expanding outreach, resulting in a broader range of grant enquiries than in previous years.
A notable highlight of the year was the Foundation's grant to Northampton Rowing Club, which enabled the purchase of a competition racing boat for two junior athletes on the GB development pathway. The boat, named Let Your Light Shine in memory of David Laing, has since achieved notable success in prestigious competitions, marking a historic milestone for the club. The Trustees are proud of this partnership and remain committed to supporting grassroots sports and the arts-particularly where young athletes and performers demonstrate exceptional promise and ambition.
## **Organisations Supported**
During the year, the Foundation visited and supported a wide range of organisations. A selection includes:
- Birmingham Royal Ballet
- Northamptonshire Community Foundation
- Royal College of Music
- Maggie's
- Northampton Saints Foundation
- Souster Youth
Page 2
**THE DAVID LAING FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
- The Derngate Trust
- Delapré Abbey
## **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 £352,797 were held by the charity, which equates to 3.15% 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 £11,214,165 of which £67,867 is designated to be spent in the next financial year, and £7,381 is restricted. Unrestricted general funds total £11,138,917.
The management costs of the Investment Portfolio of £20,586 (2024: £23,429) have been allocated against the capital of the Trust.
The investment income for the year amounted to £349,599 (2024: £174,378) from which were allocated administration expenses of £25,421 (2024: £25,361). Investment income and the investments held in the balance sheet at the year end have risen during the year due to the donation of unlisted shares from the Kirby Laing Foundation.
Charitable grants of £245,059 (2024: £338,516) as detailed in the notes to the accounts, were made during the year. Charitable project costs spent in the year amounted to £29,960 (2024: £57,659). Depreciation costs associated with the charity's fixed assets amounted to £6,269 (2024: £6,269). The administration costs make up 0.45% (2024: 9.6%) of total incoming resources.
## **FUTURE PLANS**
The Trustees remain dedicated to supporting a diverse array of projects that align with the Foundation's overarching charitable objectives-focusing especially on initiatives where the Foundation's resources can be deployed most effectively, enabling beneficiaries to truly let their light shine.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The David Laing Foundation is an unincorporated trust, established under a Trust Deed dated 2 July 1979, and is registered with the Charity Commission under number 278462.
The Foundation was founded through an initial gift from David Eric Laing. It does not engage in active fundraising, but instead seeks to fulfil the philanthropic vision of its Settlor through the careful stewardship of its existing resources.
At the mid-year Trustees' meeting, the Board reviews and agrees upon the strategic direction and key areas of activity for the Foundation. This included consideration of grant-making priorities, investment strategy, reserves policy, and risk management performance.
The Trust Deed does not stipulate a minimum number of Trustees, nor does it require annual reappointment. The authority to appoint new Trustees rests with the existing Board, exercised by unanimous decision and with due regard to the best interests of the Foundation.
Policies and procedures for the induction and training of new Trustees are determined by the continuing Trustees prior to any appointment, ensuring that new members are well-prepared to uphold the values and responsibilities of the Foundation,
## **Organisational structure**
The governance of the Foundation is overseen by professional advisors at HCR Law LLP and monitored by the Charity Commission.
The Trustees are jointly responsible for the day to day running and management of the Charity. The Trustees remain committed to maintaining the highest standards of transparency, accountability, and compliance.
Page 3
**THE DAVID LAING FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Trustees**
Trustees serve in a voluntary capacity and may claim reimbursement for reasonable out-of-pocket expenses incurred in the course of their duties.
## **Investment Policy**
Investments are managed on a discretionary basis by the Foundation's appointed fund managers and may also be held in any approved investment vehicle, in accordance with the Foundation's investment policy.
## **Risk management**
The Trustees have examined the major strategic, business and operational risks that the Trust faces and confirm that appropriate measures have been taken to protect the Trust from them as far as possible.
The primary financial risk to the Foundation remains a potential downturn in the property market, which constitutes a significant source of income. While such a collapse would impact the Foundation's capacity for giving, it would not pose a fundamental threat to its long-term stability.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
278462
## **Principal address**
c/o HCR Hewitsons Lancaster House Nunn Mills Road Northampton Northamptonshire NN1 5GE
## **Trustees**
J S Lewis Mrs F M Laing C Laing D Hopkins J B Laing
## **Auditors**
Shaw Gibbs (Audit) Limited Chartered Certified Accountants Statutory Auditor Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
## **Bankers**
Weatherbys Bank PLC Sanders Road Wellingborough Northamptonshire NN8 4BX
Page 4
**THE DAVID LAING FOUNDATION**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
## **REFERENCE AND ADMINISTRATIVE DETAILS 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
## **TRUSTEES HOLDING TITLE TO PROPERTY**
The Trustees Mrs F M Laing, C W D Laing, J B 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).
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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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.
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 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows 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:
- give a true and fair view of the state of the charity's affairs as at 5 April 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- 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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 6
**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:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
Page 7
**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE DAVID LAING FOUNDATION**
## **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 Eagle House 28 Billing Road Northampton Northamptonshire NN1 5AJ
Date: 2 December 2025
Page 8
**THE DAVID LAING FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Charitable activities
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Charitable activities
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
funds
fund
£
£
5,298,430
-
15,000
20,000
349,599
-
5,663,029
20,000
20,586
-
276,749
29,960
297,335
29,960
(6,128)
-
5,359,566
(9,960)
5,847,218
17,341
11,206,784
7,381|2025
Total
funds
£
5,298,430
35,000
349,599
5,683,029
20,586
306,709
327,295
(6,128)
5,349,606
5,864,559
11,214,165|2024
Total
funds
£
-
90,000
174,378
264,378
23,429
427,805
451,234
221,973
35,117
5,829,442
5,864,559|
|---|---|---|---|
The notes form part of these financial statements
Page 9
**THE DAVID LAING FOUNDATION**
## **STATEMENT OF FINANCIAL POSITION 5 APRIL 2025**
|Notes
**FIXED ASSETS**
Tangible assets
13
Investments
14
**CURRENT ASSETS**
Debtors: amounts falling due within one year 15
Cash at bank
**CREDITORS**
Amounts falling due within one year
16
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year 17
**NET ASSETS**
**FUNDS**
18
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
Restricted
funds
fund
£
£
250,769
-
10,781,871
-
11,032,640
-
21,270
-
352,797
7,381
374,067
7,381
(133,923)
-
240,144
7,381
11,272,784
7,381
(66,000)
-
11,206,784
7,381|2025
Total
funds
£
250,769
10,781,871
11,032,640
21,270
360,178
381,448
(133,923)
247,525
11,280,165
(66,000)
11,214,165
11,206,784
7,381
11,214,165|2024
Total
funds
£
257,038
5,507,326
5,764,364
22,344
245,396
267,740
(80,545)
187,195
5,951,559
(87,000)
5,864,559
5,847,218
17,341
5,864,559|
|---|---|---|---|
The notes form part of these financial statements
Page 10
**THE DAVID LAING FOUNDATION**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of fixed asset investments
Sale of fixed asset investments
Dividends received
Net cash provided by investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|2025
£
(241,064)
(241,064)
(389,324)
395,571
349,599
355,846
114,782
245,396
360,178|2024
£
(277,823)
(277,823)
(299,724)
506,249
174,378
380,903
103,080
142,316
245,396|
|---|---|---|
The notes form part of these financial statements
Page 11
**THE DAVID LAING FOUNDATION**
## **NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|2025
£
**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
5,349,606
**Adjustments for:**
Depreciation charges
6,269
Losses/(gain) on investments
6,128
Dividends received
(349,599)
Donations received as shares
(5,286,920)
Decrease/(increase) in debtors
1,074
Increase in creditors
32,378
**Net cash used in operations**
(241,064)
**2.**
**ANALYSIS OF CHANGES IN NET FUNDS**|2024
£
35,117
6,269
(221,973)
(174,378)
-
(1,479)
78,621
(277,823)|
|---|---|
||At 6/4/24|Cash flow|At 5/4/25|
|---|---|---|---|
||£|£|£|
|**Net cash**||||
|Cash at bank|245,396|114,782|360,178|
||245,396|114,782|360,178|
|**Total**|245,396|114,782|360,178|
The notes form part of these financial statements
Page 12
**THE DAVID LAING FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **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.
Page 13
continued...
**THE DAVID LAING FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **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. DONATIONS AND LEGACIES**
|Donations|2025
£
5,298,430|2024
£
-|
|---|---|---|
The donations to the Foundation are transfers of shares from the Kirby Laing Foundation.
Page 14
continued...
**THE DAVID LAING FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
|**3.**
**INVESTMENT INCOME**
UK Dividends
Foreign Dividends
UK Interest Distribution
Authorised Unit Trusts
Real Estate Investment Trust-PID
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Rental income
Charitable activities
Grants
Charitable activities
Grants received, included in the above, are as follows:
Kirby Laing Foundation
Maurice and Hilda Laing Charitable Trust
The Martin Laing Foundation
The Beatrice Laing Trust
J W Laing Trust
**5.**
**RAISING FUNDS**
**Investment management costs**
Investment management fees|2025
£
299,556
21,389
19,246
7,170
2,238
349,599
2025
£
15,000
20,000
35,000
2025
£
-
-
-
-
20,000
20,000
2025
£
20,586|2024
£
89,131
26,460
44,366
10,866
3,555
174,378
2024
£
15,000
75,000
90,000
2024
£
30,000
15,000
10,000
20,000
-
75,000
2024
£
23,429|
|---|---|---|
||||
Page 15
continued...
**THE DAVID LAING FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **6. CHARITABLE ACTIVITIES COSTS**
|Direct
Costs (see
note 7)
£
Charitable activities
36,229
**7.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Community and heritage project costs
Depreciation
**8.**
**GRANTS PAYABLE**
Charitable activities|Grant
funding of
activities
(see note
8)
£
245,059|Support
costs (see
note 9)
£
25,421
2025
£
29,960
6,269
36,229
2025
£
245,059|Totals
£
306,709
2024
£
57,659
6,269
63,928
2024
£
338,516|
|---|---|---|---|
Page 16
continued...
**THE DAVID LAING FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **8. GRANTS PAYABLE - continued**
## **Grants payable to institutions**
## **Purpose for which grants made**
|**Purpose for which grants made**
Arts & Culture
Child & Youth (including education)
General Charitable Purposes
Disability/Disadvantaged/Health/Sickness/Medical
Overseas Aid
Religion
Social Welfare/Sports/Recreation|2025
£
71,150
97,450
37,428
8,630
-
7,300
22,500
245,059|2024
£
119,400
63,486
24,650
97,500
1,260
17,220
15,000
338,516|
|---|---|---|
## **Grants payable to institutions during the year totalling £3,500 or greater than are shown below:**
||**£**|
|---|---|
|NMPAT|5,000|
|PCC of All Saints Church|5,000|
|Northampton Male Voice Choir|13,250|
|The Travers Foundation|5,000|
|Northampton Saints Foundation|5,000|
|National Youth Arts Trust|4,000|
|Oxfordshire Mind|4,000|
|The Harrow Development Trust|5,000|
|Northampton College|5,000|
|The Paviors' Co. Livery Trust for Charities|11,229|
|Early Opera Company Ltd|5,000|
|The Royal and Derngate|5,000|
|Northampton Rowing Club|10,000|
|Northamptonshire Trampoline and Gymnastics Academy|4,000|
|Souster Youth Trust|7,750|
|Historic England|20,000|
|Northampton Access to Justice|5,000|
|Kings Fund|15,000|
|The Lowdown|15,000|
|Northamptonshire Association of Youth Clubs|50,000|
|The Kirby Laing Centre for Public Theology|10,000|
Page 17
continued...
**THE DAVID LAING FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **9. SUPPORT COSTS**
|Governance
Management
Other
costs
£
£
£
Charitable activities
880
3,643
20,898
Support costs, included in the above, are as follows:
2025
Charitable
activities
£
Insurance
880
Website costs
-
Property repair costs
3,643
Auditors' remuneration
4,600
Auditors' remuneration for non audit
work
3,356
Legal and professional fees
12,942
25,421
**10.**
**AUDITORS' REMUNERATION**
2025
£
Fees payable to the charity's auditors for the audit of the charity's
financial statements
4,600
Auditors' remuneration for non audit work
3,356|Totals
£
25,421
2024
Total
activities
£
931
2,736
-
4,416
2,375
14,903
25,361
2024
£
4,416
2,375|
|---|---|
|||
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
## **12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
**Charitable activities**
Charitable activities
Investment income
**Total**
**EXPENDITURE ON**
Raising funds|Unrestricted
funds
£
15,000
174,378
189,378
23,429|Restricted
fund
£
75,000
-
75,000
-|Total
funds
£
90,000
174,378|
|---|---|---|---|
||||264,378|
||||23,429|
Page 18
continued...
**THE DAVID LAING FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
|**12.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -**
Unrestricted
funds
£
**Charitable activities**
Charitable activities
370,146
**Total**
393,575
Net gains on investments
221,973
**NET INCOME**
17,776
**RECONCILIATION OF FUNDS**
Total funds brought forward
5,829,442
**TOTAL FUNDS CARRIED FORWARD**
5,847,218
**13.**
**TANGIBLE FIXED ASSETS**
**COST**
At 6 April 2024 and 5 April 2025
**DEPRECIATION**
At 6 April 2024
Charge for year
At 5 April 2025
**NET BOOK VALUE**
At 5 April 2025
At 5 April 2024|**continued**
Restricted
fund
£
57,659
57,659
-
17,341
-
17,341||Total
funds
£
427,805|
|---|---|---|---|
||||451,234|
||||221,973|
||||35,117
5,829,442|
||||5,864,559|
||||Freehold
property
£
313,459
56,421
6,269
62,690
250,769
257,038|
Page 19
continued...
**THE DAVID LAING FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **14. FIXED ASSET INVESTMENTS**
|**14.**|**FIXED ASSET INVESTMENTS**|||||
|---|---|---|---|---|---|
|||Listed|Unlisted|||
|||investments|
investments||Totals|
|||£|£||£|
||**MARKET VALUE**|||||
||At 6 April 2024|4,597,326|910,000||5,507,326|
||Additions|395,452|5,286,920||5,682,372|
||Disposals|(401,699)|-||(401,699)|
||Revaluations|(36,128)|30,000||(6,128)|
||At 5 April 2025|4,554,951|6,226,920||10,781,871|
||**NET BOOK VALUE**|||||
||At 5 April 2025|4,554,951|6,226,920||10,781,871|
||At 5 April 2024|4,597,326|910,000||5,507,326|
||There were no investment assets held outside the UK.|||||
||Investments held within the portfolio which represent greater than 5% of the total||||value of th|
||investments held at the year end are shown below:|||||
||||value at|Holding at||
||||05/04/2025|05/04/2025||
||||£||%|
||Monument Growth Fund||1,327,203||12.31|
||Sarasin Endowments Fund Class A Income||675,423||6.26|
||Eskmuir Properties Limited||5,756,920||53,39|
|**15.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
||||2025||2024|
||||£||£|
||Prepayments and accrued income||21,270||22,344|
|**16.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||
||||2025||2024|
||||£||£|
||Accruals and deferred income||22,923||23,045|
||Grants payable||111,000||57,500|
||||133,923||80,545|
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:
Page 20
continued...
**THE DAVID LAING FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
|Grants payable
**18.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Refurbishment project
Memorial collection fund
**Restricted funds**
Sir John Laing statue
**TOTAL FUNDS**|At 6/4/24
£
5,787,218
60,000
-
5,847,218
17,341
5,864,559|2025
£
66,000
Net
movement
in funds
£
5,351,699
(3,643)
11,510
5,359,566
(9,960)
5,349,606|2024
£
87,000
At
5/4/25
£
11,138,917
56,357
11,510
11,206,784
7,381
11,214,165|
|---|---|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Refurbishment project
Memorial collection fund
**Restricted funds**
Sir John Laing statue
**TOTAL FUNDS**|Incoming
resources
£
5,651,519
-
11,510
5,663,029
20,000
5,683,029|Resources
expended
£
(293,692)
(3,643)
-
(297,335)
(29,960)
(327,295)|Gains and
losses
£
(6,128)
-
-
(6,128)
-
(6,128)|Movement
in funds
£
5,351,699
(3,643)
11,510
5,359,566
(9,960)
5,349,606|
|---|---|---|---|---|
Page 21
continued...
**THE DAVID LAING FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **18. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
Refurbishment project
**Restricted funds**
Sir John Laing statue
**TOTAL FUNDS**|At 6/4/23
£
5,829,442
-
5,829,442
-
5,829,442|Net
movement
in funds
£
17,776
-
17,776
17,341
35,117|Transfers
between
funds
£
(60,000)
60,000
-
-
-|At
5/4/24
£
5,787,218
60,000
5,847,218
17,341
5,864,559|
|---|---|---|---|---|
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
£
189,378
75,000
264,378|Resources
expended
£
(393,575)
(57,659)
(451,234)|Gains and
Movement
losses
in funds
£
£
221,973
17,776
-
17,341
221,973
35,117|
|---|---|---|---|
## **Unrestricted Funds**
General funds - funds to be used for any purposes within the charitable objectives of the Foundation.
Refurbishment project - designated funds to be used next year for the refurbishment of the property held by the charity.
Memorial collection fund - funds raised at the memorial service of David Laing, to be used for a specific purpose to be decided upon.
## **Restricted Funds**
Sir John Laing statue - during the year £75,000 was received from other Laing Family Trusts, to be used as contributions towards the total costs of the statue of Sir John Laing, which is currently being built by the Foundation.
Page 22
continued...
**THE DAVID LAING FOUNDATION**
**NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025**
## **19. 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.
Restricted grants of £20,000 (2024 - £75,000) were received in the year from charitable Foundations with common Trustees of The David Laing Foundation. These grants were contributions for the community project expenditure spent in the current year, and the balance carried forwards to be spent next year.
## **20. ULTIMATE CONTROLLING PARTY**
The charity was under the ultimate control of the Trustees throughout the year.
Page 23
**THE DAVID LAING FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Fixed asset investment income
**Charitable activities**
Rental income
Grants
**Total incoming resources**
**EXPENDITURE**
**Investment management costs**
Investment management fees
**Charitable activities**
Community and heritage project costs
Depreciation of freehold property
Grants to institutions
**Support costs**
**Management**
Insurance
Website costs
**Other**
Property repair costs
**Governance costs**
Auditors' remuneration
Auditors' remuneration for non audit work
Legal and professional fees
Total resources expended
**Net income/(expenditure) before gains**
**and losses**|2025
£
5,298,430
349,599
15,000
20,000
35,000
5,683,029
20,586
29,960
6,269
245,059
281,288
880
-
880
3,643
4,600
3,356
12,942
20,898
327,295
5,355,734|2024
£
-
174,378
15,000
75,000
90,000
264,378
23,429
57,659
6,269
338,516
402,444
931
2,736
3,667
-
4,416
2,375
14,903
21,694
451,234
(186,856)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 24
**THE DAVID LAING FOUNDATION**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|**Realised recognised gains and losses**
Realised gains/(losses) on fixed asset
investments
**Net income**|2025
£
(6,128)
5,349,606|2024
£
221,973
35,117|
|---|---|---|
This page does not form part of the statutory financial statements
Page 25