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
Gains￿0$$ 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