Charlty number: 262217 THE ROGER RAYMOND CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE ROGER IiAYMOND CHARITABLE TRUST Contents Page Reference and administrative dètails Trustees annual report Indgpendant auditor's report ststement of flnanclal actlvltles 10 Balance sheet Statement of cash flows 12 Notes to the financial statements 13-22
THE ROGER IiAYMOND CHARITABLE TRUST Reference and admlnlstratlve detslls for the ear ended 6 A rll 2026 Trustees M G Raymond A C K Thomson C J Sutton Chlef Executlve Offlcer M G Raymond Charity registered number 262217 Principal offi¢ Forest Edge Hangersley Hill Ringwood Hampshire BH24 3JS Independent auditor Sayers Butterworth LLP Chartered Accountants & Stalulory Auditor 3rd Floor 12 Gough Square London EC4A 3DW Bankers National Westminster Bank PIC 250 Bishopsgale London England EC2M 4AA Propgty advisors Messrs Thompson Wlson Chartered Surveyors 42 High Street Princes Risborough Buckinghamshire HP27 OAX Inve$tmgnt advl$ors Ralhbones 30 Gresham Street London EC2V 7QN Rahn & Bodmer Munslergasse 2 8021 Zurich Switzerfand Page 1
THE ROGER IiAYMOND CHARITABLE TRUST Trustees. report ear ended 6 A rll 2025 for the The Trustees present their annual report together with the financial statements of the charity for the year ended 5 April 2025. GOVERNING DOCUMENT The Roger Raymond Charitable Trust is a registered charity No. 262217 constituted by the Trust Deed dated 9th February 1971 from a settlement made by the late Roger Malcolm Raymond. Enquiries should be addressed to the Trustees. OBJECTIVES AND ACTIVITES The principal purpose and objective of the Charity is lo make donations to other legally constituted charities al the discretion of the Trustees and in accordan with the Trust Deed. In 2022 the Trustees decided lo apply the capital of the Trust Fund to beneficiaries over a period of approximately len years in addition to the usual income arising therefrom. Progress towards this largel continues lo be satisfactory, as well as extremely rewarding in achieving the principal objective as originally might have been envisaged by the Setuor. The Trustees, grant-making policy continues to be lo make such donations to charities where they believe the funds wll provide a public benefit, either directly or indirectly, having given due regard to the public benefit guidance published by the Charity Commission in accordance wth Sections 4, 14 and 17 of the Charities Act 2011. The benefit resulting from grants and donations from the Trust to SUPPDrted charities is regularly monitored. In addition to the usual means of ongoing reviews of those charities, results, activities and their own impact reporting, the Trust's Grant Team are fortunate to have been able to fomi good relationships 1th many of the major beneficiaries and meet them regularly to attempt to understsnd theirwork as closely as possible. Income with which lo make these donations and thus provide such desired public benefit is obtained from the Trust's investment portfolio which is managed by the Trustees and their professional advisors. The charity's investment policy is lo maximise investment returns to help fund donations made during the year. The intention to apply Trust capital in addition lo income requires the Trustees to seek to realise its property assets over the foreseeable future in order to hold the value in a more accessible form. The financial slalemenls attached lo this report disclose both the income arising from the activity of managing the property and other investments and the application, in the form of grants and donations, of the net income after expenses from such investments together writh any reserves similarfy applied. ACHIEVEMENTS AND PERFORMANCE Grants made or approved continued to increase as planned. Donations lolalling £3,259,109 12024.. £1,239,342) were made in the year, and a further £304,76012024'. £242,5001 of future grants have been accrued for in the accounts. Included In the current lolal is a grant worth £2M to Bloxham School that has directed funding of this value to their bursary fund now termed the Raymond Fund, which will help support ongoing bursaries at the School for many years In the manner that has already been supported by the Trust for the last forty years. The Ttuslees are delighted that this gift will fotm a significant part of the legacy attributable lo the Settlor for years to come of a nature lo that with which the Selllor was so dosely assoaaled. The grants schedule shows that support given to many new beneficiaries during the previous year has been continued as a result of the Trust's appreciation of the impact which they are making, and some new beneficiaries added which are expected to do the same. For any new or renewed substantial grant considered, the grant team generally will make significant efforts to visit the charity Conrned in person and discuss their needs face-to-face. Allhough this approach requires considerable resource and therefore incurs some cost. the prOsS is hugely informative and inspirational, and one the Trust intends to continue with in order to remain fit for purpose and be able to conb'nue to assess the impact of the many valuable projects being supported. Page 2
THE ROGER IiAYMOND CHARITABLE TRUST Trustees, report lcontlnuedl for the ear ended 6 A rll 2026 Nel income from rental investment properties during the year, after some considerable refurbishment and other propety expenses, amounted lo £175.74712024.' £328.5421. Difficulty in realising propety assets resulted in significant withdrawals from market portfolios and, as a result. net income from such other investments redLJced to £72.927 12024.. £92.5411. The Trust does not undertake any ftjndraising from external sources. Investment gains amounted lo £157,89012024." £911,053). STRUCTURE. GOVERNANCE AND MANAGEMENT Trustee Board The Trustees who served the charity during the year were as follows.. M G Raymond A C K Thomson C J Sutton The organisation's affairs are conducted by the Trustees who meet and communicate regularly, together with their advisors where appropriate, lo make any decisions required for any aspect of the Trust's adminislralion. Any major decisions are made or ratified al minuled Trustee meetings and are subject lo a simple majority vole. The day-to-day management of the Charity is carried out by the Trustees. Remuneration of Trustees for the financial management of the Ttusl's investments which they perform themselves is sel with reference to market costs of the expeiience and time provided, although Trustees may and do accept lower Sums. The existing Trustees have the power to appoint new Trustees at their discretion. The Charity does not have a forrnal programme for the induction and training of new Trustees. Trustees. Responsibilities The trustees a responsible for pparIng the Annual Report and the financial slalements in accordance with applicable law and regulations. The law applicable lo charities In England & Wales requires the Iruslees lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards and applicable lawl. This requires that 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 charity and of the incoming rèsources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial staternenls, the Iruslees are required to.. al select suitable accounting poliryes and apply them consislenuy., bl observe the methods and principles in the Charities SORP., cl make judgments and accounting estimates that are reasonable and prudent., dl stste whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. el prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity will continue to operate. Page 3
THE ROGER IiAYMOND CHARITABLE TRUST Trustees, report lcontlnuedl for the ear ended 6 A rll 2026 The trustees are responsible for keeping sufficient accounting records that disdose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensure that the financial slalements comply with the Charities Act 2011, the Charity IAc¢ounls 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 taking reasonable steps for the prevention and detection of fraud and other irregularities. Subsldlary Undertakings The Roger Raymond Charitable Trust owns 100 /0 of the issued share capital of Shaw-white Estates Limited, a company registered in England and Wales (company number 005090871, whose principal business Is that of property Investment. Profits attributable lo the subsidiary undertaking are gifted to The Roger Raymond Charitable Trust under covenant depending on the level of dislribulable reserves. The Trust also owns 55.6°k of the issued share capital of Roger Raymond Investments Limited, a company registered in England and Wales (company number 134653171, whose principal business is that of property investment. The Company pays dividends to The Roger Raymond Charitable Trust depending on the level of distributable reserves. This Company is currently in the process of a demerger that will give the Trust full control of its current level of interest in that entity. FINANCIAL REVIEW The Trustees have previously reviewed the Charity's need for reserves in line with guidan issued by the Charity Commission and available elsewhere. They resolved that there was no longer any requirement for them lo be held in the long term and that they should therefore be distributed over a reasonable period. None of the Trust's funds have ever been the subject of any restrictions, and there is no intention to place any restriction thereon as no benefit would accrue from such restriction. Total lunrestrictedl funds at the year-end amounted to £17,814,10412024'. £21,061,260>. The Trust owns a number of investment properties from which il reiVeS rental income. The Trust continued lo experience considerable expenditure on propety maintenance and management during the year, and will Continue to realise the related assets for greater ease of management and subsequent distribution over the Coming years. One property is currenuy under offer which is hoped lo realise net proceeds of ¢. £800,000. Interest and dividends are also receivable from a number of quoted and unquoted investments owned by the Trust. Such investments are regulady reviewed for suitability by the Ttuslees In conjunction with their professional aclvisors. vhere Cash deposits need lo be held, Income from them Is maximised as far as possible whilst still ensuring a suitable proportion of such cash Can be accessed for any urgent grants al short notice. The Trustees are mindful lo ensure that sufficient near-cash funds are maintained to enable the Trustees lo meet the commitments oflhe Trust. The level ofsuch reserves is monitored by the Trustees on a continual basis throughout the year. The Trustees are satisfied that the Income and gains generated from the Trust's Investments were reasonable in the circumstances of the year and, until such investments are eventually fully realised, will continue lo generate valuable Income lo contribute towards thè higher level of donations now being targeted. Page 4
THE ROGER IiAYMOND CHARITABLE TRUST Trustees, report lcontlnuedl for the ear ended 6 A rll 2026 The Trustees seek lo assess any risks facing the Charity and then, if necessary, implement strategies to miligale or eliminate them. The principal uncertainty for the Charity is considered to be a reduction in income from its Investments or difficulties in realising them due lo changes in market and economic conditions. However, as the Charity does not carry significant fixed costs and is able either to reduce ils grants and donations or lo apply more readily realisable funds from reserves to Compensate for any Such event, this possibility is not considered a risk lo the Trust's continuation. After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial stalemenls. Further details regarding the adoption of the going cOnM basis can be found in the Accounting Policies. PLANS FOR THE FUTURE The Trustees will continue to support charities lo which they can make suitable grants and donations in accordance with the purposes sel out in the Trust's goveming document. They will also seek to add other voices lo its granl-making team lo inslil new ideas as lo how the Trust may deliver increased public benefit. Efforts will continue to restructure the Trust Fund so that a higher proportion of funds are held in a readily accessible fomi, which will require realisalion of various less easily realisable investments held, in particular property assets. Reducing the time spent on propety management will also allow Trustees lo concentrate more fully on the grant process. The Trustees are pleased with the progress made during the period towards its intention to apply the Trust FLJnd capital to grants in addition to income. Along wth giving further support to many of the magnificent new beneficiaries identified to date, they shall continue to meet to debate competing areas of need in the light of current circumstances and assess those needs in such areas agreed to be of relevance, insofar as the size of the Trust might be able to make a differen thereto. This will rtainlY indude continuing to hold discussions in person with Charities in attempts to form meaningful ongoing relationships and to keep the Trust relevant and fit for purpose. This report was approved by the Trustees on 13 Novernb8r 2025 and signed on their behalf by.. MG Raymond Trustee Page 5
THE ROGER IiAYMOND CHARITABLE TRUST Independent Audltor's Report to erRa tho Trustoes of The Ro mond Charltsblg Trust OPINION We have audited the finanaal slalements of The Roger Raymond Charitable Trust Ilhe 'Charily'l for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes lo the financial slalemenls, 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 Stsndard applicable in the UK and Republic of Ireland, Iuniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial slalemenls". give a true and fairview of the slate of the Charity's affairs as al 5 April 2025 and of the incoming reSoUS and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally 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 accordan with Intemalional Stsndards 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 Charity in accordance wth the ethical requirements that are relevant lo our audit of the financial slalements In the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial slalements. we have concluded that the Iruslees, use of the going conrn basis of a¢¢ounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Page 6
THE ROGER IiAYMOND CHARITABLE TRUST Independent Audltorfs Report to the Trustees of The Ro erRa mond Charltable Trust contlnued OTHER INFORMATION The other information comprises the infomiation induded in the annual report other than the financial slalements and our auditor's report Ihereon. The trustees are responsible for the other information contained wlhin the annual report. Our opinion on the financial slalements does not cover the other infotmalion and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtsined in the course of the audit orolherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether thi5 gives rise to a material misstalemenl in the financial stslemenls themselves. If, based on the work we have performed, we conclude that Iheie is a material misstslemenl of this other information, we are required lo report that fact. We have nothing lo report In this regard. MATTERS 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 Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the infomiation given in the Trustees, port is inconsislenl in any material respect with the financial stslemenls", or the Charity has not kept sufficient accounting records., or the Charity's financial slalements are not in agreement with the accounting records and retums., or we have not received all the information and explanations we requi for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees. responsibilities slalemenl sel out on page 3, the Trustees are responsible for the preparation of the financial stslemenls and for being satisfied that they give a true and fair view, and for such internal Control as the Trusteès determine is necessary lo enable the preparation of financial statements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going cOnM and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to ase operations, or have no realistic alternative bul lo do so. Page 7
THE ROGER IiAYMOND CHARITABLE TRUST Independent Audltorfs Report to the Trustees of The Ro erRa mond Charltable Trust contlnued AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Aet and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, 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 wth ISAS IUKI will always delecl a material misslalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In the aggregate, they could reasonably be expected lo influence the economic decision5 of users taken on the basis of these financial slatemenls. IegularitIes, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oudined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. DiscLJssions were held with. and enquiries made of management and the Trustees with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing. the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. The following laws and regulations are significant lo the enlily". Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting stsndards and Charity Law. Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity, including managing investment properties, and therefore may have a material effect on the financial statements include.. compliance ¥Mth the charitable objectives, public benefit, fundraising regulations, safeguarding, health and safely legislation, fire safety regulation, and landlord and lenanl legislation. Audit procedures undertaken in response to the Potential risks relating to irregularities (which indude fraud and non-compliance with laws and rUlatIOns1 comprised of.. inquiries of management and the Trustees as lo whether the entity complies with such laws and regulations,. enquiries with the same concerning any actual or potential litigation or claims., review of Trustee meeting minutes., testing the appropriateness of entries in the nominal ledger, including journal entries", reviewing transactions around the end of the reporting period., and the perfomiance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. No instsnces of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in delecling irregularities, the effectiveness of the entity's controls, and the nature, liming and exlenl of the audit procedures perfomied. Irregularities that result from fraud might be inherenuy more difficult lo delecl than irregularities that result from error. As explained above. there is an unavoidable risk that material misstatements may not be delecled, even though the audit has been planned and performed in accordance with ISAS IUKI. A further description of our responsibilities for the audit of the financial stslemenls is located on the Financial Reporting Council's website al.. https."/lwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page 8
THE ROGER IiAYMOND CHARITABLE TRUST Independent Audltorfs Report to the Trustees of The Ro erRa mond Charltable Trust contlnued USE OF OUR REPORT This report is made solely lo the Charity's trustees, as a body, in accordance with Part 4 of the Charities IAccounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo the Charity's trustees those matters we are required lo stsle to them in an Audilorfs 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 Charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Docu8*Ndby'. 244BC89W41E Hannah Clegg Isenior statutory auditor) For and on behalf of Sayers ButteThvorth LLP Chartered Accountants & Statutory Auditor 13 Novetnber 2025 3rd Floor 12 Gough Square London EC4A 3DW Sayers Butterworth LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. Page 9
THE ROGER RAYMOND CHARITABLE TRUST statement of financial activities for the ear ended 5 A ril 2025 Totsl Unrestricted Funds Total unstINCted Funds 2025 2Q24 Note INCOME FROM: In%eslmenl Income InsÉstmÈnt Propèrty DiKidends from UK Subsidiary Se¢urities and Altemali Asset$ 487.841 31,500 66.787 491,492 18,000 106, 185 Total Income 586,128 615,677 EXPENDITURE ON: Raising funds". InstMent property management Inleslrnent portfolio management Charitable actikities.. Grants in accordance with chaTilable aims 1312,0941 125.3601 (162, 9) (31, 644) 5 13.563.869) (1,481,842) Gomance and Support Costs 189.8SOI (85,585) Total ExpenditLJ 13,991,173) (f, 162,021) INVESTMENT GAINSIILOSSESI Instment yoperty Equity Inleslmenl IN Subsidiary Securities and Other InstMentS 925,939 (109,340) 95, 727 (1,273) 110&4151 13,9ni .n4 Broker bank accoun15 Net Ilossesllgains on in*slmenl as$ets 157,890 911,053 IEXPENDITUREVINCOME AND MOVEMENT IN FUNDS 13,247.1551 (235,291) RECONCILIATION OF FUNDS: Total fvnds brought foryRrd 12 21.061,260 21,296,551 TOTAL FUNDS CARRIED FORWARD 12 17.814,105 21,061,260 The notes on pages 13 to 22 form part of these financial statements. Page 10
THE ROGER RAYMOND CHARITABLE TRUST Balance sheet asat5A ril 2025 Totsl Unr•strlctsd Funds 2025 Total UnS1cted Funds 2024 Nots FIXED ASSETS InslmÈnl Properties Financial Assets 11,640,000 72,950,WQ Equity Instment'. Subsidiarie$ Securities and AlteMatI Assets Long-term loan Broker cash balances 4,611,968 1,585,975 4, 720, 383 2, 656, 489 318, 270 111,819 19,095 6,217,038 17,857,038 7.806,961 20, 756,961 CURRENT ASSETS Debtors 49,385 425,041 99,949 574,375 43, 375 452, 409 96, 519 592, 303 Amounts due from subsidiaries Bank current account CREDITORS Accrued Grants 1547,2601 170,0481 1617,3081 (242, 5QO? (45, 504? (288, 004} Amounts falling due wthin one year NET CURRENT ASss 142,9331 304,299 NET ASSETS 17,814,105 21,061,260 CHARITY FUNDS Unrestricted fvnds 17.814,105 21,061,260 TOTAL FUNDS 12 17,814,105 21,067,260 The financial ststemenls were approved by the Trustees on 13 November 2025 behalf, by.. and signed on their G Raymond Trustee A C K Thomson Trustee The noies on pages 13 to 22 form part of these financial siatements. Page11
THE ROGER RAYMOND CHARITABLE TRUST statement of cash flows for the ear ended S A ril 2025 Total Unrestricted Funds Total UnSInGled Funds 2025 2024 Net income for the year as per Statement of Financial Activities {3,247.155} (235, 291) Remove such ngt inm& arigng from: Investment Activities Net110ssesllgains on InlMentS Interest added lo loan capital Grants in specie Currency translation effects Diifidends, Interest and Rent 157,890 4,238 11,922,508> 19,724 586,128 911,053 9,270 1,273 615,677 11,1545281 1.537,273 Current asset movements Increaselldecreasel in debtors Increaselldecreasel in subsidiary balances Decreasellincreasel in creditors Decreasellincreasel in accrued grants (10, 754) 356,599 15.589 (242, S) 127,3671 124,5441 1304,7601 {350,6621 119, 534 NET CASH USED BY OPERATING ACTIVITIES 11,741,965) (1,892. 098) Cathflows relating to invgment activities Dimdends, Interest and Rent from InlMentS 586,128 615,677 Proceeds from sale of financial assets 1,607,$67 1541,0241 1,667,359 fl, 175, 423) 676,939 Purchase of financial assets Disposalllpurchasel of inslment property Net cash provided by investing activities 1,652.671 1, 778, 552 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YE4R {89,2941 (113, 546) Cash and cash eqUilentS brought fOard 208,339 321, 885 CASH AND CASH EQUIVALENTS CARRIED FORWARD 119,045 208.339 Represented by.. Cash al bank and in hand 99,949 19,095 119.045 96. 51 9 111.820 208, 339 Broker bank accounts The notes on pages 13 10 22 form part of these financial statements. Page 12
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended 5 A ril 2025 1. ACCOUNTING POLICIES 1.1 Basls of preparatlon of flnanclal $tst8ments The financial stslemenls have been prepared lo give a 'lrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair, view. This departure has involved following the 'Accounling and Reporting by Charities.. Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (Second Edilionl, rather than the 'Accounting and Reporting by Charities.. Slalemenl of Recommended Practice effective from 1 April 2005, which has sin been withdrawn. The financial slalemenls have been prepared under the historical cost Convention with items recognised at cost or transaction value unless otherwise stsled in the relevant notes to these accounts. The financial stslemenls have en prepared in accordance with the 'Accounling and Reporting by Charities." Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 Isecond Edilionl, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Roger Raymond Charitable Trust constitutes a public benefit enlily as defined by FRS 102. The Charity has taken advantage of the exemption available under the Charities Act 2011 and has not prepared consolidated financial statements, due lo the size of the charity. These financial statements are therefore the Charity's separate financial statements. 1.2 Golng Concern The financial stalelnenls have been prepared on a going concern basis. The Trustees consider that rental income from the UK properties and theirfairvalues will not be materially impacted over the next 12 months by UK or global events. 1.3 Investment properties 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 heading 'Gainslllossesl on fixed assets, in the Statement of Financial Activities. 1.4 Other Investments UK and overseas investments are included in the accounts al market value. The investrnenl in associate and Investment in subsidiary are both slated al matkel value, which is based on the Trustees, estimate of the net asset value of the company after an eslimaled provision foi lax payable. Realised and unrealised gains and losses are combined and shown in the heading 'Gainslllossesl on fixed assets, in the Stslemenl of Financial Activities as are interest and dividends. 1.5 Fund structure All funds are unreslricled and are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Page 13
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended S A ril 2025 continued 1 ACCOUNTING POLICIES Icontinuedl 1.6 Incomlng resourcgs All income is recognised once the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Investment income, gains and losses are allocated to the sole unrestricted fund. Income lax recoverable in relation to investment income is recognised al the lime the investment income is reIv3b1e. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity., this is normally upon the nolificalion of the interest paid or payable by the bank. 1.7 Expenditure and Allocation of costs Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. The Trustees undertake all the administration and governance of the Trust. The proportion of their costs attributable to the activities of Raising Funds have been allocated to those activities on the basis of time spent. The Expenditure on Raising Funds comprises these allocated costs plus all direct costs incurred in managing the Charity's investment tx)rtFolios. Expenditure on Charitsble Activities includes all di¢1 costs incurred in the pursuit of the charitable aims of the charity. Governance costs comprise all costs incurred in connection with the adminislralion of the Charity other than those allocated lo Raising Funds as above. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. 1.8 Debtors Trade and other debtors are recognised al 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 Initially al transaction value and subsequently al amortised cost using the effective interest method. 1.9 Cash at bank Cash at bank indudes cash and short temi highly liquid investments with a short malurily of three months or less from the dale of acquisition or opening of the deposit or similar account. 1.10 Credltors Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anlicipales it will pay lo settle the debt or the amount it has received as adVand payments for the goods or services it musl provide. Provisions are measured al the best estimate of the amounts required lo settle the obligation. Page 14
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended S A ril 2025 continued 1 ACCOUNTING POLICIES Icontinuedl 1.11 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inits.ally recognised al transaction value and subsequently measured al their settlement value with the exception of the concessionary loan which is subsequently measured al amortised cost using the effective interest method. 1.12 Analysis of assets and liabilities between funds All funds are held as unrestricted funds. 1.13 Foreign currencies Monetary assets and liabilities in foreign currencies are translated into sterfing al the rates of exchange ruling al the balan sheet dale. Transactions in foreign currencies are translated into sterling at the rale of exchange ruling at the dale of the transaction. Exchange differences are taken into account in arriving al the surplus or delicil for the year. 2. DONATIONS RECEIVED 2025 2024 Shaw-vvhile Estates Limited INole 3.11 As for the previous year. the Trust did not receive a donation under Deed of Covenant from its subsidiary ShaW-V1te Estates Limited as that company did not produce a surplus due to significant costs incurred on its investment propety. EQUITY INVESTMENTS IN UK ASSOCIATES AND SUBSIDIARIES 3.1 UK SUBSIDIARY- SHAW-WHITE ESTATES LIMITED The charity owns the entire issued share capital of Shaw-wnite Estates Limited, a company registered in England and Wales with company number 00509087. The principal activity of the subsidiary is that of property investment. The valuation at the balance sheet date was as follows.. 2025 2024 Opening market value at 6 April 2024 1.845.803 1,956,057 Unrealised loss on investment 1110254 Closing market value at 5 April 2025 No donation12024". £nill was made under Deed of Covenant lo the Charity from Shaw-while Eslales Limited. When applicable, donations are included in note 9, Debtors. Page 15
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended 5 A ril 2025 continued 3.2 UK SUBSIDIARY- ROGER RAYMOND INVESTMENTS LIMITED The charity owns 55.560/0 oflhe issued share capital of Roger Raymond Investments Limited. M G Raymond, who was a Trustee of the Roger Raymond Charitable Trust during the year, is also a Director and shareholder of Roger Raymond Investments Limited. The principal activity of the subsidiary is that of a holding company, which in turn owns 1 OOOA of the issued share capital of RRI Holdings Limited. RRI Holdings Limiled's Principal activity is that of property investment. The valuation at the balance sheet date was as follows- 2024 Opening market value at 6April 2024 1874580 2,873,666 Unrea lised gain on investment 52,2911 914 aosi ng marketvalue at 5April 2025 I8212 2,874,580 Dividends Received 31.5(K) 18,000 4. INCOME FROM SECURITIES AND ALTERNATIVE ASSETS Total funds 2025 Total funds 2024 UK securities 32.391 Overseas securities & a Iternative assets 35,611 Ba nk and other interest 38.180 66,787 106,185 Page 16
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended 5 A ril 2025 continued 5. CHARITABLE ACTIVITIES The followng are examples of the grants lo charities supported by the Trust. Unrestrlcted Funds 2025 2024 Action Through Enterprise Alford House Another Way Arundel Cricket Foundation Bloxham School British Exploring Soc Books2Africa British Liver Trust CALM David Shepherd Wildlife Foundation DEKI Fishing for Heroes Five Talents Forces Employment Charity Health Bus Bournemouth Isabel Baker Jinja Educational Trust Jon Egging Trust Macmillan Caring Locally MCC Foundation MSA Trust (Multiple Systems Alrophyl Netball Development Trust Poole WasteNot WantNol Practical Action RAFA Re-cycle Rewilding Britain Sand Dams Worldwide Saracens Sports Foundation Sightsavers Stsrlight Children Tree Aid UK Mens Sheds Association Wildemess Foundation World Land Trust Other Under £20,0001£21,0001 40,000 60,000 40,000 20,000 2,013,971 25,000 10,000 51.075 60,000 51,150 50,000 15,000 70,000 25,000 25,000 10,000 1,500 50,000 20,000 47,493 21,500 30,000 45,000 20,000 40,000 30,000 20,000 24,000 35,360 30,000 13,075 40,000 25,000 33,225 15,000 151,760 3.259,109 304,760 3,563,869 48, 000 30, 000 20, 000 20, 000 119,312 10,000 50, 000 60, 000 50, 000 225 10,000 25, 000 70, 000 35,000 35, 000 36, 500 22,000 25,000 25,000 30,000 23, 625 50, 000 23, 500 50, 000 30, 000 65, 000 2T6, 180 1.239.342 242, 500 1,481,842 Accrued Grants movement Accrued grants are those where the Trust has advised beneficiaries of a future payment, and where it is reasonable to expect that any pre-conditions that may have been applied lo such grants wll be meL Page 17
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended 5 A ril 2025 continued 6. GOVERNANCE AND SUPPORT COSTS Unrestricted Funds UnSt¢ted Funds 2025 2024 Trustees. remuneration 75.750 3.434 79.184 15,0001 7{184 75,875 Trustees. IraKel expenses & sundries 78,444 15,0001 73,444 Less.. AIIoc8led lo ShWhIle E8tale8 Ltd Subsidiary Lèss". Allocatèd to Raising Funds INotÈ 1.71 Investment property management Investment portfolio management 22.500 2.500 22.500 125,0001 49.184 125,0001 48,444 Statutory Accounts Costs.. Audit Fèès 16.440 1.080 14,4(X) Valuation Fees Other Support Costs Legal & Professional National Insurance Tra1 and Meetings Bank charses Sundry expensès Infom)ation Tèchnology 12.318 2.128 4020 449 7, 750 1, 627 7, 124 566 2,461 1, 773 85, 585 2.627 1.604 89.850 Page 18
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended 5 A ril 2025 continued 6. GOVERNANCE AND SUPPORT COSTS IContinuèdl- TRUSTEES, COSTS Remuneration was payable lo the following Ttuslees, who are key management personnel, of The Roger Raymond Charitable Trust. for professional services in accordance with the provision of thè Trust Deed. Figures include work performed on the Trust's subsidiary, Shaw-W)ile Estsles Limited, as shown allocated above in Note 6. Unrestrlcted Funds 2025 2024 M G Raymond A C KThomson 15.000 60.760 18,750 57, 125 Total Remuneration 75.750 75,875 Travel and Maating Costs roimbursad to Trustaes Unrestricted Funds 2025 2024 M G Raymond A C KThomson 483 551 2.951 2,018 3.434 2,569 The are no direct employees of The Roger Raymond Charitsble Trust. Page 19
THE ROGER RAYMOND CHARITABLE TRUST Note5 to the financial statements for the year ended S April 202S Icontinuedl 7. INVESTMENT PROPERTY Unrestricted Funds 2025 2024 Co& or valuation At 6 April 2024 Addition at cost 12,701,000 Disposal al book Nelue Rekoluation 11,600,000) (675, 000) 924, 000 12.950, 000 At 5 April 2025 11,640,0 Investment properties are stsled in the financial slalements on an open market value basis at 5 April 2025 and were valued by Messrs. Thompson Wllson, Chartered Surveyors. 8. SECURITIES AND ALTERNATIVE ASSETS Unrestrlcted Funds 2025 2024 Openlng market value at 6 Aprll 2024 1656,489 3,046,698 Acquisitions at cost Disposal proceeds Galns and loss Realised gains I Ilossesl on disposals based on opening market lue Unrealised gains I Ilossesl on reUatIOn in the year Exchsnge gains I Ilossesl at year end rate 541,024 11,607,567) 1, 175,423 {1. 661, 359) 39.057 176,3841 23,858 63.955 (7,285) 13,9711 1.585,975 95, 721 2,656,489 Closing market value at S April 2025 Analy$ of Investments Lied investments 1.585,975 2,656,489 Page 20
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended 5 A ril 2025 continued 9. DEBTORS Unrestricted Funds 2025 2024 Rental debtors 16.943 6.947 4.683 20,812 49,385 18, 015 4, 490 9, 778 11,092 43,375 Other debtors Accrued income Prepayments 10. CREDITORS Unrestricted Funds 2025 2024 VAT 699 687 Defrrred income 18.740 50.609 70.048 22, 426 22,391 45,504 Accruals Accrued Grants 547.260 242, 500 11. ANALYSIS OF NET ASSETS IN UNRESTRICTED FUNDS Flxed assets Other net assets 2025 Totsl 17 857 038 17 814106 12. STATEMENT OF FUNDS Brought Fwd Income Expendlture Investment Gains 2025 Unrestricted funds 21061 260 3 991 173 157 890 17 814 105 Page 21
THE ROGER RAYMOND CHARITABLE TRUST Notes to the financial statements for the ear ended 5 A ril 2025 continued 13. FINANCIAL INSTRUMENTS 202$ 2024 Financial assets measured at fair value through income and expenditure 6.197.943 7,376,873 Financial assets measured at amortised cost 147616 240621 Financial liabilities measured al amortised cost Financial assets measured at fair value through income and expenditure comprise investments. Financial assets measured at amortised cost comprise trade and other debtors, loans receivable, accrued income and cash at bank. Financial liabilities measured al amortised cost comprise trade creditors and accruals. 14. RELATED PARTY TRANSACTIONS Control In the opinion of the Trustees there is no one ultimate controlling party. Transactions During the year, The Roger Raymond Charitable Trust received dividends of £31,500 12024.. £18,000) from Roger Raymond Investments Limited. Included in Amounts owed by Subsidiaries al 5 April 2025 is an amount of £365.00012024'. £400,000) due from RRI Holdings Limited in respect of a loan made to the company at a rate of 1.250h plus >monlh average IUMASOIA. calculated monthly. This loan is repayable on request subject lo a 3-monlh minimum notice period given by the Trust. Interest received on this loan during the year amounted to £16,14812024'. £36,380). RRI Holdings Limited is the 1000/0 subsidiary of Roger Raymond Investments Limited. M G Raymond, who is a Trustee of The Roger Raymond Charitable Trust, was also a Director and shareholder of Roger Raymond Investments Limited. By agreement of all of ils shareholders, Roger Raymond Investments Limited is currently being demerged into two separate entities. the Trust's current interest to be replaced by a new 1 OOQ/o subsidiary with a value proportionate lo that existing before the change lakes effe¢l. Details relating to trustees, remuneration and reimbursed expenses are sel out in note 6. Page 22