Registered Number: 00607648 Charity Number: 207392
THE RAYNE TRUST
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE RAYNE TRUST
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Trust, its trustees and advisers | 1 |
| Trustees' report | 2 - 8 |
| Independent auditor's report | 9 - 12 |
| Statement of financial activities | 13 |
| Balance sheet | 14 |
| Statement of cash flows | 15 |
| Notes to the financial statements | 16 - 30 |
THE RAYNE TRUST (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
Trustees
Lady Jane Rayne, Patron The Hon. Robert A Rayne, Chairman Mr Damian Rayne The Hon. Tamara Wood (appointed 16 December 2020)
Company secretary
The Hon. Robert A Rayne
Company registered number
00607648
Charity registered number
207392
Registered office
3 Bromley Place, London, W1T 6DB
Independent auditor
Crowe U.K. LLP, Fourth Floor, St James House, St James Square, Cheltenham, GL50 3PR
Bankers
Barclays Bank plc, 1 Churchill Place, London, E14 5HP
Investment advisers
Cazenove Capital Management, 1 London Wall Place, London, EC2Y 5AU
Rathbones Investment Management Limited, 8 Finsbury Circus, London, EC2M 7AZ
Page 1
THE RAYNE TRUST (A company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their report and financial statements for The Rayne Trust for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Trust’s Memorandum and Articles of Association, FRS 102, the Charities SORP (FRS 102), the Companies Act 2006 and the Charities Act 2011.
Structure, governance and management
The Trust is a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association, as amended 20 November 1986 and Incorporation on 8 July 1958. The registered company number is 00607648 and registered charity number is 207392. The Trust supports projects in Israel and those in the fields of social welfare, the arts and other sectors in the UK which are of interest to the Trustees and approved by The Trust.
The Trustees who served during the year were:
Lady Jane Rayne (Patron) The Hon. Robert A Rayne (Chairman) Mr Damian Rayne The Hon. Tamara Wood Appointed 16 December 2020
The same Trustees are also directors and members of the company and guarantee to contribute £1 in the event of a winding up.
The Hon. Tamara Wood was appointed as a new Trustee in December 2020. She was considered on the basis of the skills and knowledge she would bring to meet the charitable interests of the Trust. Names are suggested by the Chairman and any appointment approved by all the Trustees. New Trustees have an induction and receive necessary background information for them to meet their responsibilities and properly understand the work of the Trust. There is no Trustee remuneration policy as no Trustee receives any remuneration for being a Trustee, but travel expenses can be claimed although there were none. The Trustees are volunteers in their role as Trustees, but The Trust does not otherwise rely on the work of other volunteers.
A Joint Finance and Investment Committee (JFIC) meets quarterly to monitor financial matters and investments and to recommend investment decisions. It has delegated authority to do this from three charities: The JFR Charitable Trust, The Rayne Foundation and The Rayne Trust. The members of this committee are The Hon. Robert A Rayne (a Trustee of The Rayne Foundation and The Rayne Trust), The Hon. Nicholas Rayne (a Trustee of the JFR Charitable Trust and The Rayne Foundation), and Sir Emyr Jones Parry (a Trustee of The Rayne Foundation). There were no changes to the members during the year.
Day to day responsibility for managing the Trust continues with Amelia Fitzalan Howard, the Director of The Rayne Foundation, a related charity, plus four staff in the UK and a consultant based in Israel. Staff remuneration is agreed by the Chairman of The Rayne Foundation, The Hon. Robert A Rayne.
Upon any new appointments being made, remuneration would be agreed in line with other comparable roles in similar charities. Please refer to note 24 to the financial statements for details of transactions undertaken with related parties in the year.
Policies and procedures are in place to ensure best practice; work continues with applicants and active grant recipients in Israel to ensure their responsibilities around safeguarding are understood and that necessary procedures are in place. All policies and procedures which apply across The Rayne Charities are reviewed annually by the Rayne Foundation Trustees and updated if required. In December 2020, the Charity Governance Code was updated. The Trustees are aware of this, have been given a copy of the revised Code and will review the changes.
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THE RAYNE TRUST (A company limited by guarantee)
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
THE YEAR UNDER REVIEW
Covid-19
The year under review, was only just beginning when reports of a new virus began to emerge from China. This took very little time to spread globally and on 11 March 2020 the World Health Organisation declared Covid-19 a pandemic. On 23 March 2020, the UK began its first lockdown, offices having already started to close over the previous fortnight.
The Rayne Trust was fortunate to have already been well positioned to move to home working with relative ease. We had already started electronic payments, plus the database and other systems were available for remote access. The last Board meeting of the prior year had just taken place with a round of grants awarded before the first lockdown.
It quickly became apparent that many charities were struggling to move easily to remote working and for some, acute needs began to quickly emerge for particular communities such as lack of access to digital resources, food, loneliness and isolation and more, especially so for those with language barriers. The Trust prioritised contacting all grant recipients with active grants (in Israel and the UK) to reassure them that we understood that projects may need to be adapted, that timescales might change, agreed outcomes might vary and that we would be open to changing project grants to core grants instead. Communication often took longer as staff were furloughed or made redundant and priorities were the respective client groups. We have continued to stay in more regular contact with grant recipients, outside the formal monitoring report cycle, to offer support and keep abreast of their needs and will continue to do so throughout 2021.
The Board meetings and Finance Committee continued to operate remotely from April 2020 through the remainder of the year and into the summer of 2021. During the first four months of the pandemic, the Trustees met more frequently. One of their first decisions was to make additional funds available (from capital) although no specific amount was allocated, to respond to the impact of Covid-19. This was alongside the already agreed grants budget. By 31 March 2021, £344,000 had been committed through 28 grants/donations, in the UK and Israel in response to the pandemic. The Trustees were also invited to recommend organisations they knew personally for donations of a maximum of £5,000 to support Covid needs. The Director ensured regular liaison with other Trusts and Foundations and collaboration where possible to ensure the Trust was as up to date as possible with what others were doing. This was replicated in Israel by the Trust’s Israel based Consultant.
The Trust has not reduced its grant making budget and has no plans to do so.
Objectives and activities
The Trust’s mandate, as per its governing document has a very wide mandate covering support for the most vulnerable in society, education and medical assistance plus much more. Within this spectrum, the Trustees focus on understanding and engaging primarily with the needs of society to build bridges between communities and to act as a catalyst in supporting new ideas or ways of working. The Trust works to develop and increase tolerance and understanding between communities and people of different backgrounds, to help bring people in from the margins of society and heal divisions and to bring unconnected people and organisations together to benefit society.
The Trust’s work is measured by the degree to which grants, and to a lesser extent smaller donations, can be considered to have contributed to projects which meet the above themes. In addition, The Trust considers projects of particular interest to Trustees as well as those which have the potential for wider than just local application or are of national importance; which provide direct benefits to vulnerable or disadvantaged people and communities; which tackle neglected causes, and which strive for excellence.
The Trust also makes grants and donations in the expectation that these sums will lever further funds and encourage the involvement of other funders or organisations. Collaboration with other funders is also important in terms of wider learning. An added benefit The Trust seeks with grant recipients, is to introduce organisations
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THE RAYNE TRUST (A company limited by guarantee)
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
to each other to enhance learning, share good practice and where possible, work together.
In the prior financial year, the largest grant was to The Old Vic Theatre of £150,000 towards the development of the adjacent building. This will substantially increase scope for community and education work as well as creating more rehearsal space. Release of the grant is conditional on raising the balance and planning permission and was therefore not included in the balance sheet. Neither of these conditions have yet been met, so again it is not included in the balance sheet for the year under review.
Grants and donations in response to Covid-19 covered a wide range of organisations. The size of payments varied from donations of £500 up to the largest which was a grant of £165,000 to Jewish Care towards the additional costs faced by Jewish care homes during the Covid-19 pandemic. This grant was split according to bed capacity amongst three providers (Jewish Care, Nightingale Hammerson, and The Fed) and other members of the National Association of Jewish Homes. The focus of the grant was to keep residents and staff safe and well which required investment in personal protective equipment and the deployment of specialist staff, and support for those staff. Secondly, it was to keep residents connected with their families and the wider world which required technological equipment to support communication.
Other Covid-19 donations went to organisations supporting the homeless (West London Mission and Providence Row); refuges (Help Refugees); children, young people and families (West London Zone and National Family Mediation); the arts (RADA, The Old Vic Theatre Trust and The Mark Elie Dance Foundation). NHS staff on the front line were also supported via The Royal Free Charity and NHS Charities Together. In Israel, Covid-19 funding supported the Bedouin community, refugees and asylum seekers, an Arabic Covid emergency hotline and production of Arabic posters and manuals for Hebrew speaking medical professionals.
In the UK, donations and grants during the year unrelated to the pandemic, included support for the arts – The Royal Academy of Arts, The Royal Opera House, Hampstead Theatre and Donmar Warehouse amongst others. Donations continued to be given to projects working with the Jewish Community – £30,000 to The Wiener Holocaust Library to support a digital inclusion programme and £50,000 to Central Synagogue London to promote multi-faith activities. Smaller donations went to Food Lifeline, Kisharon and Jewish Music Institute.
The Trustees continue to have a wide range of interests. Other grants included support for a Digital Hospitality Academy with particular focus on supporting and mentoring young people who are at risk of mental health and wellbeing issues (Springboard Charity); support for visually impaired children and their families (LOOK); and towards breaking the offending cycle of young people so they can build better lives (SHiFT). A second grant of £20,000 was awarded to International Health Partners UK to help them complete the set up of an online platform to develop a medical donation matching system that helps get medical supplies quickly to where they are needed, in optimum condition and more cost-effectively.
Projects in Israel are unchanged in terms of the focus of The Trust and continue to support organisations and projects working around the themes of strengthening relationships between Jews and Arabs and improved mental health. The largest grant was made to Desert Stars (£100,000) establishing and running the first Bedouin youth movement in two Bedouin municipalities. £80,000 was awarded to aChord to enable them to work with local charities providing tailored socio-psychological consulting (covering topics such as prejudice and discrimination, justice and morality, leadership and power, culture and social interaction) to support activities in a shared society and enable Jewish-Arab relations to be more effective. Others included grants to integrate Arabs into the hi-tech industry extending the programme into the Negev; funding to a Centre that supports the rights of East Jerusalem Residents and funding to upgrade a widely used online platform that teaches Arabic.
New grants and donations totalling £1,091,521 (2020: £592,582) were committed to 58 organisations in the year (18 in Israel and 40 in the UK), which excludes the Old Vic capital grant award. Details of grants of £5,000 and above are given in note 7.
One capital grant commitment of £400,000 was withdrawn during the year under review. It related to a grant
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THE RAYNE TRUST (A company limited by guarantee)
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
offer towards construction of a school in Israel, which had been on hold for a number of years with no additional funding having been raised.
Grants and donations awarded during the year amounted to £562,521 in the UK ( 2020: £95,182) and £529,000 in Israel ( 2020: £497,400).
Achievements and performance
For those awards which are grants, rather than small donations, The Trust’s work is measured by the degree to which each grant contributes to outcomes agreed when the grant was awarded. These cover projects in Israel and the UK. Outcomes are measured in different ways which may include feedback from beneficiaries, formal tracking from statutory agencies or others and data collection. The Trustees consider outcome monitoring on a case-by-case basis and for multi-year grants (usually up to three years), the second or third year’s payment will only be released upon receipt of satisfactory progress reports and audited/independently examined accounts.
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 Trust provides public benefit through the making of grants to registered charities and other not-for-profit organisations with charitable objects which contribute to the needs of UK and Israeli society. Each year, The Trust makes a careful judgement between investing in immediate calls on its funds and safeguarding the endowment to meet future needs and challenges. There are no fundraising activities with the public, or from other sources, as the endowment is used and managed to support expenditure of grant awards and donations and can be drawn upon if needed. The Trust therefore has no fundraising activities requiring disclosure under S162A of the Charities Act 2011.
The year ahead
The Trust continues to be a predominantly reactive grant maker receiving applications from projects in the UK and Israel as well as other appeals for funding. In Israel, these specifically come from sectors which support improved relations between Jews and Arabs and improved mental health. A change to the funding criteria in the year ahead in Israel will be to add support for refugees and asylum seekers as an additional area of focus. In the UK, appeals come from a wider range of sectors spanning social welfare to the arts and other areas which may be of interest to the Trustees and the Trust remains predominantly a reactive grant maker.
FINANCIAL REVIEW
Investment performance and policy against objectives
The Trust had investment income of £675,521 ( 2020: £788,492 ). The Trust aims to maximise the investment return, which is the principle and only income stream, to achieve sufficient cash income to maintain the level of grants. The value of the investment portfolio moved in the year from £32,341,247 to £30,793,536. Trustees review expenditure on a regular basis and consider new investments and changes in allocation on a case-bycase basis and do not invest to meet a formal social, environmental or ethical investment policy.
Investments are held in George Capital Estate Fund LLP in which the Chairman, The Hon. Robert A Rayne, is also an investor. The Trustees hope to maintain distributions amounting to 2-4% of the capital value of the investments, primarily from income, but also periodically from capital. The distribution in the year was 3.37% of the average capital value of the previous twenty quarters.
The Trustees agreed to hold a strong cash balance due to the uncertainty of global markets particularly affected by Brexit, the world economy and the Covid global pandemic.
The Trustees continue to hold a diverse portfolio, whilst recognising that a significant percentage is held in Derwent London plc (80.8%). No changes were made to the Trust’s investment policies.
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THE RAYNE TRUST (A company limited by guarantee)
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
Reserve’s 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.
The policy of the Trustees is to maintain, as far as possible, the Trust’s funds in order to generate investment income and to fulfil their responsibilities in supporting future projects.
The Trustees have the power of discretion to convert the expendable endowed capital into unrestricted funds to support charitable activities as required. The Trustees have therefore not set a fixed level of reserves to be maintained. The Trust 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 Trust is in a position to meet all its current and anticipated future commitments.
The Trust had unrestricted funds at the end of the year of £1,515,012 and endowment funds of £31,974,207 ( 2020: unrestricted funds of £1,742,913 and endowment funds of £31,516,391 ).
Risk management
The Trustees confirm that internal control procedures are in place to mitigate risks 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.
Risks relating to financial performance and therefore future distribution, due to volatility of markets, are regularly reviewed by the Joint Finance & Investment Committee (JFIC).
The Trustees conclude that there are sufficient controls in place across the organisation. Processes and procedures continue to be reviewed to ensure that risks are mitigated as far as possible. The comprehensive risk register is reviewed annually by the JFIC covering the three Rayne charities. This covers a range of issues which include loss of key staff (employed by The Foundation), governance, fraud, and 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.
Covid-19 and its global impact affected the day-to-day operations of the Trust in terms of moving to remote working, assessing projects and organisations via zoom or equivalent, but grant making continued uninterrupted, alongside managing the additional funds made available. The Trust 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 and Trustees can draw upon capital to meet the additional needs of Covid. It will continue to operate as a going concern.
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THE RAYNE TRUST (A company limited by guarantee)
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees (who are also directors of The Rayne Trust for the purposes of company law) are responsible for preparing the Trustees’ 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 in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
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.
Insofar as each of the Trustees of the charity at the date of approval of this report is aware there is no relevant audit information (information needed by the charity’s auditor in connection with preparing the audit report) of which the charitable company’s auditor is unaware. Each Trustee has taken all of the steps that they should have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charity’s auditor is aware of that information.
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THE RAYNE TRUST (A company limited by guarantee)
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021
AUDITOR
Crowe U.K. LLP will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the Board of Trustees of The Rayne Trust on 22 September 2021 and signed on its behalf by:
The Hon. Robert A Rayne Chairman
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THE RAYNE TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE TRUST
Opinion
We have audited the financial statements of The Rayne Trust (the 'trust') for the year ended 31 March 2021 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:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
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.
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THE RAYNE TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE TRUST (CONTINUED)
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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:
-
the information given in the Trustees' Report, which includes the Directors' Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the 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:
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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THE RAYNE TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE TRUST (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 charity 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, Charities Act 2011 and Charities SORP (FRS 102).
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 charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of income. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence including that with the Charity Commission, reading minutes of meetings of those charged with governance, and designing audit procedures for the recognition and classification of income.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.
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THE RAYNE TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE TRUST (CONTINUED)
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.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 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Guy Biggin (Senior Statutory Auditor) for and on behalf of Crowe U.K. LLP Statutory Auditor 4th Floor St James House St James Square Cheltenham GL50 3PR
27 September 2021
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THE RAYNE TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| 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 (losses)/gains on investments Net (losses) / gains on investments 12 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 18 |
Unrestricted funds 2021 £ 675,521 675,521 8,542 884,328 892,870 (217,349) (10,552) (227,901) 1,742,913 (227,901) 1,515,012 |
Endowment funds 2021 £ - - 15,396 - 15,396 (15,396) 473,212 457,816 31,516,391 457,816 31,974,207 |
Total funds 2021 £ 675,521 675,521 23,938 884,328 908,266 (232,745) 462,660 229,915 33,259,304 229,915 33,489,219 |
Total funds 2020 £ 788,492 788,492 26,770 833,074 859,844 (71,352) (402,702) (474,054) 33,733,358 (474,054) 33,259,304 |
|---|---|---|---|---|
The notes on pages 16 to 30 form part of these financial statements.
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THE RAYNE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 00607648
BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Investments 12 Current assets Debtors 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 16 Total net assets Charity funds Endowment funds 18 Unrestricted funds 18 Total funds |
7,088 2,243 2,937,290 2,946,621 (742,688) |
2021 £ 31,475,286 2,203,933 33,679,219 (190,000) 33,489,219 31,974,207 1,515,012 33,489,219 |
4,192 965,822 941,806 1,911,820 (1,485,513) |
2020 £ 33,022,997 426,307 33,449,304 (190,000) 33,259,304 31,516,391 1,742,913 33,259,304 |
|---|---|---|---|---|
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 on 22 September 2021 and signed on their behalf by:
The Hon. Robert A Rayne
The notes on pages 16 to 30 form part of these financial statements.
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THE RAYNE TRUST
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Note Cash flows from operating activities Net cash used in operating activities 20 Cash flows from investing activities Dividends and interest from investments Proceeds from sale of investments Purchase of investments Capital repayments Transfer (to) cash held for investment Net cash provided by investing 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 21 |
2021 £ (690,408) 675,521 4,460,282 (1,729,238) - (720,673) 2,685,892 1,995,484 941,806 2,937,290 |
2020 £ (980,974) 788,492 1,805,498 (672,225) 66,835 (1,108,667) 879,933 (101,041) 1,042,847 941,806 |
|---|---|---|
The notes on pages 16 to 30 form part of these financial statements
Page 15
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. General information
The Rayne Trust was incorporated in the United Kingdom as a private company limited by guarantee (registered number 00607648). The Rayne Trust is also registered with the Charity Commission for England and Wales (registered number 207392). Its registered address and principal office is 3 Bromley Place, London, W1T 6DB.
The liability of members in the event of winding up is limited to an amount not exceeding £1 per member; the number of members as at 31 March 2021 was four.
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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.
The Rayne Trust 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 Trust has cash resources and no requirement for external funding during the year. The Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existance for the forseeable future and there are no material uncertainties about the Trust's ability to continue.
The Covid-19 pandemic has not had a significant impact on the Trust's operations but the Trustees will continue to keep this under review.
Having regard to the above, the Trustees believe it appropriate to adopt the going concern basis of accounting in preparing the financuial statements.
2.3 Income
Income from investments is included in the Statement of Financial Activities only if received, or declared and receivable.
Page 16
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is accrued as soon as a liability is considered probable. Grants and donations expenditure is recognised in full when constructive obligation arises which results in the payment being unavoidable.
Charitable activities include expenditure associated with grants and donations payable and include both the direct costs and support costs relating to these activities.
Governance costs include those incurred in the governance of the charity 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.
2.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of Financial Activities.
2.6 Investments
Listed investments are valued at market value as at the Balance sheet date.
Non-listed investments are measured at historic cost and are reviewed annually for impairment.
Gains or losses arising on the revaluation of investments are credited or charged to the Statement of financial activities and are allocated to the appropriate Fund according to the “ownership” of the underlying assets.
2.7 Debtors
Other debtors and accrued income are recognised at the settlement amount due.
2.8 Cash at bank and in hand
Cash is represented by cash in hand and deposits with financial institutions.
Page 17
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.9 Creditors
Creditors are recognised when the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
2.10 Taxation
As a recognised charity, the Trust is exempt from corporation tax so far as it relates to its charitable objects.
2.11 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.12 Fund accounting
The unrestricted income fund consists of funds to be used for the purposes of the Trust's objectives at the discretion of its Trustees, and to meet overheads.
The Trust’s expendable endowment fund is attributable to the original amount settled on the Trust, subsequent settlements and accumulated capital gains and losses thereon. The endowment is expendable at the discretion of the Trustees on expenditure which meets the charitable objectives of the Trust.
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.
Page 18
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
4. Investment income
| Income from listed investments Interest receivable Total 2020 |
Unrestricted funds 2021 £ 669,916 5,605 675,521 788,492 |
Total funds 2021 £ 669,916 5,605 675,521 788,492 |
Total funds 2020 £ 782,686 5,806 788,492 |
|---|---|---|---|
5. Investment management costs
| Unrestricted funds 2021 £ Investment management fees 8,542 Total 2020 - |
Endowment funds 2021 £ 15,396 26,770 |
Total funds 2021 £ 23,938 26,770 |
Total funds 2020 £ 26,770 |
|---|---|---|---|
6. Analysis of expenditure on charitable activities Summary by fund type
| Unrestricted funds 2021 £ Grant and donation funding 691,521 Support costs (note 8) 192,807 884,328 Total 2020 833,074 |
Total funds 2021 £ 691,521 192,807 884,328 833,074 |
Total funds 2020 £ 576,832 256,242 833,074 |
|---|---|---|
Page 19
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7. Grants and donations awarded during the year
| Name of organisation | Awarded(£) | |
|---|---|---|
| aChord: Social Psychology for Social Change |
Towards making Israeli society more tolerant, equal, and respectful and to train aChord’s staff to be Social Psychologyconsultants. |
£ 80,000 |
| AJEEC-NISPED | Towards establishing an emergency situation room for the Bedouinpopulation in the Negev. |
£ 11,000 |
| ASSAF - Aid Organization for Refugees and Asylum Seekers |
Towards humanitarian relief to refugees and asylum seekers. |
£ 22,500 |
| ASSAF - Aid Organization for Refugees and Asylum Seekers |
Towards providing psycho-social services and humanitarian relief to vulnerable refugees and asylum seekers duringthe Covidpandemic. |
£ 35,000 |
| Darom Tel Aviv | Towards creating an alumni programme for The Garagepreparatory year artprogramme. |
£ 30,000 |
| Desert Stars Association(Kohvey Hamidbar) |
Towards establishing and running the first Bedouin youth movement in two Bedouin municipalities. |
£ 100,000 |
| Israel Trauma Coalition | Towards funding the hotline infrastructure in Arabic duringthe Covidpandemic. |
£ 15,000 |
| Lautman Foundation | Towards the second year of Shared Living Initiatives inpartnershipwith other funders. |
£ 22,400 |
| Madrasa- School for Arabic language | Towards upgrading and enhancing the Madrasa free learning platform. |
£ 50,000 |
| Ofek for the Advancement of Young Volunteers |
Towards running a volunteer “gap-year” programme for underserved Arab, Jewish and Druze youth in the periphery and cultivating a cadre of capable andqualifiedyoungvolunteers. |
£ 25,000 |
| PresenTense | Towards bridging the gap between West and East Jerusalem by exposing youth and young adults from East Jerusalem to the tools, know how and opportunities of entrepreneurship. |
£ 20,000 |
| Sikkuy - Association for the Advancement of Civic Society |
Expanding Shared Public Space and fair media representation. |
£ 50,000 |
| The Jerusalem Foundation | Towards emergency funding during the Covid pandemic. |
£ 5,000 |
| The Jerusalem Intercultural Center | Towards Atta'a's Assistance Centre for the rights of East Jerusalem Residents. |
£ 40,000 |
| Tsofen-High TechnologyCenters | Towards accelerating the integration of marginalized Bedouin engineers in the Negev in hi tech by introducing high school and mentoring programmes for undergraduates. |
- £ 18,600 |
| Total value of other donations less than £5,000 | £ 4,500 | |
| Total value of donations to organisations in Israel | £ 529,000 | |
| Angel ComedyTrust | Towards ageneral donation. | £ 5,000 |
| Central Synagogue London | Towardspromotingmultifaith activities. | £ 50,000 |
| CommunitySecurityTrust | Towards core costs. | £ 15,000 |
Page 20
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Grants and donations awarded (continued)
| Name of organisation | Awarded(£) | |
|---|---|---|
| HelpRefugees Ltd | Towards ageneral donation. | £ 5,000 |
| International Health Partners UK | Towards BOAZ developmentprogramme. | £ 20,000 |
| Jewish Care | Towards the additional costs faced by Jewish care homes duringthe Covid-19pandemic. |
£ 165,000 |
| Kisharon | Towards core costs. | £ 5,000 |
| LOOK UK | Towards the salarycosts of LOOK UK’s Director. | £ 40,000 |
| Melos Sinfonia | Towards the creation and distribution of Eight Songs of Isolation. |
£ 7,500 |
| Migration Museum Project | Towards a Digital exhibition that shines a light on the migration historyof the NHS. |
£ 10,000 |
| National FamilyMediation | Towards the development of online webinars and video mediation training. |
£ 5,000 |
| Newton Heath Youth Project CIC | Towards ageneral donation. | £ 5,000 |
| Nipin the Bud | Towards raising awareness of children's experience of lockdown. |
£ 5,000 |
| Norwood | Towards Rosh Hashanah Appeal. | £ 5,000 |
| Royal Opera House Covent Garden Foundation |
Towards ageneral donation. | £ 5,250 |
| SHiFT | Towards breaking the offending cycle of young people so theycan build better lives. |
£ 75,000 |
| The East Manchester Community Association(TEMCA) |
Towards ageneral donation. | £ 5,000 |
| The Jewish Association for Mental Illness |
Towards the cost of an Education Outreach Worker who will be instrumental in the development and delivery of outward-facing communityeducation initiatives. |
£ 20,000 |
| The Mark Elie Dance Foundation | Towards ageneral donation. | £ 5,000 |
| The Old Vic Theatre Trust 2000 | Towards core funding for the Covid pandemic emergencyappeal. |
£ 10,000 |
| The Royal Free Charity | Towards providing fresh food and essential toiletryitems for NHS staff. |
£ 5,000 |
| The Springboard Charity | Towards the implementation and delivery of its Digital HospitalityAcademy. |
£ 20,000 |
| The Wiener Holocaust Library | Towards developing a Digital Education Programme, with the aim of raising the standard and accessibility of accurate and engaging Holocaust education in Britain. |
£ 30,000 |
| Total value of other donations less than £5,000 | £ 44,771 | |
| Total value of donations to organisations in the UK | £ 562,521 | |
| Total donations in theyear | £ 1,091,521 |
Page 21
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
8. Analysis of Support Costs
| Staff costs Staff related costs Israel manager consultancy Premises costs Travel and subsistence Office costs Governance costs (analysed below) Foreign exchange (gain)/loss |
2021 £ 85,143 5,008 62,148 9,905 (718) 26,232 22,395 (17,306) 192,807 |
2020 £ 75,799 4,571 64,357 6,550 8,150 23,912 19,437 53,466 256,242 |
|---|---|---|
Governance costs
| Legal fees Professional fees Auditor's remuneration Auditor's remuneration Fees payable to the Trust's auditor for the audit of the Trust's annual accounts Fees payable to the Trust's auditor in respect of: Non-audit services |
2021 £ - 14,565 7,830 22,395 2021 £ 5,325 1,200 |
2020 £ 1,553 10,054 7,830 19,437 |
|---|---|---|
| 2020 £ 5,325 1,200 |
9. Auditor's remuneration
Page 22
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2021 £ 68,396 7,267 9,480 85,143 |
2020 £ 61,405 5,805 8,589 |
|---|---|---|
| 75,799 |
All staff, including key management personnel, are employed by the Rayne Foundation, a related charity, and the relevant staff costs as noted above are included in the recharge from the Rayne Foundation of £134,684 (2020: £116,587) as per note 24 to these financial statements.
No employee received remuneration amounting to more than £60,000 in either year.
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
Page 23
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
12. Fixed asset investments
| Quoted investments George Capital £ £ Cost or valuation At 1 April 2020 32,341,247 681,750 Additions 1,729,238 - Disposals (4,460,282) - Gains 462,660 - Movement in held as investments 720,673 - At 31 March 2021 30,793,536 681,750 The following investments comprise more than 5% of the portfolio: Market value Derwent London plc £24,876,614 80.8% 13. Debtors 2021 £ Other debtors 6,647 Prepayments and accrued income 441 7,088 14. Current asset investments 2021 £ Cash held with Investment Manager 2,243 |
Total £ 33,022,997 1,729,238 (4,460,282) 462,660 720,673 31,475,286 2020 £ 2,192 2,000 4,192 2020 £ 965,822 |
|---|---|
Page 24
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15. Creditors: Amounts falling due within one year
| Amounts owed to related charity Accruals Grants payable Creditors: Amounts falling due after more than one year Grants payable Reconciliation of grants payable Commitments at 1 April 2020 Grants and donations made in the year Grants and donations paid in the year Grants withdrawn in the year Year end exchange rate movement Commitments at 31 March 2021 Commitments at 31 March 2021 are payable as follows: Within one year After more than one year |
2021 £ 133,593 19,695 589,400 742,688 2021 £ 190,000 2021 £ 1,535,552 1,091,521 (1,430,367) (400,000) (17,306) 779,400 2021 £ 589,400 190,000 779,400 |
2020 £ 116,587 23,374 1,345,552 1,485,513 2020 £ 190,000 2020 £ 1,613,002 592,582 (678,858) (15,750) 24,576 1,535,552 2020 £ 1,345,552 190,000 1,535,552 |
|---|---|---|
16. Creditors: Amounts falling due after more than one year
Page 25
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
17. Financial instruments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 30,793,536 | 32,341,247 |
Financial assets measured at fair value through income and expenditure comprise assets held as investments.
Page 26
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
18. Statement of funds
Statement of funds - current year
| Balance at | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Balance at | 1 | Gains/ | 31 March | ||||||
| April 2020 | Income | Expenditure | (Losses) | 2021 | |||||
| £ | £ | £ | £ | £ | |||||
| Unrestricted | funds | ||||||||
| Unrestricted funds | 1,742,913 | 675,521 | (892,870) | (10,552) | 1,515,012 | ||||
| Endowment | funds | ||||||||
| Expendable endowment | 31,516,391 | - | (15,396) | 473,212 | 31,974,207 | ||||
| Total of funds | 33,259,304 | 675,521 | (908,266) | 462,660 | 33,489,219 | ||||
| Statement of funds | - prior year | ||||||||
| Balance at | |||||||||
| Balance at | Transfers | Gains/ | 31 March | ||||||
| 1 | April 2019 | Income | Expenditure | in/out | (Losses) | 2020 | |||
| £ | £ | £ | £ | £ | £ | ||||
| Unrestricted | |||||||||
| funds | |||||||||
| Unrestricted | |||||||||
| funds | 811,349 | 788,492 | (833,074) | 965,822 | 10,324 | 1,742,913 | |||
| Endowment | |||||||||
| funds | |||||||||
| Expendable | |||||||||
| endowment | 32,922,009 | - | (26,770) | (965,822) | (413,026) | 31,516,391 | |||
| Total of funds | 33,733,358 | 788,492 | (859,844) | - | (402,702) | 33,259,304 | |||
The Rayne Trust holds an expendable endowment fund, which can be drawn upon either to maintain similar levels of grant making or to support increased grant making/donations as needed.
Page 27
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Fixed asset investments 1,488,246 Current assets 952,911 Creditors due within one year (736,145) Creditors due in more than one year (190,000) Total 1,515,012 |
Endowment funds 2021 £ 29,987,040 1,993,710 (6,543) - 31,974,207 |
Total funds 2021 £ 31,475,286 2,946,621 (742,688) (190,000) 33,489,219 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2020 £ 1,501,288 1,911,820 (1,480,195) (190,000) 1,742,913 |
Endowment funds 2020 £ 31,521,709 - (5,318) - 31,516,391 |
Total funds 2020 £ 33,022,997 1,911,820 (1,485,513) (190,000) 33,259,304 |
|---|---|---|---|
Page 28
THE RAYNE TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
20. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement Activities) Adjustments for: (Gains)/Losses on investments Dividends and interest from investments Decrease in debtors (Decrease) in creditors Net cash used in operating activities 21. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 22. Analysis of changes in net debt At 1 April 2020 £ Cash at bank and in hand 941,806 Liquid investments 965,822 1,907,628 |
2021 £ of Financial 229,915 (462,660) (675,521) 960,683 (742,825) (690,408) 2021 £ 2,937,290 2,937,290 Cash flows Cash withdrawn from Investments £ £ 3,855 1,991,629 (963,579) - (959,724) 1,991,629 |
2020 £ (474,054) 402,702 (788,492) 2,793 (123,923) (980,974) 2020 £ 941,806 941,806 At 31 March 2021 £ 2,937,290 2,243 2,939,533 |
|---|---|---|
23. Grant commitments
At the year end the charity continued to hold a conditional grant commitment amounting to £150,000 to The Old Vic Theatre (2020: £150,000) .
Page 29
(A Company Limited by Guarantee)
THE RAYNE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
24. Related party transactions
The Rayne Trust hold 3.02% (2020: 3.02%) of shares in LMS Capital plc and 0.69% (2020: 0.77%) of shares in Derwent London plc.
The Rayne Trust holds an investment of £236,257.33 (£0.49 of capital commitment and £236,256.84 of Loan commitments) in George Capital Real Estate Fund LLP (the "Fund 1"). The commitments invested represent 2.175% of the total commitments in Fund 1 (2020: 2.175%) . Other limited partners include The Rayne Foundation Chairman the Hon. Robert A Rayne (SQP Ltd), holding 11.25% of total commitments in Fund 2 (2020: 11.25%) .
The Rayne Trust also holds an investment of £445,493.16 (£0.50 of capital commitment and £445,492.66 of Loan commitments) in George Capital Real Estate Fund 2 LLP (the "Fund 2"). The commitments invested represent 2.02% of the total commitments in Fund 2 (2020: 2.02%) . Other limited partners include The Rayne Foundation Chairman, The Hon. Robert A Rayne (SQP Ltd), holding 7.19% total commitments in Fund 2 (2020: 7.19%) .
No other partners included in Fund 1 and 2 have any connections with The Rayne Trust.
Lady Jane Rayne and The Hon. Robert A Rayne also serve as Trustees of The Rayne Foundation (TRF), a company limited by guarantee and a registered charity.
During the year The Rayne Foundation (TRF) recharged expenses to The Rayne Trust totalling £134,684 (2020: £116,587) . At the year end the balance within TRF debtors from TRT is £133,593 (2020: £116,587) .
Lady Jane Rayne is a Director/Trustee and Honorary President Emeritus of Chickenshed Theatre Trust, a registered charity. During the year a donation of £Nil was made to this charity (2020: £8,000) .
Mr Damian Rayne is a Director/Trustee and also a Trustee of The Mark Elie Dance Foundation, a registered charity. During the year a donation of £5,000 was made to this charity (2020: £Nil) .
Page 30