THE DEREK RAPHAEL CHARITABLE TRUST "Registered as a Charity" REPORT OF THE TRUSTEES AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025 CHARITY NUMBER: 1063455
THE DEREK RAPHAEL CHARITABLE TRUST INDEX Trustees Report Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Accounts &11
THE DEREK RAPHAEL CHARITABLE TRUST Legal and Administrative Inforniation Registered Charity Number 1063455 Principal Contact A D Raphael Principal Address 8- 10 Castle Street Cirencester Gloucestershire GL7 1 QA Bankers HSBC Private Bank (UK) Limited 8 Cork Street London W1 S 3LI Brokers Charles Stanley 55 Bishopgate London EC2N 3AS Independent Examiner l M Rodd Bsc FCA FCCA of TC Group Boumemouth 10 Bridge Street Christchurch BH23 1EF Page 1
THE DEREK RAPHAEL CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2025 The Trustees present their report together with the accounts of the Trust for the year ended 31 March 2025. The trustees have adopted the provisions of 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 (FRS102) (effective 1 January 20191. Constitution The Trust was founded on 30 June 1997 and is regulated in accordance wth a Deed signed and sealed on 30 June 1997. The founder has the power in accordance wth dause 17 to wind up the charrty. 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 administration support provided by its employees. Appointment of trustees The appointment of trustees is vested in the founder in accordance Vth clause 9 of the Trust Deed. The maximum number of trustees shall not exceed five. Trustee induction and training New trustees would be briefed by the managing trustee on the history, present day and future ofthe charity and presented with a copy of the Trust Deed, latest accounts, the Charity Commission publications 'The essential trustee. (CC31 and "Charity Governance Code. and any other relevant documentation that may be available from time to time. Risk management The trustees actively review the major risks to which the charity is exposed and systems have been established to manage those risks. Objectives & activities The charity was formed by the Founder (settlor), D N Raphael Esq deceased, for such charitable purposes as the Founder may direct as well as the advancement ofeducation 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 tax year following that in which the income arises shall be disposed of by way of donations towards charitable institutions for charitable purposes at such times and in such manner as the trustees shall in their discrets'on think frt. 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 time and administrative resources and the constraints that this puts on the Trustees regrettably means that they are unable to reply to unsolicited requests for support. Achievements and Perforniance Charitable activities The trustees have continued to make donations to a wide variety of charities out of income and reserves. During the year the trustees distributed £155,484 (2024.. £183,550) to charitable organisations. The charity does not actively undertake fundraising activities. Page 2
THE DEREK RAPHAEL CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2025 (continued) Financial Review & Reserves Income received from quoted investments and cash funds during the year decreased from £35,141 to £33,631. By use of the brought forward reserves and income received during the year the trustees have continued to make donations to a wide variety ofcharrties. During the yearthe trustees distributed £155,484 {2024'. £183,550) to various charitable organisations. During the year, the net charity value decreased by £225,726 (2024 increase.. £392,953). £98,488 of the decrease has arisen from an decrease in market value of the charity's investments. At the year end. the charities net current assets were £5.385.103 (2024.. £5.610.829). Investment policy The Trust Deed confers the powers of investment on the trustees. Money to be invested may be applied or invested in the purchase of shares, stocks, funds, securities, land, buildings, chattels 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 fit and to 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 98.03% (2024= 99.090/0) of the net assets were invested in equities & unit trusts with the balance in sterfing cash deposits. The trustees. have a policy of keeping any surplus funds in cash deposits and low risk securities. Reserves It is the aim of the trustees to generate a level of reserves to carry out the objectives of the trust using income reiVed or drawing on reserves )hthen income streams are lower. However, due to the nature of the funding streams, the level of fvnds (reserves) available for giving in any year is governed by the income reiVed during the year together wth any undistributed income brought fOard from previous years. Due to the nature of the trading activities ofthe Company and its, subsidiaries, the regularity and amounts of dividends received from the investment in unlisted shares are not guaranteed. The current indications are that during the next financial year no dividends wll be received from the charity's unquoted shares. At the year end, £117,206 (2024= £53,381) of the Charities net current assets were held in cash. Interest received during the year was £824 (2024-. £1,388). The remaining assets are invested in equities or unitised funds. The Trust's free reserves which are deemed to be readily available to spend at the year-end were £5,272,361 (2024.. £5,498,087). 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 contsined in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities. Page 3
THE DEREK RAPHAEL CHARITABLE TRUST Report of the Trustees for the year ended 31 March 2025 (continued) Plans for Future Periods The trustees, priority remains that of giving to charities in accordance wth the Charity's objectives and they have indicated that it is their intention is to continue making donations in 2025126. Independent Examiner l M Rodd Bsc FCA FCCA of TC Group, has expressed his willingness to continue as 'lndependent Examinerf of the Trust. Approved by the trustees and signed on their behalf by: Andrew Raphael owaws¢ntd tyPAitrYRa DN FGe. uk Da.2&1203 t831 58 A D Raphael, Esq - Trustee Dated . 311212025 Page 4
THE DEREK RAPHAEL CHARITABLE TRUST Independent Examinerfs Report to the Trustees of The Derek Raphael Charitable Trust I report to the charity trustees on my examination of the accounts of the Derek Raphael Charitable Trust (the Trust) for the year ended 31 March 2025. Responsibilities and basis of report 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 report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directs'ons given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or the accounts do not accord wth those records" or the accounts do not comply with the applicable requirements ConmIng the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair viewwhich is not a matter considered as part of an independent examination. Mr l M Rodd Bsc FCA FCCA TC Group Bournemouth 10 Bridge Street Christchurch BH23 1 EF Date. ..S..t).oG¢.tnb¢.1.2Q25....... Page 5
THE DEREK RAPHAEL CHARITABLE TRUST Statement of Financial Activities for the Year Ended 31 March 2025 Notes Unrestricted Fundsrrotal 2025 Unrestricted FundslTotal 2024 Income and endowments Investment income 33,631 35,141 Total income 33,631 35,141 Expenditure on: Charitable activities 160,869 188,218 Total expenditure 160,869 188,218 Net incomellexpenditure) {127,238) (153,077) Other recognised gainsl(losses) Net gainsl{losses) on investments (98,488) 546,030 Net movement in funds (225,726) 392,953 Reconciliation of funds: Balance brought forward at 1 April 2024 5,610.829 5,217.876 Balance carried ford at 31 March 2025 5,385,103 5,610,829 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 losses are shown above. The notes form part of these accounts Page 6
THE DEREK RAPHAEL CHARITABLE TRUST Balance Sheet at 31 March 2025 Note 31 March 2025 31 March 2024 Fixed Assets Investments 5,270,129 5,559,608 Current Assets Cash at fund managers Cash at bank 85,540 31,666 14,071 39,310 117,206 53,381 Less: Liabilities (amounts falling due wthin one year) Creditors & accrued expenses 2,232 2,160 Net Current Assets 114,974 51,221 Total Net Assets 5,385,103 5,610,829 Funds Unrestricted Restricted 5.385.103 5,610,829 Total charity funds 5,385,103 5,610,829 The financial statements were approved by the Board of Trustees and authorised for issue on 311212025 . and vrfere signed on its behalf by: Andrew Raphael 6It•$WdtyNJAt¥R ¢m•l=awhoeW¥ r33I..uk Date 2.11031&2 A D Raphael Esq The notes form part of these accounts Page 7
THE DEREK RAPHAEL CHARITABLE TRUST Notes to the Accounts for the Year Ended 31 March 2025 1. Legal Forni The Derek 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 operats-ons and principal activities are described in the Trustees annual report set out on pages 1 2. Accounting Policies Basis of preparing the financial statements The financial ststements of the charity, vthich is a public benefft entity under FRS102, have been prepared in accordance with the Charrties SORP (FRS 102) "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 (FRS102} (effective 1 January 2019). and the Charf(ies Act 2011. The financial statements have been prepared under the historical cost convention. 2a. Incoming resources All income is recognised once the charity has entitlement to 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 constructive obligation committj'ng the charity to the. Expenditure relating to a specific musical production is accounted 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 aggregate all costs related to 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. Charitable activities 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 trustees, valuation for unquoted investments. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. 2e. Taxation No liability to UKtaxation arises on any of the Trust's sources of income due to its charitable status and all investment income is received gross of tsx. 2f. Cash at Bank and in hand Cash at bank and in hand includes cash and short temi highty 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 the Year Ended 31 March 2025 (continued) 3. Income from investments Total 2025 Total 2024 Dividends and distributions Bank interest 32,807 824 33,753 1,388 33,631 35,141 4. Analysis of charitable activities Total 2025 Total 2024 Donations made 155,484 183,550 Support & governance Support costs.. Investment management fees Other administration costs Governance.. Independent examination 3,153 2.473 35 2,232 2,160 5,385 4,668 Total costs 160,869 188,218 Donations made are summarised as follows" Tekanda Foundation Winston's Wish Gurkha Welfare Trust MCC Foundation Chance to Shine Courtauld Institute of Art Cirencester Tennis Institute of Cancer Research Minchinhampton Cricket Club Pirate Castle Nightingale Hammerson ZANE Outward Bound Trust Arundel Castle Cricket Foundation Capital Kids Samaritans Maggie's Centres Connection at St Martin's St. John's Hospice Universrty of Cape Town Trust Blue Ventures Other grants under £5.000 45,000 10,000 10,000 10,000 7.000 5,050 10,000 10,000 15,000 7,000 5,050 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 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 5,000 38,434 31,500 155,484 183,550 Page 9
THE DEREK RAPHAEL CHARITABLE TRUST Notes to the Accounts for the Year Ended 31 March 2025 (continued) 5. Trustees and Related Party Transactions 2025 2024 Trustees remuneration 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 time employees. 7. Investments 2025 2024 Value at 1 April 2024 Additions at cost Disposal proceeds Change in market value 5.559,608 3,664 (194,655) {98,488} 5.013,578 546,030 Value at 31 March 2024 5,270,129 5,559,608 Unquoted equities UK quoted equities Overseas quoted equities Unit trusts 112,742 436,347 559,105 4.161,935 112,742 432,659 767,918 4,246,289 5,270,129 5,559,608 Net gainsllosses on investments during the year comprises of all increases and decreases in the market value of investments held at any time during the year, induding 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 (2024.. £112,742). The shares were valued in early 2007 at £19, however due to the specialised nature and operational methods ofthe trading activities ofthe 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 indusion 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 trustee is the chairman and controlling party of Derek Raphael (Holdings) Limited. During the year, the trustees retained an investment in COIF Chartty Funds. At the year-end the investment in the COIF charities investment fund accumulation units was valued at £4,161.935 (2024.. £4,246,289) which represents 77.290h (2024: 75.680kn) of the Charity's net assets. No other individual investment represents more than 5% of Charity's net assets. Page 10
THE DEREK RAPHAEL CHARITABLE TRUST Notes to the Accounts for the Year Ended 31 March 2025 (continued) 8. Creditors and Accruals Amounts falling due within one year 2025 2024 Accruals 2,232 2,160 9. Capital Commitments The Trustees had made no commitments for further capital expenditure at 31 March 2025 (2024: None). 10. Contingent Liabilities There were no contingent liabilities at 31 March 2025 {2024'. None). 11. Funds All of the charity's fvnds are unrestricted. Unrestricted fund movements are summarised as follows: 2025 2024 Funds brought forward Incoming resources Expenditure Gainslloss on investment 5,610,829 33,631 (160,869) (98,4881 5,217,876 35,141 (188,2181 546,030 Funds carried foNrfard 5.385,103 5,610,829 Page11