# ## ||||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|