THE RAINE FAMILY CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 2025
The trustees present their report and accounts for the year ended 30 September 2025.
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 Private Banking, Lloyds Banking Group, 25 Gresham Street, London, EC2V 7HN. EFG Private Bank Ltd. Park House, 116 Park Street, London, W1K 6AP.
Investment Managers
Rowan Dartington, Amdinistration Centre, PO Box 13197, Chelmsford, Essex, CM99 2GG.
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 2025
Achievement and Performance
During the year the charity received total income amounting to £149,083 (2024: £149,362). Grants of £111,000 (2024: £87,100) 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 £21,215 (2024 net incoming: £46,047).
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 £3,471,273 (2024: £3,402,150), of which £1,881,476 (2024: £1,812,353) 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 (2024: £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.
TIIE IL41NE F4111LI' C.H4RIT4BI.F. TRI.- TRI'STEES, tlNNI",IL REPORT FaR THE I"F_.4R ENDF'D 70 5EPTE%IBLR Z024 s{L&mnE of truitee5' re%ponJlblllrlei Th¢ tnL¥tL'e& are resF4)nsible I( prepar118 TNsie¢s' R¢pon and ihl aCCnts in accordRnc¢ wilh 1]211e ]aw' and Lniied KinBdom Accountsns SfaTrJards (Lniied kn'nsdDm GerallY ALLCPW Accouniing Pra¢ti¢¢l. The law Jppli¢•hlc w khuTiii¢s in En8lAtMI And IA'alv• requlles the trDAees to prep4re ae¢ounti for ch finarKial >Thr which pv¢ a Ir. and flir of . Ot. aff•irs of thc chariry and of the incomins r¢xourLes and olylicaiion of resources of the chariry for th•1 year In prrparing th¢y¢ the ore requirvj io. - s¢ILxi suithble accouniin8 p)lici¢s and th¢rt wpl). fkm )151¢ny. - ob¥avc th¢ mthh(xlb Jnd prinLipl¢¥ in thL appliLAble Clwitses SURP: - make judgknx'tsts And est1rn are rt¥Lwn•ble atsj pnthii: - whe(her ali¢ble accowiiinB siandards have b¢¢n follovL 4ubjeLX w anv maierial dep•mwes diloKd •nd ¢iplAined In ihe Accounts. and - wLp8r¢ the Iccounts on the 8Oln8 ¢cern basis unle8$ it 18 inipryLyfi41¢ 14> prtU ihAI th¢ khiriiy ill coniinu¢ In okmiion. Thc Irus1¢o are rL'¥pulbl¢ for k¢epiii8 sufficieni accouniing record5 Ihai dis¢luc with T11}nble ai anv lime thc fin#n¢ial wsiiim of thL' chnly 8nd whitsh cNblc thcm to ensure thai ihe ¥CiUn k(In)pl)' w'iih the LTh4rities Act ?0 I I, the ChJnt> IAcLiyun15 and R¢tN)rtsl Rc¥ulaiion% 201111 ond Ihc pw%'i>iiL>n Of the decd. They Ire also T¢Snble for rewarding ik ih¢ ihirii) und hence for takini reL4onAbl¢ sl¢pJ fty ih¢ Pf¢%rnuon and ddectton of hud and thher 1rre8ulariii¢A. Appr()ved by the bLNwd 4)fTnL4ier% .... .. Ir/ *U26 and on thetr beh•lf by. P J•LyJbs Tru%liC
UHY UHY Hacker Youni Lip Quadi3nt House 4 Thoma5 More Square £ondoTr Elw IYW THE IL41NE FAMILY CHARITABLE TRUST INDEPENDETrIT EXAMINER'S REPORT TO THE TRUSTEES OF THE RAINE FAMILY CHARITABLE TRUST FOR THE YEAR ENDED 30 SEvfEMBER 2025 I report 10 ihe Irusi¢es on my examination of the accounts of Th¢ Raine Family Chaiit2ble Trtsi for ihe ar tndcd 30 Seplernber 2025, whieh art sei out on pages 5 10 11. This rtport is made 501ely to the cliaritys tru51t¢& as a body, in accordance with section 145 of ihe Chariiies Aci 2011. My examirtalion has beeJJ undenaken so that I might state to th¢ charity's Iru5t¢¢s thos¢ tnatt¢TS I am required tv stale to them in an Indendent examinef5 Teport and for no other purpose. To the fullest ¢xi¢nt P¢Tmiit¢d by l#w. I do not accept or a55Utnc rc5pon5ibility to anyone other than th¢ charitys trustees as a by. for my examination. for thi5 report. or tor the opinions I have fgrined. Responsibilities and blS of report As Ilie tharily trustees of Ihe Charity you are responsible for tlie preparation ot th¢ accounts in accordance with the requirtments of ihe Charitie5 Act 2011 I'the A¢i'i. report ill re5pe¢t of my ¢x2minaiiert of the Trustte's accounis c2rritd out ut)der 5¢ciion 145 (kf th¢ 2011 Act )nd in ¢arrying (x]I my examination I have followcd all the applicable Directions given by the Charity Commissioll under seciion 14515llbl of the 201 l Act. Ihdtpendent tXAminer's stattment I have completed niy CXaTnination. I cunfittn thal no tnaitrial marters have come to my attention in connection with the examination giving m¢ cause lo b¢l2¢v¢ that in any mal¢rial res¢1.. 111 aceouniing records were lloi k¢pt in r¢stKCt of th¢ Trt a5 Ttquired by sectii)n 130 of the Aei: OT 121 the acLounis do noi accord i¥itli ihose records; or 131 the accounis do noi comply Ivith ih¢ applicabl¢ requirements concemtng Ihe fomi and conient of accounis sct out in the Chari11¢5 (Accounts and RepoTisI ReEulaiions ?008 Ixher than any rcquiremtrnt thai Ilie accounts give a'true and fail vic, whicli is noi a matter considered as part of an ind¢p¢nd¢nt exaininalion. I hav¢ no concern5 atml have come across no oiher mailers in connection with the examination to which attention should be draivn in this report irt order 10 ¢nable a proper understandiiig of the account5 to b¢ Teached. Rachel Chim UHY HttckeT Young LLP Quadrant House 4 Thom More Square tA)ttdoii Elw IYW Dat¢". 2026
THE RAINE FAMILY CHARITABLE TRUST
5
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025
----- Start of picture text -----
2025 2025 2025 2024
Endowment Unrestricted Total Total
Fund Fund Funds Funds
Note £ £ £ £
Income and endowments from:
Investment income 2 - 149,083 149,083 149,362
Total income - 149,083 149,083 149,362
Expenditure on:
Charitable activities 3 - (115,694) (115,694) (91,255)
-
Raising funds (investment management fees) (12,174) (12,174) (12,060)
-
Total expenditure (127,868) (127,868) (103,315)
Net incoming resources
-
before gains and losses 21,215 21,215 46,047
Net gain / (loss) on investments 7 - 47,908 47,908 128,748
Net movement in funds - 69,123 69,123 174,795
Reconciliation of funds:
Total funds brought forward 1,589,797 1,812,353 3,402,150 3,227,355
Total funds carried forward £1,589,797 £1,881,476 £3,471,273 £3,402,150
----- End of picture text -----
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 1141NE F.4IIILI' CH.4RIT4RI.F. TRL.%T BALANLE 5HE£T .4S ,AT JO SF.PTF.IIBF.R 2D25 2024 sstlS In%Tstments 2.653.7J2 Currtnt A55ell Debiors (Ash Ai bAnk 14.OA.I 4?9.<98 13.U117 542.5?7 443.681 Sq5.534 Credltors fllln4 dve wlthl• ont i'eAr 17.116) 436.111 548,418 Tul¥l n¢1 aMeii £1.4-, Ih&43 £.1.4n? 150 Thv funds nf iht chArlh' LrtrciLriLird Fut 1.881.4",6 1.1111333 1.5x9.797 ETMloth'nieni Fund 1.SRg.*97 Total funds £_1.402.150 The financial sial¢M¥1 on pa¥rb .5 io I l ¥biY¢ 4Wn)S'Ld by t¥)d of Tnte$ on . and $18ned on th¢ir b¢haif .. Philip Jac Tnlet
THE RAINE FAMILY CHARITABLE TRUST
7
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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.
Where the charity holds interests in offshore reporting or non-reporting funds as defined by HMRC, any Excess Reportable Income (ERI) notified by fund managers is regarded as a UK tax construct that does not give rise to cash or an enforceable receivable for the charity. Accordingly, ERI is not recognised as investment income within the charity’s Statement of Financial Activities (SoFA). The impact of any such undistributed returns retained within the investment fund is reflected within the SoFA through fair‑value movement within net gains/losses on investments.
Where a disposal between coupon dates arises in respect of an investment in gilts or corporate bonds, proceeds are split between the clean price (capital) and accrued interest (income) thereof. Accrued interest is recognised within the SoFA under 'income from investments', calculated in accordance with market conventions (and for index-linked gilts, incorporates the relevant indexation lag). Any movement in the clean price upon the disposal of such investments is recognised within the SoFA under 'net gain/loss on investments'.
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.
THE RAINE FAMILY CHARITABLE TRUST
8
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1 Accounting policies (continued)
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.
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.
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 2025
| 2 Investment income Interest on cash deposits Total investment income 3 Expenditure on charitable activities Investment income Governance costs (see note 5) Grants awarded (see note 4) |
2025 £ 127,757 21,326 £149,083 2025 £ 111,100 4,594 £115,694 |
2024 £ 120,257 29,105 £149,362 2024 £ 87,100 4,155 £91,255 |
|---|---|---|
4 Analysis of grants
The charity undertook no direct charitable activities but awarded grants to a number of institutions in furtherance of its charitable activities. A statutory exemption is applied in respect of this disclosure note in accordance with the Charities SORP (FRS 102).
| Grants awarded during the year: Total charitable grants awarded Analysis by category: 5 Governance costs Management and administration Accountancy fees Independent examiner's fee Courier charges Bank charges The advancement of health or the saving of lives The promotion of community capacity building The relief of those in need, by reason of youth, age, ill-health, disability, financial hardship or other disadvantage The advancement of education The advancement of the arts, culture, heritage or science The advancement of religion |
2025 £ 111,100 £111,100 2025 £ 42,500 35,750 25,000 3,500 2,250 2,100 £111,100 2025 £ 3,995 535 64 - £4,594 |
2024 £ 87,100 £87,100 2024 £ 42,500 38,350 6,250 - - - £87,100 2024 £ 3,630 486 - 39 £4,155 |
|---|---|---|
THE RAINE FAMILY CHARITABLE TRUST
10
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 Listed Unlisted Investments Investments 2025 2025 £ £ Values as at 1 October 2,757,217 96,515 Additions to investments at cost 436,228 15,454 Disposal proceeds from investments (303,823) (14,377) 48,158 (250) Values at 30 September £2,937,780 £97,342 Nb. accounting policy note 1.11 above. Values at 30 September comprise: Listed Investments: Rowan Dartington investment portfolio Unlisted Investments: State of Israel Bonds Total* Realised and unrealised gain/(loss) on investment disposals and revaluations |
Total Investments 2025 £ 2,853,732 451,682 (318,200) 47,908 £3,035,122 2025 £ 2,937,780 97,342 £3,035,122 |
Total Investments 2024 £ 2,665,062 650,360 (590,438) 128,748 £2,853,732 2024 £ 2,575,217 96,515 £2,671,732 |
|---|---|---|
- State of Israel Bonds include holdings denominated in US Dollars with an aggregate market value of USD 94,273 as at the year end (2024: USD 91,125).
8 Current assets
| Debtors Accrued investment income Total debtors |
2025 £ 14,083 £14,083 |
2024 £ 13,007 £13,007 |
|---|---|---|
THE RAINE FAMILY CHARITABLE TRUST
11
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
8 Current assets (continued)
| Cash at bank Lloyds Bank Rowan Dartington EFG Private Bank Total cash 9 Creditors falling due within one year Accountancy fees Independent examiner's fee Investment management fees |
2025 £ 13,786 377 415,435 £429,598 2025 £ 3,995 535 3,000 £7,530 |
2024 £ 26,390 16,137 500,000 £542,527 2024 £ 3,630 486 3,000 £7,116 |
|---|---|---|
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11 Related party transactions
The Endowment Fund includes donations received from Nigel Raine (trustee) and Rosalind Raine since 2007. During the year no donations were received (2024: £Nil).