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2022-12-31-accounts

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

The Trustees The Trustees The Trustees present present their financial their financial statements statements and
annual
report		 for the year ended 31 December ended 31 December 2022. 2022. The financial The financial
statements have been prepared In accordance with the accounting
policies 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
Lalng
Date ofSettlement Deed 19August 1996
Trustees Stephen John Haines Ludlow
Andrea Jane Currle
Charles William
David Lalng
Simon David Martle
Paul Michael van den Bosch
There shall be at least three Trustees.
The power		 of appointing Trustees Is
now vested
in the Trustees.
Registered Address c/o Laing Family Trusts
33Bunns Lane
Mill
Hill
London
NW7 2DX
Nature ofTrust Registered
Charity No. 1068109
Bankers Bank ofScotland
33 Old Broad Street
London
BX2 1LB
Accountants TMF Global Services (UK) Ltd
960Capability
Green
Luton
LU1 3PE
Auditors Mercer & Hole LLP
72 London Road
StAlbans
Herffordshlre
AL1 1NS

Investment Advisors Rathbone
Investment		 Rathbone
Investment		 Management Management Management
8 Finsbury
Circus
London
EC2M 7AZ
Solicitors Pothecary Witham Weld
84 Eccleston Square
Pimlico
London
SW1V 1PX
Director Ms E Harley
33Sunna Lane Mill Hgl
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 reggious education in accordance
with the doctrines
and principles ofthe Christian faith by such means as the Trustees think fit;
the relief of poverty throughout the world; and
the protection
and		 preservation of health
and		 the relief of sickness and
mental and physical
disability.
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 sodety or other financial institution;

Structure, Governance & Management The Maurice &Hilda Laing Charitable
Trust was established
in 1996with funds
made available
from the Maurice
Laing Foundation.
The Trust's objectives, as
set out In the Trust Deed, are the advancement
ofthe Christian
religion
in any
part ofthe world, the advancement
of religious education
in accordance
with
the
principles
and
doctrines
of the
Christian
faith,
the
relief of poverty
throughout
the world and the protection
and preservation
ofhealth and relief
of sickness and mental
and physical
disabilities.
These are achieved
through
the Trust's grant-making
programme,
which
is its only charitable
activity.
The Trust
Deed requires
the Trust to have
a minimum
of three
trustees;
currently
there are five. The power to appoint
new or additional
trustees
is
vested
in the existing
Trustees
as a body and they continue
to review the
range of skills and experience
represented
among their number
in order to
ensure that they are adequate
for the effective governance
ofthe Trust and
to inform
the potential
appointment
of new Trustees.
Procedures
for the
appointment
and induction
of new Trustees, who will in future be appointed
for
a
maximum
of three
4-year
terms,
are
In
place.
The
day-today
administration
of
grants
and
the
processing
of
applications
prior
to
consideration
by the Trustees,
Including
meetings
with applicants
and project
visits where larger grants are contemplated,
have been delegated to the Trust
Director, who
is supported
by a small staff team, The Trust Director and staff
are shared
with the Iqrby Laing Foundation,
the Beatrice Laing Trust and the
Martin
Laing Foundation;
the Trusts are known collectively as the Laing Family
Trusts and the Chairman
ofTrustees sits on a joint Employment
Committee.
The
Trusts
also
share
office
space
owned
by
the
Receiver
Trust;
a
Memorandum
ofUnderstanding
sets out the basis upon which administrative
costs are shared.
An application
to any one ofthe Laing Family Trusts istreated as an application
to all, although
after Initial review applications
considered
suitable for further
consideration
by the Maurice & Hilda
Lalng Charitable
Trust follow the Trust's
own administrative
procedures
and decision-making
processes. Apphcation
is
by letter and the grant application
process, guidance
on which appears on the
Laing
Family Trusts' website,
is designed
to be as simple
as possible
whilst
drawing
out the key information
required
for a decision. The Trustees meet
four times a year to consider recommendations
for, and make decisions on,
the award
of grants
over E10,000. The Trustees
have
delegated
power to
make grants ofE10,000 and below to the Trust Director up to a maximum
of
E30,000 in any one quarter,
These grants are made on an ongoing
basis and
ratified
by the Trustees at their quarterly
meetings.

Unrestricted Funds
Expendable Total Total
Endowment Income 2022 2021
Note E E
INCOME AND ENDOWMENTS
Investments 770,170 770,170 782,697
TOTAL INCOME 770,170 770,170 782,697
EXPENDITURE
Cost of raising funds 115,548 115,548 126,175
Charitable
activities		 1,226,665 1,226,665 1,079,079
TOTAL EXPENDITURE 115,548 1,226,665 1,342,213 1,205,254
NET INCOME/(EXPENDITURE) BEFORE GAINS
AND LOSSESON INVESTMENTS (115,548) (456,495) (572,043) (422,557)
Net gains/(losses)
on investments		 10 (3,323,329) (3,323,329) 3,493,005
NET INCOIIIIE/(EXPENDITURE) AFTER GAINS
AND LOSSES ON INVESTMENTS (3,438,877) (456,495) (3895372) 3,070,448
TRANSFER BETWEEN FUNDS 13 (456,495) 456,495
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(losses)
on foreign currency		 22,258 22,258 6,021
NET MOVEMENT
IN FUNDS		 (3,873,114) (3,873,114) 3,076,469
FUND BALANCES BROUGHT FORWARD 27,669,244 27,669,244 24,592,775
FUND BALANCES CARRIED FORWARD 23,796,130 23,796,130 27,669,244

2022 2021
Note 6
FIXEDASSETS
Quoted Investments 10 23,643,526 27,561,302
23,643,526 27,561,302
CURRENT ASSETS
Cash at Bank 220,730 156,459
220,730 156,459
LIABILITIES:amounts falling due within one year 12 (68,126) (48,517)
NET CURRENT ASSETS 152,604 107,942
TOTAL ASSETS LESS CURRENT LIABILITIES 23,796,130 27,669,244
NET ASSETS 23,796,130 27,669,244
Representing:
FUNDS: UNRESTRICTED
Expendable
endowment		 13 23,796,130 27,669,244
Registered
Charity No: 1058109

2022 2021
Note
Cash flows from operating activities:
Net cash provided
by (used In) operating		 activities 14 (1,300,346) (1,210,386)
Cash flows from Investing activities:
Investment
Income		 770,170 782,697
Proceeds from sale ofinvestments 2,734,829 6,258,937
Purchase of investments (3,416,360) (5,195,519)
Net cash provided
by (used In) Investing		 activities (1,211,707) 635,729
Change
in cash and cash equivalents		 In the year (1,211,707) 635,729
Cash and cash equivalents at the beginning ofthe year 1,680,003 1,044,274
Cash and cash equivalents at the end of the year 468,296 1,680,003
Represented
by;
Cash held within the investment porffolio 10 247,566 1,523,544
Cash at bank 11 220,730 156,459
468,296 1,680,003

these financial statements
are rounded to the near		 these financial statements
are rounded to the near		 est E.
INCOME AND ENDOWMENTS 2022 2021
E E
Investment
income
Dividends
-equities		 720,642 694,895
Interest - fixed interest securities 67,767 110,230
788,409 805,125
Investment
income arising		 from listed Investments is split geographically as follows:-
2022 2021
6 6
Within
UK		 531,171 560,402
Outside the UK 257,238 244,723
Total Gross Income 788,409 805,125
Less non-recoverable
tax		 (24,808) (22,428)
Interest on cash deposit 6,569
770,170 782,697
COST OF RAISING FUNDS 2022 2021
E E
Investment
management		 fees 115,548 126,175

furtherance
 of its charita ble
act		 ivities.
2022 2021
E E
Grant making activity - Expendable endowment fund
- Income 1,111,850 964,535
- Total per note 7 1,111,850 964,535
Support and governance costs - Charitable activities 88,087 89,200
- Governance-income 26,728 25,344
1,226,665 1,079,079

Charitable
Governance Activities Total
2022 E F.
Property maintenance 300 2,706 3,006
Salaries and offic costs 8,713 78,418 87,131
Accountancy
services		 12,322 12,322
Auditors' remuneration 4,500 4,500
Trustee expenses 65 583 648
Bank charges 50 50
Support costs 370 2,706 3,076
Sundry expenses 408 3,674 4,082
26,728 88,087 114815
Charitable
Governance Activities Total
E E
2021
Property maintenance 490 4,412 4,902
Salaries and offic 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
2022 2021
Gross salaries 57,492 60,267
Employer's national insurance 7,326 7,339
Other salary related costs 5,027 3,965
Pension contributions 9,786 9,745
79,631 81,316

Expendable Expendable Total Total Total
Governance
costs		 Endowment Income 2022 2021
E E E E
Property maintenance 490
Salaries and office costs 8,713 8,713 8,982
Accountancy
services		 12,322 12,322 11,843
Auditors'
remuneration		 4,500 4,500 3,540
Trustee expenses 65 65 41
Bank charges 50 50 50
Sundry expenses 408 408 398
26,358 26,358 25,344
In 2022 and 2021 all costs were charged to income.
TRUSTEES EXPENSES AND REMUNERATION
The Trustees received
no		 remuneration during the year (2021- Enil). Three Trustees incurred travelling costs totaling
F648 during the year (2021-6410)and no subsistence costs were incurred (2021-Enil).
GRANTS
2022 2021
No No
Children
&Young People		 3 38,250 4 35,000
Health
& Medical Welfare		 3 15,000 1 5,000
Overseas Development 13 148,000 12 201,000
Regglon 13 452,500 13 199,500
Social Welfare and Community 21 341,850 19 329,500
Miscellaneous 2 126,250 3 194,535
Returned
grant		 (10,000)
Grants made during the year 55 1,111,850 52 964,535
The following
grants were		 made in 2022:
Christian
Youth Enterprises		 Sailing Centre 25,000
Home for Good 5,000
Queens Road Baptist Church, Broadstairs ~8250
38,250
Health &Medical Welfare
Wellspring
Therapy
&Training
Yeldag Manor (2grunts)		 5,000
~10000
15,000

Overseas
Aid
Arundel
and Brighton		 Diocesan Trust —water project in Kenya 5,000
British Red Cross UK/International 15,000
CAFOD 10,000
Chance for Childhood 5,000
Christian
Engineers
in		 Development 12,500
Disability Africa 7,000
Ethioplaid 15,000
Medair 23,500
Project Possible 10,000
SIM UK 5,000
Sophos Africa UK 5,000
The Latin Patriarchate of Jerusalem 25,000
Tools with a Mission ~10000
148,000
~Rail lon
Bible Reading Fellowship 50,000
Church Army 15,000
Coventry CathedralDevelopment Trust 250,000
Kick London 10,000
London
City Mission		 10,000
St Andrew's
Church,		 Frlmley Green &Mytchett 5,000
St Joseph's &StJohn the Baptist, East Brighton 15,000
St Richard's ofChichester R CChurch 5,000
The Archbishops
Council		 ofthe Church of England (2grants) 67,500
The Arthur
Rank Centre		 5,000
The Cinnamon
Network		 5,000
Waterways
Chaplaincy		 15,000
452,500
Soc al Welfare an
Communl
Change for Good Community Chaplaincy
Limited		 12,500
Community
Money Advice Ltd		 9,600
Crisis 10,000
Cross light Advice 12,500
Emmaus Transformation 1rust 5,000
Family Support Work 5,000
Freedom Community Project 5,000
Hope into Action 17,750
Imago Del Prison Ministry 20,000
New Hope 7,500
One Small Thing 100,000
Pact 25,000
Portman
House Trust		 20,000
Prison Fellowship
Northern		 Ireland 5,000
Restored 5,000
Spurgeons 10,000

Soc'
IWelfare - conti		 ed
St Martin-in-the-Fields Charity 5,000
StandOut
Programmes		 10,000
The Passage 25,000
Westminster
Roman Catholic		 Diocesan Trust 25,000
Willowfield
Parish Community		 Association 7,000
341,850
Miscellaneous
Charities
Aid Foundation		 100,000
The Big Give 26,250
Grant adjustment
relating to		 prior year (10,000I
Total overall 1,111,850

The Trustees
 have mad e non-binding
grant commitments
payab		 le
in the next three y		 ears as follow s:
2022 2023 2024 2025
E f
Commitments brought forward at 1January 2022 246,750 129,000 55,625
Commitments paid during the year 226,750
Commitments made during the year 110,000 68,251
Commitments deferred I20,000) 20,000
Commitments carried forward at31December 2022 259,000 123,876

10. FIXED ASSET INVESTMENTS FIXED ASSET INVESTMENTS FIXED ASSET INVESTMENTS
2022 2021
Listed Listed
6 E
Dpenlng
market		 value 26,037,758 23,608,171
Disposal proceeds (2,734,829) (6,258,937)
Add: acquisitions at cost 3,416,360 5,195,519
Investment
gains/(losses)		 (3,323,329) 3,493,005
Closing market value 23,395,960 26,037,758
Cash held within the investment portfolio 247,566 1,523,544
23,643,526 27,561,302
Closing historical cost 19,209,455 18,530,747
No investments comprise more than SSLofthe value ofthe portfolio at 31December 2022.
11. CASH
2022 2021
Bank ofScotland 201,608 148,169
Rathbones
-Income account 19,122 8,290
220,730 156,459
12. LIABILITIES:amounts due within one year 2022 2021
E E
Accountancy
services		 12,322 11,843
Audit services 4,500 3,600
Investment
managers		 28,372 33,074
Employment
costs		 21,899
Sundry creditor 505
Building costs 528
68,126 48,517

Expendable Total
Endowment Income 2022
2022 E
Unrestricted funds comprise the following.
Investments 23,643,526 23,643,526
Cash 637,471 (416,741) 220,730
Creditors (28,372) (39,754) (68,126)
Transfer between funds (456,495) 456,495
23,796,130 23,796,130
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

2022 2021
E 6
Net movement
in		 funds (as per the Statement of Financial Activities) (3,873,114) 3,076,469
(Gains)/losses
on		 investments
shown		 in investing activities 3,323,329 (3,493,005)
Deduct Investment income shown in investing activities (770,170) (782,697)
(Increase)/decrease in debtors 4,377
Increase/(decrease) in creditors 19,609 (15,530)
Net cash provided by/ (used in) operating
activities		 (1,300,346) (1,210,386)

Holding BookValue Cost Profit Market Value Gross
(Proceeds)f (Loss)
f		 31/12/2022
f		 Incomef
3i Group Pic
3.75M Snr Nts 5/6/2040
27/10/2022
05/12/2022		 Purchase
Interest		 - paid gross 300,000.00 217,402.18 217,402.18 5,625.00
300,000.00 217,402.18 217,402.18 0.00 221p994 5,625.00
A2 Dominion
Housing
Group		 Ltd
3.5SSBonds 15/11/2028
17/10/2022 Purchase
15/11/20221nterest		 - paid gross 250,000.00 221,623.02 221,623.02 4,375.00
250,000.00 221p623.02 221,623.02 0.00 227,987 4,375.00
Abbott Laboratories
Common
NPV
15/02/2022
18/05/2022
15/08/2022
15/08/2022
15/11/2022		 Dividend
Dividend
Dividend
Purchase
Dividend		 - paid net
- paid net
- paid net
- paid net		 2,200
400		 149,801.00
36,957.00		 36,957.00 758,07
827.64
848.87
1,022.30
2,600 186,758.00 36,957.00 0.00 237,305 3,456.88
Abrdn
Burp Logistics
1p ordinary
shares
25/03/2022
Dividend
25/03/2022
Interest
24/06/2022
Dividend
24/06/20221nterest
23/09/2022
Dividend
23/09/2022
Interest
30/12/2022
Dividend
30/12/2022
Interest		 300,000
- paid gross
- paid gross
- paid gross
—paid gross
- paid gross
- paid gross
- paid gross
- paid gross		 327,280.02 3,030,00
600.00
2,580.00
990.00
2,850.00
750.00
3,030.00
570.00
300,000 327,280.02 0.00 0.00 205,500 14,400.00
Adobe inc
NPV 400 98,400.00
04/02/2022 Sale (400) (98,400.00) (152,059.21) 53,659.21
0 0.00 (152,059.21) 53,659.21 0.00
Alleima
AB NPV shares
26/08/2022
02/09/2022		 Transfer
Sale		 in 2,000
(2,000)		 5,021.22
(5,021.22)		 5,021.22
(6,182.98)		 1,161.76
0 0.00 (1,161.76) 1p161.76 0 0.00
Alliance Pharmaceuticals
Pic
ordy 1p shares
07/01/2022
07/07/2022		 Dividend
Dividend		 225,000
- paid gross
- paid gross		 198,195.00 1,266.75
2,538.00
225,000 198,195.00 0.00 0.00 119,250 3,804.75

Holding Book Value Cost Profit Market Value Gross
(Proceeds) (Loss) 31/12/2022 Income
6 6 6 6 6
Alphabet
Inc
Capital Stock USD0.001 CL A		 135 205,037.00
18/07/2022 Transfer in 2,565
15/08/2022 Purchase 300 29,900.00 29,900.00
3,000 234,937.00 29,900.00 0.00 220,043 0.00
Anglo American
Ord USD0.54		 17,000 444,581.23
26/04/2022
26/04/2022
23/09/2022		 Dividend
Dividend
Dividend		 - paid gross
—paid gross
- paid gross		 15,324,82
6,493.66
18,347.59
17,000 444,581.23 0.00 0.00 550,205 40,166.07
AstraZeneca
Ordy USS0.25
28/03/2022
12/09/2022		 Dividend
Dividend		 —paid gross
- paid gross		 10,100 618,163.61 14,675.30
7,716.40
10,100 618,163.61 0.00 0.00 1,133,018 22,391.70
Aviva
GBP0.25 50,000 211,680.35
16/05/2022 Transfer out (50,000) (211,680.35) (211,680.35)
0 0.00 (211,680.35) 0.00 0 0.00
Aviva
Ordy GBP0.328947368
16/05/2022 Transfer
19/05/2022
Dividend
22/08/2022
Purchase		 in
- paid gross		 38,000 158,083.52
30,194.46		 158,083.52
30,194.46		 7,350.00
28/09/2022 Dividend —paid gross 3,914.00
45,000 188,277.98 188,277.98 0.00 199,260 11,264.00
Aviva Pic
6.125M Sub Perp Regs
06/07/2022
Purchase
250,000.00
261,780.48
29/09/2022
Interest - paid gross
29/09/2022
Redemption
ofstock(250,000,00)(261,780.48)		 261,780.48
(250,000.00)		 (11,780.48) 15,312,50
0.00 0.00 11,780.48 (11,780.48) 0 15,312.50
Aviva PLc
Ordinary
25p 8
16/05/2022
16/05/2022		 shares
Transfer
in
Redemption		 ofstock 50,000
(50,000)		 53,596.83
(53,596.83)		 53,596.83
(50,845.00)		 (2,751.83)
0.00 2,751.83 (2,751.83) 0 0.00

Holding Book Value Cost Profit Market Value Gross
(Proceeds)f (Loss)
f		 31/12/2022
6		 Incomef
Barclays
GBP0.25
05/04/2022
16/09/2022		 400,000
Dividend
—paid gross
Dividend - paid gross		 579,612.65 16,000.00
9,000.00
400,000 579,612.65 0.00 0.00 634,080 25,000.00
Barclays Bank Pic
3.25M Snr Bonds 12/02/2027
25/10/2022 Purchase 300,000.00 270,265.07 270,265.07
17/11/2022 Purchase 50,000.00 46,235.48 46,235.48
350,000.00 316,500.55 316,500.55 0.00 324,475 0.00
Becton Dickinson
gr		 Co
Common Stock
05/01/2022
31/03/2022
01/04/2022
01/07/2022
03/10/2022		 USS1
900
Dividend
- paid net
Dividend
—paid net
Cost write down (single date)
Dividend
—paid net
Dividend
- paid net		 174,065.00
(3,953.09)		 (3,953.09) 575.66
592.67
641,41
702.68
900 170,111.91 (3,953.09) 0.00 190,265 2,512.42
Berkshire Hathaway
USD0.0033Cls 8		 inc
Common		 Stock
1,200		 171,716.00
01/03/2022 Purchase 300 70,879.00 70,879.00
1,500 242,595.00 70,879.00 0.00 385,194 0.00
Bilflnger Berger Global Infra Sicav
Ord NPV
200,000
07/04/2022
Dividend
—paid gross
22/04/2022
Sale
(100,000)
18/05/2022 Sale
(100,000)		 243,830.76
(121,915.38)
(121,915.38)		 (169,800.00)
(166,900.00)		 47,884.62
44,984.62		 7,330.00
0 0.00 (336,700.00) 92,869.24 0 7,330.00
BP
Ord USSO 25
25/03/2022
24/06/2022
23/09/2022
16/12/2022		 Dividend
Dividend
Dividend
Dividend		 100,000
- paid gross
—paid gross
—paid gross
- paid gross		 473,209.40 4,159.50
4,355.60
5,168.40
4,940.20
100,000 473,209.40 0.00 0.00 474,900 18,623.70
Brown Advisory
Funds
US Sustainable
Growth
C		 inc
50,000		 438,799.61
50,000 438,799.61 0.00 0.00 770,222 0.00

Holding Book Value Cost Profit Market Value Gross
(Proceeds) (Loss) 31/12/2022 Income
6 E E E
Citigroup
inc
Com stk USD0.01
25/02/2022
Dividend
27/05/2022
Dividend
26/08/2022
Dividend
23/11/2022
Dividend		 —paid net
- paid net
—paid net
- paid net		 5,500 190,589.00 2,083.37
2,206.17
2,353.74
2,342.44
5,500 190,589.00 0.00 0.00 206,804 8,985.72
Clinigen Group
shs
04/01/2022
04/04/2022		 Dividend
Takeover		 - paid gross
(cash only)		 25,000
(25,000)		 194,681.59
(194,681.59)		 (231,250.00) 36,568.41 2,184.00
0 0.00 (231,250.00) 36,568.41 0 2,184.00
CT LUX 11
Responsible
Gbl		 EM Equty
RAcc		 17,000 218,620.00
17,000 218,620.00 0.00 0.00 227,290 0.00
Cordiant
Digi Infrastructure
NPV
20/01/2022
21/07/2022
29/12/2022		 Transfer
Dividend
Dividend		 in
—paid gross
- paid gross		 236,000 250,000.00 250,000.00 3,540.00
4,720.00
236,000 250,000.00 250,000.00 0.00 199,184 8,260.00
Cordiant
Digital Infrastructure
Ordy NPV
20/01/2022 Transfer		 Ltd
out		 250,000
(250,000)		 250,000.00
(250,000.00)		 (250,000.00)
0 0.00 (250,000.00) 0.00 0 0.00
Dechra Pharmaceuticals
Ordinary
GBP0.01
07/04/2022
Dividend
18/11/2022 Dividend		 —paid gross
- paid gross		 10,000 231,957.94 1,200.00
3,289.00
10,000 231,957.94 0.00 0.00 261,800 4,489.00
Diversified
Enery Co
Ordinary
1p shares
28/03/2022
Dividend
30/06/2022
Dividend
26/09/2022
Dividend
29/12/2022
Dividend		 - paid net
-paid net
—paid net
- paid net		 199,969 235,470.47 6,415.86
6,956.34
7,775.06
7,010.30
199,969 235,470.47 0.00 0.00 232,764 28,157.56

Holding Book Value Cost Profit Market Value Gross
(Proceeds) (Loss) 31/12/2022 Income
6 6 E E
Elixirr Intl Ltd
1p Ordinary
shares
12/08/2022
Dividend		 —paid gross 24,945 119,777.62 1,022.75
24,945 119,777.62 0.00 0.00 127,220 1,022.75
Embecta Corporation
USD0.01Common Stock
03/04/2022 Transfer In 180 3,953.09 3,953.09
15/08/2022 Sale (180) (3,953.09) (4,762.57) 809.48
0 0.00 (809.48) 809AB 0 0.00
Ericsson
NPV		 (LM) Tel
8shares		 28,000 253,232.91
16/02/2022 Sale (28,000) (253,232.91) (222,210.63) (31,022.28)
0 0.00 (222,210.63) (31,022.28) 0 0.00
Experian Group
Ord USD0.10 20,000 104,222.48
04/02/2022
22/07/2022		 Dividend
Dividend		 - paid gross
- paid gross		 2,338.58
5,950.10
20,000 104,222.48 0.00 0.00 562,600 8,288.68
Fidelity National
Information
USD0.01Common Stock 2,200 244,767.00
25/03/2022
24/06/2022
03/10/2022
28/12/2022		 Dividend
Dividend
Dividend
Dividend		 - paid net
—paid net
—paid net
- paid net		 779.17
838,13
927.93
850,70
2,200 244,767.00 0.00 0.00 124,092 3,395.93
GCP Asset Backed Income Fund
NPV ordy shares
04/03/2022
14/06/2022
02/09/2022
13/12/2022		 Dividend
Dividend
Dividend
Dividend		 - paid gross
—paid gross
- paid gross
- paid gross		 400,000 367,777.50 6,300.00
6,325.00
6,325.00
6,325.00
400,000 367,777.50 0.00 0.00 336,000 25,275.00
GSK Pic
GBP0.25
13/01/2022
07/04/2022
01/07/2022
18/07/2022		 14,500
Dividend
- paid gross
Dividend
—paid gross
Dividend
—paid gross
Cost write down (single date)		 195,455.85
(39,531.75)		 (39,531.75) 2,755.00
3,335.00
2,030.00
19/07/2022
06/10/2022		 Transfer
Dividend		 out
—paid gross		 (14,500) (155,924.10) (155,924.10) 1,885.00
0 0.00 (195,455.85) 0.00 0 10,005.00

Holding BookValue Cost Profit Market Value Gross
(Proceeds) (Loss) 31/12/2022 Income
E E E E
GSK
ordy GBP0.3125
19/07/2022 Transfer		 in
11,600		 155,924.10 155,924.10
26/08/2022 Purchase 3,400 47,448.90 47,448.90
13/10/2022 Purchase 2,000 26,840.23 26,840.23
21/12/2022 Purchase 8,000 115,117.53 115,117.53
25,000 345,330.76 345,330.76 0.00 359,400 0.00
Godaddylnc
USD0.001Cls A		 Common Stock
3,500		 198,785.00
3,500 198,785.00 0.00 0.00 217,699 0.00
Gore Street Energy Storage Pic
Ordinary
10pshares
14/01/2022
Dividend
- paid gross
08/04/2022
Dividend
—paid gross
26/08/2022
Dividend
—paid gross
21/10/2022
Dividend
—paid gross
363,936		 356,464.72 7,278.72
7,278.72
3,639.36
7,278.72
363,936 356,464.72 0.00 0.00 403,969 25 475.52
Haleon
Pic
Ordinary
GBP0.01
18/07/2022 Transfer
02/08/2022
Sale		 in
14,500
(14,500)		 39,531.75
(39,531.75)		 39,531.75
(45,392.25)		 5,860.50
0 0.00 (5,860.50) 5,860.50 0 0.00
Herald Investment Trust
Ordy 25p 15,000 175,500.00
15,000 175,500.00 0.00 0.00 267,300 0.00
HICL Infrastructure Co
Ord GBP0.0001
31/03/2022
Dividend
31/03/2022 Interest
30/06/2022
Dividend
30/06/20221nterest
30/09/2022
Dividend
30/09/20221nterest
30/12/2022
Dividend
30/12/2022 Interest		 200,000.00
- paid gross
—paid gross
- paid gross
—paid gross
- paid gross
- paid gross
—paid gross
- paid gross		 266,283.57 1,277.20
2,842.80
1,945.80
2,194,20
3,213.60
906.40
2,801.60
1,318.40
200,000.00 266,283.57 0.00 0.00 328,800 16,500.00

Holding Book Value Cost Profit Market Value Gross
(Proceeds)f (Loss)
f		 31/12/2022
f		 Incomef
Home Reit Pic
Ordinary
1p
25/02/2022
25/02/2022
10/06/2022		 Dividend
Dividend
Dividend		 400,000
paid gross
paid gross
palci gross		 409,000.00 400.00
5,080.00
5,480.00
09/09/2022 Dividend paid gross 5,520.00
23/11/2022
13/12/2022		 Sale
Sale		 (100,000)
(300,000)		 (102,250.00)
(306,750.00)		 (58,650.00)
(115,418.53)		 (43,600.00)
(191,331.47)
0 0.00 (174,068.53) (234,931.47) 0 16,480.00
HSBC Capital
Funding
5.844SL Var 5/11/Perp-31
17/10/2022 Purchase		 250,000.00
50,000,00		 330,195.78
52,535.91		 52,535.91
07/11/2022 Interest - paid gross 17,532.00
300,000.00 382,731.69 52,535.91 0.00 308,693 17,532.00
Invesco Physical
Mkts
Gold Lkd Nts 31/12/2100
04/03/2022 Purchase 6,000 272,100.72 272,100.72
21/03/2022 Purchase 5,500 246,492.03 246,492.03
11500 518,592.75 518,592.75 0.00 476,158 0.00
Johnson &Johnson
Common
Stock		 US$1 2,100 218,911.10
08/03/2022
08/06/2022
06/09/2022
06/12/2022		 Dividend
Dividend
Dividend
Dividend		 —paid net
- paid net
—paid net
- paid net		 1,687.12
1,880.18
2,039.12
1,935.27
2,100 218,911.10 0.00 0.00 308,392 7,541.69
JTC Pic
Ordy 1p shares
11/07/2022
24/10/2022		 Dividend
Dividend		 —paid gross
- paid gross
40,000		 123,844.00 2,028.00
1,240.00
40,000 123,844.00 0.00 0.00 299,200 3,268.00
Legal &General Group
Ordy 2,5p
01/06/2022
Dividend
26/09/2022
Dividend		 100,000
- paid gross
—paid gross		 75,511.46 13,270.00
5,440.00
100,000 75,511.46 0.00 0.00 249,500 18,710.00
Llnde
USD0.001Common
Stock
31/03/2022
Dividend
21/06/2022
Dividend
22/09/2022
Dividend
20/12/2022
Dividend		 —paid gross
—paid gross
—paid gross
- paid gross
1,000		 220,959.00 886.44
945.43
1,029.67
959.40
1,000 220,959.00 0.00 0.00 270,606 3,820.94

Holding BookValue Cost Profit Market Value Gross
(Proceeds) (Loss) 31/12/2022 Income
E E E E
M&G
ordinary
shares
28/04/2022
24/05/2022		 of Sp
Dividend
Sale		 —paid gross 100,000
(100,000)		 209,611.25
(209,611.25)		 (216,305.30) 6,694.05 12,200.00
0 0.00 (216,305.30) 6,694.05 0 12,200.00
Mastercard
Inc
USD0.0001Class A Common Stock
22/08/2022 Purchase 800 235,050.00 235,050.00
09/11/2022 Dividend —paid net 337.11
800 235,050.00 235,050.00 0.00 231,261 337.11
Merck ik Co Inc
Common Stock USD0.50
30/08/2022 Purchase 2,000 149,598.00 149,598.00
07/10/2022 Dividend - paid net 1,226.18
2,000 149,598.00 149,598.00 0.00 184,471 1,226.18
Meta Platforms
inc
USD0.000006 Cls A Common Stock 1,250 188,748.08
1,250 188,748.08 0.00 0.00 125,052 0.00
Microsoft Corp
Comom Stock USS0.0000625 1,300 250,934.76
10/03/2022 Dividend - paid net 608,13
10/06/2022
08/09/2022		 Dividend
Dividend		 —paid net
- paid net		 643.54
696.84
09/12/2022 Dividend —paid net 717.40
1,300 250,934.76 0.00 0.00 259,179 2,665.91
National
Grid
Ordy 68P0.12431289 40,000 323,769.06
19/01/2022
17/08/2022		 Dividend
Dividend		 —paid gross
—paid gross		 6,884.00
13,504.00
40,000 323,769.06 0.00 0.00 398,960 20,388.00
Novo-Nordisk
AS
DKK20 '8' 4,000 197,728.40
30/03/2022
16/08/2022		 Dividend
Dividend		 —paid net
- paid net		 3,120.65
1,910.01
4,000 197,728.40 0.00 0.00 447,645 5,030.66

Holding Book Value Cost Profit Market Value Gross
(Proceeds)
6		 (Loss)
f		 31/12/2022
6		 Income
6
Octopus Renew Infra Trust
ordinary
1p shares
04/03/20221nterest		 - paid 202,443
gross		 202,443.00 751.57
04/03/2022
Dividend
27/05/2022
Dividend
27/05/20221nterest		 —paid
- paid
- paid		 gross
gross
gross		 1,778.97
1,601.81
1,050.19
26/08/2022
Dividend
26/08/20221nterest
25/11/2022
Dividend		 —paid
- paid
—paid		 gross
gross
gross		 1,357.83
1,294.18
965.33
25/11/20221nterest - paid gross 1,686.67
202,443 202,443.00 0.00 0.00 202,443 10,486.55
Paragon
Group ofCompanies
New Issue 4.375' 25/9/31		 250,000.00 250,000.00
25/03/2022 Interest - paid gross 5,468.75
25/09/20221nterest —paid gross 5,468.75
250,000.00 250,000.00 0.00 0.00 221,431 10,937.50
Paypal Holdings
inc
USD0.00001Common
Stock		 1,550.00 126,738.98
1,550.00 126,738.98 0.00 0.00 91,771 0.00
Pepsico Inc
USD0.016666 2,000 198,200.00
07/01/2022 Dividend - paid net 1,576.37
31/03/2022
30/06/2022
03/10/2022		 Dividend
Dividend
Dividend		 —paid
—paid
—paid		 net
net
net		 1,626.26
1,881.30
2,065.19
2,000 198,200.00 0.00 0.00 300,374 7,149.12
Phoenix Group
Holdings
5.75' BOnds 26/04/Perp-28
12/08/2022 Purchase 250,000.00 233,148.91 233,148.91
22/08/2022 Purchase 50,000.00 46,505.12 46,505.12
17/10/2022 Purchase 50,000.00 38,182.51 38,182.51
26/10/2022
16/11/2022		 Interest
Purchase		 - paid gross
50,000.00		 38,951.66 38,951.66 10,062.50
400,000.00 356,788.20 356,788.20 0.00 339,373 10,062.50
PLUSSOO Ltd
ILS0.01shares 27,500 325,616.40
20/04/2022
26/07/2022		 Sale
Dividend		 —paid net
(7,500)		 (88,804.47) (118,127.24) 29,322.77 8,590.76
26/07/2022 Dividend - paid net 5,043.59
22/11/2022 Dividend —paid net 10,453.08
20p000 236,811.93 (118,127.24) 29,322.77 360,800 24,087.43
Prudential
Ord Sp
13/05/2022
27/09/2022		 Dividend
Dividend		 - paid
—paid		 32,000
gross
gross		 395,866.31 3,020.80
1,593.75
32,000 395,866.31 0.00 0.00 360,800 4,614.55

Holding BookValue Cost Profit Market Value Gross
(Proceeds)
6		 (Loss)
f		 31/12/2022
E		 Income
E
Pulte Group
Inc
USD0.01Common Stock 5,500 195,608.00
04/01/2022 Dividend —paid net 604.64
05/04/2022
05/07/2022
10/08/2022		 Dividend
Dividend
Sale		 —paid net
- paid net		 (5,500) (195,608.00) (198,947.95) 3,339.95 624.14
680.20
0 0.00 (198,947.95) 3,339.95 0 1,908.98
Rathbone
UTM
Ethical Bond Fund Inc Units 300,000 288,729.89
28/02/2022
31/05/2022
31/08/2022		 Interest
Interest
Interest		 - paid gross
—paid gross
—paid gross		 2,670.00
2,610.00
2,760.00
23/11/2022 Purchase 100,000 84,494.90 84,494.90
30/11/2022 Interest - paid gross 2,850.00
400,000 373,224.79 84,494.90 000 337,560 10,890.00
Reckitt Benckiser
ord 10p
09/06/2022
14/09/2022		 Dividend
Dividend		 —paid gross
- paid gross		 10,000 308,463.11 10,160.00
7,300.00
10,000 308,463.11 0.00 0.00 575,400 17,460.00
Regional REIT LTD
NPV Ordinary shares
12/01/2022
Dividend
08/04/2022
Dividend
15/07/2022
Dividend		 —paid gross
- paid gross
—paid gross		 250,000 266,250.00 4,000.00
4,250.00
4,125.00
14/10/2022 Dividend —paid gross 4,125.00
250,000 266,250.00 0.00 0.00 147,500 16,500.00
Relx Pic
GBP0.1444 25,000 130,262.55
07/06/2022
08/09/2022		 Dividend
Dividend		 —paid gross
- paid gross		 8,875.00
3,925.00
25,000 130,262.55 0.00 0.00 572,000 12,800.00
Renewables
Infrastructure
Grp
NPV Ordy shares
04/01/2022
Dividend
- paid gross
06/04/2022
Dividend
—paid gross
04/07/2022
Dividend
-paid gross
05/10/2022
Dividend
- paid gross		 210,000 226,169.98 3,549.00
3,549.00
3,591.00
3,591.00
210,000 226,169.98 0.00 0.00 273,000 14,280.00

Holding BookValue Cost Profit Market Value Gross
(Proceeds)
E		 (Loss)
E		 31/12/2022
E		 Incomef
Rio Tlnto
Ord 10p
21/04/2022
21/04/2022
22/09/2022		 Dividend
Dividend
Dividend		 —paid gross
—paid gross
- paid gross		 4,000 164,530.20 12,268.80
1,824.00
8,865.20
4,000 164,530.20 0.00 0.00 231,920 22,958.00
Roche Holdings
Genusscheine
NPV shares		 850.00 141,355.47
22/03/2022 Dividend —paid net 6,361.55
850.00 141,355.47 0.00 0.00 221,875 6,361.55
54 Capital Pic
ordinary
25p shares		 190,000 200,123.35
190,000 200,123.35 0.00 0.00 359,480 0.00
Sage Group
Ordy 6BP0,01051948
10/02/2022
Dividend
17/06/2022
Dividend		 —paid gross
- paid gross		 32,000 203,296.65 3,721,60
2,016.00
32,000 203,296.65 0.00 0.00 238,592 5,737.60
Sandvik
Ab
SEK6
04/05/2022
26/08/2022		 10,000
Dividend
—paid net
Cost write down (single date)		 193,068.57
(5,021.22)		 (5,021,22) 3,815,73
10,000 188,047.35 (5,021.22) 0.00 150,315 3,815.73
SAP SE
NPV ordinary
shares
23/05/2022
Dividend
23/05/2022
Dividend		 - paid net
—paid net		 1,500 150,064.01 2,465.97
632.30
1,500 150,064.01 0.00 0.00 128,241 3,098.27
Sequoia
Economic Infra
04/03/2022
01/06/2022
30/08/2022
28/11/2022		 Income Fund
Ltd
Dividend
- paid gross
Dividend
—paid gross
Dividend
- paid gross
Dividend
—paid gross		 663,940 692,003.34 10,374.06
10,374.06
10,374.06
10,374.06
663,940 692,003.34 0.00 0.00 582,939 41,496.24

Holding Book Value Cost Profit Market Value Gross
(Proceeds)f (Loss)
f		 31/12/2022
f		 Incomef
Shell Pic
Registered
shares
28/03/2022
Dividend		 —paid gross 36,000 552,121.13 6,580.80
05/04/2022 Purchase 7,000 148,097.52 148,097.52
27/06/2022
30/09/2022
19/12/2022		 Dividend
Dividend
Dividend		 - paid gross
—paid gross
- paid gross		 8,604.30
9,275.10
8,862.30
43,000 700,218.65 148,097.52 0.00 1,000,180 33,322.50
StJames Place Capital
Ordy 15p
27/05/2022
23/09/2022		 Dividend
Dividend		 —paid gross
- paid gross		 20,000 219,487.94 8,082.00
3,118.00
20,000 219,487.94 0.00 0.00 219,000 11,200.00
Standard
Chartered
Ordy S0.50
01/02/2022		 Purchase 30,000 161,934.60 161,934.60
12/05/2022
14/10/2022		 Dividend
Dividend		 - paid gross
- paid gross		 2,068.24
1,102.77
30,000 161,934.60 161,934.60 0.00 186,720 3,171.01
Stewart Investors
Asia Sustainability
8 Acc
09/09/2022 Sale
30/09/2022
Dividend		 - paid gross 140,000
(30,000)		 754,902.98
(161,764.92)		 (257,907.00) 96,142.08 2,143.72
30/09/2022 Dividend re-invested 2,143.72 2,143.72
110,000 595,281.78 (255,763.28) 96,142.08 901,043 2,143.72
Stewart Investors
Gbl EM Sustain 8 Inst Acc 100,000 351,031.96
30/09/2022
30/09/2022		 Dividend
Dividend		 —paid gross
re-invested		 1,412.32 1,412.32 1,412.32
100,000 352,444.28 1,412.32 0.00 401,260 1,412.32
Swedbank
AB Series		 A
NPV SEK
06/04/2022
06/04/2022		 Dividend
Dividend		 - paid net
- paid net		 10,000 157,025.03 7,454.91
1,611.87
10,000 157,025.03 0.00 0.00 141,459 9,066.78
Tatton Asset Mgmt Pic
odry 20p shares
02/08/2022
Dividend
16/12/2022
Dividend		 - paid gross
—paid gross		 60,000 138,000.00 5,100.00
2,700.00
60,000 138,000.00 0.00 0.00 274,500 7,800.00

Holding Book Value Cost Profit Market Value Gross
(Proceeds) (Loss) 31/12/2022 Income
E E E E
Total SE
Eur2.5shares
09/02/2022
05/04/2022		 Purchase
Dividend		 5,000
—paid net		 220,828.21 220,828,21 2,737.79
28/06/2022
04/07/2022		 Sale
Dividend		 (5,000)
—paid gross		 (220,828.21) (220,070.16) (758.05) 2,820.57
0 0.00 758.05 (758.05) 0 5,558.36
Unllever
Pic
Ord GBP0.031111
17/01/2022 Purchase
22/03/2022
Dividend
16/06/2022
Dividend
01/09/2022
Dividend
09/12/2022
Dividend		 - paid gross
—paid gross
- paid gross
—paid gross
9,000
3,000		 170,021.54
110,240.11		 110,240.11 4,322.40
4,308.00
4,359.60
4,466.40
12,000 280,261.65 110,240.11 0.00 501,840 17,456.40
Urban
Logistics REITPic
ordy shares 1p
22/07/2022
16/12/2022		 Dividend
Dividend		 263,779
—paid gross
- paid gross		 317,705,46 11,474.39
8,572.82
263,779 317,705.46 0.00 0.00 354,783 20,047.21
Utllico Emerging
Markets
Ltd
Ordinary
1p shares
25/03/2022
Dividend
24/06/2022
Dividend
23/09/2022
Dividend
16/12/2022
Dividend		 110,000
—paid gross
- paid gross
—paid gross
- paid gross		 244,400.00 2,200.00
2,200.00
2,200.00
2,365.00
110,000 244,400.00 0.00 0.00 229,900 8,965.00
yum China Holdings
inc
USD0.01Common Stock
29/03/2022
Dividend
21/06/2022
Dividend
15/09/2022
Dividend
20/12/2022
Dividend		 —paid net
—paid net
- paid net
—paid net
4,000		 182,085.00 364.61
387.87
413.59
391.38
4,000 182,085.00 0.00 0.00 181,727 1,557.45
Zurich Finance (UK) Pic
6.62536Var MTN 02/10/perp-22
250,000.00
298,005.65
02/10/20221nterest
—paid gross
03/10/2022 Redemption
ofstock(250,000.00)(298,005.65)		 (250,000.00) (48,005.65) 16,562.50
0.00 0.00 (250,000.00) (48,005.65) 0 16,562.50
TOTAL: 19,209,455.13 681,530.77 (2,822.31) 23,395,960 788,408.94