2020-12-31-accounts

			Page
Report ofthe Trustees			1 —7
Reference and Administrative Details
Independent Auditor's	Report		10—13
Statement cfFinancial	Activities		14
Summary Income and	Expenditure	Account	15
Statement ofChanges	In Equity		15
Balance Sheet			15
Statement ofCash Flows			17
Notes to the Flnancral	Sugements		18—33

					unmstrictsd	Endowment	2020	2010
					Funda	Funds	Total	Total
					6		6
Income and Endowments		from:
Invesbnents				4	3,002,943		3,002,943	3,966.075
Charitable ac6vllles				5	15,314		15,314	25,819
Other Irxxrme				0	13II31		13031	528
Total Income					3032 188		3032108	3000423
Expenditure
Raising funds
-Invsslmsnt management		coals			3131332		3137332	305,051
Charitable scthalss
—Advancement ofreligion				I	675 110		6153176	0780765
Tctel expenditure					6 4004 0		0 M 40	IMI270
Net (expenditure) and net movement			In		(3,434,260)		(3,434,260)	(3,098,793)
funds before gains and loss00v cn
inveelments
Net gains on investments					378,388	9,633,315	10,011,703	11,013.873
Nel (expenditure)ilncome					(3,055,672)	9,533,315	0,577,443	7,915,060
Gross bsnsfers between	funda			18,19	3,351,565	(3,351,555)
Not movement In funds					295,693	6,281,750	8,5777443	7,915,080
M 5 d I 087	8 III		3	020	~2750 M	140070000	IMM40»	IIIIIIIM2
7MII3 d I d8	5 1310		I	2020	3055557	IMIM758	153212315	I 60M 8 2

				2S28	2619
Income
Iiwsstment income				3,002,943	3,966,075
Rental Income				15,314	25.619
Other income				13931	529
				3032188	3 992 423
Charitable Expenditure
Home				3,298,314	3,795,098
Overseas				2,4S9,522	2,589,806
Support costs				35523D	421 251
			7	8,153,116	6,786,165
Indirect Expenditure
Investment management	costs			313332	305D51
				0400448	7031210
Operating deficit for the	year			(3,434,280)	(3,098,793)
Realised gains on investments				14920 841	3 042 351
Surplusl(Deficit) fcrthe	year			11,480 581	~50442
STATEMENT OF CHANGES		IN EQUITY
Total funds brought forward				148,634,872	135,719,792
Deficit for the year Unreelised gains/(losses)	on investments			11,486,561 ~4 909 138	(56,442) 7 971 522
Total funds carried forward				153212315	440M4872

					2020	2019
				Notes	f
Fixed Assets
Tangible assets				12	739,140	739,515
Investments				13	146,511,550	142,169,240
In vestment	pro pe rfles			14	265 DDQ	455 DDD
					146M5022	143353755
Current Assets
Qebiors				15	1,064,979	1,110,262
Cash al bank				15	2 Ilia 042	*91415
					3,2M,028	3.3111.577
Creditors Amounts falling due within			one year	17	~276 4113	~720 620
Net Current	Assets				3BDQ 625	3271 117
Total Assets less Current			Llahgltles		1532121315	146834872
Net Assets					1M212 815	146 234 272
Funds
Expendable	Endawmenl	Funds		21	150,156,758	143,875,006
Unrestricted	Funds			21	5050 557	2 759654
Total Funds				21	1~I~12315	146 M4 272

						2620	sets
						8	8
Cash flows from operating	activities
Net cash used in operations						(6,223,748)	(7,100,477)
Cash flows from investing	activities
Dividends, interest and rents	from investments					3,018,257	3,991,894
Movement in cash held for investment						(157,531)	(903,962)
Sale ofinvestments						48,653,751	51,437,785
Sale of investment properties						450,000
Purchase ofinvestments						(45,097,095)	(47,118,718)
Purchase offixed assets							659966
Net cash provided by Investing activities						6857382	6747014
Change in cash and cash equivalents		In the	reporting	year		833,634	(353,483)
Cash and cash equivalents	st the beginning		ofthe reporting		year	2,281,415	2,634,878
Cash and cash equivalents	st the end	ofthe	reporting	year		2915049	2251415
Reconcglatlon of net Income to net cash flow from operating					activities
Net (expendllure)/income fcr	the reporting	year				6,577,443	7,915,080
(Gains)/losses on investments	and investment		properties			(10,011,703)	(11,013,873)
Lass on disposal ofcustodian	properly					375
Investment managers fees deducted						30,268	84,560
Dividends, interest and rents	from investments					(3,018,257)	(3,991,894)
Decrease/(increase) in debtors						45,283	(93,519)
Increase/(decrease) in creditors						152643	851
						6223 745	7100477
Analysis ofnet debt
				At 1 January		Cash-flows At	31 December
					2020		2020
				2,251,415		633,634	2,915,049
Tclal				2	281 415	633634	2915049

6,	Other Income
								2029	2819
								e
	Other income							13931
7.	Charitable expenditure
	Home grarrls							3,298,314	3,795,098
	Overseas grants							2489 522	23393DB
								5,787,836	6,354,904
	Support costs (see	note		8)				304,086	353,860
	Governance costs	(see note 9)						61 2'l4	67,401
								8153118	3783135
								f	f
	During the year 334		(2019-414)grants were awarded					5,745,636	8,31r,704
	to institutions.
	During the year 40	(2019- 44) grants were awarded					to	42,200	47,200
	individuals.
								57878317	5354994
								f
	Grants off100,000or more were made during					Ihe	year to the following institutions:
	Australian Missionary		Tidings					128,627
	Beatrice Laing Trust							171,500
	Christian Workers Relief			Fund				190,000
	Counties							397,933
	Echoes International							126,627
	Gospel Literature Outreach							115,000
	Interriatlonal Fellowship			of Evangelical	Students			160,000
	Retired Missionary	Aid Fund						240,000
	Strategic Resource	Group						409,527
	Tyndale House							200,000
	UCCF							28D DDD
									2,401,214
	Other grants made:
	36grants between	f25,000 end f99,000							1,463,607
	327grants under f25,000								I 923DI5
	Total								5,76r,836

					2220	2019
	Rent				6,500	6,'l00
	Properly costs				21,889	10,339
	Printing, stationery and telephone				5,365	7,119
	Travel and sundries				4,954	39,973
	General insurance				1,705	1,644
	Overseas property insurance				8,603	2,435
	Consultancy				1,836	6,566
	Legal and professional				43,442	56,276
	Computer and ITimplementation				14,095	40,212
	Bank charges				1,748	2,114
	Salaries				189,349	180,766
	Agency stsfi				768
	Accountancy				1,249	240
	Disposal ofcustodian	property			375
	Miscellaneous				2 100
					3040II0	353.860
9.	Governance costs
					e	e
	Trustees' meetings				4,400	22,362
	Auditors —audit services				11,700	10,980
	Auditors - nan audit services				3,303	3,144
	Salaries				41 011	30010
					61 214	01401
10,Staff Casts
					e	e
	Wages and salaries				191,083	179,285
	Social security costs				21,577	19,593
	Social security employer's		allowance		(4,000)	(3,000)
	Other pension costs				22,500	I~ 003
					231,1011	211 081
	The Board considers	that	the Committee	srd ihs Director of Operations srs ths		key management
	personnel af the charity.		The emp!oyes	hsr,sfits of	key management personnel	Included in staff
	costs abave is a salary of		f79,415 (2019- 576,200) and pension costs ofet4,073 (2019 - 29,033).
	The Director ofOperations		was reimbursed	expenses,	mainly for travel, ofe380 (2019- et,gt 1).

	Property	Custodian
		property	Total
		9	9
Cost
As at 1 January 2020	736,370	3,145	739,515
Additions
Disposals		375
At 31 December 2020	736 370	2 770	730140
Depreciation
Asat1 January2020
Charge fcr year
As at 31 December 2020
Nst book value
At 31 December 2020	730 37D	277D	730140
At 31 December 2019	736 370	3 145	730515

						Quoted	Quoted	Programme	Programme		As at 31		As st 31
									related		December	December
								Investments			2020		2019
											8		e
Market value at 1 January			2020			I39,774,783		1,131,218			140,906,001	134,295,756
A-qulsiBons at cost						45,097,095					45,097,095	47,118,'718
Dispcsals						(48,653,751)					(48.653,751)	(51,437,768)
Investment managers	fees					(30,268)					(30,268)		(84,580)
Net gains/(losses) on	revaluation					9776.435			14732		9761 703	11	013 873
Market value at 31 December				2020		145,964,294		1,116,486			147,080,760	140,908,001
Cash at bank awaiting		Investment				1430	770				1 430 770	1	263239
						147395	064	1	116486		148511 550	142	169240
Historical cost at 31 December 2020						150,586	676	1	153300		151,739,976	144	888876
Represented by
							2020				2019
						U,K,		Overseas			U,K,	Overseas
						e					2		&
Government	Bonds					3,297,824		6,877,990			3,300,939	5,994,365
Equities						5,044,114		88,787,027			4,827,000	35,947,855
Property						22,939,327					23,526,507
Unit Trusts						37,452,089					33,148,535	31,397,076
Cash						1,430,770					1,263,239
Other						2,882 832					2 783 724
						72S46533		75665017		88 829 944		73339233
The Tmst hsd the following			invsstrnsnts			representing	mors than		5%ofthe i72vsstment portfol(o by				value:
								2020				2019
								2
MGI Global Equity Fund							31,973,561			21.7	28,325,627
Mercer Passive Sustainable			Global		Equity		29,693,579			20.0
CQS Credit Multi Asset		Fund					22,673,674			15.3	23,135,148		1S.3
Cordea Seville -Charities			Properly		Fund		22.189,327			15.0	22,778,507		16.0
J P Morgan IIF UK 1 Hedged				LP			12,038,693			8.1	S,294,651		5.8
Legal &General —International				Index Trust							31,397,076		22.1

		Totalf
Cost
As at 1 January	2020	455,000
Disposai		~200 DDD
At 31 December	2020	200 00D
Depreciation
As at 1 January	2020 and 31December 2020
Nst book value
At 31 December	2020	206000
At 31 December	2019	455 00D

. Debtors
	ZeZo	2019
	f	f
prepaymems	12,915	9,760
Other debtors	1 062004	1 100402
	1004010	111D202

			f	6
Bank	deposits		2,906,641	2,266,554
Bank	current	account	0200	14061
			2915D40	2201415

			2D2D	2D18
				2
Investment	management	charges	80,843	83,381
Grants payable			88,234	34,808
Other tax	and social seoority oosts		88,451
Other creditors			1,580	1,580
Acoroals			III405	20 1110
			273 403	120500

18.	Endowment Funds
			At 1January	Incoming	Amounts	Gmns and	Transl'era	At 31
			2020	Endawments	Expended	lasses on		Decentber
						investments f		2020f
	Expendable endowments:
	TheJW Laing Trust TheJW Laing Biblical Scholarship	Trust	115,677.972 27,877,155			7,752,959 1,860,356	(2,127,884) (955,061)	121,303,067 28,802,450
	Estate ofMiss M Edurards deceased Longlands Road Trust		70,715 249,166				(19,474) ~240.488	51,241
			143,875,008			0633315	~3331565	150150255

ndowment	Funds —previous yea	r
			At 1January	Incoming	Amounts		Gains and	Transfers	At 31
			2019	Endowments	Expended		losses on		December
				f		f	Inveetmentaf		2019 f
Expendable	endcwmenh:
The JW Laing Trust			108,956.327				8,715,531	(1,993,886)	115,677,972
The JW Laing Biblical Scholarship		Trust	26,663,358				2,140,004	(928,207)	27,877,155
Estate ofMiss M Edwards deceased			91,112					(20,397)	70,715
Longlsnds	Road Trust		249,166						249,166
			135,959,963				10055595	~2%0490	143015008

			At 1	incoming	Amounts	Gains snd	Transfers	At 31
			January	Resources	Expended	losses on		Deosmber
			2020			Investments		2020
						5		8
Guarantee Fund			85					90
Accumulated Fund Special Fund Revenue Account			3,145 38,631 173616	10587	(375) ~114285	250000	(2,770) (38,631) 141401	480,704
TheJW Laing Trust TheJW Laing Biblical Scholarship		Trust	215,477	10,572 2,380,507 582,148	(115,255) (4,408,371) (1,537,209)	250,000	100,000 2,027,864 955,061	460,794
The Bamabas Trust Estate ofMiss M Edwards Longlands Road Trust	dedd		2,538,120 6,267	56,614 526 1 821	(128,359) (20,000) ~257,254	128,388	19,474 249 166	2,594,783
			2,755 8114	8232 Iee	~8425 44e	378,388	3351.585	~555557

				At 1	Incoming	Amounts	Gains snd	Transfers	At 31
				January	Resources	Expended	losses on		December
				2019			In vestments		2019
				8			8		6
Guarantee	Fund			95				(10)	85
Accumulated		Fund		3,145					3,145
Special Fund Revenue Accounl				38,631 246859	21 113	~192262			38,631 173,616
				268,730	21,113	(102,962)		8,596	215,477
The JW Laing Trust					3,'l16,567	(5,101,877)		1,965,290
The JW Lang Biblical Scholarship			Trust		783,481	(1,709,668)		926,207
The Bamabas		Trust		2,466,831	68,660	(155,709)	156,336		2,538,120
Estate of	Miss	M Edwards dedd			603	(21,000)		20,397
Longlands	Road Trust			4268	1999
				2759829	39121423	~7331.218	158338	2 94D496	2776.884

					Investments
					(including
				Tangible	programme	Net
				fixed	related	current	Total
				assets	Investments)	assets	net assets
				6	8	8	K
Expendable Endowment		funds
The JWLaing	Trust			736,370	117,872,952	2,893,745	121,303,067
The JW Lalng Biblical Scholarship			Trust		28,351,228	451,222	28,802,450
Esials ofMiss	M Edwards	deceased				61,241	51,241
Longlahds Road Trust
				735,370	146,224,180	3,196,208	150,156,758
Unrestricted	Funds
Guarantee Fund						90	90
Revenue Fund				2770		~07034	400 704
				2,770		458,024	460,794
Bemabas Trust					2,542,370	52,393	2,594,763
Estate of Miss	M Edwards	deceased
Longlands Road Trusl
				2770	2 542 370	010~17	3055 007
Total Funds				730140	140700560	3700025	103212315

A	nalys	is ofRet A	ssets be	tween	Funds —previo	us year
						Inveebnsnte
						(including
					Tangible	programme	Net
					fixed	related	current	Total
					assets	investments)	assets	Itet asseal
					8	2		8
Expendable Endowment			funds
'The JW	Laing	Trust			736,370	112,750,992	2,190,610	115,677,9/2
The JW	Laing	Biblical Scholarship		Trust		27,256,284	620,871	27,577,155
Estate of	Miss	M Edwards	daoeassd				70,715	70,715
Longlands	Road Trust						249.166	249,166
					736,370	140,007,276	3,131,362	143,8'75,006
Unrestricted		Funds
Guarantee	Fund						85
Accumulated Fund					3,145			3,145
Special Fund Revenue Fund						200000	38,631 ~29 384	38,631 173616
					3,145	200,000	12,332	215,477
Barnabas	Trust					2,416.964	121,156	2,538,120
Eslate of Longlands	Miss M Edwards Road Trust		deceased				6287	~667
					3145	2616964	139755	2759864
Total Funds					739515	142 624 240	3271 117	146634872

being	m	et:
			2020	2010
			E	6
Within	1	year	588,682	1,257,201
Wilhin	2	to 5years	214.477	283 276
			803159	\,240476

24, Prior	year 8tatamsm of	year 8tatamsm of	year 8tatamsm of	Financial Activities	Financial Activities	Financial Activities
					tsetse	Unrestdoted	Endowment	2019
						Funds	Funds	Total
						6	6	6
Inceme snd Endowments			from:
Investmenls						3,966,075		3,988,075
Charitable aclivltiss						25,819		25,819
Other Income						529		629
Total income						3992423		399423
Expenditure
Raising funds
-Investment management			costs			305,051		305.051
Ctmrltebte activities
-Advancement	ofroNglcn					8 1116185		8 786165
Total expenditure						7 D81 16		7 331 16
Net gainer(losses) on investmenls						158,338	10,855,535	11,013,873
Net (expenditure)/Income						(2,940,455)	10,855,535	7,915,08D
Gross Iransfers	between	funds			18,19	2,940,490	(2,940,490)
Net movement	ln funds						7,915,D45	7,915,D8D
TS IS 4 3	DIIIS	9 tll		92DI3		2 55825	35931863	1387197712
7 113 4	Dl	5	1318	3	319	2 769554	143875 DOS	191634 S72