Charity Number: 1179912 Company Number 11559926 THE RAYNE FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021
THE RAYNE FOUNDATION CONTENTS Pago Reference and administrative details of tha Foundation. its Trustses and Advl$ors Trustees. report Independent auditorfs report 9-12 Statement of financlal aCtltIeS 13 Balan¢e sheet 14-15 Statement of ¢a5h flows 16 Notgs to thè financlal statements 17-41
THE RAYNE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2021 Trustees Lady Rayne, Patron The Hon. Robert A Rayne, Chaimian The Hon. Natasha Rayne The Hon. Nicholas Rayne Professor Sir Anthony Newman TaOr Lady Browne-wilkinson {Deputy Chaimianl Sir Emyr Jones Parry Rabbi Baroness Neuberger DBE Charity registered number 1179912 Company Number 11559926 Principal office 3 Bromley Place, London W1T 6DB Investment advisers Rathbone Brothers PLC 8 Finsbury Circus London EC2M 7A2 Cazenove Capital Managemenl Limited 1 London Wall Place London EC2Y SAU Dire¢tor of The Rayne Foundation Amelia Fitzalan Howard (resigned December 20211 Independent auditor Crowe U.K. LLP 4th Floor Sl James House St James Square Cheltenham Gloucestershire GL50 3PR Page 1
THE RAYNE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 NOVEMBER 2021 Bankers Bardays Bank PIC Level 15, 1 Churchill Pla¢e. London, E14 5HP Sollcltors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Page 2
THE RAYNE FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 30 NOVEMBER 2021 The Rayne Foundation Ireferred to as-The Foundation- throughout this report) is an incorporatèd charity and registered in England and Wales. Charity Number.. 1179912 and Company Number 11559926 as sel out tn the Memorandum of Articles. The Tnjstees present their report and finanoal 5talements for the year ended 30 November 2021. STRUCTURE, GOVERNANCE AND MANAGEMENT The selection and appointment of Trustees is carried otjt using criieria whi¢h consiLlers the knowledge and skills they would bring to meet the chariiable purposes of The Foundation. Shoulof new Trustees be appointed. names would be proposed and any appointment then made upon the Board's approval. New Trustees have a txilored induction programme to ensure they meet their stalulory obligalior)s as well as understanding the focus of the Foundation. No new Trustee was appointed during the year_ There is no Trustee remuneralion policy as no Trustee receives any remuneration for being a Trlrstee bul Iravel expenses can be claimed. The Trustees are volunteers in their role as Trustees. bul The Foundats"on does not otherwise rely on the work of other volunleers. There were no changes lo the Trustee Board during the year and The Hon Robert Rayne and Lady Browne- Wilkinson continue to be Chairman and Deputy Chaim)an respectively. Day lo day responsibilily for managing The Foundabon is wilh the Director, Amelia Fitzalan Howard, four staff and one consultant. Staff remuneralion is agreed by the Chaitman of The Rayne Foundation, The Hon Robert A Rayne. Upon any new appointments being made, remurkeralion would be agreed in line with other comparable rdes. The Director resigned in December 2021 and interim management arrangements were pul in place lo ensure the continued smooth running of the organisation. Shan Nicholas was appointed as Interim Chief Executive and The Foundalion is in ihe process of recruiting a pemanenl Director. The interim arrangemenls will remain in place until a permanent Director lake5 LIP post. The Trustees, responsibilities include the setting of txjlicy and strategy and approving grants above £20,000. Trustees are advised on finance. investmenls and risk mitigation by the Joint Finan & Investment Cofnmillee. During the year, there was ihe annual remew of policFes and procedures which were noted by the Board. The Foundation continued to ensure rt was updated on recommended guidance from the Charity Commission regarding safeguarding both when assessing applicants as well as when monitoring grant reporting. This is now a standing Board agenda iteTn. The move to elecironic bariking several years ago across The Rayne Charities, supported by revised processe5 and prcKedures, meant ihere was no adverse impact on financial management when home working and lod(down begarh. THE YEAR UNDER REVIEW Covid 19 The year 202012021 eonlinued to be a year affected by Covid 19 w¢th pericxlic lockdowns and continued working froffl horne. The Board meeU"ngs and Finance Commiltee conlinued to operate remolely during Ihe course of the year as they had done in the previous year. Whilsl Ihe Trustees mel more frequently during the early months of the pandemic, meettngs retumed to Iheir nomial quarterly cycle in 2020121. In the financial year ended 301h November 2020, the Foundation agreed to make an additional £2 million. drawn from capital. available lo make additional granis and donalions in response lo the im5Ja¢t of Covid. This was alongside the elready agreed grants budgel. By 30th November 2021, £1,616,000 had been distributed through 102 grantsldonations. The Trustees ensured decision making was nol a lengthy process, and grants covered a range of sectors covering immediate needs such as food poverty. domestic abuse. refugees and more. The remainder of this Page 3
THE RAYNE FOUNDATION TRUSTEES, REPORT Icontinuedl FOR THE YEAR ENDED 30 NOVEMBER 2021 Covid lund will be allocated in 2022. The Trustees also increased the authority level of grants decided by the Chairman and Director from £10k to £20k in order to facilitate quicker decision making., this wll continue for the duration of the Covid spend. AJI grants above this amount contsnue to go to the Board meetings for decision. Whilst Trustees continued to recommend organisations they knew personally for donations of a maximum of £5k to support Cowd needs. greater emphasis was placed on exiendirTrg existing commitments. The Director ensured regular liaison with other Trusts and Foundats"ons and collaboration where appropriate to ensure the Foundation was as up to date as possible wth what others were doing. More details ol expenditure follow below. The Foundation has not reduced its grant making budget and has no plans to do so. OBJECTIVES AND ACTIVITIES The Foundation's mandate, as delermineil by the Twslees. is lo understand and engage wilh the needs of UK society which il does by providing financial support lo help address neglected national issues. The theme that underpins The Foundation's grant making is bridge building to connect people and communities by bringing them tagethèr for the good of society. and ultimalely to help create a more comprehending and cohesive world. The Trustees continue io consider projecis in arèas covering the arts. health and wellbeing, education in its widest sense, and social issues. There have been no Changes to the above Iheme or the three Areas of Special Interest.. Arts as a tool to achieve social change.. Improved quality of life lor carers and for older people- Young people's improve(S mental health. When assessing projects, The Foundation con5ider5 charilies and organisations that demonslrate wider than local application and awareness of the bigger pidure.. real expèrb.se and sector knOedge,. commitment to demonstrating results and sharing learning.. stron9 leadership, management and track record. The preference is to fund front-line organisations providing direcl benefils to vulnerable and disadvanlaged people. The Foundation wants lo fund innovative, high qualily proFecis, backing exceptional people with vision and continues to be particularly knteresled in progiammes supporlin9 the mosl vulnerable and disadvantaged people andlor communities. During the year. 57 grantsldonatsons (115 grants Gommitments tolalling £3,268,500- 2020) toialling £1,760.400 were made, of which 31 1£1,342.100} came from the mairk grants budget and were not in response lo Covid. At the beginning of the pandemic in 2020, Trustees and slaff had been focused on an emergency response and support for organisalions and projects in need of immediale funding. As a resull of Ihis and Ihe impact on stall workloads, Trustees agreed to close the open grants programme from February through to June 2021. During Ihis time, staff put greater emphasis on supwrting existing grantees and prevÈously funded organisalions lo safeguard and develop ideas and projects which had begun prior lo the pandemic. As a result. a number of one-year extension grants were offered supporting further wder applicab"on. for example. lo Brighton Dome & Festival to support year-round Our Pla co-crealion work and share learning. and lo Alive Activities and Mind the Gap for digital expansion of Iheir exisling programmes,. plus further gran15 to safeguard exi51ing work such as for The Baobab Cenlre, British Refugee Council. and Wishing Well. During the year, a handful of prèviously funded organisations demonstrated that they were continuing to evolve and grow with potential to have further wider influence. which resulted in new the-year funding commitments-. grantees in this category induded Hope for Justice. Leap Corkfronting Conflid. Openup Musi¢ and Playlist for Life. New grants were made to some interesting projects which came aboul because of the pandemic, lor example, two diffeTent arts organisations applied to us to explore how crealivity could be used lo support health professionals, and young people's understanding of compassion {China Plalel and empathy (Paper Birds) al a moment in time when healthG4re stsff were suffering from bumout and young people were really disconnected P8ge 4
THE RAYNE FOUNDATION TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 30 NOVEMBER 2021 from each other due to lockdowns and social dislanGing_ The increased understsnding about using digital resources effe¢lively helped make the Gase for 5UPPOrting Over the Wall with a grant to develop a virtual, Iheraptruli¢ activity programme for seriously ill children in hospital. The pandemic has had a profoun(J impact on many people's mental health and il is no surprise with young people's rllenlal health as an area ol special inlerest thal we made 3 number of grants to support rllental wellbeing including grants to 1625 Independenl People, Caius House, The London Palhway, Partnership for Children, Rethink Mental Illness, and Soundcastle. In light of the forthcoming care review, we were interested lo receive a number of applications supporting those in or leaving care. including creative approaches to supporting wellbeing- successful grantees in Ihis space incjuded Articulate Cultural Trusl, Changing Tunes, Blue Cabin, arEd Pure Insight. The Emmau5 UK grants covering supwrting cornmunÉties lo improve their retain offer. grow online sales (new software as well as dedicated slaffl and lo complete some capital proiects continued during the year. No further commitments were made and arrangements for loan repayments were put in pla. During Covid we put interest payTnents on hold, and they restarted in 202012021. At year end we had £40.000 outstanding in loans. Last year, Trustees awarded a significanl grant of £3million to King s College London to build the new Pears Maudsley Centre for Children and Young people in Denmark Hill, South London. This will bring together a range of clinical serwces spanning neUr(leVelOpMental disorders beginning in earfy life lo conditions which emerge later such as acute anxiety and sell-harm. The building will incorw)rale inpatient and outpalienl facilitie5, a hospital school, research and diagnostic facililies. It wll be a state of the art building reflecting the significant size ol this exceptional grant. Planning pemiission was successfully secured at the end of 2020 and construction began in 2021. Payments We delayed whilst arrangements were being finalised and the firsl tranche will be released in December 2021 wlh the final payment due at the end of 2022. Whilst the Foundation funds a variety of tharitable arKI not-for-profil organisations, funding is specifically targeled toward5 issues and OTgani531ions which do not enjoy wdespread public support. Collaboration with other funders oonlinues to be important in terms ol wder leaming as well as for leveraging other funding from those Foundations interested in similar client groups or sectors. An added benefit The Found31ion Seeks with grani recipients, is to intr(Kluce organisations to each other lo enhan leaming, share good practice and where possible, work together. The Foundation's Inte$1 in laler lile conlinued. Alongside granl-making, the Foundalion began consulting about how it might be more focused in its support for care homes. Previously, the Foundation had agreed to focus on the little things that make a difference and care homes, laIlOnshlpS wlh the wider community. However, it was recognised that staff are key lo both ol these aspeds and that investing in staff development might lead to more lasting change than funding projects which would likely end when grant funding ran out. The Trustees agreed lo explore how the Foundation might support development ofthe social care WOTkfor¢e and consulted with a number of relevant bodies and agencies for further advice.. this was followed by a roundlable in October, chaired by Baroness Neuberger. to examine the subject in doser detail. Four key themes emerged from the roundtable.. replication of existing good practice, mentoring and cDa¢hing. Community ownership. and bullwng & harassment. Over the next few months. four working groups will meet lo explore these themes further. The aim is lo lislen and Wotk with the social care se¢lor. plus relevant tharities, to develop ideas which have buy-in from all relevant stakeholders and potential lor enduring impact. We hope that a number ol ideas will emerge from the working groups and be presented to Trustees as fomial prcwsals in the year ahead. Page 5
THE RAYNE FOUNDATION TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 30 NOVEMBER 2021 ACHIEVEMENT AND PERFORMANCE The Foundalion's work is measured by Ihe degree lo which each grant contn'butes to agreed outcomes covering qualilalive and quanlilalive data. The Foundalion funds across a wide range of Subject areas, as seen in the list ol awards so outcomes are measured in different ways which may include feedback from beneficiaries, formal tracking from statutory agencies or others, data collection. estimation of cost savings and sometimes a more formal evaluation. Both hard and soft outcomes are gathered, and the Tnjstees consider each set of outcome requiremenis on a case-by-case basis. For multi-year granis (usually up lo three years), the second orthird year's payment a released upon receipt of satisfactory monitoring and financial reports. Whilst the FoUndatiC continues to be a reactive grant maker more targeted work has started on lat6r life and social care and we plan to reassess our balarte between reactNe and proactive grant making moving fonvard. The refurbishment of the building The Foundatson purchased in February 2018 was completed during the year following delays during Ihe pandemic. Staff retUTned to work a mix of office and home-based working. Pari ol the building is let out on a commercial basis to sel against running costs and from 2022 The Foundalion wll offer pro bono, rneeting room space to other charitses. PUBLIC BENEFIT The Trustees confimi that they have complied with their duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charily Commission for England and Wales. The Foundation provides public benefit Ihrough Ihe making of grants to regislered charities and not-for-profit organisations wth charitable objects and through undertaking initiatives which contribule to Ihe needs ol UK Society. This covers both pro8ctive and reactive grant making. Each year. The Foundation makes a careful judgment between investing in imme£liale calls on its funds and safeguarding the endowment lo meet future needs and challenges. RISK MANAGEMENT Risks relating to financial perfotmance and therefore future dislribulion, due lo volatility of markets. are regularly reviewed by the Joint Finance & Inveslmenl Committee and indude an annual impairment review. The comprehensive risk register covers a range of issues which include loss of key staff, governance, IraLJd, reduction In caprtal and operational risks. Specific examples of risk managemenl include keeping a watching brief on market volatility and portfolio diversification to mitigate loss of capita5- VIewIng governance and good practice from applicants before grants are awarded., mainlaining up lo date knowledge of policy or statutory changeslrequirements in the sector and setting financial and reporting obligalions foi grant recipients lo monitor multi-year grants before any subsequenl paymenl is released. The Trustee5 formally review risk on an annual basis and ndde thal Ihere are sufficient ntrOl8 in place across the organisalion. The Chairman and Director also meet the auditor to discuss recommendations arising from their annual audit which may inform any approach to a parkncular risk. Covid 19 and ils global impact affected the day-t¢>day operations of thè Foundation in terms of moving to remote working. assessing projects and organisatlons via Zoom or equivalent, but grant making continued uninletrupled, alongside managing the additional funds available. In addilion to the significant implication lor millions of individuals. investment portfolios sharply fell bul have since recovered. The Foundation holds high cash reserves, which wver all Gurrenl grant cornmitmenls and operaliag costs and more. so no funding commitments will be cancelled for lack of lunds. Page 6
THE RAYNE FOUNDATION TRUSTEES. REPORT Icontinuedl FOR THE YEAR ENDED 30 NOVEMBER 2021 INTERNAL CONTROLS The Trustees confitm that inlemal cntrOl pio¢esses and procedu$ are in Pla and continue lo be reviewed lo ensure that risks are miligaled as far as possible. This includes an annual budget. approved by the Trustees, and monthly finanaal reporting of actual against budget and other key performance indicators. The charity was not involved directly or indirectly in any fundraising for its own benefil during 2021. Th8 charily had no fundraising activities requiring disclostjre under S162A of the Charitie5 Act_ FINANCIAL REVIEW The Foundation had in¢ome for the year of £1,987,662 (2020.. £2,233,977). There were no expIlon3l dividends in the year under review. Grants awarded in the year amounled to £1,760,400 (2020.. £6,268,500J. The Joint Finance & Inveslmenl Commillee agreed to hold a strong cash balance due to the UnrtainlY of global markets particularly affected by Brexit and for the planned expenditure on the new building. INVESTMENT POLICY AND PERFORMANCE AGAINST OBJECTIVES The Foundalion aims to maximise the inveslment relum and to achieve suffi(ient cash income to maintain the level of grants. The value of the inveslment portfolio. excluding cash balances increased from £86,896,448 in 2020 to £94,296,747 during the year. Trustees rewew expenditure on a regular basis. in particular at the start of the finanaal year, and consider new investments and changes in allocats.on on a Gase by case basis. The Tnjstees do not invest to meel a formal social. er¢vironmenlal or ethical investment policy. The Trustees hope lo maintain distribulions amounting to 24.10, in the medium lerni. of the capital value of The Foundation primarily from income. The distribution in Ihe year was 1.83 % 12020.. 3.47 / l of the average capilal value of the Iwenly previous quarters. No changes were made to The Foundalion's investment policies. RESERVES POLICY Rèserves are held in order to ensure that outstanding commitments can be met an(5 that, if ne$Sary, levels of spending can be adjusled in a measured way. Total reserves al the year end were £102.239.899 12020". £93,349,281). Free reserves are calculated by deducting tangible fixed assets and designated funds from unrestricted funds. as well as adding back any loans LFsed to purchase fixed assets Imortgage balance ol £3,568,863 secijred against Bromley Place). The free reserves held at the year-end were negative al £626,961 12020.. negative at £740,1811. The position arises ¢Jue lo the significant value of Bromley Place purchased Irom unrestricted funds and mortgage funds. Included wrthin unrestn.cted funds of £3.437,350 are designated funds of £1.378,200 and fixed assets of £6,254,974. However. the Foundation holds an expendable endowment fund of £98,797,045 which can be drawn upon if required in order to meet its obligations. The total amounl of restricted reserves held al the year-end and nol available for the general purposes of the charity were £5,630. £13,400 remains designated lo Men in Sheds programme, £980,800 designated to support improving quality of life for older people in care homes and £384,000 continues lo be designated as Comd 19 support funding. The Foundation hold5 cash balances to manage fluctuations in cash flow and G8sh liquidity is reviewed quartedy by the Joint Finance & Investment Committee. The Trustees are satisfied that the Foundation, given its financial reserves and fundamenial assets, is in a position lo meet all tis current and anticipated future commitments. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees Iwho are also 1Clo¥S of The Rayne Foundation for the purposes of company lawl are responsible for preparin9 Ihe T¥ustees' Annual Report and Ihe financial statemenls in accordan with applicable law end United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounling Page 7
THE RAYNE FOUNDATION TRUSTEES. REPORT {continuedl FOR THE YEAR ENDED 30 NOVEMBER 2021 Standarésl. Company law requires the Trustees lo prepare financial slalements for each financial year. Under company law the Trustees must not approve Ihe financial statemenis unless they a satisfied that they give a true and fair view of the slate of affairs of the charitable wmpany and of the in¢oming resources and application of resources, including the income and expenditure, of the chafitable company for that perityj. In preparing these financial stslemenls. the Trustees are required to: select suitable accounting tx)licies and Ihen apply them consislenuy. observe ihe melhods and principles in the Charilies SORP". rnake judgments and estimates that are ieasonable and prudent- stale whether applicable UK accounting standards have been followed, subject lo any material departures disclosed and explained in the financial 51alements.' and prepare the financial statements on the going concern basis unles5 It is inappropriate lo pSuMe that the charitsble cornpany will continue in business. The Trustees a responsible for keeping adequate acwunting records that are sufficient to show and explain the ch8rilable company's Iransaclions. disdose wilh reasonable accuracy al any lirne the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006 and Ihe provisions ol the Charily's constitulion. They are also responsible for safeguarding the assets ol the Charity and hen for tsking reasonable steps for the prevention and detection of Iraud and other irregularities. This repo was approveil y the Trustees, on and signed on their behalf by.. The on Chairman ertARa Page 8
THE RAYNE FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION Opinion Wè have avdiled the financial ststements of The Rayne Foundation IThe Foundalion'l for the year ended 30 November 2021 which comprtse the Statement of financial actiwties, the Balance sheet. the Statement of cash flows and the relaled noles, including a summary of signifFcanl accounbng policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Firhancial Reporting Standard applicable in the UK and Republi¢ of Ireland, (UnileLI Kingdom Generally Accepted Accounting Praclicel. In our opinion the financFal stslements-. give a true and fair vtew of the stale of the charitable CoMpanS affarrs as at 30 November 2021 and of its incoming resources and applicalion of resources, including sis income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance wlh the requirements of Ihe Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemalional Siar¢dards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are lurther described in the Auditorfs responsibilities for the audit of the financial statements secbon of our report. We are independent of the charitable company in accordance with the ethical requiremenis thal are relevant lo our audit of the financial slalements in the Uniled Kingdom, including the Financial Reporting Council's Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance wtth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriale to provide a basis for our opinion. Conclusions lating to going concern In auditing the financial statements, we have concluded that the Trustees. use of the going con¢em basis of a¢counling in the preparation of the financial staiements is appropriate_ Based on the work we have perfomed. we have nol identified any malerial uncerlainties relaling to evenls or conditions that, individually or collectively. may cast SnIfIcant doubt on the charitable CoMpanS ability to continue as a going concem for a riod of at least 1ve months from when the financial stalements are aulhorised for issue. Our responsibilities and the responsibilities of the Truslees wth respect lo gn concem are described in the relevant sections of this report. Page 9
THE RAYNE FOUNDATIQN IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION {CONTINUEDI Othèr infomiation The other infomiation comprises the infomiation included in the AnnLtal report other than the financial statements and our Audito¢s report thereon. The Tnjslees are responsible for the other information contained wthin tho Annual report. Our opinion on the financial siatemenls does not cover the other information and, except to the exlent othenlSe explicitly stated in our report, we do not expiess any form of assurance Gonolusion thèrèon. Our responsibility is to read the other information and, in doing so. Gonsider whether the other information is materially inconsistent with the financial statements or our kedge obtained in the COLJrse ol the audit, or othenNise appears to be materially misstated. If we identify such material inoonsistencies or apparent material missiatements, we are required to determine whelher this gives rise to a aterial misstatement in the financial statements themselves. If, based on the work ive have perfomied, we conclude thal there is a material misstatement of this other information, we are quired to report that facl. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audbt". the information given in the Trustees. report for the financial year for which the financi81 st8tements are prepared 15 consistent wth the fjnancial statemenis. the Trustees. reSrt has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitsble company and ils environment obtained in the course of the audit, we have not identified material misstatements in the Ttustees, report. We have nothing lo report in respe¢t of the following matters in relation to whid) Companies A¢1 2006 requires us lo report lo you if. in our opinion.. adequate accounting records have not been kept.. or the financial statements are not in agreement with the acc4Junling records and returns., or certain disclosures of Trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in prepaftng the Truslees, repori and from the requirement to Prepare a Strategic report. Page 10
THE RAYNE FOUNDATION IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION ICONTINUEDI Responsibilities of Trustees As explained more fully in the Trustees. responsibilib.es ststemenl. the Trustees (who are also the directors of the charitable company for the PL¢rposes of company lawl are restK)nsible for the preparation of the financial statements and for being satisfied that they give a Irue and fair view. and lor such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financ*al slalements. the Truslees arè responsible for assessing the charitable companys ability lo continue as a going concern, disclosing. as applicable, matlers relaled lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charilable company or to cease operations. or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboLrt whether the financial slatements as a whole are free from material misslatemenl, whether due lo fraud or eOr. and to issue an AudTtorfs report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee thal an audit conducted in accordance with ISAS IUKI wll alwa detecl a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, indimdually or in the aggregate, they could reasonably be expected lo influence thè economic decisions ol users laken on the basis ol these financial statements. Irregularities, in¢lu¢Jing fraud. are instances of non-compliance wilh laws and regulations. We design procedures in line wth our res5x>nsibililies, oullined above. lo detecl material misstatements in respect of irregularities, including fraud. The extent to which txjr procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an understanding of Ihe legal and regulatory frameworks wihin which the charity operates, focusing on those laws and regulations that have a dired effect on Ihe delem)inalion of material amounis and disclosures in the financial staterrsents. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 and Charilies SORP {FRS 1021. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the rinancial stalemenls but compliance wlh which mighl be furTrdamenlal lo the ¢haritrfs abilily lo operate or to avoid a material penalty. We also considered the opportunities and incentwes that may exsst wthin the charity for fraud. We identified the greatesl risk of material impact on the financial slalemenls from iffegularities, including fraud, to be the override of controls by managemenl. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularits'es, sample testing on the posting of journals, reviewing accounting estimates for biases. reviewng regulalory correspondence including that with the Charity Commission. reading minutes of meetings of those charged with governance, and designing audit procedures for Ihe reGognilion and classification of income. Owing lo the inherent limitations of an audit, there is arh unavoidable risk that we may not have detected some material misststements in the financial statements, even Ihough we have propedy planned and performed our audit in accordance with auditing standards. For example, Ihe further removed non-compliance with laws and regulations lirregularitiesl is frorn the events and Iransactions reflected in the financial statement5, the less likely the inherently limited procedures reoutred by auditing siandards would idenlify it. In addition. as with any audit, there retnained a higher risk of non-deteclion of irregularities. as these may involve collusion, forgery, inlentional omissions, misrepresenlat¥ons. or the override of internal Controls_ We are not responsible for preventir19 nonwmp1l8n and ¢annot bè 8xpÈcted to dètèct non-complian all laws and regulations. Page 11
(A company limited by guarantee)
THE RAYNE FOUNDATION
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION (CONTINUED)
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Guy Biggin (Senior statutory auditor) for and on behalf of Crowe U. K. LLP Statutory Auditor Fourth Floor St James House St James Square Cheltenham
Date: 11 August 2022
Page 12
THE RAYNE FOUNDATION (A company limÈted by guaranttel STATEMENT OF FINANCIAL A¢TIVlflES (INCORPORATING INCOME AND EXPENDETURE ACCOUNTI FOR THE YEAR ENDED 30 NOVEM8ER 2021 Unrestricted fund$ 2021 Restricted Endowment funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Income from- Investments 1,987,662 1,987,662 2,233,977 Total income 1,987,662 1,987,662 2,233,977 Expenditure on- Raising funds.. Investment managerfs fees Charitable activities 9,245 2,494,374 240 12S,287 134,772 2,494,374 135.645 7,024.489 Total èxpenditurè 2,503.619 240 12S.287 2,629,146 7,160,134 Net expenditure before net Ilossesllgains on investments {515.9571 1240) (125.2871 {641,4841 (4.926, 157) Net gainslllossesl on investments 15.6541 111 9,537,645 9,532,102 (14,479,910) Net lexpènditurellincome {521,6111 1129) 9,412,358 8,890,618 (19.406,067) Reconciliation of funds: Total funds brought forward 3,958,963 1521,6111 5,630 {129) 89,384.688 9,412,358 93.349,281 8.890,618 112, T55.348 (19,406.067) Net movemenl in funds Total funds carried fOard 21 3,437,352 5,501 98,797,046 102,239,899 93,349.287 The notes on pages 17 to 41 fomi part of Ihese financjal stalements. Page 13
THE RAYNE FQUNDATIQN IA company limited by guarantee) REGISTERED NUMBER: 11559926 BALANCE SHEET AS AT 30 NOVEMBER 2021 2021 2020 Note Fixèd assets Tangible assets Investments 12 6,254,974 96,429,925 6.436.044 89, 109,626 13 102,684,899 95,545,570 Current assets Deblors 14 140.996 3.963,864 4.075,586 153,669 2,828,935 4.002.534 Investments Cash al bank and in hand 15 8.180,446 6,985, 138 Creditors-. 8mounls falling due wlhin one year 16 (3.471.035) (3,823,001) Net current assets 4.709.411 3. 162, 137 Total assets less ¢ent liabilities 107,394,310 98.707,807 Creditors.. amounts falling due after more than one year 18 {5.154,4111 (5,358,526) Total net assets 102,239,899 93,349,281 Page 14
THE RAYNE FOUNDATION IA company limited by guarantee) REGISTERED NUMBER: 11559926 BALANCE SHEET ICONTINUEDI AS AT 30 NOVEMBER 2021 2021 2020 Note Charity funds Endowment funds 21 98.797,046 5.501 3.437,352 89,384,688 5,630 3,958,963 Reslricled lunds Unreslricled funds 21 21 Total funds 102.239,899 93,349,281 The Trustees a¢knowledge their responsibilities for complwng wth the requirements of the Act with respect to a¢counting records and preparation of financial ststements. The financial slalemenls have been prepared in accordan wth the provisions applicable to entities subject to the small companies regime. The financial statements were approved and aulhorised f issue by the Truslees c signed on their behalf by. and Lady Jane Rayne Trustee The Hgn. Robert A Rayn Chair of Ttustees The notes on pages 17 to 41 fomi part of these financial statements. Page 15
THE RAYNE FOUNDATION IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2021 2021 2020 Note Cash flows frorn operating activities Net cash used in operaling acitvitses 23 12,840,863} (3,886,818J Cash flows from investing activities Dividends, interests and renls from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Proceeds from investment repayments Movement in investments held as cash 1,987,662 2.233,977 139,484 (47 7,040) 24.283.712 4,716,723 122,151,909) (4,600.344J 80,000 51.453 (1,134,929) 283,293 3,100,000 Transfer fromlltol fixed asset investments Nel cash provided by ir]vesting activitie$ 3,025,052 5,368,062 Cash flows from financing activiti•s Repayments of borrowng Financing fees {110.5371 {6001 Net cash {used inllprovided by financing activities 1111,1371 Change In cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year 73,052 1.481.244 4,002,534 2.521,390 Cash and cash equivalents at the end of the year 24 4.075,586 4,002.534 The notes on pages 17 10 41 fomi part of these financial statements Page 16
THE RAYNE FOUNDATION CONTENTS Page Reference and administrative details of the Foundation. its Trustees and Advisers Twstees. report Independent auditorfs report 9-12 Statement of financial activities 13 Balance sheet 14-1S Statemenl of cash flows 16 Notes to the financial statements 17-41
Charity Number- 1179912 Company Number 11559926 THE RAYNE FOUNDATION TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021
THE RAYNE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 General infonnation The Rayne Foundation is a charitable company limited by guarantee. registered with Companies House (registered number- 11559926 England & Wales) and Ihe Charity Commission Iregisteied number.. 11799121- Ils regislered principal office is 3 Bromley Place. London, W1T 6DB. Accounting policies 21 Basis of preparation of finan¢ial statements The financial slalemenls have been prepared in accA)rdartce wth Ihe Charities SORP IFRS 102) - A¢Gounting and RepK)rting by Charities.. Sialemenl ol Recommended Pradice applicable lo charilies preparing their accounls in acco¥dance wth ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. the Companies Act 2006 and the Charities Act 2011. The Rayne Foundalion meeis Ihe definition of a publtc bènefit entity under FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless olherwise slated in ihe relevant accounting policy. 22 Going concèm The Foundation has cash reSourS and no requirement for exlemal funding during the year. The Trustees have a reasonable expectaiion Ihat the Foundation has adequate resourGes lo continue in operational existence for the foreseeable future and there are no material uncertainties about the charitls ability to continue. The Covid-19 pandemic ha5 not had a signTficanl impact on the Foundation's operations but the Trustees wll continue to keep this llrer reew. Having regard lo the above. the Trustees belbeve il appropriate to adopt the going concem basis of accounting in preparing the financial slatements. 23 Income Income from investmenls is inclLKled in Ihe Statement of Financial Activities only if recoived, or declared and re1Vable. Gains or losses arising Irom Ihe revaluation of investmenls are deall with in the Statement of Financial Acbvities. Page 17
THE yNE FQUNDATIQN {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Accounting policies {continuedl 24 Expendtture Expenditure is accrue(l as soon as a liability is Considered probable. Grants are recognised when a constructive obligation arises that results in the payment being unav(Mdable. Costs of raising ftjnds include expenditure asswated with investment management. Charitable activilies include expenditu associated with grants payable and include both the direct costs and support cosls relating to these activilies. Govemance costs include those incurred in the govemance of the Foundation and its assets and are primarily associated wlh constttulional and stalutory quirements and are included wilhin support costs. Support costs include central functions and have been allocated lo 2clivity cost c21egories on g basis consistent with the use of resources. All expenditure is classtfied under actimty headings that aggregate all costs related to the catOry. lffecoverable VAT is charged against the calegory of expenditure for which it wès incurred. 25 Taxation The Rae Foundation is a regislered charity. and as such is enb.tled to tsxation exemptions on all its income and gains, propedy applied for its chariiable purposes. 26 Tanglble fixed assets and depreciation Tangible fixed assets costing £750 or mtye are capitalised. A VIeW for impairment of a fixed asset is carried out if events or changes in circumstances indicate Ihat the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impaimients. Impaimienl kjsses are jniSed in the Slalement of Financial A¢livitses_ Tangible fixed assets are carried at cost. net of depreoalion and any provtsion for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estitnated residual value. over their expected useful INes on the followng bases.. Freehold buitdinys Freehold land Fixtures and fith.ngs Office equipment Compuler equipmenl 30 yèars straighl line Not depreciated 5 years slraighl line 5 years straight line 3 years stiaighl Sine Page18
THE RAYNE FOUNDATION IA company limited by guaTanteÈl NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Accounting policie5 {continuedl 27 Investments Quoled investments are staled in Ihe Balance Sheet al Iheir maTkel value as at the year end dale. Non listed investments are measured at historic cost and are reviewed annually for impaimenl. Indtjded in current asset investments ar8 short temi CAsh deposits. Works of art are value(I periodically for insurance purposes, and this value is incorporated in the Balance Sheet. Gains and losses are showr) in Ihe Statement of Financial AGtivitie5 and reflected in the relevant fund. The nexi valuation is due in 2022. 28 Debtors Other debtors and accrued income are recognised al the Settlement amount due. Prepayments are valued at the amount prepaid. 29 Cash at bank and in hand Cash at bank and in hand indudes cash and short-lerm highly liquid investments with 8 short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 210 Creditors Liabilities are recognised On Ihere is a legal or ccN)structive obligation that commits the Foundation to the obligation. Creditors are nomially recognised at their settlement amount after allowing for any discounls due. 211 Financial instruments The Foundation only has financial asse15 and financial liabilities of a kind that qualify as basic rinancial instruments. Basic financial inslrumenis are initially ie¢ognised al transaclion value and subsequently measured at their settlement value_ Debt inslruments (other Ihan those wholly repayable or receivable wthin one yearl, including loans and other a¢counts receivable and payable are initially measured at present value of the future cash flows and subsequently al amortised cost using the effective Inte$t method. Z12 Pensions The Foundation operates a defined contribution scheme on behalf of its employees. Contributions are charged in the Statement of Financial Activities as incurred. No further liabilities accrue under the scheme. 213 Expendable Endowment Fund The expendable endowment fund is mainlained to generate suslainable income for the unreslricled funds. Page 19
THE RAYNE FOUNDATIQN IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Accounting policiès Iconttnuedl Z14 Restricted Funds Reslricled funds are subject lo specific conditions by donors as lo how they may be used. The purposes and uses of the resiricted funds are set out in Ihe noles lo the financial stalemenls. Z15 Unrestricted Funds Unrestricted funds are eXpdable at the dI$tiOn of the Trustees in furtherance of the objects or administration of Ihe Foundation. Designated furKls comprise general funds, which have been set aside 8t the discretion of the Tmstees, for specific purposes. Critical accounting estimatÈs and areas of judgÈmÈnt Preparation of Ihe financial stalements requires management to make judgements and estirnates. The Trustees consider thal there are no malertal judgemenls in appIn9 accounting policies or key sources ol estimation uncertainly. Investment incorne Unrestricted funds 2021 Total funds 2021 Tolal funds 2020 LinCe income Income from investments Interest re1vable 44,216 1,940,256 3.190 44.216 1,940,256 3,190 14,035 2, 192,470 27,472 Total 2021 1,987,662 1.987.662 2,233,977 Total 2020 2,233,971 2,233,977 Page 20
THE RAYNE FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Investment management costs Unrestricted funds 2021 RestrlctÈd Endowment funds funds 2021 2021 Total funds 2021 Total funds 2020 Investment management fees 9.245 240 125,287 134,772 135.645 Total 2020 12,006 848 122,791 135.645 Analysis of expenditure on charitable activities Summary byfund type Unrestricted funds 2021 Restricted Endowment funds funds 2021 2021 Total funds 2021 Total funds 2020 Support costs Grani funding of activities 774.974 1,719,400 774,974 1,719,400 755.989 6,268,500 Total 2021 2,494,374 2,494.374 7,024,489 Total 2020 4,004.489 20.000 3.000.000 7.024,489 Page 21
THE RAYNE FOUNDATION IA company limitÈd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Analysis of expenditure by activitles Activities undèrtaken directly 2021 Grant funding of activities 2021 Totsl funds 2021 Total funds 2020 Support costs Grant funding of activities 774.974 774.974 1,719,400 755.989 6,268.500 1.719,400 Total 2021 774,974 1.719.400 2,494.374 7,024,489 Total 2020 755,989 6,268,500 T,024,489 Analysis of direct costs Total funds 2021 Total funds 2020 Stalf costs {note 10) Depreciation Staff related costs Premises cost Travel and subsislence Office costs Governance costs Inole 81 239.220 220,554 16,872 136,537 464 255,429 207,607 15,026 144,305 1,040 71.029 61,553 57,431 103,896 774,974 755,989 Page 22
THE RAYNE FOUNDATION IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Governance costs 2021 2020 Trustees, expenses Legal fees Professional fees 348 46,654 43,070 14,172 4,037 24,476 73,884 Audit and accountancy fees 103,896 42,745 Auditorfs remuneration 2021 2020 Fees payable lo the The Foundation's audtior for Ihe audil of Tt Foundation's annual 8¢covniS 8.160 8,000 Fees Payab to the The Foundation's auditor in respect of= Preparation of the Iinancial stalemerkts 3.650 3.570 10. Staff costs 2021 2020 Wages and salaries Social security costs Contribution to defined contribution pension schemes 192.230 20,178 26,812 205, 187 21,800 28,442 239.220 255,429 The average numbei of persons employeil by the The Foundation during the year was as follows.. 2021 2020 No. Administration Managemenl Paoe 23
THE RAYNE FOUNDATION IA company limited by guarantèè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 io. Staff costs (continued) The ntjmber of emptoyees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2021 No. 2020 No. In the band £100.001 - £110.000 Defined contribution pension Scheme costs payable wtth regard lo the higher paid employee totalled £14,729 (2020.. £14,393). Key managemenl petsonnel employee benefits wnsisting of the Director totalled £136,856 (2020.- £134.307). 11. Trustee$. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2020- £NIL). During the year ended 30 November 2021. expenses totalling £NIL were reimbursed or covered travel costs (2020.. £348 to one Tnisleel. Page 24
THE RAYNE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 11 TangFble fixed assets Freehold land and Fixture5 and buildings fittings Office ulpment Computer equipment Total Cost At 1 December 2020 6.272,454 23,332 374,342 16,152 5,777 23.153 6,675,726 39,484 Additions At 30 November2021 6.295,786 390,494 5,777 23.153 6,715.210 Depreciation At 1 0ÈcembÈi 2020 Charge for the year 149,398 133,256 81.404 78,425 232 8.648 7,718 239,682 220,554 1,155 At 30 November2021 282,654 159,829 1,387 16,366 460,236 Net book value At 30 November 2021 6,013,132 230.665 4,390 6,787 6,254,974 At 30 November 2020 6. 123.056 292.938 5.545 74,505 6.436,044 Freehold land and bjiklings indudes mixed use property. The element considered to be investment property is not seperately identrfiable. Page 25
THE RAYNE FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 11 Fixed asset investments Quoted investments George Social Works of Capital investments art Total Cost or valuation At 1 December 2020 86.896.448 1.106,678 22.151.909 124,283,712) 9,532,102 395,000 961,500 89,359,626 22.151.909 124,283,712) 9.532,102 180,0001 Additions Disposals Revaluations Capital repayTnents 180,0001 At 30 November 2021 94,296,747 1,106,678 315,000 961,500 96,679,925 Impaimient At 1 Dernber 2020 250,000 250,000 At 30 November 2021 250,000 250,000 Net book value At 30 November 2021 94,296.747 1.106.678 65.000 961,500 96.429,92S AI 30 November 2020 86.896.448 1. 106,6T8 145.000 961,&)o 89, 109,626 Works of Art are valued for insurance purFK)ses on a rolling basis al least every 5 years. In 2016 valuations were provided by Christiè's for the whole portfolio of art works. These valuations have been used by the Trustees as a proxy for tnarkel value. Some of the items are on loan for display by public or charitsble organisations. Social Investrnents represent funds m8de available to Emmaus UK for the provision of loans to develop new Emmaus Communities and lo sUprt Emmaus Enterprises. Please see note 28 for details of Ihe George Capiial investmenl. The followng inve51menls comprise more than 5/0 of the portldio.. Market value Derwent London plc £63.909.941 Page 26
THE RAYNE FOUNDATION IA company limited by guarantÈè} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 NOVEMBER 2021 1& Debtors 2021 2020 Other deblors 126.485 14.511 134. 158 19,511 PrepayTnents 140,996 153.669 1& Guent asset investments 2021 2020 Cash held with Investmenl managers 3,963,864 2,828,935 1& Creditors- Amounts falling due within one year 2021 2020 Bank loans 142,952 7,653 40,172 84,858 3,195,400 IOT, 174 8,529 25.577 104,221 3.577.500 other laxaiion and srxial security Other Credilors Accruals Grants payable 3.471.03S 3,823,001 17. Re¢onciltation of grants payable: 2021 2020 Commitrnenls brought lorwaril Commitmerkls made in the year Commitfftenls withdrawn Grants paid during Ihe year 5.363,200 1,760,400 141,0001 (2,158,700) (3. 135,600} 2,230,300 6.268.500 Commitments carried forward 4.923.900 6,363,200 Page 27
THE RAYNE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 1& Creditors: Amounts falllng due after more than one year 2021 2020 Bank loans Grants payablè 3,425,911 1,728,500 3,572.826 1.785.700 5,154,411 5,358,526 Included wthin the above are amounts falling due as follows.. 2021 2020 Between one and two years Bank loans 151.641 146,915 Between two and five years Bank loans 484,820 469.712 Over five years Bank loans 2,789.450 2.956, 199 The mortgage is secured by a legal charge over the propety 3 Bromley Place. London, W1T 6DB. Page 28
THE RAYNE FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 19. Grants Company Nam• j Appeal Summary T¢warfs the salary ol a Wellbeing CoaGh Imental Health). helping your Fwle aged 1&25 wk) are h)meless. al risk ol homelessness or lealing care. Covld Grnnt Maln Grant Total 1625 Independerlt People Ltd 60.000 Alike Acli%ities Limited T<)wards core costs while All seeks to consdidate its digital expansion. Towdrds a orle-year extensi(x) grant for the salary of Ihe Project hAanager, Autism Exchange projecl. Towards eMOY1ng a specialist Arts and Mental Well-being CInar0r. To sUPP(Mt Ihe ddi%ery and de%elorxnent of ils UK Arts ramme. Towards deloping its community based antenatal education pr(NJramme in Hackrbey and Lslington", and eIating its impact to supt suslainabilily and friure gro5h. Towards Blue Cabtns wth young people who ha experience of being in care or'looked-afterf. Towards a dedicated Community Producer lo de0p year-round c reation work and Sha leaming through leaming SourceS ft)r comrnunity organiser5. Towards therapeutic support for unaccompanied asyltjm seekers and retugees to Impro their emotional wellbeing and help their integrntion into the UK. Towards thMd-19 SUFwi The Bromley By Bow cenlre. Towar(ts deloping an accessible high quality seTh4ce which meets the immediate mental trallh rwds of young people from BAME commLtnilies hake been impa¢led by cld-19. 20.(KJO 20,000 ArMbitlOU5 a1 Autism 20,(X)O 20,QOO Articulate Cullural Tst 58.500 58,500 Arts 4 Dementia Lld 15,000 15,(KJO Birth C(xnpanions Ltd 60,0(X) Blue Cabin QC 15.000 15,000 Brighton Dome and Festival Lld 15,( 15,000 British Refvgee Council 20.CMXI 20,0(K) Bromley by Bow Centre 5.000 5,000 Caius House 48.(M]O 48,000 Page 29
THE RAYNE FOUNDATION {A company limiteil by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Grants {continuedl Company N•me Appeal Summary Towards researching and dEloplg a music rehabilitation pr(NJramtne for Secure Children's H(mes. Towdrds a 1-year Creati healthcare programme aiming to impro heallhcare worf(er wdlbang and delop sdf and w)IkaCe compassion durirrfJ and pY)st Ihe pandemic. Towards an InnotI remote w)rk placement prcducl that remoles identified barriers pre¥enling the conneclion between employers wlh opFyJrtunities. and dIsadnI3ged young people with potential. Towarijs Afghan Refijgee Women - Need for Smartphones. Towdrils support for children and their parenls in families where young peOe ha caring resw)nsibiSities. Towards expanding its yOLrth social action prffjramme and creating new communily based mental health models through embedding support in all of ils deliwy. Towdrds salary costs. Towdr(Is organising a critical mass of contry'S 3CK).000 people to become acti participants arKI leade of connecti For (>Jod vknich aims to end isolation. Towdrds the salary ofan Independent MTr1em Slary AdM)cales IIMSAS) to deliKer Intensi lontem) legal and social suptK)rt for Mctilns acioss Lhe UK. Towdrds support to realiso an ambitious proJeGt that wll resull in fteerk extraordinary art%Kxks beir installed across Ihree mental heallh wards at Tort)a Hos Towards deloping Ihe nexl phase of a pilot pwramme supporting young people in care and the adults who care for them to manaJe CLflIct more effeclil Covld Grant Maln Grant Totsl Changing Tunes Ltd 20,000 20.000 China Plate Theatre Ltd 20,(XXJ 20.000 Qly Gatewdy Ltd 15.700 15,700 Displaced People In Action IOPIAI 1.900 1,900 Family LiS Ltd 12.500 12.500 Fitzroiia Youth in Action 20,(KJO 20,000 Flora Cultura 5.000 5,000 Grapemne Contry and Wan*ickshi Ltd 60.OCK) 60,000 Hope for Justice 80,(KX) 80,000 Hospital RIM)ms 15.0 15,000 Leap Confronting ConfliGt 60,(XX) 60,000 Page 30
THE RAYNE FOUNDATION
IA company limited by gvaranteel
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
Grants Icontinuedl
Company Name
.Appoal Summary_. .
Towards a Tdefnertding Seruce to
SUPPK)rt dder community members
o are digitally excludeil. liMrvJ alone
and becc*ning incfeasingly isolatwj.
Covld Grant Maln Grant '
Totsl
LG8T Healthy Liiing
Cent
15.Crf)O
15,000
LIFEbeat
Towa¥ds the salary of Ihe Operdtions
and Programmes Manager.
Towdrds Ihe elOpment ol
mindfulness practice online arKJ in-
person young people with leaming
disabilities and their families.
Towards the extended digital rdl-out of
na, an interacti4e fonjm theatre
piece l(K>kiThJ at people lIh leamiThJ
disabilities as parents.
Towards the Ihretryear national roll ojt
of My Life TV, the w
THE RAYNE FQUNDATIQN IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Grants Icontinued} Company Name I AP81 Summary Towdrds the cost of a Language Programme which prrnides a cwcial stepping-stone lor refugees in rebuilding their li in the UK. Towards the salary of the Employer Partnership Manager. Towards expanding a project which co- pr(xluces mental health w(kshopS for ycKJng people at Unir$ity. Tobwards the SchtAarship Fur%J. Covid Grnnt Main Grant Total RefiJAid 60,000 Resurgo Trust 20.000 20,0 Rethink Mental Illness 37,(M)O 37,000 Royal Academy ot Dramalic Art Royal National Theatre 19.(MX) 19,000 Towards the Max Rayne Design Bursary. Towards dedicaled research about young people USI harm in their intimate and peer rdalionships. Towards a contribthion to salary of the CO[dial0r of ils young pecyle prqecls. S0,(K)O 50,000 Safekn$ 20.(MX) 20.000 Safer Liiing Foundation 60,0(M) 60,000 Towards the elOpment and expansion ol a music group thal encourages and celebrate5 the ¢at1 lalent ol adults Wth li experience of mental ill health. Tovrdrds an exlensicm) grant lo contritrAJte to the njnning costs of the BeLea serKice. Tovrards a Homeless Palliati%e Care SenAce to deli¥eT SUPPOrt to homeless [1& liling th temiinal illness. Towards Ihe palliali¥e care network vdhich proudes admce arKI suppNt to care homes on [aagIng end of life. Towards pre*ntati education and Irdining in altemal1 educali(M) settirgs that work with young people vhK) are at high risk ol domestic and sexual Ildence. Soundcastle Ltd 36,(Kl) 36.000 Spurgeons Children's Charily 20.0(K) 20.000 Sl Ann's Hospice 20,0 20.000 Sl Margaret's Somerset Hospice 10.0(X) 10.000 Tender Education and Arts 48.iYJO 48,000 Page 32
THE RAYNE FOUNDATSON IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Grants IGgntinuÈd} Company Namo Appeal Summary Towards core costs in ortler to proiide psyctrK>therapy and practical support to yoJng people who are suTh4vs of extTeme iiolence. trafficking or rape. ar o a refugees or asylum seekers. Towards the additional costs of Where the Arts Belong, a cdlaboration with the Belong Care Group exploring how the arts can suppY)rt people wlh dementia. Towards Sup$ng the Iransfomiation of its chthrs for h(xneless and maoinalised people through its new 2021-24 stralegy. T¢)wards the salary of a Vdunteer Broker who will help rebuild jv$ capacity lo place K4unteers pos1-CoMd-19. Covid Grant Main Gran¢ Totsl The Ba(A)ab cent for Sur4AKus in Exile 20.1) 20.000 The Bluecoat 10,000 10,fKJO The Choir With No Name 60,000 The Jewish Volunteering Netwod( 20,(KX) 20,000 Towards Resilient, a long4erm pr(YJramme lo protecl children & yourwJ people wth sthere mental illness and experience of trauma and depritIon. fdlouring discharge frDm CAMHS, from becomin homeless. Towards a pilol digital project exFAoring Ihe concepl ofsnpathy and vthat makes us Ca lor others wth 90 young Pee. The London Pathway 1.000 90,000 The Paper Birds Thealre Company 10.C#)O 10.Otx) Towards a series of target1 apprenticeship arKS apprenticeship piogrammes for dIsadntaged y<xJn people in the aftermalh of the c0i4d-19. Toivards a bske enlerprise that Vwill reduce social isolation and impro¥e the mental and physical health of young people leamng the criminal justice system. The Talent Foundry Trusl 20.000 20.OOfl The Tumar(xJnd Project 10.000 lo.0 Page 33
THE RAYNE FOUNDATION IA company limitèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Grants {continuedl Company Name UK Men's Sheds Association Appe.al Summary Towards research to Undetand and demonstrate the Intrinsic e of men's sheds. Towards a three-year prcgramme to Fx)sIliY affecl Ihe li%es ol cale home staff, care )me residents aTh rofessional circus artisis. Towards Music for Life EKoluation. Covld Grdnt Maln Grant Totsl 26,600 26,600 Upswng Aerial Ltd 60,IX)O 60,000 Wigmore Hall Trust 5,000 5.000 Towards core costs to continue deli*ry of music sessions in demenlia assessmenl units and relecl on and de¥elop further Wishing Well's offer lo older Total Grants Awarded Wishing Well cic 18,4C 18,400 418,300 1,342.100 1.760.400 Financial instruments 2021 2020 Financial assets Financial assets measured at fair value through income and expenditure 95.258,247 87,857,948 Financi81 assets measured at fair value through income and expenditure comprise investments. Page 34
THE RAYNE FOUNDATION {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 21. Statement of funds Statement of funds - current year Balance at Balance at 1 December 2020 30 Galnsl November ILossesl 2021 Income Expenditure Unrestricted funds Designated funds Mens Sheds 40,000 {26,6001 13.400 Improved Quality of Life for Older People in Care Homes Covid-19 allocation 1.100.800 802.300 {120,0001 {418,3001 980,800 384,000 1.943,100 {564.9001 1,378,200 General funds General Fund 2,015,863 1.987.662 11,938,719) {5,6541 2,059,1 S2 Total Unrestricted funds 3.958.963 1.987,662 12,503,619) {5,654) 3,437,352 Endowment funds Expendable Endowment Fund 89,384.688 1125,2871 9,537,645 98,797,046 Restricted funds Gerry Nash Fund 5.630 {2401 111 5,501 Total of funds 93.349.281 1,987,662 12,629.1461 9.532,102 102,239.899 Page 35
THE RAYNE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 21. Statement of funds Icontinuedl Statement of funds- prior year Balance al l December 2019 Balance al Gain 30 Novembei (Lossesj 2020 Transfers n/oul Income Expenditure Unrestricted funds Designated funds Emmaus UK Mens Sheds Improved Ouality ol Life for Older People in Care Homes 750,1 (750,000) (40.OOOJ 40,000 793.800 (193.OOOJ 1, 700,800 Covid-19 allotalion (1, 197. 700J 2,000.000 802,300 1.623,800 (1.430. 700) I, [50.000 1,943, 100 General funds General Fund 2. 120.333 2,233,9T7 (2.585,795J 250,000 (2,652) 2,015,863 Total Unrestricted funds 3. 744. 133 2,233.9T7 (4.016,495) 2.000,000 (2,652) 3,958,963 Endowment funds Expendable Endowment Fund 708,987,579 f3. 122,791) (2,O00,OCj (14.480, 100) 89,384,688 Restricted funds Gerry Nash Fund 23,636 (20.848J 2,842 5,630 Total of funds 112.755,348 2,233.917 (7. 160, 134) 114.479,910) 93,349.281 Page 36
THE RAYNE FOUNDATION IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 21. Statement of funds (continued) The Emmaus UK Fund represents a social investrnent loan lo be made available to Emmaus UK which 11 be repaid. The Mens Sheds fund preSentS money pul aside to be granted lo the hAens Sheds Programme in future riods. The Gerry Nash Fund Ipreviously know) as Ihe Peggy Nash Legacy) is restricted for grants relating lo medical research. general medical or health lated projects. The Improved Quality of Life for Older People in Care Homes designated fund wll be used to locus on the little things within care homes Ihal wll make a difference and relationships between the care homes and wder community. The Cowd-19 8llocalion relates lo funding des*Jnated by the Trustees lo provide additional support for the charity sector in light of the impacl of Ihe pandemic. 22. Analysis of net assets between funds Analysis of net assets betsveen funds- cuThent year Unrestricted funds 2021 Restricted Endowment funds funds 2021 2021 Total funds 2021 Tangible fixed assets Fixed assel investments 6.254.974 3.502,429 1917,7051 11.271.035) 14,131,311) 6,254,974 92.927,4 96,429,925 228.601 8.869,550 8,180,446 1200,0001 12.000,0001 13,471,035) 123.1001 11,000,OQOI IS,154,4111 Current assels Creditors due wthin one year Creditors due in more than one year Total 3.437.352 5,501 98,797,046 102,239,899 Page 37
THE RAYNE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 22 Analysis of net asstts between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2020 Restricted Endowmenl lunds funds 2020 2020 Total funds 2020 Tangible fixed assets Fixed asset investments Current assets Credilors due within one year Crediiors due in more than one year 6.436.044 3.461.498 1248.352) (1.554,801) (4, 135.426) 6,436,044 85,648, 128 89, 109,626 496.930 6, 736,560 6,985, 138 (268,200) {2.000,000) (3,823,001) (223, 100) {1,000,QOOJ (5.358,526) Total 3.958.963 5,630 89.384,688 93,349,281 23. Reconciliation of net movement in funds to net cash flow from operating activtties 2021 2020 Net incomelexpenditure for the year las Statement of Financial Actiwtsesl 8,890,618 (19,406,067J Adjustments for- Depre¢iation charges {GainsyLosses on investments Dividends, interèst and renls received from investments Decreaselllncreasel Én debtots {Dec8SelI1ncfea$e in credilors 220,554 207.607 19,532.1021 14,479.910 {1,987.662} (2,233,977) 12,693 (30,g35) 1444,9641 3,096,644 Net cash used in operating activities 12,840,863) 13,886,818) 24. Analysis of cash and cash equivalents 2021 2020 Cash in har 4,07S,S86 4.002,534 Total ¢ash and cash equivalents 4.075.5B6 4,002,534 Page 38
THE RAYNE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 2& Analysis of changes in net debt At1 December 2020 Cash flows Other non- cash changes At30 November 2021 Cash al bank and in hand Debt due within 1 ar Debt due after 1 year Liquid investments 4,002,534 {107,1741 {3.572.8261 2,828,935 73,052 111,137 4,075,586 1142.9521 13.425.911) 3,963.864 1146.91SI 146,91S 1,134,929 3,151,469 1.319,118 4.470,587 2& Pension commitments The Foundation operales a defined coriln"bution pension scheme. The assets ol the scheme are held separately from those of the Foundation in an independently administered fund. The pension cost charge represents contributions payable by Ihe Foundation to the fund amounted lo £26.812 (2020.. £28,422). Contributions of £3.288 (2020.. £3. 169) were paydble to the fund at the balance sheet dale. 27. Operating licence commitments At 30 November 2021 The Foundation had ccmmitrnenis to receive future minimum licence receipts a5 follows.. 2021 2020 Nol later Ihan 1 year Later than 1 year and not later than 5 years 32.780 84.682 32, 780 117,462 117.462 150,242 Page 39
THE RAYNE FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 2& Related party transactions Lady Rayne and The Hon. Robert A Rayne also seNe as Trustees of The Rayne Trusl ITRTI, a company limited by guarantee and a registered charity. During the year The Rayne Foundalion ITRFI recharged expenses to TRT totalling £125,551 {2020.. £134,684). At the year end the balance within TRF debtors due from TRT is £125.591 12020.. £133.2851. Th8 Hon. Robert A Rayme also servès as Chaimian of LhAS Capital PIG and was a director of Derwenl London PIC until May 2019. The Rayne Foundalion holds 6.64 1. 12020.. 6.64°/.l of shaS in LMS Capital plc and 1.68% {2020= 1.85%) of shares in Derwent London plc. LMS Capitsl Pl¢ signed a License lo Occupy Agreement from 24th June 2020 wlh the Rayne Foundation, to occupy part of 3 Bromley Place. During Ihe year The Rayne Foundalion received renlal income of £32,780 (2020- £14,035). The Rayne Foundation holds an investment of £661.183.691£1.44 of capital commitment and £661,182.25 of Loan commi¢mentsl in George Capital Real Estate Fund LP Ithe "Fund 1.1. The commitrnenls invested represent 7.98°A of the total commitments in Fund 1 12020.. 7.98°/ol. Other limited partners include The Rae Foundation Chairman The Hon_Robert A Rayne ISQP Ltd), holding 11.25°/o of total COTnmitments In Fund 1 12020.. 11.25%} and Tnjslee. The Hon. Nicholas Rae. holding 8.53°A of total commitments in Fund 1 12020.. 8.53%). The Rayne Foundation holds an investmenl of £445.493_16 {£0.50 of Capital COmTnilmenl and £445,492.66 of Loan commitments) in George Capital Real Estale Fund 2 LLP (the "Fund 2.1. The commitment invested represents 2.02Vo of the iotal commilments in the Partnership12020'. 2.02°/.l. Other limited partners include The Rayne Foundation Chairman, The Hon.Robert A Rayne ISQP Lldl. holding 7.190/¢ as at 30 November 2021 of lolal oommitmenls in Fund 2 {2020-. 7.19.1. No other partners included in Fund 2 have any GonneGlions wth The Rayne Foundats"on. The Hon. Robert A Rayne is Emeritus Trustee of The National Theatre, currently in receipt of a grant of £100,000 (£10,000 per annum for ten years) towards the Max Rayne Studio Design Award, which was committed to in the year ended 30 November 2013. now in ils seventh year. An additional grant was awarded in March 2021 for £50.000. At Ihe year*nd. £100.000 was induded thin grant ¢reditors, ol which £80,000 is due to be paid in greater than one year. £5,00012020". £150.(K>Ol was awarded to the Bromley by Bow Cenlre - The Chair of Trijslees, Professor Alit Lalvani, is a Principal Investigator at Imperial College and was line managed by Sir Anthony Newman Taylor until Sir Anthonls retiremenl in Seplember 2020. The following Iransactions occurred in Ihe ptyor year where fhare were no transactn$ Ihis year. £5.000 was awarded to the Cardinal Hume Centre Fitzalan Howard, Is a Trustee of the Centre. the Director of The Rayne Fovndalion, Amelia £5,000 was awarded lo Place28e Rayne. Dame Benita Refson is President, and wife of The Hon Robert A £5,000 was awarded to Chickenshed Theatre Trust. Lady Jane Rayne and The Hon Natasha Rayne are both Direclorstrrustees and Lady Jane Rae is Honorary President Emeritus and The Hon Natasha Rayne is Honorary President. Page 40
THE RAYNE FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021 Related party transa¢tions l¢ontinued) £128.000 was awarded lo Wesl Lor)don Swagogue in December 2019. Rabbi Baroness Neuberger was Senior Rabbi at the tsme of the grant but retired in March 2020. She remains as Rabbi Emerita. £100,000 was awarded to The Royal United Kingdom Beneficent Association (known as Independent Age) in August 2020. Rabbi Baroness Neuberger is Chair of their Tnjstees, appointed in October 2019. Hospilal granis- small donations were gtven to UCLH. The Royal Free, The Whiltinglon, ICHT Ilmperial - Hammersmith, St. Marrfs, Charing Crossl, Chelsea & Westrninsler, Guys and Thomas's. Sl. George's and North Middle5ex. Rabbi Baroness Neuberger is Chair of Universty College Hospitals Foundalion NHS Trust and of Whillington Health NHS Trust. Nvo separate Trusls. The charitable Trusts of both re¢eived £5,000 each towards cream and lip balm for hospiial staff wearing PPE and for small treats such as spa days or vouchers for NHS slaff. She is not involved any of the other hospitals. Page 41