REGIsfERED CHARITY NUMBER: 276441 Report of the Trustees and Finanaal Ststements for the Year Ended 30 June 2024 RACHEL CHARrrABLE TRUST Melinek Flne LLP Charte¥ed Accountants Statutory Auditors First Floor, Winston Hou 349 Regents Park Road LDndon N3 IDH
RACHEL CHARITABLE TRUST Contents of the Finaniial Ststements FOR THE YEAR ENDED 30 JUNE 2024 Page Reference and Admlni5tratlve Details Report of the TNstees 2 to 4 Report of the Independent Auditors ststement of Financl?l Activities Balance Sheet io Cash Flow Statement li Notes to the Cash Flow Statement 12 Notes to the Flnancial Statements 13 to 24
RACHEL CHARITABLE TRUST Reference and Administrative Detalls FOR THE YEARENDED 30 JUNE 2024 TRUSTEES LNoe SDNoe S Kanter SMNoe A Karsberg (appointed 22.1.24) CHA SECRETARY R Chalk PRINCIPAL ADDRESS 2nd Flwr, The Hide 3 Kingly Court Londorb WIB 5PW REGXSTERED CHARITY NUMBER 276441 (England and Wales) AUDITORS Mdinek Flne LLP Chartered Accountants statutory Auditors FIt Floor, Winston Hovse 349 Regents Park Road London N3 IDH SOLICITORS Fladgate LLP 16 Great Queen Street London WC2B 5DG BANKERS Metro Bank I Southampton Row Lorsdon WCEB SHA Page I
RACHEL CHARITABLE TRUST Report of the Trustees FOR THE YEAR ENDED 30 JUNE 2024 The trustees present their report with the financial statemerits of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accounting and Reporting by Charlties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporknng Standard applicable In UK and Republic of Ireland {FRS 1021 (effettlve l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The charity was established for general charitable purpose and in particular for the relief of tx)verty and the advancement of rellgknn and religlous education. Aims, Objectlves and Activitie5 for Public Bettafit The trustees confirm that they have referred to the gUIdan contained in the a)aity Commission's general guidance on public benefit when rev5ewing the charlty's aims and objectives and in planning future attivities. The tfUStees identify institth'ons and organi5abons which meet its abtrve charltable objects alld regularly supFort a number of these Institutions and organi5ations, not only in England but also worldwide. In doing so the tharity has complied wlth its duty to att for the public benefit in accordan with Secknon 4 of the Charities Act 2006. The organisations and in5titutlons which are regularly supported by Rad)el Charitable Trust are growlng and thu5 there Is a continual call for support. Giantmaking The Charity makes Grants and Donations to Colleges and Institutions for tho advancement of religion and education and to Institutions for the relief of poverty in accordance wtih the Charity'5 ob3ective5. The reapient InstituUons are based both in the United Klngdom and abroad. In making Grants and Oonations, the Trustees use their personal knOedge r)f the Instituknon, Its representatives, operational efflciency and putatiOn. The Trustees monitor the appllcabon of the Grants and Donatlons by meeting wlth representstives of the Ir)stitutions and oblainlng information a5 to the utillsation of funds. All applicatK>ns for grants are reviewed by the trustees and cDnsidered for approval at trusteeg meetings. ACHIEVEMENT AND PERFORMANCE Charitable activities The main areas of charitable activity are the provlsion of financial support to organisations engagirvj In religious education, advanment of religlon and phllanthroplc ald to the needy. Charitsble distrtbutions were funded from current year incoming resources. Durlng the year, £2,318,752 {2023:£3,571,329) was made In lurtherance of the charity's objeLtlves. Over 70 institution5 and olganisation were the recipients of the above donations. FINANCIAL REVIEW Financial position The charity is dependent on income from investments and vtsluntary donatlons. Movanent in investment properties dur¢ng the year was an increase of £11,073,000. Investment income in the year was [2,759.549 (2023'.£3,966,015) and voluntsry ¢Jonation income in the year was £5,577,939 {2023:£643,916}. Expendlture before charitsble donahons for the year was £1,452,518 {2023'.£1,099,228). Charae donations in the year was £2,318,752 (2023-£3,571,3291. Net Income before gains and losses on investments in the year was a surplu5 of £4,566,21812023'.£60,626 deficit). Loss on revaluation Df investfflent propethe5 in the year was £2,784,431 {2023:£1,042,448). Paoe 2
RACHEL CHARXTABLE TRUST Report of the Trustees FOR THE YEAR ENDED 30 JIJNE 2024 FINANCIAL REVIEW Investmènt policy and obje¢tlves In COrdanCe with the trust deed, the charty has the wwer to make any investments which the tm5tees consider appropriate. The Trustees wk investments whsch, over a medium term, are anticipated to generate a dependable fiow of Income coupled wth capital growth.The trustee5 regularly review the charfty's pIon and needs In respect of the investment policy. The charity plans to u)ntlnue the attlvities outlined above in the forthcoming years subject to satisfartory incoming rescJrces. Investment The Charity's investment properties are included in the Balan Sheet at fair value, as fully disclosed in Note 16 to the Financial Statements. An independent prof510al revaluation of all the investment properties was Caled at by RICS Registered Valuers. The valuation figures are based on opEn market value assessed in accordance with the RICS Valuation Current Glo1 Standards (incorporating the International Valuatlon Standards). Reserves pollcy The Charity Is required to maintsin Reserves In order to ensure th it is in a posSt6w to continue its grant-making activtties and cover contlngenues of additlonal calls being made upon the Charity for support of organiSatnS or institutbons In tirnes of need. Consequently, the Trustees consider it appropriate to malntain 'Free ReseNes' at a level which 11 not impir¥Je on it5 ablllty to support Charitable Institutions. At 3Q June 2024, the charity has total funds of £27,299,038. These funds include £2,747,QOI deficit which arises from the revaluation of the tharity's inveslments. Con5equentlyi the Charlty has reserves of £27,269,038 after maknng allowances for reseNes not readily available. These reserves include the Free Rerves of the Charity and are t51dered to be adequate and will be revlewed periodically by the Trustees. The trustees hève reviewed the cashffow projettiDns of the charfty and given the tojected flow of rental and other income the charity has sufflcjent cash to meets ts commitments as they fall due. Key Performance Indlcators (KP15) The Trustees monltor the Charity's performan progre55 against strategic objecdves and the flnancial performan of its operatiorTrs on a regular ba515. Performantr is assessed against the strategy and expettations using financial and non-financial measures. The most significdnt KPES used by the Charlty are as follows.. 2024 £2.3million £l.Imlllion £O.Imilllon £46.5million 2023 £3.6mlllion £lmillion El.9mS11ion £35.4million Grdnts and donat5 paid out Net rental income Diwdend Income Investment property at falr value FUTURE PLANS The charity's strategy is to manage its Investments over the long term to produ a sustalnable income stream to fund future grant-Mang actyvity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document T* organlsation is goverlled by a Trust Deed dated 9 July 1978 as amended by Deed dated 27 Oct(A)er 1998, as amended by Deeds dated 30 April 2001. Recruitment and appolntment of new trustee5 The organisation is run by the trustees who do not receive any remuneration In their capacity as trustees. The statutory power of appointing new trustees or a new trustee Ss exercisable by the trustees during their joint Ilves and thereafter by the survivor of them. New Trustees are indurted into the workings of the Charity by the exl#ing Trustees. Page 3
RACHEL CHARrrABLE TRUST Report of the Tvusteos FOR THE YEAR ENDED 30 JUNE 2024 STRUCTURi GOVERNANCE AND MANAGEMENT Rlsk mana9ement The IriJst&8 have Idenufied and revlewed the major iisks to wh1ch the Trust Is exposed, In partlcul4r those reEated to the operat10Th5 and finance of the Trust, and are sallsfied that systems are In place to mitigate those rlsks. Flnanclal Rlsk mpnogemwnt and PDIiciès The charlty holds or Issues flcIal Instruments In order to achieve the maln 0e¢t1Ve$ belng- al to finance Its opat1)n5' b) to manage ts eXp(ure Interest and ojrrency risks arilng from operat[0 and from swrces of finance,. a1 c) for generatlng funds. In addittr)n varfous financkl Instruments le.9. trade debtors, trade crethtors, xcruals and ppayrnents) dItlY from the ¢harWs opewatEon& Cr•dlt rlsks The charity Tnonttors Cred rtsk cltisely and conslders that its ciimt polldes of credit risk Checks meets its obJ¢rtlve5 of managlng exposure to cdIt r15k, Tre charlty has no slgnlflcant concentraUon5 of credlt Nsks. Amounts Shown In the balan sheet represent the maxirnum Cred exp09Jre Sn the event othe¥ Y4rtI fail to perfortn Ihelr obllgauons under the finandal Instruments Indudlng charltaNe loans that are rnade in the furtherance of charltsble obJertfv&s. xt is reEognlwl that syslems can onty provlde r¢asonabFe but not ablUte assurantt that maJ¢r ri41s have been adequately managed. STATEMENT OF TRVSfÉES' RESPONSIBILTfiES The trustees are reswnslble for preparlng the Repxt of the Truees and the flnandal siatements in accordan appSKable law and ilniled Klng&¥tn AouFlng StsndJrd5 (Unlted Klngdom Genffally Ar£eptÈd Attounng Practtce). The law ap[rable lo charitie5 in England and Wale5. the Chaities ALt 2011, Charfty (Accounts and Rey)rts) Reglt[a0ll$ 2DOB and the provlslons of the trust d&d requlres the trustees to preparè flnanclal statemertts for eath flnanclal year which give a true and falr vlew of the state of affalr5 of the charity and ol the Incomlng resour and appllcatlon of re50urce5, Includlng the IncA)me and expendlture, of thé tharity for that rknd. In preparlng thtsse fjnanclal sfaternents, the trustees a requlred to select sUltae accountlng pollaes and then apply them conslsteTrtly: observe the method5 and wlnclples ln the CharEty SORP,. makeludgements and &5timate5 that are reasonable and prndt,' State whether appllcable ac£ountlng standards have been followed, subjert to any materlal departures dlsdod and explained In the financi41 statements,. prepare the flnancLIl ststements Dn the golng concern baS unless It Is Inapproprfale to presume Ihat the charlty wlll ontinue In bu5Ine$5. The trustees are reswnsble for keeplng proper accountlng record5 whlch dlsclose w]th reasonable accuracy at any tlme the flnan£l)I wsilion of the charity and to enable them to enwre that the flnanclal Staments compty with the Chat5 Act 2011, the Charlty (Accounts and Report5) Regulatlon$ 2008 and the provlslons of the twst deed. They are also responsible for safeguardlng the assets of the charlty hence for taklng reasonable steps for the preventbn and detttNcm rf fraud and othèr Irwularftle& Approved by order the board ¢Atrustees on ....... . sioned on ts behalf by.. L Noe- Trustee Page 4
Report of the lrtdependent Audit(¥rs to the Trustees of Rachel Charltable Trust Oplnion We have audited the financial statements of Rachel Charitsble Trust (the 'charity'l for the year ended 30 lune 2024 which comprise the Statement of Financlal Activities, the Balance Sheet, the Cash Flow Statement ènd notes to the financh31 staternenls, including a summary of 5igniflcant accounting policies. The financlal reporting framework that has been applied in their preparation 15 aptdicable law and United Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting practi). In our op¢nK)n the finanaal statements: give a true and fair view of the slate of the tharity's affairs as at 30 June 2024 and of lts Incoming resDurce5 and appllcation of resourtrs, for the year then ended; have been pmperly prepared in accordance with United Kingdom Generally Ar£epted Accounting Prartice; and have be prepared In accordance with the requirements of the Charitles Act 201L. Basis for opinion We conducted our audit in accordance wth International Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibllities under th0 standards are further descrtbed iti the Auditors, re5POll5ibilities for the audlt of the financial statements section of our report. We are independent or the Charity in accordan with the ethical repuirements that are relevant to our audit of the fit)andal staternents in the UK, includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities accordan with these requirements. We bdleve that the audit evhlence we have obtained is sufficient and approwlate to provide a basis for our opinion. Conclusions rolatlrtg to going concern In audlting the financial ststements, we have concluded that the trustees, use of the golng conrn basis of accountlng in the pparatIOn of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any materlal uncethinties relating to events or condltlons th6t, Individually or collertively, may cast agnificant doubt on the charlty's ability to ntInue as a goir¥J conr for a IriOd of at lea51 twelve months from when the financial statements are 3Uthorised for i55ue. Our pOnsIbIlItIeS and the respDnsbilieS of the tNstees with respect to going conrn are descriLkd In the relevant sections of this report. other informatlon The trustee5 are responsible for the other informatlon. The other infomabon comprises the inf(>mation included in the Annual Report, other than the financlal statements and our Report of the Independent Auditors thereon. Our oplnlon on the financlal statements doe5 not cover the other information and, expt to the extent otheNAse explicitly stated in our report, we do nc>t presS any form of assurance conclulon thereon. In connection with our ?udit of the flnancial statements, our responslbility is to read the other information and, in doirKJ so, consider whether the other information is materially Snconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we Identify suth rnaterlal incon5iStencies or apparent Thaterlal misstatements, we are required tt> determine whether thi5 gives rise to a materlal misstaternent in the financial statements thomselves. If, based on the work we have performed, we conclude that there is a materlal misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. M74tters on which we aTe requlred to report by exception We have nothing to report in respect of the following matters where the Charlties (Accounts and Report5) Regulatk>ns 2008 requires us to pOrt tD you if, in our op1nlon: the information given in the Report of the Trustees Is inconsistent In any materlal respect wlth the finanaal tements,. tsr suffiaent accounttng records have not been kept- or the financi31 statements are not In agreement with the 3ccounting re¢dS and returns. or we have not received all the inft)rmation and explanations we require for our audit. Page 5
Report of the Independent Auditor5 to the Trustees of Rachel tharitable Trust Rèsponsibilities of trustees As explained more fully In the Statement tsf Trustees, RespDn5ibilltSes, the trustees are responsible for the preparatlon of the financial Statements which give a true and fair view, and ft>r sud) Internal control as the trustees determine Is nece55ary to enable the preparation of financial statements that are free from materlal mlsstatement, whether due to fraud or error. In preparing the financial statements, the tNslee5 are responsible for assessing the charity's ability to continue as going conM, disclosing, as applicable, matters rdated to going concern and using the going cOnM basis of accounting unless the trustees elther intend to Ilquidate the charity or to cea* operations, or have no reallstic alternative but to do so. Page 6
Report of the Independent Auditois to the Trustees of Rachel Charitable Trust Our Yesponsibilities for the audlt of the Ilnancial statements We have been appolnted as auditors under Sect 144 of the Charities Art 2011 and report In ?ccordance with the Art and relevant regulations made or havlng effect thereuTrdei. Our objeLtive5 are to obtain reasc>nable assurance aboui whether the financlal statements as a whole are free from material mi55tstement, whether due to frnud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance Is a high level of aswrance, but is not a guarantee that an audit conducted in accordance wSth ISAS (UK) will always detect a material misstatement when it exists. Missiatements can arise from fraud or error and are considered materlal if, individually or in the aggregate, they could reasonably be expetted to influence the economic decisions Df users tsken on the basis of these financial statements. The extent to whlch our Predre5 are capable of detecting irregulahtles, including fraud is detailed below: We identified areas of laws and r4ulations that could reasonably expected to have a material effect on the financial statements from our.. general commerdal and sector experience; through verbal and written communications with trustees and other management,. and via inspection of the charity'5 regulatory and legal correspondence. We discussed with those charged w5th trustees and other management the polldes and procedures regardlng Complian wlth18ws and regulation5. We communicated identified law5 and regulatson5 to our team and remained alert trTr any indicators of Tron-compliance throughout the awjit, we al specifically considered where and how fraud may occur within the charity. The potentlal effert of these laws and regulations on the financial statements varies consideratAy. -Fir5tlyi the charity is sublett to law5 and regulations that directly affert the finanaal statements, including- the charity's constitution, relevant finanaal reporJng stsndards,. charity law; tax legislation and we assessed the extent of Complian with thes& laws and regulations as part of our prOdureS on the related financlal ststement items. Secondly the charity 15 subject to many other laws and regulations where the Consequen of FK)n-compliance could have a matsrial effett on the amounts or disclosures in the financial statements, for Instance through the ifflposltion of flnes and penalties, or through Iosges arising from litigation. We identlfied the following areas as those most likely to have such an affett: tenants and landtord acts; health and safety legIatIon. data protectlon legislation; anti-brlbery and corruptlon leg151ation. InternatSonal Standards on Auditing (UK) limlt the required procedures to Identify non-complian with th&e laws and regulations, and no prOreS over and above those already noted are required. The* 1Smited procedures did not Identify any actual 5uspetted non-complian with laws and regulatiDns that could have B materkil impart on the financki1 statements. In relatlon to fraud, we performa the following Spec1 procedures in addibon to those already noted.. -Challengillg assumpttons made by management In its significant accounting esknmate5. -Identifylng and testing journal entries during the perlod and post balance sheet date, in particular any entries posted with unusual nominal ledger account combinatlonsj journal entries creditirvJ cash or any revenue account, jDurnal entries po&ed by sentor management. -PerForming analytical procedures to identify unexperted rnovements in account balafiS which may be indicative of -Ensu¥ing that tsstino undertaken on both the statement of finanoal activities and the Balan Sheet Includes a numtkr of items selected on a random basis. These procedures did not identify any actual or susperted fraudulent irregularity that could have a materlal impatt on the financial Statements. Page 7
Report of the Zndependent Auditors to the Trustees of Rachel Charitable Trust Owng to the inherent limitation5 of an audit, therels an unavotdable rlsk that we may not have detected some material mlsstaternents in the financial statements, even though we have properfy planned and perfortlled our audit in ccordance with International Auditing Stsndafd5 (UK}. For example, the further removed non-complbonce wlth laws and regulations Is from the events and transactions reflected in the flnancial statements, the less likely the procedures that we are required to undertske would Sdentify it. In addition, as with any audit, there remain5 a high risk of non-detection of irregularitie5, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the overrwje of Snternal controls. We are not responsible for preventing non-compliance with law5 and regulations or fraud, aftd cannot be expected to detect non-comp1(an wilh all laws and regulations or every inadence of fraud. A further description of our reSpOnbIlItIeS for the audit of the financial statements is located on the Financial Reportlng CouncS1's website at www.frc.org.uklsuditorsresponsibilities. This descrlpUon forms part of our Report of the Independent Auditor5. Use of our report This report is made solely to the charity's tru51ees, as a bodyi in accordance with Part 4 of the Charitses (Accounts and Rq)orts) Regulations 2008. Our audit work l)as been undertaken so that we might state to the charity's trustees those Matters we are required to state to them In an auditors, report and for no other purpose. To the fLillest extent permlLted by law, we do not a(pt or assume responsibility lo anyone other than the charity and the charity's trustees as a bodyj for our audit work, for this report, or for the oplnions we have formed. WIJ p. Melinek Flne LLP Chartered Accountants statutory Auditors Firsi Floor, Winston Hou 349 Regents Park Road London N3 IDH Date.. Pdge 8
RACHEL CHARITABLE TRUST ststement of Flnancial Actlvlttes FOR THE YEAR ENDED 30 JUNE 2024 2024 Unrestrirted lund 2023 Total funds Notes INCOME FROM DonatH)ns 5,577,939 643,916 Investment iKorlle 2 759 549 3 966 015 Total 8 337 488 4 609 931 EXPENDrruRE ON Raisng funds 1,440,5L8 1,087,228 Charitable activitle5 Educatlon and training The advancement of health The prevention and relief of pov Rellglous aLtivities Other charitable purpeS 1,050,954 78,425 242,664 221,029 725,68C 1,430,772 1.150,880 499,196 222,986 267,495 other Totsl 3 771 270 4 670 557 Net ga1nsl{Iw) on investments 2 784 431) 1097 297) NET INCOMEI(EXPENDXTURE) 1,781,787 (1,157,923) RECONCILIAnON OF FUNDS Tcital funds brought foward 25,517,251 26,675,174 TOTAL FUNDS CARIUED FORWARD 27 299 D38 25 517 251 The notes fom part of these financial statements Page 9
KACHEL CH•lRITABLE TRUST B#lance Sheet 30JUNE 2024 2024 Unrestrlcted Fund 2023 Total hJnd5 as r&tated Notes FIXED ASSETS Tanglble assets Inve51ments Investments Investment prop 14 30,OCIO 30,000 15 16 46 500 000 35 427 000 46,530,001 35h57.001 CURRENT ASSETS Dèbt$ Investmefits Cath at bank 17 1,346,373 1,995,000 1276 192 1,172,572 2,060,000 4 437 269 4,617,565 7,669,841 CREDtTORS Amounts falling due wlthin one year 19 {2,558,9591 {2,955.504> NET CURRENT ASSETS 2 058 606 4 714 337 TOTALASSETS LESS CURREPIT LIABILITIES 48,588,607 40,171338 CREDfToRS Arnoullts f4lling due after more than one year 121,289,569) 114,654,087) NET ASSErs 27 299 038 25517 251 FUNDS Unrestrtcted fvrmts 23 27 299 038 25 517 251 TOTAL FUNDS 27 299 038 25 517 251 Th& financla ststement5 were approvèd by the Board of Trust and authgrw for IssL¢e on and were slgned on its behalf by.. L Noe- Trustee The rths form part Of these financlal statem£llis Page 10
RACHEL CHARITABLE TRUST Cash Flow Statement FOR THE YEAR ENDED 30 JIJNE 2024 2024 2023 as restated Notes Cash flows from operating actlvities Qsh generated from otErations 4 295 582 2 160 2901 Net cash provided by/{used In} operating activitbes 4 295 582 2 160 290) Cash flows from investing actlvltles Purchase of inve5ttnent property Sale of fixed asset investsnents Sale of investment property Interest reIVed Dividends recelved (13.857,431) (109,4481 2,774,986 3,850,000 20,234 1862 207 114,403 Net cash Iu5ed in)Iprovided by Investing activitles 13 644 528} Cash flows from flnancing artl¥ltl¢s Proceeds from bvrrowings Loan repayments in year Interest pa 7,412,842 (400,000) 824 973 {1,791,233) 622 290) Net cash proed byllused inl financng aLtiwties 6 187 869 2 413 523) Change in cash and cash equivalents In the reporting period Cash and cash equivalents at the beginning of the reporting period (3,161,077) 3,824,166 4 437 269 613 103 Cosh and cash equivalents at the end of th8 reporting perlod 1276 192 4 437 269 The notes form part of these financial statements Page 11
RACHEL CHARXTABLE TRUST Note5 to the Cash Flow Statement FOR THE YEAR ENDED 30JUNE 2024 RECONCILIATION OF NET INCOMEI{EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 as restated 2024 Net incomel(expenditure) for the reporting perlod las per the statement of Flnanclal Activitles) Adjustments for: Losses on investments Interest recelved Dividends reIVed Interest payable Increase in debtors (Decrease)Ilncrease in credltors 1,781,787 {1,157,923) 2.784,43L 1.097,297 (114,403) {20,234) 198,500) {1,862,2071 824,973 622,290 {108,801) 11,498,591) 773 905) 659 078 Net cash provlded byl(used In) operation5 4 295 582 2 160 2901 ANALYSIS OF CHANGES XN NET DEBT At 1.7.23 Cash flow At 30.6.24 Net cash Cash at bank 4 437 269 3 161 D77) 1276 192 4 437 269 3 1610771 1276 192 Llquid resources Deposits included In 5h Current asset investsnents 2 060 000 L 995 000 65 000) 1995 000 Debt Debts falling due wSthin l year Debts falling due after l year (400,000) (13 619 477 (400,000} 7 012 8421 (20 632 319) Total 7 522 2081 (10 238 9191 {17 761 1271 The notes form part of these financial statements Page 12
RACHEL CHARITABLE TRUST NGte5 to the Flnancial Statements FOR THE YEAR ENDED 30JUNE 2024 ACCOUNTING POLICIES Basls of preparing the flnancial statements The financial statements of the charlty, which is a puLqic benefit entity under FRS 102, have beeri prepared in accordance with the Charities SORP IFRS 102) 'Accounting and Rcwrknng by Ch3r¢(ie5'. Statement of Recommended Practlce applicable to charitie5 preparlng their accoullts in accordan wtih the Financial Reporting Standard èppllcable in the UK and Republic of Ireland (FRS 1021 (effective l January 20191,, Financial Reporting Standard 102 The Financlal Reportlng Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under the hlsiorlcal cost convention, with the exptIOn of investments which are included at market value, a5 modified by the revaluatson of rtsin assets. The flnancial siatements have been prepared to give a 'true and falr, view and have departed from the Charities {Accounts and Reports) Regu13tlons 2008 only to the extcnt required to provide a 'true fairf view. This dertUre has involved f(>llowing the Charitles SORP IFRS102) published in October 2019 rather than the Accounting and Reporting by Charities.. Ststement of Recommended Practice effectwe from l Awil 2005 whkh has Sin been withdrawn. Golng concern The trustees assess whether the use of going concem Is appropriate i.e. whether there are any material UnrtaIntleS related to events or conditlons that may cast significant doubt on the ability of the charftable trust to continue as a going concern. The trust tllake thls aSSSMent In respett of a period of at least one year from the date of authorisation for issue of the financial statements and have ¢onclLJded that the charltable trust has adoquate resources to continue In operational existence for the foreseeable future and there are no material UnrtaIntleS about the trust's ability to continue as a going concem, thus they continue tcb adopt the going conrrI basis of accounting in preparin9 the financlal statefflents. As part of the trustees, assessment of going cOnrn, the trustees have reviewed the cash flow projertions of the charity. In light cif the projetted flow of rental income and the current and future ¢omrnitted support from the charSty's lender, it is the opinion of the trustees, that the charlty has sufficient cash to meet Its commitments as they fall due. Future aptIon continues to be that the income will continue from the charw's investments, and the rlsks a subject to ensuring that lessees continue to be SUable for letting to tenants. Income All income 15 recognised in the income and expenditure when entstlement has passed to the charity, it is probable that the economic benefits a5$0clated with the transaction wll flow to the charity and the amount can be reliab measured. The following speclfic policies are applied to particular categories of income: Income from donattons Is accounted for only when recelved. rental income is recognised on the basls of rental agreement. Interest on funds held on depDSIt Is included when receivable and the amount can measured reliably by the charity,. this 15 normally upon notification of the Interest paid or payable by the bank. Expenditure Liabilities are recoynised as expenditure as S(1n as there Is a legal or constrLfCtive oNlgation commltting the charlty to that expenditure, St is probable that ? transfer of economic benefits will be requlred in settlement and the amount of the obligation can be measured reliably. Expenditure Is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where c05t5 cannot be directly attributed to partKular heading5 they have been allocated to activities on a basis consistent wlth the u* of resources. Grants offered subject to condIOnS which have not been met at the year end date are noted as a commitment but t actrued as expenditure. aritable artlvlttes Grants payable are charged to the income and expenditure 0e the tharity has made a commitment to pay the grant and this has been communicated to the beneficiary or the grant has been pald, whichever is earlier. Page 13 continued...
IiACHEL CHARITABLE TRUST Notes to the Finantial Statements- continued FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES- contlnued Charitable activitles Charitsble commitments are provided for in the finanaal statements if there is a legal or constrltIve obllgation at the year end. Charitable commltments are dereccyjnised when the charty's contractual obligations are discharged or canlled. Governance ¢osts GoverrFance costs include the c05t of the preparation and audit of the financlal statements and the cost of ally legal advice to the trustees on govemance or constitutional matters. Tangible fixed assets Tangible flxed assets are stated at hlsiorical cost le55 any accumulated Impairment Ios5e5. Hi5torlcal c05t includes exnditre that is dbrertty attributable to bringing the asset to the l¢xatlon and Cond10 necessary for it to be capable of operating in the manner intended by management. Galns and losses on disposals are determined by comparlng the proceeds the carrying arUnt and are recognised ith profit or loss. Propert¢es donated to the charity are included at fair value at the date of acqulsltion. No depreciatK>n1s charged on property interest in land. Impalrment of fixed assets A revlew for indicator5 of Impaiment is carried out at each reportlng date, with the recoverable amount LEing estimated where such indicators exist. Where the carrylng value eXedS the recoverable amount, the asset is Impaired adIngly. Piior impairments are also reviewed for possible reve1 at each reporting date. For the purposes of impairment testingi when it is not posslble to estimate the recoverable amount of an individu81 asset, an estimate is made of the recoverable amount Df the ca5h-generating unlt to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the a55et and generates cath inflows that are largety Independent of the cath Inflows from other as5 or groups of asse Investmènt property Investment properties are properties which are held eher to earn rentsl Income or for capital appreciatn or fc both. Investment properties are recognlsed initially at cost. Subsequent to initial recognition.. Investment prowtles are held at fair value. Any g?ins or loss arising from changes in the fair value are recognl*d in the Income and expenditure in the period that they arlse. Investment propety fair value Is based on a valuation by an external, independent valuer, having an appropriate recognised professional qualification and rent expellen In the location and class of property being valued. Any gain orloss arising from a change in tslr value is recognised in the income and expenditure. Acqvisitions and dISsaIS are considered to have taken pla at the date of exchange at¥J are included in the financlal thtements accordingly. Taxatio The charity is exempt from tax on its charitsble activities. The charity 15 not liable to dlrect taxatlon on its income which falls within the various exemptions available to registered charities. As a result nts deferred tax is provided on timlng differenS. The charity is registered for Valuo Added Tax IVATI in respect of its investment properties and therefore 15 able to reclaim any input tax it suffer5 on its property expenses and purchases. ExpendSiure in the accounts other than on Investment property is therefore shown induve of VAT where appropriate. Fund accounting The Charlty currently only has unrestricted funds. Unrestricted funds can be used in accDrdance wlth the charitable obiettlves at the discretlon of the trustees to further any of the d)aiity's purposes. Thls represents the accumulated surplu5 on incorne and eXpendure account and the excess of fair value over the cost of investments. Page 14 o)ntTnued...
RACHEL CHARITABLE TRUST Notes to the Finandal Statements- continued FOR THEYEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES- contlnued Forelgn currencies Assets and Ilabilities in forelgn currencEs are translated into sterling at the rate5 of exchar#Je ruling at the balan sheet date. Transactions in forelgn currencie5 are translated into sterting at the late of exchange rullng at the date of transaction. Exchange differen are taken Into account In arriving at the operating result. Financlal instluments A financial asset or a financial llatxlY Ss recoglli5ed only when the entlty becomes a paity to the c(H)irartual provi&ons of the instrument. Basic financial instruments are initially recognlsed at the arnount receivable or payable includiny any related transaction costs, Lfnless the arrangement COll5titutes a financing trarwcbon, where it is reCniSed at the preserit value of the future payments discounted at 3 markct rate of interest for similar debt instrument. Current assets and current liabilitles are subsequently measured at the cash or other considerat6on expetted to be pald or received and not discounted. DeiÉ Instruments are subsequently rneèsured at amorttsed cost. Where investments in shares or preferen shares are publicly traded or their fair value can otherwise be measured reliably, the investment IS subseqtjently measured at fair value with changes in fair value recogni*d in income and expenditure. Ml other such Investments are subsequently measured at cost less Impairment. Olhcr financial instruments are subsequently measured at fair value, with any thanges rerngnised in income and expenditure. Financlal assets that are measured at cost or amortised cost are reviewed for objective evldence of impairment at the end of each reporting date. If there is objeLtive eviden of impairment, an Em1rment loss is recognised under the approprlate heading in the statement of financial actlvlties in whlch the initial gain was recognised. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAENTY In the appllcation of the company's accounting pollcles, the trusiees art required tt> make judgements, estimates and assumptlons about the carrying amount of assets and liabilitle£ that are not readlly apparent from other sources. The estimates and associated assumptlons are based on hlstorical experlence and other factors that are Csidered to trE rdevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revlslon affeLts only that pe¥iod, or In the period of the revlsion and futlsre periods where the revision affects both current and future perd5. The estimates and assumptions that have a significant risk of USIng a materrdl adjustmejit to the carrylng amounts of assets and liabilities wrfchln the next finanaal year are discussed below. InvestmÈnt properties The valuatlon of the Charfvs investment property IrOllO is inherently subjeciNe, depending on many fartors, including the individual nature of each propety, its location and experted future net rental values, market yields and comparable market transacbons. Theref(>re the valuatSons are subject to a degree of uncertalnly and are made on the basis of assumptions which may not prove to be accurate, paTkncularly in periods of difficult marf(et or economic condltions. All the Charity's investment propertles are valued by external valuers with approprbate quallflcattons and experience. Investments The Charity makes an e5tlmate of the fair value of unlisted investments. When assessing fair value of such investments, management considers fattors Includlng the CUrt net aets and profitability of the investment. Therefore, the valuatlon is subjective to a degree of unc&tainty and is made on the basis of assumptions which may not prove to be accurate, pacUrIY In periods of dSfflcult market or economic conditions. Page 15 contlnued..
RACHEL CHARITABLE TRUST Notes to the Financlal Statements- continued FOR THE YEAR E14DED 30 JUNE 2024 cRIcAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY- continued Debtors Debtr>rs are measured at transattion pr5, less any impairment. Loans re[Vable are measured inltia11y at fair value, net of transaction costs, and are measured subsequently at amortised cost usino the effective interest ethod, less any impairment. The tiMatn of impalrments is such that actual outcomes could differ significantly from those estimates. DONATIONS 2024 2023 Donations 5 577 939 643 916 INVESTMENT INCOME 2024 2023 Rents le1Ved Fixed asset illvestments Deposit account interest 2,546,646 98,500 114 403 2,083,574 1,862,207 2 759 549 3 966 015 RAISING FUNDS Investment managament costs 2024 2023 Management costs Property repairs & maintsnance costs Rates & insuran Legal & professional fees other pc>rtfolio management cost Interest payable & bènk charges Provislon for bad debts 70,194 49,465 73,803 268,520 32,943 824,973 119 620 47,263 48,223 8L,754 269,833 30,593 622,290 12 728) 1440 51B 1087 228 Page 16 contlnued...
RACHEL CHARThABLE TRUST Note5 to the Finan¢lal Statements - continued FOR THE YEAR ENDED 30 JUNE 2024 CHARITABLE ACTIVITIES cosrs The total grant5 made to inskntutions during the year was as follows: 2024 2023 Great Ormond Street Chlldren's Hospital The Kemach Foundatio other donatoons less than £250,0 I,WO,050 690,405 1880 874 329,476 1 989 276 2 318752 3 571329 GRANTS PAYABLE 2024 2023 Education and training The advancement of health The prevelltion and relief of povety Religious activities Other charitable purpc>ses 1,050,954 78,425 242,664 221,029 1,430,772 1,150,880 499,196 222,986 267 495 2 318 752 3 571329 All donat(ons were made to charitable Instltutions whose ob]'ect5 are in line with the objects of the chaTIty. SUPPORT COSTS Governance costs other resouffts expended AUDITORS, REMUNERATXON 2024 2023 Fees payable to the charity's auditois for the audit of the charity's flnancial statements oth non-audlt serv15 Totsl fees payable Page 17 continued...
RACHEL CHARITABLE TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 30 JUNE 2024 io. TRUSTEES, REMUNERATION AND BENEFITS There were no tNstees' rerruneratlon or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. Trustees. expenses There were no trusiees, expen paid for the year ended 30 June 2024 Fr for the year etyled 30 June 2023. ii. STAFF COSTS There were no stsff co&s for the year ended 30 June 2024 nor for the year ended 30 June 2023. The average monthty numIr of empltsyees during the year was O12023'.0). COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIVITIES 12. Unrestricted fund INCOME FROM Donations 643,916 Investment income 3 966 015 Totsl 4 609 931 EXPENDITURE ON Raising fuTkls 1,087,228 Charitable a¢tlvities Educatlon and training The advancement of health The prevention and relief of poverty Religltsus activities other chantable purposes L,430,772 1,150,880 499,196 222,986 267,495 Other Total 4 670 557 Net gainsl(lossesl on Iwestments 1097 297) NET INCOMEI(EXPENDITURE) 11,157,923) RECONCILIATION OF FUNDS Total funds broLJght forward 26,675,174 TOTAL FUNDS CARRIED FORWARD 25 517 251 Page 18 conJnued...
RACHEL CHARITABLE TRUST Notes to the Financial Statements - contlnued FOR THE YEAR ENDED 30 JUNE 2024 13. PRIOR YEAR ADJUSTMENT The charity has previously treated the arrangement fees for mortgages as prepayments and released them on a straight-line basls over the terms of the mortgages. FRS 102 Settion 11 requires that loans are inltially recognised net of the transaction costs (ariangement fees), and then on an amortlsed cost bas15. The trustees have reviewed the historic atment and do not consider that it result5 in a material error regarding the arnount af interest that has been historically recognised, nor the carrying value of ltsan once the prepayment and the loan balan are netted off. The prior year adjustment has rulted in a presentation adjusiment which has resulted in both debtors and creditors in the comparative figures been reduced by £243,161, it has also resulted in this year's debtors and creditors being netted down by £330,319. 14. TANGIBLE FIXED ASSETS Freehold prq)erty COST At l July 2023 and 30 Jus)e 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 The property is held ft)r use by Charity and ts stated at hIstICal cost. 15. FIXED ASSET INvEmENTs Unlisted investments VALUATION At l July 2023 and 30 June 2024 VALUATION At 30 lune 2024 At 30 June 2023 There no investment assets outde the UK. Fixed asset investments cornpri5e share In F&C REtT Club Deals 5 LP valued by the Trustees at thelr falr value bas on the undeilying value of as*ts less liab151ties. 16. INVESTMENT PROPERTY VALUATION At l July 2023 Addition5 Revaluatlon 35,427,000 13,857,431 2 784 431) At 30 June 2024 46 500 000 VALUATION At 30 June 2024 46 500 000 At 30 June 2023 35 427 000 Page 19 continued..
RACHEL CHARITABLE TRUST Notes to the Financial Ststements- continued FOR THE YEAR ENDED 30 JUNE 2024 16. INVESTMENT PROPERTY- contlnued Fair value at 30 June 2024 is represented by.. Valuation in 2019 Valuation in 2020 Valuation In 2021 Valuation In 2022 Valuation in 2023 Valuation In 2024 Cost (1,537,576) 141,127 (93,000) 4,126,780 (1,042,448) 12,784,431} 47 689 548 46 500 000 All Investment propertles are stated at fair value as at 30 June 2024. An Independent professional revaluation of all the Charity's investment propethes was carrled out in the year ended 30 June 2024 by RICS Registered Valuers. The valuation figures are based on tspen market value assessed In accordance with the RICS Valuation Current Global Standards {irtcorw)rating the International Valuatlon Stsndards). The historical cost of the Charitys Investment Propertie5 at 30 June 2024 is £47,689,548 (2023-.£33,832,117). 17. DEBTORS: AMOUNTS FALLING DUE WXTHIN ONE YEAR 2024 2023 as restated Trade debtors Other debtors 159,622 L 186 751 124,134 1048 438 1346 373 1172 572 IncludeA in other deiknrs is an amount of £nil12023'.£57,049) owed by a charity wbth common trustees. 18. CURRENT ASSET INVESTMENTS 2024 2023 other Investments 1995 000 2 060 OLIO Other current assets inve5trnents comprise5 5hare5 In Quay LP (Edinburgh) which are short-temi in nature and a held for short-term galn5. Page 20 continued...
RACHEL CHARITABLE TRUST Notes to the Fjnanclal Statements- continued FOR THE YEAR ENDED 303UNE 2024 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 as restated Bank loan5 and overdrafts {see note 21) Trade credltors Taxation and S(la1 secullty other credito 400,000 32,328 400,000 19,266 67,685 2 468 553 2 126 631 2 558 959 2 955 504 Other credltors include (haritable commitments of £1,271,82312023-£1,709,9871 pledged to be paid within one year. Included In charitsNe commitme¥ts Df £1,271,823 payable within one year are £160,600 {2023.'£449,356) payable to charities with Common trustees. 20. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR 2024 2023 es restated Bank loans {see note 21) other credltors 20,632,319 657 250 13,619,477 1034 610 21289 569 14 654 087 other creditors indude charttable commitments of £657,250 {2023-£1,034,610) edged to be pald after more than one year. 21. LOANS An analys5 of the maturity of loans is given below: 2024 2023 as rtated Amounts falling due withln one year on demand: Bank ltsans 400 000 400 000 Arncwnts falling due in more than five years.. Repayable otherwise than by In#alrnents: Bank loan5 more 5 yrs non-in5tèlment 20 632 319 13 619 477 Page 21 continued...
RACHEL CHARITABLE TRUST Notes to the Hnancial Statements - Continued FOR THE YEAR ENDED 30JUNE 2024 22. SECURED DEBTS The following secured debts are included within creditrbrs.. 2024 2023 as $tated Bank loans 21032 319 14 019 477 Bank103ns are secured by charyes over the Charlty's investment properties and bear intert at varlable rates. 23. MOVEMENTIN FUNDS Net movement In funds At 30.6.24 At 1.7.23 Unrestricted fund$ General fund 25,517,251 1,781,787 27,299,038 TOTAL FUNDS 25 517 251 1781787 27 299 038 Net movement in funds, Included in the above are as follows.. Incoming resources Resour5 expended Gains and losses Movement in funds Unrestricted funds General fund 8,337,488 (3,771,270) (2,784,431) 1,781,787 TOTAL FUNDS 8 337 488 1781787 Comparatives for movement in funds Net rnovement in funds At 30.6.23 At 1.7.22 Unrestrlcted funds General fund 26,675,174 {1,157,923) 25,517,251 TOTAL FUNDS 26 675 174 1157 923) 25 517 251 Comparat4ve net movement In funds, included in the above are as follows- Incoming RQu[ resources expended Gains and losses MOvemt n funds Unrestrlcted funds General fund 4,609,931 (4,670.557) (1,097,297) (1,157,923) TOTAL FUNDS 4 609 931 4 670 557) Page 22 continued..-
RACHEL CHARITABLE TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 30 JUNE 2024 24. RELATED PARTY DISCLOSURES Durlng the year the charity was charged £133,23812023'. £70,504) for legal servi5 charged by Radgate LLP, film In which Mr S Kanter, trustee of the chahty, is a partner. The partnership provided their services at dlscounted charitable rate. The details are as follows: 2024 2023 Investment Management Costs Property salelpurchase 29,569 103 669 60,879 133 238 DLJring the year, the charity paid grants to charitable organisations that have some trustees in comrnon wlth Rachel Charitsble Trust as follows- 2024 2023 The Kemach Foundation Kernach Kldum Miktzoe Charedi Kisharon The Center for Social justl K?nter Jules Charitable Trust United Jewlsh Israel Appeal London School of Jewtsh Studle5 726,375 66,610 69,695 34,950 1,500 105,500 707,062 141,413 30,000 1012 530 886 675 trIng the year, the trustee, Mr L Noe was repaid £nil {2023..£65,000) of hls loan to the charity, further to which he donated £nil12023:£66,300) to the tharity. At the year end amounts Dwing to the trustee was E5,000 12023..£5,000). Included in Donations and Legacles income In the year are £4m (2023- £nil) received from an organisation rdated to the charity tru5Lees. FINANCIAL INRmENTs The canyng amount for eath category of financial instrument is as follows: 2024 2023 Financial assets measured at amortlsed cost Financial assets measured at amortised cost 514 547 5 609 842 Flnancial liabilitie5 measured at amortised cost Flnanchil liabllitles measured at amortbsed cost 23 257 062 17 068 585 Financial assets measured at amortlsed cost are cornpri5ed of trade, other debtors and cash at bank. Financbal liatxlities measured at amortised cost are comprised of trade creditors, other credltors and loans. Page 23 contlnued...
RACHEL CHARXTABLE TRUST Notes to the Financial Statements- continued FOR THE YEAR ENDED 30 JUNE 2024 26. OPERATING LEASE COMMITMENTS As Le550r The total fLrture tllinimum lease payments recelvable under non-cancellaNe operating leases are a5 follows.. There are no contingent rents. 2024 2023 Not later than l year Later than l year and not later than 5 years Later than 5 years 2,434,453 6,706,403 2 492 543 1,633,413 3,834,101 1361590 11633 399 6 829 104 The CharSty has also entered into a number of non-canceltable operating lease5 as lessor fvr which the total future minlmum lease payments are £5,430,962. Lease Income have not been discounted or adjusted for future increa5e5. Page 24