REGISTERED CHARITY NUMBER: 1091493 Report of tho Trustees and Unaudlted Flnanclal Statements for th• Year Ended 30 Aprll 2024 The K P Ladd Charitable Trust Munday Long & Co Llmited Chartered Certified Accountanis Alton House 66-68 High Street Northwood Middlesex HA6 IBL The K P Ladd Charltable Trust Contents of the Financial Statements for the Year Ended 30 April 2024 Page Report of the Trustee• Zndependent Examlner's Report Statement ol Flnanclal Actlvltle• Balance Sheet Cash Flow Statement Notes to the Cash Flow Statement Notes to tho Fln•nclal Statements 8 to 12 Detall•d Statement of Flnanclal Activltie 13 The K P Ladd Charltable Trust Report ot the Trustees for the Year Ended 30 April 2024 The trustees present their report with the financial statemenrs of the charity for the year ended 30 April 2024. The trustees have adopted the provlsions of Accountlng and Reporting tsy Charitle5: Statement of Recommended Practice apolicoble to charitSes preparing thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND ACTIVITIES Objectlves and alms It 15 the tru5tees' intention that the trust fund will be principally apglied ro support Chrisiion charities and other charitable organisatlons involved In rellgious activities. This will be done by supporting churches, missionary work and other organisatlons both in the Unlted Klngdom and overseas, Publlc beneflt The trustees have referred to the guidance contained in the Charity Commission's general quldance on publlc benefit when revlewlng the Trust's alms and objectlves and planning future activities and they recogni5e their re5pon5ibilities toward5 public benefit under the requirement5 of the Cha rities Att 20 11. The trustees believe that their grant making activity Is for the public benefit and that the beneflt Is clear and Identifiable. The publlc beneflt of grants made Is monitored by reference to feedback recelved from the recipient organisations. ACHIEVEMENT AND PERFORMANCE Chafltable actlvltles During the year under revlew the trust made major grants to The London Tnstltute for Conremporary Christianity. The trust has also made grants to ninereen other charttable organlsation5 of particular Interest to the trustees. FINANCIAL REVIEW Reserves policy It is the trustees, policy to malntain enough reserves to produce income In order to meei any commitments ihat they have made and In order to support appropnate causes when the.y come to the attention of the trustees. The trustees will keep this policy under review. Results lor the year Durin9 Ihe year unrestricted Income of £4,822,812 {2023 É99,681) was received primarily relating to receipt of funds from Kenneth Ladd's estate, following his death on 1st June 2022. Charitable grants of £145,000 (2023 - £96,000) were made durlng the year. At 30 Aprll 2024 unrestrlcted funds of £8,709,32 1 were held. The trustees have continued to broaden the Scope of rhe investment5 that are held by the trust. It is the trustees, Intention to keep this matter under review, In conjunction with the trust's Investment advisors, in order that the Investments can be used to produce Income that (an be applied to fulfil the objects of the trust. Havlng regard to the above the trustees believe that the flnanclal gosltion of the trust Is sat15factory and that the trust will have Sufficient reserves to meet its obligatlons in the future. FUTURE PLANS It Is the Irustees, present intention to continue to distribute the Income received by the trust, having regard to the same pf Inciples as they have applled durlng the year under review. STRUCTURE, GOVE RNANCE AND MANAGEMENT Governing document The charity Is governed by a declaration of trust dated 26 March 2002 and constltutes an unincorporated ¢harity, Risk management The trustees have a duty to identify and review the rlsks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error, Page I The K P Ladd Charltable Trust Report ol the Trustees for the Year ended 30 April 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 1091493 Prlnclpal addre 34 St Mary'5 Avenue Northwood Mlddlesex HA6 3AZ Truste•• BPLadd l D Creswick RALadd Chief Executive B P Ladd IAppointed 151 November 2023) Independent Examiner Munday Long & Co Limited Chartered Certlfied Accountants Alton House 66-68 Pfigh Street Northwood Middlesex HA6 LBL Bankers Nat West Watford Town Centre 72-74 High Street Watford, Hert5 WD17 2GZ Solicitors NacFd rlanes 20 Cursitor Street London EC4A ILT Investment advlsors Sara51n IDve5tment Management Limited Juxon House loo st Paul's Churchyard London EC4M BBU IM Flnn 25 Copthall Avenue London EC2R 7AH Approved by order of the board of trustees on 11 November 2024 and signed on Its behalf by: B P Ladd - Trustee Page 2 Independent Examiner's Report to the Trustees of The K P Ladd Charitable Trust Independent examiner's report to the trustees of The K P Ladd Charitable Trust I report to the charity trustees on my examination of the accounts of The K P Ladd Charitable Trust (the Trust) for the year ended 30 Aprll 2024. Responslblllties and basis of report As the charity tnjstees of the Trust you are ￿sponSIble for the preparation of the accounts in accordance with the requirements of the Charitles Act 20 11 ('the Act'}. I report in respect of my examlnation of the Trust's accounts carrled out under Settion 145 of the Att and In carryin9 Qut my examination I have followed all applicable Directions given by the Charity Commlsslon under Section 145(5){b} of the Act. Independent examiner's st•t•fflent Since your charity's gross Income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Associarion ol Chartered Certlfled Accountants, which is one of the Ilsted bodles. I have completed my examination, E confirm that no materSal matters have come to my attention In connection with the examination givlng me cause to belleve that in any material respett,. accounting record5 were not kept In re5pert of the Trust as requlred by Sectlon 130 of the Art,, or the accounts do not accord wlth those records- or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out In the Charltles (Accounts and Reports) Regulatlons 2008 other than any requireTnent that the account5 give a true and fair view which Is not a matter considered as part of an Independent examinotion, I have no concerns and have come across no other matters In connectlon wlth the examlnation to syhich attentiori should be drawn In th15 report In order to enable a proper understanding of the accounts to be reached, An audit dispensation is granted for The K P Ladd Charltable Trust on 11 September 2024 under Regulation 34{3)Ib) of the Charities (Accounts and Reports) Regulations 2008. Th55 dlspensailon Is for the financlal year ende(1 30 April 2024 only, and allows an Independent examlnation In place of an audit for this year. The dispensatlon is given based upon the inft>rmation provided by the trustees that: -the exceptional circumstances outlined mean that an audit would be disproportionate. .there are no constitutlonal or other requlrements on the charity which require an audlt; and -the chanty is not incorporated under company law. An independent examination ha5 taken place instead of an audit (Regulation 31{f)). Raymond Long FCA FCCA Munday Long & Co Limited Chartered Certified Accountants Alton House 66-68 Hlgh Street Northwood Middlesex HA6 IBL 11 November 2024 Page 3 The K P Ladd Charitable Trust Statement of Financial Activities for the Year Ended 30 April 2024 30.4.24 Unrestricted fund 30.4.23 Total fijnds Notes INCOME AND ENDOWMENTS FROM Donatlons a nd legacies 4,640,335 Investment Income 182 477 Total 4822 812 EXPENDrruRE ON Raising funds Ir)vestmefll rnanagement costs 13,851 2,134 Charltabl* actlvltles Grants to institutions 145,OOQ 96,000 Other Total 169 746 Net galnsl(losses) on Investments NET INCOME/{EXPENDrruRE) 5,134,151 (201,750) RECONCILIATION OF FUNDS Total funds broug ht forward 3,575, 17Q 3,776.920 TOTAL FUNDS CARRIED FORWARD 8 70g 321 3 575 170 The notes form part of these financial statements Page 4 The K P Ladd Charitable Trust Balance Sheet 30 April 2024 30.4.24 Unrestricted fund 30.4.23 Total funds Note5 CURRENT ASSETS Debtors Investments Cash at bank io li 55,689 ,489,751 166 694 71,092 3,212,010 292 342 ,712,134 3,575.444 CREDITORS Amounis falling due wlthin one year 12 {2,813) (274) NET CURRENT ASSETS 8 709 321 3 575 170 TOTAL ASSETS LESS CURRENT L￿BI￿rIEs 8,709,321 3,575,170 NET ASSETS 8 709 321 3 575 170 FUNDS Unrestrlcted fvnds 13 8 709 321 3 575 170 TOTAL FUNDS 8 709 321 3 575 170 The financial statements were approved by the 8oard of Trustees and authorised for 155ue on 11 November 2024 and Ylere signed on its behalf by: TfLJ P Ladd Trustee The note5 form part of these financial statements Page 5 The K P Ladd Charitable Trust Cash Flow Statement for the Year Ended 30 April 2024 30,4.24 Notes 30.4.23 Cash flows frorn operatlng actlvlties Cash generated from operations 4 636 854 117 592 Net cash provlded by operating actlvities 4 636 854 117 592 Cash flows from Investlng actlvitles Current asset Investment5 Gains on investments Interest received (5,277,741) 48 1,085 87,274 1203,297) Net cash used In Investing activities 4 762 502) 114 $73) Change in cash and cash equivalents in the reporting perlod Cash and cash equivalents at the beglnning of the reportlng perlod (125,648} 3,019 292 342 289 323 Cash and cash •quivalents at the end of the reportlng perlod 166 694 292 342 The notes form part of these financlal statements Page 6 The K P Ladd Charltable Trnst Notes to the Cash Flow Statement for the Year Ended 30 April 2024 RECONCILIATION OF NET INCOME/(EXPENDITURE} TO NET CASH FLOW FROM OPERAllNG ACTIVITIE5 30.4.24 30,4.23 Net income/(expenditure) for the reporting poriod {as per the Statement of Flnanclal Actlvitle•} Adjustments for: IGain)11055es on i nve5tments Interest recelved Decrease In debtors Increase/(decrease) In credltors 5,134.151 <201,750) {481,085) (34.1541 15,403 203,297 (1,450) IL8,233 7381 Net cash provlded by operatlons 4 636 854 117 592 ANALYSIS OF CHANGES XN NET FUNDS At 1.5.23 Cash flow At 30.4.24 Net ca•h Cash at bank 166 694 292 342 125 648 166 694 Llquld resources Deposits Included In cash Current asset Investments 3 212 010 5 277 741 8 489 751 3 212 010 5 277 741 8 489 751 Total 3 504 352 5 152 093 8 656 445 The notes form part of these financial statements Page 7 The K P Ladd Charltable Trust Notes to the Financial Statements for the Year Ended 30 Aprll 2024 ACCOUNTING POUCIES Basls of preparlng the flnanclal statements The financial statcments of the charity, which 15 a public benefit entity under FRS I02, have been prepared in accordance with the Chanties SORP {FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance ith the Financial Reporting Standard applicable in the UK and Republic of Irelarbd (FRS 102) (effective l January 20191,, Financial Reporting Standard 102 'The Flnancial Reporilng Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The flnancial statements have been prepared under the hlstorlcal cost convention. Income All Income is recognlsed In thè Statement of Flnancial Activitles once the charity has entitlement to the fund5, It 15 probable that the income will be received and the amount can be measured rel iably. Expendlture Liabilit1es are recognlsed as expendlture as soon as there Is a legal or construttlve obllgatlon committing the charity to that expenditure, it 15 probable that a transfer of economic benefits will be reqtsired in settlernent and the amount of the obligatlon can be measured rellably. Expendlture Is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Vlhere ¢ost5 cannot be dlrectly attributed to partlcular headlngs they have been allocated to actlvltles on a bas15 cons15tent with the use of resources. Grants offe￿d subject to conditions whlch have not been met at the year end date are noted as a commltment but not accrued as expendlture, Taxatlon The charity is exempt from tax on Its charitable actlvities. Fund accounting Unrestrlcted funds can be used In accordance with the charltable objectives at the discretion of the trustees. Restricted fund5 can only be used for particular restricted pvrpose5 wlthin the objects of the charity. Restrictions arise when speclfied by the donor or when fLtnds are raiséd for particular restricted purpose5. Further explanation of the nature and purpose of each fund Is Included in the notes to the flnanclal statements. Forelgn curTencle8 Assers and liabilities In foreign currencies are translated into srerllng at the rates of exthan9e ruling at the balance sheet date. Transartions in foreign currencie5 are translated Into sterling at the rate of exchange rvl ing at the date of transac¢ion. Exchange difference5 are taken into account In arriving at the operating result. Pension co$t5 and other post-retirement benefits The charity opertsltes a defined concribution pension scheme, Contrlbutlons payable to the charity's pension scheme are charged to the Statement of Flnancial Activities In the penod 10 which they relate. Page 8 continued,- The K P Ladd Charitable Trust Notes to the Financlal Statements - contlnued for the Year Ended 30 April 2024 DONAT10145 AND LEGACIES 30.4.24 30.4.23 Donatlons 4 640 335 INVEsfMENT INCOME 30.4.24 30.4.23 Investment Income Interest receivable 148,323 98.231 182 477 INVESTMENT MANAGEMENT COSTS 30.4,24 30.4.23 Administrative expenses CHARITABLE ACTIVITIES COSTS Grant fundlng of attivities (see note 6) Grants to institutions 145 000 GRANT5 PAYABLE 30.4.24 30.4.23 Grants to institutions 145 000 Page 9 CDntinued.-. The K P Ladd Charltsble Trust Notes to the Financial Statements - continued lor the Year Ended 30 April 2024 GRANTS PAYABLE - continued The followtng donatlons were made during the year: 30.4.24 Lorbdon Institute for Contemporary Christianity London Clty Mission Northwood Hills Evangellcal Church CARE Chrlstians In Politics Salvation Army Wycliffe Bible Translato Church Army Volunteers Outreach Working Langham Partnership European Christian Mlsslon Ireland Church Urban Fund Mercy Ships (Hope on the Horlzon) Livabillty Trans World Radio Emmaus UK St Mellitus College Transforming Llves for Good Truth be Told Clnnamon Network Dlgnify Chr15tians In Sport Hope In Haringey Iglesia Evangellca Interlondres LIFE Derby Clty Mlsslon 46,5QO 7,500 6,000 5,000 5.000 5,000 5,000 5,000 4,000 4,000 4,000 4,000 4.000 4,000 4,000 4,000 3,000 3,000 3,000 3,000 3.000 3,000 3,000 3,000 2,000 SUPPORT COST5 Management Other resources expended TRUSTEES, REMUNERATION AND BENEFZTS Trustee Brlan Ladd received a salary of £ l 0,000 {2023: NII) and employer pension contributlons of £300 (2023., Nil) during the year. having been employed as Chief Executive from 1st November 2023. The authority for the employment of Trustees 15 contained within the Trust Deed. None of the other Trustees lor any per50n5 connected with them) ￿ceiVed any remuneration or benefits from the Trust during the year. Trustees, expenses There were no trustees, expenses paid for the year ended 30 AprTI 2024 nor for the year ended 30 April 2023, Page 10 contlnued.- The K P Ladd Charitable Trust Notes to the Flnancial Staternents - continued for the Year Endod 30 April 2024 STAFF COSTS 3Q.4.24 30,4.23 Wages and salarles Social security costs Other pension Costs 10,000 595 300 The average monthly number of employees Lluring the year was l (2023 - NS11. No employees recelved emolurr>ents In excess of £60,000. 10. DEBTORS; AMOUNTS FALLING DUE wfTHJN 014E YEAR 30.4.24 30.4.23 Other debtors 11. CURRENT ASSET INVESTMENTS 30.4.24 30.4,23 Listed investments 8 489 751 3 212 010 Falr value of listed investments at 30 April 2024 - £8,489, 751. 12. CREDrroRS: AMOUNTS FALUNG DUE WITHIPI ONE YEAR 30.4.24 30.4.23 Taxatlon and soclal securlty Other creditors 2,813 274 274 13. MOVEMENT IN FUNDS Net movement In fund5 At 30.4.24 At 1.5,23 Unrestrirted funds General fund 3,575,170 5,134.151 8,709,321 TOTAL FUNOS 3 575 170 5 134 151 8 709 321 Page 11 continued,., The K P Ladd Charitable Trust Note5 to the Financial Statements - continued for the Year Ended 30 April 2024 13. MOVEMENT IN FUNDS- continued Net rnovement in funds, included in the above are as follows.. Incomlng resources Resources expended Galns and losses Movement in funds Unrestrlcted funds General fund 4,822,812 (169.746) 481.085 5,134,151 TOTAL FUNDS 481 085 5 134 151 Comparatives lor movement in fund• Net movement in funds At 30.4.23 At 1.5.22 Unrestrfcted funds General fund 3,776.920 (201,750) 3,575.170 TOTAL FUNDS Comparative net movement In funds, Included in the above are as follows.. Incomlng resources Resources expended Galns and losses Movernent in funds Unre*trlcted fund5 General fund 99,681 (98,134> (203,297) (201,750} TOTAL FUNDS 14. RELATED PARTY DISCL05URES Durlng the year under revlew the tnJSt rnade grants to the London tnstitute for Contemporary Christianity amounting to £46,500 12023 £36,000) an entity in which B P Ladd Is employed, Durfng the year a grant of £5,000 was glven to CARE, an entity where Peter Ladd, son of 8rlan and Rosemary-AnnÈ Ladd is employed, and 9rants totalling £6,000 were made to Northwood Hills Evangelical Church, where Brion Ladd is one of the seven trustees. Page 12 The K P Ladd Charitable Trust Detalled Statement of Financial Actlvities for the Year Ended 30 April 2024 30.4.24 3Q,4.23 INCOME AND ENDOWMENTS Donations and legacieg Donatioris 4,640,335 Investrnent income Investment Income Interest receivable 148,323 98,231 182 477 Total incomin9 rosources 4,822,812 99,681 f XPENDITURE Investment managern•nt costs Administrative expenses 13,851 2,134 Charltable actlvltles Grants to institutions 145,000 96,000 Support costs Management Salanes Social security Pensions pa id 10,000 595 300 Total resources expended 169 746 Net Income before galn• and losses 4,653,066 1,547 Realised rewnised gains and losses Gains/losses on Investments Net income/(•xpenditure) This page doe5 not form part of the statutory financial statements Page 13