## **THE RAINE FAMILY CHARITABLE TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022** **THE RAINE FAMILY CHARITABLE TRUST** ## **CONTENTS** |**Index**||**Page**|**Page**| |---|---|---|---| |Trustees' Annual Report|1|-|3| |Independent Examiner's Report||4|| |Statement of Financial Activities||5|| |Balance Sheet||6|| |Notes to the Accounts|7|-|11| **THE RAINE FAMILY CHARITABLE TRUST** **1** ## **TRUSTEES' ANNUAL REPORT** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2022** The trustees present their report and accounts for the year ended 30 September 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 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 UK and Republic of Ireland (FRS 102)". ## _**Reference and Administrative Information**_ ## **Charity Number: 1040607** ## **Principal Office** 10 Wrotham Business Park, Barnet, Hertfordshire, EN5 4SZ. ## **Trustees** P Jacobson N Raine S Raine D Schaffer ## **Independent Examiner** Rachel Chim of UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW. ## **Accountants** UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E1W 1YW. ## **Bankers** Lloyds Bank Plc, Private Banking, 21-23 Hill Street, London, W1J 5JW. ## **Investment Managers** Rowan Dartington, Temple Point, Redcliffe Way, Bristol, BS1 6NL. ## **Objectives and Activities** The object of the trust is to apply the capital and/or the income of the trust fund for such charitable purposes as the trustees in their absolute discretion think fit. During the year grants have been made to other organisations that are themselves charitable in nature. ## **Public Benefit** The trustees have complied with section 17(5) of the 2011 Charities Act, having due regard for the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives, when setting the grant making policy and in making awards. ## **Grant Making Policy** The trustees review applications for charitable grants on an individual basis with particular consideration given to children's charities as well as those for the benefit of the elderly or others with specific needs. Grants are awarded upon the trustees' agreement and approval for subsequent payment. **THE RAINE FAMILY CHARITABLE TRUST** **2** ## **TRUSTEES' ANNUAL REPORT** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **Achievement and Performance** During the year the charity received total income amounting to £148,390 (2021: £105,997). Grants of £81,050 (2021: £110,550) were awarded during the year. ## **Plans for the Future** The trustees have no foreseeable plans to modify or significantly change any of the objects, activities or policies described above. ## **Financial Review** The charity's net incoming resources for the year (after expenses but before any gains and losses) amounted to £51,588 (2021 net outgoings: £20,203). The charity is principally funded by members of the Raine family and is reliant on the income generated by its investments and further donations. ## **Investment Policy and Performance** The trustees pursue a cautious investment approach and maintain a diversified investment portfolio comprising listed and unlisted investments separately held with various financial institutions. Fixed income investments are selected to provide a degree of reliability in funding the ongoing charitable objectives of the trust. There are no restrictions on the trustees' power to invest. The trustees consider that investment performance is satisfactory. ## **Reserves Policy** The trustees' aim is to maintain free reserves in unrestricted funds at a level that will provide sufficient funds to respond to applications for grants and ensure that there are sufficient funds available to cover governance costs. As at the year end, total funds amounted to £3,492,494 (2021: £3,731,391), of which £1,902,697 (2021: £2,141,594) were held in the unrestricted fund and may be awarded in furtherance of charitable objectives; the value of the endowment fund amounted to £1,589,797 (2021: £1,589,797) and represents expendable funds that may be designated to the unrestricted fund at the trustees' discretion. ## **Structure, Governance and Management** The charitable trust is an unincorporated body, constituted under a trust deed dated 4 August 1994 and is a registered charity, number 1040607. The charity is reliant on the income generated by its investments, it does not actively fundraise and maintains a careful stewardship of its existing resources. The power of appointing new or additional trustees is exercisable by the existing trustees. The trustees meet at such intervals as they consider appropriate. The charity has no full time or part time employees or volunteers to assist in the running of the charity, the daily administration being carried out by the trustees themselves. ## **Risk Management** The trustees have reviewed the major risks that impact on the work of the trust. The trustees have appointed professional investment advisors with whom they consult regularly to manage the risks attaching to the charity's investment assets. The systems that have been established enable the trustees to review and take necessary steps to mitigate those risks. THE RAIYE FAMILY CHAR￿ABLE TRUST TRUSTEES, ANLYUAL REPORT FOR THE YEAR E￿DED 30 SEFtEMBER 2022 St&tement ol trugtee8' responsibllltl The mistees are responsible for preparing the Trustees. RetKJn and the accounts in accordance applicabl¢ law and Uniled Kingdom Accountin8 Swidards (Uniied Kingdom Gen¢rdlly Accwed Accounting Prn¢iice The law applicable to charit?¢s in EDgland alld Walc5 Tcquircs the th￿￿tec3 to prcparc ar¢ow)ts for eft¢h financial year which give a itue and fair view of the Sthle of affairs of the chariry and of the incoming Tesources and application of resourccs of the charity for that yehr. In prep8rin8 these account4 the trustr¢s off required to: - selcct 5uitsble accounting poli¢i¢s and then apply th¢m consistently. - observe thc methods and princip1¢5 in the applicable Clm"tia% SORP.. - t[￿e judgements and esrirnatrs that arc re&sonable and prudent; - state whether applicable accowiting Stand￿ have been followed sthject to any material departures disclosed and explained ill the accounts: and -pr¢pare the ac¢outtts on the going conc¢rn bLgis unless it is itiappropriate w presume that the eharity will eontinue in operalion. The In￿lee5 are responsible for kccping sufficient &ccouniing records that dis¢los¢ with reasonable aecuracy at any time the financial position of the charity and whicb enable them lo ensure that the accounts comply with th¢ Charities Aa 2011. the Charity (Accounts and Reponsl Regulations 2008 and the prowsions of the trust dced. They are also rc5ponsible for 5&fe￿Arding the assets of the charity énd hence for taking reasonable steps for the prevention al￿ detedion of frnud alld other iTregulariti¢s. Approved by the Tr￿5[¢¢5 oll ........... ....... 23 and signcd on thciT belMLf by: P JAcob50 Tntsiee THE RAIPIE FAMILY CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO TH£ TRusfEE5 OF THE IL4IThE FAMILY CHARITABLE TRUST FOR THE YEAR Ef4DED 30 SEFfEMBER 2022 I rep)rt to the trusiees ijn my examinatiijn of the of Tht R*in¢ Family Charitsble TE￿ f¢x the year t￿dea 30 8LPtLYnber 2022. Ivhich ¥r¢ set oui ¢m ￿a￿¢S 5 w I l. This rewjrt l5 mad¢ solely ts) the chariLVs as a iKyty. in seaion 145 ofthe aJariLies Act 2011. My examingtioTr t*en wjdenaken so thai I mighi SthTt to th¢ chaTrty5 VU5t¢¢s matteT5 1 am rtquir¢d to slate w them in an ind¢p¢ndenL examinerfs rewrt and for n(b thher pun￿. Tn the fvll&%L ewi w¢tt¢d bv law.. l thi rK)t acccN or assume resrrf)Th5ibilitv ts) anyone (Ah¢r than the charity5 t1￿$[￿5 as a ix¥Jy, fff my cxatHinati￿. for this Eyx)rL ￿ for the opinions J have frThed. Resport$lbllities b*sls of report A5 th¢ charity tN5te¢s of the CTharity )oll arc resrKmsiblt for thc Frywation of the a¢t￿nts in ar¢orthc£ with the requirem¢nts of the Chariue5 Ad 2011 l-the Act"l- I re￿ in resprd of mv exarninatioll of the Tnsiee's XLvJnts carried (yjt wjdtr seaion 145 Of the 2011 Act and itl caryin8 oul my cxam¢na¢iim I have lollowed all the am)licable DiEedi(ms yvcn by the Charity Commiss¢on undtr se£ti( 14515Xbl of the 2011 Acl. Indepe•de•t exaDJiner'$ $tateratttt I ha%'e cornpleted Tny examin￿￿0￿. I (￿fIrni no ￿aterial mattcr5 havt wmc to my in 0)t￿ethi0n wth the examination giNing me cause to b¢li¢ve that any Tnaieriai rtSP¢¢t'. 111 acC￿n11￿￿reC4￿rds were n¢A k¢pt in resr*a of TnLq r¢qUIr￿ bj St￿0￿ 130 of the A￿ (Y 121 the aeecAJnLS do w acc(*d with th05¢ rec(*4' or 13) the accounLS do comply the appliuble requirr￿ts eMc£rning th¢ frnn and coTrtert ofaccowits set t in the charili￿ IAccounts and ReTK)rtsl Regulauixts 21M)8 other than any requirement that th¢ aeeounts give ¥L Inje and lairf Yith which is nol a T[kn￿ ￿¥￿id￿ed ￿ part of an indewident ¢%aminauon. I hav¢ DO ¢OrtterAs and h&v¢ cme acr0$5 rK> othLT mattrrs in ((￿e￿i¢m Mith thc examÈnati(m to ￿ld) a￿lIOtt sknild be drawm in thss wN)rt in (th w £t￿ble a undets￿ingo[lh¢ accounts to LK reache¢l Ra¢hel (him H3ckeT Ytrjng LLP Q￿dr￿n( Ilws¢ 4 Tknm&s More Squa LOn(k￿Elw IYW 2023 **THE RAINE FAMILY CHARITABLE TRUST** **5** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2022** |**Note**
**Income and endowments from:**
Investment income
2
**Total income**
**Expenditure on:**
Charitable activities
3
Raising funds (investment management fees)
**Total expenditure**
**Net income / (expenditure)**
**before net gains and losses**
Net (loss)/gain on investments
7
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**2022**
**Endowment**
**Fund**
**£**
-
-
-
-
-
-
-
-
1,589,797
£1,589,797|**2022**
**Unrestricted**
**Fund**
**£**
148,390
148,390
(84,650)
(12,152)
(96,802)
51,588
(290,484)
(238,896)
2,141,593
£1,902,697|**2022**
**Total**
**Funds**
**£**
148,390
148,390
(84,650)
(12,152)
(96,802)
51,588
(290,484)
(238,896)
3,731,390
£3,492,494|**2021**
**Total**
**Funds**
**£**
105,997| |---|---|---|---|---| |||||105,997| |||||(114,180)
(12,020)| |||||(126,200)| |||||(20,203)
54,402| |||||34,199
3,697,192| |||||£3,731,391| All recognised gains and losses have been included in the Statement of Financial Activities and are derived from the continuing activities of the Charitable Trust. There was no movement in the Endowment Fund during either the current or the previous financial year. THE RATNE FALKtLY CHARITABLE TRL'ST BALANCE SHEET AS AT 30 SEPTEMBER 20Z2 2022 2021 Note Fiied a$5ets Investmenis 2,9M.428 3,431,825 Current assets Debtors 23,384 541,282 22.848 306,088 Casb at bank 564,666 328,936 Credltor5 r￿lIng due wlthln one ye*r (16,6(M)) (19.3701 Net current assets 548.066 309.566 Credltors falllng due after one year io (10,000) Net assets £3,492,494 £3,731.391 The funds of the Charity Unrestri¢ted Fund 1.902,697 1.589.797 2.141.594 1.589.797 Endowm¢ni Fund Total funds £3,492.494 £3,731,391 The fujancial staiernents on pages 5 w 12 were approved by the Tn￿le¢S on........................ ..... and signed on their behalf by". . 2023 Philip Ja¢ Trustee **THE RAINE FAMILY CHARITABLE TRUST** **7** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **1 Accounting policies** ## **1.1 Accounting convention** The accounts have been prepared in accordance with the charity's trust deed, the Charities Act 2011 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 UK and Republic of Ireland (FRS 102)" . The charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1. These accounts have been prepared under the historical cost convention unless otherwise stated in the corresponding notes, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. ## **1.3 Charitable funds** The Funds of the charity comprise the Unrestricted fund and the Endowment fund. Of the Unrestricted fund:both the capital and income may be applied at the discretion of the trustees in furtherance of the charitable objectives of the trust. Of the Endowment fund:- the capital is held to preserve the future prosperity of the trust by generating income to be applied in maintaining its charitable objectives. The Endowment fund represents expendable funds that may be designated to the Unrestricted fund at the trustees' discretion. All of the charity's financial activity is allocated to the Unrestricted fund. ## **1.4 Income recognition** All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt (so it is probable that the income will be received) and the amount of income receivable can be measured reliably. ## **1.5 Expenditure recognition** Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. Unless otherwise stated all expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. These financial statements include a provision for the cost of their preparation and independent examination. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust. ## **1.6 Irrecoverable VAT** Irrecoverable VAT is charged against the category of resources expended for which it was incurred. ## **1.7 Charitable activities** The expenditure on charitable activities includes grants and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice, including all management and administrative costs. **THE RAINE FAMILY CHARITABLE TRUST** **8** **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **1 Accounting policies (continued)** ## **1.8 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. ## **1.9 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## **Basic financial assets** Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## **Basic financial liabilities** Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. ## **1.10 Investments** Listed investments represent a portfolio of fixed interest securities and equities held with Rowan Dartington - these are included in the balance sheet to reflect their market values as at the year end. Unlisted investments include: (i) State of Israel Bonds are included on the balance sheet at their redemption value (net of accrued interest recorded separately under debtors). These unlisted investment bonds are traded in US Dollars and held until maturity when the principal investment amount is repaid together with the annually compounded interest due. (ii) Pentagon Sterling Multi Strategy Fund (a BVI registered fund currently under administration) - a book cost adjustment is included in these accounts to include this investment on the balance sheet at its estimated market value as at the year end; the prior year comparative is noted at cost value. ## **1.11 Gains and losses on investments** All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value or their acquisition cost if acquired during the current financial period. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. **THE RAINE FAMILY CHARITABLE TRUST** **9** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2022** |**2 Investment income**
**2022**
**£**
147,989
Interest on cash deposits
401
-
Commission
-
**Total investment income**
£148,390
**3 Expenditure on charitable activities**
**2022**
**£**
81,050
3,600
£84,650
**4 Analysis of grants**
**Grants awarded during the year:**
**2022**
**£**
Total charitable grants awarded
81,050
£81,050
**Analysis by category:**
**2022**
**£**
- Health and Welfare
75,550
- Education
5,500
£81,050
**5 Governance costs**
**2022**
**£**
**Management and administration**
Accountancy fees
3,175
Independent examiner's fee
425
Bank charges
-
£3,600
Investment income
Governance costs (see note 5)
Grants awarded (see note 4)
Interest on loans to West One Loans Ltd
The charity undertook no direct charitable activities but awarded grants to a number of
furtherance of its charitable activities.|**2021**
**£**
103,070
623
1,855
449| |---|---| ||£105,997| ||**2021**
**£**
110,550
3,630| ||£114,180| ||**2021**
**£**
110,550
institutions in| ||£110,550| ||**2021**
**£**
107,050
3,500| ||£110,550| ||**2021**
**£**
3,175
425
30| ||£3,630| **THE RAINE FAMILY CHARITABLE TRUST** **10** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **6 Staff costs** No staff were employed during the period by the charity, the daily administration of the charity being carried out by the trustees. |**7 Fixed asset investments**
Values as at 1 October
Additions to investments at cost
Disposal proceeds from investments
**Values at 30 September ***
Realised and unrealised (loss)/gain on
disposal of investments
Unrealised (loss)/gain on revaluation
of investments|**Listed**
**Investments**
**2022**
**£**
3,326,284
535,838
(733,694)
(5,470)
(264,541)|**Unlisted**
**Investments**
**2022**
**£**

105,541
32,639
(31,696)
(33,037)
12,564
£86,011|**Total**
**Investments**
**2022**
**£**
3,431,825
568,477
(765,390)
(38,507)
(251,977)
£2,944,428|**Total**
**Investments**
**2021**
**£**
2,121,803
1,365,446
(109,826)
7,311
47,091| |---|---|---|---|---| ||£2,858,417|||£3,431,825| * [see accounting policy note 1.10 above for further details]. |**Values at 30 September comprise:**
Listed Investments:
Rowan Dartington investment portfolio
Unlisted Investments:
State of Israel Bonds
(USD 90,524; 2021: USD 89,580)
Pentagon Sterling Multi Strategy Fund
**Total**|**2022**
**£**
2,858,417
78,805
7,206
£2,944,428|**2021**
**£**
3,326,284
65,298
40,243| |---|---|---| |||£3,431,825| |**8 Current assets**
**Debtors**
Loan to West One Loans Ltd.
Accrued investment income
**Total debtors**|**2022**
**£**
4,597
18,787
£23,384|**2021**
**£**
4,597
18,251| |---|---|---| |||£22,848| **THE RAINE FAMILY CHARITABLE TRUST** **11** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 30 SEPTEMBER 2022** ## **8 Current assets (continued)** |**Cash at bank**
Lloyds Bank
Rowan Dartington
**Total cash**
**9 Creditors falling due within one year**
Accountancy fees
Independent examiner's fee
Investment management fees
Grants payable
**10 Creditors falling due after one year**
Grants payable|**2022**
**£**
185,172
356,110
£541,282
**2022**
**£**
3,175
425
3,000
10,000
£16,600
**2022**
**£**
-
£-|**2021**
**£**
281,822
24,266| |---|---|---| |||£306,088| |||**2021**
**£**
5,395
725
3,000
10,250| |||£19,370| |||**2021**
**£**
10,000| |||£10,000| ## **11 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. ## **12 Related party transactions** The Endowment Fund includes donations received from Nigel Raine (trustee) and Rosalind Raine since 2007. During the year no donations (2021: £Nil) were received.