THE DEREK RAPHAEL CHARITABLE TRUST "Registered as a Charity" REPORT OF THE TRUSTEES AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY NUMBER: 1063455
THE DEREK RAPHAEL CHARITABLE TRUST INDEX Trustees Report Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Accounts 8-11
THE DEREK RAPHAEL CHARITABLE TRUST Legal and Administrative Information Registered Charity Number 1063455 Principal Contact A D Raphael Principal Address 8 - 10 Castle Street Cirencesler Gloucestershire GL7 1QA Bankers HSBC Private Bank (UK) Limited 8 Cork Street London W1 S 3LI Brokers Charles Stanley 55 Bishopgale London EC2N 3AS Independent Examiner l M Rodd BS¢ FCA FCCA of Ward Goodman Audit Services Ltd. Slatulory Auditors Chartered Accounlanls 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH217SF Page 1
THE DEREK RAPHAEL CHARITABLE TRUST R8POrt of the Trustees for the year ended 31 March 2024 The Trustees present their report together wilh the accounts of the Trust for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their ac¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 {effective 1 January 2019). Constitution The Trust was founded on 30 June 1997 and is regulated in accordance with a Deed signed and sealed on 30 June 1997. The founder has the power in accordance with clause 17 to wind up the charity. Trustees Trustees of the Charity in the financial year were., E M Raphael, Mrs A D Raphael (Chair) P Raphael The management of the charity is vested in the trustees who meet on a regular basis. There are no other officers or employees of the charity and the charity is grateful for the continued support that it receives from Derek Raphael (Holdings) Limited for adminislralion support provided by its employees. Appolntment of trustees The appointment of trustees is vested in the founder in accordance with clause 9 of the Trust Deed. The maximum number of trustees shall not exceed five. Trustee Snductlon and tralnlng New Iruslees would be briefed by the managing trustee on the history. present day and future of the charity and presented with a copy of the Trust Deed, latest accounts, the Charity Commission publications "The essential Irustee" (CC31 and "Charity Governance Code and any other relevant documentation that may be available from time lo time. Risk management The Iruslees actively review the major risks to which the charity is exposed and systems have been established to manage those risks. Objectives & activltles The charity was formed by the Founder {setllor), D N Raphael Esq deceased, for such charitable purposes as the Founder may direct a5 well as the advancement of education in the arts. The Founder and his fellow trustees acted together in making the decisions regarding all charitable donations made under the terms of the Deed Undisposed income at the 5 April in the income lax year following that in which the income arises shall be disposed of by way of donations towards charitable institutions for charitable purposes at such limes and in such manner as the trustees shall in their discretion think fil. The Trustees take a proactive approach in their grant making and funds are largely committed to causes and charities already known to the Trustees these being a broad range of local, national and international charities. The Trustees have limited lime and administrative resources and the constraints that this puts on the Trustees regrettably means Ihal they are unable to reply to unsolicited requests for support. Achievemenls and Performance Charltable actlvities The trustees have continued to make donations to a wide variety of charities out of income and reserves. During the year the trustees distribuled £183,550 (2023. £146.027) to charitable organisations. The charity does not actively undertake fundraising activilies. Page 2
THE DEREK RAPHAEL CHARITABLE TRUST Report of Ihe Trustees for Ihe year ended 31 March 2024 Icontinuedl Financial Review & Reserves Income received from quoted investments and cash funds during the year decreased from £43,780 to £35.141 . By use of the brought forward reserves and income received during the year the Iruslees have continued lo make donations lo a wide variety of charities During the year the trustees distributed £183,550 12023.. £146,027) to various charitable organisations. During the year. the net charity value increased by £392,953 {2023 decrease.. £200,355). £546.030 of the increase has arisen from an increase in market value of the charity's investments. At the year end. the charities net current assels were £5,610.829 {2023, £5,217,876). Investment policy The Trust Deed confers the powers of investment on the trustees. Money lo be invested may be applied or invested in the purchase of shares, stocks, funds, securities, land, buildings. challels or other investments or property of any nature and in any part of the world, and whether involving liabilities or producing income or not The investments made are at the trustees, discretion as they think fil and lo the intent that the trustees shall have the same powers in all respects as if they were absolute owners beneficially entitled. At the year-end approximately 99.090/0 (2023.. 96.08'kl of the net assets were invested in equities & unil trusts with the balance in sterling cash deposits. The trustees, have a policy of keeping any surplus funds in cash deposits and low risk securities. Reservos 11 is the aim of the trustees lo generate a level of reserves to carry out the objectives of the trust using income received or drawing on reseNes when income streams are lower. However. due lo the nature of the funding streams, the level of funds (reserves) available for giving in any year is governed by the income received during the year together wilh any undislributed income brought forward from previous years. Due lo the nature of the trading activities of the Company and ils, subsidiaries, the regularity and amoun15 of dividends received from the inveslmenl in unlisted shares are not guaranteed. The current indications are that during the next financial yeaf no dividends will be received from the chanty's unquoted shares. At the year end, approximately £53,381 11 %}12023.. £206,39814.00A1) of the Charities nel current assets were held in cash. Interest received during the year was £1,38812023. £188) The remaining assets are invested in equilies or unilised funds. The Trust's free reseNes which are deemed to be readily available to spend at the year-end were £5,498,087 (2023.. £5,105,134). This is calculated as the reserves of the charity less the holding in investments from unlisted shares The trustees are satisfied that the resources are available and adequate to meet the current level of expenditure by the trust. All funds are unrestricted. Public Benefit The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and obje¢lives and in planning future activities. Page 3
THE DEREK RAPHAEL CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2024 l¢ontlnuedl Plans for Future Periods The Iruslees, priority remains Ihal of giving lo charilies in accordance with the Charity'5 objectives and they have indicated that Il is their Inlenlion is lo continue making donations in 2024125. Independent Examlner l M Rodd Bsc FCA FCCA of Ward Goodman. Chartefed A¢countanls. has expressed his willingness lo conlinue as "Independent Examiner" ol the Trust. Approved by the liuslees and signed on their behalf by.. Raphael, Esq - lee Page 4
THE DEREK RAPHAEL CHARITABLE TRUST Independent Examiner's Report to the Trustees of The Derek Raphael Charitable Trust I report lo the charity trustees on my examination of the accounts of the Derek Raphael Charitable Trust (the Trust) for the year ended 31 March 2024 Responsibllities and basis of rèport As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act'i. I report in respect of my examination of the Trust's accounts carried out under section 145 of the A¢t and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145151(bl of the Act. Independenl examlner's statement I have completed my examination. I confirm that no material matter5 have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respe¢l of the Trust as required by section 130 of the Act., or the accounts do not a¢Gord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities IAc¢ounls and Reports) Regulations 2008 other than any requirement that the ac¢ounls give a true and fair view which is not a matter considered as part of an independent examination. Mr l M Rodd 8Sc FCA FCCA Ward Goodman Audit Services Ltd, 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF Dale.. Page 5
THE DEREK RAPHAEL CHARITABLE TRUST Slatement of Financial Activities for the Year Ended 31 March 2024 Notes Unrestricted FundslTotal 2024 Unrestricted FundslTotal 2023 Income and endowments Investment income 35,141 43,780 Total Income 35,141 43.780 Expenditure on: Charitable activities 188.218 151,035 Total expendlture 188.218 151,035 Not incomel(expenditure} (153.077) {107,255} Other recognlsed galnsl(losses) Net gain$l{losses) on investments 546,030 {93,100) Net movement in funds 392,953 (200,355) Reconcillation of funds: Balance brought forward at 1 April 2023 5,217,876 5,418,231 Balance carried forward at 31 March 2024 5,610,829 5,217,876 The Trust's funds throughout the year have continued to remain as "Unrestricted Funds" only. All of the trusts activities are classed as continuing. Movements and reserves and all recognised gains and loses are shown above. The notes form part of these accoLJnts Page 6
THE DEREK RAPHAEL CHARITABLE TRLIST Balance Sheet at 31 March 2024 Note 31 March 2024 31 March 2023 Fixèd Assets Investments 5.559,608 5,013,578 Current Assets Cash al fuiid managers Casli al bank 14.OTI 39,310 21,403 184.995 53,381 206,398 Less: Llabllltles (ainounls falling due within one year) Creditors & accrued expenses 2,160 2.100 Net Current A$$ets 51,221 204.298 Total Net Assets 5.61 Q.829 5,217,876 Funds Ui)reslricled Reslricled 5.610,829 5,217,876 Total charlty funds 5,610.829 5,217.876 The financi81 slalemenls w@re approved by the Board of Trustees and aulhoriserj lor issue on .k 4ft.*. and were signed on ils be#alf by.. A O Raphael Esq Tho notes form pari ol Ihese acLounls Pa9e 7
THE DEREK RAPHAEL CHARITABLE TRUST Notes to the Accounts for the Year Ended 31 March 2024 1. Legal Form The Oerek Raphael Charitable Trust is a registered charity, registration number 1063455. registered in the United Kingdom. The address of the charity is given in the administration details on page 1. The nature of the charity's operations and principal activities are described in the Trustees annual report set out on pages 1 2. Accounting Policies Basls of preparlng the flnancial statements The financial statements of the ¢harity, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS 1021 "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 {FRS1021 {effective 1 January 20191" and the Charities Act 2011. The financial statements have been prepared under the hlstorical cost convention. The accounts are compliant with Update Bulletin 1 and FRS 102 Section 1A. 2a. Incomlng resources All income is recognised on¢e the Charity has entillemenl lo the income, it is certain that the resources wll be received and the monetary value of incoming resource can be measured with sufficient reliability. Income from investments is shown gross and any deduction of income tax is treated as being recoverable due to the charitable status of the Charitable Trust. 2b. Resources expended Liabilities are recognised as resources expended when the Charity has legal or constrLF¢tive obligation committing the charity to the. Expenditure relating to a specific musical production is accoLtnled for in the accounting period that the event takes place, All expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all costs related lo the Category Creditors are recognised where the charity has a present obligation resulting from a past event and the amount due to settle the obligation can be measured or estimated reliably 2c. Charltable activltles Costs of charitable activities are those costs incurred by the charity in the delivery of its activities and all support costs. 2d. Investments Investments are stated at market value when quoted at the balance Sheet date and at tru5tees' valuation for unquoted investments. The Statement of Financial Activities includes the nel gains and losses arising on revaluation and disposals Ihroughout the year. 2e. Taxatlon No liability to UK taxation arises on any of the Trust's sources of income due to its charitable status and all inveslment in¢ome is received gross of tax. 2f. Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 8
THE DEREK RAPHAEL CHARITABLE TRUST Notes to the Accounts for Ihe Year Ended 31 March 2024 (continued) 3. Income from investments Total 2024 Total 2023 Dividends and distributions Bank interest 33,753 1,388 43.592 188 35,141 43,780 4. Analysis of charitable activiligs Total 2024 Total 2023 Donations made 183.550 146,027 Support & governance Support costs.. Administration & general running costs Governance.. Independenl examination 2,508 2,908 2,160 2,100 4.668 5.008 Total costs 188.218 151,035 Donations made are summarised as follows.. Tekanda Foundation Winston's Wish Gurkha Welfare Trust MCC Foundation Chance lo Shine Courtauld Institute of Art Institute of Cancer Research Min¢hinhampion Cricket C lub Big Yellow Bus Project Pirate Castle Nightingale Hammerson ZANE Outward Bound Trust Arundel Castle Cricket Foundation Capital Kids Samaritans Maggie's Cenlres Connection al St Martin's St. John's Hospice University of Cape Town Trust Blue Ventures Other grants under £5,000 45,000 10,000 10,000 10,000 7,000 5,050 5,000 5,000 10,000 10,000 7,000 7,000 5,050 10,500 5.000 5,000 5.000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 31,477 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5.000 5,000 5,000 5,000 31,500 183,550 146,027 Page 9
THE DEREK RAPHAEL CHARITABLE TRUST Notes to the Accounts for the Year Ended 31 March 2024 (continued) 5. Trustèes and Related Party Transactlons 2024 2023 Trustees remuneralion and other benefits Indemnity insurance None None None None There were no related party transactions during the current or previous year. 6. Staff Costs & emoluments The charity has no full or part lime employees. 7. Investments 2024 2023 Value at 1 April 2023 Additions al cost Disposal proceeds Change in market value 5,013,578 5,156.714 150,036) (93,100) 546.030 Value at 31 March 2024 5.559,608 5,013,578 Unquoted equities UK quoted equities Overseas quoted equities Unil trusts 112.742 432,659 767,918 4,246,289 112,742 448,007 667,328 3,785,501 5,559,608 5,013,578 Net 9ainsllosses on investments during the year comprises of all increases and decreases in the market value of investments held at any time during the year, including profits and losses realised on sales of investments during the year. All quoted investments held are listed on recognized stock exchanges or markets and are carried at their market value. The Investments in UK unquoted equities is in respect of an investment of 112,742 £1 Ordinary Shares in Derek Raphael (Holdings) Limited {2023'. £112.742). The shares were valued in early 2007 at £19, however due to the specialised nature and operational methods of the trading activities of the Company and it's subsidiaries the trustees are of the opinion that this valuation would not give a true reflection on the value of the charity. The trustees consider that the inclusion of the shares at their par value of £1 each is a fair valuation of the holding for the purpose of these accounts. The managing Iruslee is the chairman and controlling party of Derek Raphael (Holdings) Limited. During the year, the trustees retained an investment in COIF Charity Funds. At the year-end the investment in the COIF charities investment fund accumulation units was valLsed at £4,246,28912023'. £3.785,5011 which represents 75.680h (2023- 72.55 % ) of the Charity's net assets. No other individual investment represents more than 50A of Charity's net assets. Page 10
THE DEREK RAPHAEL CHARITABLE TRUST Notes to the Accounts for the Year Ended 31 March 2024 (continued) 8. Creditors and Accruals Amounts falling due within one year 2024 2023 Accrua15 2,160 2.100 9. Capital Commitments The Trustees had made no commitmenls for further capital expenditure at 31 March 2024 (2023.. None). 10. Contlngent Liabilities There were no contingent liabilities al 31 March 2024 (2023., None). 11. Funds All of the charity's funds are unrestricted. Unrestricted fund movements are summarised as follows.. 2024 2023 Funds brought forward Incoming resources Expenditure Gains0$$ on investment 5,217,876 35,141 {188,218) 546,030 5,418,231 43,780 {151,035) {93,100) Funds carried forward 5,610,829 5,217,876 Page11