Charity no 200204 THE FREDERICK RAY TRUST FINANCIAL STATEMENTS YEAR ENDED 5- APRIL 2025 Charity Registered Numbqr 21K)204 Trustees Mr Christopher Ray (Date of Appointment: 2310311982. Passed away October 20251 Mrs Rowena Ray {Date of Appolntment: 01104119981 Miss Phoebe Ray (Date of Appointment- 15106120181 Mr Michael Hurford (Date of Appolntment.. 11112120181 Mr Nicholas Redmayne (Date of Ap￿intMent.. 08103120211 Mr Jonathan Maddox (Date of Appointment: 271(￿l2023) Mr Gerald Mccarthy (Date of Appointment.. 27106120231 Contact Mrs Arnandè Newton (Clerk to the Trustees} 42 Gainsborough Rise Bedford Bedfordshire MK417PR (Appointed 15 June 20181 Bankers HS8C 12 Allhallow5 8edford MK40 IU Independent Ex•mlner Loulse Tunley FCA CTA DChA 19 Goldington Road Bedford MK40 3JY Investment Advlsors Rathbones Investment Mana8ernent 8 Finsbury Circus London EC2M 7fv1 DEAI The Trustees present their Annual Report together wrth the independenty examlned accounts for the year ended 5 April 2025. Accounting Policy The Charity's accounts are prepared on a Re￿Ipts and Payments basis. Govemlng Dtxumènt The Charity is run in accordance with its goveming instrument. a Scheme dated 19 December 1955. with amendments to the Scherne dated 20 November 1956, 21 September 1967, 16 February 2016 and 26 February 2018. Oblects Underthe temsof the Charity, theTrusteeswereemwv4*redto purchase land in or near Kemp5ton, 8edford for the erectlon of cottsges to house a8ed, poor or Infimi persons, Ilvln8 In rural Kempston, Sts8sden or Bedford. Following the creation of the Charity. a suitable site was acquired In the south of Bedford off the Cardington Road. The slte is now named Ravs Close and 18 bungalow5 have been ererted to date. Wlth the eX￿ptIon of periodsof refurbishrnent the Trusvs properties are 11)YAoccupied. Upon receSvlng confirmatlon from the Charfty Commlsslon that further scheme amendments were unne¢es5ary* the trustees a8reed to include former members of the Royal An81ian Regiment as potential beneficiaries, as long as they met all other existing selection criteria. Actlvltles During the y￿r the Trusteès hove contlnued wlth a programme of planned mointena￿e and repairs to keep the site ond properties well molntoined ond In good condltlon for the well-being of resident5. Re5ident5 are kept informed of WQTk5 ond relevant news by woy of o regulor newsletter from the clerk. The Trustees hove o schedule of work5 over next few yeofs to upgrade all remaining Ixjthrooms In the trJJngolows by convertlng them to wet rooms. Works thot have token place during the year mainly lelote to the grounds. New fencing was installed during the yeor, along with gotes and ground works to the cor park area. Flnandal Revlew The receipts and payments account for the year showed a surplus of £33.585 (Surplu5 of £12,586 in 20241. Totsl net assets excluding the value of the properties amounted to £620,6931£623,714 in 2024). The properties were revalued Sn April 2017 at E2.710,LXX). The Trustees decided to relnvest Income from the Investments rather than takIr￿ dividends. Reserves rhe Trustees consider that the level of reserves is appropriate having regard to future refurbishment costs. THE FR Development Fund The trustees are conscious of the large and growing capital cash reserve at their disposal, beyorKI and above w￿t 15 required for maintenonce ond repoir. They have plans in ploce to acquire other properties on the some site which become avoilable with vocant possession. Although the timing and mutual benefit of these proposed tronsactions is unpredictable. the trustees consider it prudent to keep cash readily available for o potential prcperty purchase. and for suth cash to be kept out of investment markets. This plon follows our failed application in 2014 ond failed appeal in 2015 to build three more properties on our existing site. The Trustees met with o local lond agent to revisit building more properties on the site. The local planning policies have not changed but the Trustees felt it worth trying again. Thi5 proce5S is ongolng. Governa The Trustees undertook a tIK)rou8h review of all policy and procedure documents In 2019. Whllst many documents have been created and others updated. the pmcess is onBoing. Publlc B•nefft The Trusteesare aware of the CharltyCommls5ions8uldanceon public benefft and considerthatthe charitable objects fall well within the public benefit 8uidellnes. The trustees also regularly monltor the skllls avallable to them as a trustee bodv. 55gned on behalf of thè Trustees Miss Phoebe Ray, Chalrman Date.. 9 December 2025 THE FREDERICK RAY TRUST Independent Examinerfs Report to the Tntstees of Thè Frederf£k RayTrust I report to the charity trustees on my examination of the accounts of the charlty for the year ended 5 April 2025 which are setouton pages 6t0 7. Re4￿nSIbIlItIeS and bas1$ of raport A5 the charlvs trustses you are responsible for the preparation of the accounts In accordance wlth the requirements of the Charities Act 20111'the ACV). I report in respect of my examlnatlon of the chari￿5 acrounts carried out under sectlon 145 of the Act and in carrying my examination I have followed all the applicable Directions gNen by the Charity Commission under sectlon 145{5llbl of the Act. Independent exarnlner's st4tsm•nt I have completed rny examination. I conflm? that no materlal matters have come to my attentlon In connection with the exarnination 8ivin8 me ￿USe to believe that In any materlal respect.. accountlng records were not kept in respect of the tharlty as requlred ￿ sertlon 130 of the Act; or 2. the accounts do not accord with those records. I have no concerns and have Come atross other matters in connection with the examination to whlch attention should be dravm in this report In order to enable a proper under5tandin8 of the accounts to be reached, Louise Tunley FCA CTA tKhA Chartered Accountant 19 Goldln8ton Road Bedford MK40 3JY Date: 9 De￿mber 2025 THE FREDERICK RAY TRusr YEAR ENDED 5 APRIL 2025 RE￿IpTs ANO PAYMerirs AccouKr Unrestrlcted funds 2025 2025 Unrestrirted funds 2024 2024 RECEiprs Weekly Maintenance Charges Investment Income Bank interest Grants 102,999 11,179 1,280 99,395 1,269 558 Totsl recelpts 115A58 104,317 PAYMENTS Almshouse Assodatton Bank charges Carellnk Rates clerk Electricrtv General expenses ChrSstmas Gratuities Grounds maintenance Insurance Legal and Professlonal fees Printin& stationery, postage, tèlephone Refurbishrnents Repair5 and maintenance Water 419 407 7.104 6,524 14,440 1,183 997 13,752 75 1.124 1,500 16,246 2,088 37,124 2,469 8.459 272 129 38,133 11,1 37 33 Totsl payments 81A73 91,731 Net of recelpts and prym¢nts 33￿5 12,586 CASH FUNDS AT LAST YEAR END 274,685 262,099 TIiANSFERS TO INVESfMENT ACCOUTr CASH FUNDS AT THIS YEAR END .270 274,685 THE FREDERICK RAY TRUST YEAR ENDED 5 APRIL 2015 STATEMENT OF ASSEfs AND LIABIUTIES AS AT 5 APIIIL 2025 2025 2014 Cash funds Current Money Manager Money Markets 46,177 62.093 2IXI.crfx) 24,673 I￿,012 150.C Tot41 ¢ash funds 308270 Z74,685 Invtsthmnt assots IM•rket Value) COIF Charlty Funds Account IB 149,175 460.518 151.812 460,902 Tot￿ Investment assets 609.693 612,714 National Savin8s Bonds ii.(xx) Ii,OCM) 620,693 623,714 Investment Property (Market Valuel 2,710,1J)) 2,710,(hXI TOTAL A55 3,638,963 3,608.399 LIABILrriES EXCESS OF ASSEfs OVER UABILMES 3,638,963 3,608,399