Charity number: 236852 

## John Laing Charitable Trust 

Report and financial statements For the year ended 31 December 2020 

33 Bunn’s Lane, London NW7 2DX 



John Laing Charitable Trust 

## Contents 

For the year ended 31 December 2020 

Reference and administrative information  .................................................................................... 1 Trustees’ annual report  ................................................................................................................ 2 Independent auditor’s report  ...................................................................................................... 14 Statement of financial activities ................................................................................................... 18 Balance sheet  ............................................................................................................................. 19 Statement of cash flows .............................................................................................................. 20 Notes to the financial statements  ............................................................................................... 21 



John Laing Charitable Trust 

## Reference and administrative information 

## For the year ended 31 December 2020 

|Charity number|236852||
|---|---|---|
|Country of|England & Wales||
|registration|||
|Registered office|33 Bunn’s Lane||
|and operational|London||
|address|NW7 2DX||
|Trustees|Sir John Martin K Laing|Chairman|
||Christopher M Laing||
||Lynette G Krige||
||Christopher B Waples||
||Alexandra C B J Gregory||
||Stewart C K Laing||
||Timothy G Foster||
|Key management|Jennifer Impey|Trust Director (resigned 30thApril 2021)|
|personnel|Helen Parker|Trust Director (appointed 19thApril 2021)|
|Bankers|HSBC Bank plc||
||101-103 Station Road||
||Edgware||
||Middlesex||
||HA8 7JJ||
|Investment|Charles Stanley||
|Manager|55 Bishopsgate||
||London||
||EC2N 3AS||
|Solicitors|Linklaters||
||One Silk Street||
||London||
||EC2Y 8HQ||
|Auditor|Sayer Vincent LLP||
||Chartered Accountants and|Statutory Auditor|
||Invicta House||
||108-114 Golden Lane||
||London||
||EC1Y 0TL||



1 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

The Trustees present their report and the audited financial statements for the year ended 31 December 2020. 

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. 

## Objectives and activities 

The Trustees review the aims, objectives and activities of the Trust each year. This report looks at what the Trust has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the Trust has brought to those groups of people that it helps. The review also helps the Trustees ensure the Trust's aims, objectives and activities remained focused on its stated purpose. 

## Purpose and aims: 

The John Laing Charitable Trust exists to provide for hardship to qualifying former and existing staff and to make grants for the benefit of the public as shall be exclusively charitable.  The Trustees, from time to time, may determine the Trust purpose and aims in their absolute discretion and with regard to the guidance published by the Charity Commission under section 4 of the Charities Act 2011. 

Through grant-making, the Trust aims to improve the quality of life of its beneficiaries.  The Trustees completed their review of the Trust’s strategy in 2019. The agreed strategy and objectives aim to achieve the Trust’s: 

## Mission 

‘To care for the welfare of existing and former employees of John Laing and to work with others in the community to improve the lives of those in need.’ 

## Core Values 

Community: We believe in encouraging initiatives by those living and working in the community to strengthen their communities by enabling and supporting those in need. 

Opportunity: We believe that all people should have the opportunity to develop their full potential and contribute to society. 

Compassion: We recognise the Christian values of our founder in addressing the suffering and misfortune of others. 

2 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

Social Responsibility: We embrace the ethics of social responsibility in all of our activities, respecting the welfare of individuals, communities and the environment. 

## The principal activities of the Trust:- 

Welfare:  In recognition of the Trust Deed, the Trustees consider that the welfare of former and current employees of the Company should be the first priority of the Trust. This is managed through a dedicated team of Welfare Officers who carry out planned, targeted and prioritised visits firstly to those previously identified as being in financial need, secondly to those former employees that are over 75 years of age, and thirdly, where time permits to more general visits to pensioners.  Where applicable, Welfare Officers may recommend financial assistance.  Hardship payments are also available to existing staff and applications are assessed by the Trust Director. 

Grant-making:  The Trustees in their discretion make grants to charitable organisations and have currently placed a priority on the concerns of homelessness, disadvantaged youth, education and the regeneration of communities including organisation which address concerns relating to the elderly.  The Trustees will adapt its grant-making to be able to respond to emergencies arising from natural disasters, a pandemic or other crisis. 

The Trust also supports the charitable activities of John Laing (the “Company”) including its engagement in the communities where the Company operates both in the United Kingdom and overseas.  The Trust also supports a number of the Company’s annual staff initiatives by way of matching their fundraising efforts (the “Staff Matching” scheme) up to the value of £1,500 per individual event; making a £1,000 grant to charitable or not for profit organisations where staff and/or their immediate family are actively involved in (the “Make a Difference” scheme); donations to chosen charitable organisations nominated by staff who are being recognised for their long service and exemplar contribution to the Company. 

## Structure, governance and management 

The John Laing Charitable Trust (the “Trust”) is governed by the Deed of the Trust dated 21 December 1962 as modified by a number of supplemental deeds (the “Deeds”).   The Trust was set up by John Laing plc (the “Company”).  The Trust was later combined with the Laing Benevolent Fund (the “Fund”) which had been set up in 1932 by Sir John Laing in order to provide for hardship to staff who had done valuable work for the Company and served considerable time. 

The Company originally covenanted to make payments to the Trust of £10,000 per year for a period of seven years. 

The Trust Deed empowers the Trustees to appoint investment advisers who have discretion to invest the funds of the Trust within guidelines established by the Trustees.  The income received from these investments is utilised to fund the Trust’s welfare payments and its charitable work as a grant-making charity. 

3 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

## Governance 

The Board has strengthened its governance through the formation of Investment and Finance Committee and Resource Committee.  The Board has delegated responsibilities to these committees to undertake activity within its terms of reference and to make necessary recommendations to the Board. 

## Appointment of Trustees 

The power to appoint new Trustees was initially fully vested in the Company, which was instrumental in setting up the Trust.  The Company gave up this entitlement in December 2015, only retaining their right to appoint two (“Company Trustees”) of the maximum eight Trustees with the remaining six (“non-Company Trustees”) to be appointed by the Trustees.  Trustees are recruited for their experience, empathy and knowledge of the Trust and its values and to balance the skills and composition of the trustee body. 

## Trustee induction and training 

On their appointment, new Trustees are given an induction by the Trust Director which includes a welcome pack containing the history of the Trust, a copy of the Trust Deed as well as minutes of the previous year’s Trustees meetings and the latest published accounts and budget for the current year.   If required Trustees can attend courses to familiarise themselves with the Charity Commission’s Essential Trustee guidance. 

## Related parties and relationships with other organisations 

The Trustees are responsible for the general control and governance of the Trust.   The Trustees give their time freely and receive no remuneration or other financial benefits.  Details of the Trustee expenses and related party transactions are disclosed in note 8 to the accounts.  Trustees are required to disclose all relevant interests and register them with the Board of Trustees and in accordance with the Trust’s policy do not participate in decisions where a conflict of interest arises. 

## Day-to-day operation of the Trust 

The Trustees delegate the day-to-day management and operation of the Trust to the Trust Director.  The Trust Director, together with the Office Manager, Publishing and Communications Manager and 8 members of the Welfare Team are directly employed by the Trust. The pay of the senior staff is reviewed annually. 

## Learning and Development 

The Trust aims to develop its people through provision of learning activities so that they are equipped to pursue the Trust’s purpose and to help inform Trustees in their decisions making. 

4 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

The impact of the COVID pandemic during 2020 has impacted on the ability to undertake personal development. 

During the year: 

- Due to the COVID pandemic, Team away days normally held in March and September did not take place.   Instead, staff met over Zoom or MS Teams.  Staff virtual meeting now take place every month since the latter half of 2020. These meetings allow staff to support each other, share experiences and best practice as well as inform Trustees about emerging needs from pensioners on the Trust’s visiting and welfare payment schemes. 

- In order to assist with dealing with the impact of COVID pandemic on mental health, one of the meetings was dedicated to this issue.  In September 2020, a speaker delivered “Emotional and Psychological Strategies for Dealing with Depression and Maintaining Good Mental Health during Covid19”. 

- The Trust Director attended a number of webinars organised by charity partners and other organisations. 

## Strategic Priorities for grant-making 

## Community 

Our strategic aim is to support organisations that promote integration in the community and help tackle poverty with particular regard to loneliness and isolation, discrimination, disability and mental health issues. 

## Disadvantaged Youth 

Our strategic aim is to support charities and initiatives that are proven to break the cycle of disadvantage for young people, and contribute to the path of increased opportunities, employability, employment and independence.; and 

To provide grant funding to organisations that demonstrate success in addressing inequality of opportunity for young people who are disadvantaged due to marginalisation or poverty; abuse or neglect; mental illness; and physical and learning disability. 

## Education 

Our strategic aim is to provide grant funding to organisations that can improve the life chances of disadvantaged young people and support the education and development of essential life skills and employment in areas of deprivation. 

5 



John Laing Charitable Trust 

## Trustees’ annual report 

## For the year ended 31 December 2020 

## Homelessness 

Our strategic aim is to support and learn from organisations that provide holistic solutions for homeless individuals and to promote innovative models for long term accommodation. 

## Public Benefit 

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set. 

## Achievements and performance 

The Trust’s main activities and beneficiaries are described below.  All its charitable activities are undertaken to further John Laing Charitable Trust’s charitable purposes for the public benefit and to achieve the Trust’s strategic objectives. 

## Welfare: The following were achieved in the year 

- i. Visits:  The Welfare Team aims to carry out planned visits.  Due to restrictions caused by the coronavirus pandemic, home visits were replaced by telephone visits.  During the year, they carried out a total of 3,852 visits (2019 – 1, 886), comprising of 252 home visits (2019 - 1,191) and 3,361 telephone visits (2019 – 461).  A further 239 (2019 - 234) contacts were made with former employees by correspondence and other means. The contacting of pensioners living in remote places or follow-on from home visits are ordinarily carried out by telephone. 

The Trust also supports a network of nine John Laing Retirement Clubs across the country with funding.   These Clubs are independent from the Trust.  They are managed by volunteer members of each Club.  These thriving clubs organise various social events and outings where former colleagues and friends can get together. These services are valued by pensioners, club members and their families.  They provide assistance in tackling the effects of isolation and loneliness. 

- ii. Payments:  The Trustees make available funds to pensioners who qualify for financial help.  Welfare visits and contacts allow the Trustees to make informed decisions on how best to give financial support and assistance to those most in need.  Where appropriate, Welfare Officers will put forward a recommendation for financial assistance on behalf of pensioners.  In 2020, total payments made in relation to Welfare activities amounted to a total of £641,000 (2019 - £523,000) to 208 (2019 - 270) beneficiaries, most of whom received more than one payment during the year.  Financial assistance comes in the form of gratuity payments or funding towards the purchase of goods or services designed to make a difference in the day to day lives and independence of our ageing beneficiaries. 

6 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

Charitable Giving: Trustees are sympathetic to the challenges faced by charities and aim to make grants which respond directly to the priorities identified by our charity partners which are aligned to the strategic priorities of the Trust.  They consider the appropriateness of each application and award grants based on their merits.  During the year, the Trustees awarded grants in support of work streams which will help achieve their strategic aims:- 

- i. EMERGENCY RELIEF FUND – During the year, the Trustees also awarded a total of £1,365,000 of grants to charities in the UK and overseas where the Company operates in response to emergency caused by the coronavirus pandemic (£1,259,000) as well as the bushfires in Australia (£106,000). 

## ii. COMMUNITY:  A total of £357,100 of grants were awarded in the year to help to address strategic priority issues of:- 

- ➢ Loneliness and isolation in the community The Silver Line £50,000   Support of helpline Gateshead Carers £36,000   Maintenance costs of Caldew House 

- ➢ Increasing mental health issues:  develop coping and resilience strategies FareShare                               £100,000 Develop new partnership – food distribution Church Action on Poverty       £21,100 More than Just a Full Tummy - Your local pantry 

- ➢ Increasing discrimination:  promoting opportunities to engage in community activities Royal Horticultural Society £75,000 Community Growing Spaces RHS Garden Bridgewater in Salford 

- ➢ Increased barriers to integration into the society 

   - ReadEasy £25,000 Helping adults to read Down’s Syndrome Assoc £20,000 WorkFit London IPSEA £30,000 Helpline and tribunal support service 

## iii. DISADVANTAGED YOUTH: A total of £211,804 of grants were awarded in the year to help to address strategic priority issues of:- 

- ➢ Increasing marginalisation of a significant proportion of young people Andrew Simpson Foundation   £10,000 Aim High Community Sailing Programme Leap Confronting Conflict £50,000 To support the development of Improving Prospect 

- ➢ Lack of resources applied to 16 to 18 year olds who are NEET (Not in Education, Employment or Training Peace4kids £47,805 Programmes for Teens and Young Adults in Foster Care 

7 



John Laing Charitable Trust 

## Trustees’ annual report 

## For the year ended 31 December 2020 

   - ➢ Increased mental health issues in young people. 

      - PACE £25,000 Safeguarding of Children by helping families (Parents against Child Exploitation)  £7,500 Evaluation of impact of working with parents National Working Group £29,000 Tackling Child Exploitation in a Global Pandemic and Beyond 

      - Ormiston Families £7,500 Funding for Electronic tablet and Mind of My Own app licence for two years 

   - ➢ Increasing youth offending and re-offending rates in the 10-17 age group. Safer London £25,000 To fund the development and implementation of specialist practitioner trainee programme 

   - ➢ Barriers to disadvantaged youth accessing apprenticeships and the benefits of the Youth Obligation Support Programme. Phoenix School for Autism £10,000 Saturday Project (Primary and Secondary School) 

- iv. EDUCATION: A total of £231,500 of grants were awarded in the year to help to address strategic priority issues of:- 

   - ➢ Inequality of opportunity for children from deprived backgrounds 

      - National Literacy Trust £25,000 Young Readers Programme Atlantic College £32,000 Access to education through bursary Place2Be £25,000 Improving mental health with Parents Right to Succeed £25,000 Closing literacy gap for 11-14 year olds 

   - ➢ Lack of knowledge amongst parents, teachers and young people linking curriculum learning to the knowledge and skills required for future work Envision £30,000 Help students’ skills and efficacy Groundwork East £42,500 Extending learning to school grounds 

   - ➢ Young people leaving school without the knowledge and skills to meet skills shortages Business in the Community  £18,000 Students and schools skills training 

   - ➢ Inconsistent leadership skills of teachers that impact outcomes of students Teach First £40,000 Transforming through leadership The PTI £15,000 The Primary Programme 

8 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

- v. HOMELESSNESS - A total of £70,000 of grants were awarded in the year to help to address strategic priority issues of:- 

   - ➢ Lack of safe accommodation (temporary or permanent) Preston Road Women’s Centre £70,000 Women in Safe Homes (WISH) Catalytic Grant Fund 

## Financial review 

The Trustees aim to finance grant and operational needs out of investment income.  Funding targets are set based on the anticipated income from the investment portfolio and may be adjusted to take into account circumstances surrounding the changing needs of our beneficiaries and the sector.  The Trustees continue to achieve the objectives of the Trust by careful management of the endowment in prevailing markets in order to preserve the long term value of the investments in real terms as well as maximising the income the portfolio can generate for disbursement. 

|£’000|31 December 2020|31 December 2019|
|---|---|---|
|Income|1,844|2, 713|
|Income was generated from interest and dividends received from the portfolio of investments.|||
|£’000|31 December 2020|31 December 2019|
|Total Funds at end of year|64,391|69,055|
|After net (losses)/ gains for the year|(2,584)|7,534|
|Market Value at end of year|62,340|69,391|



The Trustees seek to optimise performance through a diversified asset portfolio applying a medium high risk strategy.  Out of £62.3 million of assets, £56.6 million of the Trust’s portfolio is managed by Charles Stanley & Co Limited (“Charles Stanley”) against a range of indicators and benchmarks deemed satisfactory by the Trustees.  Investments are made under the constraints placed by the Trustees as described in the Investment Policy. 

The investment portfolio significantly decreased in value initially, following the coronavirus pandemic outbreak but the positive news of vaccine improved outlook and saw improvements in market and stock values.  The portfolio managed by Charles Stanley ended the year with a decrease in value of £2,584,000. 

The rest of the assets are monitored directly by the Trustees and relate to investments in Diversified Portfolio for Charities (“DPFC”) which had proven resilient in the year, with its value 

9 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

closing at £5.7 million, reporting a £96,000 gain in the period.  Income of £322,000 for the year is attributable to investments in DPFC. 

## Investment Policy 

The Trust retains the services of Charles Stanley who operate within agreed guidelines established and reviewed by the Trustees.  The Trustees have an uncontrolled discretion as to how the Trust’s property is invested by DPFC, and their powers contained in the Deeds are to invest as if they were the beneficial owners of the Trust property. 

The current investment strategy agreed with Charles Stanley is a medium to high level of risk and within the following ethical parameters.   Any investments made on behalf of the Charity must comply with the following restrictions: 

- Overseas investments are to be held indirectly and must not contain investments in Japan, Russia, Syria or countries with embargo. 

- Overseas investments must not be more than 5% in Europe and China and no more than 30% in America. There should be no direct investments in companies predominantly involved in the production of alcohol, armaments or tobacco. 

The investment policy of the Trustees is to achieve investment income and medium-term growth of capital, from the portfolio.  The assets should be managed to at least maintain the real capital value of the portfolio, whilst generating a sustainable level of income to support the various charitable activities. 

## Principal risks and uncertainties 

Trustees are responsible for monitoring the risks facing the Trust and ensuring arrangements to manage these risks are reviewed regularly.  The risk management process involves identifying potential risks, the likelihood of these risks arising and severity of their impact, as well as reviewing the measures taken to mitigate against them. 

The principal risks facing the Trust are:- 

- 1 Reputational risks due to intended or accidental actions by Trustees, staff and organisations related to the Trust’s activities: These risks are mitigated by internal checks backed by professional advice, including safeguarding policy and serious incident reporting. 

- 2 Reduction in sum available for grants due to marked reduction in income and asset valuation due to inappropriate investing and adverse investments decisions: These are mitigated by diverse portfolio of investments, managed by a monitored investment manager on a discretionary basis. Performance of investments are reviewed by the Trustees, at least twice a year. 

10 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

- 3 Future recruitment of staff especially Welfare Officers in order to replace those wishing to retire or resigning: Welfare Officers have been former employees of John Laing and therefore have historical knowledge, in the future we may need to recruit external candidates if former employees no longer wish to apply for the vacancies. This risk is mitigated by annual staff reviews and planned succession planning. 

- 4 COVID-19 has caused a severe disruption and the full impact of the global pandemic is yet to be seen. The emerging risks are being closely monitored. The impact to date has been a replacement of home visits with telephone visits by Welfare Officers and requests from charity partners to redirect the use of grants. 

## Reserves policy and going concern 

The Trust does not run a specific Reserves Policy.  The Trustees manage the assets of the Trust as “expendable endowment” to provide income from which to make grants.  The whole endowment therefore is available to act as reserves. 

The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.  The Trustees feel that this will not be impacted by COVID going forward. 

## Fundraising 

The Trust does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Trust nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and the Trust received no complaints relating to its fundraising practice. 

## Plans for the future 

The Trustees have no immediate plans to change the activities of the Trust. The provision of welfare service adapts to the changing needs of the ageing population of pensioners in need of assistance.  Over time, their number is expected to decline and as they do so, the balance of charitable donations will increase compared to the expenditure on welfare services.  The impact of this change on resources will be reviewed regularly. There will be continued review of grant making policy as well as impact measurement and reporting to ensure grants are making a real difference.  Trustees will seek opportunities to achieve a multiplier effect to the grants they award whether as a leverage to attract other funders or to form partnerships with them. 

During the year end and following the spread of Coronavirus, the Trustees have considered the impact of COVID-19 on the Trust:- 

- Current Operations: 

   - ➢ Welfare and Operations:  Welfare visits are still being conducted by telephone or correspondence.  Home visits will only resume when full restrictions have been lifted and risks assessments establish it is safe to do so. 

11 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

   - ➢ Grants:  The Trustees recognise the continuing challenges created by the COVID-19 pandemic especially to small charities.  As planned, Trustees have maintained a £500,000 COVID-19 emergency relief fund for 2021. 

- Future plans:  There are no plans to change the main activities of the Trust. The Trustees will review current charity partnerships against strategy with the new Trust Director. 

- Investment valuation:  The Trust has seen a 3.7% reduction in the value of its investments from £69.4 million to £62.3 million, adjusted for repatriated cash and investment management fees.  Trustees reviewed the investment policy during the year and agreed that the current risk profile optimises the potential for asset growth and income going forward.  The Trustees will continue to monitor the investments performance on a quarterly basis. 

- Going concern:  The Trust have sufficient unrestricted funds to remain operational on a going concern basis with investments valued at £62.3 million at the end of 2020. This is after the Trustees drew down £4.35 million of cash during the year to enable them to fund their planned activities with certainty for 2020 until the end of 2021 and with some surplus cash to allow for any potential decrease in revenue in 2021.   As at the end of the year, the cash balance stands at £2.7 million. 

## Statement of responsibilities of the Trustees 

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and: 

- Select suitable accounting policies and then apply them consistently 

- Observe the methods and principles in the Charities SORP 

- Make judgements and estimates that are reasonable and prudent 

- State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the 

12 



John Laing Charitable Trust 

## Trustees’ annual report 

For the year ended 31 December 2020 

preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## Auditor 

Sayer Vincent LLP were re-appointed as the auditor during the year. 

The Trustees’ annual report has been approved by the Trustees on 1 July 2021 and signed on their behalf by 

Christopher B Waples Trustee 

13 



Independent auditor’s report 

## To the Trustees of 

John Laing Charitable Trust 

## Opinion 

We have audited the financial statements of John Laing Charitable Trust (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- Give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended 

- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice 

- Have been prepared in accordance with the requirements of the Charities Act 2011 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## Conclusions relating to going concern 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on John Laing Charitable Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

14 



Independent auditor’s report 

To the Trustees of 

John Laing Charitable Trust 

## Other Information 

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## Matters on which we are required to report by exception 

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- The information given in the trustees’ annual report is inconsistent in any material respect with the financial statements; 

- Sufficient accounting records have not been kept; or 

- The financial statements are not in agreement with the accounting records and returns; or 

- We have not received all the information and explanations we require for our audit 

## Responsibilities of trustees 

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

15 



Independent auditor’s report 

To the Trustees of 

John Laing Charitable Trust 

## Auditor’s responsibilities for the audit of the financial statements 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. 

## Capability of the audit in detecting irregularities 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: 

- We enquired of management which included obtaining and reviewing supporting documentation, concerning the charity’s policies and procedures relating to: 

   - Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

   - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; 

   - The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. 

- We inspected the minutes of meetings of those charged with governance. 

- We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. 

- We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. 

- We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. 

- In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 

16 



Independent auditor’s report 

## To the Trustees of 

## John Laing Charitable Trust 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. 

## Use of our report 

This report is made solely to the charity's trustees as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

6 July 2021 Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL 

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006 

17 



John Laing Charitable Trust 

## Statement of financial activities 

## For the year ended 31 December 2020 

|Note<br>Income from:<br>2<br>Grants<br>3a<br>Welfare and related costs<br>3a<br>4<br>Reconciliation of funds:<br>Net (losses) / gains on investments<br>Net movement in funds<br>Total funds brought forward<br>Total funds carried forward<br>Net expenditure before net (losses) / gains on investments<br>Total expenditure<br>Other<br>Total income<br>Expenditure on:<br>Charitable activities<br>Raising funds<br>Investments<br>Donations and legacies|2020<br>2019<br>Total<br>Total<br>£'000<br>£'000<br>-<br>25<br>1,844<br>2,713<br>25<br>4<br>1,869<br>2,742<br>(133)<br>(147)<br>(2,801)<br>(1,736)<br>(1,015)<br>(963)<br>(3,949)<br>(2,846)<br>(2,080)<br>(104)<br>(2,584)<br>7,534<br>(4,664)<br>7,430<br>69,055<br>61,625<br>64,391<br>69,055|
|---|---|



All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 13a to the financial statements. 

All funds are unrestricted. 

18 



John Laing Charitable Trust 

## Balance sheet 

## As at 31 December 2020 

|Note<br>£'000<br>Fixed assets:<br>9<br>Current assets:<br>10<br>170<br>1,196<br>1,557<br>2,923<br>11<br>(837)<br>13<br>64,391<br>Total unrestricted funds<br>Debtors<br>Cash in bank and on call<br>Short term deposits<br>Creditors: amounts falling due within one year<br>Total charity funds<br>Creditors: amounts falling due after one year<br>General funds<br>Net current assets / (liabilities)<br>Investments<br>Freehold property<br>Total assets less current liabilities<br>Unrestricted income funds:<br>The funds of the charity:|Note<br>£'000<br>Fixed assets:<br>9<br>Current assets:<br>10<br>170<br>1,196<br>1,557<br>2,923<br>11<br>(837)<br>13<br>64,391<br>Total unrestricted funds<br>Debtors<br>Cash in bank and on call<br>Short term deposits<br>Creditors: amounts falling due within one year<br>Total charity funds<br>Creditors: amounts falling due after one year<br>General funds<br>Net current assets / (liabilities)<br>Investments<br>Freehold property<br>Total assets less current liabilities<br>Unrestricted income funds:<br>The funds of the charity:|2020<br>£'000<br>£'000<br>24<br>62,340<br>62,364<br>189<br>-<br>997<br>1,186<br>(1,009)<br>2,086<br>64,450<br>(59)<br>64,391<br>69,055<br>64,391<br>64,391|2019<br>£'000<br>24<br>69,391|
|---|---|---|---|
||||69,415<br>177|
||2,923<br>(837)|||
||64,391|||
||||69,592<br>(537)|
||||69,055|
||||69,055|
|||||
||||69,055|



Approved by the trustees on 1 July 2021 and signed on their behalf by 

Christopher B Waples Trustee 

19 



John Laing Charitable Trust 

## Statement of cash flows 

## For the year ended 31 December 2020 

|Cash flows from operating activities<br>Net (expenditure) / income for the reporting period<br>(as per the statement of financial activities)<br>Losses/(gains) on investments<br>Dividends, interest and rent from investments<br>Decrease in debtors<br>Decrease in creditors<br>Transfer of cash into short term deposit<br>Purchase of investments<br>(Increase) / decrease in cash held with investment manager<br>Cash flows from investing activities:<br>Dividends, interest and rents from investments<br>Proceeds from sale of investments<br>Cash and cash equivalents at the end of the year<br>Change in cash and cash equivalents in the year<br>Change in cash and cash equivalents due to exchange rate<br>movements<br>Cash and cash equivalents at the beginning of the year<br>Net cash provided by investing activities|£'000<br>£'000<br>£'000<br>£'000<br>(4,664)<br>7,430<br>2,584<br>(7,534)<br>(1,877)<br>(2,757)<br>19<br>68<br>(650)<br>(456)<br>(4,588)<br>(3,249)<br>1,877<br>2,757<br>4,238<br>1,633<br>1,731<br>1,544<br>(1,196)<br>-<br>(1,502)<br>(3,055)<br>5,148<br>2,879<br>560<br>(370)<br>997<br>1,369<br>-<br>(2)<br>1,557<br>997<br>2020<br>2019|
|---|---|
|||



20 



John Laing Charitable Trust 

## Notes to the financial statements 

## For the year ended 31 December 2020 

## 1 Accounting policies 

## a) Statutory information 

John Laing Charitable Trust is an unincorporated charity registered with the Charity Commission for England and Wales. 

The registered office address is 33 Bunns Lane, London, NW7 2DX. 

## b) Basis of preparation 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. 

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. 

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. 

## c) Public benefit entity 

The charity meets the definition of a public benefit entity under FRS 102. 

## d) Going concern 

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. 

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. 

The Trustees are satisfied that the Trust has sufficient unrestricted funds to continue as a going concern for the foreseeable future.  Cashflow forecast are regularly prepared and in addition to cash, liquidity within investments portfolio means assets can be readily realised to meet any short term requirements. The pandemic has tested the investments portfolio and had proven resilient.  The Trustees acknowledge that the full impact of the pandemic is still to be seen and the emerging risks are being monitored but Trustees are satisfied that Trust's capability to continue as a going concern will not be affected. 

## e) Income 

Income on deposits has been accounted for on an accruals basis. All other investment income has been taken into account on the basis of due date for payment. Foreign income is translated into sterling at the rate ruling at the date of the transaction. 

## f) Interest receivable 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. 

21 



John Laing Charitable Trust 

Notes to the financial statements 

## For the year ended 31 December 2020 

## 1 Accounting policies (continued) 

## g) Fund accounting 

Restricted funds are to be used for specific purposes as laid down by the donor.  Expenditure which meets these criteria is charged to the fund. 

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular purposes. 

## h) Expenditure and irrecoverable VAT 

Expenditure is recognised once there is a legal or constructive obligation (where a commitment has been communicated to the recipient) to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: 

- Costs of raising funds relate to the to fees paid to investment manager in connection with the management of Trust's investments 

- Expenditure on charitable activities includes the costs of paying grants and welfare payments undertaken to further the purposes of the charity and their associated support costs 

- Other expenditure represents those items not falling into any other heading 

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 

## i) Grants payable 

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity. 

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. 

## j) Allocation of support costs 

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity. 

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure. 

Where such information about the aims, objectives and projects of the charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity. 

Governance costs are the costs associated with the governance arrangements of the charity.  These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities. 

## k) Fixed assets 

Items of equipment are capitalised where the purchase price exceeds £3,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. 

22 



John Laing Charitable Trust 

Notes to the financial statements 

## For the year ended 31 December 2020 

- 1 Accounting policies (continued) 

## l) Freehold property 

Freehold property is included in the balance sheet at historic cost. The property is not depreciated as the carrying value is less than recoverable amount. Impairment reviews will be conducted on an annual basis by the Trust to ensure the cost recognised on the balance sheet remains appropriate. 

## m) Listed investments 

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities.  Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments. 

## n) Debtors 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 

## o) Short term deposits 

Short term deposits includes cash balances that are invested in accounts with a maturity date of between 3 and 12 months. 

## p) Cash at bank and in hand 

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## q) Creditors and provisions 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## r) Pensions 

The Trust operates a defined contribution pension scheme with Legal and General. The pension cost charge represents contributions payable under the scheme by the Trust to the fund. The Trust has no liability under the scheme  other than for the payment of those contributions. 

23 



John Laing Charitable Trust 

## Notes to the financial statements 

## For the year ended 31 December 2020 

## 2 Income from investments 

|Listed Investments,  including unit trusts<br>UK<br>Overseas<br>UK<br>Unlisted|2020<br>2019<br>Total<br>Total<br>£'000<br>£'000<br>1,365<br>2,185<br>157<br>173<br>322<br>355<br>1,844<br>2,713|
|---|---|



## 3a Charitable activities - Grant making (current year) 

|Senior Citizens clubs<br>At the end of the year<br>Grants<br>Welfare payments to individuals|Grants to<br>institutions<br>£'000<br>2,552<br>-<br>-|Grants to<br>individuals<br>£'000<br>-<br>640<br>44|Support costs<br>2020<br>£'000<br>£'000<br>249<br>2,801<br>331<br>971<br>-<br>44<br>580<br>3,816|
|---|---|---|---|
||2,552|684||



The total grants paid and accrued to institutions and individuals for the year were £3,193,000 (2019: - £2,039,000). 

## 3b Charitable activities-Grant making (prior year) 

|Grants<br>Welfare payments to individuals<br>Senior Citizens clubs<br>At the end of the year|Grants to<br>institutions<br>£'000<br>1,516<br>-<br>-|Grants to<br>individuals<br>£'000<br>-<br>523<br>78|Support costs<br>2019<br>£'000<br>£'000<br>220<br>1,736<br>362<br>885<br>-<br>78<br>582<br>2,699|
|---|---|---|---|
||1,516|601||



The Trust support causes concerning the needs under their four key priority areas of Community, Disadvantaged Youth, Education and Homelessness. Further information on grants awarded by size can be found by visiting the Trust's website: johnlaingcharitabletrust.com. 

- 4 Net expenditure before net (losses) / gains on investments 

This is stated after charging: 

|This is stated after charging:|||
|---|---|---|
||2020|2019|
||£'000|£'000|
|Trustee professional indemnity insurance|1|1|
|Trustees' meeting and travel and subsistence expenses|-|14|
|Auditor's remuneration (excluding VAT):|||
|Audit|8|8|



24 



John Laing Charitable Trust 

Notes to the financial statements 

## For the year ended 31 December 2020 

## 5 Analysis of staff costs and the cost of key management personnel 

Staff costs were as follows: 

|Salaries and wages<br>Employer’s contribution to defined contribution pension schemes<br>Social security costs|2020<br>2019<br>£'000<br>£'000<br>383<br>359<br>34<br>33<br>34<br>33<br>451<br>425|
|---|---|



The following number of employees received employee emoluments (excluding employer pension costs and employer's national insurance) during the year between: 

|employer's national insurance) during the year between:|||
|---|---|---|
||2020|2019|
||No.|No.|
|£90,000 - £99,999|-|1|
|£100,000 - £109,999|1|-|



The total employee emoluments (including pension contributions and employer's national insurance) of the key management personnel were £129,849 (2019: £118,292). 

## 6 Staff numbers 

The average number of employees (head count based on number of staff employed) during the year was 11.04 (2019: 10.75). 

## 7 Related party transactions 

Sir Martin Laing is on the Council of Atlantic College which is purely advisory. The Trust does not consider Atlantic College to be a related party as Sir Martin Laing does not play a role which participates in the governance of the College and therefore is able to participate in decisions relating to the College. During the year, the Trust paid a grant of £32,000 (2019: £46,500) to Atlantic College towards student bursary fees. In 2019, the Trust also paid a capital pledge to Atlantic College of £400,000 towards the building of new students' accommodation. 

Christopher Laing is the Chairman of Eskmuir Properties Limited (EPL) and Sir Martin Laing is a Director of EPL. EPL is the parent company of Eskmuir Fund Management Limited and Eskmuir Asset Management Limited who are respectively, the Fund Manager and Asset Manager of the Diversified Property Fund for Charities (DPFC). Sir Martin and Christopher Laing are excluded from all discussions relating to investments in DPFC units. There were no DPFC transactions during the year (2019: nil). 

Christopher Laing declared that he is a Patron and founder of the National Emergencies Trust NET.  During the year, the Trustees made a £650,000 and £200,000 donation to the NET in April and December respectively,  in response to the COVID-19 appeal. 

The charity Trustees were neither paid nor received any other benefits from employment with the charity in the year (2019: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2019: £nil). 

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £257 (2019: 3,675) incurred by two (2019: five) member relating to attendance at meetings of the Trustees. 

The annual summer luncheon for all nine Retirement Clubs formed for retired John Laing employees are supported by the Trustees.  Due to the coronavirus pandemic, the event did not take place in 2020. The costs associated to Trustees' attendance at these events amounted to £nil (2019: £10,080). Deposits made to secure the venue costing £1,850 had been recorded in the accounts under Other Debtors. 

25 



John Laing Charitable Trust 

Notes to the financial statements 

## For the year ended 31 December 2020 

## 7 Related party transactions (continued) 

The annual Laing Retirement Clubs Summer Luncheon is supported by members of the Laing family and the Laing Family Trusts.  As the event was cancelled in 2020, there were £nil contributions received during the year (2019: £25,000). 

There were no related party transactions other than those listed above. 

## 8 Taxation 

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 

## 9 Listed investments 

|Listed investments|||
|---|---|---|
|Investments comprise:<br>Cash movement in the year<br>Fair value at the start of the year<br>Additions at cost<br>Net gain / (loss) on change in fair value<br>Disposal proceeds<br>Unlisted<br>Overseas and other Equities<br>Cash<br>Global Fixed interest<br>UK equities|2020<br>£'000<br>69,391<br>1,502<br>(4,238)<br>(2,584)<br>(1,731)|2019<br>£'000<br>61,979<br>3,055<br>(1,633)<br>7,534<br>(1,544)|
||62,340|69,391|
||2020<br>£'000<br>7,218<br>31,980<br>17,019<br>5,722<br>401|2019<br>£'000<br>9,287<br>36,684<br>15,661<br>5,627<br>2,132|
||62,340|69,391|



## Material Investments 

At the end of the year, the Trust's investment in Diversified Portfolio for Charities ("DPFC") was valued at £5.7 million representing 9.2% of the total assets. (2019: £5.6 million representing 8.1%). 

## 10 Debtors 

|Investment debtors<br>Other debtors|2020<br>2019<br>£'000<br>£'000<br>168<br>189<br>2<br>-<br>170<br>189|
|---|---|



26 



John Laing Charitable Trust 

## Notes to the financial statements 

## For the year ended 31 December 2020 

## 11 Creditors: amounts falling due within one year 

|11<br>Creditors: amounts falling due within one year|||
|---|---|---|
|12<br>Balance at the beginning of the year<br>Grants awarded in the year<br>Grants paid during the year<br>Grants cancelled during the year<br>Balance at the end of the year<br>Grants Payable<br>Grants payable (note 12)<br>Grants payable (note 12)<br>Other creditors<br>Creditors: amounts falling due after one year|2020<br>£'000<br>720<br>117|2019<br>£'000<br>981<br>28|
||837|1,009|
||2020<br>£'000<br>59|2019<br>£'000<br>537|
||59|537|
||2020<br>£'000<br>1,518<br>2,581<br>(3,292)<br>(28)|2019<br>£'000<br>1,983<br>1,516<br>(1,981)<br>-|
||779|1,518|



The grants payable include capital pledge made to Groundwork East of £480,000, all of which may be called to be released within one year subject to conditions of the grant being satisfied. 

13a Movements in funds (current year) 

|Movements in funds (current year)|||||
|---|---|---|---|---|
|General funds<br>Total unrestricted funds<br>Unrestricted funds:|At 1 January<br>2020<br>£'000<br>69,055|Income &<br>gains<br>£'000<br>1,869|Expenditure<br>& losses<br>£'000<br>(6,533)|Transfers<br>At 31<br>December<br>2020<br>£'000<br>£'000<br>-<br>64,391<br>-<br>64,391|
||69,055|1,869|(6,533)||



The narrative to explain the purpose of each fund is given at the foot of the note below. 

27 



John Laing Charitable Trust 

## Notes to the financial statements 

## For the year ended 31 December 2020 

13b Movements in funds (prior year) 

|Movements in funds (prior year)|||||
|---|---|---|---|---|
|Total designated funds<br>General funds<br>Total unrestricted funds<br>Unrestricted funds:<br>Designated funds:<br>Global Communities<br>Major projects<br>|At 1 January<br>2019<br>£'000<br>341<br>616|Income &<br>gains<br>£'000<br>-<br>-|Expenditure<br>& losses<br>£'000<br>(204)<br>(125)|Transfers<br>At 31<br>December<br>2019<br>£'000<br>£'000<br>(137)<br>-<br>(491)<br>-<br>(628)<br>-<br>628<br>69,055<br>-<br>69,055|
||957|-|(329)||
||60,668|10,276|(2,517)||
||61,625|10,276|(2,846)||



## Purposes of designated funds 

In 2007, the Trustees set aside £2.0 million towards significant projects not identified at the time which will make substantial difference to the charity concerned. In 2018, Trustees designated £1.5 million to mark John Laing plc's 170th anniversary to enable the Company to make a difference in the global communities where they have operations. 

At the end of the year, the unutilised designated funds totalling £628,000 were transferred to general funds. It is no longer considered necessary to maintain these designated funds as Trustees have unrestricted use of funds to support all future charitable activities. 

28