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 V￿th 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 re￿iVed 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 re￿iVed during the year together wth any undistributed income brought
fO￿ard 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 Con￿mIng 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 fo￿￿rd 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•$WdtyNJA*t*¥R
¢m•l=awhoeW¥
r3￿3￿I.￿.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