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 Con￿rned in person
and discuss their needs face-to-face. Allhough this approach requires considerable resource and
therefore incurs some cost. the prO￿sS 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 p￿parIng 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 re￿iVeS 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. v￿here 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 cOn￿M 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
reSoU￿S 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 con￿rn 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 cOn￿M 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.
I￿egularitIes, 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 r￿UlatIOns1 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 un￿stINCted 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".
In￿stMent 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)
Go*mance and Support Costs
189.8SOI
(85,585)
Total ExpenditLJ
13,991,173)
(f, 162,021)
INVESTMENT GAINSIILOSSESI
In￿stment yoperty
Equity Inleslmenl IN Subsidiary
Securities and Other In￿stMentS
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 Un￿S1￿cted Funds
2024
Nots
FIXED ASSETS
In*slmÈnl Properties
Financial Assets
11,640,000
72,950,WQ
Equity In*stment'. 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 ASs￿s
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 Un￿SInGled Funds
2025
2024
Net income for the year as per Statement of
Financial Activities
{3,247.155}
(235, 291)
Remove such ngt in￿m& arigng from:
Investment Activities
Net110ssesllgains on In￿lMentS
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 invg*ment activities
Dimdends, Interest and Rent from In￿lMentS
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 in*slment 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 eqUi￿lentS brought fO￿ard
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 re￿Iv3b1e.
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 adVan￿d 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-V￿1te 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
Un￿St￿¢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 Sh￿WhIle 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
Tra￿1 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 los*s
Realised gains I Ilossesl on disposals based on opening market
lue
Unrealised gains I Ilossesl on re￿UatIOn 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
Li*ed 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