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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 st*ements
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 m*hodsand 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 颢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._ 

7 



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 a88r2g*e 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
Investm*nts 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
year*nd 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