##
||Page|
|---|---|
|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|2021.|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||||||||||
##
##
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##
##
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##
##
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##
##
##
##
||||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)|