**Charity number: 271492**
## **CRAPS CHARITABLE TRUST**
## **ANNUAL REPORT**
**FOR THE YEAR ENDED 5 APRIL 2025**
## **CRAPS CHARITABLE TRUST**
||**CONTENTS**||
|---|---|---|
|||Page|
|**Report of the Trustees**||1 - 3|
|**Auditors’ Report**||4 - 7|
|**Statement of Financial Activities**||8|
|**Balance Sheet**||9|
|**Notes to the Financial Statements**||10 - 16|
## **CRAPS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
The Trustees present an annual report and financial statements for the year ended 5 April 2025. 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 **Auditors** Saffery LLP Westpoint, Peterborough Business Park Lynch Wood Peterborough PE2 6FZ **Investment Advisers** Cazenove Capital 1 London Wall Place London, EC2Y 5AU Julius Baer 20-23 Greville Street London, EC1N 8SS
## **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
## **CRAPS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
## **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 2025 was 2.67%.
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 2025 total income was £258,889 compared with £247,026 in the previous year.
Donations of £185,500 were made in the year (2024: £183,500). 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 2025 shows net assets of £5,117,103 and comprises the listed investment portfolio at its year-end market value of £4,666,504, unlisted investments at cost of £15,000 and net current assets of £435,599, chiefly cash. The accounts include unrealised investment losses of £64,747 in the year, compared to unrealised gains of £378,539 during the period to 5 April 2024. Realised investment gains for the year totalled £3,354, compared to losses of £7,869 in the prior year.
At the year end the charity held reserves totalling £5,117,103 (2024: £5,135,933).
Page 2
## **CRAPS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025**
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS102);
- make judgements and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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.
26/01/2026
Approved by the Trustees on and signed on their behalf by:
Jonathan Dent **J P M Dent Trustee**
Page 3
## **CRAPS CHARITABLE TRUST**
## **AUDITORS’ REPORT FOR THE YEAR ENDED 5 APRIL 2025**
## **Opinion**
We have audited the financial statements of Craps Charitable Trust for the year ended 5 April 2025 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including 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:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2025 and of its incoming resources 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 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**
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.
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.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we
Page 4
## **CRAPS CHARITABLE TRUST**
## **AUDITORS’ REPORT FOR THE YEAR ENDED 5 APRIL 2025**
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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or
- the charity has not kept sufficient accounting records; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
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 and for being satisfied that they 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.
## **Auditors’ responsibilities for the audit of the financial statements**
We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations
made under that Act.
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 auditors’ 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.
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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Page 5
## **CRAPS CHARITABLE TRUST**
## **AUDITORS’ REPORT FOR THE YEAR ENDED 5 APRIL 2025**
## Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updating our understanding of the sector in which the charity operates.
Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Page 6
## **CRAPS CHARITABLE TRUST**
## **AUDITORS’ REPORT FOR THE YEAR ENDED 5 APRIL 2025**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the 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 the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Gareth Norris FCA Senior Statutory Auditor
for and on behalf of Saffery LLP
Statutory Auditors
Westpoint Peterborough Business Park Lynch Wood Peterborough PE2 6FZ
## 26/01/2026 Date:
Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
Page 7
## **CRAPS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025**
|**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
Audit and accountancy fees
11
Other expenditure
**Total expenditure**
**Net income before (losses)/gains on investments**
**(Losses)/gains on investments**
Realised gains/(losses) on investments
8
Unrealised (losses)/gains on investments
8
Unrealised (losses) on foreign exchange
9
**Net movement in funds**
**Fund balances brought forward at 6 April 2024**
**Fund balances carried forward at 5 April 2025**|**Unrestricted**
**funds**
**2025**
**£**
**258,889**|Unrestricted
funds
2024
£
247,026
247,026
(28,061)
(183,500)
(7,560)
(336)|
|---|---|---|
||**258,889**||
||**(16,974)**
**(185,500)**
**(13,380)**
**-**||
||**(215,854)**|(219,457)
27,569
(7,869)
378,539
(325)
370,345
397,914
4,738,019
5,135,933|
||**43,035**||
||**3,354**
**(64,747)**
**(472)**||
||**(61,865)**
**(18,830)**
**5,135,933**||
||**5,117,103**||
All results relate to continuing activities.
There are no recognised gains or losses other than those shown in the Statement of Financial Activities (2024: none).
The notes on pages 10 to 16 form part of these financial statements.
Page 8
## **CRAPS CHARITABLE TRUST**
## **BALANCE SHEET AS AT 5 APRIL 2025**
|**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**
**2025**
**£**
**15,000**
**4,666,504**|Unrestricted
funds
2024
£
15,000
4,772,352|
|---|---|---|
||**4,681,504**
**44,043**
**404,936**|4,787,352
29,211
326,930|
||**448,979**
**(13,380)**|356,141
(7,560)|
||**435,599**|348,581|
||**5,117,103**|5,135,933|
||**5,117,103**|5,135,933|
The financial statements were approved by the Board of Trustees on and signed on their behalf 26/01/2026 by:
Jonathan Dent 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
## **CRAPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025**
## **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 10
## **CRAPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (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 reliability. 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 11
## **CRAPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)**
## **3. Investment income**
Investment income is analysed below:
|Net income from listed investments
Net income from unlisted investments
Interest on deposits|**2025**
**£**
**119,810**
**120,000**
**19,079**
**258,889**|2024
£
113,467
120,000
13,559|
|---|---|---|
|||247,026|
## **4. Investment management costs**
|Investment management fees – Cazenove
Investment management fees – Julius Baer|**Fees as %**
Fees as %
**2025**
**of funds**
2024
of funds
**£**
£
**-**
**0.00%**
11,860
0.46%
**16,974**
**0.80%**
16,201
0.74%
**16,974**
28,061|
|---|---|
## **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 (2024: none). No employees received emoluments exceeding £60,000 per annum (2024: none).
## **7. Trustees’ remuneration and expenses**
During the year, no trustees received any remuneration or other benefits (2024: none) and no trustees were reimbursed for any expenses (2024: none).
Page 12
## **CRAPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)**
## **8. Investment portfolio**
As at 5 April 2025, 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
333,361
Overseas Fixed interest
197,860
UK Equities
216,684
Overseas Equities
1,102,996
Alternatives
391,602
2,242,503
**Cost**
**Julius Baer**
**£**
UK Fixed interest
610,540
UK Equities
612,176
Overseas Equities
680,419
Alternatives
74,380
1,977,515
**Total listed equities and securities**
4,220,018
Cash balances held by Investment Managers
**Cost**
**£**
Cazenove Capital
380,867
Julius Baer
24,069
404,936
**Total return on investments – equities,**
**securities and cash balances**|**Cost**
**£**
333,361
197,860
216,684
1,102,996
391,602|**Market**
**value**
**£**
335,917
185,185
243,998
1,272,137
505,017|**Annual**
**Yield on**
**Income**
**market**
**(Net)**
**value**
**£**
**%**
3,017
0.90%
11,466
6.19%
11,448
4.69%
19,451
1.53%
7,254
1.44%
52,636
**Annual**
**Yield on**
**Income**
**market**
**(Net)**
**value**
**£**
**%**
17,690
2.88%
30,067
3.73%
19,417
3.17%
-
0.00%
67,174
119,810
**Annual**
**Yield on**
**Income**
**market**
**(Net)**
**value**
**£**
**%**
15,641
4.11%
-
0.00%
15,641
**Annual**
**Yield on**
**Income**
**market**
**(Net)**
**value**
**£**
**%**
**135,451**
**2.67%**|
|---|---|---|---|
||2,242,503|2,542,254||
||**Cost**
**£**
610,540
612,176
680,419
74,380|**Market**
**Value**
**£**
613,164
806,533
612,949
91,604||
||1,977,515|2,124,250||
||4,220,018|4,666,504||
|||**Market**
**value**
**£**
380,867
24,069||
||404,936|404,936||
|||||
Page 13
## **CRAPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)**
## **8. Investment portfolio (continued)**
## **Total investment portfolios held by the Investment Managers**
|**Cost**
Cazenove Capital
**2,242,503**
Julius Baer
**1,977,515**
**4,220,018**
An analysis of the investment movement during the year follows:
**Julius**
**Baer**
**£**
Market value at beginning of year
2,174,712
Proceeds of sale
(637,154)
Cost of purchases
613,108
Realised (loss)/gain
(10,370)
Unrealised (losses)/gains
(16,046)
Movement in year
(50,462)
Market value at end of year
**2,124,250**
**9.**
**Unrealised gain on foreign exchange**
**2025**
**£**
Foreign exchange (loss)/gain
**(472)**|**Cost**
**2,242,503**
**1,977,515**|**Market**
**value**
**2,542,254**
**2,124,250**|**Annual**
**Income**
**(Net)**
**52,636**
**67,174**
**119,810**|
|---|---|---|---|
||**4,220,018**|**4,666,504**||
|||**Cazenove**
**Capital**
**£**
2,597,640|**Total**
**£**
4,772,352
(1,039,305)
994,850
3,354
(64,747)
(105,848)
**4,666,504**
2024
£
(325)|
||(637,154)
613,108
(10,370)
(16,046)|(402,151)
381,742
13,724
(48,701)||
||(50,462)
**2,124,250**|(55,386)
**2,542,254**||
||**2025**
**£**
**(472)**|||
Page 14
**CRAPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)**
|**10.**
**Creditors and accrued charges**
Audit and accountancy fees
**11.**
**Audit and accountancy fees**
Auditors’ fees
Independent examination
Preparation of accounts
VAT|**2025**
**£**
**13,380**
**13,380**
**2025**
**£**
**7,500**
**-**
**3,650**
**2,230**
**13,380**|2024
£
7,560|
|---|---|---|
|||7,560|
|||2024
£
**-**
2,750
3,550
1,260|
|||7,560|
## **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 15
## **CRAPS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025 (CONTINUED)**
## **13. Donations**
For the year ended 5 April 2025 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
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
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
Refugee Action
283660
**Total distributions**|**2025**
2024
**£**
£
**3,000**
3,000
**-**
1,000
**4,000**
4,000
**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
**2,000**
2,000
**1,000**
1,000
**1,000**
1,000
**4,000**
4,000
**2,000**
2,000
**4,000**
4,000
**2,000**
2,000
**18,000**
16,000
**15,000**
15,000
**3,000**
3,000
**5,000**
5,000
**1,000**
-|
|---|---|
||**185,500**
183,500|
## **14. Related parties**
Craps Charitable Trust and Celus Holdings are related parties by virtue of the Trustees of Craps Charitable Trust all being directors and shareholders of Celus Holdings Limited. Craps Charitable Trust owns 12% of the ordinary share capital of Celus Holdings Limited, dividends received in the year to 5 April 2025 totalled £120,000 (2024: £120,000).
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## Audit Log
## Document
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Title CRAPS Charitable Trust 2025 19 Jan 26
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Status Signed
Sender Tylar Hughes (tylar.hughes@saffery.com)
Organisation Saffery LLP
Dept/Business Saffery LLP
PDF Certi�ed True
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## Recipients
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Name Email Role Authentication Sign time
Jonathan Dent dent.jpm@gmail.com Signer Email Mon, 26 Jan 2026 17:13:56 +0000
Louia Dent louisadent@gmail.com Signer Email Mon, 26 Jan 2026 17:53:29 +0000
Caroline Dent cdent1@icloud.com Signer Email Mon, 26 Jan 2026 18:11:14 +0000
Saffery LLP Gareth.Norris@saffery.com Signer Email Mon, 26 Jan 2026 18:30:39 +0000
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