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2021-06-30-accounts

MRS. F.B. LAURENCE CHARITABLE TRUST

ANNUAL REPORT AND ACCOUNTS

30TH JUNE 2021

PAYNE HICKS BEACH

Solicitors 10 New Square Lincoln's Inn London WC2A 3QG

PAC01L.XLS/2021

MRS. F.B. LAURENCE CHARITABLE TRUST

CONTENTS

Accounts

Appendix

27 Grants payable

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 1

ADMINISTRATIVE INFORMATION ABOUT THE CHARITY, ITS TRUSTEES AND ADVISERS

TRUSTEES : Caroline Esther Mary Fry
Payne Hicks Beach Trust Corporation Limited
William George Hamilton
PRINCIPAL ADDRESS : Mrs. F.B. Laurence Charitable Trust
BM Box 2082
London WC1N 3XX
CHARITY REGISTRATION NO : 296548
AUDITOR : Buzzacott LLP
130 Wood Street
London EC2V 6DL
INVESTMENT MANAGERS : Investec Wealth & Investment Management Limited
2 Gresham Street
London EC2V 7QP
BANKERS : CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
Kent ME19 4JQ
SOLICITORS AND ADMINISTRATORS : Payne Hicks Beach
10 New Square
Lincoln's Inn
London WC2A 3QG

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 2

TRUSTEES' REPORT - 30TH JUNE 2021

The trustees present their statutory report together with the accounts of the Mrs. F.B. Laurence Charitable Trust for the year ended 30th June 2021.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached accounts and comply with the charity's trust deed, applicable laws, applicable United Kingdom accounting standards (United Kingdom Generally Accepted Accounting Practice), and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), second edition (October 2019).

GOVERNANCE, STRUCTURE AND MANAGEMENT

Governance

The Mrs. F.B. Laurence Charitable Trust is governed by a trust deed dated 24th February 1976. The charity is registered under the Charities Act 2011, Charity Registration Number 296548.

The statutory power of appointment of new trustees lies with the trustees themselves.

The names of the trustees who served during the year are set out as part of the administrative information on page 1 of this Annual Report and Accounts. Brief biographical details of those in office at 30th June 2021 are given below:

Caroline Esther Mary Fry

Caroline Fry, daughter of Michael Tooth (one of the previous trustees), helped her father with the administration of the Mrs. F.B. Laurence Charitable Trust for 15 years before taking over from him as a trustee in 2008. She is employed as a Personal Assistant to the Chairman of a Private Bank and runs his private estate in Surrey.

Payne Hicks Beach Trust Corporation Limited

Payne Hicks Beach Corporation Limited ("PHBTCL") was appointed on the 28th November 2014. PHBTCL is a trust corporation within the meaning of the Trustee Act 1925. All Directors of the trust corporation are practising solicitors and partners of Payne Hicks Beach.

(William) George Hamilton

George qualified as a solicitor in 1988 and then worked for Lazard Brothers for twelve years. He left in 2000 to work for an investment fund before joining a fund of hedge funds in 2005. Since 2008 he has invested in private equity and real estate, primarily in South East Asia. He is a director of two US based hedge funds, Cannell Capital and SM Investors. He is also a director of a UK based charity which funds education projects in Myanmar.

On agreeing to their appointment, the trustees are thoroughly briefed by their co-trustees on the history of the trust, the day-to-day management, the responsibilities of the trustees, the current objectives and future plans.

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 3

TRUSTEES' REPORT - 30TH JUNE 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

Charity law in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity at the year end and of its income and expenditure during the year. In preparing accounts, giving a true and fair view, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Structure and management reporting

The trustees are ultimately responsible for the policies, activities and assets of the charity. They meet twice a year to review the developments with regard to the charity, its grant giving activities and make any important decisions. When necessary, the trustees seek advice and support from the charity's professional advisers including investment managers, solicitors and accountants. The trustees deal directly with the process of grant applications and Payne Hicks Beach administers payments and keeps the books and records of the charity.

At their meetings the trustees review the investment performance, and separate meetings are held with the investment managers to update the trustees in detail on the portfolio. The trustees review the proposals for grants to be made and approve such grants as they consider appropriate.

Risk Management

In line with the requirement for charity trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the Mrs. F.B. Laurence Charitable Trust currently faces and have reviewed the measures in place, or needing to be put in place, to deal with them. In addition to the risks associated with Covid-19 (see below), the trustees have identified three main areas where risks may occur:

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 4

TRUSTEES' REPORT - 30TH JUNE 2021

GOVERNANCE, STRUCTURE AND MANAGEMENT (Continued)

Governance looks at the continuity of trusteeship, the skills and background of the trustees and the policies of regular meetings of the trustees to review their aims and activities.

Operational looks at the risk inherent in the delegation of statutory and legal requirements of the charity, its asset management and secretarial functions and delegation of certain of those functions, and its grant giving activities.

Financial risks include those inherent in delegation of investment management and custody to an independent investment manager, the financial record keeping of the charity, its investment policy, audit and review procedures.

Having assessed the major risks to which the charity is exposed, in particular those relating to its investments and its finances, the trustees believe that by ensuring controls exist over key financial systems incorporating the systems and controls implemented by Investec Wealth & Investment Limited and Payne Hicks Beach, and by delegating the investment management function to investment managers, subject to regular monitoring, including periodic reviews of performance against benchmarks, they have established effective systems to mitigate those risks. In reaching this conclusion, the trustees have considered the impact on the charity of the Covid-19 pandemic.

The keys risks faced by the charity, as identified by the trustees, are described below together with the principal ways in which they are mitigated.

The charity's principal asset comprises listed investments, the value of which is dependent on movements in UK and world stock markets. The investments are managed by reputable investment managers who adhere to a policy agreed by the trustees. The trustees meet at least once a year with the investment managers and the manager's performance and that of the portfolio are monitored. The investment strategy is assessed regularly to ensure it remains appropriate to the charity's needs - both now and in the future.

The charity carries out its objectives by providing grants to institutions that are also UK registered charities, whose objects comply with the charity's criteria. There is a risk that a grant provided by the charity may not reach the intended recipient and/or may be used for purposes not consistent with the charity's objects. Whilst the trustees are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit.

The risk assessment is kept under regular review and is fully reassessed every three years.

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES

Activities and specific objectives

The stated object of the charity in its trust document is to provide for the benefit of the Royal National Lifeboat Institution, King George's Fund for Sailors (now known as Seafarers UK), Stock Exchange Benevolent Fund, Royal Air Force Benevolent Fund and such other charitable object or institution as the trustees in their absolute discretion think fit.

The trustees operate a grant giving policy, providing funds for such charitable object or institution as the trustees think fit.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 5

TRUSTEES' REPORT - 30TH JUNE 2021

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (Continued)

The trustees' preference is to make grants for the care and improvements of conditions experienced by disadvantaged members of society both within the United Kingdom and overseas for whom the United Kingdom owes a duty of care.

The trustees are willing to support small organisations and those that, by the nature of their work, find it difficult to attract funding.

Applications to the charity for donations will only be considered if received in writing from Charity Commission or Office of the Scottish Charity Regulator (OSCR) recognised UK Charities, accompanied by a set of the latest report and accounts. The trustees do not make donations to individuals.

Applications should be submitted to:

Mrs. F.B. Laurence Charitable Trust BM Box 2082 London WC1N 3XX

The trustees aim to make grants of at least £80,000 per annum in accordance with the guidelines set out in the grant giving policy above.

Objectives and activities for the public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant making policy for the year.

The charity carries out these objectives by providing grants to institutions that are also UK registered charities, whose objects comply with the charity's criteria. Whilst the trustees are mindful of their own obligation to ensure that the charity benefits the public generally, they take some assurance from the fact that recipients of grants are themselves regulated to ensure that they operate for the public benefit.

Potential recipients of grants are identified by the trustees individually in areas where it is perceived that public benefit will be achieved. The opportunity to benefit is not restricted in any way except that grants are restricted to bodies registered in the UK, not least to facilitate the trustees being able to follow up on the efficacy of the grants made. In all other respects grants are not limited in any way except that the recipients should have a charitable need.

The trustees therefore consider that the Trust's activities are for the benefit of the public generally.

Key management

The trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee received any remuneration in the year. Details of trustees' expenses and remuneration and any related party transactions are disclosed in note 4 to the accounts. As noted above, the day or day management of the charity's activities, and the implementation of policies, is delegated to the Private Client Department of Payne Hicks Beach.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 6

TRUSTEES' REPORT - 30TH JUNE 2021

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (Continued)

Investment policy

The charity has a portfolio of investments with a market value as at 30th June 2021 of £2,986,151 (2020 - £2,667,310).

There are no restrictions on the charity's power to invest. The investment strategy is agreed between the trustees and the investment managers, and is regularly reviewed. This is the subject of a policy statement which has been completed by the trustees and forms an integral part of the agreement with the investment manager to provide investment management services. The overall investment policy is to maximise return by investment in a balanced portfolio comprised of equities, fixed interest, and pooled funds and which should be invested within a medium risk profile.

The performance will be reviewed by reference to the bespoke benchmark, which is as follows:

Fixed Interest - 10-30% FTSE Government All Stocks Index
UK Equities - 40-60% FTSE All Share Index
Overseas Equities - 10-30% FTSE World ex UK Index
Property - 0-10% IPD Monthly Index
Alternative - 0-20% Bank of England Base Rate +2%
Cash - 0-30% Bank of England Base Rate -0.5%

The investment managers attend most formal meetings of the trustees to provide a report on the performance of the portfolio, comparison against the benchmark and general market issues. The trustees' investment policy was last revised on 15th May 2020.

ACHIEVEMENTS AND PERFORMANCE

Review of activities

Total investment income received in the year amounts to £65,820, which equates to a yield of 2.2% (based on the market valuation of the investments assets at the year end). The trustees awarded grants totalling £70,000 during the year in accordance with the charity's grant giving policy set out above. A detailed list of all grants made in the year is included in the Appendix on page 27.

The trustees feel that their objectives have been adequately met this year.

However, the trustees are aware that there are external factors, which could affect the achievements of their objectives as a significant part of the charity's assets are made up of investments and cash, the result of which are dependent on the general performance of the UK and overseas stock markets. As noted above under risk management, in order to minimise this, the trustees have set prudent investment policies and place reliance on the investment managers to monitor and advise on the necessary investment changes and suitable asset allocation. These actions have been particularly relevant given the impact of Covid-19.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 7

TRUSTEES' REPORT - 30TH JUNE 2021

ACHIEVEMENTS AND PERFORMANCE (Continued)

Investment performance

During the year the charity's investment assets were affected by the ongoing volatility in financial markets. The result of this was an income yield of 2.2% (based on the valuation of investment assets at the year end) and a capital increase of 13.49%. The investment managers continued to invest in accordance with the trustees' investment policy as reviewed and set out earlier in this report. At the end of the year the charity's portfolio of investments comprised of 7% UK fixed interest stocks, 38% UK equities and unit trusts, 49% overseas equities, 6% overseas fixed interest.

In view of the current volatility in financial markets, the trustees are satisfied with the performance of the investments and remain satisfied that their investment objectives will be met over the medium term.

FINANCIAL REVIEW

Results for the year

A summary of the year's results can be found on page 13 of this report and accounts.

During the year ended 30th June 2021, total income amounted to £65,820 (2020 - £82,719), being income arising from the charity's investments and cash deposits.

The trustees agreed grants totalling £70,000 (2020 - £71,720). After accounting for investment management costs of £20,995 (2020 - £20,560), grant administration costs of £22,071 (2020 - £23,538) and governance costs of £4,284 (2020 - £4,284), this brought total expenditure to £117,350 (2020 - £120,102).

There were net investment gains during the year of £354,861 (2020 losses - £184,269).

This results in a net earnings or a net increase in funds during the year of £303,331 (2020 decrease - £221,652).

Reserves policy and financial position

Reserves policy

The trustees' policy is to operate on the basis of being able to continue to generate sufficient income to use towards meeting their charitable objects and to accord with their principal aims. The trustees are of the opinion that the Designated Fund remains sufficient to enable them to continue this ongoing objective.

The charity has sufficient, but not excessive, funds to maintain its current level of charitable distributions.

Financial position

The balance sheet shows total funds of £3,011,126 (2020 - £2,707,795). The unrestricted funds comprise amounts which ultimately are free reserves but which are held by the trustees for investment so as to ensure the continued generation of income in future periods, thereby helping to safeguard the long term existence of the charity and the achievement of its objectives. The size of the unrestricted funds sustains and supports the levels of donations which the trustees wish to maintain and enhance over time.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 8

TRUSTEES' REPORT - 30TH JUNE 2021

FINANCIAL REVIEW (Continued)

Future plans

The trustees do not anticipate any significant changes to the charity or its activities over the next two to five years. It is their intention to meet the following objectives:

Signed on behalf of the trustees:

................................ ................................ ................................ Trustee Trustee Trustee Approved by the trustees on:............................................…202228 April

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 9

INDEPENDENT AUDITOR'S REPORT - 30TH JUNE 2021

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MRS. F.B. LAURENCE CHARITABLE TRUST

OPINION

We have audited the accounts of the Mrs. F.B. Laurence Charitable Trust (the ‘charity’) for the year ended 30th June 2021 which comprise the statement of financial activities, the balance sheet, principal accounting policies and the notes to the accounts. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the accounts:

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

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

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

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

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the annual report and accounts, other than the accounts and our auditor’s report thereon. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 10

INDEPENDENT AUDITOR'S REPORT - 30TH JUNE 2021

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MRS. F.B. LAURENCE CHARITABLE TRUST

OTHER INFORMATION (CONTINUED)

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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 ACCOUNTS

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

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.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 11

INDEPENDENT AUDITOR'S REPORT - 30TH JUNE 2021

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MRS. F.B. LAURENCE CHARITABLE TRUST

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (CONTINUED)

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 12

INDEPENDENT AUDITOR'S REPORT - 30TH JUNE 2021

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MRS. F.B. LAURENCE CHARITABLE TRUST

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE ACCOUNTS (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

USE OF OUR REPORT

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011 and with regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Date: 29 April 2022

...................................................... Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

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

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 13

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30TH JUNE 2021

INCOME FROM:
Investments
Investment income
Interest receivable
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Investment management costs
Charitable activities
Promoting and enhancing
charitable work
TOTAL EXPENDITURE
NET EXPENDITURE BEFORE
INVESTMENT GAINS
Investments gains:
Realised
Unrealised
NET INCOME (EXPENDITURE)
Transfer between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
at 1st July 2020
Total funds carried forward
at 30th June 2021		 Notes
1
2
6
6
10		 Unrestricted Funds
General
Designated
Total
Fund
Fund
2021
£
£
£
65,817
-
65,817
3
-
3
_
_
_
65,820
-
65,820
_
_
_
20,995
-
20,995
96,355
-
96,355
_
_
_
117,350
-
117,350
_
_
_
(51,530)
-
(51,530)
-
53,392
53,392
-
301,469
301,469
_
_
_
(51,530)
354,861
303,331
47,350
(47,350)
-
_
_
_
(4,180)
307,511
303,331
28,674
2,679,121
2,707,795
__
_
___
24,494
2,986,632
3,011,126

All recognised gains and losses are included in the above statement of financial activities.

All of the charity's activities derived from continuing operations during the above financial years.

A full comparative statement of financial activities is shown on page 14.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 14

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30TH JUNE 2020

INCOME FROM:
Investments
Investment income
Interest receivable
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Investment management costs
Charitable activities
Promoting and enhancing
charitable work
TOTAL EXPENDITURE
NET EXPENDITURE BEFORE
INVESTMENT GAINS
Investments losses:
Realised
Unrealised
NET (EXPENDITURE)
Transfer between funds
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS
Total funds brought forward
at 1st July 2018
Total funds carried forward
at 30th June 2020		 Notes
1
2
6
6
10		 Unrestricted Funds
General
Designated
Total
Fund
Fund
2020
£
£
£
82,614
-
82,614
105
-
105
_
_________
_________
82,719_
-
82,719
______
_
_________
20,560_
-
20,560
99,542
-
99,542
______
_
_________
120,102_
-
120,102
______
_
_________
(37,383)
-
(37,383)
-
(93,924)
(93,924)
-
(90,345)
(90,345)_
______
_
_________
(37,383)
(184,269)
(221,652)
_48,382
(48,382)
-
______
_
_________
10,999_
(232,651)
(221,652)
17,675
2,911,772
2,929,447
_____
__
_
_28,674
2,679,121
2,707,795

All recognised gains and losses are included in the above statement of financial activities.

All of the charity's activities derived from continuing operations during the above financial year.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 15

BALANCE SHEET - 30TH JUNE 2021

2020
£
£
FIXED ASSETS
2,667,310
Listed Investments
CURRENT ASSETS
2,663
Debtors
61,772
Cash at bank and in hand
_
64,435
Total current assets
LIABILITIES:
Creditors: Amounts falling due
(23,950)
within one year
_
40,485
NET CURRENT ASSETS
_
2,707,795
NET ASSETS
_
TOTAL FUNDS OF THE CHARITY
28,674
General Fund
2,679,121
Designated Fund
_
2,707,795
TOTAL FUNDS
_
Approved by the trustees:
................................ ................................
Trustee Trustee
Date of Approval: .............................................. 2022
28 April		 Notes
2021
£
£
6
2,986,151
7
1,739
8
49,640
_
51,379
9
(26,404)
_
24,975
_
3,011,126
_
24,494
10
2,986,632
_
3,011,126
_
................................
Trustee

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 16

PRINCIPAL ACCOUNTING POLICIES - 30TH JUNE 2021

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

These accounts have been prepared for the year to 30th June 2021 with comparative information presented in respect to the year to 30th June 2020.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes of these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Reporting Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) second edition (October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

The full impact following the recent emergence of the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, beneficiaries and the wider economy. Estimates used in the accounts are subject to a greater degree of uncertainty and volatility. As set out in these accounting policies under “going concern”, the trustees have considered the impact of the pandemic on the charity and have concluded that although there may be some negative consequences, it is appropriate for the charity to continue to prepare its accounts on the going concern basis.

Preparation of the accounts requires the trustees to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include:

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The trustees have made this assessment in respect to a period of one year from the date of approval of these accounts.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 17

PRINCIPAL ACCOUNTING POLICIES - 30TH JUNE 2021

Assessment of going concern (continued)

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due and therefore, there are no concerns regarding the the charity's ability to continue as a going concern. The most significant areas of judgement that affect items in the account are detailed above. With regards to the next accounting period, the year ending 30th June 2022, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees' report for more information)

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, investment income from investments and interest from deposits.

Donations are recognised when the charity has confirmation of both the amount and settlement date and include related Gift Aid tax reclaims.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

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

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligations can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between the activities is as follows:

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 18

PRINCIPAL ACCOUNTING POLICIES - 30TH JUNE 2021

Expenditure recognition (continued)

Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not been informed or has to meet certain conditions before the grant is released are not accrued for but are noted a financial commitments in the notes to the accounts.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of administration services.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect of its compliance with regulation and good practice.

Support costs and governance costs are apportioned directly to the one charitable activity.

Fixed asset investments

Fixed asset investments are included on the balance sheet at their market value at the end of the financial period. Realised and unrealised gains (or losses) are credited (or debited), to the statement of financial activities in the year in which they arise.

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

As noted above the main form of financial risk faced by the charity is that a volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are credited (or debited) to the statement of financial activities in the year in which they arise.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. They have been discounted to the present value of the future cash receipt where such discounting is material.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 19

PRINCIPAL ACCOUNTING POLICIES - 30TH JUNE 2021

Cash in bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

The general fund represents funds available for the general charitable purposes of the charity which may be applied at the discretion of the trustees.

The designated fund represents assets set aside by the trustees for specific purposes.

Cash flow

The accounts do not include a cash flow statement because the charity is exempt from the requirement to prepare such a statement under the Charities SORP (FRS 102).

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 20

NOTES TO THE ACCOUNTS - 30TH JUNE 2021

1 INVESTMENT INCOME

Investment income arises from the following investments:

----- Start of picture text -----
|||| |---|---|---| |2020|2021| |£|£| |59,101|UK equities and unit trusts|42,687| |7,215|UK Government and fixed interest securities|7,977| |612|REITS|620| |11,381|Overseas equities|11,903| |4,305|Overseas fixed interest|2,629| |__|_| |82,614|65,817| ||| |2|PROMOTING AND ENHANCING CHARITABLE WORK| |2020|2021| |£|£| |71,720|Grants paid or committed to charities|70,000| |23,538|Grant administration costs|22,071| |4,284|Governance costs (note 3)|4,284| |_|| |99,542|96,355| |_|___| |A detailed list of the grants paid to charities is given in the appendix to these| |accounts.|

----- End of picture text -----

A reconciliation of the grants payable and grant commitments figures shown in these accounts is as follows:

----- Start of picture text -----
|||| |---|---|---| |2020|2021| |£|£| |-| |5,000|Grant commitments at 1st July 2020| |71,720|Grants payable to charities|70,000| |__|_| |76,720|Grants payable|70,000| |(76,720)|Grants paid during the year|(70,000)| |_|_| |-|Grant commitments at 30th June 2021|-| |_|____|

----- End of picture text -----

The grants payable to institutions are detailed in the Appendix (page 27) to these accounts.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 21

NOTES TO THE ACCOUNTS - 30TH JUNE 2021

3 GOVERNANCE COSTS

----- Start of picture text -----
2020 2021
£ £
3,384 Statutory audit fee 3,384
900 Trustees' expenses 900
_
4,284 4,284
__ _____
----- End of picture text -----

4 STAFF COSTS, TRUSTEES' REMUNERATION AND RELATED PARTY TRANSACTIONS

The charity employed no staff during the year (2020 - None).

No trustee received any remuneration in respect of their services during the year (2020 - £nil).

Payne Hicks Beach Trust Corporation Limited ("PHBTCL") is a trustee of the charity and a trust corporation within the meaning of the Trustee Act 1925. All directors of PHBTCL are practising solicitors and partners of Payne Hicks Beach, the firm of solicitors which administers payments and keeps the books and records of the charity.

The fees charged by Payne Hicks Beach during the year (excluding VAT and disbursements) were £18,100 (2020 - £19,350)

Two trustees were reimbursed a total of £900 for expenditure incurred in the performance of their duties during the year (2020 - £900).

The key management personnel of the charity in charge of directing and controlling the charity comprise the trustees.

The total remuneration (including taxable benefits but excluding employer's pension contributions) of the key management personnel for the year was £nil (2020 - £nil).

There were no other related party transactions during the period of report (2020 - none).

5 TAXATION

The Mrs. F.B. Laurence Charitable Trust is a registered charity and, therefore, is not liable to income tax or corporation tax on income or gains derived from its charitable activities as they fall within the exemptions available to registered charities.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 22

NOTES TO THE ACCOUNTS - 30TH JUNE 2021

6 INVESTMENTS

6
INVESTMENTS
2020 2021
£ £
LISTED INVESTMENTS
Movements in listed investments during the year were as follows:
2,899,174 Market value at 1st July 2020 2,667,310
662,627 Additions at cost 797,673
Disposals at book value
(804,146) (proceeds: £833,693; gains £53,392) (780,301)
(90,345) Net unrealised gains/(losses) in year 301,469
___ ___
2,667,310 Market value at 30th June 2021 2,986,151
___ ___
2,199,511 Cost of listed investments 30th June 2021 2,347,940
___ ___
All investments were dealt in on a recognised stock exchange:
2020 2021
£ £
Listed investments held at 30th June 2021 comprise the
following investment all listed on a UK stock exchange:
1,288,829 UK equities and unit trusts 1,149,284
282,084 UK government and fixed interest securities 210,220
__ __
1,570,913 1,359,504
Overseas investments
1,002,046 Overseas equities 1,453,132
94,351 Fixed Interest 173,515
__ 1,626,647
__ __
2,667,310
__		 2,986,151
__

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 23

NOTES TO THE ACCOUNTS - 30TH JUNE 2021

6 INVESTMENTS (Continued)

At 30th June 2021 the following individual holdings had a material value in the context of the entire portfolio:

Brown Advisory Fund
US Sustainable Growth Si
Baillie Gifford & Co
American W3 Distribution
Vanguard Funds
S&P UCITS ETF USD Distribution
7 DEBTORS
2020
£
2,663
Accrued Interest
_
8 CASH AT BANK AND IN HAND
2020
£
24,694
CAF
37,078
Investec Wealth & Investment Management Limited
____
61,772		 % of
Value
Portfolio
£
6.2
184,972
6.7
199,600
6.9
206,273
2021
£
1,739
_
2021
£
21,244
28,396
____
49,640

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 24

NOTES TO THE ACCOUNTS - 30TH JUNE 2021

9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020 2021
£ £
9,053 Grant administration costs 7,739
Statutory audit fee
2018 3,204
2019 3,288
2020 3,384
9,876 2021 3,384
_____ 13,260
5,021 Investment manager's fee 5,405
______ ______
23,950
______		 26,404
______

10 DESIGNATED FUND

Designated fund
Designated fund		 Balance at
1st July
2020
£
2,679,121
_
Balance at
1st July
2019
£
_2,911,772		 Investment
Gains
£
354,861
_
Investment
Losses
£
(184,269)_		 Transfers
£
(47,350)
_
Transfers
£
(48,382)		 Balance at
30th June
2021
£
2,986,632
_
Balance at
30th June
2020
£
_2,679,121

The designated fund represents funds set aside by the trustees for the purpose of providing a continuing source of income. Certain administrative costs are met by a transfer from the fund each year.

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 25

NOTES TO THE ACCOUNTS - 30TH JUNE 2021

11 ANALYSIS OF NET ASSETS

Fund balances at 30th June 2021 are represented by:

Listed investments
Current assets
Creditors: amounts falling due
within one year
Unrealised gains on listed investments
Reconciliation of movements in
unrealised gains on investment assets
Unrealised gains at 1st July 2020
Adjusted in respect of disposals in year
Add: Gains arising on
revaluations in year
Unrealised gains at 30th June 2021		 General
Fund
£
-
24,494
-
__
24,494
____		 Designated
Total
Fund
2021
£
£
2,986,151
2,986,151
26,885
51,379
(26,404)
(26,404)
_
_
2,986,632
3,011,126
_
_
638,211
638,211
_
_
467,798
467,798
(131,056)
(131,056)
_
_
336,742
336,742
301,469
301,469
_
_
638,211
638,211

 Designated
Total
Fund
2021
£
£
2,986,151
2,986,151
26,885
51,379
(26,404)
(26,404)
_
_
2,986,632
3,011,126
_
_
638,211
638,211
_
_
467,798
467,798
(131,056)
(131,056)
_
_
336,742
336,742
301,469
301,469
_
_
638,211
638,211
_

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 26

NOTES TO THE ACCOUNTS - 30TH JUNE 2021

11 ANALYSIS OF NET ASSETS (Continued)

Fund balances at 30th June 2020 are represented by:

Listed investments
Current assets
Creditors: amounts falling due
within one year
Unrealised gains on listed investments
Reconciliation of movements in
unrealised gains on investment assets
Unrealised gains at 1st July 2019
Adjusted in respect of disposals in year
Less: Net losses arising on
revaluations in year
Unrealised gains at 30th June 2020		 General
Fund
£
-
28,674
-
_
_28,674
__		 Designated
Total
Fund
2020
£
£
2,667,310
2,667,310
35,761
64,435
(23,950)
(23,950)
__
_
_2,679,121
2,707,795
__
_
_467,798
467,798
_
_________
570,164_
570,164
(12,021)
(12,021)
_
_
558,143_
558,143
(90,345)
(90,345)
_
__________
_467,798
467,798

 Designated
Total
Fund
2020
£
£
2,667,310
2,667,310
35,761
64,435
(23,950)
(23,950)
__
_
_2,679,121
2,707,795
__
_
_467,798
467,798
_
_________
570,164_
570,164
(12,021)
(12,021)
_
_
558,143_
558,143
(90,345)
(90,345)
_
__________
_467,798
467,798

 Designated
Total
Fund
2020
£
£
2,667,310
2,667,310
35,761
64,435
(23,950)
(23,950)
__
_
_2,679,121
2,707,795
__
_
_467,798
467,798
_
_________
570,164_
570,164
(12,021)
(12,021)
_
_
558,143_
558,143
(90,345)
(90,345)
_
__________
_467,798
467,798
___

___

MRS. F.B. LAURENCE CHARITABLE TRUST

Page 27

APPENDIX: GRANTS PAYABLE

GRANTS PAYABLE:
Institutions
Alzheimers Society
Andrew Clark Trust
Beaumond House Hospice
Blue Highlands Bird Rescue
Bob Champion Cancer Trust
Coddington Church
Duke of Edinburgh Award
Educate for Life
Friends of Newark Orchard
Friends of St. Nicholas School
Haslemere Penny Ha/Penny
Over the Moon
Our Special Friends
Park Community Ventures
Phoenix Rehoming
Wealden Sailability
St. George's Hospital
St. Matthew's Church
Samaritans
St. Christopher Hospice
Salisbury Hospice Charity
The Friends of Bourne
The Halow Project
The Spires Centre
Other grants of £1,000 or less		 Amount
£
2,000
3,000
2,000
2,000
2,000
2,000
2,000
2,000
3,000
4,000
2,000
1,500
2,000
4,000
2,000
2,000
2,000
2,000
2,000
2,000
3,000
2,000
4,000
2,000
13,500
_
70,000

Total grants and donations made to institutions during 2020 amounted to £71,720