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2024-11-30-accounts

THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

Registered number: 11559926 Charity number: 1179912

THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

Page 1

THE RAYNE FOUNDATION

(A company limited by guarantee)

CONTENTS

FOR THE YEAR ENDED 30 NOVEMBER 2024

Page
Reference and administrative details of the Foundation, Trustees & advisers 1
Trustees' report 3
Independent auditor's report on the financial statements 22
Statement of financial activities 26
Balance sheet 28
Statement of cash flows 30
Notes to the financial statements 31

THE RAYNE FOUNDATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 30 NOVEMBER 2024

Trustees Lady Jane Rayne, Patron (resigned 11 March 2024)
The Hon. Robert A Rayne, Chairman (resigned 11 March 2024)
The Hon. Natasha Rayne
The Hon. Nicholas Rayne
Professor Sir Anthony Newman Taylor (resigned 5 December 2023)
Sir Emyr Jones Parry
Rabbi Baroness Julia Neuberger DBE
Jeremy Sandelson (appointed Chair 11 March 2024)
The Hon. Tamara Wood
The Hon. Alexander Rayne (appointed 5 December 2023)
Miriam Rich (appointed 5 December 2023)
Nicholas Viner (appointed 5 December 2023)
Company registered
number 11559926
Charity registered
number 1179912
Registered office 3 Bromley Place
London
W1T 6DB
Director Crispin Truman
Independent auditor Crowe U.K. LLP
Fourth Floor
St James House
St James Square
Cheltenham
GL50 3PR
Bankers Barclays Bank Plc
Level 15
1 Churchill Place
London
E14 5HP
Solicitors Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
Investment adviser Rathbone Brothers PLC
8 Finsbury Circus
London
EC2M 7AZ

Page 1

THE RAYNE FOUNDATION

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS

FOR THE YEAR ENDED 30 NOVEMBER 2024

Investment adviser Cazenove Capital Management Limited
1 London Wall Place
London
EC2Y 5AU
Investment adviser Rothchild & Co
New Court
St Swithin's Lane
London
EC4N 8AL

The Rayne Foundation (referred to as “The Foundation” throughout this report) is an incorporated charity and registered in England and Wales, Charity Number: 1179912 and Company Number 11559926 as set out in the Memorandum of Articles.

The Trustees present their report and financial statements for the year ended 30 November 2024.

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(A company limited by guarantee)

THE RAYNE FOUNDATION

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

CHAIR’S FOREWORD

Welcome to the review of 2024 at the Rayne Foundation. I’ve thoroughly enjoyed my first year as Chair, having joined at a time when many of the achievements of my predecessor Robbie Rayne have come to fruition and the plans he laid for the future are becoming reality. I’m immensely proud to have been able both to step into Robbie’s role at the Foundation while at the same time being able to work with him as he continues as Chair of our sister charity, The Rayne Trust.

It's also very satisfying to be building on past progress with some of the longstanding trustees who have been part of making it happen, while welcoming a dynamic new group of trustees who have joined the board this year – both independent trustees and members of the Rayne family. Together they bring such an impressive range of skills and experience, as well as a shared passion for the Rayne ethos and mission which is driving our new strategy.

This report tells of the first full year of implementing that new strategy, during which our focus on proactive grantmaking has taken shape and our flagship programme, Better Careers for Better Care , has become a leading initiative addressing workforce development in older people's care. With an impressive response from across England to our open call for new partnerships, the programme now has strong momentum, underpinned by collaboration with a wide range of health and social care organisations concerned with this issue. In the year ahead the evaluation by Bean Research will illuminate the work done and provide a case for further replication and mainstreaming of the emerging models for professional development in this vital sector.

Our other priority areas have meanwhile seen significant grants made to a range of highly impressive and effective organisations across the UK. I’m particularly pleased to have seen the development of new work with refugee and asylum seeker charities seeking to increase opportunities for employment and training and welcome the more strategic partnership approach we have been able to take to improving opportunities for young people with care experience.

These efforts have been complemented by organisational improvements, including the launch of our streamlined, user-friendly website and modernised application process which has been welcomed by applicants and grantees, together with enhancements in governance and staffing systems.

At a time when demands for funds from grantmaking foundations are at unprecedented levels and multiple calls are being made for important changes in levels of participation, transparency and trust, I’m delighted to be leading a Foundation which is both rooted in a proud history but also able to respond flexibly and constructively to the growing needs of our priority groups. I’m hugely looking forward to working with our fantastic staff, trustees and charity partners on our exciting programmes to make lasting improvements to people’s lives.

Jeremy Sandelson Chair of the Board

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

There were several changes to the Trustee Board during the year and subsequently, as a result of terms of office coming to an end. Sir Anthony Newman Taylor and Lady Jane Rayne retired and were succeeded by Miriam Rich, the Hon. Tamara Wood, Nicholas Viner and the Hon Alexander Rayne. The Hon. Robert Rayne also retired as Chair and was succeeded by Jeremy Sandelson who had previously been appointed trustee.

The selection and appointment of Trustees is carried out using criteria which considers the knowledge and skills they would bring to meet the charitable purposes of The Foundation. When new Trustees are sought, names are proposed and any appointment then made upon the Board’s approval. New Trustees have a tailored induction programme to ensure they meet their statutory obligations as well as understanding the focus of the Foundation. No Trustee receives any remuneration for being a Trustee but travel expenses can be claimed.

We are enormously grateful to those Trustees who retired during the year, for the immense contribution they have made to the work of the Foundation over very many years. Their expertise and commitment has brought great value and depth to our work and put the Foundation in a strong position for the future.

Day to day responsibility for managing The Foundation is with the Director, Crispin Truman, five staff (mostly part-time) and one consultant. Staff remuneration is agreed by the Chair of The Rayne Foundation. Upon any new appointments being made, remuneration is agreed in line with other comparable roles.

The Trustees’ responsibilities include the setting of policy and strategy and approving grants above £20,000. Trustees are advised on finance, investments and risk mitigation by the Joint Finance & Investment Committee.

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THE RAYNE FOUNDATION

(A company limited by guarantee) TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

The policies and procedures of the Foundation are reviewed annually and noted by Trustees. During the year the Employee Handbook containing all policies and procedures related to human resources, was comprehensively revised, updated and expanded. The Foundation continued to ensure it was updated on recommended guidance from the Charity Commission regarding safeguarding both when assessing applicants and when monitoring grant reporting. This is a standing Board agenda item.

Staff are based at our office building at 3 Bromley Place in central London and work with a mix of office and home-based working. Part of the building is let out on a commercial basis to set against running costs. The Foundation also offers pro bono meeting room space to grantees and other charities, an offer which has been taken up more frequently this year.

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THE RAYNE FOUNDATION

FOR THE YEAR ENDED 30 NOVEMBER 2024

(A company limited by guarantee)

TRUSTEES’ REPORT

OBJECTIVES AND ACTIVITIES

The purpose of the Rayne Foundation is to effect and promote positive social change.

We are an independent funder which aims to enable charitable organisations and their leaders to

  1. develop and share solutions that address the most challenging needs and neglected issues;

  2. realise the potential of organisations and the individuals involved; and

  3. create a fairer society.

We make grants, provide support, convene and enable partnerships, draw out and share learning and seek to effect direct improvements in services and people’s lives.

In order to achieve our mission, over the next few years we are prioritising work as follows. We want to see an improvement in:

  1. the quality of life for older people and their carers

  2. the mental health of children and young people; and

  3. opportunities for refugees and asylum seekers

We run proactive programmes of work to support these priorities, which direct all the Foundation’s grantmaking.

The Foundation also has a history of supporting the arts and of encouraging organisations to achieve social change through the arts and creativity. We give enthusiastic support to creative and artistic approaches to achieving progress in our three priority areas above.

We look for good ideas from which others can learn, ensuring that work which we fund has application and relevance beyond the specific place in which it has been carried out and in the long term. We seek to influence those with the power and resources to secure long-term and widespread implementation of solutions, including local and national Government and to support the replication of effective solutions on a wider basis.

We aim to create and support a culture of collaboration in the fields in which we work. We want to help organisations learn how to collaborate, demonstrating what it takes to collaborate and promoting outward-looking collaboration.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

There are characteristics which we look for in any grant we make. These are rooted in the history and principles of the Rayne family and of the Foundation and we believe that they enhance the value, effectiveness and impact of the work we support. They include:

Our grantmaking criteria and processes, clearly explained as part of the application process, provide the detail on how our priorities and approach are put into practice.

OUR VALUES AND HOW WE WORK

In all that we do, we at Rayne seek to be:

OPEN AND TRUSTING GRANTMAKING

During the year the Foundation Board signed up to the eight ‘Open and Trusting’ commitments of the Institute for Voluntary Action Research (IVAR), which are:

  1. Don’t waste time

  2. Ask relevant questions

  3. Accept risk

  4. Act with urgency

  5. Be open

  6. Be flexible

  7. Communicate with purpose

  8. Be proportionate

These principles guide our grantmaking and have, for instance, this year informed the design of our new website and significant revisions to our grantmaking criteria and processes.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

MONITORING AND EVALUATION

The Foundation’s work is measured by the degree to which each grant contributes to agreed outcomes covering qualitative and quantitative data. 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 Trustees consider each set of outcome requirements on a case-by-case basis. For multi-year grants (usually up to three years), the second or third year’s payment are released upon receipt of satisfactory monitoring and financial reports.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

REVIEW OF THE YEAR

2024 has been a busy and fulfilling year for the Rayne Foundation and the organisations we work with. Guided by our mission to effect positive social change, we carried out significant work on our new programmes and strengthened our operations and processes. Across our strategic priorities we made significant progress that has laid the groundwork for future success. We also focused on governance improvements, strategic partnerships, and operational enhancements to ensure long-term resilience and effectiveness.

Doing this new work while continuing a good deal of responsive grantmaking tested our operational capacity which increased slightly during the year. Our desire to be a fully UK-wide funder meant we also had to begin to address regional disparities and strengthen our knowledge of and relationships in the devolved nations. Putting time and effort into this has reaped dividends in the form of stronger local partnerships and new opportunities for learning about and addressing the needs of our priority groups. Internally, moving to new systems and processes took time and effort but ultimately enhanced our efficiency and readiness for the future.

By beginning to address systemic challenges in our priority areas and enhancing our operations, we have laid a solid foundation for continued growth and impact. As we look to 2025, we will build on this momentum with greater engagement with those working in the sectors we aim to support, continued growth in our strategic grantmaking and an increasing focus on learning and service development.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

Highlights from our programmes of work during the year include:

IMPROVED QUALITY OF LIFE FOR OLDER PEOPLE, AND THEIR CARERS

This year we committed £1,711,980 in 11 grants to this priority.

Proactive Programmes: Better Careers for Better Care

A cornerstone of our work this year has been the launch of our flagship programme, Better Careers for Better Care , addressing the urgent need for workforce development in social care for people in later life. The year began with a call for expressions of interest from partnerships wanting to pilot and develop different approaches to providing achievable, professional development opportunities for carers of older people. 48 EOIs were submitted and we were deeply impressed by the quality of work and the scale of ambition to transform workforce development and career progression within adult social care, going on across England. In a first for the Foundation, an Assessment Panel bringing together Trustees, staff and external advisors supported the application and assessment process. External advisors brought experience of and expertise in commissioning, delivering, advocating for and drawing on social care services.

During the year seven further grants were agreed, completing the disbursal of a £2.5m designated budget for this work. Five are place-based and have providers and commissioners working together, ready to challenge and change the way they do things to support workforce development. They are:

Leeds Health and Care Academy in partnership with Leeds City Council will strengthen its pilot commissioning outcomes-focused homecare by funding the co-production of roles and additional development capacity for providers to establish and supervise delegation of clinical healthcare tasks to care workers. The funding will also strengthen the team around the person through rotational apprenticeships and preceptorships in care settings and system leadership opportunities provided by the Academy.

BelleVie is a for-profit and for-purpose homecare provider, inspired by the successful ‘Buurtzorg’ model in the Netherlands. BelleVie will work with Northumberland County Council and end users to co-produce ways of working and funding care which provide better outcomes for everyone. The Foundation’s grant will fund the design and evaluation of the economic and social outcomes of the model and subsidise the cost of care while the model is iterated. The BelleVie team hopes to build evidence that delivering homecare through self-managing teams increases quality of care and reduces costs to both social care and health.

Care City Innovation CIC is leading a partnership across North East London in the development and delivery of enhanced roles in social care, both Trainee Nurse Associates and Allied Health Professional Assistant Practitioners. The programme will both create apprenticeship opportunities for existing care staff and fund the enhanced integrated roles. Foundation funding combined with

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

partner contributions will be used to develop a sustainable system of training, governance and career and development opportunities within the care sector, support health and care integration, and improve the experience of people drawing on care.

Barnsley Health and Care Partnership will further develop their successful ‘Proud to Care Barnsley’ campaign to improve recruitment and retention in the local health and care sector, with a focus on collaborative practice development for social care leaders and development of career pathways and a professional community of colleagues across health and care.

Nottinghamshire County Council, in partnership with Nottingham City Council, has undertaken extensive work to understand the nature and needs of the external adult social care workforce across the ICS. Funding from the Foundation will support the development of two co-produced pieces of work: developing a brand for the care workforce to create a sense of belonging for social care staff, utilising an online centralised careers academy and skills hub and a Leadership Programme to train and nurture aspiring social care leaders.

Two national programmes focused on supporting and enabling those working in social care to share their stories, shift the narrative, and influence both policy and strategic decision-making at a national level were also funded:

The Care Workers’ Charity received funding to develop a Care Workers Advisory Board and Care Worker Champions Project, designed to amplify the voices of care workers and address critical policy issues affecting the care sector.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

ADASS, working in partnership with the LGA, #SocialCareFuture and Think Local Act Personal, are building an allied social care movement. The Foundation’s funding will support the development and rollout of training and support for Local Authority leaders and their communications teams to become long-term ambassadors and movement-builders, with the training resources made freely available to partners to adapt and use with their members.

Grantee partners came together in-person in November 2024 to learn about each other’s work and identify themes across the grants portfolio. This Community of Practice will continue to meet regularly. We have commissioned Bean Research to conduct a comprehensive evaluation to capture lessons and inform future initiatives.

Colleagues from across adult social care have been supportive of the Foundation’s investment into the sector, as well as the collaborative grant-making process which puts learning at its heart. Through the programme we have built strong relationships and are now being approached to share work and identify areas of alignment. We are also building relationships with funders with similar priorities to identify opportunities for collaborative working. In the next twelve months, we will design and test a network to bring together interested organisations across social care to share learning from the programme and beyond. We will also develop a second phase of Better Careers for Better Care .

Open Social Care Grants

The social care open grants programme was paused temporarily in 2024 and reopened in 2025 with a focus on projects and organisations reimagining community provision for people drawing on care in later life to complement our Better Careers for Better Care programme.

A major commitment this year was a grant of £250,000 towards a new Centre of Excellence for training in Music and Dementia, focusing on enhancing the health and social care workforce’s ability to integrate music into dementia care, in partnership with the National Academy of Social Prescribing. The grant builds on our longstanding interest in how creativity can enhance later life and aims to ensure that the proven benefits of music to people with dementia and those caring for them, are made more widely

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THE RAYNE FOUNDATION (A company limited by guarantee) TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

available and on a more sustainable basis. The successful bidder will be announced in 2025.

While embarking on many new initiatives, we have also continued to support projects where we know from experience that we can make a difference for our priority groups. We supported the National Arts in Care Homes Day for the sixth successive year, celebrating the many creative endeavours in care settings. We continue to be inspired by the benefits to residents, staff and relatives of artistic and creative approaches to care in these and other settings.

YOUNG PEOPLE’S IMPROVED MENTAL HEALTH

This year we committed £996,565 in 20 grants to this priority.

Progress in young people’s mental health was equally significant. During the year we confirmed our intention to focus on supporting the mental wellbeing of children and young people in or on the edge of care. This is reflected in a range of grants to new organisations including St Christopher’s Fellowship – creating trauma-informed and supportive cultures in care homes and Who Cares Scotland? - developing the employability and life skills of young people in care. We also supported a number of arts organisations – Articulate, Blue Cabin, Lung Productions and Wobble Base Frequencies – using creativity to build the resilience, confidence and wellbeing of young people and those who care for or work with them. We find these artistic approaches to supporting young people are hugely valuable in teaching us about the wider experience of care.

The second area of focus will support early childhood with family/carer interventions that aim to reduce the impact of early childhood trauma. We have made a small number of grants in this area - Stormbreak – movement-based training to support the relationship between child and foster carer, and Yellow Door – testing the Women’s Aid Federation ‘You and Me’ programme with children under five to help them and their families recover from the impact of domestic abuse. A grant to Bristol Music Trust will support the extension of its Hope Creative music project to children in the early years. We will refine our approach to the early years further in the year ahead to better complement our work with care experience.

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THE RAYNE FOUNDATION

(A company limited by guarantee) TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

BETTER OPPORTUNITIES FOR REFUGEES AND ASYLUM SEEKERS

This year we committed £496,415 in 12 grants to this priority.

This year we further refined our work to support refugees and asylum seekers, clarifying that we will focus on significant employment, entrepreneurial or personal development opportunities alongside continued support for specialist mental health organisations in this sector. We made new grants to Refugee Education, City of Sanctuary, IMIX and Migrateful to support this ambition. We also awarded core funding to Helen Bamber Foundation as it seeks to extend its reach and have supported both Islington Mind and the LGBT Healthy Living Centre to develop their work supporting the mental wellbeing of refugees and asylum seekers who identify as LGBT+. A grant to People United will support continued partnership with Kent Refugee Action Network providing young people with first-hand experience of the UK asylum system with an opportunity to develop their creative producing skills and expertise. The resulting art works will invite new conversations within divided communities about cultures of belonging.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

CROSS-CUTTING THEME: SOCIAL CHANGE THROUGH THE ARTS

Following extensive discussion at Board level and a commissioned review carried out by Sue Cook, we closed our former ‘social change through the arts’ programme, replacing it with a crosscutting theme aimed at making arts-based and creative responses an integral part of our work across all priority areas. This approach emphasised the potential of the arts and artistic and creative approaches to enhancing older people’s care, the mental health of care-experienced young people and opportunities for refugees and asylum-seekers. Examples of grants awarded to arts-based programmes are included within each priority area above.

FORMER0PROGRAMMES

We also made a handful of grants to organisations whose work does not fit into the programme priorities above but who have received support from the Foundation in the past and where we wished to enable them to build on their progress. These included: a grant to English National Opera for a Research Fellow to assist with adapting the successful Breathe programme to new patient groups and a further grant to Beating Time to continue its Inside Job programme preparing offenders for employment on release from prison.

COMMUNICATIONS AND THE NEW WEBSITE

Communicating externally has become more important to the Foundation as we need more than ever to articulate clearly to applicants and partners what it is we are looking to achieve and the contribution we can make. Our proactive programmes also make it increasingly important that we have the communications tools necessary to convene interested parties, share learning and promote good practice. To this end in 2024 we began work on our first communications strategy and plan, established a profile on social media - in particular LinkedIn - and completely replaced our website. The ‘Better Careers for Better Care’ project was the subject of our first blog posts, an increasingly important part of our work in explaining what we are doing and the impact of our grantees and partners.

The website replacement formed a major piece of work for much of the year and involved the whole team in refreshing, updating and writing new content as well as planning and managing the design and technical side of the project. After a competitive tendering process we appointed ‘Feeling Peaky’ as website designers and they worked with us throughout to deliver the project from concept to launch. Our IT providers CPIO were involved as necessary to ensure a seamless process and the website was launched on time and on budget in the autumn. The new website is a significant improvement on the old one, being far more accessible, attractive, easier to navigate and ‘future-proofed’ for automation of grant processes. Beyond its functional benefits, the website also serves as a platform for sharing learning and insights from our programmes. Content management is simpler and quicker for our staff to carry out without having to involve an external provider, connectivity to social media is clear and easy and initial feedback from users is very positive.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

OPERATIONAL AND TECHNOLOGICAL ADVANCEMENTS

Operational improvements were a significant focus in 2024, enabling us to deliver on our strategic goals more effectively. The new website revolutionised the grant application process, introducing an online expression-of-interest form that has streamlined workflows and improved accessibility for applicants.

Further technological upgrades included the first stage of an in-house review of our MAX database and the initial transition of our filing system to SharePoint. These efforts were complemented by enhancements to HR policies and systems, including a wellbeing support review and staff training initiatives. These advancements ensure that our organisation remains adaptable, efficient, and wellequipped to meet future challenges.

STRENGTHENING GOVERNANCE AND COLLABORATION

2024 was also a year of growth in governance and partnerships. New trustees joined the Board, bringing fresh perspectives and expertise. Trustee engagement was enhanced through site visits, strategy discussions, and skills audits, while new Rayne family trustees fostered a deeper connection between the trustees and the Foundation’s work.

Towards the end of the year for the first time we invited a group of our grantees from across the Foundation’s priority areas to an evening ‘showcase reception’ with trustees and staff. The evening provided trustees in particular with an opportunity to get to know several areas of our grantmaking and the people involved and was also welcomed by grantees as an opportunity to understand the work of the Foundation and of each other. The value of convening different configurations of partners in events focussed on aspects of our work is increasingly apparent and something we are beginning to do more of.

All these activities strengthened our governance framework, ensuring effective leadership and alignment with our mission. Collaboration remained at the heart of our approach, as we deepened partnerships with key funders and stakeholders. Engagements in devolved nations, particularly Wales and Northern Ireland, highlighted the importance of tailoring our work to local contexts. Visits to organisations such as Community Music Wales and discussions with the Arts Council Wales enriched our understanding of regional needs and informed our approach to delivering impactful programmes.

STAFF SUPPORT, DEVELOPMENT AND TRAINING

As a small organisation we don’t have any in-house human resources staff but we do want to provide the best support to and training for our staff and ensure we are always up to date with our human resources and employment policies and procedures. During the year therefore we tendered for a new retained outsourced human resources support service to a brief designed with the staff team. Following a competitive process Robinson Grace HR were appointed on a very cost-effective basis and have already provided us with a number of useful services.

Allied to that we have set up an online leave management system and a new Employee Assistance Programme with Health Assured.

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THE RAYNE FOUNDATION (A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

PLANS FOR THE YEAR AHEAD

2024-27

Over the next three years we will work towards achieving our purpose through a four-pronged strategy for change:

  1. Increase focus and impact through proactive programmes in all three priority areas

  2. Sustain and develop quality, professional responsive grantmaking to complement and support the priority areas

  3. Develop our approach to wider improvements in the sector, including intentional investing, open and trusting grantmaking and equity, diversity and inclusion

  4. Strengthen the Foundation for the future, with effective systems and IT, trustee successionplanning and induction and a happy, professional, supported staff team.

Plans for the Year Ahead: 2025

In 2025 we will continue our programme of organic change, building on the successes and lessons of 2024. With a budget of £2.5 million for grants, the year ahead promises to be one of growth, innovation, and deepened impact. Guided by our strategic priorities, the Foundation will focus on scaling proactive programmes, strengthening partnerships and advancing operational excellence to address some of society’s most pressing challenges.

Enhancing Proactive Programmes

The Better Careers for Better Care programme will remain a flagship initiative, with a focus on monitoring and evaluating eight partnerships across England. To foster collaboration and amplify impact, the Foundation will continue to support a community of practice among partners and host learning events open to the wider sector. These efforts will be complemented by new strategic grants in the devolved nations, laying the groundwork for a three-year funding plan for phase two of the programme. We also aim to secure partner funders and explore mission-related investment opportunities to expand the programme’s reach and sustainability.

For young people’s mental health, 2025 will see the launch of a proactive programme designed to address critical gaps in care and support. Key activities include the development of strategic grants with partners in the devolved nations, the establishment of an Early Years partnership programme and the evaluation of care-experienced young people’s initiatives, such as the Coventry care pathways project. The Foundation will also convene a roundtable of funders to explore further opportunities for collaboration and explore issues in kinship care and the experiences of Black care-experienced individuals. These efforts will be informed by increased involvement of individuals with lived experience in the grantmaking process.

The refugee and asylum seeker programme will also be launched, with an emphasis on training and employment opportunities. We will collaborate with the sector on a shared space for learning and collaboration and conduct research into support needs for 16-18-year-olds, with the aim of developing

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

strategic grants that address these gaps. By focusing on these age groups and pathways to employment, the programme seeks to promote inclusion and opportunity for some of the most vulnerable individuals in society.

Arts as a Cross-Cutting Theme

Building on the arts’ integration as a cross-cutting theme in 2024, the Foundation will deepen its commitment to promoting creative approaches to social change. This includes following up on recommendations from the Sue Cook report and engaging with networks that share learning about the arts’ role in addressing societal challenges. By investing in artistic and creative solutions, the Foundation aims to enrich all its priority areas, from mental health to refugee support, while fostering innovation and community connection.

Strengthening Organisational Capacity and Governance

Operational improvements will continue to be a priority in 2025. Planned activities include further automation of grant management functions and the retendering of IT support contracts. These advancements aim to enhance efficiency, transparency, and collaboration across the Foundation.

Staff development will include an annual awayday in May to review progress and plan future initiatives. Supported by our new Employee Assistance Programme, staff appraisals and training sessions will ensure the team is equipped to meet the demands of the Foundation’s expanding work. Additionally, a communications framework will be refined to better articulate the Foundation’s impact and learning.

Governance will be strengthened through trustee strategic discussions, site visits, and the recruitment and induction of a new independent trustee.

Advancing Investment Management

In 2025, the Foundation will investigate the possibility of a trial mission-related investment programme focused on one or more priority areas. This initiative will be informed by the Joint Finance and Investment Committee (JFIC) and, if approved, overseen by the Board. Reviews of investment managers’ performance, ESG work, and the cash portfolio will ensure alignment with the Foundation’s objectives. These efforts reflect the Foundation’s commitment to financial sustainability and leveraging resources for maximum impact.

The year 2025 promises to be one of innovation, collaboration, and deepened impact for the Rayne Foundation. By advancing proactive programmes, fostering community-led development, and strengthening organisational capacity, the Foundation will continue to address critical societal challenges and promote positive social change.

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THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

PUBLIC BENEFIT

The Trustees confirm 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 Charity Commission for England and Wales. The Foundation provides public benefit through the making of grants to registered charities and not-for-profit organisations with charitable objects and through undertaking initiatives which contribute to the needs of UK society. This covers both proactive and reactive grant making. Each year, The Foundation makes a careful judgment between investing in immediate calls on its funds and safeguarding the endowment to meet future needs and challenges.

RISK MANAGEMENT

Risks relating to financial performance and therefore future distribution, due to volatility of markets, are regularly reviewed by the Joint Finance & Investment Committee and include an annual impairment review.

The comprehensive risk register covers a range of issues which include loss of key staff, governance, fraud, reduction in capital and operational risks. Specific examples of risk management include keeping a watching brief on market volatility and portfolio diversification to mitigate loss of capital; reviewing governance and good practice from applicants before grants are awarded; maintaining up to date knowledge of policy or statutory changes/requirements in the sector and setting financial and reporting obligations for grant recipients to monitor multi-year grants before any subsequent payment is released.

The Trustees and staff formally review risk on an annual basis and conclude that there are sufficient controls in place across the organisation. The Chairman and Director also meet the auditor to discuss recommendations arising from their annual audit which may inform any approach to a particular risk.

The Foundation holds high cash reserves, which cover all current grant commitments and operating costs and more, so no funding commitments will be cancelled for lack of funds.

INTERNAL CONTROLS

The Trustees confirm that internal control processes and procedures are in place and continue to be reviewed to ensure that risks are mitigated as far as possible. This includes an annual budget, approved by the Trustees, and monthly financial reporting of actual against budget and other key performance indicators.

The charity was not involved directly or indirectly in any fundraising for its own benefit during 2024. The charity had no fundraising activities requiring disclosure under S162A of the Charities Act.

FINANCIAL REVIEW

The Foundation had income for the year of £2,428,082 (2023: £2,309,645). There were no exceptional dividends in the year under review. Grants awarded in the year amounted to £4,352,385 (2023: £1,923,746) . The Joint Finance & Investment Committee agreed to continue to hold a strong cash balance due to the uncertainty of global markets and in order to ensure we are always in a position to meet grant payment commitments as above.

Page 19

THE RAYNE FOUNDATION

(A company limited by guarantee)

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2024

INVESTMENT POLICY AND PERFORMANCE AGAINST OBJECTIVES

The Foundation aims to maximise the investment return and to achieve sufficient cash income to maintain the level of grants. The value of the investment portfolio, excluding cash balances increased from £69,495,377 in 2023 to £72,651,608 during the year. Trustees review expenditure on a regular basis, in particular at the start of the financial year, and consider new investments and changes in allocation on a case by case basis. The Trustees do not invest to meet a formal social, environmental or ethical investment policy. The Trustees hope to maintain distributions amounting to 2-4%, in the medium term, of the capital value of The Foundation primarily from income.

The distribution in the year was 5.13% (2023: 2.10%) of the average capital value of the twenty previous quarters. No changes were made to The Foundation’s investment policies.

RESERVES POLICY

Reserves are held in order to ensure that outstanding commitments can be met and that, if necessary, levels of spending can be adjusted in a measured way. Total reserves at the year-end were £74,360,821 (2023: £74,407,564). Free reserves are calculated by deducting tangible fixed assets and designated funds from unrestricted funds, as well as adding back any loans used to purchase fixed assets (mortgage balance of £3,033,338 secured against Bromley Place). The free reserves held at the year-end were negative £649,897. The position arises due to the significant value of Bromley Place purchased from unrestricted funds and mortgage funds. Included within unrestricted funds of £1,252,958 are designated funds of £294,000, fixed assets of £4,665,828 and investment property of £635,545. However, the Foundation holds an expendable endowment fund of £73,084,228 which can be drawn upon if required in order to meet its obligations.

£294,000 continues to be designated as Covid 19 support funding. The Foundation holds cash balances to manage fluctuations in cash flow and cash liquidity is reviewed quarterly by the Joint Finance & Investment Committee. The Trustees are satisfied that the Foundation, given its financial reserves and fundamental assets, is in a position to meet all its current and anticipated future commitments.

Page 20

(A company limited by guarantee) TRUSTEES’ REPORT

THE RAYNE FOUNDATION

FOR THE YEAR ENDED 30 NOVEMBER 2024

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees (who are also directors of The Rayne Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the Charity’s constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

This report was approved by the Trustees, on 1 July 2025 and signed on their behalf by:

Jeremy Sandelson Chair of the Board and Trustee

Page 21

THE RAYNE FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION

Opinion

We have audited the financial statements of The Rayne Foundation (the 'the foundation') for the year ended 30 November 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting 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 Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 22

THE RAYNE FOUNDATION

(A company limited by guarantee)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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 audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Page 23

(A company limited by guarantee)

THE RAYNE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION (CONTINUED)

Responsibilities of Trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for 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 financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the Company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the Company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the Company for fraud. The laws and regulations we considered in this context for the UK operations were General Data Protection Regulation (GDPR), Anti-fraud, bribery and corruption legislation, environmental protection legislation, Health and safety legislation, Taxation legislation and Employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be in the following areas: the override of controls by management, including posting of unusual journals, and inappropriate treatment of non-routine transactions.

Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of journals and review of accounting estimates for biases.

Page 24

(A company limited by guarantee)

THE RAYNE FOUNDATION

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE FOUNDATION (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.org.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 trustees, 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 trustees 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.

Helen Blundell LLB FCA FCIE DChA (Senior statutory auditor)

for and on behalf of Crowe U.K. LLP Statutory Auditor Black Country House Rounds Green Road Oldbury West Midlands B69 2DG

Date: 2 July 2025

Page 25

THE RAYNE FOUNDATION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 NOVEMBER 2024

Note
Income from:
Investments
4
Total income
Expenditure on:
Raising funds:
5
. Investment
manager's fees
Charitable activities
6
Total expenditure
Net expenditure
before net
gains/(losses) on
investments
15
Net gains/(losses) on
investments
Net
(expenditure)/income
Transfers between
funds
22
Net movement in
funds before other
recognised
gains/(losses) carried
forward		 Unrestricted
funds
2024
£
2,428,082
2,428,082
5,669
5,167,013
5,172,682
(2,744,600)
154,402
(2,590,198)
1,738,990
(851,208)		 Restricted
funds
2024
£
-
-
5
-
5
(5)
-
(5)
(2,390)
(2,395)		 Endowment
funds
2024
£
-
-
136,695
-
136,695
(136,695)
2,680,155
2,543,460
(1,736,600)
806,860		 Total
funds
2024
£
2,428,082
2,428,082
142,369
5,167,013
5,309,382
(2,881,300)
2,834,557
(46,743)
-
(46,743)		 Total
funds
2023
£
2,309,645
2,309,645
130,492
2,744,148
2,874,640
(564,995)
(4,437,962)
(5,002,957)
-
(5,002,957)

Page 26

THE RAYNE FOUNDATION

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024

Note
Net movement in
funds before other
recognised
(losses)/gains
brought forward
Other recognised
gains/(losses):
Net gain/(losses) on
revaluation of
investment property
Net
(expenditure)/income
Reconciliation of
funds:
Total funds brought
forward
22
Net movement in funds
Total funds carried
forward
22		 Unrestricted
funds
2024
£
(851,208)
-
(851,208)
2,127,801
(851,208)
1,276,593		 Restricted
funds
2024
£
(2,395)
-
(2,395)
2,395
(2,395)
-		 Endowment
funds
2024
£
806,860
-
806,860
72,277,368
806,860
73,084,228		 Total
funds
2024
£
(46,743)
-
(46,743)
74,407,564
(46,743)
74,360,821		 Total
funds
2023
£
(5,002,957)
(402,404)
(5,405,361)
79,812,925
(5,405,361)
74,407,564

The notes on pages 31 to 55 form part of these financial statements.

Page 27

THE RAYNE FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 11559926

BALANCE SHEET AS AT 30 NOVEMBER 2024

Note
Fixed assets
Tangible assets
13
Investments
15
Investment property
14
Current assets
Debtors
16
Investments
17
Cash at bank and in hand
25
Current liabilities
Creditors: amounts falling due within one
year
18
Net current (liabilities) / assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Total net assets		 363,725
345,754
488,535
1,198,014
(2,640,519)		 2024
£
4,665,828
74,410,749
635,545
79,712,122
(1,442,505)
78,269,617
(3,908,796)
74,360,821		 173,992
799,043
1,824,714
2,797,749
(1,562,646)		 2023
£
4,831,250
71,254,518
635,545
76,721,313
1,235,103
77,956,416
(3,548,852)
74,407,564

Page 28

THE RAYNE FOUNDATION (A company limited by guarantee) REGISTERED NUMBER: 11559926

BALANCE SHEET (CONTINUED) AS AT 30 NOVEMBER 2024

Note
Charity funds
Endowment funds
22
Restricted funds
22
Unrestricted funds
22
Total funds		 2024
£
73,084,228
-
1,276,593
74,360,821		 2023
£
72,277,368
2,395
2,127,801
74,407,564

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Jeremy Sandelson Trustee Date: 1 July 2025

The notes on pages 31 to 55 form part of these financial statements.

Page 29

THE RAYNE FOUNDATION

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2024

Note
Cash flows from operating activities
Net cash used in operating activities
24
Cash flows from investing activities
Dividends, interests and rents 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
Net cash provided by investing activities
Cash flows from financing activities
Repayments of borrowing
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
25
The notes on pages 31 to 55 form part of these financial statements		 2024
£
(3,707,366)
2,428,082
(4,356)
13,767,747
(14,449,322)
359,901
453,289
2,555,341
(184,154)
(184,154)
(1,336,179)
1,824,714
488,535		 2023
£
(3,617,151)
2,309,645
(14,781)
14,471,494
(13,443,719)
6,985
368,090
3,697,714
(178,466)
(178,466)
(97,903)
1,922,617
1,824,714

Page 30

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

1. General information

The Rayne Foundation is a charitable company limited by guarantee, registered with Companies House (registered number: 11559926 England & Wales) and the Charity Commission (registered number: 1179912). Its registered principal office is 3 Bromley Place, London, W1T 6DB.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities 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 (FRS 102) (effective 1 January 2019), the Companies Act 2006 and the Charities Act 2011.

The Rayne Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Foundation has cash resources and no requirement for external funding during the year. The Trustees have a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue.

Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

Income from investments is included in the Statement of Financial Activities only if received, or declared and receivable. Gains or losses arising from the revaluation of investments are dealt with in the Statement of Financial Activities.

Page 31

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is accrued as soon as a liability is considered probable. Grants are recognised when a constructive obligation arises that results in the payment being unavoidable.

Costs of raising funds include expenditure associated with investment management.

Charitable activities include expenditure associated with grants payable and include both the direct costs and support costs relating to these activities.

Governance costs include those incurred in the governance of the Foundation and its assets and are primarily associated with constitutional and statutory requirements and are included within support costs.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

All expenditure is classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

Expenditure on raising funds includes all expenditure incurred by the The Foundation to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the The Foundation's objectives, as well as any associated support costs.

Expenditure on raising funds includes all expenditure incurred by the The Foundation to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the The Foundation's objectives, as well as any associated support costs.

2.5 Taxation

The Rayne Foundation is a registered charity, and as such is entitled to taxation exemptions on all its income and gains, properly applied for its charitable purposes.

Page 32

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

2. Accounting policies (continued)

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £750 or more are capitalised.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that 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 impairments. Impairment losses are recognised in the Statement of Financial Activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

2.7 Investments

Quoted investments are stated in the Balance Sheet at their market value as at the year end date.

Non listed investments are measured at historic cost and are reviewed annually for impairment.

Included in current asset investments are short term cash deposits.

Works of art are valued periodically for insurance purposes, and this value is incorporated in the Balance Sheet. Gains and losses are shown in the Statement of Financial Activities and reflected in the relevant fund.

Property that is held for long-term rental is classified as investment property. The fair value of the land and buildings is determined by a market-based valuation undertaken by a professionally qualified valuer. Changes in fair value are recognised in the Statement of Financial Activity.

Page 33

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

2. Accounting policies (continued)

2.8 Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

The Company only enters into a basic financial instrument transactions that result in the recognition of the financial assets and liabilities like trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in ordinary shares.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

2.9 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.

Page 34

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

2. Accounting policies (continued)

2.10 Expendable Endowment Fund

The expendable endowment fund is maintained to generate sustainable income for the unrestricted funds.

2.11 Restricted Funds

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

2.12 Unrestricted Funds

Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects or administration of the Foundation.

Designated funds comprise general funds, which have been set aside at the discretion of the Trustees, for specific purposes.

3. Critical accounting estimates and areas of judgement

Preparation of the financial statements requires management to make judgements and estimates. The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty, other than those noted below.

Freehold land and buildings includes mixed use property. The element occupied for rental has been determined by the square footage occupied by the tenant and transferred to investment property. The fair value has been determined by a market-based valuation undertaken by a professionally qualified valuer.

Page 35

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

4. Investment income

Unrestricted
funds
2024
£
Licence income
41,671
Income from investments
2,375,810
Interest receivable
10,601
Total 2024
2,428,082
Total 2023
2,309,645		 Total
funds
2024
£
41,671
2,375,810
10,601
2,428,082
2,309,645		 Total
funds
2023
£
41,048
2,260,701
7,896
2,309,645

5. Investment management costs

Unrestricted
funds
2024
£
Investment management fees
5,669
Total 2023
6,255		 Restricted
funds
2024
£
5
74		 Endowment
funds
2024
£
136,695
124,163		 Total
funds
2024
£
142,369
130,492		 Total
funds
2023
£
130,492

Page 36

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Support costs
834,628
Grant funding of activities
4,332,385
Total 2024
5,167,013		 Total
2024
£
834,628
4,332,385
5,167,013		 Total
2023
£
838,402
1,905,746
2,744,148

7. Analysis of expenditure by activities

Support costs
Grant funding of activities
Total 2024
Total 2023		 Activities
undertaken
directly
2024
£
834,628
-
834,628
838,402		 Grant
funding of
activities
2024
£
-
4,332,385
4,332,385
1,905,746		 Total
funds
2024
£
834,628
4,332,385
5,167,013
2,744,148		 Total
funds
2023
£
838,402
1,905,746
2,744,148

Page 37

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs (note 11)
Depreciation
Staff related costs
Premises cost
Travel and subsistence
Office costs
Governance costs (note 9)		 Total
funds
2024
£
333,704
169,779
27,629
122,972
8,541
96,723
75,280
834,628		 Total
funds
2023
£
293,135
182,641
54,841
141,352
6,075
64,041
96,317
838,402

8. Grants

Company Name Project Name Appeal Summary Total Grant
Arts as a tool to achieve social change
English National Opera ENO Breathe: Research
Fellow		 Towards a Research Fellow to support
the evolving Breathe programme.		 20,000
New Note Projects New Note Key Changers Towards a music leadership programme
for people affected by addiction.
15,000
Culture Squared CIC Bradford Literature Festival’s
Digital Education
Programme
Towards developing a new cultural
initiative for primary school children.		 60,000
The Big House Theatre
Company		 The Big House Means
Business		 Towards theatrical training workshops
designed by care leavers for social care
professionals.		 60,000
English National Opera ENO Breathe: Research
Fellow (continuation)		 Towards the ENO Breathe Research
Fellow.		 20,000
175,000

Page 38

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

Grants (continued)

Company Name Project Name Appeal Summary Total Grant
Opportunities for Refugees and Asylum Seekers
The Happy Baby
Community		 Every Child Can Thrive Towards an evidence-based, co-created
sustainable programme to address the
effects of growing up in restricted
accommodation in the asylum system,
on the development of young children.		 30,000
Luca Silvestrini's
Protein		 There and Here Towards a co-created dance project
with adult refugees and asylum
seekers.		 18,000
IMIX Refugee Journalism
Mentorship Programme		 Towards a pilot mentorship programme
providing structured volunteering
opportunities for refugee journalists in
grassroots charities.		 20,000
Islington MIND Freedom From Fear To Love Towards sharing learning to improve
opportunities for LGBTQ+ asylum
seekers and refugees.		 58,890
LGBT Healthy Living
Centre		 Glasgow LGBT+ Refugee
Project		 Towards addressing systemic
marginalisation faced by LGBT+
communities.		 60,000
Migrateful Chef training programme Towards a chef training program for
refugees.		 40,000
Refugee Education UK Educational Wellbeing
Project		 Towards continued support for a
specialist education and wellbeing
support programme for young refugees
and asylum seekers.		 60,000
Association of Visitors
to Immigration
Detainees		 Communities not Walls Towards core costs as AVID seeks to
increase the capacity, adaptability, and
resilience of visitor groups to people in
detention while shifting power to people
with lived experience of detention.		 60,525
People United Futures of Care Towards funding the Futures of Care
programme, centering on young
refugees.		 50,000
The Hummingbird
Refugee Project		 Hummingbird Young
Women’s Empowerment
Group (YWEG)		 Towards enabling young refugee women
to shape their own support services.
14,000
Helen Bamber
Foundation		 Core Costs Towards core costs as the Helen
Bamber Foundation moves into its new
specialist trauma centre and increases
capacityby50%.		 75,000
City of Sanctuary UK Sanctuary Ambassador
Network (continuation)		 Towards expanding and developing the
Sanctuary Ambassador Network which
aims to empower people seeking
sanctuaryto become leaders.		 10,000
496,415

Page 39

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

Grants (continued)

Company Name Project Name Appeal Summary Total Grant
Improvedquality of life for carers and for olderpeople
Live Music Now Ltd Live Music With
Care		 Towards extending the reach of their workforce
development model and continuing leadership,
advocacy and communications activities to promote
and embed live music in care.		 70,000
Access Your Right
to Care		 Peer Navigators Towards the development of a group of Peer
Navigators, carers who are experts by experience
and can share their knowledge empathetically with
other carers.		 105,000
National Activity
Providers
Association		 National Arts in
Care Homes Day		 Towards the National Arts in Care Homes Day2025. 10,000
Arts 4 Dementia Ltd Community-wide
creativity
programme
(Camden)		 Towards the development of a community-wide
creativeprogramme.		 20,000
The Good Gym Ltd GoodGym Coach
Visits		 Towards a national befriending scheme for older
people sufferingfrom isolation.		 60,000
The National
Academy for Social
Prescribing		 The Power of Music
Fund		 Towards a second Power of Music Fund Centre of
Excellence.		 250,000
Scottish Older
People's Assembly		 Age-Friendly
Communities
Scotland		 Towards developing age-friendly communities in
Scotland.		 20,000
Age UK Oxfordshire Age Friendly
Creative Oxfordshire		 Towrds providing older people with access to
creative opportunities.		 20,000
Age UK Hillingdon,
Harrow and Brent		 Steps Programme Towards volunteer-led accompanied walks for older
people.		 40,514
Magic Me Spark Programme Towards delivery of an innovative arts programme
which offers artist-facilitated sensory-based
activities, resources and training opportunities for
care home residents and staff.		 79,911
National Care Forum Care Technologist
Training		 Towards the development of a Care Technologist
training programme to address systemic challenges
faced by the social care workforce and ensure better
outcomes forpeople drawingon care.
150,000
EntelechyArts Glorious Age –
Travel Agency`		 Towards a community engagement programme for
olderpeople.		 17,000
842,425

Page 40

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

Grants (continued)

Company Name Project Name Appeal Summary Total Grant
Better Careers for Better Care
Priscilla Wakefield
House		 External Advisor
BCfBC		 Towards the cost of an external advisor on the BCfBC
External AdvisoryPanel.
1,275
Hallmark Care Homes
Foundation		 Who Cares Wins!
The national care
careers
conference for		 Towards the running costs of the second national
care careers conference.		 10,000
Care City Innovation
CIC		 Enhanced Social
Care Roles and
Apprenticeships		 Towards developing and delivering 'Enhanced Roles in
Social Care' through apprenticeships and integrated
roles.
298,833
Leeds Health and
Care Academy		 Integrated
Neighbourhood
Care – developing
the team around
theperson		 Towards strengthening a new service delivering
outcomes-focused homecare and investing in
collaborative career development opportunities for
social careprofessionals.		 400,000
Association of
Directors of Adult
Social Services		 Changing the
story of adult
social care		 Towards improving public perceptions about the value
of social care.		 116,500
The Care Workers
Charity		 The Care Worker
Champion Project		 Towards development of Care Worker Advisors and
Champions.		 200,000
MyHome Life England Social Care
engagement with
integration		 Towards capturing promising approaches to enabling
greater engagement of the care sector in supporting
wider health and social care solutions.		 15,712
Homecare Workers'
GroupLimited		 Homecare
Workers' Group		 Towards the provision of in-person, peer-led support
for frontline care workers in England.		 19,660
BelleVie Care Ltd BelleVie
Northumberland
pilot		 Towards a pilot care delivered through self-managing
teams to state-funded individuals in Northumberland
County.		 300,000
NHS South Yorkshire
Integrated Care Board		 Proud to Care
Barnsley		 Towards 'Proud to Care Barnsley' supporting the
team to go further and faster in developing and
embedding their system approach to workforce
development.		 250,000
Nottinghamshire
CountyCouncil		 Nottinghamshire
County Council
external workforce
development
Towards the development of a branded online platform
and leadershipt raining.
100,000
1,711,980

Page 41

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

Grants (continued)

Company Name Project Name Appeal Summary Total Grant
Young people's improved mental health
No Limits(South) Positive Steps Towards wraparound mental health support from
trained youth workers for children and young people
who have presented at one of five Hampshire
Emergency Departments because of mental health
problems.		 60,000
Jamie's Farm Spreading our
Approach		 Towards the salary costs of its Head of Impact and
Influence.		 120,000
AT The Bus Core costs Towards core costs to supportgrowth. 60,000
Body& Soul Rooted Towards long-term post-stabilisation support for
suicidal young people, with a demonstrable impact
on wellbeingandproductivity.		 65,400
Articulate Cultural
Trust		 Arts and Wellbeing
Co-ordinator within
dedicated Three Year
Programme		 Towards employing a specialist Arts and Wellbeing
Co-ordinator.		 93,765
Fluid Motion
Theatre Company		 Creative Support Hub Towards establishing creative support hubs for
children who are missingeducation.		 15,500
LUNG
Productions CIO		 The Children’s Inquiry Towards a co-created art-led campaign for children in
care.		 10,000
Community Music
Wales
Iachau Cerddoriaeth –
Music Healing		 Towards a three-year music-making project to
promote recovery among young people using mental
health services.		 15,000
Yellow Door
(Solent)		 Yellow Door Domestic
Abuse Early Years
Project
Towards a project supporting young children under 5
and their non abusing parent to recover from the
devastatingimpact of domestic abuse.		 60,000
St Christopher's
Fellowship		 Safe Homes for
YoungPeople		 Towards tackling structural health inequality and poor
mental health for children in care and care leavers.		 60,000
Bristol Music
Trust		 Hope Creative music
programme for
vulnerable, care
experienced young
people		 Towards developing Hope Creative music programme
for care-experiencedyoung people.		 45,000
LIFEbeat Core Costs Towards LIFEbeat’s core costs over a 3-year period
to enable expansion of their innovative programmes
across a wider geographic area and deepen
engagement with theyoung people and adults.		 60,000
Fresh Minds
Education Ltd		 Fresh Little Minds
SUNRISE		 Towards an early intervention children's resilience
programme.		 17,400
20 Stories High Wobble Bass
Frequencies		 Towards using theatre to address the socio-economic
disadvantage of young people in Liverpool and St
Helens.
12,500

Page 42

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

Grants (continued)

Company Name Project Name Appeal Summary Total Grant
Redthread Youth
Ltd		 Youth Violence and
Exploitation
Counsellor		 Towards salary costs for a youth violence and
exploitation counsellor,		 45,000
Who Cares?
Scotland		 Who Cares?
Scotland’s
Empowered Voices
Programme		 Towards an employability and life skills training
programme foryoungcare experiencedpeople.		 57,000
TLC: Talk, Listen,
Change		 Intensive Behaviour
Change Programmes
for Children and
YoungPeople
Towards a behaviour change programme for children
andyoung people usingharm in their relationships.		 60,000
Blue Cabin CIO Core Costs Towards core costs. 60,000
Stormbreak CIO ‘stormbreak
Together’ –
prevention and early
intervention mental
healthprogramme		 Towards training foster parents to empower the
children in their care.		 60,000
The Young Lives
Foundation		 Supper Club
Programme		 Towards the core costs associated with running
supper clubs, and related support, for young care
leavers.		 20,000
996,565
Other - Social
BeatingTime Inside Job (continued
seegrant ref: 18175)
Towards an in-prison Employment Consultancy for
people serving sentences, led by people serving
sentences.		 20,000
Abandofbrothers Core costs Towards core costs to enable ABOB to develop its
infrastructure and processes to reach more young
men from statutoryand other third sectorpartners.		 60,000
1625 Independent
People Ltd		 Kingsley Hall Capital
Project		 Towards the redevelopment of Kingsley Hall as a
space whereyoung people can thrive.		 50,000
130,000
Grants
withdrawn
Assembly
People's Older
Scottish		 Age-Friendly
Communities
Scotland		 Towards developing age-friendly communities in
Scotland.		 (20,000)
Total Grants
Awarded		 4,332,385

Page 43

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

9.
Governance costs
Trustee expenses
Legal fees
Professional fees
Audit and accountancy fees
10.
Auditor's remuneration
Fees payable to the The Foundation's auditor for the audit of The
Foundation's annual accounts
Fees payable to the The Foundation's auditor in respect of:
Preparation of the financial statements
11.
Staff costs		 2024
£
800
-
57,380
17,100
75,280
2024
£
14,250
2,500		 2023
£
7,244
22,565
49,108
17,400
96,317
2023
£
9,765
3,835
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
265,477
29,336
38,891
333,704		 2023
£
233,779
25,169
34,187
293,135

The average number of persons employed by the The Foundation during the year was as follows:

Administration
Management		 2024
No.
4
2
6		 2023
No.
3
2
5

Page 44

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

11. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2024 2023
No. No.
In the band £70,001 - £80,000 1 1
In the band £120,001 - £130,000 1 1

Key management personnel employee benefits consisting of the Director and Head of Grants totalled £268,619 ( Director in 2023: £249,955 ).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 30 November 2024, expenses totalling £ 800 were paid (2023: £7,244) for courses, travel and accommodation to 3 Trustees (2023: 6) .

Page 45

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

13. Tangible fixed assets

Cost
At 1 December 2023
Additions
At 30 November 2024
Depreciation
At 1 December 2023
Charge for the year
At 30 November 2024
Net book value
At 30 November 2024
At 30 November 2023		 Freehold
buildings
£
591,401
-
591,401
443,407
96,931
540,338
51,063
147,994		 Freehold
land
£
4,600,000
-
4,600,000
-
-
-
4,600,000
4,600,000		 Fixtures and
fittings
£
392,442
1,548
393,990
318,656
69,838
388,494
5,496
73,786		 Office
equipment
£
13,483
-
13,483
4,013
2,697
6,710
6,773
9,470		 Computer
equipment
£
23,153
2,808
25,961
23,153
312
23,465
2,496
-		 Total
£
5,620,479
4,356
5,624,835
789,229
169,778
959,007
4,665,828
4,831,250

14. Investment property

Valuation
At 1 December 2023
At 30 November 2024		 Freehold
investment
property
£
635,545
635,545

As at 30 November 2024, investment property was held at the revalued amount £635,545. The revaluation was performed by Robert Irving Burns in April 2025.

Page 46

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

15. Fixed asset investments

Cost or valuation
At 1 December 2023
Additions
Disposals
Revaluations
Capital repayments
At 30 November 2024
Impairment
At 1 December 2023
Charge for the year
At 30 November 2024
Net book value
At 30 November 2024
At 30 November 2023		 Quoted
investments
£
69,495,377
14,449,322
(13,767,747)
2,834,557
(359,901)
72,651,608
-
-
-
72,651,608
69,495,377		 George
Capital
£
1,003,466
-
-
-
-
1,003,466
205,825
-
205,825
797,641
797,641		 Works of art
£
961,500
-
-
-
-
961,500
-
-
-
961,500
961,500		 Total
£
71,460,343
14,449,322
(13,767,747)
2,834,557
(359,901)
74,616,574
205,825
-
205,825
74,410,749
71,254,518

Works of Art are valued for insurance purposes on a rolling basis at least every 5 years. In 2022 valuations were provided by Christie's for the whole portfolio of art works. These valuations have been used by the Trustees as a proxy for market value. Some of the items are on loan for display by public or charitable organisations.

Please see note 29 for details of the George Capital investment.

Page 47

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

16. Debtors

Due within one year
Other debtors
Prepayments		 2024
£
346,022
17,703
363,725		 2023
£
160,141
13,851
173,992
17.
Current asset investments
Cash held with Investment managers
18.
Creditors: Amounts falling due within one year
Bank loans
Other taxation and social security
Other creditors
Accruals
Grants payable
19.
Reconciliation of grants payable:
Commitments brought forward
Commitments made in the year
Commitments withdrawn
Grants paid during the year
Commitments carried forward		 2024
£
345,754
2024
£
161,127
12,649
28,474
50,741
2,387,528
2,640,519
2024
£
1,788,346
4,332,385
(20,000)
(2,716,618)
3,384,113		 2023
£
799,043
2023
£
156,106
12,463
44,258
48,939
1,300,880
1,562,646
2023
£
2,683,300
1,923,746
(8,000)
(2,810,700)
1,788,346

Page 48

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

20. Creditors: Amounts falling due after more than one year

Bank loans
Grants payable
Included within the above are amounts falling due as follows:
Between one and two years
Bank loans
Between two and five years
Bank loans
Over five years
Bank loans		 2024
£
2,872,211
1,036,585
3,908,796
2024
£
166,310
405,730
2,300,171		 2023
£
3,061,386
487,466
3,548,852
2023
£
161,127
678,538
2,221,721

The mortgage is secured by a legal charge over the property 3 Bromley Place, London, W1T 6DB.

21. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 74,756,503 72,053,561

Financial assets measured at fair value through income and expenditure comprise investments.

Page 49

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

22. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Mens Sheds
Improved Quality
of life for older
people
Covid-19 Special
Appeal
General funds
General Fund
Total
Unrestricted
funds
Endowment
funds
Expendable
Endowment
Fund
Restricted
funds
Gerry Nash
Fund
Total of funds		 Balance at 1
December
2023
£
13,400
1,585,840
334,000
1,933,240
194,561
2,127,801
72,277,368
2,395
74,407,564		 Income
£
-
-
-
-
2,428,082
2,428,082
-
-
2,428,082		 Expenditure
£
-
(1,585,840)
(40,000)
(1,625,840)
(3,546,842)
(5,172,682)
(136,695)
(5)
(5,309,382)		 Transfers
in/out
£
(13,400)
-
-
(13,400)
1,752,390
1,738,990
(1,736,600)
(2,390)
-		 Gains/
(Losses)
£
-
-
-
-
154,402
154,402
2,680,155
-
2,834,557		 Balance at
30
November
2024
£
-
-
294,000
294,000
982,593
1,276,593
73,084,228
-
74,360,821

Page 50

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Mens Sheds
Improved Quality
of Life for Older
People in Care
Homes
Covid-19
allocation
General funds
General Fund
Total
Unrestricted
funds
Endowment
funds
Expendable
Endowment
Fund
Restricted
funds
Gerry Nash
Fund
Total of funds		 Balance at
1 December
2022
£
13,400
1,860,800
334,000
2,208,200
732,658
2,940,858
76,864,892
7,175
79,812,925		 Income
£
-
-
-
-
2,309,645
2,309,645
-
-
2,309,645		 Expenditure
£
-
(387,810)
-
(387,810)
(2,362,593)
(2,750,403)
(124,163)
(74)
(2,874,640)		 Transfers
in/out
£
-
112,850
-
112,850
(112,850)
-
-
-
-		 Gains/
(Losses)
£
-
-
-
-
(372,299)
(372,299)
(4,463,361)
(4,706)
(4,840,366)		 Balance at
30
November
2023
£
13,400
1,585,840
334,000
1,933,240
194,561
2,127,801
72,277,368
2,395
74,407,564

Page 51

THE RAYNE FOUNDATION

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

22. Statement of funds (continued)

The Mens Sheds fund represents money put aside to be granted to the Mens Sheds Programme in future periods. This fund was closed during the year.

The Gerry Nash Fund (previously known as the Peggy Nash Legacy) is restricted for grants relating to medical research, general medical or health related projects. This fund was closed during the year.

The Improved Quality of Life for Older People in Care Homes designated fund will be used to focus on the little things within care homes that will make a difference and relationships between the care homes and wider community.

The Covid-19 allocation relates to funding designated by the Trustees to provide additional support for the charity sector in light of the impact of the pandemic.

23. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
4,665,828
Fixed asset investments
3,201,634
Investment property
635,545
Current assets
(677,099)
Creditors due within one year
(2,640,519)
Creditors due in more than one year
(3,908,796)
Total
1,276,593		 Endowment
funds
2024
£
-
71,209,115
-
1,875,113
-
-
73,084,228		 Total
funds
2024
£
4,665,828
74,410,749
635,545
1,198,014
(2,640,519)
(3,908,796)
74,360,821

Page 52

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

23. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Tangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within one year
Creditors due in more than one year
Total		 Unrestricted
funds
2023
£
4,831,250
3,062,549
635,545
(1,390,045)
(1,462,646)
(3,548,852)
2,127,801		 Restricted
funds
2023
£
-
-
-
102,395
(100,000)
-
2,395		 Endowment
funds
2023
£
-
68,191,969
-
4,085,399
-
-
72,277,368		 Total
funds
2023
£
4,831,250
71,254,518
635,545
2,797,749
(1,562,646)
(3,548,852)
74,407,564

24. Reconciliation of net movement in funds to net cash flow from operating activities

Net expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Gains/(losses) on investments
Dividends, interests and rents from investments
(Increase) in debtors
Increase/(decrease) in creditors
Net cash used in operating activities
25.
Analysis of cash and cash equivalents
Cash in hand		 2024
£
(46,743)
169,778
(2,834,557)
(2,428,082)
(189,733)
1,621,971
(3,707,366)
2024
£
488,535		 2023
£
(5,002,957)
182,641
4,437,962
(2,309,645)
(22,920)
(902,232)
(3,617,151)
2023
£
1,824,714

Page 53

(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

26. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Liquid investments		 At 1
December
2023
£
1,824,714
(156,106)
(3,061,386)
799,043
(593,735)		 Cash flows
£
(1,336,179)
184,154
-
(453,289)
(1,605,314)		 Other non-
cash
changes
£
-
(189,175)
189,175
-
-		 At 30
November
2024
£
488,535
(161,127)
(2,872,211)
345,754
(2,199,049)

27. Pension commitments

The Foundation operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Foundation in an independently administered fund. The pension cost charge represents contributions payable by the Foundation to the fund amounted to £51,855 (2023: £34,187). Contributions of £6,870 (2023: £6,205) were payable to the fund at the balance sheet date.

28. Operating licence commitments

At 30 November 2024 The Foundation had commitments to receive future minimum licence receipts as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 2024
£
19,122
-
19,122		 2023
£
32,780
19,122
51,902

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(A company limited by guarantee)

THE RAYNE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

29. Related party transactions

Lady Rayne, Tamara Rayne and The Hon. Robert A Rayne also serve as Trustees of The Rayne Trust (TRT), a company limited by guarantee and a registered charity.

During the year The Rayne Foundation (TRF) recharged expenses to The Rayne Trust (TRT) totalling £176,670 (2023: £164,793) . At the year end the balance within TRF debtors due from TRT is £176,143 (2023: £157,880) .

LMS Capital Plc signed a License to Occupy Agreement on 10th July 2020 with The Rayne Foundation to occupy part of 3 Bromley Place. The Rayne Foundation holds 5.40% (2023:6.64%) of shares in LMS Capital plc.

The Rayne Foundation holds an investment of £661,183.69 (£1.44 of capital commitment and £661,182.25 of Loan commitments) in George Capital Real Estate Fund LP (the "Fund 1"). The commitments invested represent 7.98% of the total commitments in Fund 1 (2023: 7.98%) . Other limited partners include The Rayne Foundation Trustee, The Hon. Nicholas Rayne, who acted as the Rayne Foundation Chairman during the year, holding 8.53% of total commitments in Fund 1 (2023: 8.53%) .

The Rayne Foundation holds an investment of £342,281.43 (£0.50 of capital commitment and £342,280.93 of Loan commitments) in George Capital Real Estate Fund 2 LLP (the "Fund 2"). The commitment invested represents 2.02% of the total commitments in the Partnership (2023: 2.02%) . Other limited partners include the Hon. Robert A Rayne (SQP Ltd), who acted as The Rayne Foundation Chairman during the year, holding 7.19% as at 30 November 2024 of total commitments in Fund 2 (2023: 7.19%) . No other partners included in Fund 2 have any connections with The Rayne Foundation.

Tamara Rayne also serves as Trustee of The Rayne Trust (TRT), a company limited by guarantee and a registered charity.

Baroness Julia Neuberger DBE is Chair- University College Hospitals Foundation NHS Trust, ChairWhittington Health NHS Trust, Member-North Central London Integrated Care System Partnership Board, Member-North Central London Integrated Care Board Strategy Committee which is connected to North Central London Councils who, in the year ending 2023, was granted £340,000 as part of the designated Older Peoples Programme. Julia also has links via a family foundation to The Helen Bamber Foundation who was granted £75,000 this year.

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