MRS F B LAURENCE'S CHARITABLE TRUST
ANNUAL REPORT AND ACCOUNTS
30 JUNE2023
PA YNE HICKS BEACH LLP
Solicilors
10 New Square
Linooln's Inn
London WC2A 3QG

MRS F B LAURENCE'S CHARITABLE TRUST
CONTENTS
Adrninistrative Informallon about th8 charity, it5 trustees and advisers
Trustees, R8POrt
Independent Examlner's Report
10
Statement of Financlal A¢tiviti8S
Comparativ8 Slalemenl of Financial Activities
12
Balanc6 Sheet
13-16
Prlnclpal Accounting Policies
17-23
Notes to the Accounts
endix
24
Grants payable

Pa
MRS F B LALIRENCE CHARITABLE TRUST
ADMINISTRATIVE INFORMATION ABOUT THE CHARITY ITS TRUSTEES AND ADVISERS
TRUSTEES
Caroline Esther Mary Fry
Payne Hicks Beach Trust Corporation Limited
William George Harnilton
PRINCIPAL ADDRESS
10 New Square
Lincoln's Inn
London WC2A 3QG
EMAIL ADD
TheMrsF8Laur8nceChaiil
hb.co.u
CHARITY REGISTRATION NO
296548
INDEPENDENT EXAMINER
Paul Davis FCA
Bright Grahame Murray
Emperorfs Gate
114a Cromwell Road
Kensinglon
London SW7 4AG
NVE
TMENT MANAGERS
Rufler LLP
80 Viclorla street
London SW1E 5JL
JM Finn
25 Copthall Avenue
London EC2R 7AH
ANKERS
CAF Bank Lirniled
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4JQ
SOLICITORS AN
TRATORS
Payne Hicks Beach LLP
10 New Square
Lincoln's Inn
London WC2A 3QG

MRS F B LAURENCE'S CHARITABLE TRUST
TRUSTEES, REPORT. 30 JUNE 2023
The trustees present their slalutory report together with the account ol th8 Mrs F B Laurenc8
Charitable Twst lor the year ended 30 Julle 2023.
The accounts have been prepared in accordan￿ with the acwunting policies set out on
pages 13 to 16 01 the allached account5 and comply with the charity's trust deed, applicable
law5. applicable United Kingdom accounting slandards (United Kingdom Generally Aceepted
Accounting Praoticel, and Accounting and Reporting by Charities.. Stalement of Recotnrnended
Practice applicable to charities prgp8ring their accounts in accordance with the Financial
Reportillg Standard applicable in the United Kingdom and Republic ol Ireland IFRS 1021.
second edition IOctob8r 20191.
GOVERNANCE, STRUCTURE AND MANAGEMENT
Gov8rnance
The Mrs F 8 Laurence's Charitable Trust is governed by a tIU5t deed dated 24th February 1976.
The unincorporated charity Is reo15tered under the Charities Act 2011, Charily Reg15tralion Number
2g6548.
The statutory power ol appointment of new trustees lies with the trust88S thernselves.
Th8 naTnes ol the trustees who setved during the year are set out as part ol the adminislrativg
information on pag8 1 of this Annual Report and Accounts. Brief biographical details ol those in
office al 30 June 2023 are given below..
Carollna Esther Mary Fry
Caroline Fry, daughter of Michael Tooth lone of the previous tru$tee51, helped her father with
the administration ol the Mrs. F.B. Laurence Charitable Trust lor 15 years before taking over
Irorn hirn as a Iruslee in 2008.
Payne Hicks Beach Trust Corporation Limitod
Payne Hicks Beach Corporation Lirnited I PHBTCL I was appointed on the 28 November 2014.
PHBTCL is a trust corporation within the meaning ol the Trustee Act 1925. All Directors of the
Irusl corporatioll ar8 practising solicitors and partners of Payne Hicks Beach LLP. A full list
ol the company's directors are available from ils registered ollice.
Iwllllaml George Hamilton
George qualified as a solicitor in 1988 and then worked for Lazard Brothers for twelve ye8rs. He
left in 2000 to work for an investment fund before joining a fund of hedge fullds In 2005. Since
2008 he has invested In private equity and r881 estate. primarily in South East Asia. He is a
director ol two US based hedge funds. Cannell Capital and SM Investors. He is also a
director of a UK based charity which funds education projects in Myanmar.
On agreeing to their appointment, the trustees are thoroughly briefed by thelr co-trustees on the
history of the trust, the day-io-day management, the re5ponsibililies ol the truslees, the current
objectives and future plans.

Pa
MRS F B LAURENCE'S CHARITABLE TRUST
TRUSTEES. REPORT- 30 JUNE 2023
GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued
Trustee8' r85ponsibilitias statement
The Iru5tee5 are responsible lor preparing the Irustee5' report and accounts in accordance
with applicable law and United K￿ngdoM Accounting Standards (United Kingdom Generally
Accepted Accounting Practice).
Charily law in England and Wales requires the truste8s lo prepare accounts lor each financial
year which give a true and lair view of the State of affairs of the ch8rily at the year end and ol its
incorne and expenditu￿ during the year. In preparing accounts, giving a true and fair view,
the trustees are required to..
S818Ct suitable aecounling policies and then apply them consistently..
Observe the methods and principles in Accounting and Rgporting by Charities.. Statement
ol Recommended Practice applicable to charities preparing their accounts in accordance
wilh the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of
Ireland IFRS 1021..
Make judgetnents and estimates that are reasonable and prudont.,
state whether applicable United Kingdom Accounting Slandaid5 have been lollowgd,
subject to any rnalerial departu￿$ dis¢los8d 8nd explained in the accounts., and
Prepar8 the accounts on the going concern basis unless it is inappropriate lo presum8
that the charity will continue to operate.
The trustees are responsible lor keeping proper accounting records which disclose with
reasonable accuracy at any tirne the financial position of the charity and which enable them to
ensure that the accounts comply with the Charities Act 2011. applicable Charity (Accounts and
Reports) Regulations and the provisions ol the Iru5t deed. They are also responsible lor
salegLtarding the assets of the charity and hence lor taking reasonable steps for the prevention
and detection ol fraud and other irregLJlarities.
structure and management reporting
The Iruslees aro ullirnalely responsible lor the policies, activities and assets ol the charity.
They ffleet twice a year to review the developments with regard to the charity, its grant giving
activities and rnake any important decisions. When ne￿SSarY, the trustees seek advice and
support from the ¢haritls professional advisors including investment managers, solicitors and
ac¢ountants. The trustees deal directly with the process ol grant applications and Payne
Hicks Beach LLP adrninislers payrnents and keeps the books and records of the charity.
Al their m8etings the trustees review the inveslmenl performance, and separate meetings are
held with the investment managers to update the trustees in detail on the portfolio. The trustees
r8view the proposals for grants to be made and approve Such grants as Ihgy collsider approprial8.

Pa
MRS F B LAURENCE'S CHARITABLE TRUST
TRUSTEES. REPORT-30 JUNE 2023
GOVERNANCE. STRUCTURE AND MANAGEMENT Icontlnuedl
Risk Management
In line with the reouiremenl lor charity trustees lo undertake a risk assessment exercise an¢J
report on the same in their annual report, the trustees havo looked at the risks the Mrs. F.B.
Laurence Charitable Trust currently face5 and have ￿vieWed the measuros in place, 01 needing
io be put in place. to deal wilh them.
The trustees have identified three main are88 where risks may occur..
- Governance
Operatiorial
Financial
Governance look5 al the conlinuity ol trusteeship. the ski115 and background ol the
trustees and the policies of regular meetings of the Iruslees to revigw their aims and aclivilies.
Operational looks al the risk inherent in th8 delegation ol statutory and legal roquirernents
ol the chafily, ils asset managernent and Se¢￿taria1 lun¢lions and deleg81ion ol certain of
those function5. and its grant giving 8¢1ivities.
Flnancial risks includ8 those inherent in delegation of inve5tfflent managernent and custody
to an independent investment rnanager, the financial record keeping ol the charity, its
investment policy, audit and review procedures.
Having ass&ssed the major risks to which the charity is exposed, in particular those relating
to its investments and its finances, the trustees believg that by ensuring controls exist over key
financial systems incorporating the systems and controls implermented by the inves1rn8nt
managers and Payne Hicks Beach LLP. and by delegating the investtnent management
function to investment Tnanagers, subject to regular monitoring, including periodic ￿vIewS ol
perlorrnance against benchmarks. they have established ellective systerns lo rnitigate those risks.
The key iisks laced by the charity, as identified by Ihe Iruslees, ar8 described below
together with the principal ways in which they are mitioated.
The charity's principal a85et COTnprises listed inveslrn8nts, the value of which is dependent
on movements in UK and World stock markets. Th8 investments are managed by reputable
investment managers who adher8 to a policy ag￿ed by the trustees. The trustees meet al least
once a year with the investment managers and the manager's p8rtorrnance and that ol the portfolio
are monitored. The inveslmenl strategy is asse55ed regularly to ensure il retnains appropriate
to the charity's neods- both now and in the luturo.
The charity carries out ils objectives by providing grants to in51itutions that arg also UK
registered charities, the objects of which are consistent wilh the charity's criteria. In s81ecting
r8cipienls lor grants, therefore, the charity assesses either th8 object5 of the recipient charity or
parti¢ular project5 being undertaken, or intended lo be undertaken, by the recipient charity. In
making this selection, the trustees consider the benefit to the public of the recipient's objects or
ol the particular project to be funded. Genorally, howevei, the charity d08s not make the
lullilrnent ol particular projects a condition ol a grant. Accordingly, there is a risk that. in case5
where a grant is provided by the charity for a particular project, it may in fact be expended by the
recipignt Ljpon a project or purposes lor the public benefit ol which the trustees have not assessed.

MRS F B LAURENCE'S CHARITABLE TRUST
TRUSTEES, REPORT- 30 JUNE 2023
GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)
Whllsl the Iruslees are mindful that is their own obligation to ensure that the charity
benefits the public genèrally, they lake assuranc8 that, in such cases as may occur where a
recipient doe5 not spend its grant on a project which has been considered by the trusl88S, the
grant recipients Ihemselve5 (being registered chariliesl are regulated lo ensure that they
operate for the benefit of th8 public.
The risk a55essment is kept under ￿gUlar review and is fully reassessed 8v8ry three years.
ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES
Activit18s and speciflc oblectlves
The staled obje¢l of the charily in its trust document is lo provide for the benefit ol the Royal
National Lifeboat Institution. King George'5 Fund lor Sailors (now known as Seafarers UK),
Stock Exchange Benevolent Fund, Royal Air Force Benevolent Fund and such other charitabl8
obj8Ct or institution as the trustees in their ab501ute discretion think lil.
The Iruslees operate a grant giving pollcy. providing funds for such charitable obj8¢1
or institution as the Iruslees think fit.
The trustees, preferen￿ is lo make grants for the care and Improvements of conditions
experienced by disadvalllaged members ol society both within the United Kingdom and
overseas for whom the United Kingdom owes a duly of care.
The trustees are willing to support srnall tsrganisations and those that, by the nature of their
work, find il difficult to attract funding.
Applications lo the eharily lor donations will only be considered if received in wriling from
Charity Commission or Office of the Scollish Charity Regulator IOSCRI recognised
UK Charities, 8ccornpanied by a set ol the latest report and aceounts. The trustees do
not make donations lo individuals.
Applications should be e-mailed to..
TheMrsF8LaurenceCharit
hb.co.uk
The trustees aim to make grants ol al least £80.000 per annum in accordance wilh the
guidelines set out in th8 grant givlng policy above.
Objectives and activitles for the public benefit
The tru$1888 confirm that they have relerrod to the guidance contain8d in the Charity
Commission's guidance on public benefit when reviewing the charity's aims and objectives
and in planning lulure activitie5 and setting the grant making policy for the year.
The charity cariie5 out these objectives by provlding grants to instilutiOn5 that are also UK
registered charities, whose objects cornply with the charity's criteri8. Whi15t the trustees are
mindful ol their own obligation to ensure that Ihg charity benefits the publi¢ generally, they take
some assurance from the fact that recipients ol grants are themselves regulated to ensure
that they operate for the public benefit.

MRS F B LAURENCE'S CHARITABLE TRUST
TRUSTEES, REPORT. 30 JUNE 2023
ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontlnuedl
Potenti81 recipients ol grants are Identified by the Iruste8s individually in areas where il is
perceived that public benefit will be achieved. The opportunity to benefit 15 not re5tiicled In
ariy way except that grants are restri¢led to bodies registered in the UK, not I88St to facilitate
the Iiustees being able lo follow up on the efficacy ol the grants made. In all other respects
grants are nol lirnited in any way except that the recipients should have a charitable need.
The trustees therefore consider that the Trust's activities are for the benefit ol the public generally,
Kgy mafiagèmant
The Iruslees comprise the key management personnel of the charity in charge ol directing and
controlling, running and operating the charity on a day to day basis. All trustees give of their
tirTre I￿tlY and no Iruslee receiv¢d any remuneralion in the year. 08lails ol Iruslees, expenses
and remuneration and any related party tr8nsactions are disclosed in note 4 to the accounts.
As noted above. the day lo day managemenl of the charily's aclivilies. and the irnplementalion
ol policies, is delegated to the Private Client Department ol Payne Hicks B8a¢h LLP.
Invèstment pollcy
The charity h35 a porilolio ol inveslrnents wth a market value as at 30 JLJlle 2023 of £2,848,282
12022- £2,841,535).
There are no reslriclions on the Charitls power to invest. The investTnent strategy is agreed
between the trustees and the investment manager5. and is regularly reviewed. This is the subject
of a policy statement which has been completed by the Iruslees and forms integral part ol the
agreement with th8 investment tnanager to provide investment management serwces. The over811
investment policy is lo m8xirMise return by investment in a balanced portfolio comprised of
equities, fixed interest, and poo18d fund5 and which should be invested within a rnedium risk profile.
The performance will be revlewed by reference to the bespoke benchmarks, which are as follows..
JM Finn
MSCI PIMFA Balanced
Rulfer LLP
CPI + 3Ya over the long terrn.
The investment managers altend tnost lomal meetings of the trustees lo provid8 8 report
on the performance ol the portrolio, comparison ag8lnSt the benchmark and genoral rrlarket
issues.
ACHIEVEMENTS AND PERFORMANCE
Review of actlvltles
Total inveslrrenl income received in the y88r arnounts to £67,511. which equates to a yield ol
2.4°k (based on the Tnarket valuation ol the investments assets al the year endl. The trustees
awarded grants lolalling £65.500 during the year12022- £68.5001 in accorllance with the charity's
grant giving policy sel out above. A detailed list ol all grants made in the year is included in the
Appendix on page 24.

Pa
MRS F B LAURENCE'S CHARITABLE TRUST
TRUSTEE
' REPORT- 30 JUNE 2023
ACHIEVEMENTS AND PERFORMANCE Icontinugdl
The trustees feel that their objectives have been adequately mgt this year.
However. the trustees are awar8 that there are external factors, which could affect the
achievements of their objectlVO$ 88 a significant part ol the charitys assets ar8 made up of
investments and cash. the result ol which are dependent on the general performance of the UK
and overseas stock rnarkets. As noted above under risk rnanagement, in order to minimise this,
the Iruslees have set prudent investment policies and place r8li8n¢e on the investment managers
lo monitor and advise on tho necess8ry inve5ttnenl changes and suitable asset allocation.
Investment performance
During the year the charily's investment assets were allecled by the ongoing volatility in financial
markets. The result of this wa5 an income yield of 2.4Yo Ib8sed on the valuation ol investment
assets at the year endl and a capital increase of 0.53%.
In view of the current vo5atility in financial markets, the trustees are satisfied with the performance
of the investments and remain satisfi8d that their investment objectives will be rnet over the
ediurn term.
FINANCIAL REVIEW
Resulls for the year
A summary of the year's results can be found on page 10 of this report and accounts.
During the year ended 30 June 2023. total income amounted to £67,511 12022- £44,395),
being income arising from the charills inveslments and cash detx)sils,
The trustees agreed grants tolalling £65,50012022- £68,500). After aceounting for a £264
adjustment to the brought loNard creditors, inve5tfflenl management costs of £12,926
12022 £14,219), grant administration costs of £29,29312022- 238,0651 and govemance costs
of £4,21612022- £9,614), this broughl total expenditure to £111.67112022 £130.3981.
There were net investment g8ins during the year of £15,00112022 - losses and currency Ioss88
01 £76,403).
This results in a net decrease in funds during the year of £29,15912022 decrease- E162,4061.
ReseTV8S pollcy and financial p051tion
Reserves policy
The trustees, policy is lo operate tsn the basis of being able to continue to generate sufficient
incorne to use towards meeting their charitable objects and lo accord with their principal
aims. The trustees are ol the opinion that the Designated Fund remains sufficient to enable
them lo continue this ongoing objective.

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MRS F B LAURENCE'S CHARITABLE TRUST
TRUSTEES. REPORT- 30 JUNE 2023
FINANCIAL REVIEW Iconlinuedl
Financial position
The balance sheel shows total fund5 01 £2,819,56112022- £2,848,720). The unrestricted funds
cotnprise amounts which ultimately are free reserves but which are held by the Iruslees lor
investrrenl so as lo ensure the continued generation of income in lulure periods, thereby
helping lo safeguard the long t8rm existence ol the charity and the achievetnent ol ils objectives.
The size ol the unreslricled funds sustains and supports the levels ol donations which the
trustees wish to maintain and enhance over lime.
Future plans
The trustees do not anticipate any Significant changes lo the charity or activities over
the next two to five years. It is their intention to meet the following objectives..
To ensuie the investment performance achieves the criteria set by th8m so that
thew are sufficient fund5 to meet their gr8nt giving policies.
To continue lo make grants.
Sign8d on behalf ol the Iruslees-.
Trustee
Trustee
Trustee
Approved by the trustees on..
30 April
.2024

Page 9 

## MRS F B LAURENCE'S CHARITABLE TRUST 

INDEPENDENT EXAMINER'S REPORT 30 JUNE 2023 

## INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF 

MRS F B LAURENCE'S CHARITABLE TRUST 

I report in respect of my examination of the accounts of The Mrs F B Laurence Charitable Trust ('the Charity') for the year ended 30 June 2023. 

## Responsibilities and basis of report 

As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (’the 2011 Act'). 

I report in respect of my examination of the Trust's accounts carried out under Section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act. 

## Independent examiner's statement 

Your attention is drawn to the fact that the Charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. 

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with General Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving my cause to believe that in any material respect: 

- 1 accounting records were not kept in respect of the trust as required by Section 130 of the 2011 Act; or 

- 2 the financial statements do not accord with those records; or 

- 3 the financial statements do not comply with the applicable requirements concerning the form and I understand that this has been done in order for financial statements to provide a true and fair view in accordance with General Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

I have no concerns and have come across no other matters in connection with[the] examination[to][ which] attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. 

Paul Davis FCA Independent Examiner Bright Grahame Murray Emperor's Gate 114a Cromwell Road Kensington London SW7 4AG 

> Dated: 30 April 2024 



e10
MRS F B LAURENCE'S CHARITABLE TRUST
ST
ENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2023
Unrestrlcled Fund¥
General
Deslgnalqd
Fund
Fund
Total
Totsl
INCOME FROM..
44,382
13
Invesimenl Income
Bank Inlprfjsl
Book Cost Adluslmenl lo Quoled
Invesifflenls
67.D84
327
67.084
327
100
44.3
TOTAL INCOME
67,411
1LN)
67,511
EXPENDITURE ON..
R815Sng lunds
InvesltDofil m¥nagemenl c0515
Adlusimenl lo br￿gh1 forward credllor
14,219
12.926
12.926
12641
12641
Promoting and @nhanclng
charilabl8 WDtk
116.179
99.009
99,009
120.298
TOTAL EXPEMDITURE
111,935
12641
NET EXPENDITURE BEFORE
INVESTMENT GAINS
186,0031
144,5241
364
144,1601
Inveslmenls gains..
Realise
UDre81ised
Cuirency h)ss
9,129
185,4031
7,501
7,500
7,501
7.500
176,4031
NBI galn$lllossesl on inveslmenls
15,001
15,￿1
1162,4061
NET INCOME IEXPENDITUREI
144,5241
15,365
129.1591
Transfer between funds
10
50,996
150,9g61
1162,4061
NET MOVEMENT IN FUNDS
6,472
135,6311
129.1591
RECONCILIATION OF FUNDS
Toia funds brought lorwaTd
ai 1 July 2022
3.011,126
2.853.871
2.848.720
Total funds Ca￿led 10Th￿r
al 30 ju[￿ 2023
2.848.720
1.321
2.818.240
2,819,561
All recognised gains and losstrs are Included In the above slalemenl of fin8ncial aclIv￿les.
All of Ihe ¢harily¥ activit￿5 dedved from conllnuing 0￿ratiOnS durlrKJ 8bov8 fin3n¢L81 y8ars.
A full Comparalive 518lernent of financkl actlvilieg is shown on page 11.

e 11
MRS F B LAURENCE'S CHARITABLE TRUS
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 30 JUNE 2022
Unrestrlct8d Funds
General
Destignat8d
FuJYd
Fund
Total
2022
Notes
INCOME FROM..
Investments
Inweslmenl income
Interest receivabl&
44,382
73
44,382
13
TOTAL INCOME
44,395
44,395
EXPENDITURE ON..
Raising funds
Inve8lmenl m8nagement costs
14.219
14.219
Charilable 8Glivilies
Promoting and 8nhanGiJJg
charitable work
11&179
t16.179
TOTAL EXPENDITURE
130,398
t30,398
NET EXPENDITURE 8EFORE
INVESTMENT GAINS
(86,003)
(86,003)
Investmenls losses..
Realised
Unrealised
Currency loss
9, 129
(85,403)
(Y29)
9,729
(85,4Q3J
(129)
NET (EXPENDITURE)
(86,003)
(76.403)
(162,406?
Transler belween fvnds
io
56,358
(56,358)
NET MOVEMENT IN FUNDS
(29,645)
(132, 761)
(162,406)
RECONCILIA TION OF FUNDS
Total funcls broughl fonw8rd
at 1 July 2021
24,494
2.986.632
3,011, 126
Total funds carried forward
al 30 June 2022
(5, 151)
2,853,871
2,848, T20
All recognised gains and Ioss85 8r& Included in th8 above statement dfinancial aclivilies.
All ollhe charilys acliwli8s dsrived from continuing oporalions during the above fin8nelal year.

e12
MRS F B LAURENCE'S CHARITABLE TRUST
BALANCE SHEET AS AT30 JUNE 2023
2022
Not85
2023
FIXED ASSETS
2,841,535
Li5t8d Inv8Stments
2,848,282
CURRENT ASSETS
178
50.912
Debtors
Cash at bank and in hand
22,555
51,090
Total currgnt assets
22.562
LIABILITIES.
Cr8ditor5'. Amounts lalllng due
within ong year
143,9051
151,2831
7.185
NET CURRENT ASSETS
128,7211
2,848.720
NET ASSETS
2,819,561
TOTAL FUNDS OF THE CHARITY
15,1511
G8neral Fund
1,321
2.853,871
Deslgnated Fund
10
2,818,240
2,848,720
TOTAL
2,819,561
Approved by the trustges..
lee
Trustee
Trustee
Dat& of Approval-.
30 April
. 2024

P8
913
MRS F B LAURENCE'S CHARITABLE TRUST
PRINCIPAL ACCOUNTING POLICIES- 30 JUNE 2023
Charity Informatlon
Mrs F B Laurence's Charitable Trust is an unincorporated charity registared in England and Wales
Icharily number 2965481. The charity is govèrned by a Trust Deed dated 24 February 1976. The
registered officfy is 10 New Square. Lincoln's Inn, London. WC2A 3QG. The principal accounting
policies adopted, judgements and key sources of eslimalion un¢ertainty in the preparation of the
accounts ar8 laid out below.
Basls of preparation
These accounts have baèn prepared lor the year lo 30 June 2023 with comparallvg
information presented in respect to the year lo 30 June 2022.
The accounts have b6&n prepared under the hislori¢al cosl convention with it8ms recognised al
osl or transaction value unless Othe￿Se staled in the relevant 8ccounling policies below or the
notes of these accounts.
The 8¢¢ounts have been prepared in accordance with Accounting and Reporting by Charitlès..
Stalement of Recommgnded Reporting Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Slandaid applicable in the United
Kingdom and Republic of Ireland (Charities SORP FRS 1021 second edition (October 20191, th8
Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 anLI the
ch8riliÉs Act 2011.
The ¢harily conslilules a public benefit enlily as defined by FRS 102.
The accounts are presenled in sterling and are rounded lo the neargst pound.
Criti¢al accountlng estimates and ar&as of judgement
Estimates used in the accounts are subj8¢1 lo a degree of uncertainty and volalilily.
As set out in these accounting policies under'going concern. the Iruslees ¢onsider
it is appropriatg for the charity lo continue to prepare ils accounts on the going concern basis.
Preparation ol the a¢coLJnts requires the trust6aS to make significant judgements and estimates.
The items in the occotjnls where these judggmenls and eslimales h8ve been made include..
eslimating the liability for multi-year grant commitmtrnts.
eslimaling future income and expenditure flows for the purpos8 of assessing going
concern (see belowl.
Assessment of going ¢on¢•rn
The Irusleos have assessed whether thè Ljse ol the going concern assurllplion is appropriate in
preparing these accounts. The trustees have m8de this assessment in respect to a period of
one year from the date of approval Of these accounts.

Pa
e14
MRS F B LAURENCE'S CHARITABLE TRUST
PRINCIPAL ACCOUNTING POLICIES. 30 JUNE 2023
Charity Informatlon
Assessment of going concern Icontinuedl
Tho truslees of the charity have conclLJded that there are no material uncertainties relatèd to
events or conditions that may cast significant doubt on the ability of the charity to continue as
a going concern. The trustees are ol the opinion that the charity will have 5ulli¢lent resources
lo meet its liabilities as they fall due and therefore, there are no concerns regarding the
the charity's abllity to continue as a going concern. The most signilicanl areas ol judgement
that allect items in the account are detailed above. With regards lo the next accounting period,
the year ending 30 June 2024, the most significant areas that affecl ihe carrwng value of the
assels held by the charity arè the level of investment return and the performance ol the
investment markets (see the inveslmenl policy and the iisk managernenl sections of the
Iruslees, report lor more informalionl.
In¢ome recognition
Income is recognis6d in the period in which the charity has entitlement lo the income. the
amount ol income can bg measured reliably and il is probable that the income will be re¢&ived.
Income cotllpri5es donations, inveslmant income from invgslments and interest from deposits.
Donations are recognised when the ¢harily has confirmation of tx)Ih the amount and
s8ltlemenl dale and include related Gift Aid tax reclaims.
Dividends ara recognised once the diMd8nd has been decla￿d and nolilication has been
recglved of the dividend dua.
Interest on funds hèld on deposit is included when receivable and the amount can be measured
reliably by the charity.. this is nomially upon notification of the interest paid or payablo by the
bank.
Expondlture recognition
Liabilities are recognised as expendilurg as soon as IheT8 is a legal or constructive obligation
cornmitting the charity lo make a payment lo a third party, il Is piobable that a Iransler of
economic bènefits will be required in settlement and the amount ol th8 obligations can be
measured reliably.
All expgnditure is accounted for on an accruals basis. Expendituro ¢omprises direct costs and
support costs. All expenses, including support 00515, are allocated or appc>rtioned lo tho
applicable exp8ndilure headings. The ¢iassification belwgen the activities is as follows.
lal Expenditure on raising funds inclLJdes all expenditure associated with raising funds lor th&
charity. This includes the fees paid lo the investment manager in connection with the
tnanagement of the charity's listed investments.
Ibl Expenditure on charitable aclivilies includos all costs associated with furthering the
charilablfy purposes ol the charity through the provision of ils charitable activities. Such
costs include charitable grants payab5e in promoting and enhancing charitable work
arried out by other charitable organisalions, and related suppoil costs including Ihe
cost ol administering the activities of the charity and governance costs.

Pa
e15
MRS F B LAURENCE'S CHARITABLE TRUST
PRINCIPAL ACCOUNTING POLICIES- 30 JUNE 2023
Charity InfoTmatÉon
Expendlture recognition Icontinu8dl
Grants payable are included in the slalemenl of financial activities when approvod and when the
intended re¢ipi8nl has either received the funds or b&&n informed of the decision lo make the
donation and has satisfied all related ¢onditions. Grants approved but not paid al the end of the
financial ygar are accrued for. Grants where thè beneficiary has not be8n infoTmed or has to
meet certain conditions before the grant is released are not accrued lor bul are noltsd a
financial commitments in the notes lo the accounls.
All expenditure is staled inclusive ol irrecoverable VAT.
Allocation of support and governance costs
Support costs represent indirect charitable expenditure. In order to carry out the primary
purposes of the charity it is necessary lo provide support in Ihe form of administration services.
Governance costs comprise the costs involving the public accounlabilily of the charity
lincluding audit coslsl and eosts in respect of ils compliance wilh regulation and good practice.
Support cosls and governance costs are apportioned directly lo th8 one charltable activity.
Fix&d asset investments
Fixed asset investments are included on the balance sheet at their rn8rket value at the end of
the financial period. Rèalised and unrealised gains lor losses) are credited lor debited). to the
statement of financial activities in the year in which they arisè.
Listed investments are a form ol basic financial instrument and are initially recognised al their
transaction value and subsequently measured al their fair value as al the balancè sheet date
using the closing quoted market price.
The charity does not acquire pul options, derivatives or other ¢omplgx financial inslrurnonts, though
Ihe appointed investment managers may do so as part of their risk managemenl responsibilities.
As noted abovg the main lomi of financial risk faced by the charity is that a volatility in equity
markets and investment markèts due to wider economic eonditions, the allilude of investors lo
investm&nt risk, and changes in sgntimenl concerning equitias and within particular seclors or
sub sectors.
Roalised gains lor losses) on invèstment assets are calculated as the difference between
disposal procesds and their opening carrying value or their purch8$8 value is acquired
subsequent lo the first day ol the financial year. Unrealised gains and losses are calculated
as thè difference between the lair v81ue at the year end and their carrying value at that date.
Realised and unrealised investment gains lor lossesl are creditod lor debited) lo the 51atemenl
of financial activities in the year in which they 8TIS9.
Debtor5
Debtors are recognised at their setllemenl amount, less any provision lor non-recoverabilily.
They have been discounted lo the present value of the future cash receipt where such
discounting is material.

Pa
e16
MRS F B LAURENCE'S CHARITABLE TRUST
PRINCIPAL ACCOUNTING POLICIES- 30 JUNE 2023
Charlty Information
Cash in bank and In hand
Cash at bank and in hand represents such accoun15 and instruments that ar8 available on
demand or have a malurity of less than three months from the dale of acquisition.
Creditors and provisions
Creditors and provisions are recognised when ihere is an obligatlon at the balance sheet dale
as a rasLJIt ol a past event, il is probable that a transfer ol economic benefit will be required in
seltlemenl, and the amount of the set116ment can be estimated reliably. Creditors and
provisions are recognised at the amount the charity anticipates it will pay lo set119 the debt.
They have been discounted to the present value of the fijlure cash payment where such
discounting is material.
Fund a¢countlng
Th8 general fund represents funds available for the general charitable purposes of the charity
which may be applied al the discretion of the Iru5tgeS.
The designated fund ￿preSentS assets sèt aside by the trustees for specific purposes.
Cash flow
The accounts do not include 8 cash flow slalement because the ¢harily is exempt from Ihe
requirement lo prepare such a slalemenl under the Charities SORP IFRS 1021.

Pa
e17
MRS F B LAURENCE'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS- 30 JUNE 2023
1 INVESTMENT INCOME
Investment income arises from ihe following investments..
2022
2023
27,266
1,076
2,442
676
12,261
661
UK equities and unil trusts dividends
UK unil trust interest
UK Gov6rnmenl and fixed interest securitles
REITS
Overseas equities
Overseas fixed interest
51,931
2.167
143
11.695
1,148
44,382
67,084
2 PROMOTING AND ENHANCING CHARITABLE WORK
2022
2023
68.500
38.065
9,614
Grants paid or commilled lo charitias
Grant administration costs
Governance costs Inolg 31
65,500
29,293
4,216
116,179
99,009
A detailed list of the granis paid lo chartlies is givan in the appendix lo theso
accounts.
A reconoiliation of the grants payable and grant commilmenis figures shown in these
accounts is as follows..
2022
2023
Grant commitmenls al 1 July 2022
Adjustment lo prior year oustanding commitm8nis
Grants payable lo charities
6,500
3.000
65,500
68,500
68,500
162.0001
Grants payable
Grants paid during the year
75,000
163,5001
6,500
Grant commilmenls al 30 Jun8 2023
11,500
The grants payable to institutions are delai18d in the Appendix Ipage 24)
to these accounts.

Pa
e18
MRS F B LAURENCE'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS- 30 JUNE 2023
3 GOVERNANCE COSTS
2022
2023
Independent examiner's fge
Slalutory audit lee
Slalulory aLJdit lees underprovisionlladjuslmenll
Trustees. expenses
3,300
8.400
264
950
1841
1.000
9,614
4,216
4 STAFF COSTS. TRUSTEES. REMUNERATION AND RELATED PARTY
TRANSACTIONS
Th& Charity employed no staff during the ye8r12022- Nonel.
No trustee reGeiv8d any remuneration in respect ol their services during the
year12022 £nill.
Payne Hicks Beach Trust Corporation Limited I PHBTCL") is a trustee of the eharity
and a Irust corporation within the meaning of the Trustee Act 1925. All directors ol
PHBTCL are praclising solicitors and partners ol Payne Hicks Beach LLP, the firm DI
solicitors which administers payments and kgBps Ihe books and records of Ihg charity.
The lees charged by Payne Hicks Bèach LLP for Ihg year (excluding VAT and
disbLJrsemenlsl were £24,00012022 £31.2651. The outstanding fee as at
30 June 2023 (excluding VAT and disbursemenlsl is £12,00012022- £10,000).
All balances outstanding are Ljnsecured, intèr8st-free and lo be sellled in cash.
Two Iruslees wère reimbursed a lotal of £1.000 for èxpenditure incijrred in the
performance of thèir duties during the year12022 - £9501.
The key management personnel ol the charity in charge of dirgcting and controlling
the charity comprise the Iruslees.
The total remuneration (including laxabl& benefits bul excluding employer's pension
contributions) of the key managernenl personnel for the year was £nil12022- £nill.
There wei8 no olher relal8d party Iransaclions during the period of report12022 - none).
5 TAXATION
The Mrs. F.B. Laurence Charltabl2 Trust is a règistered charity and, therefore, Is not
liable lo income tax or corporation tax on incom8 or gains derivod from its charitable
activilies as they f811 within the exemptions available to registered charities.

819
MRS F B LAURENCE'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS . 30 JUNE 2023
6 INVESTMENTS
2022
2023
LISTED INVESTMENTS
Movements in listed investments dLJring the year were as follows..
2,986,151
Market value at 1 July 2022
2.841,535
2,793,116
Additions al cost
202,621
Disposals at book value
Iproceèds.. £210.875,' gains £7,501)
12,852,329)
1203,3741
185.4031
Nel unrealised gainslllosses} in year
7,500
2,841,535
Market value al 30 June 2023
2,848,282
2,763,628
Cost of listed invesltnent5 30 June 2023
2,756.151
All investments wer& dèalt in on a recognised 5to¢k exchange..
2022
2023
Listed inveslmellls held at 30 June 2023 comprisè the
following investment all listed on a UK stock exchange..
2,124,101
105,091
UK equities and unil trusts
UK government and fixed interest securities
1,952.400
85.941
2,229,192
2.038,341
Overseas investments
Overseas equities
FiKod Interest
516,489
95,854
749.272
60.669
809,941
2.841,535
2.848,282
At 30 June 2023 the following individual holdings h8d a material valu8 in
the context of the entire portfolio:
%of
Portfolio
Value
TM Ruller Portfolio C GBP Dis
50%
1,422,431

Pa
e20
MRS F B LAURENCE'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS. 30 JUNE 2023
7 DEBTORS
2022
2023
Othèr debtors
Accrued Interest
178
8 CASH AT BANK AND IN HAND
2022
2023
44,351
6,561
JM Finn
CAF
PHB
14331
22,487
501
50,912
22,555

e21
MRS F B LAURENCE'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS. 30 JUNE 2023
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022
2023
Accruals and deferred Income
Independent examinerf5 lee
Accruals for grants payoble..
Maggie's Centre lyear lo 30 June 20211
Alzheimerfs Sociely lyear to 30 June 20211
Friends of Sl Nicholas School Iy88r to 30 June 20￿}
Rose Paterson Trust (year to 30 June 20221
Ty Hafan ly&ar lo 30 June 20221
Mont8V8rdi Choir (year to 3D June 20221
World Horse Welfare Iy8ar lo 30 June 20231
Driffiel(f & Dislrlcl Skate & BMX Park lyear to 30 June 20231
Sickle Cell SocSely (year lo 30 Jvne 20231
JackTh8Lad FoundalK)n (year to 30 June 20231
Other credltors
Grant adminislralion Costs
Investmenl manager's feg
Stalulory audit fee
2017 und&rprovision
2018
2019
2020
2021
2022
3,300
1,000
2,000
2,000
2.000
2,000
2,000
500
2,000
500
500
1.500
2.000
12,216
3,265
14,643
84
3,288
3,288
3,384
3.480
8,400
3.288
3.288
3.384
3.480
8.400
21,840
43.905
51,283
10 DESIGNATED FUND
B81ance at
Investment
1 Jul 2022 Gainsl
Losses
Balance at
30 June 2023
Transfers
Deslgnaled fund
2,853,871
15,365
150,9961
2,818.240
B818ncè at
lJul 20
Investment
Galnsl
L055es
Balatr)¢e 8t
30 June 2022
Transfers
Designated fund
2,986,632
(76,403)
(56,358)
2,853,811
The designated fund r8pre8enl8 funds sel aslde by tha trustees for Ihe purpose of
providing a continuing source of income. Certain adminislralive cost5 are met by a
transfer from the fund each year.

Pa
$22
MRS F B LAURENCE'S CHARITABLE TRUST
NOTES TO THE ACCOUNTS- 30 JUNE 2023
11 ANALYSIS OF NET ASSETS
Fund balan¢8s al 30 June 2023 are represented by..
General
Fund
Dosignated
Fund
Total
2023
Listed Investments
Current as5els
Creditors.. amounts falling due
within one year
2,848,282
21.241
2,848,282
22,562
1,321
151,2831
151,2831
1.321
2,818,240
2,819,561
Unieali5ed gaSns on listed investments
92,130
92,130
Reconcillalion ol movements in
unrealised gains on inveslrnenl assets
Unr8alis8d gains al 1 July 2022
Adjusted in r8sp8cI of disposals in year
77,W7
6,723
77.907
,723
84.630
84,630
Add.. Gains arising on
revalualSons in year
7,500
Unrealised gains 8130 June 2023
92,130
92.130

Pa
e23
MRS F B LAURENCE'S CHARITABLE TRUST
NOTES TO THEACCOUNTS- 30 JUNE 2023
11 ANALYSIS OF NET ASSETS Icontlnuedl
Fund balances 8130 Jun8 2022 8re represented by..
General
Fund
Designa¢8d
Fund
To¢81
2022
Llstedinv8slm8nts
ci1r￿n1 assets
Creditors.. amounts falling due
hin one year
2,841,535
56,241
2,841,535
57,090
(5,151)
(43,905J
(43,905)
(5,151)
2,853,871
2,848,120
Unre81ised gains on lisled Inveslments
77,907
TT,907
Re¢on¢tllatlon ofmovements in
u￿r￿liSed gains on investmenl assets
Unre81ised gains al l July 2021
Adjuslfjd in respect of dispos815 in year
638,217
(474,907)
638,2t i
(474,901J
163,310
163,310
Add.. Gains 8rising on
revalu81ions in y88r
(85,403)
(85,403)
Unre81is8dg8ins 8t 30 June 2022
77,907
77,907

Pa
MR
B LAURENCE'S CHARITABLE TRUST
PENDIX. GRANTS PAYABLE
GRANTS PAYABLE.
Amount
Seplernber 2022
Royal Marsden
1,000
O¢lobpr 2022
Warld Hor9e Well£re
Hak>w Project
Fii&nds ol Sl Nicholas SchoDI
Hlyhlond w1￿11[e Res¢UÈ
L¢vqChvrch (St Swllhun's Boumemculhl
Chlldrens Hosp1181 Py)grn89
Dreams Come Twg
SPANA
HaslBmerg P9nny H¥'pgnnyTtu$i
500
2.000
2.000
2.000
1.000
500
1,000
1.000
1.000
1.000
500
1,000
500
ReyAI Re9plie Llmlled
Noilh Weslwheelchalr Rugby
Drlffleld & D151riGI Skate 8 BMX Park
Bucklngham Parlsh Church
Ethlh Cav811 Fund lor Nurs¥$
ForfuD& ¢&ntTe ol Rldiny Therapy
M?rle Curip
ontevprdl Cholr
NAllorFal Aulisilc Sociely
Younp Live5 V5 Cancer (CLIC Sargtrni Can¢&r care lorchlldrenl
Fr￿￿￿5 of N9Watk Orfjhsrd Schtsd
1.000
z.000
2.500
1.500
2,000
2.000
2,000
2.000
May2023
Ind
HaknwProiect
Fr￿ndS of Sl Nlcholas
HlgNand Wi￿11[0 Resc
P$llfftaii¢ ¢ancerAclknn
S Sodely
500
2.000
2.000
2.000
1,000
1.QQO
1.500
2.000
1,500
500
1.500
2.000
2.500
1,000
1,500
1,000
2,000
z.000
2,500
I,soo
1,000
2,500
50D
Sl Fiancis dg Salps & Sl Q¥Hwde Chureh
Ha5￿m￿r@ P8nny Ha'pBnny Tiusl
TIM Stottkdale Foundallon Ilhrough OxtordBhlre Communily Found?twl
A¢cfy83 SFth IBrLxloTh BMX}
Frlends of Hollswat&r PTA Ich9qU9 to HollywalgrS¢hooll
Chlchesler Haibour Trust
Collalon Sl Mary Parlsh Room
Dorothy House Hosplro. Bath
Tho Fartn Saleiy Foundallon
Icvi
J$¢kTheLad Foundallon
Marle CurF£
Rgllw8YChl￿￿en Charity
Rowcroft Housg Foundallon Llmii8d
Soulh Cadbury Villagg Hall
seafo￿￿$ UK
65.500
T¢t41 grants and don8lk)ns mad8 lo Inslllubons 2022 arnouDlod tg £fjLfjQQ