Registered Numbor.. 00607648
Charity Nurnber.. 207392
THE RAYNE TRUST
(A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

THE RAYNE TRUST
A company limited by guarantee)
CONTENTS
Pagg
Reference and administrative dotails of th& charity. its truste&s and advisers
Truste&s' report
Independent audltor's report
Statement of financial activities
12
Balance 8heet
13
Statement of cash flows
14
Notes to the financial statements
15-29

THE RAYNE TRUST
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE FOUNDATION, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2022
Trustees
Lady Jane Rayne, Patron
The Hon. Robert A Rayne, Chairman
Mr Damian Rayne
The Hon. Tamara Wood
Company secrotary
The Hon. Robert A Rayne
Company rggistarod numbgr
00607648
Charity registered number
207392
Registered office
3 Bromley Place, London, W1T 6DB
Independent audltor
Crowe U.K. LLP, Fourth Floor, St James House, St James, Square. Chellenham, Gloucestershire, GL50 3PR
Bankers
Barclays Bank plc, 1 Churchill Pla￿, London, E14 5HP
Investment advisers
Cazenove Capital Management Ltd., 1 London Wall Place, London, EC2Y SAU
Rathbones Brothers PLC, 8 Finsbury Circus, London, EC2M 7AZ
Page 1

THE RAYNE TRUST
IA company limited by guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their reFX)rt and financial statements for The Rayne Trust for the year ended 31 March
2022.
The financial slalements have been prepared in accordan￿ 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 IFRS 102}, the Companies Act 2006 and the Charities Act 2011.
Structurej governance and management
The Trust is a charitsble company limited by guarantee. 11 is governed by ils Memorandum and Articles of
Association, as amended 20 November 1986 and Incorporation on 8th 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 lo the Trustees and
approved by The Trust.
The Trustees who served during the year were."
Lady Jane Rayne
The Hon. Robert A Rayne
Mr Damian Rayne
The Hon. Tamara Wood
IPalronl
{Chairmanl
The same Trustees are also directors and members of the company and guarantee lo contribute £1 in the event
of a winding up.
There were no new appointments of Trustees made in the year. Should new Trustees be appointed, they would
be considered on the basis of the skills and knowledge they would bring lo 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 r￿1ve ne￿$sary 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, bul travel expenses can be claimed although there were none. The Trustees
are volunteers in their role as Trustees, bul The Trust does not othenmise rely on the work of other volunteers.
A Joint Finance and Investment Committee IJFICI meets quarterly lo monitor financial mallers and investments
and lo recommend investment decisions. 11 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 la Trustee of The Rayne Foundation and The Rayne Trusll, The Hon. Nicholas Rayne la
Trustee of the JFR Charitable Trust and The Rayne Foundalionl, and Sir Emyr Jones Parry la Trustee of The
Rayne Foundation). There were no changes lo the members during the year.
Day to day responsibility for managing the Trust continued 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. The Director
resigned in December 2021 and interim management arrangements were put in place to ensure the continued
smooth running of the organisalion. Shan Nicholas was appointed as Interim Chief Executive and The
Foundation is in the process of recruiting a pemianent Director. The interim arrangements will remain in place
until a permanent Director tskes up post.
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 lo note 24 to the financial statements for details of transactions undertaken with related
parties in the year.
Page 2

THE RAYNE TRUST
IA company limited by guarantee)
TRUSTEES, REPORT {continuedl
FOR THE YEAR ENDED 31 MARCH 2022
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. Al policies and procedures which apply across The Rayne Charities are reviewed
annually by the Rayne Foundation Trustees and updated if required.
THE YEAR UNDER REVIEW
Covid-19
The year under review continued to be affected by Covid-19 with periodic lockdowns and working from home.
Board and Finance Committee meetings continued lo operate remotely during the course of the year.
We have continued lo slay 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 2022.
The Trust has not reduced ils grant making budget and has no plans to do so.
Objectives and activities
The Trust's mandate, as per its goveming 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 lo build bridges between communities
and lo act as a calalysl 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 measufftd by the d4ree to which grants, and to a lesser exlenl smaller donations, can be
considered lo 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 organisalions. Collaboration with other funders is also important
in terms of wider learning. An added benefit The Trust seeks with grant recipients, is lo introduce organisations
to each other lo enhance learning, share good practice and where possible, work together.
In the 2019 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 yel been met,
so again il is not included in the balance sheet for the year under review.
A broad range of grants and donations were made in the UK reflecting the varied interests of Trustees. They
included £30,000 lo the Vision Foundation for research into domestic abuse affecting those who are visually
impaired, £20.000 to Springboard supporting young people with mental health cOn￿M$ who are seeking lo
enter the hospitality industry, £10,000 lo the Migration Museum for an exhibition highlighting the entrepreneurial
skills of migrants lo the UK and £10,000 to Lifting Limits which is supporting schools to challenge gender
stereotypes and help young people develop their full polenlial. The Trust's interest in mental health Continued
through grants lo Nip in the Bud and Grief Encounter, and in the arts with a number of small grants to The
Almeida, Donmar Warehouse and the Royal Academy ofArts.
The Trust in Israel continued to support activities which aim to strengthen relationships between Jews and Arabs
or which seek lo improve mental health. The largest grant in the year was made to the Shatil programme which
Page 3

THE RAYNE TRUST
IA company limited by guarantee)
TRUSTEES, REPORT {continuedl
FOR THE YEAR ENDED 31 MARCH 2022
is supporting Arab NGOS to develop their strategies and capacity. Other significant grants were made to Enosh
developing an online support service for young people with mental health issues, Givat Haviva- training Arab
community members as mediators who can resolve local conflicts, and Mahapach Taghir - supporting Arab
women from Jaffa to gain higher education qualifications. A third area of interest in Israel was added in the year".
supporting refugees and asylum seekers. This resulted in grants to new organisations Elifelel and Mesila for
their work supporting young asylum seekers with their wellbeing and as advocates for their own needs. Shortly
before the end of the year, the Trust made the first of a handful of key gonls in response to the Russian invasion
of Ukraine and awarded the American Jewish Joint Distribution Committee £50,000 to support those refugees
arriving in Israel.
New grants and donations totalling £671,131 (2021." £1, 091, 5211 were commilled to 34 organisations in the year
113 in Israel and 21 in the UK). Details of grants of £5,000 and above are given in note 7.
Grant commitments lotalling £65,000 were withdrawn during the year under review.
Grants payable during the year amounted to £181,131 in the UK (2021.. £542,521) and £490,000 in Israel (2021..
£549,000).
Achievements and perfomiance
For those awards which are grants, rather than small donations, The Trust's work is measured by the d￿ree
to which each grant contributes lo 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 lusually LJP lo three yearsl, the second or third yearfs payment will
only be released upon receipt of satisfactory progress reports and audiledlindependently examined accounts.
Publlc beneflt
The Trustees confirm that they have complied with their duly in Section 17 of the Charities Act 2011 to have
due regard lo the public benefit guidance published by the Charity Commission for England and Wales. The
Trust provides PLJblic benefit through the making of grants lo registered charities and other nol-for-profit
organisalions 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 lo 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 lo 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, support of refugees and asylum seekers, and improved mental
health. 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. No changes in funding criteria are planned in the year ahead
and the Trust will remain predominantly a reactive grant maker.
FINANCIAL REVIEW
Investment perfomiance and pollcy agalnst objectlves
The Trust had investment income of £648,49212021. £675,521). The Trust aims to maximise the investment
return, which is the principle and only income stream, lo achieve sufficient cash income lo maintain the level of
grants. The value of the investment portfolio moved in the year from £31,475,286 10 £30,919,592. Trustees
review expenditure on a regular basis and consider new investments and changes in allocation on a case-by-
Page 4

THE RAYNE TRUST
IA company limited by guarantee)
TRUSTEES, REPORT {continuedl
FOR THE YEAR ENDED 31 MARCH 2022
case basis and do not invest to meet a formal social, environmental or ethical investment policy.
Investments are held in George Capital Estate Fund LP in which the Chairman, The Hon. Robert A Rayne, is
also an investor. The Trustees hope to maintain distributions amounting to 240/0 of the capital value of the
investments, primarily from income, but also periodically from capital. The distribution in the year was 2. lo°￿ of
the average capital value of the previous ￿entY quarters.
The Trustees agreed lo hold a strong cash balance due lo the uncertainty of global markets particularly affected
by Brexit, the world economy and the Covid-19 global pandemic.
The Trustees continue to hold a diverse portfolio, whilst recognising that a significant percentage is held in
DenNent London pl¢. No changes were made to the Trust'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.
The policy of the Trustees is lo 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 lo 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 £1,345,658 and endowment funds of £31,936,182
12021.. unrestricted funds of £1,515,015 and endowment funds of £31, 974,207). Free reserves at the year end
were £1,345,658.
Rlsk management
The Trustees confirm that internal control proTrdures 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 perf0rrnan￿ and therefore future distribution, due to volatility of markets, are regularly
reviewed by the Joint Finance & Investment Committee IJFICI.
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 Foundalionl, 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 miligale loss of capital", reviewing governance and good practice from applicants
before grants are awarded", maintaining up to date knowledge of policy or slatulory changeslrequiremenls in
the sector and setting financial and reporting obligations for grant recipients to monitor mulli-year grants before
any subsequent payment is released.
Covid-19 and ils global impact affected the day-l¢>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. In addition lo the significant implication
for millions of individuals, investment portfolios sharply fell but have since improved post year end. The Trust
Page 5

THE RAYNE TRUST
IA company limited by guarantee)
TRUSTEES, REPORT {continuedl
FOR THE YEAR ENDED 31 MARCH 2022
holds high cash resetves, 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 Ljpon capital to meet the
additional needs of Covid. 11 will continue lo operate as a going concern.
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees (who are also directors of The Rayne Trust for the purposes of company lawl 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 Slandardsl and
applicable law.
Under company law the Trustees musl not approve the financial slalemenls unless they are satisfied that they
give a true and fair view of the slate 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 lo..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgements and eslimales that are reasonable and prudent.,
slate whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements., and
prepare the financial statements on the going concern basis unless il 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 charitsble company's Iransaclions, disclose with reasonable accuracy at any time the fi'nancial position of
the charitable company and enable them lo 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 linformalion 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 helshe should
have taken as a Trustee in order lo make himselflherself aware of any relevant audit information and to establish
that the charity's auditor Is aware of that information.
Page 6

THE RAYNE TRUST
IA company limited by guarantee)
TRUSTEES, REPORT {continuedl
FOR THE YEAR ENDED 31 MARCH 2022
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 13 December 2022 and signed on
its behalf bv..
The Hon. Robert A Rayne
Chairman
Page 7

THE RAYNE TRUST
IA 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 'lrusl'l for the year ended 31 March 2022
which comprise the Statement of Financial Aclivilies, 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 AC￿pted Accounting Practi￿}.
In our opinion the financial slalements..
give a true and fair view of the slate of the charitable company's affairs as at 31 March 2022 and of ils
incoming resources and application of reSoUr￿s, including ils income and expenditure for the year then
ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practi¢e', and
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 IUKI IISAS IUKII 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 lo our audit of the financial stslements in the United Kingdom,
Including the Financial Reporting Council's Ethical Stsndard, 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 lo provide a basis for our opinion.
Conclusions relating to going concorn
In auditing the financial slalements, 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 Companls ability lo
continue as a going concern for a period of al least ￿e1ve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the Trustees wth respect to going concern are described in the
relevant sections of this report.
Page 8

THE RAYNE TRUST
IA Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE TRUST ICONTINUEDI
other information
The other information comprises the information included in the Annual Report other than the financial
slalements and our Audilorfs Report thereon. The Trustees are responsible for the other information contained
within the Annual Report. Our opinion on the financial slalements does not cover the other information and,
except lo the extent otherwise explicitly staled in our report, we do not express any form of assuran￿ conclusion
Ihereon. Our responsibility is lo 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 lo be materially misslaled. If we identify such material inconsistencies or apparent
material misstatements, we are required lo determine whether this gives rise to a material misstatement in the
financial slalements themselves. If, based on the work we have performed, we conclude that there is a material
misslatemenl of this other information, we are required to report that fact.
We have nothing lo 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 for the financial year for which the financial ststemenls are
prepared is consistent with the financial slalements.
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 charitsble company and its environment obtsined in the
course of the audit, we have not identified material misstatements in the Trustees, Report.
We have nothing lo report in respect of the following matters in relation to which Companies Act 2006 requires
us lo report to you if, in our opinion..
adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of Trustees, remuneration specified by law are not made., or
we have not received all the Information and explanations we require for our audit., or
the Trustees were not entitled to prepare the financial statements in accordance wth the small companies
regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and
from the requirement lo prepare a Strategic ReF)Ort.
Page 9

THE RAYNE TRUST
IA Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE TRUST ICONTINUEDI
Responsibilities of Trustees
As explained more fully in the Trustees, Responsibilities Slalement, the Trustees Iwho are also the directors of
the charitable company for the purposes of company lawl are responsible for the preparation of the financial
slalements and for being satisfied that they give a true and fair view, and for such internal control as the
Trustees determine is ne￿$sary lo enable the preparation of financial statements that are free from material
misslatemenl, whether due to fraud or error.
In preparing the financial slatemenls, the Trustees are responsible for assessing the charitable company's ability
lo continue as a going GOn￿rn, disclosing, as applicable, mallers related to going concern and using the going
concern basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease
operations, or have no realistic alternative bul lo do so.
Auditorfs responsibilities for the audit of the financial statements
Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free
from material misslatemenl, whether due to fraud or error, and lo issue an Auditor's Report that includes our
opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in
accordance with ISAS IUKI will always detect a material misslatemenl when it exists. Misslalements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected lo influence the economic decisions of users taken on the basis of these financial slatemenls.
Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures
in line with our responsibilities, outlined above, lo delecl material misstalemenls in respect of irregularities,
including fraud. The extent lo which our prO￿dureS are capable of delecling 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 stalemenls. The laws and regulations we considered in this context were together with the
Charities SORP IFRS1021. 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 Complian￿ with which might be fundamental lo the charity's ability to operate or lo avoid
a material penalty. We also considered the opportunities and incentives that may exist within the charity for
fraud. The laws and regulations we considered in this context for the UK operations were General Data
Protection Regulation and health and safely legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud,
lo be within the override of controls by management. Our audit procedures to respond lo these risks included
enquiries of management about their own identification and assessment of the risks of irregularities, sample
lesling on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory
correspondence with the Charity Commission, and reading minutes of meetings of those charged with
governance.
In accordance with International Auditing Standards, we planned our audit so that we have a reasonable
expectation of delecling material misslalements in the financial statements or accounting records including any
material misstalemenls resulting from fraud, error or non-compliance with law or regulations.
However, owing lo the inherent limitations of an audit, there is an unavoidable risk that some material
misslatemenls of the financial statements may not be detected even though the audit is properly planned and
performed in accordance with the ISAS IUKI. No internal control structure, no matter how effective, can eliminate
Page 10

## **THE RAYNE TRUST (A Company Limited by Guarantee)** 


## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAYNE TRUST (CONTINUED)** 

the possibility that errors or irregularities may occur and remain undetected. In addition, because we use selective testing in our audit, we cannot guarantee that errors or irregularities, if present, will be detected. Accordingly, our audit should not be relied upon to disclose all such misstatements or frauds, errors or instances of non-compliance as may exist. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: ww.frc.orq.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 


**Guy Biggin (Senior Statutory Auditor)** for and on behalf of **Crowe U.K. LLP** Statutory Auditor 4th Floor St James House St James Square Cheltenham GL50 3PR 

19 December 2022 Date: 

Page 11 



THE RAYNE TRUST
IA Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI
FOR THE YEAR ENDED 31 MARCH 2022
Unrestricted Endowment
funds
funds
2022
2022
Total
funds
2022
Total
funds
2021
Note
Income from:
Investments
648.492
648.492
675,521
Total Income
648,492
648,492
675,521
Expendlture on:
Raising funds..
Investment manager's fees
Charitsble activities
943
805.381
31.612
32.555
805.381
23,938
884,328
Total expenditure
806,324
31,612
837,936
908,266
Net expenditure before net
Ilossesllgains on investments
Nel Ilossesl I gains on investments
{157.8321
111,5221
131.6121
16,4131
{189.4441
117,9351
(232, 745)
462,660
Net movement in funds
{169.3541
138.0251
{207.3791
229,915
Reconciliation of funds:
Total funds brought forward
Nel movement in funds
1,515.012
{169,3541
31,974.207
138,0251
33.489.219
{207,3791
33,259,304
229,915
Total funds carriod forward
1,345.658
31,936.182
33,281.840
33,489,219
The notes on pages 15 to 29 form part of these financial statements.
Page 12

THE RAYNE TRUST
IA Company Limited by Guarantee)
REGISTERED NUMBER: 00607648
BALANCE SHEET
AS AT 31 MARCH 2022
2022
2021
Note
Flxed assets
Investments
Current assets
12
30,919.592
31,475,286
Debtors
Investments
Cash al bank and in hand
13
3,752
1,829
2.979.629
7,088
2,243
2,937,290
14
2.985,210
2,946,621
Creditors.. amounts falling due wthin one
year
15
1532,962}
(742,688)
Net current assets
2.452.248
2,203,933
Total assets less current Ilabllltles
33,371,840
33,679,219
Creditors.. amounts falling due after more
than one year
16
190.0001
(190,000)
Total net assets
33.281.840
33,489,219
Charity funds
Endowment funds
Unrestricted funds
18
18
31,936,182
1,345,658
31,974,207
1,515,012
Totsl funds
33,281,840
33,489,219
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo
accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject lo
the small companies regime.
The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by..
The Hon. Robert A Rayne
Dale.. 13 December 2022
The notes on pages 15 to 29 form part of these financial statements.
Page 13

THE RAYNE TRUST
IA Company Limited by Guarantee)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2022
2022
2021
Note
Cash flows from operatlng actlvltles
Nel cash used in operating activities
20
11.144.326}
(690,408)
Cash flows from Investlng actlvltles
Dividends and Interest from investments
Proceeds from sale of investments
Purchase of investments
Transfer Itol cash held for investment
648,492
675,521
3.883.947
4,460,282
12,568,468} (1, 729,238)
1777,306>
{720,673)
Not cash provided by investing activitlOS
1.186,665
2,685.892
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
42.339
1.995.484
2,937,290
941,806
Cash and cash oquivalgnts at tho end of the year
21
2.979,629
2,937,290
The notes on pages 15 to 29 form part of these financial statements
Page 14

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
General information
The Rayne Trust was incorporated in the United Kingdom as a private company limited by guarantee
Iregistered number 006076481. The Rayne Trust is also registered with the Charity Commission for
England and Wales Iregislered number 2073921. 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 ex￿edIng £1 per member.,
the number of members as at 31 March 2022 was four.
Accounting policies
2.1 Basis of preparation of financial Statements
The financial statements have been prepared in accordance with the Charities SORP IFRS 1021
Accounting and Reporting by Charities.. Slalement of Recommended Pra¢lice applicable lo charities
preparing their accounts In accordance with the Financial Reporting Standard applicable in the UK
and Republi¢ of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021, 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 al historical cost or transaction value unless otherwise slated 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 lo continue in operational
existance for the forseeable future and there are no material uncertainties about the Trust's ability to
continue.
Having regard to the above, the Trustees believe il appropriate to adopt the going concem basis of
accounting in preparing the financuial statements.
2.3 Income
Income from investments is included in the Stslement of Financial Activitie5 only if received, or
declared and receivable.
Page 15

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accounting policies Icontinuedl
2.4 Expenditure
Expenditure is accrued as soon as a liability is considered probable. Grants and donations
expenditure is recognised in full when conslruclive 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 lo these activities.
Governance costs include those incurred in the governan￿ of the charity and its assets and are
primarily associated with constitutional and slatulory requirements and are included within support
costs.
Support costs include ￿ntral 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 lo the category.
Irrecoverable VAT is charged against the category of expenditure for which il was incurred.
2.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates
of exchange ruling al the reporting date.
Transactions in foreign currencies are translated into sterling al the rale ruling on the dale 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 al the Balance sheet date.
Non-listed investments are measured al historic cost and are reviewed annually for impairment.
Gains or losses arising on the revaluation of investments are credited or charged lo the Statement of
financial activities and are allocated to the appropriate Fund according lo 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 16

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Accounting policies Icontinuedl
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 lo a third party and the amount due to sellle 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 il relates lo 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 al their settlement value.
2.12 Fund accounting
The unrestricted income fund consists of funds lo be used for the purposes of the Trust's objectives
al the discretion of its Trustees, and to meet overheads.
The Trust's expendable endowment fund is allributable to the original amount sellled on the Trust,
subsequent selllemenls and accumulated capital gains and losses thereon. The endowment is
expendable al the discretion of the Trustees on expenditure which meets the charitable objectives of
the Trust.
Critical accounting estimates and areas of judgement
Preparation of the financial statements requires management lo make judgements and estimates. The
Trustees consider that there are no material judgements in applying accounting policies or key SoUr￿S of
estimation uncertainty.
Page 17

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Investment income
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Income from listed investments
Interest receivable
648,119
373
648,119
373
669,916
5,605
648,492
648.492
675,521
Total 2021
675,521
675,521
Investment management costs
Unrestricted Endowment
funds
funds
2022
2022
Total
funds
2022
Total
funds
2021
Investment management fees
31,612
32,555
23,938
Total 2021
8,542
15,396
23,938
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2022
Total
funds
2022
Total
funds
2021
Grant and donation funding
Support costs (note 81
606,131
199,250
606.131
199,250
691,521
192,807
805,381
805,381
884,328
Total 2021
884,328
884,328
Page 18

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Grants and donations awarded during the year
Name of organisatlon
Adam Institute for Democracy and
Peace
Ayarded 1£)
Equipping Desert Stais staff with Dernocratic tods for
social chan
Towards ensuring that all indwiduals and families
ev8CU8ted frotn Ukraine due to the war who arrive in
Israel for tem
ora shelter will recenie Immediate aid.
Towards developing and implementing a
comprehensive in-house training. guidance and
emotionJ support programme for Elrfdel's staff and
volunteers woikn"n
wrth refu
ee children.
Towards eHeadspace- a walk-in online clinic wrth
digital support. consuttation and treatrnenl services.
prO￿dIng online professional therapy lat homel lo L5raeli
OLrth a
ed 1&25
ro
Towards establishing TrIEdiation and Dialogue Centres
and training 25 community members as mediators to
serve in each of 5 Arab municipalities lo curb violence
in knb sectors.
20,000
Ameiic8n Jewish Joint Distri￿tION
Committee-lsrael
50,000
Elrfe￿- Gilizens for Refugee
Child18n
45,000
Enosh- The Israeli Ventsl Health
Esociation
60,000
GThIAT kL4VIVA
40.000
Towards the expansion of Grieftalk. 8 free. nation￿ and
confidential helpline that provide5 imtnediate rdief and
support to bereaved children and young people,
rents, and rofessionals.
Towards Scout Troop Adam. the first. integrated.
tylingu81 Arab Jewish Scout Troop offering an innovative
odel for infoirnal education in cfroperation with the
Israel Scouts M)vement in Beer Sheva.
Towards creating a student village for 12 Jewish and
ab giaduates studying 8t the Hebrew Universty in
Jerusalem
ro
Towards the Haiti earth uake a
Towards The Collective Ipreviously'Hope Hubl..
Revolutionvzing JewishlArab Partnership in Israel's
Mixed Cities Throu
h foEdia
Towards psychosocial support programme for refugees
and asylum seekers in Jerusalem IRASI- continued
fundi
of soci81 worker.
Towards core costs.
Towards the development ofJMls music therapy
programme for okjer people and indwiduals liwng with
disabilities.
Towards the Salary of Caieei Coach to Support
students with career Ch0￿eS and ob seekin
Grief Encounter
10,000
HagarA%s(Liation'.Jewish-Arab
Education for E ualrt
10,000
Hand in Hand Cenler for Jewisl
Atab Education in kiael
Internationa Heatth Partners UK
20,000
10,000
krael Social TV
20,000
Jerusalem African Community
Center
Jew15h Museum London
40.000
10,000
Jewish Musi¢ h51ilute
JW3- Jewish Cornmunty Centie
lor London
5.000
21,000
Page 19

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Grants and donations awarded {continued)
Nama of organisation
Awardèd l£}
Towards the core costs of a charitywhich
challenges gender steieotypirig and promotes
gender equality, in and through education using a
'whole school, programme.
Towards empowering 30 Arab wornen {ages 30-
601 from Jaffa through higher education.
Towards empowering a group of wung as￿UM
seekers to exercise their communib"es' rights -
creating agents of change.
Towards an innowative online and out of home
public engagement campaign about how rnigrants
hake shaped our everydaylives.
Towards developing Nip In the Bud's web51te.
Towards Membership renewal - donation
part only.
Towards ￿ar$ 2 and 3 for empowering knb-lsraeli
ciMI society.
Towards Co¥Ad-19 Care.
Towards gyTh participation for 14-17 yEar olds
suffering from mental healthlanxety due to CoMd-
19 to improve beha￿lOUr and mental health.
Towards new approaches to suppporting soung
people who are experienang, or at risk of, mental
health issues into employnent.
Towards 3 general donation.
Towards research on Dotnesb"c Violence In the
Ihsually Impaiied Community.
Lifting Limits CIO
10,000
Mah8pach-Taghir
60,000
Mesila-Treatment for families
ofAsOum Seekers and other u
20,QOO
Migration Museurn Project
Nip Inthe Bud
Royal Opera House Cts￿nt
Garden Foundation
10,000
10,000
5,250
Shatil, The New Israel Fund
Init18tive for Soci81 Change
100,000
Supporters of Laniado Hospital
5,000
The BO￿ Clubhouse
10,000
The Springboard Charity
UK Homes 4 Heroes Ltd
20,000
5,000
sion Foundation for London
30,000
Total value of other donations less than £5,000
24,881
Total donation8 in the year
671.131
Page 20

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
Analysis of Support Costs
2022
2021
staff costs
Staff related costs
Israel manager eonsultaney
Premises costs
Travel and subsistence
79.741
5,622
63,637
7.530
85,743
5,008
62,148
9,905
(718)
26,232
22,395
fl 7,306)
Office costs
Governance costs lanalysed below)
Foreign exchange Igainllloss
20,377
22,343
199.250
192,807
Governance costs
2022
2021
Professional fees
Auditor's remuneration
14,357
7,986
14,565
7,830
22.343
22,395
Audltovs remuneratlon
2022
2021
Fees payable lo the Trust's auditor for the audit of the Trust's annual
accounts
5.430
5,325
Fees payable lo the Trust's auditor in respect of..
Non-audil services
1,225
1,200
Page 21

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
10. Staff costs
2022
2021
Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
64,077
6.726
8,938
68,396
7,267
9,480
79,741
85,143
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
£125,551 (2020.. £134,684) as per note 25 to these financial slalemenls.
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 {2027 £NIL).
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 £NIL).
Page 22

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
12.
Fixed asset investments
Quoted
investments
George
Capital
Total
Cost or valuatlon
At 1 April 2021
Additions
Disposals
Revaluations
Movements in cash held as investments
30,793,536
2.570,797
13.883.947}
117,935}
775,391
681,750 31,475,286
2,570.797
13.883,9471
117,9351
775,391
At 31 March 2022
30.237,842
681.750 30,919.592
The following investments comprise more than 50/0 of the portfolio..
Market value
Derwent London plc
£22,638,340
13. Debtors
2022
2021
Other debtors
Prepayments and accrued income
1,738
2,014
6,647
441
3,752
7,088
14.
Current asset investments
2022
2021
Cash held wth Investment Manager
1,829
2,243
Page 23

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
15. Creditors: Amounts falling due within one year
2022
2021
Amounts owed to related charity
Accruals
Grants payable
125,551
21.411
386,000
133,593
19,695
589,400
532,962
142,688
16. Creditors: Amounts falling due after more than one year
2022
2021
Grants payable
90,000
190,000
Reconciliation of grants payable
2022
2021
Commitments al 1 April 2021
Grants and donations made in the year
Grants and donations paid in the year
Grants withdrawn in the year
Year end exchange rale movement
779.400
1,535,552
671,131
1,991,521
1909,531) (1,430,367)
{65.000}
(400,000)
(17,306)
Commltments at 31 March 2022
476,000
779,400
Commitments at 31 March 2022 are payable as follows:
2022
2021
Within one year
After more than one year
386,000
90.000
589,400
190,0(10
476,000
779,400
Page 24

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
17.
Financial instruments
2022
2021
Financial assets
Financial assets measured at fair value through income and expenditure
30.237,842 30, 793,536
Financial assets measured at fair value through income and expenditure comprise assets held as
investments.
Page 25

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
18. Statement offunds
statement offunds- currentyear
Balance at
31 March
2022
Balance at 1
April 2021
Gainsl
(Losses)
Income Expenditure
Unrestricted funds
Unrestricted funds
1.515.012
648.492
{806.3241
{11.522} 1.345.658
Endowment funds
Endowment Funds - all funds
31.974.207
131.6121
16.413} 31.936.182
Total of funds
33,489.219
648,492
{837.9361
{17,935} 33,281.840
Statement offunds- prioryear
Ba18nce at
31 March
2021
Bal8nce at
l Apnl 2020
Gèin
(Losses)
Income Expenditure
Unrestricted funds
Unrestricted funds
1, 742,913
675,521
{892,870)
{10,552J
1,515,012
Endowmgnt funds
Endowment Funds - all funds
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
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 makingldonations as needed.
Page 26

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
19. Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted Endowment
funds
funds
2022
2022
Total
funds
2022
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
1,475,587 29,444,005 30.919,592
485,022
2,500,188
2,985,210
1524,9511
18,0111
{532,9621
190,0001
190.0001
Total
1,345,658 31,936,182 33,281,840
Analysis of net assets between funds - prior year
Unrestricted Endowment
funds
funds
2021
2021
Total
funds
2021
Fixed asset investments
Current assets
Creditors due within one year
Creditors due in more than one year
1,488,246 29,987,040 37,475,286
952,911
1,993, 770
2,946,621
(736, 145)
(6,543)
(742,688)
{190,000)
{190,000)
Total
7,575,012 31,974,207 33,489,219
Page 27

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
20.
Reconciliation of net movement in funds to net cash flow from operating activities
2022
2021
Nel incomelexpendilure for the year las per Statement of Financial
Activities)
1207,379)
229,915
Adjustments for:
LossesllGainsl on investments
Dividends and interest from investments
Decrease in debtors
17.935
1648,492}
3,336
1309,726}
(462,660)
(675,521)
960,683
(742,825)
IDecreasel in creditors
Net cash used in operating activities
11.144.326}
(690,408)
21.
Analysis of cash and cash equivalents
2022
2021
Cash in hand
2.979.629
2,937,290
Total cash and cash equivalents
2.979.629
2,937,290
22.
Analysis of changes in net debt
Cash
withdrawn
At 1 April
from At 31 March
2021 Cash Ilows Investments
2022
Cash al bank and in hand
2,937,290
2,243
467,582
14141
1425,243) 2,979,629
1,829
Liquid investments
2.939.533
467.168
1425.243} 2.981.458
Page 28

THE RAYNE TRUST
IA Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
23.
Grant commitments
At the year end the charity continued lo hold a conditional grant commitment amounting lo £150,000 10
The Old Vic Theatre (2021.. £150,(IOOJ. This has not been recognised within grant commitments within
24. Related party transactions
The Rayne Trust holds 3.02Qkn (2021.'3.020A) of shares in LMS Capital plc and 0.630/0 (2021.. 0. 69%) 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 commilmentsl in George Capital Real Estate Fund LLP Ilhe "Fund 1°). The commitments invested
represent 2.1750/0 of the total commitments in Fund 1 (2021.. 2. 1750A). Other limited partners include The
Rayne Foundation Chairman the Hon. Robert A Rayne ISQP Lldl, holding 11.250/0 of total commitments
in Fund 1 (2021. 11.25YoJ.
The Rayne Trust also holds an investment of £445,493.161£0.50 of capital commitment and £445,492.66
of Loan commilmentsl in George Capital Real Estate Fund 2 LLP (the "Fund 2,1. The commitments
invested represent 2.020/0 of the total commitments in Fund 2 (2021.. 2.020/&J. Other limited partners
include The Rayne Foundation Chairman, The Hon. Robert A Rayne ISQP Ltd), holding 7.190/0 lolal
commitments in Fund 2 (2021.. 7. 19YoJ.
No other partners included in Fund 1 and 2 have any connections with The Rayne Trust.
Lady Jane Rayne, The Hon. Robert A Rayne and Natasha Rayne also serve as Trustees of The Rayne
Foundation ITRFI, a company limited by guarantee and a registered charity.
During the year The Rayne Foundation {TRFI recharged expenses lo TRT lotalling £125,551 (2021..
£134,684). Al the year end the balance within TRF debtors due from TRT is £125,551 (2021. £133,593).
Damian Rayne is a Trustee of The Mark Elle Dance Foundation, a registered charity. During the year
donation of £Nil was made to this charity (2021.. £5,000).
Page 29