Caseware UK (AP4) 2024.0.164 2024.0.164 Caseware UK (AP4) 2024.0.164 2024.0.164 2025-07-31 4631952 4631952 3878100 43679 2024-08-01 false No description of principal activity 1 1 2025-07-31 05774260 2024-08-01 2025-07-31 05774260 2023-08-01 2024-07-31 05774260 2025-07-31 05774260 2024-07-31 05774260 2024-08-01 05774260 2023-08-01 05774260 c:Director1 2024-08-01 2025-07-31 05774260 c:Director1 2023-08-01 2024-07-31 05774260 c:Director1 2025-07-31 05774260 c:Director1 2024-07-31 05774260 c:Director2 2024-08-01 2025-07-31 05774260 c:Director2 2025-07-31 05774260 c:RegisteredOffice 2024-08-01 2025-07-31 05774260 d:CurrentFinancialInstruments 2025-07-31 05774260 d:CurrentFinancialInstruments 2024-07-31 05774260 c:FRS102 2024-08-01 2025-07-31 05774260 c:IndependentExaminationCharity 2024-08-01 2025-07-31 05774260 c:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 05774260 b:Trustee1 2024-08-01 2025-07-31 05774260 b:Trustee2 2024-08-01 2025-07-31 05774260 b:Trustee3 2024-08-01 2025-07-31 05774260 b:Trustee4 2024-08-01 2025-07-31 05774260 b:Trustee5 2024-08-01 2025-07-31 05774260 b:Trustee6 2024-08-01 2025-07-31 05774260 b:Trustee7 2024-08-01 2025-07-31 05774260 b:Trustee8 2024-08-01 2025-07-31 05774260 b:Trustee9 2024-08-01 2025-07-31 05774260 b:Trustee10 2024-08-01 2025-07-31 05774260 b:Trustee11 2024-08-01 2025-07-31 05774260 b:Trustee12 2024-08-01 2025-07-31 05774260 b:Trustee13 2024-08-01 2025-07-31 05774260 b:Trustee14 2024-08-01 2025-07-31 05774260 b:Trustee17 2024-08-01 2025-07-31 05774260 b:TotalEndowmentFunds 2024-08-01 2025-07-31 05774260 b:TotalEndowmentFunds 2025-07-31 05774260 b:TotalEndowmentFunds 2024-07-31 05774260 1 2025-07-31 05774260 3 2025-07-31 05774260 1 2024-07-31 05774260 3 2024-07-31 05774260 b:TotalUnrestrictedFunds 2025-07-31 05774260 b:TotalUnrestrictedFunds 2024-07-31 05774260 b:TotalRestrictedIncomeFunds 2025-07-31 05774260 b:TotalRestrictedIncomeFunds 2024-07-31 05774260 c:FullAccounts 2024-08-01 2025-07-31 iso4217:GBP xbrli:pure

Registered number: 05774260 Charity number: 1117330 THE LAUREL TRUST (A company limited by guarantee) UNAUDITED TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
THE LAUREL TRUST (A company limited by guarantee) CONTENTS
| Page
Reference and administrative details of the Charity, its Trustees and advisers | 1 - 2
Trustees' report | 3 - 10
Independent examiner's report | 11
Statement of financial activities | 12
Balance sheet | 13 - 14
Notes to the financial statements | 15 - 26
THE LAUREL TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025
Trustees | W Goddard, Chair
| R Durban, Trustee
| Dr S Albone, Trustee
| P Bull, Trustee
| Dr S Hampson, Trustee (appointed 9 December 2024)
| Dr S Jarvis, Trustee (appointed 9 December 2024)
| L Laverick, Trustee (appointed 9 December 2024)
| Dr D McPhail, Trustee
| N Pandya, Trustee (appointed 9 December 2024)
| J Redman, Trustee (appointed 9 December 2024)
| M Tiplin, Trustee
| Dame P Collarbone, Trustee (resigned 9 December 2024)
| R Greenhalgh, Trustee (resigned 9 December 2024)
| D Jhamat, Trustee (resigned 9 December 2024)
| T Thurogood-Hyde, Trustee (resigned 13 July 2025)
Company registered number | 05774260
Charity registered number | 1117330
Registered office | C/O Stone King Boundary House 91 Charterhouse Street London EC1M 6HR
Independent Examiner | Duncan Cochrane-Dyet BSc BFP FCA MHA Lydean House 30-32 Albion Place Maidstone Kent ME14 5DZ
Bankers | Charities Aid Foundation Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
Solicitors | Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR
Consultant director | M Roger (until September 2025) D Brett (from September 2024) (shadowing M Roger until September 2025)
Page 1
THE LAUREL TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025
Investment managers | Evelyn Partners 45 Gresham Street London EC2V 7BG
Page 2
THE LAUREL TRUST (A company limited by guarantee) TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2025 The Trustees present their annual report together with the financial statements of Charity for the 1 August 2024 to 31 July 2025. The annual report serves the purposes of both a Trustees' report and a Directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted. As a result of the ending of government grants for regional and national providers to train teachers for leadership in education the trustees made the strategic decision in July 2016 that to continue to take forward the charitable purpose of the advancement of education it was necessary to change the operational methodology and the name of the charity. It was decided to adopt the name the Laurel Trust and this was formally enacted on 3 October 2016 when the change of name was registered with Companies House and the Charity Commission. The operational methodology was changed from training provision for leadership in education to charitable grant making. This new strategy was selected on the basis of the need in schools and other educational providers to support practical action research in order to promote school improvement and educational achievement in multiply deprived communities through partnerships in education for children up to 11 years old, including provision for the early years and special educational needs and disability (SEND). Objectives and activities a. Policies and objectives The charitable objects of the Trust are “the advancement of education, in particular (without prejudice to the generality) by promoting, improving and developing educational leadership in schools, local education authorities and other organisations supporting or providing education regionally, nationally and internationally” (extract from the objects in the Articles of Association 2016). In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. b. Strategies for achieving objectives The Trustees have adopted the strategy of grant making to support action research projects to improve schools and raise achievement. To ensure scale and wide application the research projects are carried out by collaborative partnerships of schools and other educational providers serving children and young people up to the age of 18, notably those living in multiply deprived communities. A contribution from the collaboration of schools including professional staff time increases the resourcing of research projects enabling wider dissemination of outcomes and enhanced impact on education for the public benefit. Page 3
THE LAUREL TRUST (A company limited by guarantee) Objectives and activities (continued) c. Activities undertaken to achieve objectives In 2024-2025 The Laurel Trust continued to work with schools and organisations in areas of socio-economic deprivation and educational disadvantage. In addition, it focused on contacting multi-academy trust and local authorities in areas of disadvantage from which there had been a low take-up of funding. This was a successful strategy and attracted groups of schools from across England to attend the Trust’s briefing events in the autumn of 2024 and to apply for funding in spring 2025. This has resulted in successful research projects which have impacted on children and their families and in some cases on the wider community. Support for schools by the Trustees and Consultant Director continued for schools in Cohorts 4 and 5 where follow up visits and on-line meetings were undertaken to see the medium and longer-term impact of the grants and to investigate the sustainability of projects and action research once financial support from Laurel Trust was concluded. In most cases the improvement supported by The Laurel Trust had been sustained and embedded and the benefits to schools and their children/young people continues. The challenges for schools with funding issues, the absenteeism of children and staff shortages continue but the partner schools have worked hard to maintain the beneficial impact of their funding and resultant improved practice. The Trust continued to support the schools in Cohort 6 as their research and development has progressed through termly monitoring visits or on-line meetings, lessons observations, discussions with key staff and attendance at their conferences and celebration events. All cohort 6 successfully completed their research and submitted their projects by January 2025. The 8 cohort 6 projects were awarded a total £256,169 in grant-funding. All these funds had been distributed by the end of 2024. This grant-funding has supported 8 Lead Schools and with them almost 100 partner schools, including Universities/HEls, business, community partners and multi-agencies plus social services, the police, speech and language therapists and a Pupil Referral Service. The headteacher of the Pupil Referral Service has written a book on relational approaches to behaviour management which was published in the spring of 2025 by Routledge. The publication included an acknowledgement by the author of the support of The Laurel Trust. Applications for cohort 7 projects closed on February 28th, 2025. The Laurel Trust trustees agreed to support 8 of the applicants in the development of their projects. The cohort 7 projects’ theme is transition and, includes action research that is supporting the movement of year 6 students into year 7, students moving to large post 16 colleges from small special schools and the use of AI to develop bespoke curriculum content for students returning to school after a period of absence amongst others. The trustees have allocated grants totalling just under a quarter of a million pounds to support these projects. The first half of the grant was to be distributed in autumn 2025, with the final payment being distributed in Autumn 2026. These 8 cohort 7 projects will impact on just under 70 schools and their students and will help establish a culture of action research within these institutions. To obtain the lasting benefit to the school-led system, dissemination activities continue to be of fundamental importance. The lead School and its partners are required to disseminate their research and the resulting enhanced practice as widely as possible so that it benefits the maximum number of schools and their communities. Dissemination activities often include supportive resources for other schools to use. These can be guidance booklets, videos, classroom activities or support to a school undertaking similar work. This enables the impact of the research projects to extend their reach and engagement. To enable access to schools throughout England a fourth book of our research projects, 'Celebrating Research that Gets Results' was published in 2025. This was distributed to all Local Authorities, to schools and associates and thereby was given national coverage. In addition, a Laurel Trust newsletter is widely distributed to keep schools up-to-date and maintain the momentum of the work of the Trust. The process of recruiting the Cohort 8 partnerships will begin in summer 2026 with a submission date for applicants of February 2027. The advertising campaign and support briefings will be undertaken by the Consultant Director and the trustees during the Autumn term of 2026. Page 4
THE LAUREL TRUST (A company limited by guarantee) Objectives and activities (continued) d. Main activities undertaken to further the Charity's purposes for the public benefit In the year 2024-2025 the difficulties facing schools continue, with shortages in schools' budgets and increasing outgoings making for continuing financial challenges. There is a national issue and concern around pupil attendance, and persistent problems with staff recruitment and absence continue. However, the Trustees can confirm that they have continued to give structured and regular support and guidance to schools. When necessary, this has been extended to give additional support to ensure that the schools vvorking in partnership with the Trust achieved the improved outcomes they intended for children and families. The Trustees have exercised their duties and therefore complied with the duty to have due regard to the 'Achievement of Education and Public Benefit' published by the Charity Commission. The Trust's main activities were promoting and supporting school improvement. and pupils' progress and achievement in over a hundred schools in all phases of education from early years to tertiary education including special schools and settings. In addition, they have disseminated their research to the benefit of schools, locally, regionally and nationally so that the maximum number of schools can use the research and practice. In this way the Trust is supporting and fostering self-improving schools with all the attendant benefits. Achievements and performance a. Main achievements of the Charity The main achievements of the Trust include the support of schools by Trustees and the Consultant Director which has resulted in school improvement. In 2025 the eight collaborations of schools in cohort 6 worked with their lead schools, HEls and a number of educational, caring and specialist agencies successfully completing and submitting their projects once each submission was reviewed and evaluated by an external evaluator to ensure projects were robust and fulfilled the Laurel Trust’s criteria. Summaries of the 8 projects were published in the Laurel Trust’s fourth volume of “Celebrating Research that gets results”. Applications for cohort 7 projects closed in the spring of 2025. The theme of projects from this cohort was Effective Transition: educational readiness for every child at every stage. There were 45 applications for support from partnerships from across England. After deliberation, the Laurel Trust trustees agreed to support 8 of the applicants in the development of their projects. The successful applications include action research that is supporting the movement of year 6 students into year 7, students moving to large post 16 colleges from small special schools and the use of AI to develop bespoke curriculum content for students returning to school after a period of absence amongst others. The trustees allocated grants totalling just under a quarter of a million pounds to support these projects with half of this money to be distributed in autumn 2025. These cohort 7 projects were to begin in September 2025 and will be due to be completed and submitted by January 2027. The schools in cohort 7 are located across the country in Devon, Somerset, Doncaster, Whitley Bay, Bristol, Tower Hamlets, and Kent. In addition to improvements for children and young people, all the research projects have included structured professional development for the teachers and leaders involved. These were designed to build the skills, capability and capacity so that the impact is embedded and sustained. Families too have benefited where they have learnt new approaches and skills working with teachers and supporting their children at home. All the final reports from this cohort will be submitted in January and External Evaluations carried out to judge overall impact and efficacy. As indicated later in the report the Trustees and Consultant Director have had a schedule of regular visits to the Lead Schools to give support, guidance and challenge. This critical friend approach is the hallmark of the work of the Trust. A fourth volume was published in the Spring of 2025 which allows schools nationally to access, use, and benefit from the research and practice of The Laurel Trust schools. The continued and termly production of our newsletter, Update, has been valued by schools and other interested agencies such as NHS, Universities, Local Authorities and academy chains. It keeps schools in contact with other stakeholders and ensures that articles of interest and digests of research reach a wide range of audiences. Page 5
THE LAUREL TRUST (A company limited by guarantee) Achievements and performance (continued) Update has a usual function in disseminating not only our research but pertinent articles and matters of regional or national interest. In addition, it signposts schools to the research of others and fosters networking. The Trust continues to offer a telephone helpline for those schools needing advice and guidance. The Trust continues to maintain strong links with The London Leadership Centre (UCL) which is highly ranked in the world's ratings for educational research and practice. The London Leadership Centre regularly uses the research·of Laurel Trust Schools as case studies if they wish to demonstrate the importance of school-based practitioner research and its impact. A further round of recruitment was completed by the end of March 2025. Areas of social deprivation and educational disadvantage were again invited to apply for funding. The invitation was distributed nationally through every LA in England, MATs, teaching schools and other educational organisations. Areas from which we have had few applications but have high levels of poverty were identified and targeted by the recruitment process, which is inclusive and open to all schools. The Consultant Director and Trustees will review the application procedure before the next recruitment round that will begin in Autumn 2026. The Board of Trustees regularly reviews its policies and practices to ensure compliance with its legal duties and in 2024 undertook a strategic review of its priorities and plans and the associated risks. The nominated Safeguarding Lead is vigilant in ensuring that we receive NCPCC safeguarding training for Trustees and it is a requirement that this is renewed annually. She also provides regular updates relating to the safety, security and wellbeing of children and young people. The risk register is also examined at each meeting and a significant amount of time is also spent in reporting and assessing financial matters and ensuring financial probity and value for money. b. Key performance indicators In the year ending July 2025 the Board of Trustees completed the distribution of the allocated £256,169. (Distributed in 2 allocations. 50% in 2023, 50% in 2024). The Board of Trustees also allocated £237,419 in funds to the successful Cohort 7 partnerships.(The distribution of these grants will also be in 2 allocations, 50% in Autumn 2025 and 50% in autumn 2026). The partnerships of both cohorts -16 in total- are led by lead schools whose Ofsted rating (under the previous framework) is outstanding or good. In total these 2 cohorts of projects will impact on almost 170 schools across England, as well as a range of other partners including universities, HEls, local authorities and multi-academy trusts, Occupational Therapists, social services, industry and commerce. Several projects had a wider impact on parents, carers and the local communities. Each research project had a rigorous but developmental external evaluation and these were conducted by university professors or researchers, experienced ex-headteachers or national figures in education in specialist fields such as Early Years. The evaluations are used to demonstrate impact and learning resulting from the research and indicate to the schools and Trust possible directions for the future. All Lead Schools are required to consider and plan for dissemination of their work. Presentations have been given at national conferences by schools showcasing their research and articles and a book is shortly to be published emanating from research into relational approaches to behaviour management. During 2024-2025 total reserves reduced by £376,926 from £2,315,976 to £1,939,050 (2023-2024 reduced by £102,591 from £2,418,567 to £2,315,976) with £412,278 (2023-2024 £370,465) expended on charitable activities and income of £47,921 (2023-2024 £50,063) made up from income from investments and interest received on deposit accounts. Page 6
THE LAUREL TRUST (A company limited by guarantee) Achievements and performance (continued) c. Review of activities The focus has been on enabling and facilitating research that involved parents/carers, families and the wider community. The underlying aim was to have an impact on school improvement and better outcomes for children and young people. To this end there has been an emphasis on research projects for all children experiencing education disadvantage and often those with additional, special or complex needs. Two examples which demonstrate this approach would be a project in Essex where the partnership, aware that socio-economic disadvantage is positively related to literacy achievement, used a short-term reading intervention to narrow the gap for year 7 students. A second example from the South West, where a partnership in Devon, looked at how instructional coaching models could be used to raise academic outcomes for disadvantaged students by improving pedagogical approaches in the classroom. This work also was in partnership with the careers service. Using a wider focus had brought a richness to our current research projects which was published in the Spring of 2025. We continue to encourage schools to work with a range of stakeholders for maximum reach and benefit. d. Investment policy and performance Noting the modest interest of under £3K paid from the Scottish Widows Deposit Account in 2017-18 and the sale of the Sittingbourne property, also in 2017-18, adding over £1.25M to the cash reserves, the Trustees remitted the company secretary to research alternative investments, including equities and bonds which could be managed by an “Investment Expert” firm in line with the powers in the Articles of Association and charity law. This review was to be completed by the Autumn of 2018 when the secretary was remitted to make recommendations to the Trustees on the future Investment Policy. In May 2019, £2.7M was invested with Tilney (now Evelyn Partners) with instructions to invest in a portfolio appropriate for an investor with a five-year time horizon or more, who is comfortable with moderate volatility of returns and having typically up to 60% of their portfolio in equities, and who is able to tolerate a loss of up to 15% of the value of their portfolio in any one year. This percentage loss is based on what one might reasonably expect in any one year 95% of the time, or 19 years out of 20, and so there may be occasions when the percentage fall is greater than the 15% loss stated. At 31 July 2025, the investment portfolio was valued at £2,138,440 (2024: £2,289,143). Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy Throughout the financial year the Trustees regularly reviewed the healthy net assets totalling £1,939,050 on 31 July 2025 (£2,315,976 on 31 July 2024). They resolved to continue with the long-term reserves policy of combining high levels of reserves with cautious application to new grant making developments budgeted at up to £250,000 per annum in order to safeguard charitable assets and maintain financial stability during the ongoing period of government policy changes in education including austerity cuts. c. Financial risk management objectives and policies During the past year the Trustees continued to carefully monitor the associated financial risks and under their duty of prudence maintained their cautious reserves policy subject to the above review of the reserves investment policy. Page 7
THE LAUREL TRUST (A company limited by guarantee) Financial review (continued) d. Principal funding With the ending of government grants from the Department for Education in 2016 the Trust relies upon investment income to maintain reasonable reserves. In future years there will be a possibility of approaching other charitable trusts supporting research in education once the Trust has produced publications and disseminated research project findings nationwide and has a track record for quality high impact research in education. Structure, governance and management a. Constitution Constitutionally the Laurel Trust (previously Southern Educational Leadership Trust) is a charitable company limited by guarantee with registered charity number 1117330 and company number 05774260 governed by Memorandum and Articles of Association adopted on incorporation on 7 April 2006 and last amended by special resolution dated 26 July 2024. b. Methods of appointment or election of Trustees The Trust is governed by a multi-skilled and diverse Board of Trustees and new Trustees are recruited through commissioning Trustees Unlimited as a specialist trustee recruitment agency. Trustees are appointed and co-opted on a voluntary basis. All new Trustees are inducted on their legal duties and responsibilities of Trusteeship using Charity Commission Guidance and literature published by the Trust’s solicitors, Stone King LLP. In addition the Board has introduced the NCVO Best Behaviour Code, which has been adopted by the Board and all Trustees are required to sign the code and complete the declaration of interests, which is updated annually. The Trust’s solicitors ensure that the Trustees act in accordance with their legal obligations, corporate government principles and guidance from the Charity Commission and other organisations in the charity sector including NCVO, DSC and ACEVO. In 2024 five new Trustees were appointed to the Board of Trustees after a rigorous recruitment and selection procedure. They have brought additional expertise and greater diversity. c. Organisational structure and decision-making policies The management of the charity is the responsibility of the Trustees who are appointed and co-opted under the terms of the Articles of Association. Support for and evaluation of the research projects is undertaken by Trustees on a voluntary basis in association with consultants (below) and in future years independent evaluation exercises and reports will be undertaken. d. Related party relationships The trustees have taken legal advice on this and for the future the trust has adopted and will consistently apply a bespoke management policy written by the specialist charity department at BWB (now at Stone King) which encompasses the duty to avoid conflict of interest, full declarations and where necessary provisions for the proper management of all incidences of conflict of interest and loyalty to ensure that board decisions are reasonable, prudent, independent and objective, including those for the allocation of grants. Page 8
THE LAUREL TRUST (A company limited by guarantee) Structure, governance and management (continued) e. Consultants as Advisors The charity currently has no employees. These have been replaced by a free-lance Consultant Director to whom the education/schools work is outsourced and who works part-time. The former Company Secretary whose role was to oversee the governance and finance of the Trust left in 2019. These functions are now carried out by Stone King Solicitors supported by the Chair of Trustees. A designated Stone King solicitor attends all Trustee meetings and provides ongoing legal advice. Plans for future periods The Trustees plan to support the completion of research of all current research projects. Parents, carers, teachers and their communities have been under immense strain, particularly so in areas of hardship. The Laurei Trust believes that the continued grant funding will enable schools to engage in creative projects to counteract some of these difficulties. It has already seen evidence through its projects, of gains in children's reading, mental health and wellbeing. The Laurel Trust is therefore deeply committed to supporting this work. A fourth volume of "Research which gets Results' was published in Spring 2025. A further round of recruitment for cohort 7 took place in spring 2025 with a focus on 'Effective Transition: educational readiness for every child at every phase. Ther were applications from 45 partnerships for funding, 8 of which were selected for support by the Laurel Trust Trustees. These 8 partnerships completed improvements in their planning by July 2026 with a view to the projects beginning in September 2025. The Laurel Trust trustees have agreed that cohort 8 recruitment will begin in the autumn of 2026 and will be completed by Spring 2027. University College London Institute of Education continue to use 3 highly successful Laurel Trust research case studies in the new National Qualifications for Leaders at all levels in order to illustrate good practice in Autism, Family Links, and learning and wellbeing. Further discussions are under way to extend this potential in sharing good practice through exposure in these national programmes. The Institute of Education is the most highly rated provider of educational research in the world and is part of University College London, which is also rated as world class. Overall plans continue to include the continued enhancement of the website and other conduits for local, national and regional dissemination so that the maximum number of schools, children, families and communities benefit from our research with schools. The Laurel Trust is ambitious to have the widest possible reach and engagement resulting from its work and to engage the highest possible number of schools especially in disadvantaged communities facing poverty and challenge. During 2024 the Laurel Trust Trustees appointed a new Consultant Director and 5 new Trustees to replace Trustees whose term of office has reached its conclusion. The new Consultant Director worked closely with the outgoing Consultant Director for several months to ensure a smooth handover of Laurel Trust business. Page 9
THE LAUREL TRUST (A company limited by guarantee) Statement of Trustees' responsibilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102); ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards (FRS 102) 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 adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ W Goddard Chair |
Date: 19 March 2026 |
Page 10
THE LAUREL TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2025
Independent examiner's report to the Trustees of The Laurel Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 July 2025.
Responsibilities and basis of report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters, other than those fully detailed below, have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:
1. | accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or
2. | the accounts do not accord with those records; or
3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Disclosure section
MHA provide bookkeeping services for The Laurel Trust. I have applied the FRC's Revised Ethical Standard 2024 issued by the Financial Reprting Council. 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. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Dated: 20 March 2026 Duncan Cochrane-Dyet BSc BFP FCA MHA Maidstone United Kingdom Page 11
THE LAUREL TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2025
|  | Unrestricted funds 2025 | Total funds 2025 | Total funds 2024
| Note | £ | £ | £
Income from: |  |  |  |
Investments | 3 | 47,921 | 47,921 | 50,063
Total income |  | 47,921 | 47,921 | 50,063
Expenditure on: |  |  |  |
Raising funds | 4 | 16,637 | 16,637 | 17,318
Charitable activities | 6 | 412,278 | 412,278 | 370,465
Total expenditure |  | 428,915 | 428,915 | 387,783
Net expenditure before net gains on investments |  | (380,994) | (380,994) | (337,720)
Net gains on investments |  | 4,068 | 4,068 | 235,129
Net movement in funds |  | (376,926) | (376,926) | (102,591)
Reconciliation of funds: |  |  |  |
Total funds brought forward |  | 2,315,976 | 2,315,976 | 2,418,567
Net movement in funds |  | (376,926) | (376,926) | (102,591)
Total funds carried forward |  | 1,939,050 | 1,939,050 | 2,315,976
The Statement of financial activities includes all gains and losses recognised in the current and prior year.
The notes on pages 15 to 26 form part of these financial statements.
Page 12
THE LAUREL TRUST (A company limited by guarantee) REGISTERED NUMBER: 05774260 BALANCE SHEET AS AT 31 JULY 2025
|  |  | 2025 |  | 2024
| Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 11 |  | 2,138,440 |  | 2,289,143
|  |  | 2,138,440 |  | 2,289,143
Current assets |  |  |  |  |
Debtors | 12 | 346 |  | 505 |
Cash at bank and in hand |  | 58,583 |  | 104,754 |
|  | 58,929 |  | 105,259 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 13 | (258,319) |  | (78,426) |
Net current liabilities / assets |  |  | (199,390) |  | 26,833
Total assets less current liabilities |  |  | 1,939,050 |  | 2,315,976
Net assets excluding pension asset |  |  | 1,939,050 |  | 2,315,976
Total net assets |  |  | 1,939,050 |  | 2,315,976
Charity funds |  |  |  |  |
Restricted funds | 15 |  | - |  | -
Unrestricted funds | 15 |  | 1,939,050 |  | 2,315,976
Total funds |  |  | 1,939,050 |  | 2,315,976
Page 13
THE LAUREL TRUST (A company limited by guarantee) REGISTERED NUMBER: 05774260 BALANCE SHEET (CONTINUED) AS AT 31 JULY 2025 The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ W Goddard Chair | ................................................ R Durban Trustee
Date: 20 March 2026 |
The notes on pages 15 to 26 form part of these financial statements.
Page 14
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
1. | General information
The Charity is a private company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. The address of the registered office is c/o Stone King, Boundary House, 91 Charterhouse Street, London, EC1M 6HR. The financial statements are presented in sterling which is the functional currency of the charity and are rounded to the nearest pound. The nature of the charity's operations and principal activities are "the advancement of education, in particular (without prejudice to the generality) by promoting, improving and developing educational leadership in schools, local education authorities and other organisations supporting or providing education regionally, nationally and internationally” (extract from the objects in the Articles of Association 2016). 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Laurel Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
| 2.2 | Going concern
There are no material uncertainties affecting the Charity's ability to continue and the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the forseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 15
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.4 | Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT.
| 2.5 | Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
| 2.6 | Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
| 2.7 | Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
| 2.8 | Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 16
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.9 | Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
| 2.10 | Financial instruments
The Charity 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
| 2.11 | Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.
| 3. | Investment income
|  |  | Unrestricted funds 2025 | Total funds 2025
|  |  | £ | £
| Income from listed investments | 46,866 | 46,866
| Bank and tax repayment interest | 1,055 | 1,055
| Total 2025 | 47,921 | 47,921
Page 17
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 3.Investment income (continued)
|  |  | Unrestricted funds 2024 | Total funds 2024
|  |  | £ | £
| Income from listed investments | 48,483 | 48,483
| Bank and tax repayment interest | 1,580 | 1,580
| Total 2024 | 50,063 | 50,063
| 4. | Investment management costs
|  |  | Unrestricted funds 2025 | Total funds 2025
|  |  | £ | £
| Investment management fees | 16,325 | 16,325
| Investment miscellaneous charges | 312 | 312
| Total 2025 | 16,637 | 16,637
|  |  | Unrestricted funds 2024 | Total funds 2024
|  |  | £ | £
| Investment management fees | 17,246 | 17,246
| Investment miscellaneous charges | 72 | 72
| Total 2024 | 17,318 | 17,318
Page 18
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| 5. | Analysis of grants
|  |  | Grants to intitutions 2025 | Total funds 2025
|  |  | £ | £
| Grants payable | 237,419 | 237,419
| Total 2025 | 237,419 | 237,419
|  |  | Grants to Institutions 2024 | Total funds 2024
|  |  | £ | £
| Grants payable | 256,169 | 256,169
| Total 2024 | 256,169 | 256,169
| The Charity has made the following material grants to institutions during the year:
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Name of institution |  |
| Fiveways School | 40,000 | -
| Cathedral Schools Trust/ Cathedral Primary School | 28,000 | -
| Whitley Bay High School | 31,860 | -
| Mulberry School for Girls | 33,000 | -
| Pilton Community College | 27,500 | -
| Dartmoor Multi Academy Trust/ St James School Okehampton | 24,159 | -
| London South East Colleges/ Bromley Beacon Academy | 25,000 | -
| Exceed Learning Partnership / Bentley High Street Primary School | 27,900 | 25,070
| Tameside Pupil Referral Service | - | 49,750
| Sunningdale Specialist School | - | 16,500
| Dagenham Park Church of England School | - | 32,000
| Fairmead School | - | 29,000
| Shortbrook Primary School | - | 30,000
| Riviera Education Trust/ Oldway Primary School | - | 23,949
| St John Plessington Catholic College | - | 49,900
| New grants awarded in year | 237,419 | 256,169
| Total Grants | 237,419 | 256,169
Page 19
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| 6. | Analysis of expenditure by activities
|  |  | Grant funding of activities 2025 | Support costs 2025 | Total funds 2025
|  |  | £ | £ | £
| Grant making activities | 237,419 | 174,859 | 412,278
|  |  | Grant funding of activities 2024 | Support costs 2024 | Total funds 2024
|  |  | £ | £ | £
| Grant making activities | 256,169 | 114,296 | 370,465
| All of the current and prior year grant making activity costs related to unrestricted funds.
Page 20
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 6.Analysis of expenditure by activities (continued)
| Analysis of support costs
|  | Grant making activities 2025 | Total funds 2025
|  | £ | £
| Travel and subsistence | 5,669 | 5,669
| Printing, postage and stationery | 2,347 | 2,347
| Other expenses | 47 | 47
| Training | 73 | 73
| Rent and rates | 939 | 939
| Computer supplies and charges | 169 | 169
| Bank charges | 60 | 60
| Legal and professional | 101,292 | 101,292
| Marketing | 15,693 | 15,693
| Recruitment costs | 31,200 | 31,200
| Venues | 500 | 500
| Other accountancy fees | 16,870 | 16,870
| Total 2025 | 174,859 | 174,859
|  | Grant making activities 2024 | Total funds 2024
|  | £ | £
| Travel and subsistence | 2,193 | 2,193
| Printing, postage and stationery | 3,752 | 3,752
| Other expenses | 35 | 35
| Rent and rates | 860 | 860
| Computer supplies and charges | 156 | 156
| Bank charges | 60 | 60
| Legal and professional | 70,001 | 70,001
| Marketing | 14,553 | 14,553
| Recruitment costs | 7,800 | 7,800
| Other accountancy fees | 14,886 | 14,886
|  | 114,296 | 114,296
Page 21
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
7. | Governance costs
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Legal advice and services in connection with trustee meetings | 22,592 | 31,941
| Venues for meetings | 500 | -
| Costs of recruiting new Trustees | 31,200 | 7,800
| Preparation and independent examination of the Charity's statutory annual accounts | 8,478 | 8,398
|  | 62,770 | 48,139
| All governance costs above are shown within note 6 under support costs.
8. | Independent examiner's remuneration
|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts | 6,570 | 6,510
| Fees payable to the Charity's independent examiner in respect of: |  |
| All other services not included above | 10,300 | 8,376
Page 22
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
9. | Staff costs
The average number of persons employed by the Charity during the year was as follows: During the year the Charity had no employees (2024: NIL) The average number of employees were NIL (2024: NIL) During the year, wages and salaries were £NIL (2024: £NIL) No employees received remuneration amounting to more than £60,000 in either year.
10. | Trustees' remuneration and expenses
| During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).
| During the year ended 31 July 2025, travel and subsistence expenses totalling £1,107 were reimbursed to 3 Trustees (2024 - £2,295 travel, subsistence and training expenses to 6 Trustees).
11. | Fixed asset investments
|  | Listed investments | Other fixed asset investments - Cash | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 August 2024 | 2,239,806 | 49,337 | 2,289,143
| Additions | 445,692 | - | 445,692
| Disposals | (572,355) | (28,108) | (600,463)
| Revaluations | 4,068 | - | 4,068
| At 31 July 2025 | 2,117,211 | 21,229 | 2,138,440
| Net book value |  |  |
| At 31 July 2025 | 2,117,211 | 21,229 | 2,138,440
| At 31 July 2024 | 2,239,806 | 49,337 | 2,289,143
| Valuations are provided by the investment managers, Evelyn Partners, and the listed investments are based on the quoted market price in an active market.
Page 23
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
12. | Debtors
|  | 2025 | 2024
|  | £ | £
| Due within one year |  |
| Prepayments and accrued income | 346 | 505
|  | 346 | 505
13. | Creditors: Amounts falling due within one year
|  | 2025 | 2024
|  | £ | £
| Trade creditors | 8,258 | 10,044
| Accruals and deferred income | 12,642 | 12,932
| Grants accrued - institutional | 237,419 | 55,450
|  | 258,319 | 78,426
14. | Financial instruments
|  | 2025 | 2024
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through income and expenditure | 2,117,211 | 2,239,806
Financial assets measured at fair value through income and expenditure comprise fixed asset investments. Page 24
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| 15. | Statement of funds
|  | Statement of funds - current year
|  |  | Balance at 1 August 2024 £ | Income £ | Expenditure £ | Gains/ (Losses) £ | Balance at 31 July 2025 £
|  | Unrestricted funds |  |  |  |  |
| General Funds | 2,315,976 | 47,921 | (428,915) | 4,068 | 1,939,050
|  | Statement of funds - prior year
|  |  | Balance at 1 August 2023 £ | Income £ | Expenditure £ | Gains/ (Losses) £ | Balance at 31 July 2024 £
|  | Unrestricted funds |  |  |  |  |
| General Funds | 2,418,567 | 50,063 | (387,783) | 235,129 | 2,315,976
Page 25
THE LAUREL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
| 16. | Analysis of net assets between funds
|  | Analysis of net assets between funds - current year
|  |  | Unrestricted funds 2025 | Total funds 2025
|  |  | £ | £
| Fixed asset investments | 2,138,440 | 2,138,440
| Current assets | 58,929 | 58,929
| Creditors due within one year | (258,319) | (258,319)
| Total | 1,939,050 | 1,939,050
|  | Analysis of net assets between funds - prior year
|  |  | Unrestricted funds 2024 | Total funds 2024
|  |  | £ | £
| Fixed asset investments | 2,289,143 | 2,289,143
| Current assets | 105,259 | 105,259
| Creditors due within one year | (78,426) | (78,426)
| Total | 2,315,976 | 2,315,976
17. | Related party transactions
| Included in legal and professional fees is £29,250 (2024: £29,250) invoiced by M A Roger Associates Limited, a company with a director, M Roger, who was also a consultant director of The Laurel Trust. As at the balance sheet date £625 (2024: £1,875) was outstanding and included in creditors. Also during the year M Roger was paid travel and subsistence payments amounting to £1,893 (2024: £nil). Included in legal and professional fees is £40,950 (2024: £nil) invoiced by Derrick Brett Associates Limited, a company with a director, D Brett, who was also a consultant director of The Laurel Trust. As at the balance sheet date £2,775 (2024: £nil) was outstanding and included in creditors. Also during the year D Brett was paid travel and subsistence payments amounting to £2,729 (2024: £nil). Included in legal and professional fees is £22,592 (2024: £31,941) invoiced by Stone King LLP, which was the company secretary of The Laurel Trust from 27 March 2020 to 13 September 2021. As at the balance sheet date £1,243 (2024: £3,104) was outstanding and included in creditors.
Page 26