Christopher Laing Foundation A Registered Charity Report and Financial Statements 5 April 2022 Christopher Laing Foundation - A Registered Charity CONTENTS Pag• THUSfEES' REPORT AUDtroR'S REPQRT STATEMENT OF FINANCIALACTIVITIE5 BAiANCESHEET srATEMENT OF CASHFLOWS io NOTES TOTHE FINANCIALSTATEMENTS 11-18 Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2022 The Trustees present thelr financial statements ?nd ann￿1 report for the ypar er￿ed 5 Aprll 2022. The financial Statements have been prepared In acct)rdants wlth th¢ acwunting poll¢ies Set out in note I to the affounts and comply with the charilvs trust deed dated 9 July 1979. the Charitles Act 2011 and Accounting and Reportlng by Charities.. Statement ol Recommended Practlce IFRS 1021 and update Bulletln5 1 and 2. Releren¢e and Adminstratk>n Oetailsotthe Charfty. ItsTrustee$ 8Thd Advkers. Settlor hristopher Maurire LalnR Date of De 9 July 1979 Trustees Chrlstopher Maurlce Lalng Diana Chri5tin3 Laing John Ernest Keeble Mlchael Richard Warwick Laing Richard Walter Minton Haine5 Carfa Lois Patricla Seale RegL%tered Address c/0 TMF Global sevvic￿ IUKI Ltd 960 Capability Green Lutan Bedlord5hlre LLII 3PE Registered Charity Number 278460 Website ain oun ion.com Banktts C Hoare & Co 37 Fleetstreet London EC4P 4DQ Accountants TMF Global Services IUKI Ltd 960 Capability Green Luton 8edtordshlre LUI 3PE Al￿ltOrS Mercer & Hole LLP 72 London Road 5tAlban5 Hertfordshirp ALI IN5 Investment Advisors JMFlnn&Co 25 Copthall Avenue London EC2R STA Vermeer Partner5 130 Jemiyn Street Lot)don SWIY 4UR Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2022 De5tinationof Funds Incorne To charitable purp05e5 only. (The Trustees had the power to accumulate until g July 21)JO when the èccumulation period ended). To be retained by the Trtsstee5 or, at thÈir discretiarb. applied as for Fncorne. Expendable Endowment Inve5tmert Power5 UnTestrfctEd, Structure, fy)vefnance & Mznagement The Foundatlon is constituted under a trust deed dated 9 July 1979 and isa rew5tered charity, number 2784GO. The Trust wa5 established by a gift from th& Sewor, Christopher Maurire Laing. The Trustte5 are appolnted bythe 5ettlordurlng hls Iwetime. The InduGUoTh process for any newly appointed Trusiee comprises an inftial meetlng with Christopher Lalng and hi5 co-Tru5tees to COVÈT investment policy. the grant maklng process and the powers and responslbilitiesoFtheTru5tee board. AfterapwintmenL newTrustees will be provided wlth copie5 of arcounts, annual retums 4nd Investment reports. TMF Glokl Services IUKI Ltd Is responsible for the adminlsttstion and accountingfunctlons of the Fayndation and actsascorrespoDdent for appllcations for giants. Applicatlons received by TMF are the first instance sent to Christopher and Diana Laing for conslderation and if approprSate, they are ton5idered by all Trustees. thrge donations are gènerally considered and approvpd it Trust¢e5' wneetings Bre held bi-annually. Small donations are consIde￿d as aTrd when they arise. The Foundation does not actlvely fundraise and seeks te continue to support charitsble projerts from careful stewardship ol its Investment portfolio. The Tru5tee5 h4ve examlned the major strateg[£ and operatiDnal ri5 that thp Foundatlon lare5 and confirm that appropriate measures are In p14ce to protect the Foundation from them as far as possible. At the Trurtees, meetill8S. the Tru5teps agree thei¥ objectives ar aieas of artivity for the Foundation. irycludlng consideration Df grant maklng, investrftent, rese￿e$ Hnd rtsk man4gement policies and performance. Oblectwes and Activlties The Fourtdztion derive5 Ils incomefrom Investments. It istheTru5tees' inve5trnent polity to attept inve5tmenl 4dvlce Irom fund managers under a dlsrretionary arranBemeTrt in order to athieve a ieasenable balante between capital growth and income yield. The investrnertt managers have bÈen InstrLKted not to rfirectly Invest in gambllng or tobacce stor￿. A large number of requests for dona￿onS are reoived and unfortunatdy omty a small proportio# of these requests can be fulfilled. Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 Aprll 2022 Grant Making Policy The Trust DÈÈd stat25 that tht Tr￿t funds are to be used e¥dusively for charltable purposes at the T¥ustee5' discretion. The Foundation therefore makes donations to a wide and varied number of charitle5. The TTUStees' priority y￿a$ of giving arefocussed on Plertfordshire and OxfordshirÈand cover.. Recorb5tructlon ol comrnunltles following the Cowd-19 pandemlc Youth & Education Homelessness Environmental and con5ervalion work The Truste￿ m8ke regular payments to a number of tharltable Drganisations who are invlted to applyon an annual basi5. Achievements, Public Benefrt and Performance During the ye3rto 5 April 2022, the Foundation made donatSon5 lolalling £324,25012021 £620.OWI. This Include5 £44.000 deposited with the Charities Aid Founthtion 12021 £60.OLX)l. The Trustep5 conflrrn that they have referred to the guldance contained in the Charity Commlssion's genÈral guidance on public benefitwhen settlng th@Ir grant rnakinE poliry for the year. in line wlth the chaiity's alms and objettive5. The Trustees are satlsfied that all Erants Tnade duringthe year are for the beneflt of the public and that the benefft of each and every grant is clearly identifiable. A list of grants tan be seen In note 7 to the accounts. Major donatlon5 n￿de during the year were: Duke of Edlnburth'$Aw8rd £52,750 The Trustees continue tD provide core support to thi5 charity. which provides young people with life Cl￿n￿l￿g OPPOrtunlties. Brftlsh Red Cr05S £50.Q The Trustees agreed to Make a one-off sperial donation to this charity with a rostrictlon to use thè fvnds only in relat￿)n to the Ukrainiarb Humanitsrian crtsis. Flelds In frust £40000 The Trustees continu¢ to provide Cofe 5UPPOrt to this charity. whlch protectS8reen spate5 natbnwide, whichwereso importifjtduringthe Covrd pandemir. Christopher Laing Foundation - A Registered Charity TRUSTEES, REPORT at 5 April 2022 Finandal Review The Finat)tial Statements have been prepared in ac¢ordance with the accounting pDliclÈ$ Set out Dn pages 11 and 12 and CDmply with the Charity's Trust Deed and applicable law. Incoming restyJrces for the year from investments and £3sh tDtalled £454.50812021 £394.6771. There were ¥a￿ouS acqulsitions and disposals of investments during the year. The net gain on revaluatlon and disposa15 of investment assets amounted tD É1,503.52712021 giin £1,724.4551. The markEt value of investments at 5 April 2022 was £13,330,075 12021 £12.155.8621. As stated in the Trotes to the accounts. the Coronavirus ICovid-191 pandemic has impacted the charity.The Trustees have considered the flnanci31 health of thech2rityand thÈTrustees believe that the charity, èt the date of signlng, will continue as a goin8 eoncern for the foreseeèble future. At 5 Aprll 2022 ieserves of £107,076 werÈ cathed fo*ward in accordance with the Trustees, PDlicy on reserves. whlch is te e¥pend Income to the fullest imount each year with any reserves to be used In the following year. Plan5 for F¢rture Perlods The Trustees are satlsfied wlth their Brant rnaklng prloritlÈs and It Is their Interbtion to cgntinue to support a wide and varied number of charities in accordance with thelr prioritSes. Christopher Laing Foundatior) - A Registered Charity TRUSTEES, REPORT at 5 April 2022 Stat•ngrtolthÈTn*tees' re5pon51bllltlesln respettgltheflnandal st414ments The Trustees are reS￿nSIb￿ for preparln8the Report of the Trustees and the financlal statements in accordarbce ap￿leaNe law and UTrited KI￿OM GeneraJtyAC￿Pted Accounting Practlee. The law appficable to£harlties in Enland and Wale5, the Charities AL1 2011. CharltylActount5and Report51 Regulations 2(X)8 a￿￿ the provis￿￿5 of the Trust Déed require5 the Truaeèsto prepare ftnandal statetnenis for oath Ilnarncial year whlch wve è trw and fail ￿eW of the state of affai¥s of the charity and of the incon￿n£ resour￿5 and appll¢arion of SOV￿e$, Ineludlngthe inwrne and expÈndJrure, of the charityforthat perlod. In preparing¢h05efinantialsratetnents. the Tru5teesare requiredto: select suitable accountkn8 politres and then ap￿Y1heM conslstently, observe the methodsand prlnciples In thE CharkIeS￿RP.' makeludgemÈn15 and estimate5 that are rea50nabl2 and pr￿lent,. state Wheth￿ applicable accouftting standards have been lollowed subieLt to any material departures d&cknsed and eX￿n￿￿ in the fina￿(la1 5tatement$,' prepare the financial srateTnent5 on the 8oing concwn basis U￿re$S tt15 inapwopriate to presume that the Foundation wl11 contlnue in operation. TnJstee5 are responsiblE for keeplrng proper actountlng recefds th3t disdDse with reasonable accuracy at anytirne the fininci81 p051tion of the Foundation and enable theTn to ensure that the *n•ntial 5tatemenÉs comply whh the arfitie5Act 2011, the Iharlty IAcEounts and Repornsl Regvlations 2Lk18 and the pTovisions of the trv5t deed. They are also responsible for safe8uardingihe a55etsof the Foundation ahd hence fortskingrea50nablÈ steps forthe prevenibn and detection offraudondother irregularities. Approved bytheTrustÈeson.' /?.)CThC. 22 and 51gned on their behèjf by.. Trustee INDEPENDENT AUDITOR'S REPORT tothe TrLlSteesof the Chrfstophèr Lalng Foundation-A Reglstered Ctharfty Opink¢n We have audited the financial statement5 of Chrlstopher Laing Fouwdation Ithe'charft¢l for the year ended 5 April 2022 which cornprisestatementol FinanclalAttivities.the Balancesheetand notestothefinancial statements. includingsignlfitantaccounting policies. The financial reporting framework that has been applied In their preparatlon is opplicable law and United Klngdom Attountlng Stsndartls, including Financial Reportin8 Stsndard 102 The Finonciol Reporting 5ttsndard applicoble It) the UK and Republlcof IreknndlUnltÈd Kingdom GenerallyA(cepted Attounting Pratticel. In our oplniDnthe financial slatèrnerts: give a true and fairview of thp 5t2te olthe charibt5 affairs as at 5 April 2022, and of Its incomln8 resources and applitation of resources. includlng its income and expenditure, for the ye2rthen ended,. have been properly prepared in accordance with UNted Xfngdom Generally Accepted Accounting Practlce.. and havè been prepared in a￿ordanCe wrth the requirements of the CharrLl¢sAct 2011. 8aslsfor oplnion We conducted our audit in accordance with International Standards on Auditlng IUKI I1￿ IUKII and applicable law. Our re5ponsibllltiè5vnderth¢sestandardsarefvrtherde5cribed inthÈAuditerfs respon5ibilitiesforthe auditofthefinancial Statements sectiefi of our report. WE are independent of the charily In accordance wlth the ethical requiremÈntsthat are relevant to our audit uf the financièl 5tdternent5 In the UK. including the FRCS Ethical Standard, and we have fulfilled our otheT ethical respDnsibilities in accordante with these requirernents. We belleve that the atsdFt evidence we hive obtained Is sufficleni and apprapriate to provide a basis forour opinlon. Conclu$k+Jk% relatln8 togolngconcem In auditing the finaniial statements, we have concluded thit the trustee￿ use of the golng concern b2sis of accountSng in the preparation of the financial stEtements is appropriate. Based on the wgrk we have performed, we ￿ve nDt identified afiy rnaterial uncertaintle5 relatln8 to events or condition5 thaL Ind￿ldU*11vorCol1?(tIVeIy. may ￿5t $18nlfieant doubt on the tharity's 8billty tv continue as a 8Ding concern for a period of at least twefve monthsfrgm when the financlal statemenrs are 3Uthorised for Issue. Our reSpO￿bIlItieS and thE respDnsibilMies of the trustees wlth respectto going concern are described in the rEle￿nt sections of thls rÈpt)rL Othei Intoimatlot) Thp Other inform?tion comprises thè information included in the trustees annual report, other than the financial statemÈnt5 3nd our auditols report ihereon. The trustees are responsible for the other Inforrnation contained within the annual report. Our oplnion on the fin3nri41 statements doe5 not cover the other information and, except to the extent otherwiSE eypficr(Iy stated in our report. we do not express anyform of assurance conclusion therèon. Our responslbility 15 to read the other infomiatiDn and, in doing so. ronslder whether the other inform4tion is materially inconsistent with the linantlal stitements or ovr knowled8e obtained in the course of the audit or otherwlst appears to be materially rnis5tated. If wp identify suth rTraterlal incon51stencie5 or appaient rnaterial misstatements. we are required to dÈterminewhetherthisEivesrise to a materlal mF55tatement inthe financial staiement5therrselves. If, based onthe workwe have perlormed. we conclude thatthere is a material misstatement of this other information, we are required to report that fÈct. We have nothingto report in th1$ regard. Matters on whlch we are requlred to report byexception We have nothin8 to reportln rÈspertofthe followingmatters in rel8tionto which the Chariti￿ IAccountsand Reports) Regulations 2LXI8 require us to reportta you If. In ouroplnlon.. the Infomiation given In the fi'na￿131 ststèments is Incon515tent In any mater[41 re5PeCt ￿th the trustee5' report- or the charity has nor kept adpquate accounting records,. or the financiol ststement5 ?re not in a8reement with the a¢countln8 records and returns.. or we have received all the Inforrnation and explanatlons we requlre for our audrt. Responslbilhie5 of trustse5 As Èxplained more fully in the trusteèg responsibilitie5 Statement Iset out on page 51, thÈ trustees are iesponsible for the preparatlon of the financi21 statements and fDr being satisfied ihol they give a true and f3iTview, and for such Inrernal corttrol as the trustees determine is necessary to enable th8 preparatlon of financial staterDents that are free from material mi55tatement. whether due to fr4ud orerror. In preparingthe financial statements. thetru5tee5 are respDnslble forassesslng the charitws abllityto continue a5 a going contrm. dlsclosin& as applicable, mattcrs rel?ted to gcin8 conrem and uslng the golng concern tKSi5 of accounting unless the trustee5 e¢therlntend to liquldate the charity orte cease operations. or have no reallstlc alternative but to do so. Auditor The charivs auditor. Mercei & Hole, incorporated l Ortobev 2022 to become Mercer & Hole LLP. The trustee5 have consented tTrtreatin8the incorporatlon of Mercer & Hole ILP a5 a continuation of the exlsiing audit arrangement. AUd￿vrf$ respDnsibllftles for the audltof the hnancialstatemÈnts WÈ have been 3ppolntÈd as auditor undersettion 144of the Charltle5 Act 2011 and report In actordante wlth regulation5 made under sertion 154 of ttr￿t Act. r objettwes are to obtain reE50nable assurance about whether the fin8nclal statements as a whole are flee from material mfssiatement, whether dvE to fraud or error, and ta Issue an auditor's rÈport that includes our opinion. Re350nable assurance 15 a high levpl of assurance but is not a gu3rantee that 8n audit conducted in a￿OrdanCe wlth ISAS IUKI will always detect a material rnlsststement when itexlsts. Mlsstatement5 can arise fraud or errorand ar2 considered m4terfal If, indfvldually or in the aggreg2te, they could reasonably be expected to influence thE economic decisions of users taken on the basfs of these rinonclal statements. 1rregulèr￿Ies. includin8 fraud, a￿ Instancesef nDnst at 5 Aprfl 2Q21 L819.272 2.432.185 4.161,081 8.412,538 Un4UDted Inve¥tments Cash held wlthln the Quvted knvestments JMSlh Truste¢$' Namès Vern*er Partngrs Investment Portfolio Total 2022 &C•* Investment assets in the UK 4.315,939 2.072,434 2.547.644 3.480,552 309.658 9.245,675 Investment assets outsidethe UK 913.506 4.394,058 4,315,939 2,985,940 6.028.196 109,658 13.639,733 The J M Flnn & Co portfollo Intlude5 an Investment made In M&G Investment MEnagement Lirnited made Dn behalf of theTrustees durinB the year ended 5 ApHI 2010. on a non4lstrÈtionary ksls. The following illve5tments comprise more than 5% of the vzlue of investment portFolio- Name Haldinz Market Value Egkmuir Propertie5 Ltd Thp DweTsified Property Fundfor Charities 217,616 ordlnaryshares cf£l 13Sl.175 units £2.226,212 £2.089,727 Christopherlaing, a Trustee, 15 Chalrman of Eskmuir Propel￿e$ Ltd. The Diverslfied Property Fund for Ctharities rnanaged by Eskmvir properti￿ Ltd. The market value of the unquoted investments. Eskmuir Properties Ltd and The Dlversified Pr¢perty Fund for Cl?rities. have been caltulated usln8 the estimated market v4lue5 provided to th2 Trustees at 30 September 2021 of ElQ.23 per share. and at 31 March 2022 of £1.5466 per5hare, respÈttivety. 16 Christopher Laing Foundation - A Registered Charity NOTES TO THE FINANCIALSTATEMENTS at 5 April 2022 CURRENT ASSETS 2022 2021 Dèbtors Incorne tax recoverzble 4,351 658 L963 Stamp duty 5.009 1.963 Bank balances C HoÈre & Co Brokers, Income èttounts Vermeer JM Finn 114,32S 116,698 13,293 2?09 6,103 129,827 122,801 10. LIABIUTIES: AMOUNTS FALUMG DUE wrrHIN ONE VEAR 2022 2021 Audltors 3,180 15,067 9,354 30, 50.(YJO 1940 14.337 8.490 40,000 50.000 Arcountsnts Investment managèrs Grants Uvability2nd of 2 Oxford5hire Communlty Foundatlon 3rdof 3 107,601 115,767 11. PROVISION FOR UABiunESAND CHARGES Z022 2021 Grants Oxfordshire Comrnunlty Foundation 2022 3Idof 3 uttle Green Pig 3Td of 3 Livabllity2022 2r￿ of 3 Lni8blltty2023 3rd of 3 50,000 5,000 30.¢XN) 30,fAKI 3ri.oco 35,000 IiO,L IZ. UNRESTRICTED FUNDS Unre5trlctedfundszt 5 April 2a22 comprE5e the following.. Expendable Endov4m•nt Vndlstrfbuted Inttyme Total 2022 Total 2021 Investment5 DebtOTS Cash Creditor5 13,639.733 658 1101.1451 19.3541 13,639.733 12,174,316 1,963 122,801 1115,7671 IIiO,LUII 4,351 230,972 198.2471 135,OCM)I 129,827 IlQ7.6011 13S.0001 13.529,892 102,076 13.631,968 12,073,313 17 Christopher Laing Foundation - A Registered Charity NOTES TO THE FINANCIAL STATEMENTS at 5 April 2022 VOLufrrrEERS Otherth3Tr theTru5Eee5. the Foundatlon receives nD cont*ibution from VDlunteers. 14 RECONaLIATION OF NET MOVEMENTS IN PJNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2012 2021 et movement in fund5 las perthe Statement of Financl31 Actfvtties (Gains)￿o5$eS on invp5tments shown In investing aCti￿tIeS Dedutt Irsvettment income shown in investing activities IlTrcreasel/detrease in debtors Increaselldecrea5el in ueditors 1,558,655 1,43a.093 11,507,998I 11.724.455) 1454.5081 1394,6771 13,0461 11,2951 183.1661 163.565 Net cash provlded by (used inl operatfjftg activitles 1490.0631 1526.7691 18 Christopher Laing Foundation - A Registered Charity THE FOLLOWING SCHEDULES ARE FOR THE TRUSTEES, INFORMATION ONLY AND DO NOT FORM PART OF THE ANNUAL FINANCIAL STATEMENTS 19