## **The Lang Foundation**
**Annual report and financial statements for the year ended 31 December 2024**
**Scottish Charity No. SC017130**
**The Lang Foundation**
## **Charity Information**
|**Trustees**||
|---|---|
|**Treasurer**||
|**Independent Examiner**||
||Henderson Loggie LLP|
||The Vision Building|
||20 Greenmarket|
||Dundee|
||DD1 4QB|
|**Investment Advisers**|Brewin Dolphin|
||31-32 City Quay|
||Camperdown Street|
||Dundee|
||DD1 3JA|
|**Bankers**|The Royal Bank of Scotland plc|
||3 High Street|
||Dundee|
||DD1 9LY|
|**Charity Number**|SC017130|
|**Address**||
1
**The Lang Foundation**
## **Report of the Trustees for the Year Ended 31 December 2024**
The Trustees present their annual report and financial statements of the Foundation for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Constitution of the Foundation, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.
The charity information set out on page 1 forms part of this report.
## **Objectives & Organisation Structure of the Body**
The objectives of the Foundation are to support charities for the young and the elderly, for education, sporting, or adventurous purposes and for special requests. This may be done by payment of grants, provision of services or equipment and by assisting organisations with similar objectives.
There are no restrictions on the way the body may operate, save that the Trustees must implement the objectives of the Foundation.
## **Grant Making Policy**
The Foundation receives applications for assistance. These are considered by the Trustees and if thought suitable, grants are awarded. The Foundation made 70 grants (2023 - 62 grants) in the year.
## **Appointment of Trustees**
Trustees are nominated by the then existing Trustees and their appointment confirmed by a formal Deed of Assumption.
The Trustees at the date of this report are shown on page 1.
## **Trustee Induction and Training**
The Trustees considered and approved a policy on Trustee inductions and training prior to new Trustees being approached. This includes awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Foundation. A new Trustee receives copies of the previous year’s financial statements, minutes of the Trustees’ meetings and a copy of the OSCR leaflet “Guidance and Good Practice for Charity Trustees”, if appropriate. Training is offered to current Trustees as and when required.
## **Key Management Personnel**
The Trustees consider the board of Trustees and C J Lang & Son Limited to be key management personnel of the Foundation in charge of directing and controlling the Foundation and running and operating the Foundation on a day to day basis. Most Trustees give their time freely however details of Trustees remuneration are detailed in note 4 of the financial statements. The remuneration paid to Trustees is set by the remaining unpaid Trustees.
Trustees are required to disclose all relevant interests and in accordance with the Foundation’s policy, withdraw from decisions where a conflict of interest arises.
2
**The Lang Foundation**
## **Report of the Trustees for the Year Ended 31 December 2024 (continued)**
## **Organisation**
The Foundation was established by a Trust Deed by to distribute free annual income for such charitable p decide.
in August 1987 lute discretion
The Foundation is administered under the supervision of the Trustees who meet regularly. The Trustees agree the broad strategy and areas of activity for the Foundation, including consideration of grant making, investment, reserves and risk management policies and performance and receive reports from the Treasurer in connection with the recent activities of the Foundation. Day to day administration is carried out by the Foundation’s Treasurer.
## **Achievements and Performance**
The Trustees have utilised available income generated in the year from investment income and donations, in the making of grants.
In the year to 31 December 2024, grants of £68,833 (2023 – £60,907) were paid. This brings the cumulative total of grants paid, since 31 December 2001, to £1,109,157 (2023 - £1,040,324).
## **Financial Review and Investment Policy**
The results for the year are set out in the statement of financial activities showing net income of £16,694 (2023 – net income of £20,472). Total income in the year increased from £104,853 to £107,934. Grants paid in the year increased from £60,907 to £68,833. The Foundation’s investment portfolio increased in value from £814,580 to £851,058 during the year broadly in line with market conditions.
The advice of Brewin Dolphin, Investment Managers Dundee, during the period of the Account, had been accepted by the Trustees.
## **Related Parties**
The majority of Trustees of The Lang Foundation are also Directors of C J Lang & Son Limited.
Transactions with related parties are disclosed in note 9.
## **Risk Management**
The Trustees have assessed the major risks to which the Foundation is exposed, in particular those related to the operations and finances of the Foundation. Apart from sustained downward stock market movements, the Trustees do not believe that there are any major financial risks to which the Foundation is exposed. This is mitigated by retaining expert investment managers and having a diversified investment portfolio.
## **Reserves Policy**
The reserves of the Foundation originate from original and subsequent capital donations together with the growth in the value of investments. The Trustees have adopted a reserves policy that ensures the continuing ability of the Foundation to meet its objectives. Capital and Revenue balances are retained primarily to meet significant requests for financial assistance and stock market risks. The level of free reserves held at 31 December 2024 was £1,607,517 (2023 - £1,548,495).
## **Strategy**
The Trustees have pursued their strategy of making donations primarily to locally based organisations and individuals to an extent which absorbs as nearly as is practicable the whole incoming resources and continued their practice of receiving and considering annual reports from the Investment Managers on the position of the Foundation’s portfolio of investments.
3
**The Lang Foundation**
**Report of the Trustees for the Year Ended 31 December 2024 (continued)**
## **Future Strategy**
In support of the Foundation’s strategy above an enhanced website has been produced to encourage members of C J Lang & Son Ltd staff and other organisations to apply for grants. In addition to the website the Foundation is encouraging applications from organisations with a connection to C J Lang & Son Ltd staff members and the communities served by the C J Lang & Son Ltd outlets by promoting the Foundation and its objectives on the staff intranet and through the outlets themselves.
As the Trust is predominantly a grant giving Foundation and has no material ongoing commitments, it has not been materially affected by world events. However, the Trustees are mindful both of the potentially increased needs of many traditional beneficiaries and the potential decrease in future investment income. As such, the Trustees will manage the Trust’s affairs in a manner that will ensure the Trust’s ability to achieve its charitable objectives in the medium to long term can be met.
Approved for and on behalf of the Trustees and signed on their behalf by:
…… **Mr**
Date: 29 September 2025
4
**The Lang Foundation**
## **Trustees’ Responsibilities for the Preparation of Financial Statements**
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in Scotland 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 Foundation and of the incoming resources and application of resources of the Foundation for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- 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; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Foundation will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Foundation and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Foundation’s Trust Deed. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
5
The Lang Foundatlon
Report of the Independent Examiner to the Trustees of The Lang Foundation
I report on the financial Statements of the Foundation for the year ended 310ecember 2024 which are
Set out on pages 7 to 18.
This report is made to the Trustees, as a l)ody, in aeeordanee with the temis of my engagement. My
work has been undertaken lo enable me to report my opinion set out below and for no other purpose. To
the fullest extent permitted by law I do not accept or assume responsibility to anyone other than the
trustees, as a body, for my work or for this report.
Respective responsibilities of the Trustees and Independent Examiner
The Trustees are responsible for the preparation of the financial statements in accordance wf(h the lemis
of the Charib'es and Trustee Investment Iscotlandl Act 2005 and the Charf(ies Accounts Iscotlandl
Regulations 2006 las amended}. The TNstees consider that the audit requirement of Regulation 10111
lal to Icl of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial
statements as required under section 44111 Ic} of the Act and to state whether particular matters have
come to my attention.
Basis of Independent Examineffs Statement
My examination is canied out in accordance wrth Regulation 11 of the 2006 Accounts Regulations. An
examination includes a review of the accounting records kept by the Foundation and a comparison of the
financial statements presented with those records. 11 also includes considerab'on of any unusual items or
disclosures in the financial stalemenls. and seeks explanations from the Trustees conceming any such
matters. The procedures undertaken do not provide all the evidence that would be required in an audiL
and Consequent I do not express an audlt opinion on the view given by the financial slalements.
Independent Examiner's Statement
In the course of my examination, no matter ha5 come to my attention..
which give5 me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 44111 lal of the 2005 Act and
Regulation 4 of the 2006 Aeeounts Regulations, and
to prepare financial ststements whieh accord wf(h the aeeounting records and comply with
Regulation 8 of the 2006 Accounts Regulations,
have not been met- or
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
financial statements to be reached.
oran
on
en
Chartered Accountants
The Vision Building
20 Greenmarf(et
Dundee
DD14QB
erson
oggie
Date 29 September 2025
**The Lang Foundation**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
|||**Unrestricted**|Unrestricted|
|---|---|---|---|
|||**Revenue Fund**|Revenue Fund|
|||**2024**|2023|
||Note|**£**|£|
|**Incoming resources**||||
|Donation||**5,000**|5,000|
|Investment income|2|**67,930**|64,849|
|Rental income||**35,004**|35,004|
|||**_______**|_______|
|**Total income**||**107,934**|104,853|
|||**_______**|_______|
|**Expenditure**||||
|Raising funds|3|**5,337**|6,374|
|Charitable activities|4|**85,903**|78,007|
|||**_______**|_______|
|**Total expenditure**||**91,240**|84,381|
|||**_______**|_______|
|**Net income and net movement in funds**||||
|**before gains on investments**||**16,694**|20,472|
|**Net gain/(loss) on investments**|5|**42,328**|25,466|
|||**_______**|_______|
|**Net income/(expenditure) and net movement in funds**||**59,022**|45,938|
|**Funds Reconciliation**||||
|Total Funds at 31 December 2023||**1,548,495**|1,502,557|
|||________|________|
|**Total Funds at 31 December 2024**|8|**1,607,517**|1,548,495|
All activities relate to continuing operations.
The notes on pages 9 to 18 form part of these financial statements.
7
**The Lang Foundation**
## **Balance Sheet at 31 December 2024**
|Note
**£**
**Fixed Assets**
Investments
5
Investment Property
5
_
**Current Assets**
Debtors
6
**-**
Amounts Due from Investment
Advisors
**2,694**
Short Term Deposits
**117,382**
______
**120,076**
**Creditors: amount falling due**
**within one year**
Creditors
7
**(13,617)**
______
**Net Current Assets**
**Net Assets**
**Unrestricted Reserves**
8|**2024**
**£**
£
**851,058**
**650,000**
________
_
**1,501,058**
-
2,162
95,220
______
97,382
(13,467)
______
**106,459**
________
**1,607,517**
**1,607,517**
|2023
£
814,580
650,000
________
1,464,580
83,915
________
1,548,495
1,548,495|
|---|---|---|
Approved for and on behalf of the Trustees and signed on their behalf by:
Date: 29 September 2025
8
**The Lang Foundation**
**Notes to the Financial Statements**
## **1 Accounting Policies**
## **Charity Information**
The Lang Foundation is a charity registered in Scotland. The principal address is
## **Basis of Preparation and Assessment of Going Concern**
The financial statements are prepared under the historical cost convention modified to include the revaluation of property and investments and include the results of the Foundation’s operations as indicated in the financial report, all of which are continuing.
The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2019) preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued during October 2019, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
The Foundation is not required to produce a cash flow on the basis that it is a small charity.
The Foundation constitutes a public benefit entity as defined by FRS102.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest £.
The following is a summary of the significant accounting policies adopted by the Trustees in the presentation of the financial statements.
## **Income Recognition**
All income is recognised once the Foundation has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Foundation; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and is receivable.
Rental income is included when receivable.
9
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
## **1 Accounting Policies (continued)**
## **Expenditure Recognition and Irrecoverable VAT**
All expenditure is included on an accruals basis and is recognised when there is legal obligation to pay for expenditure, it is probable that a settlement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged against the category of resources expended for which it is incurred.
- Raising funds includes the cost of managing investments. Any costs associated with the sale or purchase of investments are accounted for as part of the sale or purchase price of the investments.
- Charitable activities include expenditure associated with grant making including support costs which includes central functions and have been allocated on a basis consistent with the use of resources.
- Governance costs incurred in the governance of the Foundation and its assets and are primarily associated with constitutional and statutory requirements are also included,
## **Grants**
Grants comprise those paid in the accounting period and when applicable include grants payable in future periods where there exists a legal obligation to make such payments.
## **Investment Policy**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Foundation does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Foundation is that of volatility in equity markets and investment markets due to wider economic conditions, the attitudes of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
## **Realised Gains and Losses**
All gains and losses are taken on the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated on the difference between the fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the statement of financial activities.
## **Debtors**
Other debtors are recognised at the settlement amount due.
## **Cash at Bank**
Cash at bank includes cash held in a deposit or similar account.
10
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
## **1 Accounting Policies (continued)**
## **Creditors and Provisions**
Creditors and provisions are recognised where the Foundation has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
## **Financial Instruments**
The Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **Structure**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation and which have not been designated for any other purpose.
## **2 Investment Income**
|Dividends
Interest
**3**
**Raising Funds**
Investment Management Costs
Property Management Costs|**2024**
**£**
**65,100**
**2,830**
_____
**67,930**
**2024**
**£**
**5,337**
**-**
**_____**
**5,337**|2023
£
62,863
1,986
_____
64,849
2023
£
5,572
802
_____
6,374|
|---|---|---|
11
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
## **4 Charitable Activities**
The Foundation did not undertake any activity directly but met its charitable purposes by making grants. Grants for Trust purposes included in the financial statements to 31 December 2024 were as follows:
||**2024**|2023|
|---|---|---|
|**Organisations**|**£**|£|
|Aberdeen Foodbank|**-**|1,053|
|A Write Highland Hoolie|**600**|-|
|Aberfeldy Community First Responders|**1,000**|-|
|Alva Food Larder, Clackmannanshire|**1,416**|-|
|Astley Hall Trust|**900**|-|
|BADSO|**1,000**|750|
|Blair & Rattray Access Network|**1,000**|-|
|Blair in Bloom, Blairgowrie|**1,000**|-|
|Blood Bikes Scotland|**1,000**|1,000|
|Buttons and Bows Baby Bank|**-**|600|
|CanDu|**-**|1,000|
|Carnoustie Baptist|**-**|500|
|Carnoustie High School|**800**|-|
|Carnoustie Panmure Youth Club|**500**|-|
|Church of Scotland|**-**|2,096|
|Community Walled Garden, Perth|**1,000**|-|
|Crosshouse Primary School|**1,000**|-|
|Crosshouse Childrens Fund|**-**|1,000|
|DaSH Dalrymple|**-**|500|
|Dementia Friendly Aberfeldy|**1,000**|-|
|Dundee Choral Union|**1,500**|1,500|
|Dundee City Aquatics|**1,000**|1,000|
|Dundee Disabled Children’s Association|**2,000**|2,000|
|Dundee & Perth Foodbanks|**1,933**|1,549|
|Dundee Orchestral Society|**1,000**|750|
|Dundee Rugby Club|**-**|500|
|Dundee Volunteer and Voluntary Action|**250**|-|
|Dunkeld & Birnam Repair Café|**500**|-|
|Dunkeld & Birnam Trad Group|**1,000**|-|
|East Fife & Scooniehill RDA|**2,000**|2,000|
|East Kilbride Foodbank|**1,585**|1,015|
|Elder Voice, Blairgowrie|**1,120**|-|
|Fairmuir Tangerines Youth FC|**750**|-|
|Faith in the Community|**2,198**|1,500|
|Ferry Athletic YFC, Broughty Ferry|**500**|500|
|For the Love of a Child, Dundee|**1,000**|-|
|Friends of the Fairy Steps, Carnoustie|**-**|1,000|
|Gatehouse Development Association|**1,000**|1,000|
|Girl Guiding Stewarty|**-**|1,000|
|Gie it Laldy Carers Choir, Perth|**750**|-|
|Glasgow’s Golden Generation|**1,001**|-|
||**______**|______|
|Carried Forward|**33,303**|23,813|
12
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
## **4 Charitable Activities (continued)**
|**Charitable Activities (continued)**|||
|---|---|---|
||**2024**|2023|
||**£**|£|
|Carried forward|**33,303**|23,813|
|Glenearn Badminton Club|**-**
|735|
|Golfers with Dementia|**-**|400|
|Gorebridge Community Care|**-**|850|
|Grove Academy|**-**|750|
|Hamish Dear’s Warm Hugs|**-**|250|
|Hearing Voices Dundee|**1,000**|-|
|Kingspark School, Dundee|**1,935**|1,704|
|Kinnoull Community Tennis Club, Perth|**1,000**|-|
|Letham Climate Change, Perth|**750**|-|
|Lovebridge Community Church, Aberdeen|**1,000**|500|
|Mantalk Blairgowrie|**500**|500|
|Mens Shed Scone|**-**|750|
|Mid-Lin Day Care, Dundee|**1,417**|1,251|
|Monifieth Befrienders|**750**|750|
|Monifieth High School|**300**|786|
|Monifieth Rotary|**250**|200|
|Monifieth Patient Advice Grp Defibrilator|**1,000**|-|
|Montrose Stroke Club|**1,000**|-|
|MS Therapy Centre Tayside (Ltd)|**2,000**|2,000|
|Munros 4MND|**500**|-|
|Parkinson’s Dundee|**1,000**|-|
|Parkinson's Perth|**1,000**|1,000|
|Penicuik North Kirk Foodbank|**147**|1,453|
|Perth Amateur Opera Society|**-**|-|
|Perth Parrots Floorball|**-**|500|
|Perth Polish Scouts|**1,000**|850|
|Perth Welfare|**-**|500|
|Pitlochry Garden Share|**1,000**|-|
|PMR-GCA Scotland|**1,000**|1,000|
|Sauchie Active 8|**500**|-|
|Scottish Ensemble|**-**|1,000|
|Signpost International/Roundhouse Kitchen, Dundee|**1,437**|921|
|Social Flock, Perth|**1,500**|1,000|
|Starter Packs, Perth|**1,000**|750|
|St Fergus School, Dundee|**500**|750|
|St Pius Primary School, Dundee|**1,000**|-|
|Strathmore Community Rugby Club|**750**|-|
|Tayside 4x4 Responders|**900**|-|
|Tayside Children Cancer|**-**|500|
||**_______**|_______|
|Carried Forward|**59,439**|45,463|
13
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
## **4 Charitable Activities (continued)**
|**Charitable Activities (continued)**||||||
|---|---|---|---|---|---|
|Carried forward
TOGS Dundee
Transform Forth Valley
Ukraine Aid
Upper Tay Anti Poverty Group
Uppertunity, Dundee
Wheelchair for Dexter Williamson
YEABBA Broughty Ferry
Young Lives, Dundee
**Individuals**
**Total Grants**
Independent Examination Fee
Trustees Fees
Range of grants
Total grants paid to individuals
Number of individuals|**147**||**2024**
**£**
**59,439**
**1,000**
**500**
**500**
**1,000**
**894**
**-**
**-**
**1,000**
______
**64,333**
**1,500**
**1,500**
**1,500**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
______
**68,833**
**2,070**
**15,000**
______
**85,903**
**– 2,200**
**£4,500**
**3**
||2023
£
45,463
-
-
2,718
-
927
2,000
1,000
-
______
52,108
-
-
-
799
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
______
60,907
2,100
15,000
______
78,007
250-3,000
£8,799
9|
|||||||
|||||||
Fees paid to Trustees are assessed by non-paid Trustees to ensure not excessive, with the work performed on behalf of the Trust.
14
**The Lang Foundation**
## **Notes to the Financial Statements (continued)**
## **5 Investments**
||**2024**|
|---|---|
||**£**|
|**Investment property**||
|Fair Value at 31 December 2021|480,000|
|Revaluation in year to 31 December 2022|170,000|
||_______|
|Fair Value at 31 December 2023 and 31 December 2024|**650,000**|
The investment property was revalued at £650,000, in September 2021, by J&E Shepherd, Chartered Surveyors, RICS members, the Trustees feel this valuation reflected fair value.
The historic cost of the investment property amounts to £195,000.
|**Stocks and Shares**
At 1 January 2024, at cost
Unrealised Appreciation
At 1 January 2024, at fair value
Purchases
Sales proceeds
Net realised gain/(loss) on sales
Increase in unrealised appreciation
**At 31 December 2024, at fair value**
**Represented by**
Investment at cost
Unrealised appreciation
**Comprised of**
Listed investments
Unlisted investments
Gains/(losses) on realisation
Unrealised (losses)/gains on Stock and Shares
**Net gains on investments**|**2024**
**£**
**445,105**
**369,475**
**______**
**814,580**
**91,789**
**(97,639)**
**3,662**
**38,666**
______
**851,058**
**432,829**
**418,229**
______
**851,058**
**634,694**
**216,364**
______
**851,058**
**3,662**
**38,666**
_______
_
**42,328**|2023
**£**
442,683
347,251
______
789,934
38,908
(39,728)
(363)
25,829
______
814,580
445,105
369,475
______
814,580
598,216
216,364
______
814,580
(363)
25,829
______
25,466|
|---|---|---|
15
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
## **5 Investments (continued)**
|**Investments Representing More than 5% of Portfolio**
12,750 City of London Investment Trust plc ordinary shares of 25p
102 C J Lang & Son Limited A ordinary shares of £1
27,400 BNY Mellon GLB FDS US Equity Income
5,820 Fidelity UCITS ICA US Qual
4,700 JP Morgan American Investment Trust ordinary shares|**Fair**
**Value**
**2024**
**£**
**54,953**
**216,364**
**48,860**
**50,198**
**53,110**
|Fair
Value
2023
£
52,211
216,364
42,886
42,762
40,373|
|---|---|---|
## **Investment Risks**
FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:
Credit risk: this is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation.
Market risk: this comprises currency risk, interest rate risk and other price risk.
- Currency risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in foreign exchange rates.
- Interest rate risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market interest rates.
- Other price risk: this is the risk that the fair value or future cash flows of a financial asset will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.
The Foundation has exposure to these risks because of the investments it makes to implement its investment strategy. The Trustees manage investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the Foundation’s strategic investment objectives. These investment objectives and risk limits are implemented through the investment manager agreements in place with the Foundation’s investment managers and monitored by the Trustees by regular reviews of the investment portfolios.
Further information on the Trustees’ approach to risk management and the Foundation’s exposure to credit and market risks are set out below.
16
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
## **5 Investments (continued)**
## **Credit Risk**
The Foundation invests in pooled investment vehicles and is therefore directly exposed to credit risk in relation to the instruments it holds in the pooled investment vehicles and is indirectly exposed to credit risks arising on the financial instruments held by the pooled investment vehicles.
## _**Analysis of direct credit risk**_
Direct credit risk arising from pooled investment vehicles is mitigated by the underlying assets of the pooled arrangements being ring-fenced from the pooled manager, the regulatory environments in which the pooled managers operate and diversification of investments amongst a number of pooled arrangements. The Foundation’s Investment Managers, on behalf of the Trustees, carry out due diligence checks on the appointment of new pooled investment managers and on an ongoing basis monitor any changes to the regulatory and operating environment of the pooled manager.
Pooled investment arrangements used by the Foundation comprise authorised unit trusts. Indirect credit risk arises in relation to underlying investments held in the bond pooled investment vehicles. This risk is mitigated by only investing in pooled funds which invest in at least investment grade credit rated securities.
## **Currency risk**
The Foundation is subject to currency risk because some of the Foundation’s investments are held in overseas markets, via the pooled investment vehicles.
## **Interest rate risk**
The Foundation is subject to interest rate risk through investments comprising bonds.
## **Other price risk**
The Foundation is not subject to other price risk.
## **6 Debtors**
|Other income receivable
**7**
**Creditors**
Accruals
Rent deposit
Rent paid in advance|**2024**
**£**
**-**
**2024**
**£**
**1,950**
**8,750**
**2,917**
**_____**
**13,617**|2023
£
-
2023
£
1,800
8,750
2,917
_____
13,467|
|---|---|---|
17
**The Lang Foundation**
**Notes to the Financial Statements (continued)**
|**8**
**Unrestricted funds**
At 1 January 2024
Revenue gain in the year
Net realised gain/(loss) in the year
Increase in unrealised appreciation
**At 31 December 2024**
Being
Funds - realised
unrealised|**2024**
**£**
**1,548,495**
**16,694**
**3,662**
**38,666**
________
**1,607,517**
**734,288**
**873,229**
________
**1,607,517**
|2023
**£**
1,502,557
20,472
(363)
25,829
________
1,548,495
724,020
824,475
________
1,548,495
|
|---|---|---|
## **9 Related Parties**
The majority of Trustees are also Directors of C J Lang & Son Limited
Donations received during the year from C J Lang & Son Limited amounted to £5,000 (2023 - £5,000). Dividends of £43,601 (2023 - £39,832) were received from C J Lang & Son Limited during the year.
One (2023 – one) Trustee received remuneration of £15,000 (2023 - £15,000) during the year. No Trustees were reimbursed for expenses.
|**10**
**Financial instruments**
**Carrying amount of financial assets**
Financial assets measured at fair value through profit and loss|**2024**
**£**
**1,501,058**
|2023
£
1,464,580|
|---|---|---|
Financial assets measured at fair value through profit and loss comprise of listed investments and investment property.
18