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2020-12-31-accounts

Page
TRUSTEES' ANNUAL
REPORT		 1-7
AUDITORS' REPORT
STATEMENT OF FINANCIAL ACTIVITIES 10
BALANCE SHEET
STATEMENT OF CASHFLOWS 12
NOTES TO THE FINANCIAL STATEMENTS 13-20

Reference and Administration and Administration Details ofthe Charity, its Trustees and Advisors
Settlor Sir (John) Maurice
Laing
Date ofSettlement Deed 19August 1996
Trustees Stephen John Haines Ludlow
Ewan William Harper
Andrea Jane Currie
Charles William
David Laing
Simon David Martle
Paul Michael van den Bosch
There shall be at least three Trustees. The power ofappointing new Trustees
was vested
in the Settlor during		 his life, however the Settlor relinquished this
right.
The power of appointing		 Trustees now vesta with the Trustees.
Registered Address c/o Laing Family Trusts
33 Bunns Lane
Mill Hill
London
NW7 2DX
Nature ofTrust Registered
Charity No. 1038109
Bankers Bank ofScotland
33Old Broad Street
London
BX21LB
Accountants TMF Global Services (UK) Ltd
960Capability
Green
Luton
LU13PE
Auditors Mercer &Hole
72 London Road
StAlbans
Hertfordshire
AL1 1NS

Investment Advisors Rathbone
Investment		 Management Management Management
8Finsbury
Circus
London
ECZM 7AZ
Solicitors Linklaters
One Silk Street
London
EC2Y 8HI2
Director Ms E Harley
33gunne
Lane
Mill Hill
London
NW7 2DX
Destination of Funds
a) Income To charitable
purposes		 only but principally for the following purposes:
the advancement
ofthe Christian		 religion in any part ofthe world;
the advancement
of		 religious education in accordance with the doctrines
and principles ofthe Christian faith by such means as the Trustees think fit;
the relief ofpoverty throughout the world; and
the protection
and
preservation		 of health and the relief of sickness and
mental
and physical
disability.
Until 18August 2017,the Trustees had power to accumulate all or any part
ofthe income ofthe Trust Fund.
b) Capital To be retained
by the Trustees		 or, at their discretion, applied as income.
Investment Powers Under the terms of the trust deed the Trustees have the power to invest
and reinvest the Trust Fund:
a) in any account with any bank, building society or other financial institution;
b) in buying
any property		 (tangible, movable or immovable) in any part ofthe
world whether
or not		 it produces income; and

Objectives &Activities The Trustees grant-making
priorities
fall into three main categories.
~ to advance
Christian
faith and values
with an emphasis
on
making the Christian
message relevant to all through
innovative
'fresh
expressions'
ofchurch
projects which develop and affirm Christian
faith
resourcing
theological
training
for ordained
and
lay
ministry
and
pastoral support for those in ministry
providing
support for oppressed
Christian
communities
overseas
~ to su
ort or anisations
offerin
ractical assistance to those in the
U K
who
are disadvanta
ed
vulnerable
and
or sociall
isolated
with
a
particular
emphasis
on Chffstian
organisations
seeking to express their
faith through
practical action to help
prisoners
and ex-offenders
the homeless
children
and young people at risk
refugees
the elderly
those disproportionately
affected by the Covid-19 pandemic
~ relief of
ove
overseas
primarily
through
Christian
organisations
working
in the low income countries
of Sub-Saharan
Africa. Emphasis
is
placed on projects which seek to help
street children
improve educational
opportunities
build sustainable
livelihoods
improve the lives ofpeople with disabilities
Within these three strands, the Trustees continue to support
awide range
of charitable
projects, the primary
purpose
of which
is to advance
the
Christian
religion
or to relieve
poverty,
both
in the
UK and overseas.
Support this year has largely been focussed on helping those charities with
which the Trust had an existing relationship
to respond to the challenges
posed by the Covid-19 pandemic.
Grants have been made to help mitigate
loss of income from other sources and maintain
core activity, to provide
equipment
needed to enable services to be maintained
during
lockdown
by adapting
the mode of delivery
(eg moving
online) or to restart
safely
following
lockdown, or to fund the expansion ofservice provision to meet
immediate
needs orincreased demand
arising directly from the pandemic.
The Trustees favour projects which are sustainable
and replicable.
They
are looking tosupport inspirationalleaders
backed by charities with strong
management.
Many find their inspiration
In the Christian
faith, reflecting
the increasing
contribution
made by the Church to social welfare provision
in the UK, as demonstrated
by the response ofthe Church to the Covid-19
pandemic —mobilising
volunteers,
making
buildings
available etc. In this
respect the Trust is an active member ofthe Christian
Funders
Forum.
The grant-making
programme
is financed
by income
derived
from the
Trust's
investment
porffolio.
The investment
portfolio
is managed
by
Rathbones
on a discretionary
basis and, at the Trustees'
request,
in line
with the guidance ofthe Church of England's
Ethical Advisory
Group. The
Trustees met regularly
with the Rathbones
team throughout
the year to
review
performance
and
ensure
that
their
ethical
and
income
requirements
were
fully
understood
within
the
context
of
the
unpredictable
market
conditions
arising
from
the Covid-19 pandemic.
Going forward,
the Trustees
are seeking to match
grant expenditure
to
income as closely as possible, while maintaining
an endowment
fund ofat
least E20million.

All grants of65,000and above are listed by category in note 7to the accounts. the accounts. the accounts.
A further 13grants between 61,000 and 64,000were distributed through the
Charities Aid Foundation.
Taken together the Trustees are confident		 that these
grants demonstrate
a high degree of public benefit to a number		 of different
sectors. Further
details of grants of E25,000 and above are given		 below. For
the purpose of this report they have been placed in the three main areas of
interest outlined
above, although
there is inevitably		 some overlap.
Advancement
of Christian
Reli ion
Premier Christian
Media Trust
Digital Transformation
Programme		 E25,000
Coventry Cathedrol
Development
Trust
Making Spacefor Hope 2022 —The Pavilion Project E50,000
Bible Reading
Fellovvship
Covid-19 Response E25,000
Ridley Hall
Building &Facilities Improvement
Plan - Phases 1&2a		 E645,700
The Archbishops
Council ofthe Church ofEngland
Sports Evangelism
& Wellheing
Project-2'r of6		 E32,500
Youthscope
Resourcing
Christian
Youth Work - Covid-19 Response		 E25,000
Relief of Povert
in the UK
Hope into Action
Housing
Provision
& Church Support for Ex-Offenders		 E25,000
Essence
Project Leader'sSalary —Work with Young Women in Prison E25,000
Welcome Clrurches
VVelcome Network Officer's Salary -Support for Refugees E25,000
Westminster
Roman Cathogc Diocesan Trust
Night Support
iiVarker at Bakhi ta House -2n of3		 E25,000
Relief ofPovert
Overseas
Partners/or
Change Ethiopia
Alternative
Livelihoods for Poar Communities
in Dehre Sine &Bishoftu
—last of3 E35,000
YCare International
Investors
in Young People Fund-last of5		 E50,000

Achievements &Performance -continued In addition to grant expenditure,
a further 8109,415was spent on investment
manager's fees and f102,835 on support
and governance
costs. A gain on
investments off851,470 meant that, despite the excess of expenditure
over
income, the Trust's capital value remained
virtually
unchanged
at 824,587,775.
Risk Assessment The Trustees
annually
review the major risks to which they feel the charity is
exposed. These fall into three main areas: protection
of assets and income,
integrity of the grant-making
process and employment
and retention ofstaff.
Having carried out their annual
review ofthese risks, including
the impact of
Covid-19 in each ofthese areas, they remain confident that they have in place
systems
and		 procedures
which mitigate the risks as far as possible.

Unrestricted Funds
Expendable Total Total
Endowment Income 2020 2019
Note E 6
INCOME AND ENDOWMENTS
Investments 674,298 674,298 863,365
TOTAL INCOME 674,298 674,298 863,365
EXPENDITURE
Cost of raising funds 109,415 109,415 114,448
Charitable
activities		 645,700 834,835 1,480,535 1,666,765
TOTAL EXPENDITURE 755,115 834,835 1,589,950 1,781,213
NET INCOME/(EXPEBIDITURE) BEFOREGAINS
AND LOSSESON INVESTMENTS (755,115) (160,537) (915,652) (917,848)
Net gains/(losses)
on investments		 10 851,470 851,470 2,788,129
NET INCOME/(EXPENDITURE) AFTER GAINS
AND LOSSESON INVESTMENTS 96,355 N60 537) (64,182) 1,870,281
TRANSFER BETWEEN FUNDS 14 (160,537) 160,537
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(losses)
on foreign currency		 (1,862) (1,862)
NET MOVEMENT
IN FUNDS		 (66,044) (66,044) 1,870,281
FUND BALANCES BROUGHT FORWARD 24,658,819 24,658,819 22,788,538
FUND BALABICESCARRIED FORWARD 24,592,775 24,592,775 24,658,819

2020 2019
Note
FIXED ASSETS
Quoted investments 10 24,264,474 24,264,778
24,264,474 24,264,778
CURRENT ASSETS
Debtors 11 4,377
Cash at Bank 12 387,971 438,662
392,348 438,662
LIABILITIES:amounts faIling due within one year 13 (64,047) (44,621)
NET CURRENT ASSETS 328,301 394,041
TOTAL ASSETS LESS CURRENT LIABILITIES 24,592,775 24,658,819
NET ASSETS 24,592,775 24,658,819
Representing:
FUNDS: UNRESTRICTED
Expendable
endowment		 14 24,592,775 24,658,819
Registered
Charity No:1058109
Approved
by the Trustees on:
Date
and signed on their behalf by:
,,bs.4
Trustee

2020 2019
Note
Cash flows from operating activities:
Net cash provided
by (used in) operating		 activities 15 (1,576,763) (1,778,581)
Cash flows from investing activities:
Investment
income		 674,298 863,365
Proceeds from sale ofinvestments 4,797,910 4,611,567
Purchase ofinvestments (3,554,617) (4,688,063)
Net cash provided
by (used in) investing		 activities 1,917,591 786,869
Change
in cash and cash equivalents		 in the year 340,828 (991,712)
Cash and cash equivalents at the beginning ofthe year 703,446 1,695,158
Cash and cash equivalents at the end of the year 1,044,274 703,446
Represented
by:
Cash held within the investment porffolio 10 656,303 264,784
Cash at bank 12 387,971 438,662
1,044,274 703,446

these financial statements
are rounded to the nea		 these financial statements
are rounded to the nea		 these financial statements
are rounded to the nea		 these financial statements
are rounded to the nea		 rest E.
INCOME AND ENDOWMENTS 2020 2019
E E
Investment income
Dividends —equities 557,221 703,718
Interest -fixed interest securities 132,483 170,098
689,704 873,816
Investment income arising from listed investments is split geographically as follows:-
2020 2019
E E
Within
UK		 493,333 629,618
Outside the UK 196,371 244,198
Total Gross income 689,704 873,816
Less non-recoverable tax (15,663) (13,115)
Interest on cash deposit 257 2,664
674,298 863,365
COST OF RAISING FUNDS 2020 2019
E E
Investment management fees 109,415 114,448

2020 2019
E E
Grant making activity - Expendable endowment fund 645,700
Income 732,000 1,563,276
Total per note 7 1,377,700 1,563,276
Support and governance costs —Charitable activities 78,703 79,092
- Governance -income 24,132 24,397
1,480,535 1,666,765

Charitable
Governance Activities Total
2020 E E E
Property maintenance 256 2,308 2,564
Salaries and office costs 8,022 72,199 80,221
Accountancy services 11,843 11,843
Auditors' remuneration 3,480 3,480
Bank charges 65 65
Sundry expenses 466 4,196 4,662
24,132 78,703 102,835
Charitable
Governance Activities Total
E E F.
2019
Property maintenance 321 2,892 3,213
Salaries and office costs 8,052 72,466 80,518
Accountancy services 11,843 11,843
Auditors' remuneration 3,600 3,600
Bank charges 166 166
Sundry expenses 415 3,734 4,149
24,397 79,092 103,489
2020 2019
Gross salaries 50,857
Employer's national insurance 6,253
Other salary related costs 5,217
Pension contributions 8,985
75,221 71,312

Expendable Total Total
Governance costs Endowment Income 2020 2019
E 6 E E
Property maintenance 256 256 321
Salaries and office costs 8,022 8,022 8,052
Accountancy services 11,843 11,843 11,843
Auditors'
remuneration		 3,480 3,480 3,600
Bank charges 65 65 166
Sundry expenses 466 466 415
24,132 24,132 24,397

GRANTS
2020 2019
E No
Children
Ik Youth		 7 57,500 6 45,000
Health
& Medicine		 2 10,000 2 10,000
Overseas
Aid		 6 130,000 9 100,573
Religion 14 863,200 24 1,200,703
Social Welfare 25 245,000 16 182,000
Miscellaneous 3 78,000 2 85,000
Returned
grants		 (6,000) (60,000)
Grants made during the year 57 1,377,700 59 1,563,276
The following
grants were made in 2020;
Children &Youth
Adventure
Plus		 12,500
Family Support Work 10,000
Home for Good 10,000
Kenelm Youth Trust 5,000
Northamptonshlre Association ofYouth Clubs 5,000
Spurgeons 10,000
Wings South West 5,000
57,500
Health &Medicine
One25 5,000
Yeldall Manor 5,000
10,000

Overseas
Aid
CAFOD 10,000
Friends ofthe Belarusian Childrens Hospice UK 10,000
Partners for Change Ethiopia 35,000
SIM UK 20,000
Starfish Asia 5,000
YCare International 50,000
130,000
~Reli ion
Bible Reading Fellowship 25,000
Bible Society 5,000
Church
Mission Society		 15,000
Community
Church,		 Ramsgate 15,000
Coventry Cathedral Development Trust 50,000
Premier Christian
Media		 Trust 25,000
Renewal
North West		 5,000
Ridley Hall 645,700
St Mary's Church, Cowes 5,000
The Archbishops
Council ofthe Church		 of England 32,500
The Arthur
Rank Centre		 5,000
The Cinnamon
Network		 5,000
Wycliffe
UK		 5,000
Youthscape 25,000
663,200
Social Welfare
Caritas Anchor House 5,000
Church Army 10,000
Crisis 10,000
Daylight Centre Fellowship 5,000
Derby City Mission 5,000
Essence 25,000
Hope into Action 25,000
Jesus Centres Trust (JCT) 5,000
Off The Fence Trust 10,000
Prison Fellowship
England		 &Wales 10,000
Sandes Soldiers and Airmens Centres 5,000
SPCK 5,000
St Georges Crypt Leeds 5,000
St Leonard's
Church,		 Padiham 5,000
St Martin-in-the-Fields Charity 5,000
StandOut 5,000
The Passage 5,000
Together Kent 5,000
Transforming
Notts		 Together 5,000
Wandsworth
Community		 Chaplaincy Trust 15,000
Welcome Churches 25,000

Social Welfare - continued Social Welfare - continued
West London Mission 5,000
Westminster Roman Catholic Diocesan Trust 25,000
Willowfield Parish Community Association 5,000
Workplace Matters 15,000
245,000
Charities
Aid Foundation		 Charities
Aid Foundation		 78,000
Grant adjustment relating to prior year (6,000)
Total overall 1,377,700

2020 2021 2022 2023
E E E E
Commitments brought forward at 1January 2020 340,000 238,500 153,000
Commitments paid dud ng the year (340,000)
Commitments revoked in the year (7,500)
Commitments made during the year 4,500 82,000
Commitments deferred 5,000
Commitments carried forward at31December 2020 248,000 145,500 82,000

FIXED ASSET INV ESTMENTS
2020 2019
Listed Listed
E E
Opening
market value		 23,999,994 21,135,369
Disposal proceeds (4,797,910) (4,611,567)
Add: acquisitions atcost 3,554,617 4,688,063
Investment
gains/(losses)		 851,470 2,788,129
Closing market value 23,608,171 23,999,994
Cash held within the investment portfolio 656,303 264,784
24,264,474 24,264,778
Closing historical cost 18,924,480 19,454,576
Name Holding Market value
E
Brown Advisory Funds
USSustainable Growth C Inc 85,000 1,275,979
54 Capital Pic 295,713 1,478,565
11. DEBTORS
2020 2019
E E
Dividends due 4,120
Trustee expense 257
4,377
12. CASH
2020 2019
E E
Bank ofScotland 387,623 431,267
Rathbones
—Income account 348 7,395
387,971 438,662

LIABILITIES: amounts
due within one year
2020 2019
E 6
Accountancy services 11,843 11,843
Audit services 3,600 3,660
Investment managers 29,117 29,118
Employment costs 18,904
Building costs 583
64,047 44,621
UNRESTRICTED FUNDS
Expendable
Total
Endowment Income 2020
2020 E E E
Unrestricted funds comprise the following:
- Investments 24,264,474 24,264,474
Cash 517,955 (129,984) 387,971
Debtors 4,377 4,377
Creditors (29,117) (34,930) (64,047)
Transfer between funds (160,537) 160,537
24,592,775 24,592,775
Expendable Total
Endowment Income 2019
2019 E E 6
Unrestricted funds comprise the following:
Investments 24,264,778 24,264,778
Cash 1,226„559 (787,897) 438,662
Creditors (29,118) (15,503) (44,621)
Transfer between
funds		 (803,400) 803,400
24,658,819 24,658,819

2020 2019
E 6
Net movement
in		 funds (as per the Statement of Financial Activities) (66,044) 1,870,281
(Gains)/losses
on		 Investments
shown		 in investing activities (851,470) (2,788,129)
Deduct investment income shown in investing activities (674,298) (863,365)
(Increase)/decrease in debtors (4,377)
Increase/(decrease) in creditors 19,426 2,632
Net cash provided by/ (used in) operating
activities		 (1,576,763) (1,778,581)