## 

||Page|
|---|---|
|TRUSTEES' ANNUAL<br>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<br>Laing||||||
|Date ofSettlement||Deed|19August 1996||||||
|Trustees|||Stephen John Haines Ludlow||||||
||||Ewan William Harper||||||
||||Andrea Jane Currie||||||
||||Charles William<br>David Laing||||||
||||Simon David Martle||||||
||||Paul Michael van den Bosch||||||
||||There shall be at least three Trustees.||The|power ofappointing|new Trustees||
||||was vested<br>in the Settlor during|his life, however the Settlor relinquished||||this|
||||right.<br>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<br>Charity No. 1038109||||||
|Bankers|||Bank ofScotland||||||
||||33Old Broad Street||||||
||||London||||||
||||BX21LB||||||
|Accountants|||TMF Global Services (UK) Ltd||||||
||||960Capability<br>Green||||||
||||Luton||||||
||||LU13PE||||||
|Auditors|||Mercer &Hole||||||
||||72 London Road||||||
||||StAlbans||||||
||||Hertfordshire||||||
||||AL1 1NS||||||





## 

## 

|Investment|Advisors||Rathbone<br>Investment|Management|Management|Management||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||8Finsbury<br>Circus|||||||||||||
||||London|||||||||||||
||||ECZM 7AZ|||||||||||||
|Solicitors|||Linklaters|||||||||||||
||||One Silk Street|||||||||||||
||||London|||||||||||||
||||EC2Y 8HI2|||||||||||||
|Director|||Ms E Harley|||||||||||||
||||33gunne<br>Lane|||||||||||||
||||Mill Hill|||||||||||||
||||London|||||||||||||
||||NW7 2DX|||||||||||||
|Destination|of Funds|||||||||||||||
|a) Income|||To charitable<br>purposes|only but||principally|||for the following||||purposes:|||
||||the advancement<br>ofthe Christian|||religion||in any part|||ofthe world;|||||
||||the advancement<br>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<br>and<br>preservation||||of health||and|the|relief||of sickness||and|
||||mental<br>and physical<br>disability.|||||||||||||
||||Until 18August 2017,the Trustees||||had power to|||accumulate||||all or any|part|
||||ofthe income ofthe Trust Fund.|||||||||||||
|b) Capital|||To be retained<br>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<br>any property|(tangible,||movable||or immovable)||||in|any part ofthe|||
||||world whether<br>or not|it produces||income;||and||||||||





## 

## 



## 

## 

|Objectives|&Activities|The|Trustees grant-making<br>priorities<br>fall into three main categories.|
|---|---|---|---|
|||~|to advance<br>Christian<br>faith and values<br>with an emphasis<br>on|
||||making the Christian<br>message relevant to all through<br>innovative<br>'fresh|
||||expressions'<br>ofchurch|
||||projects which develop and affirm Christian<br>faith|
||||resourcing<br>theological<br>training<br>for ordained<br>and<br>lay<br>ministry<br>and|
||||pastoral support for those in ministry|
||||providing<br>support for oppressed<br>Christian<br>communities<br>overseas|
|||~|to su<br>ort or anisations<br>offerin<br>ractical assistance to those in the<br>U K|
||||who<br>are disadvanta<br>ed<br>vulnerable<br>and<br>or sociall<br>isolated<br>with<br>a|
||||particular<br>emphasis<br>on Chffstian<br>organisations<br>seeking to express their|
||||faith through<br>practical action to help|
||||prisoners<br>and ex-offenders|
||||the homeless|
||||children<br>and young people at risk|
||||refugees|
||||the elderly|
||||those disproportionately<br>affected by the Covid-19 pandemic|
|||~|relief of<br>ove<br>overseas<br>primarily<br>through<br>Christian<br>organisations|
||||working<br>in the low income countries<br>of Sub-Saharan<br>Africa. Emphasis<br>is|
||||placed on projects which seek to help|
||||street children|
||||improve educational<br>opportunities|
||||build sustainable<br>livelihoods|
||||improve the lives ofpeople with disabilities|
||||Within these three strands, the Trustees continue to support<br>awide range|
||||of charitable<br>projects, the primary<br>purpose<br>of which<br>is to advance<br>the|
||||Christian<br>religion<br>or to relieve<br>poverty,<br>both<br>in the<br>UK and overseas.|
||||Support this year has largely been focussed on helping those charities with|
||||which the Trust had an existing relationship<br>to respond to the challenges|
||||posed by the Covid-19 pandemic.<br>Grants have been made to help mitigate|
||||loss of income from other sources and maintain<br>core activity, to provide|
||||equipment<br>needed to enable services to be maintained<br>during<br>lockdown|
||||by adapting<br>the mode of delivery<br>(eg moving<br>online) or to restart<br>safely|
||||following<br>lockdown, or to fund the expansion ofservice provision to meet|
||||immediate<br>needs orincreased demand<br>arising directly from the pandemic.|
||||The Trustees favour projects which are sustainable<br>and replicable.<br>They|
||||are looking tosupport inspirationalleaders<br>backed by charities with strong|
||||management.<br>Many find their inspiration<br>In the Christian<br>faith, reflecting|
||||the increasing<br>contribution<br>made by the Church to social welfare provision|
||||in the UK, as demonstrated<br>by the response ofthe Church to the Covid-19|
||||pandemic —mobilising<br>volunteers,<br>making<br>buildings<br>available etc. In this|
||||respect the Trust is an active member ofthe Christian<br>Funders<br>Forum.|
||||The grant-making<br>programme<br>is financed<br>by income<br>derived<br>from the|
||||Trust's<br>investment<br>porffolio.<br>The investment<br>portfolio<br>is managed<br>by|
||||Rathbones<br>on a discretionary<br>basis and, at the Trustees'<br>request,<br>in line|
||||with the guidance ofthe Church of England's<br>Ethical Advisory<br>Group. The|
||||Trustees met regularly<br>with the Rathbones<br>team throughout<br>the year to|
||||review<br>performance<br>and<br>ensure<br>that<br>their<br>ethical<br>and<br>income|
||||requirements<br>were<br>fully<br>understood<br>within<br>the<br>context<br>of<br>the|
||||unpredictable<br>market<br>conditions<br>arising<br>from<br>the Covid-19 pandemic.|
||||Going forward,<br>the Trustees<br>are seeking to match<br>grant expenditure<br>to|
||||income as closely as possible, while maintaining<br>an endowment<br>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.<br>Taken together the Trustees are confident|||that these||
|grants demonstrate<br>a high degree of public benefit to a number|||of different||
|sectors. Further<br>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<br>above, although<br>there is inevitably|some overlap.||||
|Advancement<br>of Christian<br>Reli ion|||||
|Premier Christian<br>Media Trust|||||
|Digital Transformation<br>Programme||||E25,000|
|Coventry Cathedrol<br>Development<br>Trust|||||
|Making Spacefor Hope 2022 —The Pavilion Project||||E50,000|
|Bible Reading<br>Fellovvship|||||
|Covid-19 Response||||E25,000|
|Ridley Hall|||||
|Building &Facilities Improvement<br>Plan - Phases 1&2a|||E645,700||
|The Archbishops<br>Council ofthe Church ofEngland|||||
|Sports Evangelism<br>& Wellheing<br>Project-2'r of6||||E32,500|
|Youthscope|||||
|Resourcing<br>Christian<br>Youth Work - Covid-19 Response||||E25,000|
|Relief of Povert<br>in the UK|||||
|Hope into Action|||||
|Housing<br>Provision<br>& 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<br>Roman Cathogc Diocesan Trust|||||
|Night Support<br>iiVarker at Bakhi ta House -2n of3||||E25,000|
|Relief ofPovert<br>Overseas|||||
|Partners/or<br>Change Ethiopia|||||
|Alternative<br>Livelihoods for Poar Communities<br>in Dehre Sine &Bishoftu|||||
|—last of3||||E35,000|
|YCare International|||||
|Investors<br>in Young People Fund-last of5||||E50,000|





## 

## 

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





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## 



## 

## 

||||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<br>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)<br>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)<br>on foreign currency|||(1,862)||(1,862)||
|NET MOVEMENT<br>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<br>endowment||14|24,592,775|24,658,819|
|Registered<br>Charity No:1058109|||||
|Approved<br>by the Trustees on:|||||
|Date|||||
|and signed on their behalf by:<br>,,bs.4|||||
|Trustee|||||





## 

## 

||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
|||||||Note|||
|Cash flows from operating|activities:||||||||
|Net cash provided<br>by (used in) operating|||||activities|15|(1,576,763)|(1,778,581)|
|Cash flows from investing|activities:||||||||
|Investment<br>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<br>by (used in) investing||||activities|||1,917,591|786,869|
|Change<br>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<br>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|





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## 

## 

## 

|these financial statements<br>are rounded to the nea|these financial statements<br>are rounded to the nea|these financial statements<br>are rounded to the nea|these financial statements<br>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<br>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'<br>remuneration|||3,480|3,480|3,600|
|Bank charges|||65|65|166|
|Sundry expenses|||466|466|415|
||||24,132|24,132|24,397|



## 

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## 

## 

|GRANTS||||||||
|---|---|---|---|---|---|---|---|
||||2020|||2019||
|||||E|No|||
|Children<br>Ik Youth||7||57,500|6||45,000|
|Health<br>& Medicine||2||10,000|2||10,000|
|Overseas<br>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<br>grants||||(6,000)|||(60,000)|
|Grants made during|the year|57||1,377,700|59||1,563,276|
|The following<br>grants were made in 2020;||||||||
|Children &Youth||||||||
|Adventure<br>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<br>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<br>Mission Society|||||||15,000|
|Community<br>Church,|Ramsgate||||||15,000|
|Coventry Cathedral|Development||||Trust||50,000|
|Premier Christian<br>Media||Trust|||||25,000|
|Renewal<br>North West|||||||5,000|
|Ridley Hall|||||||645,700|
|St Mary's Church, Cowes|||||||5,000|
|The Archbishops<br>Council ofthe Church||||||of England|32,500|
|The Arthur<br>Rank Centre|||||||5,000|
|The Cinnamon<br>Network|||||||5,000|
|Wycliffe<br>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<br>England|||&Wales||||10,000|
|Sandes Soldiers and|Airmens|||Centres|||5,000|
|SPCK|||||||5,000|
|St Georges Crypt Leeds|||||||5,000|
|St Leonard's<br>Church,|Padiham||||||5,000|
|St Martin-in-the-Fields||Charity|||||5,000|
|StandOut|||||||5,000|
|The Passage|||||||5,000|
|Together Kent|||||||5,000|
|Transforming<br>Notts|Together||||||5,000|
|Wandsworth<br>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<br>Aid Foundation|Charities<br>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<br>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<br>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<br>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<br>funds||(803,400)|803,400||
|||24,658,819||24,658,819|



## 

## 

||||||||2020|2019|
|---|---|---|---|---|---|---|---|---|
||||||||E|6|
|Net movement<br>in|funds (as per the|Statement||of|Financial|Activities)|(66,044)|1,870,281|
|(Gains)/losses<br>on|Investments<br>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<br>activities||||||(1,576,763)|(1,778,581)|