OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-05-accounts

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

Charity number: 271492

CRAPS CHARITABLE TRUST

ANNUAL REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

CONTENTS
Page
Report of the Trustees 1 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 – 13
Schedules of Investments and Income:
Unquoted 14
Cazenove Capital 14 – 20
Julius Baer 20 - 23

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present an annual report and financial statements for the year ended 5 April 2024. The financial statements are prepared in accordance with the accounting policies in note 2.

Constitution

Craps Charitable Trust is an unincorporated charity and 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. The power to appoint new Trustees was vested in Mrs Jose Marianne Ruth Dent, but now lies with her children, who are the Trustees of the charity.

Registered office address Grant Thornton UK LLP Victoria House 199 Avebury Boulevard Milton Keynes, MK9 1AU Independent Examiner Grant Thornton UK LLP, Chartered Accountants Victoria House 199 Avebury Boulevard 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.

Page 1

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024

Public Benefit

We have reviewed our aims and objectives and we have considered the Charity Commission's guidance on public benefit.

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 2024 was 2.49%.

As identified above, the Trustees hold a portfolio of listed investments managed by Cazenove Capital 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 Charities SORP (FRS 102) (Accounting and Reporting by Charities: 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)).

During the year ended 5 April 2024 total income was £247,026 compared with £97,041 in the previous year.

Donations of £183,500 were made in the year (2023: £185,500). A list of the donations made during the year is contained in note 13 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 2024 shows net assets of £5,135,933 and comprises the listed investment portfolio at its year-end market value of £4,772,352, unlisted investments at cost of £15,000 and net current assets of £348,581, chiefly cash. The accounts include unrealised investment gains of £378,539 in the year, compared to unrealised losses of £124,035 during the period to 5 April 2023. Realised investment losses for the year totalled £7,869, compared to losses of £30,945 in the prior year.

At the year end the charity held reserves totalling £5,135,933 (2023: £4,738,019).

Page 2

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024

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 FRS 102 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.

20/11/2024 Approved by the Trustees on and signed on their behalf by:

J P M Dent Trustee

Page 3

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 5 APRIL 2024

Independent examiner's report to the trustees of Craps Charitable Trust for the year ended 5 April 2024.

I report on the accounts of Craps Charitable Trust (the ‘charity’) for the year ended 5 April 2024, which are set out on pages 5 to 13.

Responsibilities and basis of report

As the charity trustees of the Charity, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no matter has come to my attention in connection with the examination which gives me reasonable cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Our report is made solely to the Charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. Our 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 independent examiner'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 the Charity’s Trustees as a body, for our work or for the independent examiner’s report, or for the opinions we have formed.

Christopher Bagnall FCA The Institute of Chartered Accountants in England and Wales Grant Thornton UK LLP Chartered Accountants Milton Keynes

Date: 20/11/2024

Page 4

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

Note
Incoming resources
Investment income
3
Total incoming resources
Resources expended
Cost of raising funds
Investment management costs
4
Charitable activities
Grants and donations
5,13
Independent examiner fees
11
Other expenditure
Total expenditure
Net expenditure before gains/(losses) on investments
Gains/(losses) on investments
Realised (losses) on investments
8
Unrealised gains/(losses) on investments
8
Unrealised (losses)/gains on foreign exchange
9
Net movement in funds
Fund balances brought forward at 6 April 2023
Fund balances carried forward at 5 April 2024		 Unrestricted
funds
2024
£
247,026		 Unrestricted
funds
2023
£
97,041
97,041
(40,121)
(185,500)
(13,500)
(6)
247,026
(28,061)
(183,500)
(7,560)
(336)
(219,457) (239,127)
(142,086)
(30,945)
(124,035)
10,133
(144,847)
(286,933)
5,024,952
4,738,019
27,569
(7,869)
378,539
(325)
370,345
397,914
4,738,019
5,135,933

All results relate to continuing activities.

There are no recognised gains or losses other than those shown in the Statement of Financial Activities (2023: none).

The notes on pages 7 to 13 form part of these financial statements.

Page 5

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2024

Note
Fixed asset investments
Unlisted investments
Listed investments
8
Current assets
Bank balance
Cash balances held by Investment Managers
8
Current liabilities
Creditors and accrued charges
10
Net current assets
Net assets
Representing:
Unrestricted funds		 Unrestricted
funds
2024
£
15,000
4,772,352		 Unrestricted
funds
2023
£
15,000
4,395,389
4,787,352
29,211
326,930		 4,410,389
15,124
326,067
356,141
(7,560)		 341,191
(13,561)
348,581 327,630
5,135,933 4,738,019
5,135,933 4,738,019

The financial statements were approved by the Board of Trustees on and signed on their behalf 20/11/2024 by:

J P M Dent Trustee

C S Dent Trustee

L R Dent Trustee

The notes on pages 8 to 14 form part of these financial statements.

Page 6

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

1. General information

The charity's registered office address is Grant Thornton UK LLP, Victoria House, 4[th] Floor, 199 Avebury Boulevard, 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 Charities SORP (FRS 102) (Accounting and Reporting by Charities: 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 financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following the Accounting and Reporting by Charities: 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 issued in October 2019, rather than the Accounting and Reporting Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 date of signing the financial statements. Investment is continuous from the Investment portfolio held with brokers as listed during the year. The trust remains in a positive net position, and accordingly the trustees consider it appropriate for the trust to adopt the 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.

Page 7

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)

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.

(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 and are reviewed annually for impairment.

(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) Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(i) 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).

(j) 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 8

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)

3. Investment income

Investment income is analysed below:

Net income from listed investments
Net income from unlisted investments
Interest on deposits
Irrecoverable tax on investment income		 2024
£
113,467
120,000
13,559
-
247,026		 2023
£
93,441
-
5,939
(2,339)
97,041

4. Investment management costs

Investment management fees – Cazenove
Investment management fees – Julius Baer		 Fees as %
Fees as %
2024
of funds
2023
of funds
£
£
11,860
0.46%
24,408
1.06%
16,201
0.74%
15,713
0.75%
28,061
40,121

5. Grants and donations

Donations have been made in accordance with the Trust Deed. A schedule of donations can be found in note 13.

6. Staff costs

The charity had no employees during the year (2023: none). No employees received emoluments exceeding £60,000 per annum (2023: none).

7. Trustees’ remuneration and expenses

During the year, no trustees received any remuneration or other benefits (2023: none) and no trustees were reimbursed for any expenses (2023: none).

Page 9

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)

8. Investment portfolio

As at 5 April 2024, the investment portfolio comprised a diverse mix of listed equities and securities managed by Cazenove Capital and Julius Baer, and is summarised below:

Cost
Cazenove Capital
£
UK Fixed interest
323,290
Overseas Fixed interest
234,353
UK Equities
183,193
Overseas Equities
1,094,120
Alternatives
391,602
2,226,558
Cost
Julius Baer
£
UK Fixed interest
603,669
UK Equities
649,537
Overseas Equities
683,730
Alternatives
39,401
1,976,337
Total listed equities and securities
4,202,895
Cash balances held by Investment Managers
Cost
£
Cazenove Capital
317,482
Julius Baer
9,448
326,930
Total return on investments – equities,
securities and cash balances		 Cost
£
323,290
234,353
183,193
1,094,120
391,602		 Market
value
£
318,703
216,361
220,934
1,389,795
451,847		 Annual
Yield on
Income
market
(Net)
value
£
%
3,737
1.17%
12,006
5.55%
11,059
5.42%
19,127
1.38%
5,765
1.28%
51,694
Annual
Yield on
Income
market
(Net)
value
£
%
4,092
0.69%
48,653
6.01%
8,848
1.21%
180
0.42%
61,773
113,467
Annual
Yield on
Income
market
(Net)
value
£
%
13,559
4.32%
-
0.00%
13,559
Annual
Yield on
Income
market
(Net)
value
£
%
127,026
2.49%
2,226,558 2,597,640
Cost
£
603,669
649,537
683,730
39,401		 Market
Value
£
593,947
809,893
728,354
42,518
1,976,337 2,174,712
4,202,895 4,772,715
Market
value
£
317,482
9,448
326,930 326,930

Page 10

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)

8. Investment portfolio (continued)

Total investment portfolios held by the Investment Managers

Cost
Cazenove Capital
2,226,558
Julius Baer
1,976,337
4,202,895
An analysis of the investment movement during the year follows:
Julius
Baer
£
Market value at beginning of year
2,095,660
Proceeds of sale
(545,358)
Cost of purchases
555,521
Realised gain/(loss)
480
Change in unrealised gains
68,409
Movement in year
79,052
Market value at end of year
2,174,712
Unrealised gain on foreign exchange
2024
£
Foreign exchange (loss)/gain
(325)		 Cost
2,226,558
1,976,337		 Market
value
2,597,640
2,174,712		 Annual
Income
(Net)
51,694
61,773
113,467
4,202,895 4,772,352
Cazenove
Capital
£
2,299,729		 Total
£
4,395,389
(762,491)
768,784
(7,869)
378,539
376,963
4,772,352
2023
£
10,133
(545,358)
555,521
480
68,409		 (217,133)
213,263
(8,349)
310,130
79,052
2,174,712		 297,911
2,597,640
2024
£
(325)

9. Unrealised gain on foreign exchange

Page 11

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)

10. Creditors and accrued charges

Investment managers’ charges
Independent examiner’s fee
Independent examiner fees
Independent examination
Preparation of accounts
Under accrued fees in prior year
VAT		 2024
£
-
7,560
7,560
2024
£
2,750
3,550
-
1,260
7,560		 2023
£
6,361
7,200
13,561
2023
£
3,250
2,750
6,300
1,200
13,500

11. Independent examiner fees

12. 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.

Page 12

Docusign Envelope ID: 494FBCCD-A4E1-40D7-91FF-A11E3B7BA65F

CRAPS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 (CONTINUED)

13. Donations

For the year ended 5 April 2024 the following amounts were paid as donations:

Charity
Number
Academic Study Group on Israel and the Middle East
1191067
Anglo Israel Association
313523
Ben-Gurion University Foundation
276203
B’nal B’rith Hillel Foundation
313503
The University of Haifa UK
270733
British Friends of the Sarah Herzog Memorial Hospital
1024814
Technion UK
1092207
The Central British Fund for World Jewish Relief
290767
Community Security Trust
1042391
British Emunah Fund
215398
The Foundation and Friends of the Royal Botanic
Gardens, Kew
803428
WIZO.UK
1125012
British Friends of the Hebrew University of Jerusalem
209691
Nightingale Hammerson
207316
The Jerusalem Foundation
258306
Jewish Care
802559
Freedom from Torture
1000340
Motor Neurone Disease Association
294354
The Royal National Theatre
224223
The Prisoners of Conscience Appeal Fund
213766
Norwood Ravenswood
1059050
Save the Children Fund
213890
Shaare Zedek UK
1143272
Shelter, National Campaign for Homeless People
Limited
263710
Friends of The Jerusalem Botanical Gardens
1151347
New Israel Fund
1060081
United Jewish Israel Appeal
1060078
Teach2Teach International
1175660
Total distributions		 2024
2023
£
£
3,000
3,000
1,000
1,000
4,000
4,000
-
1,000
4,000
4,000
4,000
4,000
25,000
25,000
5,000
5,000
1,500
1,500
1,000
1,000
1,000
1,000
16,000
16,000
14,000
14,000
16,000
16,000
13,000
13,000
20,000
20,000
-
3,000
2,000
2,000
1,000
1,000
1,000
2,000
4,000
4,000
2,000
2,000
4,000
4,000
2,000
1,000
16,000
16,000
15,000
13,000
3,000
3,000
5,000
5,000
183,500
185,500

14. Related parties

Craps Charitable Trust and Celus Holdings Limited are related parties because they have common Trustees/Directors. Craps Charitable Trust owns 12% of the ordinary share capital of Celus Holdings Limited, dividends received in the year to 5 April 2024 totalled £120,000 (2023: £Nil).

Page 13