#
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|||Page|
|---|---|---|
|TRUSTEES' REPORT||1-7|
|AUDITOR'S
REPORT||8&9|
|STATEMENT OF FINANCIAL|ACTIVITIES|10|
|BALANCE SHEET|||
|STATEMENT OF CASHFLOWS||12|
|NOTES TO THE FINANCIAL|STATEMENTS|13-25|
##
##
|The Trustees present|The Trustees present|The Trustees present|their financial statements
and annual|their financial statements
and annual|their financial statements
and annual|report forthe|report forthe|report forthe|year|ended 31December 2021. The financial statements|ended 31December 2021. The financial statements|ended 31December 2021. The financial statements|ended 31December 2021. The financial statements|ended 31December 2021. The financial statements|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|have been|prepared||in accordance with|the accounting|policies set out in||||note|1to|the accounts and comply with the charity's trust||||
|deed dated|14June||1972,the Charities|Act 2011and Accounting|||and|Reporting||by|Charities:|Statement|ofRecommended|Practice|
|(FRS102)and update|||Bulletins 1and 2.||||||||||||
|Settlor||||Sir (William)
Kirby Laing -|||deceased 12|||April|20D9||||
|Date ofSettlement||||14June 1972|||||||||||
|Trustees||||Simon Webley|||||||||||
|||||David Eric Laing|||||||||||
|||||Charles Edward|Burch||||||||||
|||||Frederick Terence Wyndham||||Wailer Lewis|||||||
|||||The power ofappointing
Trustees|||||is vested||in the existing Trustees.||||
|Registered|Address|||33Bunns Lane|||||||||||
|||||Mig Hig|||||||||||
|||||London|||||||||||
|||||NW7 2DX|||||||||||
|Registered|Charity|Number||264299|||||||||||
|Bankers||||Bank ofScotland|||||||||||
|||||33 Old Broad Street|||||||||||
|||||l.ondon|||||||||||
|||||BX21LB|||||||||||
|Solicitors||||Linklaters|||||||||||
|||||One Silk Street|||||||||||
|||||London|||||||||||
|||||EC2YBHCL|||||||||||
|Accountants||||TMF Global Services||(UK)|Ltd||||||||
|||||960Capability|Green||||||||||
|||||Luton|||||||||||
|||||Bedfordshire|||||||||||
|||||LU1 3PE|||||||||||
|Auditors||||Mercer & Hole|||||||||||
|||||72 London Road|||||||||||
|||||StAlbans|||||||||||
|||||Hertfordshire|||||||||||
|||||AL1 1NS|||||||||||
##
##
##
##
##
##
##
##
|All grants ofE5,000 and above are listed by category|in|note 7 to the accounts;|note 7 to the accounts;|note 7 to the accounts;|note 7 to the accounts;|note 7 to the accounts;|a further
five|
|---|---|---|---|---|---|---|---|
|grants ofbetween E500and 63,000, totalling 612,625, were distributed||||through|||the Charities|
|Aid Foundation.
Taken together the Trustees are confident that the grants demonstrate
a high||||||||
|degree of public benefit to a number'of
different sections ofsaciety, including||||||vulnerable
and||
|disadvantaged
people whatever
their age, background,||ability|or additional||needs. Additional|||
|details of ag grants of625,000 and above are provided||below:||||||
||||||||6|
|Children &Youth||||||||
|Cranfield
University||||||||
|Nationol
Flying Laboratory
Centre -FitOutof New Plane|||||||25,000|
|Princes Trust||||||||
|Get Into Health Care Programme
(1stof3grants)|||||||50,000|
|Silverstone
Heritage
Ltd||||||||
|New Models ofEngagement for Learning for Schools Local to Silverstone|||||||25,000|
|The Duke of Edinburgh's
Award||||||||
|Inspiring
Futures/Living
I.egacy Fund|||||||100,000|
|Northamptonshire
Association ofYouth Clubs||||||||
|Diamond Jubilee Anniversary
Appeal|||||||50,000|
|Cultural
&Environmental||||||||
|English Heritage||||||||
|Farness Abbey Development
Project|||||||78,000|
|National
Youth Theatre ofGreat Britain||||||||
|A production
House for Young people
—Building Redevelopment|||project|(last||||
|instalment of4)|||||||400,000|
|Art Fund||||||||
|Respond & Reimagine
Grants Programme|||||||50,000|
|Birmingham
Royal Ballet||||||||
|Refurbishment
of The Nutcracker production|||||||25,000|
|Health &ggedicine||||||||
|The Stroke Association||||||||
|Senior Lectureship
Programme
(4th of5grants)|||||||40,000|
|Cicely Saunders
International||||||||
|Endowment
ofa Chair In Palliative
Care|||||||1,750,000|
|Restoration ofAppearance
and Function Trust||||||||
|Breast Reconstruction
project (3rd of4 grants/|||||||50,000|
|Age UK||||||||
|Disconnected
Mind Clinical Research Phase 4(last of3grants)|||||||75,000|
|Overseas
Aid||||||||
|The Leprosy Mission||||||||
|FOUND Project, Nepal(lstyearof
3)|||||||236,802|
|EMMS International||||||||
|Sunita Project ('Every Girl Matters' ), Nepal|||||||50,000|
##
##
|Achievements|and|Performance|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||~Reli ion||||||||
||||University
ofGloucestershire||||||||
||||Postgraduate
Scholarships
(4th of5grants)|||||||30,000|
||||SAT-7 Trust Ltd||||||||
||||Women's Programming
(4th of5grants)|||||||100,000|
||||StAlbans Cathedral
Trust||||||||
||||Cathedral
Precinct- landscaping|||||||150,000|
||||Oriel College||||||||
||||Centre for the Study ofthe Biblein the|Humanities||||||25,000|
||||Urban Saints||||||||
||||Planting ofGroupsin
North London|||||||50,000|
||||Exeter Cathedral||||||||
||||Chapter House Project|||||||105,000|
||||Langham
Partnership||||||||
||||Development
ofwarehouse /office complex||in Carlisle|||||25,000|
||||Igrby Laing Centre for Public Theology|in Cambridge|||||||
||||Director sSalary|||||||65,000|
||||Soaal Welfare||||||||
||||project Equinox||||||||
||||Ileterons and Medical Students Accommodation|||Project||||45,000|
||||Miscellaneous||||||||
||||The Reculver Trust||||||||
||||Office Refurbishment|||||||40,000|
||||In addition to grant expenditure,
a further 6128,688was spent||||on investment||manager's
fees||
||||and f121,734 on support
and governance||costs. Income generated|||from the Foundation's|||
||||investments
remained
stable atf2,099,751.Despite the excess
gain off9016813on the value ofthe Foundation's
investments||||ofexpenditure
over income, a
led to an increase
in the value||||
||||ofthe Foundation's
expendable
endowment||ofover f6.8million||(11.514).||||
##
##
##
##
##
##
##
##
##
|||||||Total|
|---|---|---|---|---|---|---|
||||Unrestricted|Funds||Unrestricted|
||||Expendable||Total|Funds|
||||Endowment|Income|2021|2020|
|||Note|6|6|F.|E|
|INCOME AND ENDOWMENTS|||||||
|Investments||||2,099,751|2,099,751|2,085,516|
|TOTAL INCOME||||2,099,751|2,099,751|2,085,516|
|EXPENDITURE|||||||
|cost of raising funds||3|128,688||128,688|119,878|
|Charitable
activities||4||4,286,736|4,286,736|4,473,602|
|TOTAL EXPENDITURE|||128,688|4,286,736|4,415,424|4,593,480|
|NET INCOME/(EXPENDITURE)|BEFORE GAINS AND||||||
|LOSSESON INVESTMENTS|||(128,688)|(2,186,985)|(2,315,673)|(2,507,964)|
|Net gains/(losses)
on investments||10|9,145,501||9,145,501|(1,468,737)|
|NET INCOME/(EXPENDITURE)|AFTER GAINS AND||||||
|LOSSES ON INVESTMENTS|||9,016,813|(2,186,985)|6,829,828|(3,976,701)|
|TRANSFER BETWEEN FUNDS|||(2,186,985)|2,186,985|||
|NET MOVEMENT
IN FUNDS|||6,829,828||6,829,828|(3,976,701)|
|FUND BALANCES BROUGHT FORWARD|||59,597,058||59,597,058|63,573,759|
|FUND BALANCES CARRIED FORWARD|||66,426,886||66,426,886|59,597,058|
##
##
|||||2021|2020|
|---|---|---|---|---|---|
||||Note|||
|FIXED ASSETS||||||
|Investments|||10|64,608,861|56,668,950|
|||||64,608,861|56,668,950|
|CURRENT ASSETS||||||
|Debtors|||11|48,696|40,792|
|Cash at bank|||12|1,829,743|2,945,349|
|||||1,878,439|2,986,141|
|LIABILITIES:amounts||falling due within one year|13|(60,414)|(58,033)|
|NET CURRENT ASSETS||||1,818,025|2,928,108|
|TOTAL ASSETS LESS||CURRENT LIABILITIES||66,426,886|59,597,058|
|Representing:||||||
|UNRESTRICTED FUNDS|||14|66,426,886|59,597,058|
|Registered
Charity|No: 264299|||||
|Approved
by the Trustees on:||||||
|...Q.fa./C3..e.!2.2.......||||||
|Date||||||
|and
i n d on their|behalf by:|||||
|Trustee||||||
##
##
||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
|||||||Note|6||
|Cash flows from operating|activities:||||||||
|Net cash provided
by (used in) operating|||||activities|16|(4,420,947)|(4,586,825)|
|Cash flows from investing|activities:||||||||
|Investment
income|||||||2,099,751|2,085,516|
|Proceeds from sale ofinvestments|||||||4,923,180|6,238,020|
|Purchase ofinvestments|||||||(3,764,130)|(2,881,360)|
|Net cash provided
by (used in) investing||||activities|||3,258,801|5,442,176|
|Change
in cash and cash equivalents|||ln the year||||(1,162,146)|855,351|
|Cash and cash equivalents|at the|beginning|||ofthe year||3,349,303|2,493,952|
|Cash and cash equivalents|at the|end|of|the year|||2,187,157|3,349,303|
|Represented
by:|||||||||
|Cash held within the investment||portfolio||||10|357,414|403,954|
|Cash at bank||||||12|1,829,743|2,945,349|
||||||||2,187,157|3,349,303|
##
##
##
##
##
##
##
##
##
##
##
||||Unquoted|Quoted|Total|
|---|---|---|---|---|---|
|||||6|6|
|2021||||||
|Investment|income from assets in the UK||1,298,890|590,360|1,889,250|
|Investment|income from assets outside the UK|||232,631|232,631|
||||1,298,890|822,991|2,121,881|
|Less: non-recoverable||tax credits and foreign taxation||(22,130)|(22,130)|
||||1,298,890|800,861|2,099,751|
|Deposit interest||||||
||||||2,099,751|
##
##
##
##
||||Unquoted|Quoted|Total|
|---|---|---|---|---|---|
||||E|E|E|
|2020||||||
|Investment|income from assets in the UK||1,243,051|635,476|1,878,527|
|Investment|income from assets outside the UK|||228,594|228,594|
||||1,243,051|864,070|2,107,121|
|Less; non-recoverable||tax credits and foreign taxation||(22,720)|(22,720)|
||||1,243,051|841,350|2,084,401|
|Deposit interest|||||1,115|
||||||2,085,516|
##
||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||6|6|
|nvestment|managers'||charges||||128,688|119,878|
|NALYSIS|OF|CHARITABLE||ACTIVITIES|||||
||||||||Total|Total|
||||||||2021|2020|
||||||||E||
|Grant funded||activity|(see note 7)||||4,165,002|4,361,113|
|Support|and|governance||costs|-charitable|activities (see note 5)|85,949|77,819|
||||||-governance|(see note 5)|35,785|34,670|
||||||||4,286,736|4,473,602|
##
##
##
|ALLOCATION
OF O|VER|HEAD AND SUPPO|RT COSTS||||
|---|---|---|---|---|---|---|
||||Unrestricted|Funds|||
||||Expendable||Total|Total|
||||Endowment|income|2021|2020|
||||E|E|E|E|
|Property maintenance||costs||4,902|4,902|2,564|
|Auditors'
remuneration||||3,660|3,660|3,480|
|Accountancy
services||||22,135|22,135|22,135|
|Office expenses||||5,000|5,000|5,337|
|Trustee/meeting|expenses|||564|564||
|Computer
support|costs|||2,275|2,275|4,662|
|Staff costs||||82,694|82,694|73,902|
|Bank charges||||504|504|409|
|||||121,734|121,734|112,489|
|Staff costs comprise the follow|ing:||||
|---|---|---|---|---|
||||2021|2020|
||||f.|E|
|Gross salaries|||188,335|174,658|
|Benefits in kind|||13,060|6,910|
|Employer's
National
insurance|costs||22,935|20,980|
|Employer's
pension
contributions|||30,452|30,702|
|Recruitment
and payroll costs|||708|498|
||||255,490|233,748|
|Less contributions
from other|Laing|Family Trusts:|||
|The Maurice
fk Hilda l.aing Charitable||Trust|(81,316)|(75,222)|
|The Beatrice Laing Trust|||(81,316)|(75,222)|
|The Martin
Laing Foundation|||(10,164)|(9,402)|
|Totalstaff costs borne by Foundation|||82,694|73,902|
##
##
|2021||||Charitable||
|---|---|---|---|---|---|
||||Governance|Activities|Total|
|UNRESTRICTED INCOME FUND||||||
|Property maintenance||costs|490|4,412|4,902|
|Auditors'
remuneration|||3,660||3,660|
|Accountancy
fees|||22,135||22,135|
|Office expenses|||500|4,500|5,000|
|Trustee/Meeting|expenses|||564|564|
|Computer
support|costs||227|2,048|2,275|
|Staff costs|||8,269|74,425|82,694|
|Bank charges|||504||504|
||||35,785|85,949|121,734|
|2020||||Charitable||
||||Governance|Activities|Total|
||||||6|
|UNRESTRICTED INCOME FUND||||||
|Property maintenance||costs|256|2,308|2,564|
|Auditors'
remuneration|||3,480||3,480|
|Accountancy
fees|||22,135||22,135|
|Office expenses|||534|4,803|5,337|
|Computer
support|costs||466|4,196|4,662|
|Staff costs|||7,390|66,512|73,902|
|Bank charges|||409||409|
||||34,670|77,819|112,489|
##
##
##
|The charity
awarded
g
summarised
as follows:|rants
to a n|umber
of inst|itutions
in|furtheran|ce
of its char|itable
a|ctivities|which
are|
|---|---|---|---|---|---|---|---|---|
|||||2021|||2020||
||||No||E|No||E|
|Children,
Education &Youth Development|||8||275,700|||410,200|
|Culture,
Environment
&|the Arts||21||734,000|32||2,334,000|
|Health & Medical Welfare|||18||2,057,000|23||561,330|
|Overseas Development|Projects||||341,802|||73,000|
|Religion|||16||631,500|24||925,583|
|Social Welfare|||||85,000|||32,000|
|Miscellaneous|||||40,000||||
|Charities
Aid Foundation||||||||25,000|
||||||4,165,002|||4,361,113|
|||||||||2021|
|||||||||E|
|Children
Education &Youth Develo||ment|||||||
|Cranfield
University||||||||25,000|
|International
Students
House||||||||10,500|
|Northamptonshire
Association ofYouth Clubs||||||||50,000|
|Prince's Foundation
for|Building Community|||||||8,000|
|Princes Trust||||||||50,000|
|Silverstone
Heritage
Ltd||||||||25,000|
|Tall Ships Youth Trust||||||||7,200|
|The Duke of Edinburgh's|Award|||||||100,000|
|||||||||275,700|
|Culture
Environment
&the Arts|||||||||
|Art Fund||||||||50,000|
|Birmingham
Royal Ballet||||||||25,000|
|Boston Festival||||||||5,000|
|Creative Oundle||||||||10,000|
|Dorset Opera||||||||5,000|
|English Heritage||||||||78,000|
|Garsington
Opera||||||||5,000|
|Glyndebourne
Arts Trust||||||||5,000|
|Ironbridge
Gorge Museum
Trust||||||||10,000|
|National
Portrait Gallery||||||||20,000|
|National
Youth Jazz Orchestra||||||||20,000|
|National
Youth Theatre|ofGreat Britain|||||||400,000|
|Plymouth
Marine Laboratory||||||||20,000|
|Royal Academy ofArts||||||||10,000|
|Royal Academy of Dramatic
Art||||||||5,000|
##
##
##
|GRANTS - continued|||||||2021|
|---|---|---|---|---|---|---|---|
||||||||E|
|Culture
Environment|&the Arts - continued|||||||
|Royal College of Music|||||||18,000|
|Southbank
Sinfonia|||||||8,000|
|StAlbans International||Organ||Festival|||10,000|
|The Common
Room|||||||10,000|
|The Leeds International||Pianoforte|||Competition||10,000|
|Welsh National
Opera|||||||10,000|
||||||||734,000|
|Health &Medical Welfare||||||||
|Age UK|||||||75,000|
|Arts 4 Dementia|||||||5,000|
|Association of British Neurologists|||||||10,000|
|Basingstoke t Alton Cardiac|||Rehabilitation|||Charity|5,000|
|BRACE|||||||15,000|
|British Heart Foundation|||||||10,000|
|Cicely Saunders
International|||||||1,750,000|
|Coress|||||||5,000|
|Cure Parkinson's
Trust|||||||20,000|
|Dementia
UK|||||||20,000|
|Fight for Sight|||||||5,000|
|Muscular
Dystrophy
UK|||||||5,000|
|Restoration ofAppearance|||and Function|||Trust|50,000|
|Royal Hospital for Neuro-Disability|||||||7,000|
|The Griffin institute|||||||10,000|
|The National
Society for Epilepsy|||||||20,000|
|The Research Institute|for the|||Care ofOlder People|||5,000|
|The Stroke Association|||||||40,000|
||||||||2,057,000|
|Overseas Develo
ment||Pro acts||||||
|Dhaka Ahsania
Mission||UK|||||10,000|
|EMMS International|||||||50,000|
|Gurkha
Welfare Trust|||||||10,000|
|IMPACT Foundation|||||||15,000|
|International
Nepal Fellowship|||||||5,000|
|Renewable
World|||||||10,000|
|The Leprosy Mission|||||||236,802|
|World Vision UK|||||||5,000|
||||||||341,802|
##
##
|GRANTS - continued||||||
|---|---|---|---|---|---|
||||||2021|
||||||6|
|~Reli ion||||||
|Bradford Cathedral|||||5,000|
|Centre forthe Study|of Christianity||&|Culture|20,000|
|Evangelical
Alliance|||||10,000|
|Evangelical
Seminary|of|Southern|Africa||9,000|
|Exeter Cathedral|||||105,000|
|Kirby Laing Centre for Public Theology||||in Cambridge|65,000|
|Langham
Partnership|||||25,000|
|Oriel College|||||25,000|
|SAT-7 Trust Ltd|||||100,000|
|StAlbans Cathedral|Trust||||150,000|
|St Etheldreda's
Church,||Hatfield|||5,000|
|Stevenage
Pioneer Youth Trust|||||7,500|
|The Church ofthe Good||Shepherd,|Tadworth||5,000|
|The Faraday Institute|||||20,000|
|University
ofGloucestershire|||||30,000|
|Urban Saints|||||50,000|
||||||631,500|
|Social Welfare||||||
|Dictune Trust (2)|||||30,000|
|Project Equinox|||||45,000|
|SoundCafe
Leicester|||||5,000|
|Time to Talk Befriending|||||5,000|
||||||85,000|
|Miscellaneous||||||
|The Reculver Trust|||||40,000|
||||||40,000|
|TOTAL DONATIONS|TO|CHARITIES|||4,165,002|
##
##
##
##
|The Trustees
follows:|have made non-binding
grant co|mmitments
off5,000 a|nd above paya|ble
in the next|four years|
|---|---|---|---|---|---|
|||2021|2022|2023|2024|
|||E|E|6|6|
|Commitments|brought forward|868,000|140,000|40,000||
|Commitments|paid during year|(798,000)||||
|Commitments|made during year||596,260|259,590|5,000|
|Commitments|deferred|(70,000)|70,000|||
|Commitments|at 31December 2021||806,260|299,590|5,000|
||Ul
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##
##
|11.|DEBTORS||||||
|---|---|---|---|---|---|---|
||||||2021|2020|
||Maurice S.Hilda|Laing Charitable||Trust|19,941|18,904|
||Beatrice Laing Trust||||19,941|18,904|
||Martin
Laing Foundation||||2,493|2,364|
||Tax recoverable||||1,476||
||Dividends
due||||4,845|620|
||||||48,696|40,792|
|12.|CASH||||||
||The cash at bank|is made up as follows:|||2021|2020|
||||||E|E|
||Current account||||1,798,401|2,916,923|
||Brewin Dolphin income||account||31,342|28,426|
||||||1,829,743|2,945,349|
|13.|LIABILITIES:AMOUNTS||DUE WITHIN ONE YEAR||||
||||||2021|2020|
||||||6|E|
||Auditors||||3,660|3,600|
||Accountants||||22,135|22,135|
||pension contribution||||2,538||
||Reculver Trust|||||583|
||Investment
managers||||32,081|31,715|
||||||60,414|58,033|
##
||||||Expendable|Income||
|---|---|---|---|---|---|---|---|
|2021|||||Endowment|Account|Total|
||||||E|6|E|
|Unrestricted|funds|comprise|the|following:||||
|Investments|||||64,608,861||64,608,861|
|Cash|||||1,850,106|(20,363)|1,829,743|
|Debtors||||||48,696|48,696|
|Creditors|||||(32,081)|(28,333)|(60,414)|
||||||66,426,886||66,426,886|
##
##
##
||||||Expendable|Income||
|---|---|---|---|---|---|---|---|
|2020|||||Endowment|Account|Total|
||||||E|E|E|
|Unrestricted|funds|comprise|the|following:||||
|Investments|||||56,668,950||56,668,950|
|Cash|||||2,959,823|(14,474)|2,945,349|
|Debtors||||||40,792|40,792|
|Creditors|||||(31,715)|(26,318)|(58,033)|
||||||59,597,058||59,597,058|
##
##
||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||6|E|
|Net movement
in|funds (as per the|Statement||of|Financial|Activities)|6,829,828|(3,976,701)|
|(Gains)/losses
on|investments
shown||in investing||activities||(9,145,501)|1,468,737|
|Deduct investment|income shown|in|investing|activities|||(2,099,751)|(2,085,516)|
|(Increase)/decrease|in debtors||||||(7,904)|5,620|
|Increase/(decrease)|in creditors||||||2,381|1,035|
||||||||(4,420,947)|(4,586,825)|