THE RAINE FAMILY CHARITABLE TRUST AMWAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 UHY THE RAINE FAMILY CHARITABLE TRUST CONTENTS Index Page Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Accounts THE RAINE FAMILY CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees present their report and accounts for the year ended 30 September 2024. The accounts have been prepared in accordance u'ith the accounting policies set out in note I to the accounts and comply with the charity's trust deed, the Charilies Aci 201 l and "Accounting and Reporting by Charities.. Statemenl of Recommended Prac(ice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" Reference andAdminislrative Informalion Charity Plumber: 1041)607 Principal Office l O Wrotham Business Parl BameL 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 El W l YW. Accountants UHY Hacker Young LLP, Quadrant House, 4 Thomas More Square, London E I W l YW. Bankers Lloyds Bank Plc, Private Banking, 21-23 Hill StreeL London, WIJ 5JW. EFG Private Bank Ltd. Park House, 116 Park StreeL London. Wl K 6AP. InTrestment Managers Rowan Dartington, Temple Point, Redcliffe Way, Bris101. BS16NL. Objectives and Activities The object of the trust is to apply the capital andlor the income of the trust fund for such charitable purposes as the truslees in their absolute discretion think fil. During the year grants have been made to other organi5ations that are themselves charitable in nature. Public Benefit The trustees have complied with section 17(5) of the 2011 Charities ACL having due regard for ihe Charity Commission's guidance on public benefit i￿hen reviewing the trust's aims and objectives, ￿,hen setting the grant making policy and in making awards. Grant Making Policy The trustees revie￿ applications for chariiable grants on an individual basis ￿'1th particular consideration given to children's charities as ￿'clI as those for the benefit of the elderly or others with specific needs. Grants are awarded upon Ihe trustees, agreement and approval for subsequent paymeni. THE RAINE FAMILY CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 SEvfEMBER 2024 Achievement and Performance During the year the chariry received total income amounting to £149,362 (2023- £147,633). Grants of £87,100 (2023: £81,450) were awarded during the year. Plans for the Future The trustees have no foreseeable plans 10 modify or significanily 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 £46,047 (2023 net incoming.. £49.895). The charity is principally ￿nded 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 rnaintain a diversified investment portfolio comprising listed and unlisied investments separaiely held ith various financial instiiuiions. Fixed income investment5 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 10 maintain free reserves in unreslricted funds ai a level that wtll provide sufficient funds to respond to applications for grants and ensure thai there are sufficient funds available to cover govemance costs. As at Ihe year end. total funds amounied 10 £):402,150 (2023: £3,227,355), of which £1,812.353 (2023: £1.637.558) ￿'ere held in the unrestricted fund and maN, be a￿'arded in furtherance of charitable objectives; the value of the endowment fvnd amounted to £1,589:797 (2023: £1:589,797) and represents expendable funds thal may be deSi￿ated to the unrestricted fund at the tru5tees' discretion. Structure, Governance and Management The charitable trust is an unincorporated body. constituted under a trust deed dated 4 August 1994 and is a regisiered charity, number 1040607. The charity is reliant on the income generated by its investments, it does not actively fundraise and maintains a careful ste￿ardShip of its exisiing resources. The power of appointing new or additional trustees is exercisable by the existing trustees. The trustees meet at such intervals as Ihey consider appropriaie. 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 reVIe￿.ed the major risks that impacl on the work of the trust. The irusiees have appointed professional investmeni advisors ￿'1th ￿-hoM they consult regularly to tnanage the risks attaching to the charity's investment assets. The systems that have been established enable the irusiees to review and take necessary steps io mitigate those risks. THE RAINE FAMILY CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 SEVtEMBER 2024 Statement of trustees, responsibilities The trustees are responsible for preparing the Trustees, Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom G¢nerally Accepied Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a (rue and fair viem, of the stale of affairs of the charity and of the incoming resources and application of resources of the chariry for that year. In preparing these accounts, the tnLsiees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charilies SORP. make judgements and estimales that are reasonable and prudent; state whether applicable accounting standards have been folloHed, subject to any material departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unle55 il is inappropriate to presume thai the charity will continue in operation. The trustees are responsible for keeping sufficient accounting records that 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, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for laking reasonable Steps for Ihe prevention and deiection of fraud and other irregularities. Approved by the board of Trustees on . ..2025 and signed on their behalf by: P Jacobson Trustee UHY UMY Hackei Youni LLP L)u.)d',Jnr 4 Yl'.srrid> Ll¢)TL Sou&fe Lordon EIK, IYIII THF. R.4INE F.IIIILI' CIIIRIT4BLE TRI'.AT 1SDEPF.NDENT E'N.-IIIINEK'.S RF_PI)R-I'"ro-riiF.-fRI.%TEF.S 1)F -ri1 E R,IIJ F_ FA 111 Ll C'llIKIIIT 4 BL.E -l-Rl'S'r FOR TEIE I'EIR ENDED 30 SEPTE.N1141.R 21124 Rc5PllllsilJilitiC'5 and basis (If report ',ILLI)unis in aLL()rdJiiLL Illth ihl Independent examiner'5 5tatcnient I'l Il. I laiLLr YiiuiiL I.L.I) Quadiaii( I l(iu%c l)JiL.' 11 7LILy THE IUINE FA￿lILy CHARITABLE TRUST STATEMENT OF FINANCIAL ACTTr"ITIES INCLUDING INCOME A)D EXPEt%DITIRE ACCOLJT FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2024 Lnrestricted Fund 2024 Total Funds 2023 Total Funds EndoiTh'ment Fund Income and endowment5 from: Investment income 149,362 149,362 147,63J Total income 149,362 149,362 147,63J Expenditure on: Charitable activities Raising funds {investment management fees) (91.2551 (1 ?.060) 191 ?551 (1? 0601 (85.596) 112,142} Totsl expenditure [IOJ,315} (IOJ,3151 (97.738) Net incoming resources before gains and losse5 46.047 46,047 49.895 Net gain I (Ios5) on investments 128.748 128.748 (315,034) Net movement in funds 174.795 174,795 {265,139) Reconciliation of fund5: Total fund5 brought forwaTd 1.589.797 1.637,558 J,227,355 3,492,494 Total funds carried forward £1.589.797 £1,812,353 £i.40? 150 £3,227,355 All recognised gains and losses have been included in the Sfatement of Financial Activities and are derived from the continuing activities of the Charitable Trust. There was no movement in the EndoMThent Fund during either the current or the previou5 financial year. THE RAtNE FAMILY CHARITABLE TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2024 2024 2023 Note Fixed assets Investments ?,853.73? 2,665,062 Current assets Debtors 13.007 54? 5?7 16.958 Cash at bank 552,451 555,534 569,409 Creditors falling due within one year (7,116) (7,116) Net eurrent assets 548.418 562,?93 Total net assets £3,40? 150 £3,?27,355 The funds of the charity Unrestricted Fund 1,81?,353 1,589,797 1,637,558 1,589,797 Endowment Fund Total funds £J,40? 150 £3,227.355 The financial statements on pages 5 to I I were approved bv the board of Trustees on ...11.: and signed on their behalf by: 2025 Philip Jacobson Trustee THE RAINE FAMILY CHARITABLE TRI:ST NOTES TO THE FII%AINCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 l Accountillg polieies 1.1 Accounting convention The accounts have been prepared in accordance with the charity's trust deed, Ihe Charities Act 2011 and "Accouniing and Reporting by Charities- Siatemeni of Recommended Prdctice applicable to charities preparing their accounts in accordance with the Financial Reporting Sthndard applicable in the UK and Republic of Ireland (FRS 102)" . The ¢hariry is a Public Benefit Entity as defined by FRS 102. The accounLS are prepared in sterlin& which is the funciional currency of the charity. Monetary amounts in these financial staternents are rounded to the nearesi £ l. These accounts have been prepared under the hisiorical cosi convention unless otherwise staled in the corresponding notes. modified 10 include the revaluation of cenain financial instruments at fair value. The principal accounting policies adopied are set out below. 1.2 Going eoncern At the time of approving the accounts, the trustecs have a r&2sonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable fijture. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts. 1.3 Charilable funds The Funds of the charity eomprise the Unrestricted fund and the Endownent fund. Of the Unrestricted fund:_ both the capithl and income may be applied at the discreiion of the trustees in furtherance of the charitable objectives of the trust. Of the Endo￿lnenI 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 reprcscnts expendable funds thal maN, be deSi￿aled to the LTnreStriC￿d fijnd ai ihe trustees, discretion. All of the chariry's financial activity is allocated ￿ the Lnrestricted fund. 1.4 Income recognition All income is rccognised once the charity has entitlement to the income, there is 5uificient certainty of receipt (so it is probable thai the income will be received) and the amouni of income receiTrable can be measured reliably. 1.5 Expenditure recognition Liabilitics are recognised a5 resources cxpended as soon as there 15 a legal or constrnctive obligation committing the charity to the expenditure. Lnless otherwise s￿led all expenditure is accounted for on an accruals basi5 and has been classified under headings that aggrega￿ all costs related to the category. These financial staiements include a provision for the cost of their preparation and independent examination. Grants pavable are payments made to third parties in the furtherance of the charitable objectives of the trust. The ?ranis are accounted for ￿,here either the trustees have agreed io pay the grant without condition and the recipient ha5 a reasonable expectation that they will receive a grdnt. or ally condition attaching to the grant is outside the control of the trust. 1.6 Irrecoverable VA T I￿eCOverable VAT 15 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 ihe public accounthbility of the charity and its compliance ￿'1th regulation and good practice, including all management and adminisirative costs. THE RAINE FAMILY CHAIUTABLE TRI"'ST NOTES TO THE FINANCIAL STATEME)TS FOR THE YEAR ENDED 30 SEPTE.MBER 2024 l Accounting policies {contiDued) 1.8 Cash and cash equival¢ttts Cash and cash equivalenis include cash in hand, d¢5K)Sits held at call with bank5. other short-terni liquid investments with original maturities of threc months or less. and bank overdrafts. Bank overdrdft5 are shown within bo￿oW]ng5 in Current liabilities. 1.9 Financi*l instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues of FRS 102 to all of its financial instruments. Financial instruments ar¢ recognised in the chariW5 balance sheet when the charity becomes party to th¢ contrdctual provisions of the instrument. Financial assets and liabilities are offse¢ with the net amounts presented in the financial statements, when there is a legally enforceable right to sei off ihe recognised atnounts and there is an intention to settle on a net basis or to realise the assei and sertle the liability simultsneously. Basic financi81 assets Basic financial assets. which include debtor5 and cash and bank balances, are inittally measured at transaction price including trans3Ction costs and are subsequenily carried at amonised c05t using the effeciive interest method unless the arrangeTnent constiwtes a financing trdnsaction. where the trdnsaction is measured at the present value of the future receipts discounted ai a market rate of interest. Financial assets classified as receivable within one year are noi amortised. Basie financial liabilities Basic financial liabili(ies. including creditors, are initially recognised at transa¢(ion price unless the a￿angement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rdte of interesi. Financial liabilities classified as payable within one year are not amortised. 1.10 Investments Listed investments represent a portfolio of fixed int¢rest securities and equities held with Rowan Dartington - these are included in the balance sheet lo reflect their market values as at the year end. Unlisied investments include- (i) State of Israel Bonds are included on the balance sheet at their redemption value (net of accrued interest recorded separdtely under debiors). These unlisted investmeni bonds are traded in US Dollar5 and held until maturity when the principal investmen( amoun( is repaid together with the annually compounded interest due. 1.1 l Gain5 and losses on investments All gains and losses are taken to the St8￿Ment of financial activities as they arise. Realised gains and1055es on invesiments are calculated as the difference betTh'een salc proceeds and their opening catTving value or their acquisition cost if acquired during the current financial p¢riod. Unrealised gains and losses are calculated as the difference bet￿een the fair value at the vear end and their carying i'alue. Realised and unrealised investment gains atid losses are combined in the Statement of Financial ActiN'ities. THE RA[￿￿ FAMILY CH.4RIT ABLE TRI',ST NOTES TO THE FIYAYCIAL STATEME)TS FOR THE YEAR ENDED 30 SEPTEMBER 2024 2 Investment income 2024 2023 Inves(m¢ni income Interest on cash deposits Interest on loan5 to Wesi One Loans Ltd l ?0,?57 29.105 1?8,48? 18,082 1,069 Total inveslment income £149.362 £147.633 3 Expenditure on eharitable activities 2024 2023 Grants awarded (see no(e 4) Governance costs (see note 5} 87,100 4.155 81,450 4,146 £91,255 £85,596 4 Analysi5 of grants The charity und¢rtook no direct charitable activities but awarded grants to a number of institutions in furtherance of its Charitable activities. A slatutory exemption is applied in respect of thi5 disclosure noie in accordance with the Charities SORP (FRS 102). Grants gwarded during the year: 2024 2023 Total charitable grdnts awarded 87,100 81.450 £87.100 £81,450 Analysi5 by category: 2024 2023 - Economic and Community Development Health and Welfare Education 36,000 39,950 5,500 38,350 6,250 £87,100 £81,450 S Governance costs 2024 2023 Management and administration Accountan￿ fees Independent examinerfs fee Bank charges 3.630 486 39 3.630 486 30 £4.155 £4,146 THE IL4INE FAMILY CHARITABLE TRI:ST io NOTES TO THE FINAISCIAL STATEMEYrs FOR THE YEAR ENDED 30 SEPTEMBER 2024 6 Staff costs No staff were employed during the period by the charity. the daily administration of the Charity being carried out by (he trustee5. 7 Fixed asset investments Listed Investments Investments Illllisted Tot81 Investments Total Investments 2024 2024 2024 2023 Values as at l October Addition5 to investments ai cosi Disposal proceeds from investments Realised and unreali5ed gainl(loss) on investment disposals and rei'alua(ions 2,59?.280 581,909 (547.811) 72,782 68,451 (42,627) 2,665,062 650,360 (590,438) 2,944.428 348.980 (313,312) 130,839 (2,091) 128,748 (315,034) V4lues at 30 September £2,757,217 £96,515 £2,853,732 £2.665,062 * Nb. accounting wlicN' noie l. I l th)ve. Values at 30 September comprise: 2024 2023 Listed Inves(ments: Rowaft Dartington invc5tmcnt portfolto 2.757.217 2.592,280 Unlisted Investments. State of15fdel Bonds * 96.515 72,782 Total £?,853,732 £2,665,062 * State of15fdel Bonds include holdings denominated in L.S Dollars with an aggregate rnarket value of USD 91.125 as at the year end (?023- USD 88,714). 8 Current assets Debtors 2024 2023 Accrued investmeni income 13,007 16,958 Total debtor5 £13.007 £16.958 THE 1141NE FAMILY CHARITABLE TRIST li NOTES TO THE FTh ANCIAL STATEMENYS FOR THE YEAR ENT)ED 30 SEVtEMBER 2024 8 Current assets {continued} Cash at bank 2024 2023 Lloyds Bank Rowan Dartington EFG Private Bank 26,390 16,137 500,000 9,308 30.008 513,135 Total cash £54?.5?7 £55?,451 9 Creditors falling due within one year 2024 2023 AccountancN fees Independent examiner's fee Investment management fees 3.630 486 3,000 3,630 486 3,000 £7.116 £7,116 10 Trustees None of the truslees {or any persons connected with them) received any remuneration or benefits from the charity during the year. l Related party transaction5 The Endowment Fund includes donaiions received from Triigel Raine (trustee) and Rosalind Raine since ?007. During the vear no donations were received (2023= £N'il).