The Maurice & Hilda Laing Charitable Trust A Registered Charity Report and Financial Statements 31 December 2023 The Maurice & Hilda Laing Charitable Trust A Registered Charity CONTENTS PagÈ TRUSTEES, ANNUAL REPORT AUDITORS, REPORT STATEMENT OF FINANCIAL A￿1VITIEs io BALANCE SHEET li STATEMENT OF CASHFLOWS 12 NOTES TO THE FINANCIAL STATEMENTS 13-20 The Maurice & Hilda Laing Charitable Trust - A Registered Charity TRUSTEES, ANNUAL REPORT as at 310ecember 2023 The Trustees present Ihelr flnanclal statements and annual report for the year ended 31 December 2023. The financl31 Statements have been prepared In accordance with the accountlng policles set out note I to the accounts and comply with the charity's trust deed dated 19 August 1996, the Charities Act 2011 and Atcounting and Reporting by Charilies., Statement of Recommended Practlce IFRS 1021 and update Bulletins l and 2. Reference and Adminlstratlon Detalls of the Charltyi Its Trustees and Advlsors Settlor Sir (John) Maurlce Lalng Date of Seltlement Deed 19 August 1996 Trustees Stephen John Haine5 Ludlow Andrea Jane Currie Charles Wllllam Davld Laing Slmon Davld Martle Paul Ml¢hael van den Bosch Therè shall be at least three Trustees. The power of appointing Trustees 15 now vested In the Trustees. Registered Address elo Lalng Famlly Trusts 33 Bunns Lane London NW7 20X Nature of Trust Reglstered Charlty No. 1058109 Bankers Bank oFScotl3nd 33 Old Bro4d Street London BX2 IL8 Accountants TMF Global Services IUKI Ltd 13tb Floor l Angel Court London EC2R 7HJ Auditors Mercer & Hole LLP 72 London Road St Albans Hertfordshlre ALI INS The Maurice & Hilda Laing Charitable Trust A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2023 Investment Advisors Rathbone Investment Management 8 Finsbury Circus London EC2M 7AZ Solicitors Pothecary Wltham Weld 84 Eccleston Square Pimlico London swiv ipx Oirector Ms E Harley 33 Bunns Lane Mill Hill London NW7 2DX Destination of Furbds al Income To charitable purposes only but prlncipally for the following purposes.. the advancement of the Christian religion in any part ol the world.. Ihe ieliel ol poveriy throughout Ilie world.. ènd the protection and preservation of health and the relief OF sickness and mental and physical disabililv. bl Capital To be relairied by the Tr￿SteeS or, at their discretion, applied as Income. Invesiment Powers Under the terms of the trust deed the Trustees have the power lo invest and reinvest the Trust Fund.. al In any account with arby bank, building society or other financial institution; bl In buying any properly Itanglble, movable or Smmovablel Sn any part of the world whether or not it produces income. and cl in moking secured loans. The Maurice & Hilda Laing Charitable Trust- A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2023 str4JCture, Governance & Management The Maurice & Hilda Laing CharStable Trustwa5 establlshed In 1996 wlth funds made available from the Maurice Lalng Foundadon. The Trusvs obJeC￿ves. as set out In the Trust Deed, are the advancement of the Christian rellgion In any part of the world, the advancement of religious education In accordance with the principles and doctrines of the Chrlstian falth, the iellef of poverty throughout the world and the protection and presetvatlon ofhealth and relief of slckness and mental and physical dlsabilities. These are achleved through the Trust's 8rant-makln8 programme, which is Its only charitable acUvlty. The Trust Deed requlres the Trust to have a mlnimum of thfee tiustee5; currently there are live. The power to appoint new or addSttonal trustees Is vested In the exIS￿ng Trustees as a body. who are continuing to review the range of skllls and experience represented among their number In order to Inform the potents.al appointment of new Trustees. Procedures for the ppoSntment and Induction of new Trustees, who will In future be appointed for a maxlmum of three 4-year terms, are in place. The day-to-day admlnistrabon of 8rants and the pro¢essing of applltattons prior to considerat5on by the Trustees, Including meetings with applicants and project vlslts where larger grants are contemplated. have been delegated to the Trust Dlrector, who15 SUPPOrted by a small staff team. The Trnst Olrector and staff are shared with the Klrby Laing Foundation, the Beatrice Laln8 Trust and the Marun Lain8 Foundation; the Trusts are known collectively as the Lalng Family Trusts and the Chair of Trustees sits on a joint Employment Committee. The Trusts also share office space owned by the Reculver Trust; a Memorandum of Understanding sets oul the ba51s upon which admlnistrative costs are Shared. An appllcation toany one of the L31ng FamilyTrusts istreated as an appllcation to all, although after initial review applicat6ons considered sultable for further conslderatlon by the Maurlce & Hilda Laing Charitable Trust follow the Trusvs own admlni5trative protedures and decision-makinE processes. Appllcatlon Is by letter and the grant application proce55, guldance on which appears on the Laing Famlly Trusts. webslte, Is desiEned to be a5 simple as posslble whllst drawlng out the key information required for a decision. The Trustee5 meet four Ume5 a year to consider recommendatlons for, and make dec15ions on, the award of grants over £10,000. The Trustees have delegated power to make grants of £10,000 and below to the Trust Director, up to a maximum of £30.1)00 in any one quarter. These grants are made on an ongoin8 b35is and ratified by the Trustees at thelr quarterly meetings. Objectives & ActSvities The Trustee< grant-makln8 prlorltles fall Into three main categories.. To advance Chrlstlan lalth ènd values, with an emphasls on.. maklng the Christian message accesslble to all through innovattve 'fresh expressions, of church and ploneer mlnlstries nurturing ehlldren and youn8 people in the Christlan faith- helping them to explore, and Erow in. Christian falth providing support for oppressed Chr15tian communities overseas The Maurice & Hilda Laing Charitable Trust- A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2023 Objectives & Activities- contlnued To support organlsatlonsl prlmarlly those inspired by Chrlstlan faiih. offerlng practical support to those In the U.K. who ale disadvantaged. vulnerable and l or so¢lally Isolated, with a partl¢ular focus on helplng.. famllies and young people at rlsk prisoner5 and ex-offenders, particularly women in the criminal justlce system the homeless refugees Reliet of poverty overseas. prlmarllythrough Chr15tlan organlsatlons worklng In the low Income countries of Sub-saharan Afrl¢a, focu51ng on prole¢ts whlch seek to Improve educailonal opportunltles and build sustalnable Ilvelihoods for.. street children and young people at risk those with disabilities In all areas the Tru5tee5 are looking ro support project5 which are financially and environiiieiiltilly sustaiiiable and replicable. .'JcI by fid',libDne$ 011 d di5Cfelionafy basis and, ai Ihe Trustees, request, in line wilh Ihe guidance ol the Church of England's Ethical Adv150ry Group. The Trustees met regularly with the R3lhboftes team throtjghout the year to review performance and ensure that iheir ethical and income fequirement5 were fully understood. The Trtsstees are seeking to malntaln an endowment funij of £23.3million, a figure which is revised annually in line wlth inllation and are currently targelSng grant expenditure of £imilllon per ènnum. They are also actively exploring social Investment opportunitie5, to whlch a proportion of any funds in excess ol the £23.3million target figure might be diiected. The house in Hintkley, which they purchased last year, is currentty being refurhSshed and will then be leased to Hope Into Action Coventry for an initial ftve year period as a home for individuals or familie5 at risk of homelessness. The tenant5 will re¢eSve support from Hope Into Aclion and mentoring and friendship from member5 of a local partner church. Achievements and Performance Grant expenditljfe In 2023 totalled £905,360, 3 reduction of 18.5% on the previous yearfs total of £1,111,850. All grants of £5,000 and above are Ilsied bv category in note 7 to the accounts, wilh additional details o.f all"gran15 of-- £25,000 and above provided below.. Children & Youn Peo Transforming Lives for Good Expansion oAEorly Inteivention Progromme (1st of 3 gronts} 60,000 rseas Oevelo ent Mission Aviation Fellowshlp UK Solor Powerforstoff Accommodotlon In Kompolo 31,250 The Maurice & Hilda Laing Charitable Trust - A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2023 Achievements & Performance- contlnued Reli Bible Reading Fellowship Troining & Development Leodlormessy Church (2nd of 3 grontsj Church of England Foundation for Educational Leadeishlp Growlng Foith Foundation Leorning Hubs (1st of 2 grants) The Good Falth Foundatlon Worm Welcome Church Fund2023 40.000 39,375 27.500 So¢lal W re and Co unlt Derby City Mission Jubilee clinicAdvisorSolory115tof 3 gronts) Sportlly Notionolsport ond Wellbeing Project The Deptford Ragged Trust The Ragged Project The Message Trust Community Grocerles Programme 30,000 34.000 50.000 25,000 Support for churches or faith-ba5ed charities seeking to respond to the tost- of-llvlng crisi5 in thelr local communities, whether through the provlsion of low-eost food, debt advlce or simply a warm space In whlch to meet wlth other5. was a major theme, and the focus of collaborètlon between members of the Christian Funders Forum. of which the Trvst Is an active member. The Ilst above also rellects a focu5 on resourcing churches to engage wlth the younger Beneratlon through a variety of inStlatlves. including Messy Church. sports activities and the development of creatlve or Innovative prattl¢es to build strateglt partnerships between school, church and home, with the aim of placing children) young people and famllles at the heart of the mlssion and mlnlstry of the Church. As well as the grants listed In note 7, a further 11 grants totallin8 £21.500 weie dlstributed through the Charities Ald Foundation. Taken together, the Trustees are confident that the grants demonstrate a hlgh deBree of public benefit to number of different sectlons of 50clety. includinB vulnerable and dlsadvantaged people whatever thelr aBe, background. abllsty or additlonal needs. FollowinB the appointment of a Northern-based Grants Manager, flagged last yeari giving in the reBion5 of the north of England INorth West, North East, Yorkshire & The Humberl Is beginning to Increase. Trustees also have a particular interest In addressing Issues of deprlvation In Thanet, the Isle of Wight and in coastal areas more wldelv. In addltion to grant eKpendlture, a further £112,552 was spent on Investment managerfs fees and £132,138 on support and governance costs. Income generated from the Foundation's Investments remèined relatively stable at £752.402. The excess of expenditure over Ineome was balanced by a Ealn on Investments of £855,846. recouping some of the losses of the prevlous year, resulting in a rise of £455.06212%1 in the value of the Foundatlon's expendable endowment to £24,251.192 at the year-end. The Maurice & Hilda Laing Charitable Trust - A Registered Charity TRUSTEES, ANNUAL REPORT as at 310ecember 2023 Risk Assessment The Trustees annually revlew the major risks to whlch they feel the charlty Is exposed. These fall Inlo three main areas: piotection of assets and Sncome. Integrity of the grant-making protess and employment and retention of staff. Having carried out thelr annual revlew of these rlsks they remaln confldent that they have In place systems and procedures which mitlgate the risks as far as possible. The Maurice & Hilda Laing Charitable Trust - A Registered Charity TRUSTEES, ANNUAL REPORT as at 31 December 2023 Statement of the Tru5tees' respDnslbllltlès In respect of the flnan¢lal Statements The Trustees are responslble for preparing the Report of the Trustees and the financial statements in accordance wlth applicable law and United Kingdom Generally Accepted Accounting Practlce. The law appllcable to challtles In EnglAnd and Wales, the CharSties Aci 2011, Charlty (Accounts and Aeportsl Regulatlon5 2008 and the provisions of the Trust Deed requlre the Trustees to prepare flnancial statements for each flnancial year whlch give a true and falr vlew of the state of affalrs of the charlty and of the Incomlng resources and application of resources, Including the income #nd expenditure. of the charlty for that period. In preparing those financlal statements, the Trustees are required to.. select 5ultable actOLtnting policies and then apply them consistently* observe the methods and prlnclples In the charlty SORP,. make5udgements and estlmates that are reasonable and prudent; state whether applicable accountln8 Standards have been followed. subject to any materlal departures disc105ed and explained in the finan¢lal statements,. and prepare the financlal statements on the 8olng concern basls unless St Is Inappiopriate to presume that the Charity wlll contlnue. The Trustees are responsible for keeping proper accountlng records which disclose wlth reasonable accuracy at any tlme the 1Snancial position of the charity and to enable them to ensure that the financlal statement5 comply wlth the ChHritle5 Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provislons of the trust deed. They are a150 responslble for safeguarding the assets of the charlty and hence for taklnB reasonable steps for the preventlon and delectlon of fravd and other Irregularltles. Approved by the Tiustees on: rL b l_D_GL.I..?..o.L_4_--.. Date and slgn d on thelr behalf by: Trustee INDEPENDENT AUDITOR'S REPORT to the Trustees of The Maurlce & Hilda Lalng Chorltable Trust- A ReBisteTed Charlty Oplnlon We have audited the financial statements of The Maurlce & Hilda Laing CharitableTrust (the 'chaiitll for the year ended 310ecember 2023 whlch comprise Statement of Flnancial Activities, the Balance Sheet and notes to the financial statemènts, including signSficant èccounting polities. The flnanclal reporting framework that has been applied in their preparation is appllcable law and Unlted Kingdom Accounting Standards, Including Financièl ReportlnB Standard 102 The Financlol Reporrlng Stondordopplicable in the UKondRepublic of Irelond Iunlted Klngdom Generally Accepted Accounting Practice). In our oplnlon the flnancial statemerbts: Eive a true and faSr view of the state of the charity'5 affalrs as at 31 December 2023, and olits Incomlng resources and application of resou¥ces, Including its income and expenditure, for the year then ended,. have been properly prepared in accordance wlth United Kingdom Generally Atcepted Accounting Pra¢ti¢e,' and have beEn prepared In accordance wlth the requirements of the Charitie5 Act 2011. Ba515 for oplnlon We conducted our audit in accordance with International Standards on Auditlng IUKI IISAS IUKII and applicable law. Our responsibilltles under those standards are further described in the Auditorfs responsibilities for the audit of the financlal statements section of our report. We are Independent of the charity in attordance with the ethical requlrements that are relevant to oui audlt of the financlal statements Sn the UK, Including the FRC'S Ethical Standard, and we have fulfilled our oiher ethical responsibllilies in accordance with these requiremènts. We believe that the audit evidence we have obtained is sufficient and appropriale to provlde basis for our opinion. Conclusions relallng to going concern In auditing the financial statements, we have concluded that the trustees, use of the golnE concern basis of atcounting In the prepaiation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to evenls or conditions that, individually or collectively, may c05t significant doubl on tho charity's ability to continuv a5 a going concern lor a period Oi at Icast roport. Other inforrnallo The other information comprises the irhformation included Sn the trustees, annual report, other than the financial statements and our auditor's ¥eport thereon. The trustees are responsible for the other information contained within the annual report. Otsr opinion on the financial statements does not cover the other information and, except to thè extent otherwise explicitly stated Sn our report. we do not express any form of assurance conclusion thereon. Our responsibility is to reèd the other informalion and, in doing 50. consider whether the othèr information is m3terially inconsistènt with the finaT)clal statements or our knowledge obtained in the course of the avdit or otherwSse appears to be materially mi55tated. If we Identlfy such mateiial inconslstencies or apparent vnaterial misslatements, we are required to determine whether this glves rise to a matèiial mi55tatement in the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of thls other inform4tSon, we are required to report that fact. We have nothing to report in this re63rd. Matter5 on which we are Yequlred to report by exceptitsn We have nothlng to report in respect of the following matter5 in relatlon to which the Charlties (Account5 and Reportsl Regulations 2008_reqvire_us_to report.to_ ou If.-In_our opinion.. the Informatlon given In the linanclal statements Is Inconsistent in any materlal respect with the trustees. report,. or thè charity has not kept adequate accounting records,. or the lin3nci31 statements are not In agreement with the accountinB records and returns; or we have not recelved all the Informatlon and Èxplanatlons we require for our audit. Responslbllltles of trustees As explained more fully In the tiustees, re5pon51bllitie5 Statementlset out on page 71, the tru5tee5 are responslble for the preparatlon of the flnanclal statements and for belng satlsfled that they glve a true and falr vlew, and for such Internal control as the trustees determlne Is necessary to enable the preparatlon of nnantlal statements that are free from materlal mlsstatemen( whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responslble for assesslng the charivs ablllty to contlnue as a golnE concern. dlscloslng, as appllcable, matters related to golng concern and using the golne contern basls of accounting unless the trustees either Intend to liquidate the charSty or to cease operations, or have no reallstlc alternatlve but to do so. Audlt¢r's responslbllitie5 for the audlt of the financlal statements We have been appointed as 8udltor under section 144 ofthe Charltles Act 2011 and report irb accordance wlth regulatlons made under section 154 of thal Act. Our oblettlves are to obtaln reasonable assurance about whether the financlal statements as a whole are free from materlal mlsstatement, whether due to fraud or error, and to Issue an auditor's report that Include5 our oplnlon. Reasonable assurance Is a hlgh level of a55urance but is not a guarantee that an audit conducled In accordance wlth ISAS IUKI wlll alway5 detecl a materlal mi55tatement when It exlsts. Misstatements can arise from fraud or error and are consldered material Sf, Indlvldually or in the aggregate, they could reasonably be expected to Influence the economlc declslons of users taken on the basls of these flnancial statements. Irregularitles, Incltjding fraud, are Instances of non-compllan¢e wlth laws and regulations. We design procedures In Ilne with our responsibilities, outlined above. to detect material mlsstatements In respect of Irregularities. Including fraud. The extent to whlch our pro¢edures are capable of detectlng irreEularltles, Includlng fraud, is detalled below. Explanatlon as to what extent the audlt was consldered capable of detecting Irregularltles, Includlng fraud We gained an undeistanding of the legal and regulatory framework applicable to the charity and the environment In whlch It operates and considered the rlsk of acts by the charlty that were contiary to applicable laws and regulatlons, Including fraud. We evaluated management's Incentlves and opportunltles for fraudulent manlpulatlon of the flnancial statements and the flnanclal report lin¢ludlnE the rlsk of overrlde of contiolsl, and determlned that the prlnclp31 rlsks were related to postlng inapproprlate entrles Includingjournals to overstate revenue or understate Èxpenditure and management bias In accountln8 estimates. Audlt procedures performed by the engagement team Included: dlscusslons with management. Includln8 conslderatlons of known or suspected Instance5 of non- Compllance with laws and regulatlons and fraud,. BalnSng an understandlng of management's controls de51gned to prevent and detect irregularltle5,- and IdentSfylng and testlnB journal entrle5. Because of the Inherent Ilmltatlons of an audlt, there Is a rlsk that we wlll not detect all Irregularitles. Includlng those leadlng to 3 materlal mSsstatement In the flnancial statements or non.compllance wlth regulatlon. This rlsk increases the More that compliance wlth a law or fegulatlon Is removed from the events and transa¢tlons reflected in the financlal statements. a5 we will be less likely to become aware of Instance5 of non.compllance. The iisk Is also Ereater regarding irregularltles oc¢urrln8 due tofravd rather than error, as fraud involve5 Intentional concealment, forgery. collusion, omission or mlsrepresentatlon. A fvrther descriptlon of our responsibilitles is avallable on the Financial Reporting Council's webslte at: Auditor's Re5 the Audit Financial Re ortin Coun frc.or Thls de5crlptlon forms part of our auditorfs report. onsibi1Sties for Use of our report This report Is made solely to the charlt¢5 trustees, as a body. In accordance wlth Part 4 of the Charltles (Account5 and Reports) Re8ulatlons 2008. Our audlt work has been undertaken so that we mlght state to the charitls trustees those matters we are requlred to State to them In an auditorfs report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslblllty to anyone other than the charity and the charitvs trustees as a body, for our audit work, for thls report, or for the oplnlons we have formed. Steve oblnson. Senlor Statutory Audltor Mercer & Hole LLP Chartered Accountants 72 London Road, St Albans, ALI INS Date.. 15 October 2024 Mercer& Hole LLP Is ellglble to orta50n ouditorln termsofsectlon 1212 of the CompunlesArt2006, The Maurice & Hilda Laing Charitable Trust A Registered Charity STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 December 2023 Unrestrlcted Funds Expendable Endowment Total Total Income 2023 2022 Note INCOME AND ENDOWMENTS Investments 752,402 752,402 770,170 TOTAL INCOME 7S2.402 752.402 770,170 EXPENDITURE Cos1 of raising funds Charltable activities 112,552 112,552 1,039,204 115,548 1,226.665 1,039,204 TOTAL EXPENDITURE 112,552 1,039,204 1,151,756 1,342,213 NET INCOMEIIEXPENDITUREI BEFORE GAINS A￿10 LOSSES ON IMVESTMENTS 1112,5521 1286,8021 1399.3541 1$72.0431 NET INCOfvIEIIEXPENDITUREI AFTER GAINS AND LOSSES ON INVESTMENTS 743,294 1286,8021 456,492 13,895,3721 TRANSFER BETWEEN FUNDS 13 1286.8021 286,802 OTHER RECOGNISED GAINSIILOSSESI Gainsl{lossesl on foreign CLTrirency 13,1361 13,1361 22,258 NET MOVEMENT IN FUNDS 453.356 453,356 13.873.114) FUND BALANCE5 BROUGHT FORWARD 23.796,130 23.796,130 27,669.244 FUND BALANCES CARRIED FORWARD 24.249,486 24,249,486 23.796,130 The Maurice & Hilda Laing Charitable Trust - A Registered Charity BALANCE SHEET as at 31 December 2023 2023 2022 Note FIXED ASSETS Quoted investments Soc131 Investment Ioal iobl 23.992,722 201,734 23,643,526 24,194,456 23,643.526 CURRENT ASSETS Cash at Bank li 113.144 220,730 113,144 158.1141 220,730 168,1261 LIABILITIES.. amounts falllng due wlthln one year 12 NET CURRENT ASSETS 55,030 152,604 TOTAL ASSETS LESS CURRENT LIABILITIES 24,249,486 23,796,130 NET ASSETS 24,249,486 23,796,130 RepresentlnB; FUNDS: UNRESTrICTED Expendable endowmertt 13 24,249,486 23,796,130 Reglstered Charlty No: 1058109 Approved by the Trustees on.. Date and slgned on thelr behalf by.. Trustee The Maurice & Hilda Laing Charitable Trust A Registered Charity STATEMENT OF CASHFLOWS foi the year ended 31 December 2023 2023 2022 Note Cash flows from operatlng a¢tl¥ities'. Net cash used In operatlng actlvltles 14 11,164.9041 11,300,346) Cash flows from Investln8 actlvltles: Investment Income Proceed5 from sale of Investments Purchase of Investments Purchase of Social Investment 7S2,402 4,202,820 12,927,489> 1201,734) 770,170 2,734,829 13,416,360) Net cash provided by (used inl investlng activltles 1,824,293 88,639 Change In tash and cash eqLtlvalents in the year Cash and cash equivalenls al the beginning ol the year 661,095 468,296 11,211,707) 1,680,003 Cash and Ccisli oquiiialei)ts at Ilie encl ol IliE y? 3,416,360 13,323,329) Closlng market value Cash held within the Investment portfolio 22,976,475 1,016,247 23,395,960 247,566 23,992,722 23,643,S26 Closlng historlcal cost 18,795,518 18,530,746 No Investments comprlse more than 5% of the value of ihe portfollo at 31 December 2023. Iobl SOCIAL INVESTMENT A freehold proporty was Pufchased In the year for the use of the charity* Hope Into Attlor¢. Thls purchase PTlce plus svbsequent additions to the property are capltalised In the accounts at cost. No provision has been made for depreciatlon as the Trustees are of the opinion that the recoverable amount of the property Ss not lower than the carrylng value. An annual Impalrment revlew will be performed by the Trustees to ensure that no change to th55 oplnlon occur5. 11. CASH 2023 2022 Bank of Scotland Rathbones Income account 100,614 201.608 12,530 19,122 113,144 220,730 12. LIABILITIES: amounts due wlthln one year 2023 2022 Accountsncy se￿ICe$ Audlt seNlces Investment managers Employment costs Sundry creditor Bullrlln8 ¢0Sts 24,643 4,680 28.791 12.322 4,500 28,372 21,899 505 528 58,114 68,126 The Maurice & Hilda Laing Charitable Trust A Registered Charity NOTES TO THE FINANCIAL STATEMENTS s at 31 December 2023 13. UNRESTRICTED FUNDS Expendable Endowment Income Total 2023 2023 Unrestricted funds comprise the following: Investment5 24,194,456 370,623 128,7911 1286,8021 24,194,456 113,144 158,1141 Cash 1257,4791 129.3231 286,802 Creditors Transfer between funds 24,249,486 24,249,486 Expendable Endowment In¢ome Total 2022 2022 Unrestricted funds comprise the following: 23.643,526 23,643.526 737,1171 ) 20.730 2a.4721 1456,4951 Transfer bet%veen funds 456,495 23,796,130 23,796,130 The transfers between funds represent the excesses of expenditure over Income durlng the year5. 14. RECONCILIATION OF NET MOVEMENTS IN FUNDSTO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net movement In funds las per the Statement of Financlal Activitie51 IGain5lllosses on Investment5 shown in investing actlvities Deduct investment income shown in investing actlvities Ilncre3sel/decrease In debtors Increaselldecreasel In credltors 453.356 1855,8461 1752,4021 13,873,114) 3,323,329 1770,1701 110,012) 19.609 Net cash used In operating aclivities 11,164.9041 11,300,346)