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2022-04-05-accounts

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

Charity number: 271492

CRAPS CHARITABLE TRUST

ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2022

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

CONTENTS

Page
Report of the Trustees 1 -3
Independent Auditor's Report 4 - 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 16
Schedules of Investments and Income:
Unquoted 17
Casenove Investment Manager 17 - 19
Julius Baer 20 - 23

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

The Trustees present an annual report and financial statements for the year ended 5 April 2022. The financial statements are prepared in accordance with the accounting policies in note 2.

Constitution

Craps Charitable Trust is constituted by a Declaration of Trust dated 4 March 1976 and registered with the Charity Commission under registration number 271492.

Trustees

The Trustees, who served throughout the year, were:

Jonathan Paul Maurice Dent Caroline Sarah Dent Louisa Rachel Dent

Neither the Trustees nor any persons connected with them received any remuneration or reimbursement of expenses during the year.

Independent Auditor Grant Thornton UK LLP, Statutory Auditor and Chartered Accountants and address for communication Victoria House, 199 Avebury Boulevard, Central Milton Keynes, MK9 1AU Investment Advisers Cazenove Capital 1 London Wall Place London, EC2Y 5AU Julius Baer 1 St Martin's Le Grand London, EC1A 4AS

Objectives and Grant Making Policy

The Trustees have broad discretion to apply the capital and income of the Trust in the form of grants to any one or more of the following:

  1. The Friends of the Hebrew University of Jerusalem.

  2. Children and Youth Aliyah Committee for Great Britain.

  3. Norwood Home for Jewish Children (Jewish Orphanage).

  4. The British Technion Society.

  5. The Society of Friends of Jewish Refugees.

  6. The Home and Hospital for Jewish Incurables.

  7. Joint Palestine Appeal.

  8. The Board of Guardians and Trustees for the Relief of the Jewish Poor Registered.

  9. Such other Charities situated within the United Kingdom of Great Britain and Northern Ireland and elsewhere as the Trustees in their absolute discretion may select.

Public Benefit

In the past twelve months we have reviewed our aims and objectives and in undertaking this exercise we have considered the Charity Commission's guidance on public benefit.

Page 1

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

Key Policies

Reserves Policy

In order to achieve its charitable objectives, the Trustees maintain an unrestricted operating fund. The fund primarily consists of a portfolio of investments managed by Cazenove Capital (formerly Schroders) and Julius Baer, shares in an unlisted company, and cash funds. The income generated from the fund is applied for charitable purposes by way of making charitable donations, either in the year the income is received or the following year. It is the Trustees’ policy not to generally accumulate income.

Investment Powers and Policy

The investment powers are governed by Clauses 6 to 14 of the Constituting Declaration of Trust, which gives a wide range of permitted investments.

The main objective is to achieve maximum total returns so as to make maximum funds available to meet the charity’s objectives.

The income return on listed investments, before fees, for the year ended 5 April 2022 was 2.30%.

As identified above, the Trustees hold a portfolio of listed investments managed by Cazenove Investment Manager and Julius Baer. The portfolios are managed on a discretionary basis within the parameters set out by the Trustees.

Risk Management

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks.

Review of the Year

The accounts of the Trust are presented in accordance with the full requirements of the Statement of Recommended Practice for Charities (SORP (FRS102)).

During the year ended 5 April 2022 total income was £218,331 compared with £170,781 in the previous year.

Donations of £185,500 were made in the year (2021: £185,500). A list of the donations made during the year is contained in note 12 of the financial statements. The Trustees therefore met their key objective of making charitable donations to the organisations set out above.

The balance sheet at 5 April 2022 shows net assets of £5,024,952 and comprises the listed investment portfolio at its year-end market value of £4,265,742, unlisted investments at cost of £15,000 and net current assets, chiefly cash, of £750,710. The accounts include unrealised investment gains of £236,486 in the year compared to £654,244 during the period to 5 April 2021, being the difference between cost and market value of the listed investments at the balance sheet date.

Page 2

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations.

The Charities Act 2011 requires the Trustees to prepare financial statements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. The Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts 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 or other irregularities.

Approved by the Trustees on and signed on their behalf by: 21/12/2022

J P M Dent

Trustee

Page 3

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CRAPS CHARITABLE TRUST

Opinion

We have audited the financial statements of Craps Charitable Trust (the ‘charity’) for the year ended 5 April 2022, which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the charity to cease to continue as a going concern.

In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charity’s business model including effects arising from macro-economic uncertainties such as Brexit and Covid-19, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charity’s financial resources or ability to continue operations over the going concern period.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

The responsibilities of the trustees with respect to going concern are described in the ‘Responsibilities of trustees for the financial statements’ section of this report.

Page 4

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CRAPS CHARITABLE TRUST

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees for the financial statements

As explained more fully in the Trustees' Responsibilities Statement set out on page 3, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to 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 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 5

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CRAPS CHARITABLE TRUST

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it;

Page 6

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF CRAPS CHARITABLE TRUST

o understanding of the legal and regulatory requirements specific to the Charity including: 

  - the provisions of the applicable legislation;

  - the applicable statutory provisions.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 154 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Grant Thornton UK LLP Statutory Auditor, Chartered Accountants Milton Keynes Date 21/12/2022

Grant Thornton UK LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 7

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Note
Incoming resources
Investment income
3
Other income
Total incoming resources
Resources expended
Cost of raising funds
Investment management costs
4
Charitable activities
Grants and donations
5,12
Auditor’s remuneration
10
Total expenditure
Net expenditure before gains/(losses) on investments
Gains/(losses) on investments
Realised gains/(losses) on investments
6
Realised gain on investment not previously recognised
Unrealised gains on investments
6
Unrealised gains/(losses) on foreign exchange
7
Net movement in funds
Fund balances brought forward at 6 April 2021
Fund balances brought forward at 5 April 2022		 Unrestricted
funds
2022
£
218,131
200
218,331
(41,621)
(185,500)
(9,000)		 Unrestricted
funds
2021
£
170,781
-
170,781
(38,694)
(185,500)
(11,100)
(236,121)
(17,790)
(67,211)
1,039
236,486
1,630
154,154
4,870,798
5,024,952		 (235,294)
(64,513)
113,287
-
654,244
(2,620)
700,398
4,170,400
4,870,798

All results relate to continuing activities.

There are no recognised gains or losses other than those shown in the Statement of Financial Activities.

The notes on pages 10 to 16 form part of these financial statements.

Page 8

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2022

Note
Fixed asset investments
Unlisted investments
Listed investments
6
Current assets
Debtors and prepayments
8
Bank balance
Cash balances held by Investment Managers
6
Current liabilities
Creditors and accrued charges
9
Net current assets
Net assets
Representing:
Unrestricted funds		 Unrestricted
funds
2022
£
15,000
4,265,742
4,280,742
2,339
126,008
624,702
753,049
(8,839)
744,210
5,024,952
5,024,952		 Unrestricted
funds
2021
£
15,000
4,209,534
4,224,534
8,287
97,229
554,588
660,104
(13,840)
646,264
4,870,798
4,870,798

The financial statements were approved by the Board of Trustees on and signed on their 21/12/2022 behalf by:

J P M Dent Trustee

C S Dent Trustee

L R Dent Trustee

The notes on pages 10 to 16 form part of these financial statements.

Page 9

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1. General information

The charity's registered office address is Victoria House, 199 Avebury Boulevard, Central Milton Keynes, MK9 1AU.

2. Accounting Policies

(a) Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The charity's functional and presentational currency is GBP.

(b) Going concern

The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern for at least 12 months from the reporting date and have considered the impact of Covid-19 in making this assessment. Investment is continuous from the Investment portfolio held with brokers as listed during the year. The trust remains in a positive net position, despite a reduction in fund balances due to the impact of Covid-19 and the Ukraine conflict on investment valuations. Accordingly we have considered the trust on a going concern basis.

(c) Financial instruments

Other than listed investments, which are accounted for at fair value and include non-basic financial instruments, the charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like debtors and creditors, and investments in nonputtable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 10

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

(d) Income

All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, receipt is probable and the amount can be measured with sufficient liability. Dividends are recognised in the period in which the dividend becomes payable.

(e) Resources expended

Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities.

(f) Investments

Listed investments are stated in the accounts at their market value on the balance sheet date. The resultant unrealised surplus or deficit is credited or debited to the operating fund. Unlisted investments are stated at their cost.

(g) Recognition of liabilities

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. Provisions for grants are made when the intention to make a grant has been communicated to the recipient. Operating expenses comprise those costs directly attributable to managing the investment portfolio and raising investment income.

(h) Gains and losses on investments

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).

(i) Fund accounting

Operating funds are unrestricted funds which 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 any other purpose.

Page 11

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

3. Investment income

Investment income is analysed below:

Net income from listed investments
Net income from unlisted investments
Interest on deposits		 2022
£
98,045
120,000
86
218,131		 2021
£
80,623
90,000
158
170,781

4. Investment management costs

Investment management fees – Cazenove
Investment management fees – Julius Baer		 Fees as %
2022
of funds
£
25,361
1.08%
16,260
0.85%
41,621		 Fees as %
2021
of funds
£
23,780
1.02%
14,914
0.80%
38,694

5. Grants and donations

Donations have been made in accordance with the Trust Deed. A schedule of donations can be found in note 12.

Page 12

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

6. Investment portfolio

As at 5 April 2022, the investment portfolio comprised a diverse mix of listed equities and securities managed by Cazenove and Julius Baer, and is summarised below:

Cost
Cazenove Investment Manager
£
UK Fixed interest
252,406
Overseas Fixed interest
405,353
UK Equities
271,003
Overseas Equities
677,537
Alternatives
293,209
1,899,508
Cost
Julius Baer
£
UK Fixed interest
658,831
UK Equities
660,867
Overseas Equities
272,675
Alternatives
114,004
1,706,377
Total listed equities and securities
3,605,885
Cash balances held by Investment Managers
Cost
£
Cazenove Investment Manager
338,798
Julius Baer
285,904
624,702		 Market
value
£
257,822
386,753
320,252
1,017,656
374,368
2,356,851
Market
value
£
618,265
817,303
346,919
126,404
1,908,891
4,265,742
Market
value
£
338,798
285,904
624,702		 Annual
Income
(Net)
£
5,003
8,196
27,116
8,542
4,231
53,088
Annual
Income
(Net)
£
11,345
28,149
5,458
5
44,957
98,045
Annual
Income
(Net)
£
76
-
76		 Yield on
market
value
%
1.94
2.12
8.47
0.84
1.13
Yield on
market
value
%
1.83
3.44
1.57
0.00
Yield on
market
value
%
0.02
0.00

Page 13

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

6. Investment portfolio (continued)

Total investment portfolios held by the Investment Managers

Cost
Cazenove
1,899,508
Julius Baer
1,706,377
3,605,885
An analysis of the investment movement during the year follows:
Julius
Baer
£
Market value at beginning of year
1,869,758
Proceeds of sale
(308,947)
Cost of purchases
273,655
Realised gain/(loss)
25,503
Change in unrealised gains
48,922
Movement in year
39,133
Market value at end of year
1,908,891
Cost at end of year
1,706,377
7.
Unrealised gain/(loss) on foreign exchange
2022
£
Foreign exchange gain/(loss)
1,630		 Cost
1,899,508
1,706,377		 Market
value
2,356,851
1,908,891		 Annual
Income
(Net)
53,164
44,957
98,121
3,605,885 4,265,742
Cazenove
£
2,339,776
(584,415)
506,640
(92,714)
187,564
17,075
2,356,851
1,899,508		 Total
£
4,209,534
(893,362)
780,295
(67,211)
236,486
56,208
4,265,742
3,605,885
2021
£
(2,620)

Page 14

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

8. Debtors and prepayments

Income tax recoverable
Amount due from Investment manager
9.
Creditors and accrued charges
Donations paid post year-end
Investment managers’ charges
Independent auditor’s/accountants fee
10.
Auditor’s remuneration
Charity Audit
Preparation of accounts
Under accrued fees in prior year
VAT		 2022
£
2,339
-
2,339
2022
£
-
6,139
2,700
8,839
2022
£
5,000
2,500
-
1,500
9,000		 2021
£
2,339
5,948
8,287
2021
£
3,000
6,040
4,800
13,840
2021
£
4,750
2,250
2,250
1,850
11,100

11. Trust Funds

The operating fund comprises the accumulated resources of the Charity, which may be expended without restriction in the furtherance of the Charity's objectives.

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DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

12. Donations

For the year ended 5 April 2022 the following amounts were paid as donations:

Charity
Number
Academic Study Group on Israel and the Middle East
1191067
Anglo Israel Association
313523
Amnesty International UK Section Charitable Trust
1051681
Ben-Gurion University Foundation
276203
B’nal B’rith Hillel Foundation
313503
University of Haifa, UK
270733
British Friends of the Sarah Herzog Memorial Hospital
1024814
Technion UK
1092207
CBF World Jewish Relief
290767
Community Security Trust
1042391
British Emunah Fund
215398
Friends of the Royal Botanic Gardens Kew
803428
WIZO.UK
1125012
British Friends of the Hebrew University of Jerusalem
209691
Nightingale Hammerson
207316
Jerusalem Foundation
258306
Jewish Care
802559
Freedom from Torture
1000340
Motor Neurone Disease Association
294354
National Theatre
224223
Prisoners of Conscience
213766
Norwood Ravenswood
1059050
Save the Children
213890
Shaare Zedek UK
1143272
Shelter
263710
The Friends of The Jerusalem Botanical Gardens
1151347
The New Israel Fund
1060081
The United Jewish Israel Appeal
1060078
Teach2Teach
1175660
Total distributions		 2022
£
3,000
1,000
1,000
4,000
1,000
4,000
4,000
25,000
5,000
1,500
1,000
1,000
16,000
14,000
16,000
13,000
20,000
3,000
2,000
1,000
1,000
4,000
2,000
4,000
1,000
16,000
13,000
3,000
5,000		 2021
£
3,000
1,000
1,000
4,000
1,000
4,000
4,000
25,000
5,000
1,500
1,000
1,000
16,000
14,000
16,000
13,000
20,000
3,000
2,000
1,000
1,000
4,000
2,000
4,000
1,000
16,000
13,000
3,000
5,000
185,500 185,500

13. Related parties

The Craps Charitable Trust and Celus Holdings Limited are related parties because they have common Trustees/Directors. The Craps Charitable Trust owns 12% of the ordinary share capital of Celus Holdings Limited, dividends received in the year to 5 April 2022 totalled £120,000 (2021: £90,000).

Page 16

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

The Craps Charitable Trust Accounts for the year ended 5 April 2022

Schedule of investments and income

----- Start of picture text -----
Holding Book Value Additions Disposals Holding Book value Market Value
06/04/2021 06/04/2021 Quantity Cost Quantity Proceeds Profit/(loss) on disposal 05/04/2022 05/04/2022 05/04/2022
£ £ £ £ £ £
Unquoted investments
Celus Holdings Limited 120,000.00 15,000.00 120,000.00 15,000.00
Ordinary shares
15,000.00 15,000.00
----- End of picture text -----

15,000.00 15,000.00
Cazenove Investment Manager UK
3i Infrastructure 12,089.00 20,857.60 12,089.00 20,857.60 42,735.00
Ordinary No Par Value
Atlas Global Infrastruct Ucits Icav 223.00 25,573.30 223.00 25,573.30 31,296.00
Atlas Gbl Infrastructure B GBP Dis Hgd
BAE Systems plc 6,500.00 22,206.00 6,500.00 22,206.00 48,152.00
Ordinary 2.5p shares
Blackrock Fund Managers Ltd 22,318.00 37,542.06 22,318.00 56,457.81 829.81
European Dynamic Fd Inc
Cfs Corporation 250.00 26,498.38 250.00 26,498.38 27,475.00
No Par Value
Cg Portfolio Fund Plc 500.00 50,153.34 500.00 50,153.34 52,795.00
Dollar Hedged GBP Dis
Coremont Investment Fd 368.00 39,257.73 394.26 39,257.73 368.00 39,257.73 138.73 394.26 39,257.73 42,705.00
DailyMail and General Trust plc 1,608.00 7,997.72 1,608.00 4,341.60 (9,969.40)
A ordinary (Non Vtg)1 12.5p shares
Euromoney Inst Inv 598.00 5,097.24 598.00 5,423.50 (257.50)
Ordinary GBP 0.0025
Fidelity GI Dividend 48,538.00 48,855.69 48,538.00 48,855.69 48,339.00
Fil Investment Services (UK) Limited 65,226.72 60,534.56 65,226.72 60,534.56 80,555.00
Insitiutional Emerging Markets W Acc Nav
GlaxoSmithKline plc 1,385.00 9,582.70 1,385.00 9,582.70 23,598.00
Ordinary 25p shares
Hicl Infrastructure % 36,448.00 45,242.57 36,448.00 45,242.57 65,606.00
Ordinary GBP0.0001
HSBC Global Asset Management UK 40,412.00 59,612.34 40,412.00 59,612.34 88,219.00
Fte All World Index S Dis
HSBC Holdings plc 2,684.00 9,288.31 2,684.00 9,288.31 14,163.00
Ordinary US$0.50 (UK Reg) shares
Jackson Finl Rg-A-GBP 42.00 42.00 674.41 674.41

17

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

The Craps Charitable Trust Accounts for the year ended 5 April 2022

Schedule of investments and income

Holding Book Value Additions Additions Disposals Disposals Holding Book value Market Value
06/04/2021 06/04/2021 Quantity Cost Quantity Proceeds Profit/(loss) on disposal 05/04/2022 05/04/2022 05/04/2022
£ £ £ £ £ £
Invesco EQQQ 186.00 52,868.19 186.00 52,868.19 51,842.00
Imperial Brands plc 630.00 25,548.97 630.00 25,548.97 10,181.00
Ordinary 10p shares
Ishares Iv Plc 8,568.00 34,764.75 8,568.00 34,764.75 36,836.00
China Cny Bd Ucits Etf USD Dis
iShares MSCI AC Far East ex Japan 1,000.00 21,263.59 1,000.00 21,263.59 43,845.00
Shares ETF GBP
iShares Physical Metals Plc 3,196.00 57,380.50 3,196.00 57,380.50 91,597.00
I Shs Physical Gold Etc USD
JP Morgan American Equity Fund C 855.00 71,513.03 855.00 71,513.00 (126,975.00)
USD Inc Nav
JP Morgan American Equity - I 3,171.57 71,513.03 800.00 62,028.09 43,989.57 2,371.57 53,474.51 183,906.00
JP Morgan Asset Management UK Ltd 10,000.00 28,205.97 10,000.00 28,205.97 33,440.00
Japan C Net Inc Nav
Kier Group 3,154.00 30,915.09 3,154.00 30,915.09 2,605.00
Ordinary 1p shares
Legal & General Group plc 11,077.00 12,416.52 11,077.00 12,416.52 30,207.00
Ordinary 2.5p shares
Lloyds Banking Group plc 35,130.00 26,872.32 35,130.00 26,872.32 16,267.00
Ordinary 10p shares
Lyxor Core US TIPS 1,390.00 158,777.56 1,390.00 158,777.56 157,550.00
M&G PLC 1,661.00 820.00 1,661.00 820.00 3,604.00
Ordinary 5p shares
M&G Securities Ltd 61,822.24 62,273.14 61,822.24 62,273.14 59,838.00
Strategic Corporate Bond I Fund Inc
M&G Securities Ltd 139,854.30 127,854.13 39,854.30 40,783.63 215.85 100,000.00 91,419.52 95,080.00
Strategic Corporate Bond Pp GBP Dis
Moneysupermarket.com Group Plc 8,350.00 25,954.73 8,350.00 25,954.73 14,972.00
Ordinary GBP0.0002
NB US Large Cap Val 4,805.00 51,008.00 4,805.00 51,008.00 50,164.00
Northern Trust Lux Mgmt Co Sa 288.87 38,158.14 288.87 38,158.14 27,512.00
Emerging Mkts Active Equity Z GBP Dis
Ninety III Glb 30,000.00 46,860.00 30,000.00 46,860.00 47,592.00
Pearson Plc 3,000.00 28,811.70 3,000.00 28,811.70 22,932.00
Ordinary 25p shares

18

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

The Craps Charitable Trust Accounts for the year ended 5 April 2022

Schedule of investments and income

Holding
06/04/2021
Polar Capital Funds
4,387.00
Global Insurance E GBP Dist
Prudential plc
1,661.00
Ordinary 5p shares
Rio Tinto plc
1,058.00
Ordinary 10p shares
Robeco Luxembourg Sa
400.00
Bp GBl Premium Equities Ib GBP Dis
Schroder Unit Trusts
117,558.00
Global Recovery S GBP Dis
Schroders Intl Scl Global High Yield
472.00
Income units
Schroder Asia Alpha
Standard Chartered plc
2,829.00
Ordinary US% 0.50 shares
T Rowe Price Funds Ocic
4,760.00
US Equity C GBP Acc
T Rowe Price Funds Sicav
4,351.00
Asian Opportunities Equity Q GBP Acc
Unilever plc
1,014.00
Ordinary 3 1/9p shares
United Kingdom( Government of)
40,000.00
0.125% Idx Lkd Gilt 22/03/24 GBP
United Kingdom( Government of)
92,000.00
0.125% Idx Lkd Gilt 22/03/26 GBP0.01
Vanguard Investment Series
3,110.00
S&P 500 UCITS ETF Inc GBP
Vontobel Management S.A
1,200.00
Twentyfour Absolute Rtn Credit Aqng GBP
Wellington Management Funds (Ireland)
3,418.03
Global Health Care Equity N GBP Dis Unhgd
WisdomTree GBP Hedged MS
10,000.00
MS Long Gold
Cazenove Investment Manager UK		 Book Value
06/04/2021
Quantity
£
Add
23,391.23
5,548.02
28,593.82
44,527.23
71,115.30
60,562.33
30,000.00
30,934.55
29,327.78
45,644.76
13,721.46
46,023.56
115,836.61
65,808.44
123,231.00
25,386.03
103,972.13
1,845,820.68		 Holding
Cost
Quantity
Proceeds
Profit/(loss) on disposal
05/04/2022
£
£
£
Disposals
itions
4,387.00
1,661.00
1,058.00
400.00
36,385.00
23,717.15
1,649.62
81,173.00
472.00
37,500.00
30,000.00
2,829.00
4,760.34
49,404.46
(8,496.54)
4,351.00
40,884.59
(3,930.41)
1,014.00
40,000.00
54,101.08
389.08
62,000.00
83,298.09
416.22
30,000.00
800.00
52,530.64
8,611.67
2,310.00
1,200.00
3,418.03
10,000.00
506,640.20
584,415.78
(92,713.88)		 Book value
Market Value
05/04/2022
05/04/2022
£
£
23,391.23
30,135.00
5,548.02
18,827.00
28,593.82
64,750.00
44,527.23
54,144.00
49,104.63
52,300.00
61,264.00
52,222.00
37,500.00
36,600.00
30,934.55
14,134.00
13,721.46
35,860.00
37,499.81
42,610.00
48,880.22
152,414.00
123,231.00
120,132.00
25,386.03
32,865.00
103,972.13
104,250.00
1,899,009.85
2,356,851.00

19

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

The Craps Charitable Trust Accounts for the year ended 5 April 2022

Schedule of investments and income

Holding
06/04/2021
Julius Baer UK fixed interest
Derwent London
358.00
Ordinary GBP 0.05
United Kingdom (Government of)
7,300.00
0.125% Idx Lkd Gilt 22/03/2024
United Kingdom (Government of)
7,400.00
0.125% Idx Lkd Gilt 22/03/2058
United Kingdom (Government of)
5,900.00
Idx/Lkd Gilt 22/11/36 GBP0.01
United Kingdom (Government of)
52,500.00
0.125% Bds 31/01/2023 GBP100
United Kingdom (Government of)
0.125% Idx Lkd Gilt 31.01.2024
United Kingdom (Government of)
25,500.00
0.375% Bds 322/10/2030 GBP100 'regs'
United Kingdom (Government of)
89,700.00
0.125% Bds 30/01/2026 GBP100
United Kingdom (Government of)
36,800.00
0.125% Bds 31/01/2028 GBP1000
Ptg.Shs Class - ID- Hedged GBP Nomura Funds Ireland PLC
US High Yield Bond Fund
Julius Baer UK fixed interest
Julius Bar UK Equitiies
Ashtead Group Plc
473.00
Ordinary 10p shares
Astrazeneca plc
735.00
Ordinary US$ 0.25 shares
Aviva plc
5,647.00
Ordinary 25p shares
B&M European Value Retail Sa
4,191.00
Ordinary 25p shares
Barclays plc
9,008.00
Ordinary 25p shares		 Book Value
06/04/2021
Quantity
£
Add
12,824.14
9,482.25
15,812.63
8,805.58
52,684.80
21,500.00
25,824.62
90,118.84
9,300.00
36,805.15
3,200.00
236.00
252,358.01
6,736.51
38,709.05
22,144.87
16,540.37
14,895.43		 Holding
Cost
Quantity
Proceeds
Profit/(loss) on disposal
05/04/2022
£
£
£
Disposals
itions
358.00
11,970.09
249.09
7,300.00
7,400.00
5,900.00
52,500.00
20,999.41
21,500.00
25,500.00
9,217.20
99,000.00
3,047.38
40,000.00
20,768.94
236.00
54,032.93
11,970.09
249.09
473.00
93.00
8,584.90
1,913.45
642.00
1,006.00
4,509.66
394.09
4,641.00
4,191.00
9,008.00		 Book value
Market Value
05/04/2022
05/04/2022
£
£
9,482.25
10,541.74
15,812.63
18,562.49
8,805.58
10,443.71
52,684.80
52,006.50
20,999.41
20,964.65
25,824.62
23,062.20
99,336.04
94,089.60
39,852.53
36,940.00
20,768.94
20,784.61
293,566.80
287,395.50
6,736.51
22,193.16
33,811.17
66,344.28
18,199.81
20,420.20
16,540.37
23,536.66
14,895.43
13,241.76

20

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

The Craps Charitable Trust Accounts for the year ended 5 April 2022

Schedule of investments and income

Schedule of investments and income
Holding Book Value Additions Disposals Holding Book value Market Value
06/04/2021 06/04/2021 Quantity Cost Quantity Proceeds Profit/(loss) on disposal 05/04/2022 05/04/2022 05/04/2022
£ £ £ £ £ £
Berkeley Group Hldgs 326.00 15,200.67 326.00 15,200.67 11,633.65
Ordinary 5p shares
Bhp Group Plc 1,849.00 23,129.19 996.00 24,818.06 4,220.95 853.00 10,670.20 25,731.17
Ordinary USD 0.50
Blackrock Asset Management UK Ltd 1,181.00 15,778.16 1,181.00 15,778.16 17,045.84
UK Smaller Cos Acc
BP plc 7,108.00 32,332.07 1,610.00 6,326.92 1,437.00 5,483.01 1,318.58 7,281.00 32,122.53 27,878.95
Ordinary $0.25 shares
Burberry Group plc 632.00 7,509.90 632.00 7,509.90 10,586.00
Ordinary 5p shares
Diageo plc 1,235.00 22,811.66 149.00 5,777.57 1,297.19 1,086.00 20,059.48 43,217.37
Ordinary 28 101/108p shares
GlaxoSmithKline plc 1,705.00 19,416.95 118.00 1,924.09 416.53 1,587.00 18,073.14 27,039.31
Ordinary 25p shares
Howden Joinery Group plc 1,976.00 13,191.05 1,976.00 13,191.05 15,231.01
Ordinary GBP0.10
HSBC Holdings plc 4,055.00 29,021.76 1,415.00 7,747.91 5,470.00 36,769.67 28,865.19
Ordinary US$0.50 (UK Reg) shares
Inchcape plc 1,717.00 8,004.21 1,717.00 8,004.21 11,641.26
Ordinary 10p shares
Ishares IIplc 1,945.00 41,034.84 1,945.00 40,552.42 3,721.42
Ishares FTSE Epra/naireit Gbl Prpty USD
iShares Core FTSE 100 UCITS ETF 7,051.00 50,539.22 7,051.00 50,539.22 52,819.04
JD Sports Fashion plc 1,370.00 11,323.54 3,199.00 6,189.18 4,569.00 17,512.72 15,465.41
Ordinary GBP0.0025
JPMorgan Asset Management 458.00 34,674.80 458.00 34,674.80 39,328.40
Global Capital Appreciation C GBP Dis Hdg
Legal&General PLC 7,532.00 20,906.52 7,532.00 20,906.52 20,539.76
Legg Mason Global Funds 437.00 42,870.65 - - 437.00 43,721.84 2,564.84 - - -
Westn Asset Macro Opps Bd Hgd Prem Inc
Legg Mason Global Funds 428.00 42,800.00 428.00 42,800.00 34,366.65
Westn Asset Bond Opportunit
Legg Mason Global Funds 121.00 25,587.79 121.00 25,587.79 34,482.58
C/bridge US Lg Cap Grwth Prem GBP Acc

21

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

The Craps Charitable Trust Accounts for the year ended 5 April 2022

Schedule of investments and income

Holding
06/04/2021
Lloyds Banking Group plc
47,676.00
Ordinary 10p shares (prev 25p shares)
London Stock exchange group
295.00
1.75% Snr Mtn 19/09/2029 Eur100000'regs'
Lyxor Stock Exchange Group
434.00
Bridgewater Core Global Macro I USD Acc
Meggitt plc
2,550.00
Ordinary 5p shares
Persimmon plc
460.00
Ordinary 10p shares
Prudential plc
2,216.00
Ordinary 5p shares
Reckitt Benckiser Group plc
464.00
Ordinary 10p shares
Relx Plc
1,436.00
Ordinary 14 51/116p shares
Rentokil Initial Plc
Rio Tinto Plc
841.00
Ordinary 10p shares
Royal Dutch shell plc
1,905.00
B Ordinary 0.07 shares
Travis Perkins PLC
Unilever plc
661.00
Ordinary 3 1/9p shares
Vodafone Group plc
9,348.00
Ordinary USD0.20 20/21 shares
Whitbread plc
299.00
Ordinary 76 122/153p shares
Julius Baer UK Equities
Julius Baer Overseas Equities
Aberdeen Standard Invts Lux S.A
8,429.00
Emerging Mkt Corp Bd I Minc GBP Hgd
AlgebriasUCITS Funds Plc
216.00
Credit Zd GBP Dis		 Book Value
06/04/2021
Quantity
£
Add
26,824.43
25,497.58
42,917.72
12,338.66
10,328.30
12,557.10
29,094.73
26,195.54
1,882.00
17,708.91
18,858.38
1,078.00
645.00
28,544.95
16,505.04
10,064.39
718,349.20
83,495.73
25,488.00		 Holding
Cost
Quantity
Proceeds
Profit/(loss) on disposal
05/04/2022
£
£
£
Disposals
itions
47,676.00
295.00
434.00
2,550.00
19,023.02
6,515.02
460.00
2,216.00
464.00
203.00
4,798.55
1,073.44
1,233.00
10,726.24
1,882.00
126.00
6,877.42
(27.41)
715.00
19,247.19
297.00
6,216.07
1,766.83
2,686.00
10,523.46
645.00
661.00
9,348.00
11,975.72
(519.28)
299.00
175,006.64
184,262.33
24,655.65
8,429.00
216.00		 Book value
Market Value
05/04/2022
05/04/2022
£
£
26,824.43
22,076.37
25,497.58
24,662.00
42,917.72
46,033.90
10,328.30
10,175.20
12,557.10
25,118.36
29,094.73
27,645.12
22,492.41
30,146.36
10,726.24
9,974.60
15,055.73
43,758.00
34,311.62
56,957.42
10,523.46
8,149.58
28,544.95
23,376.27
10,064.39
8,581.30
738,522.01
898,262.13
83,495.73
72,014.00
25,488.00
24,241.68

22

DocuSign Envelope ID: 9B19B7AF-D345-4A09-A6E4-5F7B307D0B73

The Craps Charitable Trust Accounts for the year ended 5 April 2022

Schedule of investments and income

Holding
06/04/2021
Allianz Global Investors Gmbh
511.00
All China Equity Wt USD Acc
Artemis Fund Managers
806.00
US Extended Alpha I USD Acc Nav
Axa Funds Management Sa
279.00
US High Yield Bonds I GBP Inc
Blackrock Continental Europe Flx GBP
1,431.00
Blackrock Luxembourg S.A
345.00
Global Event Driven 15rf GBP Dis Hgd
CRH
728.00
Ordinary EUR 0.32(DUBLIN Listing)
Experian plc
810.00
Ordinary US $0.10 shares
Ferguson plc
279.00
Ordinary GBP0.11403197
Invesco Markets Plc
820.00
Ishares Core GBP Corporate Bond
433.00
Units
Ishares Ii Plc
998.00
Ishares FTSE Epra/Nareit Asia Property Yield
Ishares IV Plc
7,873.00
China Cny Bd UCITS ETF USD
JPMorgan Asset Management Europe s.A.R.I
435.00
Emerging Markets Opportunities I USD Acc
Pimco Global Advisors Irl Ltd
7,141.00
UK Corp Bd Fd Inst Inc GBP
Principal Global Investors (Ireland)
3,757.00
Preferred Securities GBP Hgd I GBP Inc
Vanguard Funds Plc
1,552.00
FTSE 250 UCITS ETF GBP Inc Nav
Vanguard Investment Series
1,448.00
S&P 500 UCITS ETF Inc GBP
Julius Baer Overseas Equitities
TOTAL:		 Book Value
06/04/2021
Quantity
£
Add
37,926.72
58,199.49
27,598.68
47.00
31,006.70
36,411.43
17,866.36
21,616.27
16,149.65
21,849.68
66,413.16
52.00
18,326.45
1,151.00
30,518.34
31,893.61
74,905.35
797.00
23,518.82
42,701.97
70,873.72
736,760.13
3,568,288.02		 Holding
Cost
Quantity
Proceeds
Profit/(loss) on disposal
05/04/2022
£
£
£
Disposals
itions
511.00
31,452.63
(5,526.37)
34.00
2,841.68
341.92
772.00
4,678.38
326.00
1,431.00
345.00
728.00
73.00
2,299.81
441.19
737.00
23.00
2,937.93
880.38
256.00
820.00
8,004.20
485.00
23,397.05
2,149.00
7,873.00
32,779.76
2,309.76
435.00
8,535.87
7,938.00
3,757.00
730.00
24,857.28
1.06
822.00
244.00
15,545.16
2,149.59
1,204.00
44,615.50
112,714.24
597.53
780,295.27
893,362.44
(67,211.61)		 Book value
Market Value
05/04/2022
05/04/2022
£
£
55,744.42
65,768.39
32,277.06
31,361.20
31,006.70
46,836.63
36,411.43
41,041.20
17,866.36
22,041.81
19,668.14
21,793.09
14,818.32
25,600.00
21,849.68
27,658.75
74,417.36
68,171.60
41,723.50
43,198.75
31,893.61
25,929.58
83,441.22
78,586.20
23,518.82
22,128.73
22,616.64
27,228.75
58,930.91
79,632.69
675,167.90
723,233.05
3,621,266.56
4,265,741.68

23