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
FI￿t 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 knO￿edge 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, advan￿ment 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). Char￿a￿e 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 p￿I￿on 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
resc*Jrces.
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 prof￿510￿al revaluation of all the investment properties was Ca￿led at by RICS
Registered Valuers. The valuation figures are based on opEn market value assessed in accordance with the RICS
Valuation Current Glo￿1 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 organiSat￿nS 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 Re*rves of the Charity and are t￿51dered
to be adequate and will be revlewed periodically by the Trustees.
The trustees hève reviewed the cashffow projettiDns of the charfty and given the t*ojected 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 donat￿￿5 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-Ma￿ng 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 fl￿￿cIal Instruments In order to achieve th￿e maln 0￿e¢t1Ve$ belng-
al to finance Its op￿at1)n5'
b) to manage ts eXp(￿ure Interest and ojrrency risks arilng from operat[0￿ and from swrces of finance,. a￿1
c) for generatlng funds.
In addittr)n varfous financkl Instruments le.9. trade debtors, trade crethtors, xcruals and p￿payrnents) dI￿tlY
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 c￿dIt 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 ab￿lUte assurantt that maJ¢r ri41s have been
adequately managed.
STATEMENT OF TRVSfÉES' RESPONSIBILTfiES
The trustees are reswnslble for preparlng the Repxt of the Tru*ees and the flnandal siatements in accordan￿
appSKable law and ilniled Klng&¥tn A￿ouF￿lng StsndJrd5 (Unlted Klngdom Genffally Ar£eptÈd Attoun￿ng Practtce).
The law ap￿[rable lo charitie5 in England and Wale5. the Chaities ALt 2011, Charfty (Accounts and Rey)rts) Reglt[a￿0ll$
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 sUlta￿e accountlng pollaes and then apply them conslsteTrtly:
observe the method5 and wlnclples ln the CharEty SORP,.
makeludgements and &5timate5 that are reasonable and prnd￿t,'
State whether appllcable ac£ountlng standards have been followed, subjert to any materlal departures dlsdo*d and
explained In the financi41 statements,.
prepare the flnancLIl ststements Dn the golng concern ba￿S unless It Is Inapproprfale to presume Ihat the charlty wlll
ontinue In bu5Ine$5.
The trustees are reswns￿ble for keeplng proper accountlng record5 whlch dlsclose w]th reasonable accuracy at any tlme
the flnan£l)I wsilion of the charity and to enable them to enwre that the flnanclal Sta￿ments compty with the Cha￿t￿5
Act 2011, the Charlty (Accounts and Report5) Regulatlon$ 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 con￿rn basis of accountlng
in the p￿paratIOn 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 con￿r￿ for a
I￿riOd of at lea51 twelve months from when the financial statements are 3Uthorised for i55ue.
Our ￿pOnsIbIlItIeS and the respDnsbili￿eS of the tNstees with respect to going con￿rn 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, ex￿pt 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 con￿M, disclosing, as applicable, matters rdated to going concern and using the going cOn￿M 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 Pr￿ed￿re5 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 prO￿dureS 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 legI￿atIon. 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 prO￿￿reS 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 balafi￿S 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 reSpOn￿bIlItIeS 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 purp￿eS
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 re￿IVed
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 pro￿￿ed byllused inl financ￿ng 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 re￿IVed
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
ex￿ptIOn 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
de￿rtUre 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
Un￿rtaIntleS 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 aS￿SSMent 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
Un￿rtaIntleS about the trust's ability to continue as a going concem, thus they continue tcb adopt the going
con￿rrI basis of accounting in preparin9 the financlal statefflents.
As part of the trustees, assessment of going cOn￿rn, 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 a￿￿￿ptIon 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 SU￿able 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 condI￿OnS 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 0￿e 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 constrl￿tIve obllgation
at the year end.
Charitable commltments are dereccyjnised when the charty's contractual obligations are discharged or can￿lled.
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
ex￿ndit￿re that is dbrertty attributable to bringing the asset to the l¢xatlon and Cond1￿0￿ 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 ar￿Unt 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 eX￿edS the recoverable amount, the asset is
Impaired a￿dIngly. Piior impairments are also reviewed for possible reve￿1 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 as￿5 or groups of asse
Investmènt property
Investment properties are properties which are held e￿her to earn rentsl Income or for capital appreciat￿n 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 los*s 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 re￿nt 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 dIS￿saIS 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 differen￿S. 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 indu￿ve 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 eXpend￿ure
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 llatxl￿Y 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 reC￿niSed 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 Em￿1rment 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
C￿sidered 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 per￿d5.
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 I￿rOllO 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 CUr￿￿t net a￿ets 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, pa￿cU￿rIY 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
cR￿IcAL 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 ￿tiMat￿n 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 le￿1Ved
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 serv1￿5
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 F￿r 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 numI￿r 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 r￿ulted 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 hIst￿ICal cost.
15. FIXED ASSET INvE￿mENTs
Unlisted
investments
VALUATION
At l July 2023 and 30 June 2024
VALUATION
At 30 lune 2024
At 30 June 2023
There no investment assets out￿de 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 r￿tated
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 ￿$tated
Bank loans
21032 319
14 019 477
Bank103ns are secured by charyes over the Charlty's investment properties and bear inter￿t at varlable rates.
23.
MOVEMENTIN FUNDS
Net
movement
In funds
At
30.6.24
At 1.7.23
Unrestricted fund$
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
Resour￿5
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
R￿Qu[
resources
expended
Gains and
losses
MOvem￿t
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 servi￿5 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
t￿rIng 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 IN￿R￿mENTs
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