Charity number. 262217
THE ROGER RAYMOND CHARITABLE TRUST
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED S APRIL 2024

THE R£￿ER RAYMONO CHARITABLE TRUST
Ref¢rence and admlnlstratfive detalls
Trusltes anrn￿l rèport
Intspenthnt audltorf6 r8POrt
Statemenl of financlal actlvities
10
Balance Sheet
statement of cash Il¢)ws
12
Notes to the fina￿141 statements
13-23

THE R￿ER RAYMOND CHARifABLE TRUST
Rèference and administrative details
forthe
earended S A rli 2024
Tru5tee5
M G Raymond
AC K ThLYnson
C J Sutton
Chlef Executlve Officer
M G Raymond
Ghartty wlstered Nmb
262217
Prancipal office
Forest E¢Jge
Hanger51ey Hill
Ringwood
Hsmpshire
BH24 3JS
Independent audltor
Sayers BLfftervL)rth LLP
Chartered ALrountarts & Statutory Authtor
3rd Flwr
12 Gough Squaie
London
EC4A 3DW
BankBTS
National Westminster Bank PIC
250 Bislwsgats
London
England
EC2M 4AA
Messrs Thompson Wilson
Chartered Surveyor
42 High Street
Princes Ri8borough
Buckinghamshire
HP27 OAX
Inv•stm•nt advi$0
Investee Weatth & Management
Gresham Street
London
EC2V 7QP
Rahn & Bodmer
Mun8teroas*e 2
8021
Zuri¢*
Swtzerland
Pa￿1

THE ROGER RAYAIOND CHARITABLE TRUST
Trustees. Teport
earended 5 A il 2W24
forthe
The Twslee8 pyesent Iheir annual rqjort togwlhervrilh Ihe fjnanual statements oftr* chsrity for the year
ended 5 Apri12024.
GOVERNING DttUMENT
The Roger Raymcffid Chartt4ble Tr￿1 is a registered thaiity No. 2fj221T ¢)xtsb'tuled by the Trust Dewl <lated
9th Febwary 1971. Enquirie5 should be addressed to the TFU51ees.
OBJECTIVES AND AGTIVtres
The prinripal purpose aThJ Objec￿Ve oflhe Charity r6 to make donations to other legaty cor]stituted ctsTilt88 at
the discretion of Ihe Trustees. and in accordance with Ihe Trust Deed.
The TruBtees have to apyy bolh lh8 income an¢J the (apital of ￿ Trust F￿d over a period of
approximately tenyear5. The gpplication ofTrusl Fund capitsl in 8d¢Jikn"on to inLxJme results in signifi(2nlly h￿her
grant-making Ihan has historically boen s￿￿ble, and the Trust has reoryanised its arjrnlnistrdtion to aC￿e¥£
thfis in 8 8uilabty wund mann￿.
The Trust88s' ￿￿￿t￿n￿kIng pdicy contin¢Jes to be to make such (lonalions to thartbes where they believe t
funds wll provide a public benefit. eitr*r directy E)r Indi￿dY. havs'ng given due regard to tho public Èenefft
guidance published by the Chariiy r￿m￿ll￿on in accordance wth Sections 4, 14 and 17 of the
Charybes Act 2011.
The benefit resulting from grants and donalÈons from Ihe Truslto supported chariies is monrtora(I by meanB of
ongr￿rEg revtews of those charities resuHs. acbvibes and Iheir own Èmpact reporting.
Income with wtich to makè tl*s8 dunatvjns and fhus provide such desired public benèfft l# obtained
the Ttust's inveSt￿nt pgjrtrolio bthch is manaued by Ihtr Truste85 and their professional advisors.
ThE chariV$ inveslmenl policy is to ￿￿XiMise investsnent reium5 to help furKI donations made duTing Ihe year.
The finanuaE statements attachèd to this report disclose both the NKorrE aiising from th& activity of
managing the property and other investments and the applicthon. In 1he of grants and ¢Jonations. of the
net income after expenses frl4￿ such investsnents together wilh any reserves similaty applied.
ACHIEVEMENTS AND PERFORPA411CE
The al start of th8 year bBlwe8n Rc#3er Rayrn¢￿d Charitable Trust and Tho RcrfJ8r Raymond
Charitable Tru￿ No. 2 was exerAJted and has alkiwed the CoM￿"ned entity to its 8dministration wilti
80me associated tr)sl saving5. The ccfflporativ8 information has teen updated to reflect the CL¥nbined p05ilron
of the Iwo enkn"ties. Frore infoThalion is induded in note 1.3.
As pL2nned. the srun1fiea￿ increa$e in grgnts coTrtinuAd. aryd donation6 totmifing £1.481.842 12023.. £555,284)
were made in the year. AJt1￿Ugh Ihe principal beneftciary remwned ￿0xharn Sth)ol whth received £119,312
12023.. £122.8841, many newsubstant181 gr8ntswere made and sliona TeL2tionships fonred wtth manygrdntees.
Once again, this was achieved following a signfficant effort by the grant team lo visit charities in person and
discuss Iheif needs f￿-tO-faCe. Alth￿￿h Ihi8 approach incurs g)me cc6ts. the proc055 r& hug81y inforynative
and Inspifa*"onal, and one the Trust intend3 to continue wth to remain fil lor purpose and to ￿)nti￿lle lo assess
the Impacl oflhB supwl provided. The add￿￿81 res(yJrLe apylled lo rnanaging the grant process has teen,
and will continue to be, vttal to administer and control the many valuable proJ￿ts belng supported.
Net in(￿ne from renlal InVesth￿nt properb.es during year, after property eX￿nses, amounted lo £328,542
12023.. £230,115). Ntrl Inc0Th￿ other investments al￿￿nted to £92.541 12023.. £85,250k Thp Tru61 does
nDt undertake any fvJnd￿8lng from extemal sourtes.
Investment gains amc*Jnted t0£911.05312023: Ir￿Se8 £220.￿61.
Pag8 2

THE ROGER RAYMOKD CHARITABLE TRUST
Tntstees. report (wniinued)
for the
rended5A
STRUCTUR4 GOVERNANCE AND MANAGEMENT
Trustee Board
The Tntstees Ihè charity during th8 y8ar were a8 frAIows:
M G RaywA)nd
A C K Thomgjn
C J Sutton
The organisah"on's affair5 ale cffiducted by the T￿￿tee5 who meet and cornmun￿ate regularty, bjether wlh
their arJv150rs wh8re 8ppropriate. lo make any de(￿￿on8 required for any aspect of the Trusfs adminislrath'on.
m8jordecision¥ are made rK ratified at minuted TnBlee meetings and a￿ subj'ect to a simple majonty vote.
The day-to4ay manajement ofthe Charity is (*rried by thB Trustees. Remunerab"on ofTrustee8 is S8tvthh
rele￿nCe to market costs of the e¥penence and time provided, alt￿Ugh Trustees may and do accept knwer
The existing Trustees have the p(rt¥eT to app¢int newTruslee5 al their diseretion. The Charity does mt have a
fomMI prc¢Jramme for the ind￿tIOn and training of new Truslees.
Trustees, Responslbllltles
The tru51e88 are reSF<)nsible for wèparfng Ihe Annual ReP￿rt 8nd Ihè statemenls in ?ceordance wth
applicable law and regulations.
The law applicable to charities in EtvJl8ftd & Wales requlres lh& truslees lo wepare frnanual slatements for
each financial year in 8cccffdance with United Ktngdom Generally Accepted Accounting practi￿ Iunited
Kingdom A¢￿Unting Standards and app]i￿ble lawl. 1wstees rnust not approve the financial st8lerTpnts
unlessthey are satisfied thattheygivea true and fairwew of the state of affairs of Ihe charity and oflhe incoming
resources and application of resouices, induding the income and expenditure. of Ihe charity forlhat penod.
In prepamg Ihese finanual statements, the trustees are required to..
al seIeetsurtab￿ ac(x)unting pdtcies and apply them consistently,.
bl cl)seNÈ Ihe met1￿$ and prin￿￿e5 in the Charilieg SORP..
CI EEHk8 judw8nts and aLrounling esti￿ateS that are rea50nabl8 and prLvJent,"
dl Stalewhetherappllca￿e UKAccountr'ng Standard8 have been follo￿d. subjectlo anymateri81 departures
disdosed and explained in the financial statemenls.
•) prep8r8 the financial st8tements on lh8 ￿Ing concern t￿813 unlèss It is inapFrowiate lo presume that thè
charity wll continue to operate.
Page 3

THE ROGER RAYMOND CHARrrABLE TRUST
Trustees. report lcontinuedl
for th
èaronded SA
The tIU8tees are re8ponsible for keèping suffiaent oceounting records that di8clo8e *ilh mson8t￿e a￿1racY
al any tirne the financial ￿￿h"on of Ihe charity and enable Ihern lo ensure that th8 finanaal 51atements comply
vhlh tt)e CharitiesAcl 2011, the ChaTty {A¢wJntsand Reports) Regulations 2008 and tFE provisions of Ihe trust
deed. They a￿ also responsible for safeguarding the assets of lh8 tharity arKI hence for taking reasonable
stepts forthe prevention and detection of fraud and olher irregulanlies.
Related Parties
At the start of the year the ￿￿rger ofThe RDger Raymond Charitable Trust wthThe Ruger Raymond
Charitable Tru31 ￿. 2 was èxecuted, both charities sharing Ihe 8ame Tnjstees, advisors, objectives and
8ctivth'es. The meryed ents.ty eonlinued Operatior￿ UfKler the name of the fomw. Approv81 forlhB metgerhad
been sought frDm the chariti.es ￿)mnIS￿10n and oblained on 26th April 2021.
Subsidiary UndBrtaklng¥
The Roger Raymond Chanlable Trust 100% of the issued share caprtal of Shaw-white Estates
Limited, a Company registered in Engiartd and Wales l(x)mp8ny number 005090871, wlxtse principal
busin￿ is Ihal of properly invesfmenl. PTDfits attributable to the $ub8idi8ry undertaking are gifted to
The Roger Rayrrrfjnd Charitable Trust de￿ndIng on Ihe level of distributable reserve3.
The Trust also own5 55.6% of the issued share capital of Roger Raymond Investments Linwted, a
mpany registere¢J in EtYJknd and W81e8 IcrJmpany nu[￿eT 13465317), whose pllncipal business is
that of property inve5tTh*nt. The Company pays (knvid9nds to The Rcger Raymond Ch8ntabl8 Trust
depending on the level of disln"bulable reserves.
F114ANCIAL REVIEW
The Trustees have previ￿$1Y reVIe￿d the Charity's nped for reserves in line with guidanr* issued by the
Charity Commi55ion and available else￿ere. They resolved that there was Th) Icnger8ny requirementforlhem
to be held in the long lern 8nd thal they should therefore be distri1￿le￿. None of1he Trust's fiJnd5 have èver
been the 5ubjed ofany restrictions, and IF￿r¢ no inlenlton lo place any Teslricthon therEOn as no L￿ne￿tWOukj
accrue from such ￿￿rich0n. Totd lunrestrictedl fvnds at the y88r-Bnd amounted to £21.061,2ffJ 12023."
£21.296,5511.
The Trust owns 2 number of investrnenl PToperties froffl whlch It receives rentsl income. The Tft￿t LyJnb"nugJ lo
experien￿ h￿tOrical￿ Iw'gh expenditure on property maintenance and management during th¢ year, will
continue to Tealise Ihe rel8ted A8sets lor dvslribution overlhe comina years.
Interest and dividends are also receivable from a nymber of qwted and unquoted investments owned by the
Trust. Such inve5tmBnts a￿ wularfy reviewed for suilabilrty by IVLe Trustees in conjunclion wtth their
professi￿￿1 ath'sors. Where cash deposits need to be held, inLx>mè f￿M them is maximtsed as far 88 pos&ble
whilst still ensuring a Suitab￿ prOFK)r1h(￿ of suth cash ean be accessed for any urgerrt grants at short notice.
The Tru8tee8 are mindful to ensure that suffiuenl near-rash funds are maintairted to enable Ihe Trust885 to
meetlhe IxJrnmitrr2ent5 of the Tnjst. The level of suc* re8erve8 18 monitLYed bythe Tnjstees on a continual basi$
IhrrAJthiout Ihe year.
The Tru$iee8 are sali5fied Ihat Ihe income and gains gener8ted from the Trusys investments were reasonab18
in the Cir￿rr￿lan￿s of th8 year and, until such Inveth￿nts arg eventually ful￿ realis&J. will continue to
g8n8fdlfr valuable income to cNrtiitrrtrte towarf5 the highEr levd of donatirffis now teing tsr￿.
P8ge 4

THE ROGER RAYMOND CHARITABLE TRUST
Trust￿5. report fcortinued)
for the
ear ended 5 A "12024
Tl* Tru8t•es undertake risk managemgnt 888esS￿Its to assess risks fau'ng the Chanty and
then. rf rer2&88ry, IMp￿ment risk management Strateg￿S. This invLNves idenb"tw"ng the typp5 of nsk th
Charity faces. prioribsino Ihem and identifyino means of mrtigabng such risk. Tr wn¢Jpal uncertainty
for the Charrfy 1$ a raYucI￿n in Inco￿ from ts inve51merts due to tharhgEs in market and econornic
conditions. HMvo1. a$ Ihe Chanty does not cary Significant fixed costs and i¥ able erfher to reduce its grants
and donation8 or lo apply fvnds from reseNes to CLvnpensate ft)r any such re￿UctiOn, this Fo&8ibilty ts not
sider&J a rtsk to the Trusfs continuab"on.
After mkj'ng appropnate enquiries, the tr￿tee5 huve 8 rvgsonable eypectBl>Jn that Ihe Charity has
adequale le￿￿S to conb.nue in operab.onal existence br Ihe frJr85eeabk future. For Ihis reason, they
conkn.nue to adopt 1he goino cy)neèm ba￿S in p￿p8￿ng Ihe fin8ncial slatsrnents. Further detsils
regllrfing IhB adopth.on ofthe going conc8m basis can be fC￿ld in the Ac￿unts.ng Pdia￿.
PLANS FOR THE FUTURE
The Tntstees wll t￿￿.￿ue kn ￿pport dwnb.es to wlN"th they can make surt8ble Lvants and donglb)ns
a(rO[dan￿ the pury￿e8 set out in the TnJ8Y8 goveming docury*nt.
TW Vlill also seek to add olher voice8 to ts orant-mth'ng team to instil new ideas as to the TnJ81 may
deliver Ir￿ased puLli¢ benefit.
EffDrts ￿11 CLy￿nUe to re¥1nJctU￿ the Trust Fund so th8t lund8 are held ill an ace￿ble fDrm, will
quire reali8at*)n of varir￿ less ea￿ty realisable investments held, in par￿aJIar property assets. ReducA ThJ
time spenton property managementwll also all¢ywTrusteestoaJncentr8t# nK)re fvllyon the gran1proc￿.
The Tru81ee8 are plea8ed with the progress made during the period t￿ardS its intent￿n to apply the Trusl
Fund caprtal in arjdits.on to inLxJme. AJDng wth giving ftJrthBr SUPFQrt to rnarry of Ihe magnifficent w
benefiuaries identified to date, tr*y shall conbnue to meet lo debate cnmWing areas of need in Ihe l*Jht of
eurrent eiruJmstanL*s and asS85s ItK>se need5 in such area5 agreed to b8 of relevan￿, In￿lar as the sze of
the Trust miktht be able to make a drfferen￿. This wll certainly indude (x)nl"nuiThJ to ￿)k1 dis0j￿0ns in
PErson wlh addth.onal I￿arib.￿s wth W￿)rn rt rnay be possible to forrn rneaningfijl onwr¥J TelatK)nthirs and
to keep the Trust re￿ant and fft for purrxw.
ThK8 rep)rt was apwowj
2024 and sI￿￿d on tt*ir behdf by".
G Raymond
Tvjstee
Page 5

THE ROGER RAYMOND CHARffABLETRUST
Indepen(lent AuditOT* Rèport
the Trustee5 of The R
er
mond Ch4rftabk Trust
OPINION
We have audited the ffinancial ststernents of Th Rojer Raymond charitab￿ Trust Ilhe 'Charity'l foT the
ye8r erTded 5 April 2024 wluch comprise thè Statemenl ol Finaftcial Ath'vities, the Balance Sheet, the
statement of Cash Flows and Ihe notes to Ihe financial statements, including 8 #ummary of significant
accounting pdicAes. The financi￿ reporting framework Ihat has been applied in their preparation 18
applicable taw and United lQ"nuYJom Accounting Stsndards, including Financial Rerxyting Standard 102
The FinaTrcial Reporbng Slandard 8ppli(xble Iv the UK and Republic of Ireland, {United Kill￿*m
Generalty Accepted Accounting Praclicel.
In tyjr oplnnn the financid state￿￿nts:
give a INe and tsir view of the state of the Chanty's affairs Bs at 5 Awil 2024 and of 1he inCo￿n9
resources and applKation of resouices tor Ihe year Ihen onded;
have been properfy F¢epaT&J in accordanco with Untted Genernlly Accepted
Ac£ounbng Practice,. and
have been weparaj in a￿)rdance with fhe requirements of the Charl￿$ Act 2011.
BASIS FOR OPINION
We conducted cwr audTt in aC￿rdance wlh International Standards on Audrbno IUKI IISAS IUKII and
applicat4e law. Our resp)nsibilities under IhDse standards are furlher described in the Auditoffs
responsibiliknes for the audrt of Ihe finanaal statements Section of our report. We are in(Jependenl of Ihe
Charity in accordan(% wth IhE ethical rewirenErts that aTe ielevant lo our audit (rf the financial
Stalen￿nts in the Unilaj Kingdom, including the Financbal Reporling Council's Ettu'cal Standard. and we
have fulfilled our other elhical resporfjibilities in ￿1rdance with these re(wirements. We believe that
the audit evidence have obtsined is sUffic￿nt and appropriale lo prowde a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In audthng financial statements. we have Co￿uded Ihat trustees, use of Ihe Lb)ing o)ncem basis
of aet*yJnlng in ts pr&￿rat￿ ofthE financi41 statements is 8PPtopriale.
Ba8ed on the work we have perfomRd. we have not identified any material uncertainties relating lo events
or Conditic￿$ Ihat, indiwdua1￿ or collectively, MBY cgst significant d￿bt on the eharity's ability to continuè
as a goiThJ eoncem for a period ofal least Iwelve monlhs when Ihe finaneial statements arè aLthorisBd
for issue.
Ojr rÈsponsitMltlies arkl thB respon￿bild￿S of INSI￿￿TIh respect to concern are de$L￿tsed in
the relevant sectKJns of Ihis report.
Page 6

THE ROGER RAYMOND CHARITABLE TRUST
Independent Audtlorfs Report to Ihe Trustees
of The
erRa
mond Charita￿* Trust
continu
OTHER INFORMATION
The olher infom)ation rxxnprt8e3 Ihe infomiation induded in IhE annual reFth other than ￿nanL￿al
51atemEnts and OUT audstc¢s report thereon. trustees are respcffisible forthè olhEr inforrnation ￿ntaIned
wil￿n thts annual rep)rt. OUT OFinion on the ￿nanCi￿ stslemenl$ does not cover the Dther rrrformation and,
except lo the extent othemse expfjcitly stated in our rerth. we do not express any fonn of assur8nee
cusclusion thereon. Our responstrAlity is to read the ()ther inFDtrnafton and, in doing so, con&derwhether the
oth8r infrjrmalion is mateiially inconsistent ￿lIh the fjnanoal statements or our knowledge obtained in the
cryjrse of audrt OT Othe￿iSe appears to be malersally misstated. If we sdenkn'fy Such material
inconsistencies or apparent fflBterial misstatements. we are required to determine whether Ihis gives rise lo
a material nysstatement in the finanaal statements thernselves. If. based on Ihe we have perf￿rned.
t condude that there is a material misslatementof1hi5 other1rrfom￿tI0n, we are requi￿ to rewllhatfad.
We have Th)thing to report in ￿.$ reoard.
OTHER MATTER
The comparative ftgures in Ihe finanrial statements indude those of Roger Rayrrmd Charitable Trusl No 2,
whodid not rewire an audit underthe charib.ès Act 2011. Al the start 0ftr￿ financial year, thè Trust merged
their ach"wtieg wth Roger Raymond Charitable Trust No. 2, a charity il shared the same TnBtse,
objectives and activitt'es.
MATfERS ON WHICH WE ARE REQUIR&> TO REPORT BY EXCEPTION
We have nDthing lo ￿pOrt in ￿Pect of the folbw.ng matter8 wthere Ihe Charil*8 {A(YJ)wts and
Repjrts) Regulations 2008 requires us to report to you if, in ouropinion..
. the in1ormat￿n gwen in the Trustees. re￿rt 15 Iiicor15iStenl in any mat￿la1 ￿p8¢1 with the finarrial
slat8ments'. or
. thè CFkqrity has not kept sufficient accounting records,. or
. the Chariivs tln8ttcial Statements are n(A in a￿eeN￿nt wlh the aca)unl"ng r¢cordB and rebJm8;
We have not received all the information and explanations wè r8quire forour &udit.
RespoMSiB￿￿iES OF TRUSTEES
exF4ainerJ tnore fulty in the Tntstees. respDnsibilibe8 statement set otsl on page 3, Ihe Trustees are
responsible for the preparatton of the financi81 stalements and beirvj satisfied thal they gtve a true
and fair ￿ew, and for such intemd ujnlrol as the Trustees deterrnine neeessary to enable the
preparaboTr of finanaal statements Ihat are free from material misststement. whether due to fraud or
In preparing ttr￿ ffinan￿al Slatements. the Trustees are responsible for d858wng the chari￿s ability to
continue 88 a going concem. discloslng, 83 applicable. matters fvlated to going concem and USI￿ Ihe
ing concern basis of aCL￿nb.￿9 unless the Trusle6s gither inleThJ lo liquidate th8 Charrty or to cease
operations, or have no reali8tiG altemative but to do 80.
Page 7

THE ROGER RAYIAOND CHARifABLETRUST
Intyndent Auditor's Report to thp Trustses
of The
Tr￿nd Charitablè Trust
onfinued
AuDIT0￿s RESPONSIBILMES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
We have been app￿Trted as auditor under secb.on 144 of Ihe Charilies Act 2011 and r4kKrt in
accor{18n￿ vrilh the and retevant regulat￿$ mgdo ¢x hawng effect Ihereunder.
Our objectives are to obtain reasonable assurance gbtsul whether the finanaal statementg a8 a whole
ore free from material Trwsslatemenl, whelher due to fraL￿ OT error, and to issue an Auditorfs repjrt that
inclLMJe5 our opinion. Reasonable assurance is a high 18V81 of assurance, bjt is not a guarantee that an
oudit conduded in accordance ¥M1h ISAS IUKI wll always detect a matenal misstatement when d exists.
Mi$statemenb arise IrDrn fraud or error antj are con5ider8d m8terial il, individually or in the
agwegale, Ihey could ￿asOnab￿ be expected to inlluence Ihe economic deC￿lOn& of users taken on Ihe
basi8 of I1￿e financrdl slaternents.
Irregularbtses. induding fraud. are instan¢e8 of rnM-compliance ￿1th laws and reoulation$. We design
procedure5 in line wilh our respOn￿billI¢e$, OLrtlintrd alMW8, lo detect material misstatemBnts in respecl
of irregu18ritie8. including fraud. The extent to which our procedures are ￿patsIe of delecbng
irregularities, induding fraud is detaifej telow..
t)"9Cu￿1OnS were held with, and enquiriÈ5 maite of management and Ihe Trustees with a view lo
identifying those laws and regulations Ihat cc*Jld te exFected to have a wolerid impact on the finan(a81
statemen15. Dtsring the engagement team briefing, the outcome of these discussions and enquirtes were
$hared wth the team, a5 w811 as consderdtion as to ¥¥heTe and how fraud may occur in Ihe entty.
The foll￿WIng taws regulBI"¢MbS are signiffcant to the entity".
. L2ws and regulab"on8 Ccnsidered to have a dlreet thcl on the firrar¥ial slatemttrrts indude
UK finanual FEporh'ng standards anfl Charity Law.
Ttrh)se laws and regulation8 fur which non-compliance may be kndamentsl to Ihe operating
aspects of the th8rrty. induding Mana￿"ng inveslmenl Properties, and I￿￿fore have a material
effect
on
the
finanual
Statements
include..
co1rplian￿ wilh Ihe chan"labfe obieclives, public benefrt. fundraising regula￿"0rts. 8gtÈguardiThJ,
health and safEty leg318lion. ffiTe safety regulation. and landlord and tenant legislation.
Audit procedures undertakèn in resrKJnse to Ihe potential WiBk3 relating to Irregul&ilie3 (%thi¢h indude
fraud and non-￿mplI8n¢e with laws and regulalionsl comprised of." inquiries of managem&nt and the
Trust￿ as to whether the enbty ￿mplIeS wrfh such laws and regulations,. enquiries wlh the same
concerning any actual or FQtenlial Itb'ualion or d￿Ms., review of Trustee meeling minutes," testhng the
appropriatene&4 of enlries in Ihe noTh￿nd1 ledger. including joumal entries.. re￿ewIng Iransa¢tions around
Ihe entl of the reportlng peritjd. an(E Ihp p8rfDnnance of anaiwcai prO￿lj￿re8 lo ldentlty Unexpe￿ed
mDverTt8nts in 8ccoiJnt balan￿ may be indicative of fraud.
No instsnces ol material ￿n-compliance were idenlthed. HI)￿Ver. Ihe likelthoj of delectirdj
inEgut8ribes. ￿ClUdIng trdud, is limited by the inh8t8nl diffKulfy in deteth.ng irregularities. the
effectiveness of IhE Entity's contrds. and tl* n8lurE, liming and extent of the audit procedures
perfomTrd. Irregulariltes thBf result from fraud might ￿ ioherentty rnore dirricull to detect than
irwul&ritses that result from ermr. As explained 8bove. Ihere is an unavridabje risk that materi81
m¢s5t8lements may not bÈ detected, even though the audit has been planned and perfonned in
ac&￿anCe knilh ISAS IUKI.
A further descripth'on of ¢)ur responsibilrfses for Ihe audit of financi81 8talements is lucated rm the
Financial Reporting Council's
website
at. https.'IfvAWW.frc.org.uklaudilorsrespon$ibilib"es.
Thi$
deserfplton forwo part ofour ttudrtDI5 report.
Pag6 8

THE ROGER RAYMOND CHAR￿ABLE TRUST
IINlependentAudrtorfs Report to theTrustee5
ofThe
mond Charitable Trust
contlnued
USE OF OUR REPIJRT
This report 1$ made solely fo Ihe Charivs Iwstees. as 8 tdy, in aL￿￿lan￿ wth Part 4 of the Charib"e8
(A￿lntS and Reports) Regulations 2008. Our audit work has bè8n undertaken so Ihal we might state
to the Charity's trustees those matteTS we rewired to state to them in an Auditorfs report and for no
othw purpose.
To the fullESt extent pemiitted by law, we do not accept or assume respcffisibility to anyone olh8r lha
the Cha￿ty and it5 truslees, as a body, for our audit work. this report, or lor Ihe opinions we hav
Hannah cle￿ (Senior 8tatutory a￿15￿)
For and on b8haifof
Sayer5 Butterworth LLP
Chartered Accountants & Stat￿Ory Auditor
3rd Floor
12 &)ugh Square
LorKlon
EC4A 3DW
Sayers ButterM>rth LLP ts eth.￿ble to act as an a￿￿110r in terrrts ofsedion 1212 ofthe Companies
Page 9

THE ROGER RAYMOND cHAR￿ABLE TRUST
statÈmÈnt olffnanelal actiyrties
for the
ear ended S A il 2024
Tolal Unrestiicted
Funds
2024
Total Unrestiided Ftsn(ts
2023
Combin8d
RRCT
RRCT2
INCOME FROM:
1n￿trnert Pruperty
DividerKlsfrpm UK SLb8idlary
D1wdeThlsf￿M UK Assoctale
se￿nties and AJtemati¥p Assets
491892
18,OQQ
486,041
425,427
37,500
4667
60.614
4667
75,518
66,518
534.112
Total tKome
615fft77
603,726
69,614
EXPEN0￿uRE IJI:
RaisirpJ knjs..
8trnenlpTopetym8ll8gement
In¥8slm8nt por￿￿"0 Mar￿N￿nI
C￿￿tab￿ acb4ities'. Grarrts in
aCLx>rdarKe wlh ctrErilabb aims
1162850
P1.644
(255.926) (245,927)
(32.435)
(32,435)
(9.999)
5 {1A81042
(555.384) (409,384) (146.OW)
&)¥eFror￿e aThJ sw)￿￿C0Str
(85.585
{62.560J
(57.432)
(5.128)
Total EypBThJitutE
11.762.021> (906,305) ¢745,178) (161,127)
INVESTMENT ￿NsUL05SEs
trNe3trnerrt prDpe
EqLHty kneslment in AS￿late
Eouity ￿sIMent in S￿$¢diary
secwib.es arKJ 0￿r *￿sIme￿￿
925,939
(14.726) f122.T05)
14.578)
(4.578)
P3,843)
(23,843)
(186.464) {186.464)
9.545
9,545
107.979
3 1109,3401
95.727
1,273
Brokerbank accoun18
Nel Ik)ssesygairts on in￿sknenI
assets
911,053
(220,066) (328.045)
107,979
NET IEXPENDtruREyWCOME AND
IIOVEMENT IN FUNDS
3V91) (52?.845) (539,t*i)
RECONCILIATION OF FUNDS:
Total fjJTrJs brotyjmforward
12
21296￿1 21.819,196 19.476.343 2.342,8&1
TOTAL FUNDS CPRRED
F(XIWARD
12
21￿81360 21.296.551 18.937.232 2.359.319
2023: RRCT .. The RrYJ8r Raymond Charitable TnBI RRcf2." The R￿r Raymond Gharitable Trust No. 2
notes on pages 13 to YJ form part of Ihese finanaBI slatements.
pa￿ 10

THE ROGER RAY￿￿ND CHARITABLE TRUST
Balance sheet
asats
ri12024
Total Unre5trthd Fund5
Total UnTr&n"cl8dFunds
2024
2023
RRCT
Combined
RRCT2
FIXED ASSETS
E8tmert PrDperlie8
FIr0r￿al A88ets
12850.IJOO
12,701,000 11.046,OLX¢ 1,655,0
E(BNty kThEs1nEnt." Sub&diarie5
SecLrrib"es 8fKJ Alem&ts* As¥ets
Lortrtsrn h)an
B￿ker cash bah1￿3
4720,383
2.656N89
318270
111019
4.829.723
3.046.698
9,OLX7
70.901
70.901
8,256.322
T.947,322
309.OCXI
20.957.322 18,993.322 1.964.000
4,829.723
3.046.698
309.000
7.806961
20.756961
CURREMT ASSETS
Debknr#
43J75
452AOg
96.519
$92J03
53.529
95.810
250.9
400,322
49,916
95.810
230.339
376,085
3.613
due from 8Ut*idiaries
24,257
RED￿oRs
Act￿￿d Grarts
faHiro duewtiyn one par
r242.500}
145.504)
1288.QIH)
10
(61.093)
(61,093)
(51.883)
(51,883)
tg.210)
(9.210)
NET CURRENT ASSETS
304299
339,229
324,182
15,047
NET ASSETS
21.061360
21.296.551 19.37T.504 1.979.047
CHARITYFUNOS
21.061280
21,296,551 19,317.504
1.979,047
TOTAL FUNDS
12
11.0fj1.ZO0
21,296,551 19.311.504
7.979,04T
The fjnanrjal 8ta
an¢J on Iheir teholf, ty.
IA G Raymond
Trustee
A C K Thomson
TNstee
ThB notes on pa￿$ 13 kn r3 fDrrn pgrt oflhe8e ￿anrAal statements.
Page11

THE ROGER RAYMOND cHAR￿ABLE TRUST
Slaternnt of cash 11v*s
forthe
r ended 5 A ri12024
74Aal UnrestrisW Fund5
Total unrosts1￿ Funds
21124
2023
Combined
RRCT
RRCT2
Net tncomeforthe yeara5 perslatementof
Fknanelal A¢llvnks
{1.1￿2￿1)
(5f2.644) (539.110)
16,466
Remove Such netlncomearlslngfronL
Netlknssesygair6 on irntslm8rts
k*erestadd*l tsi bjancapitsl
CLwreroyGorn*rsionefkd2
"doT¥Js. krteRst4ryJ P*rt
(12.947)
9270
1373
015.677
(220.065)
(328.044)
107,979
(9,546)
(9.546)
603,72
534,112
69,614
(383.115) (194522) f186.593)
{613,273}
curr￿ta$S¢t mov•monts
Decr888el(IrcreaG6)Inde￿rs
Teasellde￿e8Sel increditors
easellde(xpas91 in4w￿d gra
83027
P5￿81 J
242WO
(36,469)
23.463
(23,696)
23.325
f12,773J
138
230A68
(13.006)
f3711
(12,635)
N￿eASH USED ByIYJERATrIGACTJV￿Es
I1￿,1v&8)
(978.7651 (73¢003) (182.762)
Ca5hllows relallng to Inve¥lm¢ntactl4fltles:
Diside￿I5, [r*2￿$t￿Try Rentfrorn kn¥estm8rts
Proceeds trom Sa￿ of￿￿nE¥41 asse15
PL¥¢hase Of)In8￿81&S88ts
R8lum oFcaprfal onGb5uTr ofassociaie
Loanto SLb*dl¥ry
DisP￿av(p￿chaseI ofIre￿81M8rtPrOpety
Nelcash provkled by lrt¥e51vtg activll
els￿rA
1M61.3
11.175A231
603,726
520.937
{519,309J
8.322
534.112
4fj2.952
(519,309J
8.322
69,614
57.979
136Wts)
676,939
306.295
919.965
30fj.295
792,372
1N28W2
127.593
CHANCE CASH W4D CASH EWWALENT8
t4 THE YEAR
1113WI
(55,169)
Cash •TrJ Gasheqwvaknrts brougltfoNArd
a21￿85
320.685
244,872
74813
CASH ANIJ CASH EQUIVALENTS CARRIED
FORWARD
208J39
321.885
301.241
20,644
Rep￿￿entsd by:
Cash at bar* aTKI in
Bn*erb8fl( accourls
96,519
111.820
208A39
250,983
70.901
321,885
YJO,339
70.￿1
301.241
20,044
The nc+tes on Pa￿ 13 10 23 fonn part of these firwiclal slaternents.
Page 12

THE ROGER RAYMOND CHARThABLE TRUST
Notes to the financial statements
for the
ar ended 5 A il 2024
1. AccouTrmNG POUCIES
1.1 Basis of preparation of11nancfial statemÈnis
The financial stalements have b￿￿ prepared to give a and fairf view and havè departéd
from the Charibes IAcLounts and Rep￿ts) Regul8tions 2008 only to the extent required to
provide a 1rue and fair vi￿. Th15 departure has involved fdlowing the 'Accounlwig and
Rewriing by Charities." Ststemenl of Recommend￿ PRctiee appliL¥ble to chariti85 preparing
their aco)unts In a￿)rdan￿ wlh Ihe Financral Reporting Standard applicgble in the UK and
Republic of I￿￿7nd IFRS 1021 ISeo)nd Edition), rdther than the 'Accounting 8nd Reporting by
Charities.. Slatemenl of Re¢c*nmended PraCt￿e aif8div8 from 1 14priI 2005. whKh has since
been wttylrdwn.
The finanLyal statem8nts have been prepared bjnder the historical cast L¥JnvenliM item$
(xgnK8ed at rA)St or tr8n$action value unless otherwisè stated in the Televant not8s to thesg
a¢￿￿nI* The financial stratemeats hBve been prepared in ￿rdance with the 'Accounting
and Reporting by Chatib"e5'. SlatemBnl of RerA)mmended Practice applicable lo charities
preparing their acwJnt5 in accordance with the Financial ReFKJrting Standar<J applicable in Ihè
UK and Republic of I￿land IFRS 1021 (se￿nd Edition), gnd the Finanual Reporting Stsndard
appIl￿ble in the Uniled lQ"ngdom and Repubk of Ireland IFRS 1021 and Ihe Charities
2011.
Thè Rogtr Rayrrn)nd Charitsble Trust cuislilutes a publtc benefit enlity a$ dÈffned by FRS 102.
The Charity has taken advantage of the exempts.on awdilable ￿der the Charities Aci 2011 and
has not prepared rxmsdid4ted financial statements. due to Ihe we of the charity. These
)Inancial statements are ther6fom ￿ Chari￿8 separate financial 5tatemen&.
1.2 Goin9 concern
The financial 5tat8ffjgnts have been prepared on a L¥)ing conc6m basis. The Trustees that
renlal income from the UK prr4Jerties and t￿'r fwr values wll not be maleiially impacted over the next 12
monlh$ by UK orglobal events.
1.3 Presentatlon of comparalive5 for merged entities
Oue lo the lewh of name5 of Ihe charities Ihel merged at the start of Ihe year. comparalive fjgure
column headrngsofRRCT sh￿Id be read as relatlngtoThE Roger Raymond Charitable Trust, and heading8
of RRCT2 8hould be read as relating to the The Roger Raymond Charitable Tntst No. 2. If there is only a
single comparnkn"ve, Ih8n Ihgt figure retales SIM￿ to the fomwTrust and no idBntical figure 15 shown as a
ombinalion of bolh. as itwould be supèffluou8.
In ts previous year, a donation was rerEived by The Rts3$r RayThK)nd Chwitable Trust from Rogèr
Raymond Charitable Trusl M). 2. In orderlo avoid doUt￿e counting, the trans￿tiOn been treated as
contra. and is shown in Note 5.
1.4 InvesbThent kY¢)ptrtiES
Inve5knenl rxopètlfies are 81ated in the bala￿8 sh881 at fair value. Invesknent w.ns and
losses, whether re81i8ed or unreali5ed, are cornbined and in thè heading 'GaIn￿lI0$8esI
on ffixed as8ets' in the Statement of Fingtlcial Activitie8.
1.5 Other Investmej
UK and ovtsts8as investments are iThJuded In the accounts at market value. Th¢ inve8lment irs
8S8OCAate and iTrveslment In subsidiary are bolh stated al marftet value, whhth 1$ based on the
Truslee8' estimate of the net assel value of the company after an e8limalal prowsion for tax
payable. Realised and unrealised gains and losse5 are ￿rnbined and shown in the headtng
'Gainsl{losses) on ffixed asse￿ in the Slatement of Ffnanct81 Activioes as are interest and
dNidends.
Page 13

THE ROGER RAYMOND CHARITABLE TRusr
Notes to ￿ financlal 5tatenRnts
forthe
ear ended 5 A "12024
cL¥ntiNed
1 ACCOUNTING POLICIES (continue
1.6 Fund strucbjrg
All funds are unrestnded and are availablb for use al Ihe discrethon of ts Trustees
In ￿r￿VAnCe of the general objectives of the chanty and wh¢L* have nol been des1&￿a￿j for
other purposes.
1.7 IncomlThJ Yesauw
All income v6 reccYJnised onr* the tharity h86 entrtkment to the income, it 13 wobable Ihat the
income be received and Ihe amrwnl of income re￿Vable eon te measured reliably.
Inve8lmgnt income, g@￿S and105ses are allo¢ate(I to the 8ts￿ unrestricted fvnd.
Income tsx T￿erable in relalion to investTh*nt is recognised at the time tF
inveslmenl income is receivthe.
Into￿$t on fimds held ￿ deposit is Includa(l receivable arrfj Ihe amounl can be rneasured
reliabty by the tharty". 5s nom7ally u￿n the noUfi¢aNon of the interest paid or payable by
bank.
1.8 Expenditure and Allocatton of costs
E¥p?ndilure is accounted lor on an acm18 basi$ and has been included under exw
categories Ihat aggregate all costs for altLxation to actMtie8.
TN51ees undertake Ihe administratton and gover11an￿ Df 1he TtusL The proportion of
IhEir costs attributable to the activi1￿5 of Raising Funds have been allocated lo IhD8e aeth"th"es
on the ba8is of Ime spent. The ExFenditure on Rai&ng Fttnds comprises Ihese allocated costs
plus all direct costs in(yJrred in managing lh& Charl￿8 inve8lmenl EX)rW￿l08.
Expenditure on Charitable Activilw includes all direGt rAxts incurred in the pursuit ￿ the
charitable ams ofthe th￿lty.
Goveanance ccsts oJmpii5e all costs incU￿ed in c(ffinection wlh the admini3lrnb.on of
ctAiily olherlhan those allocatsd to Raising Funds as aLK>ve.
Irrecoverable VAT charged against the category cl resources expend￿ for it WAS
incurred.
1.9 Oebtors
Trade and olher debtols are recLyJnised at thB settlement amount after any trade di8r￿Unt
offered. Prepayments are valued at th? gmount Prepa￿ net of any trade discounts
c(￿ee$S1Onary loans are ￿e8&ured inrtialty 81 transaclion vdue and subsequenlty al amortk3ed
)8t Ihe 8ffècb.vè irrterest metfv)d.
1.10 Cash at b
Cash al bank Ir￿ude8 cash and shorl lem highly Iwuid investments wrth a short mplurity of
three months or less from the dale of acqui8itson or opening oflh8 deposit or51mllarac￿jnl.
Page 14

THE ROGER RAYMOND CHARrrABLE TRUST
Notes to the financial statements
forthe
ear ended 5 A
con14nu
1 ACCOUKflNG POLICIES (continuerf
1.11 CrEdltors
Liabikties are Tecognised there is an obligation at Ihe Balanee S*￿t d* as a re8uf( of a
event, it 18 PTob8tAe Ih8t a tran51er of e￿OrniC benefit will te required in settltrtnent, and Ihe
amount of the ￿tIteMent can be estimat￿ reli8bty. Liabilib"es are reLwised al the amount Ihat Ihe
charity antscipates il wll pay to settle the debt or fhe amount il ha6 received as advanced payments
for the goods or services it musl prwde. PrDvisiDn5 are measured al the be81 e81imak of the
8mounts required to Sett￿ the obliualion.
1.12 Financial in5truN*nls
The charity only ha5 financial a&sels and financial liabilrlies of a kind Ihat quallty as ba&c financial
instruments. Ba*c finanaal inslrumerrts are inibally recDgni5ed al Iransacb'on value and
gubsequently measured at Their settlem8nt value wrfh the eXCePt￿n of Ihe ￿nCeSsiOnary 108n
which is sub5equenlly rn8a8ured at aMOrtis￿ cost using the effective interest mdhod.
1.13 Analysis of assets l￿d liabilrties belween fvnd5
Atl ￿ndS are hpld unrestrfet8d fijnds.
1.14 Forelgn currencie5
Monetary assets and liabilitses in foreign rJjrrvn￿eS arè transFalet1 into sterting at Ihe rates of
exchange ruling at Ihe balance sheet date. Transadtrans in forei￿ currencies aFe trdnslated inlo
sleding at the rate of excharfge ruling at the date ol Ihe Iransa¢tion. Exthange dIfferen￿S are taken
Irrto am&nt in arTwing 8t the surpfus or (Sefi￿t fDrlhe year.
I DONATIONS RECEIVED
2024
2023
Shaw-while Eslates L1rni￿[ (Note 3.1)
As for tPÈ pwl(Kts year, the Trust did not receive a dcfflalion under Deed of Covenarrt from tts 8ubsidiary Shaw-
White Estales Limited a51halcompany did not produce a surplus due tO8ignificantOJ5tsincuThed on its inv85tmtnt
Page15

THE ROGER RAYMOND CHARITABLE TRU
Notes to the financlal statements
for the
ear ended 5 A rfil 2024
continued
3. EQUtrY IN￿STmE1¥rs IN UK ASSOCIATES AND SUBSIOIARES
3.1 UK SUBSIDIARY- SHAW-IhTrirfE ESTATES LIMITED
The charity owns1he entire i&%ued share capitd of Shaw-white E5tak8 timited, a comp8ny
gislered in England and Wale5 wilh company num1￿[ 005tJ9087.
The principal act.vity of the subsidiary is that of property invegtmenL
The vabjation al Ihe balancè sheet date was as folioThE'.
2024
2023
Opentng market value at 6 April X123
1.956.057
1.991.320
Unrealiwj loss on inveslment
C103ing martet value at 5 April 2024
No donation12023." £nill was made under Deed of Covenant to Charity from Shaw-white Eststes Limitgj.
When applirable, donations gre induded in note 10. ar1￿1n￿ owed by sutsidiary entities.
3.2 IJK SUBSIDIARY- ROGER RAYMOND INVESTMENfs LI￿TED
The tharity owns 55.56% of Ihe i￿Ued share capital ol Rcyr Raymrffid Invtstments LinNtsd. Ttrw's
Iriv881rnerrt resulted from the demerger during Ihe ye8r ended S April 20Y2 of Malcdm Raymond Invesknerrts
mited, in whch Ihe charity then 0￿ed 33.33% of the issued share capital. M G RayThond. who is 8 Trustee of
Ihe Roger Raymond Charitable Trust during the year. is also a Dirèctor of both Malcojrn
RayrTr)n¢J Inve31ryprts Limiled and RLwJer RaYmC￿d InveslmBnts Limtted and a shareholder ollhe latter.
ThB principal activity oflhe subsidiary that of a ho￿ing company, wthich in turn owns 100% of the i88ued 8h8rÈ
capital of RRI knnlted. RRI Hdfling5 Limiled's princi[￿1 activTty is Ih4t of PTDP8rty inve51m￿l.
The vduation at the balanc8 shEet date was as foll
2tr23
Opening marke* value at 6 April 2023
2.873.fj6fj
914
Z862.246
Unrealised gainl(l¢A81 rm investment
Closing market value at 5 April 2024
Dividends Rece￿1
Pagè16

THE ROGER RAYMOND cHAR￿ABLE TRUST
Note5 to the financial statements
fvr the
ar ended 5 A
continued
3J UK ASSOCIATE- MRI HOLDINGS LIMITED
During the previous year certain dislributions had been receNgJ from Malcolm RaYn￿nd Invesfrnems Limrted
following its demerger lo albw il to be closed. Tht figutè 15 indud8d merelyforccffnparalNe puip(Ae8. U*re was
no compgny extant during Ihe year.
M G Raym￿1, wFbJ was a Trustee of the Rr4er Raymond Ch￿lIable Trust during the year, had also been a
Director of bolh MRJ H￿dIng8 Ltmfted and Malcc4m Raymond Inveslments Liwuted, and a 8hareholder of the
2024
2023
Opening mthet value at 6 Nw"12022
Capitsl Returned
un￿liSed gainlllossl on in￿e[rt
c1￿1n￿ tnarket V8lu8 at 5 April 20rJ
12.900
(8,322)
DI￿der1d$ Re￿1Ved
INCOME FROM SECUR￿lEs AND ALTERNATIVE
Totsl funds
2024
Total funds
2023
UK securittes
32.394
39.62T
Overseas s￿￿ritieS & altematrve ossets
35,611
23.301
Bank and other inteml
Page 17

THE ROGER RAYMOND CHAR￿ABLE TRUST
Notes to the financial 5tsteTh￿nts
foT the year ended S April 2024 (contiNed)
CHAR￿ABLE ACTIVITIES
The followng ara Sn example of Ihe charities supp)rted by the Trust:
Unrestrlcted Funds
2024
2023
RRCT
RRCT2-
Unaudited
Act￿￿ Through Errterprise
rord House
Anolherway
AFundel Crlcket FOUnda￿On
Bloxh8m Sthool
Books toAfrica
Brftlsh LlverTrust
Brith"sh Red Cross
48,OOQ
30,000
20,000
20.000
119,312
10,000
50.QOO
25.QOO
00.000
25,000
50,000
225
10,000
25,000
24,000
70,OIYJ
35.00(1
340011
500
22,000
25.000
25,000
30.000
23.625
50.0
40.OL¥)
22.5LXI
22.500
122884
122.884
ChTlstian
DavKI Shepher(I Wildlife F￿ndation
DEKI
Fishing for Heroe
Five Talents
Full Circle Foundatlon
Isabel Baker Fund
Jfin￿ EducAtirm Tru81
John EgglngTTUSt
MCC Foundation
Poole Wasts Not Want Not
Practical Adion
RAFA
Re.Cyde
Sand Dams Wurldwide
Soracen¥ Swrts Foundation
Sightwvet
StOTlight CFMId￿n'B Furtd
Tree
Wildemess Foundation
Worfd LawEd Trust
Indivhfjual grants under£21,0
34.ot
32.5C19
10.000
32.500
24.OLXI
27.5CIJ
27.500
25C
35.1
10.0
10.OLI)
10.CIXI
32.5L
35.oc
32,StKI
fJ,51XI
50.000
30.000
65.000
202,180
1.239.342
16.5C
14500
11.0
88,5
555,384
qo,otso
1,000
34,500
409,384
Accrued Grants
Contra Donation between Tnjsls
(3CQ.OOOJ
109,384
(30QOL￿)
406.OLiI
1A81,842
555.3
Acuued grants are Ilb)se W￿re Trust ha5 athsed benefficiaries of a fijbjre payment, whEre it is reasonable b
exp&¢t Ihat any pre-condi*ons that may have been applled to ryants will be meL
pa￿ 18

THE ROGER RAYMOND CHAR￿ABLE TRUST
Notes to the fjnancial State￿￿nIS
ft>rthe
rendedSA
ril 2024
continued
GOVERNANCE AND SUPPORT COSTS
Unre5trithd
Funds
2024
UnrestiictedFunds
2023
Conlbingd
RRCT
RRCT2.
Unaudrte
Trustees. mrThJneration
75.875
67.375
61,875
Truste85' travel exp￿$65 & sundrie¥
78A44
62.677
62.677
Less: Allocated to Shaw-while E3tate$
Ltd Subsidiary
5.O¢JO
73,444
63.177
57.677
5.5t
Less.. Akxaled lo RaKing Funds (Note
1.71
Invesknenl wcyerty management
Investment portrtslio management
(26,50))
12.51]01
(22.500)
12,5001
14,OCOI
2.500
000
129.000) (24OIXI)
(4.OOOJ
34,177
32.677
staiutory c￿ts.
Audit Fee5
Valuation Fees
14400
qO.800
10.800
Other Supporl Costs".
Legal & Pro[￿s1On01
Nationa] Insur8nc8
Travel and Meekn"nL
Bank charges
Sunthy expenses
Infom)at*Jn TecknoJDJy
7.7SO
1.627
7.124
3.253
3.￿0
5.860
436
5.860
28
1461
1,713
85.5B5
2.464
470
2.464
470
5T.432
5.128
Page19

THE ROGER RAYMOND CHARITABLE TRUST
Notès to the flnanclal 5tatsments
forthE ear ended S A
il 2024
¢ontinued
TRUSTEES. COSTS
Remunerakn"Dn was payable to the followng Trustees. wkKJ are key management peTsonnd. of The Rooer Raymond
ChaTrtable TN81. fvr pmfe$sSon￿ serviv in accordance wrfh the prov￿10￿ of the Trust Deed. Figures include wo
perforned on Ihe Trusfs sub%"diary. Shaw-white Estates Lirnsled. as shown allocated above in Note 6.
Unrestricted Fund5
2024
2023
Comthned
RRCT
RRcr2-
Unauditod
M G RayrrKnd
A C K T1￿m£On
18.79)
57.125
24.(￿0
43.375
18,&
43.375
5,500
Total Remun￿ation
67.375
s.￿0
Travel and Meetlng Costs reJn*ursed to Trustee5
Unrestricted Funts
2024
X123
Com￿ned
RRGT
RRcf2-
Unauth'led
M G Raym￿
A C K Thomson
551
2.018
183
619
183
619
ThBr8 arg no dlt8cI ofTho Roggr Raymond Charftable Trust.
Paue 20

THE ROGER RAYMOND CHAR￿ABLE TRUST
Notes lo the ftnanclal statements
forthe
ar ended 5 A "12024
continu
7. INVESTMENT PROPERTY
UnrestrictEd Funds
2024
3023
com1)￿ed
RRCT
RRCT2.
Urjaudited
Cost orvaluatlon
At 6 Awl 2023
701,000
13.080.000
11.175.CYIO
1.905.(1
Addib"on at co8t
300.0(
(600,(X￿}
179.000)
12,701.LW
300,000
(300,0(70
(129,OtXIJ
11.046,(
lJ8pwal al bwk value
Revaluathon
1674000)
924.000
4950,000
(300.tKIO)
At 5 April 2024
1.655,000
Investment prOPe￿e$ are stated In Ihg finattcl￿ statèmants on 8n open market value b8w8 at 31 March 2024 and
were vdued by Messrs. Th(Mpson Wilson. Chart6rÈd ￿rVeYON.
. SECURMES AND ALTERNATIVE ASSETS
Unrestiicted Funds
2024
2023
Openlng markelvalue at6Apn12023
3.044698
3.q76.805
Acry#sition5 alco
Disposal proceeds
Galn5 and losses
1.174423
11&61 J59)
519.309
(462.952)
Realised gain5 1 Ibsseslon disposals based on
openiro markelval
Ltrrealised gairts l(lJsge81 on re￿tt￿tiOn in Ihe
ar
39J)57
{19.618)
03J55
17.285)
(225.111)
58.265
EthrYJe galrsllk>s88818t se8rend ￿te
.727
2.65W9
-186,464
3,04$.698
C105ing market ¥alue at S APTI 2024
ATralysls of Investments
Llsted investments
2.65W9
3,048.698

THE ROGER RAYMOND CHAR￿ABLE TRUST
Notes to the financial statements
forthe
ear ended 5 A
ril 2024
contlNe
DEBTORS
Unrestiicted Funds
2024
2023
Combined
RRCT
F￿CT2.
Unaudrted
Renlal debtors
Ot￿r debtor5
18.015
4,490
9.778
11.092
43.375
24.802
4,202
24.320
1,950
9.050
14.59S
49,916
2,252
Prepayments
15.475
53,529
879
3,613
10 CREOITORS
Unrestricted Funds
202
C¢wnbingd
RRCT
RRCT2-
U￿Udrt8d
VAT
1.290
Deferred inco
22A26
22.391
38.497
21.306
32.287
18.306
8.210
3,￿0
45.504
61.093
51.883
9,210
11. ANALYSIS OF ASs￿s IN UNRESTRICTEO FUNDS
Flxed a55ets
Other net as¥ets
Totsl
12. STATENEIT OF FU14DS
Brought
F¢JnvaTd
Income Exwlditure Investment Gain5
2024
PBge 22

THE ROGER RAYMOND CHARITABLE TRUST
Notes to the financlal statements
forthe
ear ended 5 A
ril 2024
continued
1& FINANCIAL INSTrUMETrirs
2024
2023
Financial assets measured at fawvalue Ihrouth Ir￿n0 and
expendrtuye
7P76,B73
7.876.421
Financial assets measured at amortÉsed cost
366 363
Flnan¢éd liablities nw8ured at amortsed cts8t
Financial assets measured at fair value through income and exFendibJre comprise investrnents.
Finar￿￿e1 assets measure¢J at anNNth"sed cost CCrnPri8e trade and other debtors. loans re￿iVatIe.
aCcn￿d income and cash al bank.
FinancRI habililies rrEasured at 8mortk8ed cost rJ)mwise trade credrtors and accruaL8.
1& RELATED PARTY TFIANSACTIONS
Control
In the opinion of ts Tru¥tee¥lhere 1$ no one ultifflate eontrc41ing p8rty.
Transacllons
During1heyear. The Rr4erRayTrJnd CharitableTrust re￿iVed diwdends Of£1B,0￿{2O23. £37,51JOlfmm Roger
Raymon(J Investments knmrted.
Induded in Amounts 0￿Ed by Subsidiarios at 5 April 2024 is an of £4¢)),0￿l21r23.' £50,000) due from
RRI Holdings knnmled in respect of a loan made lo Ihe o)mpany at a rate of 1.5% plus 3 month averdge GBP
LIBOR. calculaled monthly. This loan ts repayable on request subject to a 3 moE51h minimm notKe period given
by thE Trust. Interest reofved on this loan t1uring the year amounted lo £36.38012023: £3.0511.
RRI Holdings Limited is 100% sub8idHry of Rouer Raymond Invethents Llmlted. Malcolm
Raymorkl Investments Lsmilad was the 100% subsidiary of MRI Holth'ngs Limited. M G RaymoJHI, who is a
Trustee ofThe R￿r Raymond Chantable Trust, was also a Director of all four Comp￿leS during th8 y8or, and
haremder of bDth holding oJmpafiie5.
Detsils rekting to Iwslees. remuneralpjn and ￿mbUr8ed 8ypen¥es arè sèt out In note 8.
POST BALANCE SMEFf
A Trust prop8rty in Oxfonj inejuded in Ihe accounts atlhe value of£1.300.000 has teen gifted to Bloxham School
for the ￿$thele￿ use of Iheir Raymond Fund for bursaries. The hjng-lern loan included in the ar£punl$ at th8
value of £318,270. ￿1¢h was also rnade to Bloxh8m S£*￿c4, has similarty been forgmven on eondHton that an
equivalent financial beneffit is applied to Ihe Same RaYmL￿d Fund. The comtmned ￿lue ￿11 be used by the
Schol to continue to provide Raymond Scholar8hip$ of the fype fijnded by Ihe Trust Over th8 prewous forty
y8ar5, il bw.ng an annual eontributhon fjum Ihe Trust.
Poge 23