Charlty number: 262217 THE ROGER RAYMOND CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Sa ers Butterworth LLP
THE ROGER RAYMOND CHARITABLE TRUST Contents Page Referonu and administratlve details TNstoos annual report Indopondgnt audito¢s report Statemènt of fin•nclal actlvltles 10 Balance sheet Statement of ¢ash flows 12 Notss to the financlal 8tatomgnts 13-22
THE ROGER RAYMOND CHARITABLE TRUST Reference and admlnlstrdtlve detalls for the year ended 5 Aprll 2022 Trustees M G Raymond A C K Thomson C J Sutton lappoinlgd 3110312022} Chief Executive orricor M G Raymond Charity reglstered numbèr 262217 Principal office Forest Edge Hangersley Hill Ringwood Hampshire BH24 3JS Indopgndgnt audltor Sayers ButteThvorth LLP Chartered Accountants & Statutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW BBnk•rs National Westminster Bank Pte 208 Lower Blandford Road Broadstone {Bl Dorsel BH18 8DT Propèrty advSsor8 Messrs Thompson Wlson Chartered Surveyors 42 High Street Princes Risborough Buckinghamshire HP27 OAX Investment advisors Investec Wealth & Management 2 Gresham Street London EC2V 7QP Rahn & Bodmer Talstrasse 15 Posttach Zurich Swfrzerland Page I
THE ROGER RAYMOND CHARITABLE TRUST Trustees. report for tho yoar endod 5 April 2022 The Truste8s presont their annual report together with the financial statements of the charity for the S April 2022. GOVERNING CK)CUMENT The Roger Raymond Charitable Trust is a rogislered charity No. 262217 constituted by the Trust Deed dated 9th February 1971. Enquiries Should be addressed lo the Trustees. OWECTIVES AND ACTIVITES The principal purpose and objective of the Charity is lo make donations to other legally nStituted chari(ies at the discretion of the Trustees. and in accordance with the Trust Deed. The Trustees, granl-making policy is to make Such donations to charities where thay believe the funds 11 provide a public benefrf(. either direct5y or indirectty, having gwan due regard to the public benefit guidance published by the Charity Commission in accordan w((h Sections 4. 14 and 17 of Ihe Charities Act 2011. The benefrt resutting from grants and donations from the Trust lo supported charities is monrtored by means of ongoing revws of those charities resutts and adNf(ies. The income wsth which to make these donations and thus provide such desirod public bonfjfrt is obtained from the Trusvs investment portfolio which is managed by the Twstees and their professional advisors. The chanty's investmenl policy is to maximise investment returns and provide sufficient income lo fund donations made during the year. The financial statements attached to this report disclose both the income arising from the activty of managing the propety and other investments and the application of the net inconE after expenses from Such investments in the fomi of grants and donations. ACHIEVEMENTS AND PERFORMANCE Grants and donatlons lotalling £165,291 12021.. £99,058) were made in Ihe year, the principal benefi¢iary being Bloxham S¢hool whi¢h ¢¢IVed £101,391 12021.. £78,358). Net income. after property expenses, during the year from rental investment properties amountsd to £200,223 12021.. £96,177). Net income from other investmonls amountfrd to £28,75812021.' £57,701). Unrealised gains on investments arising from asset revaluations amounted to £642,312 12021: £128.0201. Realised gains on disposal of investment assets amount to £16.125 12021: gains of £164,255). The Trust does not undertake any fundratsing from extemal sources. Page 2
THE ROGER RAYMOND CHARITABLE TRUST Trustees. report {continuedl ft>r the year ended S Aprll 2022 STRUCTURE, GOVERNANCE AND MANAGEMETrir Trustee Board The organisation's affairs are conduded by the Trustees who meet and communicate regular lo make any decisions required for any aspect of the Trust's administration. Any major decisions are made or ratified at minuted Trustee meetings and are subject lo a simple majority vote. Tha day-to4ay management of the Charity is carried OLrt by the Trustees. Remuneration of Trustees is set wf(h reference to market cos1$ of the experience and time provi¢Jed. although Trustees may acLept er fees. The existing Trusle*s have the power to appoint new Trustees at their discretion. The Charity does not have a formal programrne for the induction and training of new Trustees. Th& Trustees who served the charty during the year were as follows: G Raymond A C K Thomson C J Sutton lappoinled 3131 March 2022} R W Pullen (rased 30th September 2021) Trusto05' R•sponsibiliti•s The Trustees are responsible for preparing the Trustees, report and th& financial statements in accordan¢e with applicable law and United Kingdom Accounting Stsndards (United Kingdom General Accepted Accounting Prath'cel. The law applicable to charfiies in England & Wales requires IheTruslees to prepare financial slalements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resour and application of resources of the Charty for that period. In preparing these financial statements, the Trustees are required lo.. Select 8Uit8ble accounting policies and then apply them consistently. ob8eNe the methods and principles in the Challties SORP.. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102} have been followed, sublect to any material departures disclosed and explained in the financial 8latemenls'. prepare the financial $ts19mgnts on the going concem basis unless il 1$ appropriate to presum8 that the Charty will continue in operation. The Trustees are responsible for keeping proper accountiftg reeords that are sufficient lo show and explain the Charity's transactions and disclose wf(h reasonable accuracy at any time thg financial position of the Charity and enabb them to ensure that the financial statements comply wlh the Charities Act 2011, the Charity IAc¢ounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for laking Teasonable steps for the prevention and detection of fraud and other irreguiarilies. Related Parties The Trust works closely with Thè Roger Raymond Charitabl8 Trust No 2 with which it shares the same Trusteès. advisors. objectNes and activities. Page 3
THE ROGER RAYMOND CHARITABLE TRUST Trustees. report (continued) for the year ended 6 ApTII 2022 Subsldlary Undertaking The Roger Raymond Charitable Trust owns 100Qh of the i5$ued share captsl of shaW-((e Estates Limited, a company registered in England and Wales {wnpany number 005090871, whose principal business is that of property investment. Profts attributable to the subsidiary undertaking are gtfted lo The Roger Raymnd Charrtable Trust depending on the level of distnbutable reserves. The Trust also owns S5.60A of the issued share capital of Roger Raymond Investments Limf(ed, company registered in England and Wales (company number 134653171, whose principal business is that of propety investment. The Company pays dividends to The R(>Jer Raymond Charitable Trust depending on the level of dislributsble reserves. FINANCIAL REVIEW The Trust owms a number of invg$trment properties from which it receNes rental income. Int&r8St and dividends a also receivable from a number of quoted and unquoted investments owned by the Trust. Such investment$ are regularty vieWed for surtabilty by the Trustees in conjunctKJn with their professional advisors. Income obtained from deposits wll continue to suffer in line w((h the gener81 worfd economic situation. and the portfolio held will reflect this. The Trust had signrficant expenditure on propety maintenance during the year of a normal period nature rather than being exe£plional. Nonetheless. the Trust was able to distribute the allated net surplus from the previous year in line with intentions from available resources. The Trustees are Satisfied that the income and gains generated frorn the Trust's investments during the year after this expendiiure are still sufficient lo enable the Trust lo make a sui(able level of donations in the Coming year which. rf necessary, may adjusted to compensate. The Trustees have remewed the Charivs need for reserve5 in line wi(h guidance issued by the Charty Commission. None of the Trust'8 funds have ever been the subject of any restrictions, and there 18 no intention to place any restriction thereon as no benefft would accrue from such restriction. Totsl {unrèslricted} funds at the year-end amounted to £ 19,476,34312021'. £ 18,739,834). The Trustees consider it lo be prudent that such unrestricted reseNes should be sufficient to avoid the necessty of realising investments to fund current projects and donations and lo cover one yearfs administration and supwrt costs. They are further mindful to ensure that sufficient funds ar8 maintained to enable Iho Trustees to fund known future commfcments to charities and any capital co$1$ that might arise from ensuring that the propety Portfolio remains comFetitive. The level of such reserves is monitored by the Tru$te8s on a continual basis throughout the year and also revthved anrtually. The Trustees undertake risk Managerrnt assessments to assess risks facing the Charity and implementing, as necessary, risk management strategies. This involves hlentfying the types of risk the Charity faces, priori(ising them and identfying means of mf(igating Such risk. The principle uncertainty for the Charity is a reductton in income from ils investments due to changes in market and economic onditions. However, as the Charity is able to reduce its grant5 and donations to compensate for any such reduction and does not carry $nrfl¢ont fixed costs, this possibilty ss not considered a risk to the Trust'5 conlinuatKJn. After making appropriate enquiries, the tnJsto9s have a rea80nable expectstion that the Charity has adequate sOUrceS to continua in operational existence for the foreseeable future. For this reason. they ntinue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can b8 found in the Accounting Policies. Page 4
THE ROGER RAYMOND CHARITABLE TRUST Trustees. report {contlnuod) for th8 yr ended S April 2022 PLANS FOR THE FUTURE The Trustees will continue to support Gharrfties to which they can make suitable grants and donations in accordance with the purposes set out in the Trust's goveming document. They will continue to seek to add other voices to its grant-making team to instil new ideas as to how tho Trust may deliver increa#ed public benefrt. The Trustees consider that the recent impact of COVID-19 on the economy will On affect the Trust's activ'ty in the short-lerm and that net income from the Trust's UK propety investments and the fair value of the propertie5 will not severely impacted over the nexi 12 months. The Trustees have agreed to make signfficant additional distributions over the immdiate future, wh will necessilale realising profts that are currently comprised wf(hin the value of investment properties held. This report was approved by the Trustees on 2022 and signed on their behaW by= G Raymond Trustee Page 5
THE ROGER RAYMOND CHARITABLE TRUST Indopendent Audltofs Report to the Trustees of Tho Roger Raymond Charltablo Trust OPINION We have audited the financial Statements of The Roger Raymond Charitable Trust {the 'Charty'l forthe year ended 5 April 2022 which comprise the Statement of Financial Activ(ties, the Balan¢0 Sheet, the Cash Flow Statement and the notes to the financial statements, including a summary of signrficant accounting policies. The financ1 reporting framework that has been applied in their preparation is applicable law and United Kingdom Ac¢ounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland, IUnf(ed Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordanee wi(h Accounting and Reporting by Charities preparing their account$ in accordance wrth the Financial Reporting Standards appluble in the UK and Republic of Ireland {FRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has boen withdrawn. Thi8 has been done in order for tho accounts to provide a true and fair view in aOrttan wrth the General Accepted Accounting Practice effedive for reporting periods beginning on or after 1 January 2015. In our opinion the finaneial stslements.. give a true and fair view ofthe State of the Charity'5 affairs as at 5 April 2022 and of the incoming resources and applKatH)n of resourGe$ for the year thèn énded: have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011. BASIS FOR OPINION We conducted our audit in accordance wf(h International Standards on Auditing IUKI IISAS (UK)) and applicable Our reSnsibIlitieS under those standards are further described in the Audilofs responsibilities for the audft of the financial statements SelOn of our report. We are independent of the Charity in accordancè with the ethal requirements that are relevant to our audi( of the financial statements in the Un¢ted Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fUilled our other ethieAI 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 stslements, we have concluded that the trustees. use ofthe going concern basis of accounting in the pParatiOn of the financial statements is appropriate. Based on the work we have Ferfomied, we have not identrfied any material uncertainties Telaling lo events or condf(ions that, individually or collectively, may cast signrficant doubl on the charty's abilty lo 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 rgspon$ibilities of the trustees with respect to going concem are described in the relevant se¢tion$ of th15 report. Page 6
THE ROGER RAYMOND CHARITABLE TRUST IndendOn¢ Audltorfs Report to the Trustses of The Rogof Raymond Charltable Trust Icontinuodl OTHER INFORMATION The Trustees are responsible forthe other infomation. The other inforrnalion comprises th8 information included in the Annual report, other than the financial stslemenls and our Audilorfs report Ihereon. Our opinion on the financial slalements does not cover the other information and, except lo the extent otherwise explicrtty stated in our report, we do not express any forn of assurance condusion thereon. In connection with our audf( of the financial statements, our responsibility 1$ to read the other information and, in doing so, consider whether the other information is materially inconsistent wi(h the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstst&d. Ifwe identify such material inconsistencies orapparent material mi35tstements, we are required to delemine whether there is a material misstslemenl in tho financial statements or a material mi$$tat8ment of the other information. If, based on the work we have performed, we concludo that there 15 a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing lo report in respect of the following matters where the Charities (Accounts and Reportsl Regulations 2008 requires us to report lo you rf, in our opinion.. the infomation givan in the Trustees, report is inconsistent in any material respect with the financial ststements., or the Charty hos not kept sufficient accounting records., or the Charty's finantrAal statements are not in agreement with the a¢¢ounting records and retums,. or • we have not received all the infonnatKJn and explanation$ we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fvlty in the Truslee8' responsibiif(ies statgmgnt set out on page 3, the Trustee$ ar8 ro¥ponsible for the pparOln of the financial statements and for being satisflgd that they give a truo and fair view, and for such intemal control as the Trustees detemine is necessary to gnable the prgparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial st*ements, the Trustees are responsible for assessing the Charty's abilty to continue as a going concern, disclosing, as applicable. matters lated to going concern and using the going concern basis of accounting unless the Tru8lee8 either intend to liquidate the Charity or to cease opeRtions. or have no realistic alternalwe but to do so. Page 7
THE ROGER RAYMOND CHARITABLE TRUST Indewndent Audltorfs Report to tho Trusts9$ of Tho Roger Raymond Charltable Trust Icontlnued} AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under $ectKJn 144 of the Charf(ies Act 2011 and report in accordance with the Act and relevant regulations made or having effed thereundèr. Our objectives are to obtain reasonable assurance about whether the financial statements as a who are free from material misstatement, whether due to fraud or error, and to issue an Audf(orfs report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audr( conducted in accordance with ISAS IUKI will aayS detect a material misststennI when it exists. Misslalemgnts can arise from fraud or error and are considered material rf, individualty or in the aggregate, they could reasonobly be expected to influence the economic dec18ions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of not)-compliance with laws and gUlatiOns. We design procedures in line with our responsibilit$, outlined above, to detect material misstatements in respect irregularf(ies, including fraud. The extent to which our procedures are capable of detecting irregularf(ie8, including fraud is detailed below: Discussions were hold with, and enquiries made of management and the Trustees with a view to idenlfying those laws and regulations that could be expected to have a material impact on the financial stalemenls. During the engagement team briefing, the outcome of these discussions antj enquiries were shared with the team, as well as ¢on$ideralion as to where and how fraud may occur in the enlty. The following laws and regulations are signthcanl to the entity.. Those laws and regulations considered lo have a diroct effect on thg financial statements include UK financial reporting standards and Charity Law. Those laws and regulat$ for which non-compliance may be fvndam8ntsl to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitabkg objectives. Publ benefit, fvndraising regulations. safeguarding and health and safety legislation. Audf( procedures undertaken in response to the potential risks relating to irregulaTfties {which includg fraud and non<ompliance wf(h laws and regulalionsl comprised of.. inquiries of managemènt and the Trustees as to whether the entrty complies with su¢h laws and regulations.. frnquiries with the same concerning any actual or potgntial Illlgatn or claims; review of Trustee meeting minutes. testing the appropriateness of entries in the nomin81 ledger, including journal entrS,. reviewng transactions around the end of the reporting peri)d', and the performance of analyiical procedures to identfy unexpected movements in account balances whh may be indicative of fraud. No instances of material non<0mplian weTe idenlifiod. However, th* likelihood of detecting irregularities, including fraud, is limited by the inherent dfficyty in detecting irrggulafilies. the effectiveness of the entty's conlTols. and the nature, timing and extent of the audit procedures perfomied. Irregularities that result from fraud might be inherentty more difficu to delect than irregularf(ies that result from error. As explained above, the is an unavoidable risk that material misstatements may not be detected, &ven though the audit has been planned and performed in accordance with ISAS {UKI. A further description of our responsibilities for the audit of the financial stslernerts is located on the Financial Reporting Council's website al.. http$'.lfvMv.frc.org.ukl8uditors8ponSIbIIil1eS. This doscription forni¥ part of our audilorfs report. Page 8
THE ROGER RAYMOND CHARITABLE TRUST Indep6ndent Auditorfs Report to Iho Trusteeg of The Rogor Raymond Charltabl• Trust (continued) USE OF OUR REPORT This report is made solely to the Charity's trustees, as a body. in accordance wf(h Part 4 of the Charrtie5 (Accounts and Reports) Regulations 2008. Our audr( work has been undertaken $0 that we might state to the Charitys trustees those matters we are required lo slate lo them in an Auditorfs report and for no other purpose. To the fullest extent pemitted by law. we do not accept or assume responsibilty to anyone other than the Charty and its trusleos, as a body, for our audit work. for this report, or for the opinions we have formed. Butterworth LLP 5 De¢ember 2022 ered Accountants & Statutory Auditor 3rd Floor 12 Gough Square London EC4A 3DW Sayers Butterworth LLP is éligibb to act as an auditor in terms of section 1212 of the Companies Act 2006. Page 9
THE ROGER RAYMOND CHARITABLE TRUST Statement of financlal activitiès for the year ended S Aprfl 2022 Total Fund$ {Unrtstrfthd} Total Funds (Unreslnctedj Note 2022 2021 INCOME FROM.. Donations 33.636 31,971 Investment Incomo Investment Propety 424.491 408, 774 Dividends from UK Associate 7.$00 42,500 Securities and AAematNe Assets Total Income 619,663 529,863 EXPENDITURE ON: Raising funds.. Investment property management 1224.268) 132,7781 (312.597) {31,417) Investrnent portfolio management Charf(able actNbties'. Grant$ in accordance wf(h charitable aims {165,2911 (99,058) Governance and Support Costs T¢)tsl Expendi(ure 1441,5481 (470,524) INVESTMENT GAINSIILOSSESI Invèstment property 540.646 Equtty Investrnent in Associate 14.725 (57.241) Equty Investment in Sub$Kliary sUntIes and Other Investments 166.143) 158.213 (300.000) 653,389 Broker bank xcounls 954 Nel gainslllossesl on investment assets 658 292 275 NET INCOME AND MOVEMENT IN FUNDS 736.509 351,614 RECONCIUATION OF FUNDS: Total funds brought forward 388 220 12 TOTAL FUNDS CARRIED FORWARD Tho notes on pages 13 to 22 fomi part of thése financial statemènts. Page 10
THE ROGER RAYVrt)ND CHARITABLE TRUST Balance Shèet as at 5 Aprll 2022 2022 2021 Nots FIXED ASSETS Investment Properties 11.175,000 10.3&].tXIO Financial Assets Equty InveslrNnt ." Associate Equty Investment '. Subsidiaries Securities and AernatIVe As5elg Broker bank accounts 12.900 4.853,566 3,176.805 138 336 2.816,564 2,091,320 3. 133,335 8 181607 19.366,607 18.436.072 CURRENT ASSErs Debtors Cash at bank and in hand 122.030 106 $36 228.566 227,427 355,326 CREDITORS Amounts falling due within one year 30 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds 18 739 834 TOTAL FUNDS 12 The financial ststements were approved by Ihg Trustees on 2022 and signed on their behalf. by.. G Raymond A C KThomson The notes on pages 13 to 22 fom part oflhese financial slalements. Page 11
THE ROGER RAYMOND CHARITA8LE TRUST stst¢ment of cash flows fortho y8ar ènded 6 April 2022 2022 2021 Net income fortho yoar as per Statement of Financial ActNitias 736,509 351,614 Deduct InM• derlyed from investments Net gain8 Dividends, Interest and Rent 658,394 292,275 1407.912) (438.553) Adjust for financing dfrrfvod from currnnt asset movements Decre8s81lincreaso) in debtors Increaselldecrease) in credrto 105,397 (50.691) 162 NET CASH USED IN OPERATING ACTIVITIES 1245,2491 (523,288) Cash flow3 relating to inv•stlng actlvltles: Dwidends. Interest and Rent from Investments Proceeds from sale of financial assets Purchase of financial assets Purchase of invesknent propety 486,027 580.116 1465.373) 497,892 788,335 (75&819) Not cash provided by investing activitigs NEf CASH MOVEMENTS FROM ACTIVITIES 71,166 4.120 Change in cash and cash equivalents due to exchange rats movemonls 954 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 72,120 247 Cash and cash equivalent$ brought forward Ca$h and cash equivalents Carrled forward Cash at bank and in hand Broker bank accounts 106.636 138 336 127.899 The notes on pages 13 to 22 fomi part of these financial statements. Page 12
THE ROGER RAYMOND CHARITABLE TRUST Notes to tho flnanclal ststements for the year ondod 5 April 2022 ACCOUNTING POLICIES 1.1 B•sls of preparatlon of flnanclal statoments The financial slalements have been prepared to give a true and faiff view and have departed from the CharfÉies (Accounts and Reports) Regulatn$ 2008 onty to the exlent required lo providg o Irue and fair, view. This departure ha3 involvsd following the 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 Isecond Edf(ionl' rather than the 'Accounting and Reporting by Charities.. Ststement of Recommended Practice effectiv8 from 1 April 2005, which has since been withdrawn. The financial slat&ments have been prepared under the historical co¥t convention with items recognised at cost or transaction value unless otherwise slated in the relevant notes to these account$. The financial statements have been prepared in ardance wilh the 'Accounting and Reporting by Chari(ies'. Statement of Recornmended PraCte appli¢able to char((ies preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) (Second Edition), and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. Th• Roger Raymond Charitable Tru$t constitutes a public benefft entity a$ doffin8d by FRS 102. The Charity has taken advantage of the exemption available under the Charities Act 2011 and has not prepared consolidated financial slalemenls, due to the size of the chanty. These financial statements are therefore the Charty's separate financial staterrenls. 1.2 Golng concom Th& financial statements have been prepared on o going concem basis, despf(e the recent impact of coinD-19 and other global events on the UK economy. The Tru81ees consider that the effects on the charity's activity will be short-term and that rentsl income from the UK properties and their fair values will not bo soverely impacted over the next 12 months. 1.3 Investment propertlos Investment properties are stated in the balance Sheet at fair value. Investment gains and losses, whether realised or unrealised. are combined and shown in the h8ading'Gainslllossesl on fixed assets, in Iha Statem8nt of Financial Activities. 1.4 Other Investments UK and overseas investments are included in the accounts at market value. The investment in associ*e and investment in subsidiary are both slated at market value. which is based on the Trustees, estimate of the nel asset value of the company after an estimated provision for lax pay8ble. Realised and unrealised gains and losses are combined and shown in the heading 'Gainsllb$$8$} on rued assets, in the Ststement of Financial ActNities as are interest and dividends. Pag8 13
THE ROGER RAYMOND CHARITABLE TRUST Notes to the flnanclal statements for the year ended 5 April 2022 {¢ontlnuodl ACCOUNTING POLICIES lcontinuedl 1.5 Fund stru¢tur• Goneral funds are unrestricted fvndswhich are availablefor u$0 atthe discretion of the Trustees in furtherance of the general objectives of the ¢hanty and which have not bèen designated for olh&r purposes. Investment incom8, gains and l¢)sses are allocated lo the unrestricled fund. 1.6 Incomlng resou All income is recognised once the charty has enti(lement to the income, it is probable that thé income will be re1Ved and the amount of income receivable can be moasured reliabfy. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is reeeivable. Interest on funds held on deposit is included when receivabbe and the amunt can be measured reliably by the charty-, this is nomally up)n the notification of the interest paid or payable by the bank. 1.7 Expendlturo •nd Alloeatlon of Costs Expenditure is accounted for on an 8ccwals basis and has been Included under expense categories that aggregate all costs for allocation to aclivili8S. The Trustees undertake all the adminislralion and governance of the Trust. The proportion of their costs attributable lo the actbvf(ies of Raising Funds have been allocated lo those a1vIlle$ on the basis of lime spent. The Expendf(ure on Raising Funds comprises these allocated costs plus all direct costs incurred in managing the Charty's investment portfolios. Expenditure on Chari(able Activf(ie$ include$ all direct costs incurred in th8 pursuit of the charitable aims of the charty. Governance costs comprisa all costs incurred in connection wrth the administration of the Chan'ty other than those allocated lo Raising Funds as above. Irrecoverable VAT is char9ed against the category of resources expended for which it was incurred. 1A Debtor8 Trade and other debtors a recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Concessionary loans are measured inf(ialty at transaction value and subsequentty al amortised C08t using the effectNe int&r&st thod. 1.9 Ca¥h at bank Cash al bank includes cash and short temi highly liquid investments with a Short maturity of three months or le88 from the dale of acquisf(ion or opening of the deposit or similar aoUnt Page 14
THE ROGER RAYMOND CHARITABLE TRUST Notes to tho flnanclal statements for thè year ended S April 2022 {continuodl ACCOUNTING POLICIES Icontinuedl 1.10 Creditors Liabilities are regnised when the 1$ an obligation at the Balance Sheet date as a result of a past event. rt is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliabty. Liabilities are r¢wgnised at the amount that the charity 8ntlClP8tes rt will pay to settle the debt or the amount f( has received as advanced payments for the goods or service5 il must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. 1.11 Flnanclal instruments The charity only ha$ financial assets and financial liabilities of a kind that qualfy as baC financial instruments. Basic financial instruments are Inf(ially rgcognised at transaction value and subsequently measured at their settlement value with the exception of the concessionary ban which is subsequently measurod * amortised cost using the effective interest method. 1.12 Analysis of assets and Ilabllltles b•twèon funds l fvnds are held as unrestricted funds. 1.13 Fornign currencies Monetary assets and liabilifies in foreign currencies are translated inlo sterfing at the rates of ehange ruling at the balance sheet date. Transaction5 in foreign currencies are Ir8nslaled into slerling at rale of exchange ruling al the dale of the transaction. Exchange drfferences are tsken into a¢Unt in arriving at the surplus OT deficf( for the year. EQUITY INVESTMENT IN UK ASSOCIATE The charity owns 33.330A of the issued share Gapital of Malcolm Raymond Investments Limited. During the year, a demerger of this ¢ompany took place, from which the Charty received 8 55.56Y. share of the issued share caprtal of a new company, Roger Raymond Investments Limited. M G Raymond, who was a Trustee of the Roger Raymond Charitabk Trust during the year. is also a Director and Shareholder of both Malcolm Raymond Investments Limrted and Roger Raymond Investments Limrted. The principal activity of the associate was Ihal of propety investrnont until its demerger. since wh&n onty cash assets remain. The valuation at the balance sheet date was as follows.. 2022 2021 Opening market value at 6 April 2021 Value demerged to Roger Raymond Investments Limited Unrealised gainlllossl on investment 2,816,564 12.818,3891 2.873.805 57 Closing market value at 5 April 2022 Page 15
THE ROGER RAYMOND CHARITABLE TRUST Noles to the flnanGlal ststemonts for the yèar ondod 5 Aprll 2022 {continuodl EQUITY INVESTMENT IN UK SUBSIDIARIES 3.1 Rogtsr Raymond Inv•8tmonts Llmlt The charity owns SS.560h of the issued share capital of Roger Raymond Investments Limited. Thi$ investment IS the re$utt of the demerger during the year of Maknlm Raymond Investments Limited, in which the ¢haTity owns 33.33% of the issueil share capftal. M G Raymond, who is a Trustee of the Royer Raymond Charitsble Trust during the year, is also a Director and Shareholder of both Mathlm Raymond Investments Limilod and Roger Raymond Investments Limrted. The principal adivty of the Subsidiary 15 that of property investment. The valuali?n at the balance shggt date was as foll¢)w5'. 2022 2021 Value rfjceived on demerger of Makolm Raymond Investments Limited Unrealised gainllloss) on investment 2,818.389 Closing market valu& at 5 April 2022 3.2 Shaw-whits Estatos Limited The charty own5 the whole of the issued share ¢apf(al of Shaw-Whi(e Estates Limitèd, a company regisleied in Eng&nd and Wales with company number 00509087. The princwl activty of the Subsidiary is that of property investment. The valuation at the balance sheel date was as follows.. 202Z 2021 Oponing markol valu8 at 6 April 2021 2.091.320 2.391.320 Unrealised loss on investment Closing market value at 5 April 2022 The valuation was carried out by Messrs.Thompson Wllson. Chartsrod Surwors as at 3111 March 2022. A donatKJn of £ 33,636 (2021.. £31.971} made under Deed of Covenant was received ty Ihe Charity from Shaw-white Estates Limited and is included in note 9. amounts owed by subsidory enlities. Page 16
THE ROGER RAYMOND CHARITABLE TRUST Notes to the flnanclal ststements for the year ended S Aprfl 2022 {¢ontlnuedl INCOME FROM SECURITIES AND ALTERNATIVE ASSETS Totsl lunds 2022 Total funds 2021 UK socurities Overseas securities & alternative assets Bank and olher interest 32.188 20.337 25,885 20,031 CHARITABLE ACTIVITIES Grants In a¢¢ordance with charltable alms: Totsl funds 2022 Total fvnds 2021 Bkjxham School The Smallpeice Trust Barnados British Red Cross CALM CRISIS DEC- Afghanistan Appeal Macmillan Practical Action saation Am)y Shelter Sightsavers Stokenchurch Dog Rescue Trussell Trust Water 101,391 4,400 4.000 4,000 10,000 4.000 4.000 2.000 6.000 2,000 2,000 10.000 2.000 4.000 S.lY)O 78,358 4,400 y.000 Under £2,000 14 Page 17
THE ROGER RAYMOND CHARITABLE TRUST Notss to the flnanclal ststements for the year ondod 5 April 2022 l¢ontinued) GOVERNANCE AND SUPPORT COSTS Total funds 2022 Total fvnds 2021 (Restated) Trustees, Costs.. Tru5tees' remuneration (Note 6.11 Trustees. travel expenses & sundrie8 34.376 175 34,550 47,400 47,4C(I Less.. Alocated to Shaw-while Estates Ltd Subsidiary 29,550 43,4 Le88= Allocated to Raising Funds (Note 1.71 Investment propety management Investment portfolio managemenl 22.600 27.500 00 4.550 30 Statutory Aecounts Costs: Audit Fees Valuation Fees Other Support Costs Accountsncy fees Professional Advice Bank charges Sundry expenses Information Technology 10.800 1.200 10,800 1.620 1.440 316 192 533 346 TRUSTEES. COSTS RemL>neralion was payab to the following Trust8es. who are key management Pgrsonnel, of The Roger Raymond Charrtable Trust, for professional services in accordance with the provisSon of the TTUSt Deed. Figures 8howt) include work perfomied on the Trust's subsidiary, Shaw-white E51ates Limited, as shown allocaled above. Total funds 2022 Tot81 funds 2021 (Rest8t8d) M G Raymond A C K Thomson 22.500 9.375 14,500 3, 750 RW Pullen Total There are no direct employees of The Roger Raymond Charitabte Trust. During th8 year £175 of expenses were reimbuised lo M G Raymond for travel and meeling costs 12021.. nill. Page 18
THE ROGER RAYMOND CHARITABLE TRUST Notes to the flnanclal ststements for thè yur ondod S Aprll 2022 IcontSnu¢dl TANGIBLE ASSETS Investment property Cost or valuation At 6 April 2021 10A50,000 Additb)n at C05t 284.366 Revaluation At 5 April 2022 Investment properties are ststed in the financial statements on an open market value basis at 31 March 2022 and were valued by Messrs. Thompson Wilson. Chartered Surveyors. SECURITIES AND ALTERNATIVE ASSETS 2022 2021 Opening market valuè at 6 Aprll 2021 3.133.335 2,509,462 Acquisitions at Cost 466.373 758,819 Disposal proceeds 1580.1161 (788,335J Galns and losses Realised gains I IIOs8esl on disposals based on openina market Value 16.125 164,255 Unrealised gains l {k)ssesl on rovaluation in the year 84.633 545,598 Exchange gain$ l {lossesl at year end rate Closlng markot volug at S Aprll 2022 Analysls of Invostments Llstod Invostm•nts P8ge 19
THE ROGER RAYMOND CHARITABLE TRUST Noles to the financi•l statements for the year ended 6 April 2022 {contlnuod) DEBTORS 2022 2021 Amourts ¢)wed by sub$idk4ry companies Amounts owed by a$$ociate company 89.050 35,977 89,050 85,971 Trade debtors Other debtors Accrued income Prepayments 20.509 1.960 1,277 9,244 18.753 11.860 2,519 8,324 122,030 127.427 knounts falling recoverable after more than one year Conce88ionary loan to r&loted party (Note 16) 10. CREDITORS: Amounts falllng due wlthln one yoar 2022 2021 Trade debtors Other taxation Deferred income Other creditors Accruals 1.200 1,281 17.460 67.772 1,116 20,663 11. ANALYSIS OF NET ASSETS IN UNRESTRICTED FUNDS Flxod as80ts Other nat assets Total Total 12. STATEMENT OF FUNDS Brought Forward Income Expondlture Gains 2022 Unrestrlcted funds Page 20
THE ROGER PAYMOND CHARITABLE TRUST Notes to the financial statements for th• yoar ondod S April 2022 {¢ontlnu¢dl 13. FINANCIAL INSTRUMENTS 2022 2021 Financial 0$sgt$ m8asured at fair value through income and expenditure 8,181,607 8.086.072 Financi81 ossels mgasured at amortised cost 217 Financial liabilities measured at amorti8ed cost Financial assets measured at fair value through income and expendrture comprise investments. Financial assets measured al amortised cost comprise trade and other d8btors. loans Teceivable. accrued income and cash al bank. Financial liabilities measured at amortised cost comprise trade Cfeditors and accruals. Page 21
THE ROGER RAYMOND CHARITABLE TRUST Notes to the flnanclal statements for the ygar •nd•d S Apdl 2022 Icontlnuedl 14. RELATED PARTY TRANSACTIONS Control In the opinion of the Trustees there is no one uf(imate controlling paty. Transactions Included in other cr8ditors at 5 April 2022 is an amount of £1,950 12021." other debtors £11.8601 in respect of amounts due lo 12021.. from) The Roger Raymond Charitable Trust (No. 2 Fund). M G Raymond, A C K Thomson and C J Sutton are Trustees of both Charitable Trusts. The concessionary loan of £100,000 that existod at 5th ApTiI 2021 as shwn in Note 9 as payable after more than one year was due from the Roger Raymond Charitable Trust No 2 and was interest free, unsecured and repayable in full on 18 mnlhs. notice. The loan was repaid during the year. During the year, Thfr Roger Raymond Charitable Trust received no dividends 12021.. £42.5001 from Malcolm Raymond Investments Limited. During Ihe year. The Roger Raymond Charitable Trust received dividends of £7,50012021.. £nill from Roger Raymond Investments Lim((ed. Included in Amounts owed by SubsSdiaries a15 April 2022 is an amount of £50,000 due from RRI Holdings Limited in respect of a loan made lo the company at a rate of 2.5% plus 3 month average GBP LIBOR, CTediled monthly. This loan is payable within a 3 month minimum notice perKJd given by the Trust. Interest received on this loan tJuTing the year amounted to £74612021.. £nil). As at 5th April 2021 this loan was due from Malcolm Raymond Investments Limited on the same terms, bul was assigned on 30th September 202110 RRI Holdings Limited as part of the demerger ol the former. Interest recèived from Malcolm Raymond Investments Limited on the loan up until its assignment amounted to £750 {2021.' £6601 RRI Holdings Limited is the 100% subsidiary of Roger Raymond Investments Limited. Malcolm Raymond Investments Limited is the 100% subsidiary of MRI Hokdings Limited. M G Raymond, who is a Trustee of The Roger Raymond Charitable Trust, is also a Director of all four Compan¥, and shareholder of both holding companies. Details relating to tru$tee$' remuneration and reimbursed expenses are set out In note 6. Pago 22