2021-12-31-accounts - The Maurice And Hilda Laing Charitable Trust

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TRUSTEES' ANNUAL REPORT	1-7
AUDITORS' REPORT	8-9
STATEMENT OF FINANCIAL ACTIVITIES	10
BALANCE SHEET
STATEMENT OF CASHFLOWS	12
NOTES TOTHE FINANCIAL STATEMENTS	13-20

The Trustees	The Trustees	present	present	their financial	their financial	statements	statements	and annual report for the year	ended 31 December	ended 31 December	The financial	The financial
statements	have been			prepared	in accordance		with the accounting pohcies set out in note 1to the accounts and comply with
the charity's	trust deed			dated 19August 1996,the				Charities Act 2011and Accounting and Reporting		by Charities:	Statement	of
Recommended		Practice (FRS102)and				update	Bulletins 1and 2.
Reference	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 - retired 3 March 2022
								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 Burma Lane
								Mill Hill
								London
								NW7 2DX
Nature ofTrust								Registered Charity No. 1058109
Bankers								Bank ofScotland
								33 Old Broad Street
								London
								BX2 1LB
Accountants								TMF Global Services (UK) Ltd
								960Capability Green
								Luton
								LU1 3PE
Auditors								Mercer Jk Hole
								72 London Road
								St Al bans
								Hertfordshire
								AL1 1NS

Investment	Advisors		Rathbone Investment		Management	Management	Management
			8 Finsbury Circus
			London
			EC2M 7AZ
Solicitors			Linklaters
			One Silk Street
			London
			EC2YBHQ
Director			Ms E Harley
			33 Burma Lane
			Mill Hill
			London
			NW7 2DX
Destination	of Funds
a) Income			To charitable purposes		only but		principally		for the following			purposes:
			the advancement of	the 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;

With many UK companies restoring dividends,	With many UK companies restoring dividends,	With many UK companies restoring dividends,	With many UK companies restoring dividends,	having cut or	having cut or	having cut or	suspended	suspended	them
in the wake of the Covid-19 pandemic,	income				generated		from the		Trust's
investments rose by E108399(16%)to6782			697		in 2021,Charitable			donations
for the year amounted to 6964,535, exceeding					income	by	6181,838. If the
exceptional grant of F645,700 made to Ridley				Hall last		year	is excluded, this
represented an increase of6232,535(32%)			on	the previous year. All grants of
E5,000 and above are listed by category	in		note		7to the accounts.			A further
22 grants between E2,000 and E4,000were			distributed			through the Charities
Aid Foundation. Further details of grants			of	E25,000		and	above	are given
below. Forthe purpose ofthis report, they		have been placed					in the three main
areas of interest outlined above, although		there			is inevitably		some overlap.
~Reli lon
SAT-7 Trust Ltd									25,000
Children & Young People's Programming
St Paul's Church, Newport									20,000
Redevelopment ofStStephen's Church, Pill
The Archbishops Council ofthe Church of	England								66,000
National sports & Wellbeing Project —2"v	of		3grants
Social Welfare
Christians Against Poverty									50,000
Church COI/ID Bursary Fund
Imago Dei Prison Ministry									25,000
ID Essence - Team Salaries —de of3grants
OffThe Fence Trust									25,000
Purchase ofPremises far Gateway Praj ect
Thanet Community Churches									30,000
Ventilation & PA system for The Corner+ Margate-based
Evangelist -2"v af3grants
St Martin-in-the-Fields Charity									50,000
Redevelopment ofbathrooms at Connection			Day		Centre
Westminster Roman Catholic Diocesan Trust									25,000
Night Support Worker-2" r of3grants
Overseas Aid
Christian Aid									25,000
Women's Economic Empawerment (Saving		Laansj project, Sierro
Leone
Mission Aviatian Fellowship UK									50,000
South Sudon - Construction of new staff accommodation						base
Partners for Change Ethiopia									44,000
Promotion ofLivelihood Alternativesin Debre Sino &Bishoftu-
last of3grants
Miscellaneous
The Reculver Trust									40,000
Office Refurbishment
The Big Give									24,536
Christmas challenge Big Give (Together Fund) Match Funding

			Unrestricted	Funds
			Expendable		Total	Total
			Endowment	Income	2021	2020
		Note	E	6
INCOME AND ENDOWMENTS
Investments				782,697	782,697	674,298
TOTAL INCOME				782,697	782,697	674,298
EXPENDITURE
Cost of raising funds		3	126,175		126,175	109,415
Charitable activities		4		1,079,079	1,079,079	1,480,535
TOTAL EXPENDITURE			126,175	1,079,079	1,205,254	1,589,950
NET INCOME/(EXPENDITURE)	BEFORE GAINS
AND LOSSES ON INVESTNIENTS			(126,175)	(296,382)	(422,557)	(915,652)
Net gains/(losses) on investments		10	3,493,005		3,493,005	851,470
NET INCOME/(EXPENDITURE)	AFTER GAINS
AND LOSSES ON INVESTMENTS			3,366,830	(296,382)	3,070,448	(64,182)
TRANSFER BETWEEN FUNDS		14	(296,382)	296,382
OTHER RECOGNISED GAINS/(LOSSE5)
Gains/(losses) on foreign currency			6,021		6,021	(1,862)
NET MOVEMENT IN FUNDS			3,076,469		3,076,469	(66,044)
FUND BALANCES BROUGHT FORWARD			24,592,775		24,592,775	24,658,819
FUND BALANCES CARRIED FORWARD			27,669,244		27,669,244	24,592,775

			2021	2020
		Note
FIXEDASSETS
Quoted investments		10	27,561,302	24,264,474
			27,561,302	24,264,474
CURRENT ASSETS
Debtors		11		4,377
Cash at Bank		12	156,459	387,971
			156,459	392,348
LIABILITIES:amounts	falling due within one year	13	(48,517)	(64,047)
NET CURRENT ASSETS			107,942	328,301
TOTAL ASSETS LESS	CURRENT LIABILITIES		27,669,244	24,592,775
NET ASSETS			27,669,244	24,592,775
Representing:
FUNDS: UNRESTRICTED
Expendable endowment		14	27,669,244	24,592,775
Registered Charity No: 1058109
Approved by the Trustees on:
...71J...&a+r~nc.202.2.
Date
and signed on their behalf by:
Trustee

							2021	2020
						Note
Cash flows from operating	activities:
Net cash provided by (used in) operating					activities	15	(1,210,386)	(1,576,763)
Cash flows from investing	activities:
Investment income							782,697	674,298
Proceeds from sale ofinvestments							6,258,937	4,797,910
Purchase ofinvestments							(5,195,519)	(3,554,617)
Net cash provided by (used in) investing				activities			635,729	1,917,591
Change in cash and cash equivalents			in the year				635,729	340,828
Cash and cash equivalents	at the	beginning			ofthe year		1,044,274	703,446
Cash and cash equivalents	at the	end	of	the year			1,680,003	1,044,274
Represented by:
Cash held within the investment		portfolio				10	1,523,544	656,303
Cash at bank						12	156,459	387,971
							1,680,003	1,044,274

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					2021	2020
					E	E
Investment income
Dividends -equities					694,895	557,221
Interest - fixed interest securities					110,230	132,483
					805,125	689704
Investment income	arising	from listed investments	is split geographically	as followsa
					2021	2020
					E	E
Within UK					560,402	493,333
Outside the UK					244,723	196,371
Total Gross income					805,125	689,704
Less non-recoverable	tax				(22,428)	(15,663)
Interest on cash deposit						257
					782,697	674,298
COST OF RAISING FUNDS					2021	2020
					E	E
Investment manage	ment	fees			126,175	109,415

furtherance of its charita	ble act	ivities.
					2021	2020
					E	E
Grant making activity		- Expendable	endowment	fund		645,700
		Income			964,535	732,000
		Total per note 7			964,535	1,377,700
Support and governance	costs	—Charitable	activities		89,200	78,703
		—Governance	—income		25,344	24,132
					1,079,079	1,480,535

				Charitable
			Governance	Activities	Total
2021			E	E
Property	maintenance		490	4,412	4,902
Salaries	and	office costs	8,982	80,834	89,816
Accountancy		services	11,843		11,843
Auditors'	remuneration		3,540		3,540
Trustee	expenses		41	369	410
Bank charges			50		50
Sundry expenses			398	3,585	3,983
			25,344	89,200	114,544
				Charitable
			Governance	Activities	Total
				6	E
2020
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

			2021	2020
Gross salaries			60,267	55,891
Employer's	national	insurance	7,339	6,712
Other salary	related	costs	3,965	2,794
Pension contributions			9,745	9,825
			81,316	75,222

			Expendable		Total	Total
Governance		costs	Endowment	Income	2021	2020
			f	E	6	6
Property	maintenance			490	490	256
Salaries	and	office costs		8,982	8,982	8,022
Accountancy		services		11,843	11,843	11,843
Auditors'	remuneration			3,540	3,540	3,480
Trustee	expenses			41	41
Bank charges				50	50	65
Sundry expenses				398	398	466
				25,344	25,344	24,132

GRANTS
				2021			2020
			No		6	No		6
Children &Youth			4		35,000	7		57,500
Health &Medicine			1		5,000	2		10,000
Overseas Aid			12		201,000	6		130,000
Religion			13		199,500	14		863,200
Social Welfare			19		329,500	25		245,000
Miscellaneous			3		194,535	3		78,000
Returned grants								(6,000)
Grants made during	the year		52		964,535	57		1,377,700
The following grants were made in 2021:
Children &Youth
Fellowship Afloat Charitable		Trust			5,000
Kids Matter					10,000
Northamptonshire	Association ofYouth Clubs				15,000
Relational Hub					5,000
					35,000
Health &Medicine
One25					5,000
					5,000

Overseas Aid
ACET UK									12,000
CAFOD									10,000
Christian Aid									25,000
Disability Africa									10,000
Ethiopiaid									15,000
Friends ofthe Belarusian	Childrens					Hospice		UK	10,000
international Health Partners			UK		Ltd				10,D00
Mission Aviation Fellowship		UK							50,000
Partners for Change Ethiopia									44,000
Project Possible									5,000
StJohn ofJerusalem Eye Hospital						Group			5,000
Tools with a Mission									5,000
									201,000
~Reli ion
Holy Trinity Church, Margate									5,000
Langham Partnership									15,000
Northwood Hills Evangelical		Church							5,000
Oriel Ministries									5,000
Plymouth RC Diocesan Trust		IPenrith					RC Parish)		5,000
SAT-7 Trust Ltd									25,000
St Edyth's Church, Bristol									5,000
St Hilda's Church, Ashford									6,500
St Paul's Church, Newport									20,000
Thanet Community Churches									30,000
The Archbishops Council ofthe				Church of England					66,000
The Cinnamon Network									5,000
The Woolf Institute									5,000
									199,500
Social Welfare
Change for Good Community			Chaplaincy Limited						15,000
Christians Against Poverty									50,000
Church Army									15,000
Crisis									10,000
Depaul UK									15,000
Hope into Action									15,000
Imago Dei Prison Ministry									25,000
New Hope									7,500
Off The Fence Trust									25,000
Sixty-One									5,000
St Martin-in-the-Fields Charity									50,000
StandOut Programmes									10,000
The Message Trust									10,000
The Nehemiah Project									5,000
The Salvation Army UK HQ									15,000
Westbury Park Local Ecumenical					Partnership				10,000
Westminster Roman Catholic			Diocesan Trust						25,000
Willowfield Parish Community				Association					7,000

Social Welfare - continued	Social Welfare - continued
Workplace Matters		15,000
		329,500
Miscellaneous
Reculver Trust		40,000
The BigGive		24,535
Charities Aid Foundation	(MHLCT)	130,000
		194,535
Total overall		964,535

		2021	2022	2023	2024
Commitments	brought forward at 1January 2021	248,000	145,500	82,000
Commitments	paid during the year	(233,000)
Commitments	made during the year		86,250	47,000	55,625
Commitments	deferred	(15,000)	15,000
Commitments	carried forward at31December 2021		246,750	129,000	55,625

10.	FIXEDASSET INV	ESTM	ENTS
					2021	2020
					Listed	Listed
					E	E
	Opening market	value			23,608,171	23,999,994
	Disposal proceeds				(6,258,937)	(4,797,910)
	Add: acquisitions	at cost			5,195,519	3,554,617
	Investment gains/(losses)				3,493,005	851,470
	Closing market value				26,037,758	23,608,171
	Cash held within	the investment		portfolio	1,523,544	656,303
					27,561,302	24,264,474
	Closing historical	cost			18,530,747	18,924,480
	No investments	comprise more		than 5/o ofthe value ofthe portfolio at31December 2021.
11.	DEBTORS
					2021	2020
					6	6
	Dividends due					4,120
	Trustee expense					257
						4,377
12.	CASH
					2021	2020
					6	6
	Bank ofScotland				148,169	387,623
	Rathbones
	- Income account				8,289	348
					156,459	387,971
13.	LIABILITIES:amounts		due within one year		2021	2020
					E	E
	Accountancy services				11,843	11,843
	Audit services				3,600	3,600
	Investment managers				33,074	29,117
	Employment costs					18,904
	Building costs					583
					48,517	64,047

			Expendable		Total
			Endowment	Income	2021
2021
Unrestricted	funds	comprise the following:
—Investments			27,561,302		27,561,302
—Cash			437,398	(280,939)	156,459
- Creditors			(33,074)	(15,443)	(48,517)
Transfer between		funds	(296,382)	296,382
			27,669,244		27,669,244

			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
- Creditors			(29,117)	(34,930)	(64,047)
- Debtors				4,377	4,377
Transfer between		funds	(160,537)	160,537
			24,592,775		24,592,775

						2021	2020
						E	E
Net movement in	funds (as per the	Statement		of	Financial Activities)	3,076,469	(66,044)
(Gains)/losses on investments shown			in investing		activities	(3,493,005)	(851,470)
Deduct investment	income shown	in	investing	activities		(782,697)	(674,298)
(Increase)/decrease	in debtors					4,377	(4,377)
Increase/(decrease)	in creditors					(15,530)	19,426
Net cash provided	by/ (used in) op	era	ting activities			(1,210,386)	(1,576,763)