2021-04-05-accounts

IÉ¢co-L Christopher Laing Foundation A Registered Charity Report and Financial Statements 5 April 2021

Christopher Laing Foundation A Registered Charity CONTENTS Pa8¢ TRUSTEES. REPORT AUDITOR'S R£PORT STATEMENTOF FINANCIAL A￿1VITIEs BALANCE SHEET STATEMENTOF CASHFIOWS io NOTESTOTHE FINANCIALSTATEMENTS 11-18

Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2021 The Tru5tee5 present thelr flnancial st*ement5 and annual report for the year ended 5 April 2021. The flnanclal ttatements have been prepared in accordance with the zccountlng pollcies set out in note I to the accounts and comply with the charity's trust deed dated 9 July 1979. the Charities Act 2011 and Accountin8 and Reporting by Charitie5'. Ststement of Retommended Practice IFRS 1021 and update 8ulletins l and 2. Reference and Admlnior•tion Detalls of the Charity, It$Tru5teesand Advisers. Settlor Christopher mauri￿ Lzing Date of Deed 9 1979 Trustees Christopher Maurice Lain Diana ChrSstina Laing John Ernest Xeeble Michael Rithard Warwick Laing Richard Walter Minton Haines Carla Lols PatrScT3 Seale Reg15tered Addre55 c/oTMF Global Service5 IUKI Ltd 960 Capabllity Green Luton 8edfordshSre LUI 3PE Registered c￿rtty Number 278460 W¢bsite www.christo herfain .com Ba￿kerS C Hoare & Co 37 Fleet Street London EC4P 4DQ Accountsnts TMF Global Service5 IUKI Itd 960 Cèpèbility Green Luton Bedfordshlre LUI 3PE Auditor5 Mercer & Hole 72 London Road StAlbans Hertfordshire ALI INS Inve5tmentAdvlsors JMFinn&Co 4 Colernan Street London EC2R STA Vermeer Partners lèppointed FebrLtary 20201 130Jermyn Street London SWIY 4UR

Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at S Aprll 2021 Destination of Funds Income To charitable pvrpose5 only. (The Tru5tee5 had the power to attumulate until 9July 2000 when the accumulationpÈriad ended). To be retsined by the Trustees or. 8t their d15cretion. applied as for income. Exp¢ndable Endowment Investment Powers Unrestricted. 5trurture. Governance & Mariagement The Foundatlon is constituted under a trust deÈd dated 9 July 1979 nd is a re8lStÈred charityi number 27846D. The Tru5twasestabllshtd by a giftfrom the SettlDr, Christopher Maurlce Lain8. TheTrustee5 are appolnted bythe Settlor¢Jurlng hls15fetime. The Indurtion process for any newly Bppointed Trustee comprises an initiol rneetinz wlth Christopher Laing and hls co-Trustee5 to cover investment policy, the yant maklng proce55 and the powers ènd respDn5ibilitie5 of theTrustee board. AfterappoSntment. newTrustees will be provided with coples of accounts, annual returns and in¥estmentreport5. TMF Global Serwce5 IUKI Ltd Is responsiblÈ for the admlni5tratiorb and accounting functions of the Foundation and actsas correspondent for zpplicatson5 for grant5. Applications recelved by TMF are In the first Instance sent to Chr15topher and Diana Laing for conslderation and if appropriate. they are considered by all Trustees. Large donation5 are 8enerally consldered and appr¢)v?d at Tru5tees' meetinzs %yhich 8re held bi-annu311y. Small donation5 are considered as and when they artse. The Foundation doe5 not actively fundralse and seek5 to continue to 5UPPOrt charitable projetts from careful stewardship of its investrnent portfolio. R15k The Trustee5 have examined the majoT strategic and operatlonal ri5k5 thatthe Foundation faces and tonfirrn that apprcprSate measures are in place to protert the Foundatlon from them a5 fèra5 P05sibJe. object￿e5 and Actfvities At the Trustees, meeting5. the Trustees a6Tee their objectives and areas of activity for the Foundatien. including consideration of grant makin& investment, reserves and risk rnanagement policies and performance. The Found3tion derivesltslncome frtsm investments. It isthe Trustees, investment policy to accept investment advice from ftjnd managers under a discretionary arrangement in order to achieve a reasonable balance between capltèl 8rowth and income yield. The Investment m3n3gers have been Instrurted not to dSrertly Invest in gambllng or tobacco stocks. A lar8e Trutnber of requests for dtsnÈtions 3re recelved ond unfortunately only a Small propOrt￿n of these request5 can be fulfilled.

Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at S Aprll 2021 Grant Makln8 Polity The Trust Deed states that the Trust furtds are to be used exclusively for ¢h4ritable purposes at the Tru5tees' dlscretion. The Foundatlon therefore makes donations to a wlde and varied number of charitles. The Tru5tEe5' prlority areas of giving are focussed on HertFordshire and Oxfordshire and cover.. ReconstrLtctlon of communitie5 followlng Covid-19 pandemit Youth & Educatlon Hornelessne55 Environmental and conservation work The Tru5tee5 make regular payrnents to a number of charitable organlsatlons who are invited to apply on an annuèl basi5. Achievernents. Publlc genefit and Pertormance the year to 5 April 2021. the Foundat￿￿ mhde donatlons totallinE £620,OLXI12020 £483,000). This include5 £60,000 dep055ted with the Ch3rities Ald Foundation 12020 £60.0001. The Trustees confirrn that they have referred to the euldance tontBined in the Charrty Commission's general guldance on public benefit¥vhen setting their grant makSng policy for the year, In line with the charity'5 aims and objectives. The Trustees are satisfied that agl grants made durin8the yeor are for the benefit of the public and that the benefit of each 3nd every 8rant Is cleariy Identifiable. A Ilst of grant5 c?n be seen in note 7 to the accounts. Majordonations made du¥lngthe yeorwere- Uvability £ioo.oco After meeting with represÈntative5 of thls charity, which the trustees have long 5UPPOrted. the trustees agreed to donate £irxi.000 over three years toward5 Its work helping dI￿bled adults live rnore independent I￿es. The Lord's Taverners £70.000 The Trustees empathlse with the Lord'5 Taverners mlsslon to voung people, especially tkn5e with speclal need5. a 5POrting chance. TheTrusteesagreeda special Er3nttothecharityof£70,OOOforlts 70th annlvtrsary. Duke ol Edinburgh's Award £50.OOD The Trustees continue to provide core support to thls charlty, which provide5 youn8 people ¥￿th lrfe chanElng opportunitie& OxFordshire Cornmunlty Foundatlon IOCFI £150.(M)O After meeting wlth representative5 of this charlty, the TrusteÈs agreed to provide E50.000 per annum for three year5 towards charltèble projert5 in O¥fcrdshlrei PartScularly mitigating homelessness.

Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT t S Aprll 2021 Financial Review The Financijl Ststements have been prepared In accordance wlth the ¥ccountlng policies set out on pages 11 and 12 and comply wkh the Charity's Trust Deed and applicable lèw. Incomin8 re50urce5 for the year from investments and cash tolalled £394.67712020 £451,036). There were varlous acqulsitlons and disposa15 of Irwestments duiing the year. The net 8alA on revaluatlon and di5P05a15 of investment assets amounted to £1,724,45512020 loss £1.523,L541. The market valuÈ of investments at 5 April 2021 was £12.155.862 12020 £10,300,061). A5 Stated in the notes to the 3ccounts, the Coronavirus ICovid-191 pandemic has Impacted the charlty. The Tru5tee5 have considered the financial healthof the charity èndlheTrustees believe thatthechority. at the date of signin& will contlnue as a goln8 ¢oncem for the foreseeable futUTe. Reserves At 5 April 2021 no reserves were clrrfed forward In accordance w4th the Trustees. policy on reserves, whlch is to Expend income to the fullest8mount eich yearwlth any reserve5 to be used In thefollowinE year. Plans for Future Periods The Trustee5 are satlsfied with thelr grant mokln8 priorlties and It Is their intention to contlnue to support 3 wide and varied number of tharitles In accordance with their prlorftles.

Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 Aprll 2021 St•tement of thtTrustees' re5pan51bllttles In respect of the flnanclal stements The Trustees are responsiblt for preparin8 the Report ol iheTru5tees and the financial staternent5 in accordance wirh èpplicable ￿Walld United Kin8dom GenerallyAcceptedAccounting Practlce. The law ap￿Scable to ehèritiesin En8land and Wales, theCharltlesAci 201L Ch8ritylAttounts and Reportsl Re8ulètk?ns 2008 and the provisions of thÈ Trust Deed requires the Trusrees to prepare financial statements for earh financial year which 8ive a true and f3ir view of rhe state of affairs of the charity and of the Incoming resources ond application of resources, includin8the income and eKpenditure, of ihe tharity for that period. In preparingthose flnanclalstatements, the TIv5tee$ are requiied to.. select suitableaccountin8 polide5 and then apptythem consIstent￿.. obswve the mhodsand principles In thecharit￿SSORp.. makejudgernent5 and e5rimate5 that are reasonableand prudetht., state whether 2pplicbble accounting standards have been followed, subjert tD any mètersal departures disclosed and explained in the financial 5tatementS.' prepare the financial statement5 on the going concern basis unle$5 It 15 inappropriate tD presume ih81 the Foundation wlll contlnue in operation. The TTUStees ?re respoDslble for keeping proper acccuntir¥8 record5 fhat dSsclose reasonable accuracy at any tlme the nnanoal position of the Foundation and enable them ro ensure thar ihe EDan¢ial staiefflents cornpty with the Charsfies Act 2011, the Charity (Accounts and Aeporrs) Regulations 2008 and the piowsions of the Irust deed. Theyare also responsible forsafe8uardin8 the a$5etsof rhe Foundation a*)d hencefof taking reasonable st2ps forthe prevention anddetertion of traud and other Irregularltles. Approved tsy the Trustees on.. ond 516ned on thelr behalf by.. Trustee

INDEPENDENT AUDITOR'S REPORT tothÈTru5tees of the Chrlstopher Laing Foundatlon- A Reg15terod Charity Oplnlon We have oudlted the financSal statement5 of the Chrlstopher Lalng Foundation Ithe'chariv) forthe yeor ended 5 Aprfl 2021 whlch comprlse Statementof Financial Activities, the Balance Sheet and notestothÈfinancial 5tstements, Including significant accounting policie5. The financial reporting framework that has been èpplied in their preparatlon is applicable law ènd United Kingdom Accountlng Stsndards. including Flnancial Reporting Standard 102 The Finontiol Reportinq Srondord opplicoble in the UK ond Republicof Ireland Iunited Kin8dotn Generally Accepted Accounting Prarticel. In our oplnion the financial 5tstements'. give a true and fairviewof the state of the chariV5 affairs a5 31 S Aprll 2021. and of its incorniThg resources and application of resourcES, including its income 8nd expenditure. for the year then ended-, hÈve been properly prepared in accordance wlth United Kingdom Generally Accepted Actountyng Practlce.. and have been prepared in È¢¢ordance wlth the requlrements of the CharitSes Act 2011. Basls for opinion We condurted our audit in accordan￿ with Intern*ional Standards on Auditing IUKI (15￿ ILIKII and appllcable law. Our responsibilities underthose standard5 are further described inthe Auditorf5 responslbilities forthe auditof the financial st8ternent5 Section of our report. We are independentof the charity in accordJnce with the ethical requirementsthat are relevantto our audit of thp financial 5tatement5 in the UK, including the FRC'S Ethl£al Standard. ond we h3ve hJlfillEd our othEr ethical responsibiliti?s in accordance with these ¥equlrement5. We belleve that theaudlt Èvidence we have obtained is suffi¢ientand approprfate tD provide basis for ouropinion. Conclusions felatlng to 8ainB ¢oncern In èuditlng the financial stotements, we have concluded thèt the trustee5' Use of the golng concern basls of arccuntlng In the preparation olthe fin3n£ial ststements 15 appropriate. Based on the work we have performed. we have not Identlfled any rnateriol ￿n￿rtaIntleS relating to everFt5 or conditions thaL individually or collettively. rnay cast signifScant doubt on the charity's abllltyto continue a5 a going concern for a period of at least twelve months from when the flnancièl statements 3re authorised for issue. Our responsibilities and the responsibilltles of the trustees with respect to 8oln8 concem are de5rrlbed In the relevant sections of thls report. Other information The other information cornprlses the Inforrnation included In the irnstÈÈs annual reporL other than the fiftantial statements and 04Jrauditaes reportthereon. The trustees are responslbleforthÈ other informatlon contained within the annual report. Our opinion on the financial statementsdoes not coverthe other inlormation and, excepttothe extent otherwlse explicitly ststed in our report. we do not expre55 anyform of assurance conclusion thereon. Our responsibilityisto read theotherinft)rmation and, in dolng50. considerwhetherthe otherlnformatlon Ssmateriallylnconslstent with the tinancial ststements orour knowledge obtained In the course of the auditor otherwise appe&rsto be m3teriallymisstated. If we identlfy such material tnconsistencles or 8pparent material mi55tatements. we are required to determine whether this glves rlse to è rnatÈrial 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 requlred to report that fao. We have nothingto report in this ie8ard. Matters on whlth w¢ ore requlred to report by exceplTron We have nothing to report In re5PeCt of the following matters in relation to whichthe Charltle5 (Accounts and Reports) Re8ulation5 2W8 require us to reportto you If, in our oplnlon.. thp infwmatiun glven In the financial statements Is Inconslstent In any rnaterial respect with the trustees, report.. or the charity has not kept adequate accounting records,. or the financial statements are not in agreement with the accounting record5 and returns,. or we have not received all the Information ènd explènatior55 we requlre forouf audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement [set out on page 5], 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.

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, is detailed below.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

• discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

• gaining an understanding of management's controls designed to prevent and detect irregularities; and

• • identifying and testing journal entries.

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: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidance-fora u d itors/ Auditors-responsibilities-for-au di t/Descri pti on-of-a ud itors-respons i bi I ities-fora ud it.aspx. 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 Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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.

Steve Robinson, Statutory Auditor Mercer & Hole Chartered Accountants

Date: 2 February 2022

Mercer & Hole is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Christopher Laing Foundation - A Registered Charity STATEMENTQF FINANCIALACTIVITIES for the year ended 5 April 2021 Total Llnrestrirted Funds 2020 Expendable Endowment Total lficome 2021 Note INCOPIJEAND ENDOwmE￿s Inve5trnents 394.677 394,677 451,036 TOTAL INCOME 394,677 394.577 451,036 EXPEND￿vRE Cost of ralslngfunds Charitable activitie5 45,782 45.782 643.257 36,065 508.938 643,257 TOTAL EXPENDITURE 45.782 643,257 6B9.039 545.003 NET INCOMEIIEXPENDITUREI BEFORE GAINS AND LOSSE5 ON INVESTMENTS 145.7821 1248.$801 1294.3621 193.9671 Galns/l1055e51 on Tevaluztlon of investment asset$ 8 1,724.455 1,724.455 11,523.1541 NEf INCOMEIIEXPENDITUREIAFTER GAINS AND LOSSES ON INVESTMENTS 1,678,673 1248.5801 1,430,093 11,617,121) TRANSFER BETWEEN FUNDS 1139.3591 139,359 NET MOVEMENT IN FUNDS 1,539.314 1109,2211 1,430.093 IL617.1211 FUND BALANCES 6ROUGFrr FORWARD 10,533,999 109,221 10.643.220 12,260,341 FUND BALANCES C4RRIED FORWARD 12.073.313 12,073,313 10,643,220 The Statement of Financlal A¢tivities Includes all ga*ns and1055es recogni5ed In the year.

Christopher Laing Foundation A Registered Charity BALANCESHEET as at 5 Aprll 2021 2021 Note FIXED ASSETS Investments 12,174,316 10,492.001 12,174,316 10,492,001 CURRENT ASSETS Debror cash al bank L963 122,801 668 212,751 124,764 1115,7671 213,421 162,2021 LIA8ILTrIES.' amountsfallln8 duewlthln oneyear io wErcuRRE14T ASSErs 8,997 151.219 Provision for liHbilttie5 and charges li iiio.0001 1101.0031 15L219 Ef ASSErs IZ,073,313 10.643,220 Repre5entlTrg'. UNRESTRicfED FUNDS Eyendable endowment 12 12,073.313 10,533.999 Undistrfbuted income 12 109,221 TOTALCHARIThFUNDS 12,073.313 10,643,22 Approved by the Trustees on.. Dale and signed on their behalf by.. T￿stee

Christopher Laing Foundation - A Registered Charity STATEMENTOF CASHFLOWS for the year ended 5 Aprll 2021 2021 2020 Nute Cash flows from operating activitse5: Net cash pro¥lded by lused In) operatln8 actI￿lIeS 14 1526,7691 1634,8921 Cash flows from iDvestln8 artivllle5: Investment incorne Proceeds from Sale ol Investments Purchèse of investments 394,677 1.640,257 11,771,603) 451.036 L919,213 11,843,849) Net c•$h provided by Iu5¢d Inl Inve￿ing3ttIvslIeS 263,331 526,4 Change ITh cash and rash equlvalent5 in theyear Cash and cash equivalents at thè beginnln8 of the year 1263.4381 404.693 1108,4921 513.185 Cash and cash equivalentsatthe end of theyear 141,255 404,693 Represented by.. Cash held within the inve5trnent portfollo Cash at bank 18,454 122,801 191,940 212,753 141.255 404.693 As the trust has no btrrrowln8s, no 4naly515 of net debt 15 included in these fiThan¢ial statements. 10

Christopher Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at S Aprll 2021 ACCOUNTING POLICIES The princlpal accounting pollcles adopted ore asfollovJs'. al Bas15 of preparation and assessment of 8olng tonetrn Theflnancial statements have been prepared in accordance with Accountingand RÈporting byCharitie5.' Statement ol RecommÈndÈd Practlce IFRS 1021 and update Bulletins l and 2, and the Ch3rlties Att 2011 and appli¢able regulations. The flnancial statements havÈ been prepared under the hI5torical c05t conventlon, modified to include the revaluatlon of fixed asset inve5trnents. The tharity con5tttutes a publ1¢ beneflt entity 45 defined by FRS 102. The Coronavirus ICovid-191 pandÈmic has Impacted the chbdty. The Trustees have considered the financlal health of thè charity 8nd the Trustees believe that the charSty, at the date of s18nin& will contlnue as a 8oin8 ccncem for the fore5eeablefuture. bl Fund strurture The expendable endowment represents the funds settled orlginally by the settlor and funds added from the Estste of the Settlor'5 father and the Trustees are permitted to apply the endowment as though it were Income. Income is to be used for charitable purposes only. cl Income recognltlon All irtcorne is lecognised once the charity has entidement to the Income. there Is sufficient certainty of receipt and so it t5 probable that the income w511 be received. and the arnount of Income receivable can be mÈasured Interest gn funds held Is included upon notification of the Inttiest pald or pèyable. Dividends are recognlsed On￿ the divldend ha5 been declared and notificatlon has been recelved of the dividend due. Credit is token in the accotsnts for income tsx dedutted from investment income which has or will be reclalrned frorn H M Revenue & Customs up to S April 2021. Income frorn donatlOn5 and legaciE515 recognised a5 It is recelved bythe Trustees. dl Expenditure reccgnltlo Llabilitie5 are reco8nised 45 expendlture as soon as there is a leg41 or constructNe obligatlon committing the Charity to the expenditure, It Is probable that settlementwill be requlred and the arnount of the obligation can bÈ rneasured reliably. l expenditure Is accounted for on an accruals basis and has been clèsstfied under headings that a88r2ge all costs relatÈd to the category. &ngle or multi-year grants are actounted for when either the reclplent ha5 è reasonable expectation that they wlll receive a gr3nt and the Trustees have a8reed to pay the grant without condition. or the reclpient has reasonable expettation that they will receive a grant and any ronditSon attached to the grant Is outside the ontrol of the charity- el Allocatlon of governan￿ and support costs Support costs have been allocated between charitable activlties and governonce. Support Costs relatlng to charitable octlvitles hève been apportioned based on the estirnated time spent by the professloTral advisers ernployed in the adrninistration ol donations. The allocation of 5UPPOrt Costs 1$ analysed in note 5. Governance costs comprise all costs involvlnE the public 8trountabS11ty of the charity and ts compliance with regulation and good practice. ThesÈ costs include c05t5 related to the audit ol the flnancial statement5 and zccountancy charges t￿Èther with an apportionrneTht of support CQ5ts. C05t of ralslngtuTrds The cost of 8eneratSng funds comprises the imfestrnent managers, charge5.

Christopher Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 5 Aprll 2021 AcCOU￿1NG POLICIES- contlnued 81 Charitable activitles Costs of chÈritable actNkles Includp 8rants made In the year Ènd an apportlonment of govern3nce and support ¢05t5 as shown in note 4. h) Fixed 0$5et investments Listed Investment5 are valued In th2 Balance Sheet at market valve, Unlisted Investments are included at the Trustees, estimate of market value. The net gèin/l105sI on revaluatlon ènd disposal of investments is $hown In the Statement of Financiil Activities. 11 Realised Ealns and10sses I gains and losses are taken to the Ststement of Financial Attivities as they arise. Reallsed gain5 and losses on Investmnts are calculated as the difference between sales proceed5 and thelr opening carrying value or thelr purchase value rf acqulred on or 5ub5equent to the first day of the Inanti81 year. Unreallsed gains and 1055es are calculated as the difference between the fair value atthe year end and thelr carrying v31ue. Reallsed and unrealisèd investrnent Ealns and losse5 are comblned in the Statement of Financial Activities. 11 Foreizn exchartge Transattion5 denominated In foreiEn currencies are r2cDrded at the rate of exchange ruling at the date of the transactions. Monetary a55ets and Ilabilities denomlnated in foreign currencles are translated into sterling at yearnd ratÈs and tran51atlon difference5 are taken to the Staternent of Flnancial Activitie5. kl Currency The financial stat2rnent5 are PTepar2d in 5terlln& which 15 the functlonal currency of the charlty. Monètary amourit5 in these financlal staternents are rounded to the nearest £. 11 Cash and eash equivalents Cash at bank and cash in hand includes cash and 5hortterm highly1Squld invèstmentswith a short maturityofthree months or less from the date of atqU151tion or openln8 of the deposit or sirnllar account. INCOME AND ENDOWMENfs 2021 Total 2020 Total Lln115ted Llsted Investment inctsme Inve5trneni Income from a55ets In the UK 148.017 180,22S 78.612 112,1841 328,242 78.612 112,1841 378,060 85.459 112,7251 out51de the UK Less non-recoverable tax credlts 148,017 246,653 394,670 450.794 Deposit interest 242 394,677 451.036 cosr OF RAISING FUNDS 2021 2020 Investment rnanagef5' char8e5 45.782 36,065 12

Christopher Laing Foundation - A Registered Charity NOTES TOTHE FINANCIAL STATEMENTS at S Aprll 2021 ANALYSIS OFCHARITABLE ACTIVITIES Thecharltyundertakes itscharltjbleathvltlesthrtsugh grant makin8and3warded grantstoa numberof instltutions in further3nce of Its tharitable objectnies. 2021 2020 Grantfunded •ctlvlty Support costs 620,000 4,830 18,427 483,000 5,311 20,627 charltsble attivitie5 (note 51 8overnance costs (note 61 643,257 508.938 A detalled analysi5 of grants awarded durln8theyear 1$ elven in note 7. ALIOCATION OF 5UPPORTCOSrs Suppurt fQ5ts were allocated between charftable activi￿eS and governance as shown btlow.. Total Charilabje Activitles Governance CostType Allocated Bosls of AppCrtior*M￿t Generaltru5tadrnlnlstratlon 12.075 4,83U 7,245 nme of professlonal advTsers GOVERNANCE COSTS Expendable Endowment Total 2021 Total 2020 Income Audltors. rernuneratlon GeneraltriJ5t admlnSstration Accountancy services Bank charges Postage 5undryexpenses 2,940 7.245 6.792 330 2,940 7,245 6.792 330 2,880 7,967 7,470 130 610 1,120 1,120 1.570 18.427 18,427 20,627 Th2 Trustees received no remuner3tlon orexpense5 In respÈct of their servlces12020- £Nill. 13

Christopher Laing Foundation - A Registered Charity NOTESTO THE FINANCIALSTATEMENT5 at 5 April 2021 ANALY515 OF CHARifABLE EXPENDMJRE The charity awarded grants tg a nurnber of Institutlons In furtherance of It5 £harftable activlties which are summarised a5 follow5.. 2021 2020 No Child ènd Youth 135,000 40.000 385,000 60,000 143.000 55.000 215.000 60,000 Cultural and EnvIrOnrne￿al Sorial Welfare Charitie5 Aid FouThJation 12 13 620,000 483,OLMI Details of the institutions are as follows.. DONATIONS TO REGI D cHAR￿lEs Ild andyouth B10550rn House School Duke of Edinburgh's Award Llttle Green Pi8 The Lord'5Taverners 10,0 50,000 5,WO 70.000 135.000 Cul ur ental Flelds In Trust (National Playing Flelds Assoclatlonl 40.000 40.000 Social Welfat Action for ME iO.OOD 10,000 5,WO LOO,WO 150,WO 30,000 25.000 5.OCO S,OLN) 20.OOCI COIB Benevolent Fund John Clements Sports & Community Centre Oxfordshlre Communfty Foundation RNLI St Lawrence College Thames ValleyAirAmbulance The Henley Fe5tlval Trust Th2 Nation41 Emergencies Trust The Sllver Line 20.OCM) s,￿0 The Wètson Hall 385,rxio TOTAL DONATIONS TO REGISTERED CHARITIES CHARITIES AID FOUNDATION 60,(KIO TOTAL DONATIONSFOR THE YEAR 620.000 14

Christopher Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 April 2021 ANALYSIS OFCHARITABIE EXPENDrruRE- £ontirtued HAR￿lES AID F LINDATION Balance held a5 at 6April 2020 Payments to Charit1È5 Aid Foundation CAF Administration Charge (including VAT) Grants paid 18,228 60,000 12.7001 158,1001 Balance as at S Aprtl 2021 17,428 Asample of grants to IThsiitutlon5 of £￿(￿ and over is eiven below:_ Child and Y uth CLIC Sargent Cancer Care for Children Herts Yovng Homeless Group121 Que5tfor Learning 1,0 2,0 I,LXJO Medlcal Re5 arch Guildford Undetetted TumovrScreenSng Headv42y-The 8r3ln InjuryAssociatlon The Cure Parkinson's Trust121 The InstitutÈ of Cancer Research i.OOD 1.000 1.000 i.wo Social Well AGE UK Milton Keyrte5 ex3nder Devine Childrens CantÈrTru5t County Air Arnbulance Emsnau5 Oxford121 FulhHrn Palace TnJ5t Hearins Dogs forthe Deaf Helen & Douglas House121 Isabel Hosp*ce Ltd Katharfne House Hosplce Trust Ma8gie5 Ke5wlck Jencks CèncerCèrin8 Centres Trust Medical DetectSon Dog5 North Herts Hospice Care Ass¢ciation (Garden House Hospice) Opera Prelude121 PÈHce Hosplce Ca￿[21 Rennle Grove H05pice Care Royal Trinity Hospice The Chiltern Centre The Henley FestivBI Trust Tllehouse Coun5elliThE 2.000 I,wo 2,500 1,000 LODO 1,000 1,000 1,000 1.000 1.000 I,IDO I,ooo 1.000 I.OOD 29,600 15

Christopher Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 April 2021 FIXED ASSET INVESTmE￿r5 Unquoted InVe￿Ments Tru#ee5' Cash held Quoted Investments Jmfinn Verffleer within the Investment Total Names &Co Partner5 Portfollo 2021 Market value at 5 April 2020 Di5P05al proceeds Add.. acqulsSfjons atcost Investment gains/llo55esl Movements In cash 3.559.870 2,532,251 1826,3951 888,121 431,209 4,207,940 1813.8621 883.482 1.256.454 191,940 10,492.ODI 11,640,257) 1.771,603 1,724,455 1173.4861 36.792 1173,4861 Market value at 5 April 2021 3.596.662 3.025,186 5,534,014 18,454 11174,316 Historitsl costat 5 April 2021 1.819,272 2,432,185 4.161.081 8.412,538 Hlstorlcal cost at 5April 2020 1,819.272 2.296,800 3.899.984 8,016,056 Unquoted Investments Cash held Quoted Investments JMFinn &Co' within the Trustees. Vermeer Portners Investment Portlollo Total 2021 Names Investment a55ets in the UK 3.596,662 2,168.364 856.822 2,344,607 3,189,4Q7 18,454 8.128,087 4,046,229 Investrnent a55ets outsTde the UK 3.596,662 3.025.186 5,534,014 18,454 12,174,316 The J M Finn & Co portfolio includes an Investment made in M&G Investment Management Limited rnade on behalf of the Trustees durlngthe year ended 5 April 2010. on a non-discretionory ba515. The followlng Investments CQWPri5e more than 5% of the vèlue of Investment portfollo= Name Holdlng M¥kei Value Eskrnuir ProperUes Ltd The Dlverslfied Property Fund for Charitles 217.616 ordinary shares of £1 1,351,175 units £1.827,974 £1.768.688 Christopher Laing. a Trustee. Is Chai￿an of Eskmuir Propertit$ Ltd. The Dlverslfted Property Fund for Charltles 15 managed by Eskmulr Properties Ltd. The market value of the unouoted Investment5, E5krnulr Propertles Ltd and The Diversified Property Fund for Charities. have been calculèted using the estlmated market values provided to the TrustÈes at 30 Septembpr 2020 of £8.40 per share. and at 31 March 2021 of £1.3090 pershare, respectively. 16

Christopher Laing Foundation - A Registered Charity NOTESTO THE FINANCIALSTATEMENTS at 5 April 2021 URRENT As￿r$ 2021 2020 Debtor- Dlvldend due Debtor-Tax recoverable 668 1.963 Bank balan C Hoare & CD 116,698 180.896 Brokers inwme account - Vermeer 6,103 3L857 122,801 21Z,753 IQ. LIABiimES.. AMoupif5 FAWNG DUEwifH114 ONEYEAR 2021 2020 Ayditors Accountants 2.940 14,337 8.4YJ 40.(KH) 50,0(M) 1880 14.337 4.985 Investment mana8e¢s Grants - Oxfordthire CornmunityFoundatx)Tr 2nd of3 - GreenhovseSp)rts 40,000 115.767 62,202 IL PROVISION FORUABILMES AND CFFARGES 2021 2010 Grants - Oxfordshire Community FouNJati¢)m 2022 3rd of 3 Llvability 2022 of3 vability 2023 3rf of 3 so,0 30,0 30.0(X) iio,o 12. UNRESTrICTED FUNDS Unre5trieted lund5atS April 2021 comprise the followiw.. Expendable Endowment Und1strlb￿ed Income Total 2021 Total 2020 Investments Debtors Cash Creditors 12,L74.316 IZ,174,316 1,963 121.801 1115,7671 Iiio,(x)01 10,49Z,(M)I 668 212.753 162,2021 1,963 75,955 1107.2771 Iiio,0001 139,359 46.846 18.4901 Transfer between fund5 1139.3591 12.073.313 IZ.073,313 10,643,3ZO 17

Christopher Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 5 April 2021 13. VOLUNYEER5 Otherth8n the Trustees, the Foundatlon rÈtEive5 no Contribu￿0￿ from volunteers. 14. RECONCILIATION OF NEf MOVEME￿5 IN FIJNDSTO NET CASH FLOW FROM OPERATING AcfiwTIES Zozi 2020 Net movement in funds las per the Statement of Financial Actlvltlesl IGainsll1055es on Investments shown in investing activitie5 Dedutt investrnent income Shown In Investing artivities Ilncrea5elldecrtase in debtors Increa5e/ldecrea5el In creditor5 1.430.093 11,617.1211 11,724.45SI 1.523,154 1394.6771 1451.0361 11,29SI 16681 163,S6S 189.2211 Net cash providÈd by Iu5ed inl uperati￿ act[￿tIeS 1526,7691 1534,8921 18