REGISTERED CHARrtY NUMBER.. 276441 REPQRT OF THE TRusfEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 FOR RACHEL CHARITABLE TRUST Melinek Fine LLP Chartered Accountant5 Statutory Auditors Flrst Flix)r, Winston House 349 Regents Park Road London N3 IDH RACHEL CHARITABLE TRUST CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Page Referen￿ and Admini$trativ¢ D¢tail$ Report of the Trustees 2 to 5 Report of the Independent Auditors 6 to 9 statement of Financial Artivities io Balance Sheet li Cash Flow Ststement 12 Notes to the Cash Mow Statement 13 Notes to thè Financial Stat8ments 14 to 24 RACHEL CHARITABLE TRUST REFERENCE AND ADMINISTXATXVE DETAILS FOR THE YEAR ENDED 30 JUNE 2025 TRUSTEES LNoe SDNoe S Kanter SMNoe A Karsberg PRINCIPAL ADDRESS 2nd floor, The H 3 KSngty Court London WIB 5PW REGISTERED CHARITY NUMBER 276441 AUDrroRS Melinek Flne LLP Chartered Accountants staiuttsry Audltors Flrst Floor, Winston Fkju 349 Regents Park Road London N3 IDH SOLIcrroRS Fladgate LLP 16 Great Queen Streel London WC2B SDG BANKERS Metro Bank I Southamptor¢ Row London WCIB SHA CHARITY SECRETARY R Chalk Page I RACHEL CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 The trustees present their report with the financial statements of the charity for the year ended 30 June 2025. The trustees have adopted the provisions of Accounting and Roporting by Charlties: Statement Df Recommended pl￿1ce appllcable to tharities prepii ring theii acc(>unts in accordan￿ with the Financial Reporting Stsndard appllcable In the UK and Republ￿ of Jreland (F￿ 102) (effethve l January 2019). OBJECTIVES AND AcrrvrtlES Objective5 and aims The charity was established for general charftabfe purpose and in particular ft)r the relief of povety aTKI the adVan￿MeTht of religion and relluious ed￿￿tion. Aims, Objectives and Activities for Publlc Benefit The trustees confirm that they have ￿fer￿d to the guidanTr contained In the Charity Commission's general guidance on public benefit when ￿vIeWIng the charlty's aims and objectives and in planning fuiure activities. The trustees identify Institutions and organlsa￿on5 which meet its above charltable objects and regularly 5UPPDrt a number of these institutions and organisations, not only IN England but also worldwide. In doing 50 the charfty has complied with its duty tr) att for the public benefit in accordance with Section 4 of the Charities Act 2006. The organisations and institutlons which are regtjlarly supported by Rachd Charitable Trust are growing and thus there Is a continual call for support. Grantmaking The Charity makes Grants and t)onatlDns to Colleges and Instituts'ons for the advan￿ment of religion and education and to Instttutions for the rellef of poverty in accordan￿ with the Charity's objectives. The recipient Insbtution5 are based both in the United Kingdom and abroad. In making Grants and Donations, the Trustees use their personal knOw￿dge of the InstitUt￿n, its representatlves, operational efficiency and reputation. The Trustees mwitor the application of the Grants and Donatlons by meeting wilh representstives of the Instliutions and obtainlng information as to the utilisation of funds. All applications for grants are reviewed by the trustees and considered for approval at tlusteeg meebng5. ACHIEVEMENTS AND PERFORMANCE Charitable activitie5 The rllain areas of charitable attimty are the provision of financial support to organI5ations engaging in rellglous education, advan￿ment of religion and philènthropic aid to the needy. Charitable distributions were funded from cur￿Trt year incoming resources. During the year, É2,616,428 12D24-£2,318,752) wa5 made in furtheran￿ of the charity's objectwes. Over 70 Insbtutions and organisation were the recipients of the above donations. FINANCIAL REVIEW Financial position The charity 15 dependent on i￿ome from investments and voluntary donation5. Movement in investment prope￿e5 durirbg the year was an increase of £715,000. Investment income In the year was £3,688,788 (2024'.£2,759,5491 and voluntary donation income in the year was £1,669,05012024..£5,577,9391. Expenditure iEfore chafitable donations for the year was £2,417,106 {2024:£1,452,5181. Charltable donation5 in the year was £2,616,428 (2024.'£2,318,752). Net income before gains and losw on Investments in the year was a surplus of £324,3D4 {2024:£4,566,218) Gain on revaluation of Investment properties in the year was £1,256,62412024:£2,784,431 loss). Page 2 RACHEL CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 FINANCIAL REVIEW Investment policy and objectivés In accordance with the trust deed, the charity has the power to make any Investments which the tru*es consider ppropriate. The Trustees seek inve5tmenls which, over a medbum temi, are anticipated to generate a dependable ftow of Income coupled w¢th Cap￿al growth.The trustees regularly review the charlty's position and needs respett of the investment policy. The charity plans to continue the attlvities oudEr￿ above in the forthciwing years subject to satisfactory incoming resources. Investment The Charity's investrnent propertie5 are Included in the Balallce Sheet at fair value, as fully disc105ed in Note 15 to the Flnandal StalEments. An independent professional revaluation of the investment properties was carried out by RICS Registered Valuers on a selection of investment propertie5 and other In￿trnent properties was valued by the trustees. The valuation figures are based on opÈn market value assessed in accordance with the Rtcs Valuation - Current Global Stsndards Ilncorporating the Interna￿Onal Valuation Standards). Reserv¢s pollcy The Charity is required to maintain Reserves in order to ensure that it is in a posltlon to continue its grant-makfjng acÈivitles and cover contingencies of additlonal calls beillg made upon the Charity for support of Organisat￿nS or Institutions in times of need. Consequently, the Trustees consider it approprlate to maintain 'Free Reserves, at a level which will not irnpinge on its bility to support (haritable Institutions. At 30 June 2025, the d￿rty has total funds of £28,867,559. These fund5 include £1,490,377 deficit whith arises from the revaluation of the Charity's investments.The Charity has reseNes of £28,837,559 ats making alk>wance5 for reserves not readily 3vailable, these reserves Include the Free Reserve5 of the Charity. The trustees tiave reviewed the cashflow projections of the charty and given the projected flow of rental and other incorne the charlty has sufficient cash tr) meets ￿S commitrnents as they fall due. Key Performance Indicatoys (KPl$) The Trustees monitor the Charity'5 performan￿ prrjjress against its strateglc objectives and the fina￿al performance of its operations on a regular basis. Performance is assessed against the strategy and expertations using finanaal and non-financlal measures. The most 51gnlficant KPIS used by the Charity are a5 follows.. 2025 £2.6milllon £1.3mllllon £Nil £47.2million 2024 £2.3million £l.lfflillio £O.Imillio £46.5million Grants and donations pa￿ out Net rental Sncome Dividend income Investment propety at fair value FUTURE PLANS The charlty's strategy is to manage its investments over the long term to produce a sustainabte Inaxne stream to fvnd future grant-making activity. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing d￿r￿ment The organ5sation is governed by a Trust Deed dated 9 July 1978 as amended by Deed dated 27 October 1998, as amended by Deed5 dated 30 Aprll 2001. Recruitment and appointment of new trustee$ The organisation is run by the trustees who do not ￿e￿1ve any rernuneration in their capacity as trLtstees. The statutory poW￿r of appointlng new trustees or a new trustee is exercisable by the trustees during their jolnt lives and thereafter by the suThqvor of them. New Truste￿ are inducted into the workings of the Charlty by the existing Trustees. Page 3 RACHEL CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30JUNE 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees have identifled and revlewed the major risks to which the Trust Is eXp￿ert, in particular those related to the operations and finance of the TrusL and are satisfied that 5yStems are in place to mitig(Ite those risks. Flrtanclal Risk management and policies The charity holds or issue5 financial Instruments in order to achieve three maln objett1￿ IkiTrJ: al to finan￿ its operation5; b) tt> manage its exp09Jre to Interest and currency riths arising from operations and from Sts sour￿$ of finance,. and c) for generating funds. In addition various financial instruments (e.g. trade debtors, trade creditors, 3￿r￿al$ and p￿paYments) arise directty from the charity's operations. Credlt risks The charity monitors credit risk closely and considers that its current pdiae5 of credit rlsk checks meets its obj'ectiv￿ of managing exposure to credit risk. The chaiity has no significant concentratlons of credit risk5. Amounts shown in the balance sheet represent the maximum credit exposure in the event other partles fail to perform their oNigations under the financial instrLJments inc5udin9 chamtable loans that are made in the furtherance of charitable objeLtive5. It Ss re￿gnised that 5YStems can only provlde reasonable but not ab501ute assuran￿ that major risks have bee adequately managed. EVENTS SINCt THE END OF THE YEAR Infortnation relaliF)g to events Sin￿ the end of the year is given in the ￿te5 to the financial statements. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trLJStees are responsible for preparlng the Report of the Trustees and the finandal statem￿t$ In accordance with appllcable law and United Klngdom Accountlng Standards (United Kingdom GeneTrlly Accepted Accounting Practice). Charity law requires the trustees to prepare finanaal statements for each financial year. Under that law, the t¥ustee5 have elected to prepare the financial statements it) accordance with United Kingdom Generally Accepted Accounting Prath (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statemetts unle5$ they are satisfied that they give a true and fair view of the stato of affair5 of the charity and of the incoming resource5 and application of resources, including the Income and expenditure, of the charity for that perÈod. In preparing those fi¢)ancial statements. the trustees are required to selett suttaNe accounting polldes and then apply them consistenuyi oknse￿e the methods and pllnciple5 in the Charities SORP,. make Judgements and estimates th3t a￿ reaSona￿e and prudent,. state whether applicable accountlng standards have been followed, subject to any materlal departLJres disclo*d and explained in the financial statements,. prepare the financial statements on the going concern basis unless it Is Inappropriate tc> presltme that the charity will continue in business. The trustees are r￿ponsIble for keeplng proper accounting records which dlsclose with reasonable accuracy at any time the financial po￿tion of the charlty and to enable them to ensure that the finandal statements comply with the tharities Art 2011 and The Charity (Accounts and Reports) Regulatltsri$ 2008. They are also respDnsible for SafeguardI￿j the assets of the charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularibes. Page 4 RACHEL CHARThABLE TRiJST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 Approved by of the board oftwstees Oll ........,..... l..i.Ia￿L,........... and slgned Its behaw by: L Nce- Trustee Page 5 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RACHEL CHARITABLE TRUST Opinion We have a￿d￿ed the flnandal statements ol Rachd tharitable Trust (the 'charlty'l for the year end￿1 30 June 2025 wh comprise the Statement of Flnancial Activitieg, the Bakince Sliec( the Cash Flow Statement and note5 to the flnanclal statements, Indud1￿ a summary of S￿nifiCant accounting policles. The financkil reportlng framework thBt has been appl[￿ In thelr preparation Is appltable law and United King(k)m Accwnting Standards (United Kingdom Generally Accepted ACc(￿ntIng Pr￿tt￿l. In our oplnlon the financrdl statements.. give a true and fair view of the state of the ch3nWs affalrs as at 30 June 2025 and of Its IrKoM1￿ resources and application of reSoUr￿s, for the yeai" then ended,. have been properly prepared in accordance wlth United Kingdom Generally Accepled Accounting Prattte; and have been prepared In accordance with the requlrements of the Char￿.e5 Act 2011. Basis for opinion We conducted our audit in a¢r0rdan￿ wlth International Standards on Attditthg {UKI {ISAs IUKI) and applicable kw. Oui r￿ponsIbIlItieS under those standard5 are further described in the Auditors, ￿sponSIbl11￿eS for the audit of the finarKial statements sectlon of our report. We are independent of the charity in accordan￿ wlth the ethical requirements that are relevant to our audlt of the financlal statements In the UK, Intludlng the FRC'S Ethical St8ndard, and we have fulfilled our other ethical responslbilitles in accordan￿ wlth the￿ requirements. We believe that the audlt evldence we have obtalned is suffldÈnt and aprxoprrdte to provide a ba￿$ for our opinlon. Cortcluslons relating to going COn￿rn In auditing the flnancial staternents, we have concluded that the truste￿. use of the going COn￿rn ba%s of acctsun￿ng In the preparation of the financial statements Lg apwopriate. Based on the work we have performed, we have not Identlfied any material ￿n￿rtaIntleS relating to event5 01 condltlons that, IndivSdually or cDllecbvelyi may cast ￿gnIfl(0Nt ttoubt on the chaiitvs ablllty to continue as a going COn￿M f￿ a perk)d of atl￿St twelve months from when the financlal staternents are authorised for issue. Our responsibilities and the r￿ponsIbIlItieS of the trustees with respect to going concern are de5crlbed In the relevant 5ectk)ns of this report. Other infomiation The trustees are ¥esponsiNe for the other InformatM)n. The other Informatlon comprises the informatlon included In Annual Report other than the financial 51aiements and our RetK)rt of the Independent Auditors thereon. Our O￿nIon on the financlal statements not cover the other Informatlon and, ex￿pt lo the exient othe￿Ise expl1c1t￿ stated In our report, we do not eXpr￿S any fortn of a#urance cOnclu￿on thereon. In connection with our authit of the flnancial statements, our responslblllty is to read the other infDimaYon and, ip d￿t¥j so, conslder whether the other Information Is matwlally inconsisrent wlth the flnandal statetnertts or our knowledge obtalned In the audit or otherwlse appears to be materially misstated. If we ￿en￿fy such material inconslstenaes or apparent materlal M￿stateMents, we are required to determlne whethor this glves rise ttr a materfal misststeft￿nt lft the financial statements thomsclves. If, ksed on the wod( we have performed, we conclude that there Is a tnalerial mlsstatement of thls other Infom)ation. we are required b) rep￿ that fact. We have nothing lo reEx>rt In thls regard. MattWS on whlch we aré requlred to report by e￿ptIOn We have nothing to report in r2spert of the matters where the tharities [A￿OUn￿ and Reportsl Regulations 2008 requlres us to ieport to you *, In our oplnion.. the Inforrnation glven ln the Report of the Trustees is Inconslstent in any material restErt wlth the financial statements; Dr sufficlent accounting records have not been kept,. ( the finantial statements are nDt in agreement with the accounting records and relums. or we have not received all the infortnatlon and eYF4anatIoj￿ we requlre for our audit. Page 6 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RACHEL CHARThABLE TRUST Responsibilities of trustees As explained more fully In the Statement of Trustee5' ReSPDnslbllltles, the trustees are reSpOn￿bEe for the weparatk)n of the financial Statements which give a true and falr wew, and for such Internal control as the trustee5 determine Is necessary lo enable the preparation of finantial statements that are free fiom materfal misstatefflent, whether due to fraud or error. In preparfng the financlal staletnents, the trusteeg are reS￿nsIble for ￿Sessi￿ the charty's ability to continue as a ￿ing concern, distloslng, as appI[ca￿e, matters relèted to going concern and uslng the gdng concern basis of ￿COUntIng unless the trustw either Intend to liqutdaie the charlty or to cease operations, or have no realisuc alternative but to ¢*) Page 7 REPORT OFTHE INDEpeNDENT AUDITORS TO THE TRUSTEES OF RACHEL CHAKITABLE TRUST Our re5ponslbllities for the audlt of the financial stat￿￿ents We have been appolnted as auditors under seCt￿n 144 of the Chailtles Act 2011 and retk)rt In accordan￿ with the Act and ¥elevant regulations made or hawng effect IheTEunder. Our obj'ectives are to obtain reasonable assurance alx)ut whether the financial 5trotetnents as a whole a￿ free from malerlal misstatement, whether due to fraud ￿ error, and to I￿Ve a Report of the Independent Auditors that Includ our oplnion. Reasonable assurance is è hlgh level of assuran￿, but Is not a guarantee that an audlt conducted in 6ccDrdance wlth ISAS (UK) wlll a￿ayS detect a materlal mlsstatement when it exists. Mlsstatements can arlse from fraud lx error and are considered tnaierfal ￿, indiwdually or In the aggregate, they could reasonèbly be experted to Influen the economic decIsic￿$ of users tsken on the ba￿5 01 these flnanclal ststements. The extent to whlch procedures are tapable of detertlng Irregularitles, Includlng fraud is deta1￿ below.. We identified a￿$ rf laws and regulatlons that could reasonably be expected ￿ have a material eff￿ on the flnanclal statements frotn our.. genera1 commerclal and sector eXperfen￿,' through verbal and written communicationg trustees and other management,. and via In5Pfxlion of the chariws ￿gUlatOry and legal COrresppnden￿. We discus￿ wlth those chaiged wSth trustees and other management the tK)Ilcles and pra￿dureS regar(fing c(Anpllance wlth law5 and wulatr"on5. We communicated identified taws a￿1 regulatK)ns to our team and retnalned alert to any irKtitators of Th)n-cOm￿lan throughout the audiL we alsD speclflcalty coll￿dered where and how fraud rnay occur wlthin the thar4ty. The potential effect of these and regula￿0￿ on the flnanoal stat￿ents varies congderably. -Ffrsdyi the charity is subject to laws and regulations that d5rectly affect the financial ststements, induding.. the charty5 coll5titut￿n, relevant financlal reporting standard5- charlty law. tax t￿ls13t10￿ and we assossed the extent of compliar wlth these law5 and regulations as part of our procedures on the related financial stateme￿t items. Sectsndly the charty Is subject to many other laws and regulatlons where the consequentss of n(X1-complian￿ coukE have a material effect on the amounts or di5dosures in the financial statements, for InStsn￿ through the irnpos￿k)n of fines and penalties, or through losses arlsing from 11tlgat￿n. We Identifid the foll¢)wlng areas as those most likely to have such an affect.. tenants ar%t landkjrd acts,. IEalth and safety leglslation. daia piotectlon leglslation- antl-bribery and corruption ￿gIsla￿￿, International Standards on Audlting IUKI limlt the requlred procedu￿$ to Identlfy noTrcomplian£e wlth these laws and regulatlons, and no procedures over and above those al￿dY noted are requlred. Th￿e Ilmlted pr￿ed￿re$ dld not Ideatify any actual or suspeLted nonrting by Charib'es.. Statement of Recommended Practr¢e applicable to charities weparlng thelr accounts in accordance with the Flnanclal Reporting Standard ap￿Kable In the UK and RepU￿1C of Treland IFRS 102) (effective l January 2019),, Rnanaal Reporting Standard 102 The Finandal Reporting Standèrd applicab￿ in the UK and Republlc of Ireland, and the Charitles Act 2011. The flnancLIl statements hav& been pre￿red under the historical c05t convention, with the excepUon of investments whKh are Included at market value, as modif￿d by the revaluatioll of ￿rtaIn assets. The flnandal statements have been prepared to give a true and falv v￿W and have departed from the ￿arItieS (Accounts and Reports) Regulations 200B only to the extent required to provkle a 'true and fair, view. Th15 departure has involved folbwing the Charitie5 SORP (FRS1021 publisthed In (ktober 2019 rather than the Accountlng and Reportlng by Charlties.. StateThent of Recommended PrartKe effectlve from l Aprl 2005 whlch ha5 sin￿ b*n withd¥awn. Going contéin The trustees assess wht*her the use of goirvJ concern is approprkte i.e. whether there are any materfal un￿rtaintieS related to or conditlons that may cast &gnifKant doubt on the ability of the charitable twst tri continue as a going concern. The ttustees make this ass*stnent In ￿pert cf a perlod af at least one year from the date of authorlsatbr] for issue of the ffnancial statements and have conduded that the charitable trust has adequate resource% to contlnue in operatlonal existLmCQ for the foreseeable future and there are no tnatedal un￿rtaIntleS about the trust's ability to continue as a golng conTrrn, thus they contlnue to adopt the golng COn￿M basis ol accounting In preparing the financial statements. As part of the trustees, as5essmeat ol going conwn, the trustee5 hève revlewed the cash fiow projectK)ns of the charity. In Ilght of the projected flow of rental Income and the cuimt and future comrnlited support from the charfty's lender, It Is the opinh)n of the trustees, that the charity ha5 sufflcleDt cash to meet Its cornm1tm￿ts as they fall due. Future assumpyon contlnues to be that the Income wlll conbnuE from the charfty's Inve5trnents, and the a subjett to en5uiing that less￿ continue to be suliable for letting to tenants. Income All income Is recognlsed in the IrKome and expend￿Ure when entitlement has passed to the chaiity, It Is probable that the economlc benefts ass(Kiated with the transaction will flow to the charity and the amount can be rellab measured. The followlng SFecific policies are applled to parttcular tategories of income.. - Income from donayons is accounted for only when recdved. renkl Income Is recognlsed on the basls of rental agreement. interest fund5 held on dewslt is included when receivable ond the amount can be measured reliably by the charity,. thls Is n￿rallY upon notlfEcation of the ￿terest paid or payable by the bank. Expenditure Liabilities are recognlsed as expendI1￿re as soon as there is a legal or construdve obllgation commlttlng the charlty to that expenditure, It1s probable that a transfer of econoTlliC benef￿ will be requlr& in setttement and the amount of the obligation tan be measured reliaNy. Expendlture Is accounted for on an accruals basis and Nis been classified under head1ngs that aggregate all cost ￿lated to the category. Where tosts cannot be direcfy attributed to particular headings they have been allocated to acbvltles on a basis con&stent wlth the use of resources. Grants offered subiert to condltlons which have not b&n met at the year end dale are noted as a commitment ¢1 not actrued as eXpe0d￿Ure. Charitsble a￿vItIeS G¥ants payable are charged to the incorne and expenditure ￿(e the charity has made a comrnitsrent to pay the grant and this has been communlcated to the beneficlary or the grant has b￿n pald, whlchever is earlier. Page 14 continued... RACIIEL CHARITABLE TRU NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES- continued Charitable activitieg ChaThtable commltwtnts are pthded for In the financlal statements if there is a lega1 or car￿truct￿e obllgatlon at the y&ar end. Charltable comrnitfflents are dere￿nised when the charlvs contrattual obligations are distharged or Can￿lled. Governan¢4 costs GOvernaTr￿ costs indude the CDSt of the preparation and audit Df the flnancial statements and the cost of any legal advice to the trustees on governan￿ or constitutlonal maiters. Tangible fixed assets Tangible fixed assets are stated at historiol cost les5 any accumulaLEd impalrment105ses. Hlstorlcal cosi Indudes expendllure that is directty attributable to brlnglng the asset ￿ the locatlon and conditiOTk ne￿￿ary for it to be capable of operatln9 in the Manner intended by management. Gains and losses on disposals are determlned by comparlng the proceeds with the carrylng amount are recognised in profit or k)ss. Propertles ¢*)nated to the chaiity are I￿luded al falr value at the date of acqulgltbn. No depreclabon is charged on property Interest In land. Impalrment of frKed assets A ievÉew for indicators of Impalrrnent is carried out at eath reporbng date, wlth the recoveEabte amount being estlmated where such indicators exist. Where the carrylng value eX￿ed5 the recDverable amount, the asset 15 Impaired accord[r¥J￿. Prior1mpalrrnents a￿ also revtewed for posslble reversa1 at e4ch re¢xFrtlng date. For the purposes of Impairment te5t¢ngi when It is not [￿sib￿ to estlmat8 the recoverable amount of an IndlvSdual asset, an estitnate Is made of the recoverable amount of the cash-generating unit to whlch the asset belongs. The cash-generatittg unlt Is the smallest Identifiable group of assets that includes the asset aThJ generate5 cash inlk)ws that are largely Independent of the ￿5h Inflows from other assets or groups of ￿￿ts. Investment property Investment prope￿eS are properties whith are held either to eam rentsl Income or for capllal appreciat>)n or for )Ih. Investment propeths are recognlsed Initial￿ at cost. Subsequent to i05tlal recognltkjn.. Investment properties are held at falr value. Any gains or los*s arfslng from charvJes In the falr value ale re£ognised in the Income and expenditure In the pericKI diat they arise. Invegtment property fair value Is ba*d on a valuatlon by an external, independent valuer, having an approprlate recognIs￿ profe5slonal qualifiCa￿on and ￿cent experience in the k)cation and dass of property being valtted. Any gain or b55 arising from a change in falr value Is recognised in the Inc(xne and e¥pendlture. AcqUIsl￿onS and diSpo￿lS are consldered to have tsken at the date cf exchange and are IncI￿￿ed in the financial statern￿ts according￿. Taxation The charlty is exempt from tax on Its charttèble attivities. The tharity Is not lfable to dlrKt taxation on Its income whid) falls within the various exemptk)n5 avallable to registered charittes. ￿ a result no deferred tax Is pmqded on timlng C5lfferen￿S. The charty Is registered for Value Added Tax IVAn in respect of its investment propertÈs and therefore 15 able to reclaim any Input tax it Suffers on its property @xpenses and purchase5. Expenditure In the accounts other than on investment propety Is therefore shown Inclusfve of VAT where approprkte. Fund accounting The Charlty currently onty has unrestdLted IUTKJS. Unrestricted funds can be used I￿ accordan￿ with the charitabte obkdNe5 at the dlscretion ol the truste￿ to further any of the chartvs purposes.This represents the accurnulated surylus on Income and expenillture account and the excess of fail value over the cogt of investsnents. Page 15 ¢DnWnued... RACHEL CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2025 ACCOUNTING POLICIES- continued Forèign currencies Assets and Ilabilities in forelgn currencles are translated Into sterling at the rates of exchange ruling at the baknce sheet date. Transactions In foreign currendes are translated Into sterllr¥J at the rate of exchange rullng at the date of transacti(￿. Exchange dlfferences are taken Into account In arrwing at the operatlThJ result. Finan¢i?l instruments A financlal asset or a flnancial IFabilty Is recognl*d On￿ when the enuty becomes a party iu the contractual provislons ol the instrument. Basic fiTranoal Instruments a￿ Inltklly recognised at the amoL¢nt receNable or phYab￿ Indudlng any rtlated transartion costs, unl￿S the arrangement constitut8s a financlng tiansattion, where it Is recognised at the pr&ent value of the futu￿ paymcnts discounted at a market late of inte￿t for ￿Milar debt inSt￿ment. Curreni assets and current liabilibes are subsequently measured at the ￿sh OT Other consLderation expeLted to be paid or r￿1Ved and not discounted. Debt instruments are subsequently mea￿red at arm￿se￿ cost. Where investments In shares or preferen￿ shares are pubIt￿ traded or thelr falr val¢Je can othewk%e be mcasured reliably, the Investment is sub5Eq¢Jently mea5ur8d at falr value with change5 In fair value recognlsed tn income and expenditure. All other such Investments are SUbsequ￿￿Y mwured at cost impalrment. other flnanclal instruments are subwuently M￿￿red at fair value, with any change5 recognised In Income and expenditure. FSnanckil assets that ale rrEasur&J at cost or amortised cost are reviewed for obJectNe ￿dence of Impalrment at the end ol each reporting date. If there Is oblectwe evldence of itnpalrment, an Impairment I￿5 15 recognlsed under the appropriate headlng In the staternenl of finat&cial activiti￿ in whlch the Initial gain was recogll1￿d. CRXTICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the company's accountlng poltdes, the trustees are requlied to make judgements, estimat nd assumptv)ns about the carrylng amount of assets and Irabililie5 that are not reèdily apparent from other source5. The e5tlmates and associated assumptions art ￿ed on historical experien￿ and other fattors that are considered to be relevant. A(tual results may dlffer from these estitnate The ￿tIrnateS and underlylng assumwions are revlewed on an ongoing basls. Revi￿On5 iv accountlng esdmates a￿ recognlsed In the perlod In which the estimBte is 1P￿Sed where the revI￿On affetts onty that period, or In the perbd of the revwon and Future perlods where the revision affects both current and future pe￿5. The estlmates aftd assumptio[￿ that have a slgnificant risk of th￿￿ng a materlal adjustment to the canying amounts of asset5 and liabilities within the next flnanclal year are discu55ed kEIow. Investment properties The valuation ol the CharlLYs Investment proFety portfolv) 15 Inheientty subjective, dependlng on many factors, Induding the indfroidual nature of each propety, kts locati￿ a￿1 expected future net ontal values, market ylelds and comparable market transartbns. Therefore the valuations are subject to a degree of untrrtalnly and are ade on the basis of asgumptlons which TTiay not prove to be accurate, partlcL¢larty in peri￿5 of difficult market or economic Eondltions. All the Charlvs Investment propert(es are valL¢ed by external valuers wlth appropriate quallficatlons and experlerKe. Investments The Charity makes an estimBte (* the fair value of unllsted InvestrrEnts. When assesslng fair Val￿ of such Investments, management considers factors irKludlng the current net assets and profitabillty of the Investment.Therefoie, the valuatK)n Is subjective to a degree of uncertathty and Is made on the bas15 or assumptions which may not prove to be acojrate, particuL7r￿ In perk)ds of difficult tnarket ￿ economlc coThJitions. Page 16 continued... RACHEL CHARrrABLE TRUST NOTES TO THE FXNANCIAL STATEMENTS- contirhued FOR THE YEAR ENDED 30 JUNE 2025 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY- continued Debtors Debtors are measured at tTrnsaction pr1￿, less any impalrmeTrt. Loans recelvable are measured Inltlally at falr value, net of transaction costs, and are measured subsequentty at atwrtised cost uslng the effectlve interegt method, less any irnpairtnent. The ￿tIMatION of itnpaimients Is such that actual outcomes coukE differ Significant￿ from those estimates. DONATIONS AND LEGACIES 2025 2024 Donallons 1,669,050 5,577,939 INVESTMENT INCOME 2025 2024 Rents recelved FIXO asset Investments Dewsit accO￿nt Inlerest 3,658,858 2,546,646 98,500 114,403 29,930 3,688,788 2,759,549 RAISING FUNDS Investment management costs 2025 2024 Management CDSts P¥owrty repairs & malntenarKe costs Rate9 & insurance Legal & professional fees other po￿01￿} management co Inter&* payable & ixnk char9es Provis￿￿ for bad debts 112,024 201,437 114,674 415,925 142,982 1,413,232 70,194 49,465 73,803 268,520 33,943 824,973 119,620 2AOO,274 1,440,518 CHARITABLE ACnVThIES COSTS The total grants made to Institutlons during the year was as follows., 2025 2024 The Kernach Foundatton Other donations less than £250,000 767,000 I,B49,428 329,476 1,989,276 2,616,428 2,318,752 Page 17 continued... RACHEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS. continued FOR THE YEAR ENDED 30 JUNE 2025 GRANTS PAYABLE 2025 2024 Educatlon tralnlng The adVan￿MeTht of hea%h The preventlon and rellef of poverty Rellglous activltles other charitable purpctse5 1,429,359 101700 316,025 158,980 609,364 1,050,954 78,425 242,664 221,029 725,680 2,616,428 2,31B,752 I donatlors were made to charitable Instiiutions whose objects a￿ In Ilne with the objects of the charity. SUPPORT Co￿$ Governan costs Other re￿Ir￿S exwded 16A32 AUDThORS' REMUNERATION 2025 2024 Fees paYa￿e to the tharity's auditor5 for the audlt of the charlty's finanaal statements 12,000 9,500 other non-a%Jdit servltrs 2,500 Total fees payable 16,832 12,000 io. TRUSTEES, REMUNERATION AND BENEFITS There were no tru*eg remuneration or other beneif(s for the year ended 30 June 2025 nor for the year ￿ded 30 June 2024. Tru5t¢e$' expenses There were no trusteeg expenses ￿K1 for the year ended 30 June 2025 nor for the y¥ar endd 30 June 2024. ii. STAFF COSTS There were no staff costs for the year endd 30 June 2025 nor for the year erKled 30 June 2024. The average monthly nutnber c* employ durlng the year was 012024.0). Page 18 continued... RACHEL CHARrrABLE TRUST NOTESTO THE FINANCXAL STATEMENTS- continued FOR THE YEAR ENDED 30 JUNE 2025 12. COMPARATIVES FOR THE ￿ATEMENT OF FINANCIAL ACTIVITIES ￿n￿trIcted fund INCOME AND ENDOWMENTS FROM Donatlons and leg 5,577,939 Investment income 2,759,549 Total 8,337,488 EXPENDITURE ON Raising funds 1,440,518 Charitable aLtivltles Education and tralning The advancement of health The prevention and reSief of pove Rellglous activitRs Other chari>ble purposes 1,050,954 78,425 242,664 221,029 725,680 other 12,0 Total 3,771,270 Net galnslllosses) on Investments 12,784,431) NET INCOME 1,781,787 RECONCIUATION OF FUNDS Total funcls brought forwa 25,517,251 TOTAL FUNDS CARRIED FORWARD 27,299,038 13. TANGIBLE FIXED ASSErs Freehold prope COST At l July 2024 and 30 June 2025 30,000 NET BOOK VALUE At 30 June 2025 30,000 At 30 June 2024 30,000 The is held for use by Chariv and is stated at hlstorfcal cost. Page 19 conunud... RACHEL CHARITABLE TRUST NOTES TO THE FINANCIAL sfATEMENTS. continued FOR THE YEAR ENDED 30 JVNE 2025 14. FIXED ASSET INVESTMENTS Unllsted in¥￿tMents MARKET VALUE At l July 2024 al￿ 30 Jufte 2025 NET BOOKVALUE At 30 June 2025 At 30 June 2024 There We￿ no thvestment assets outsKJe the UK. Flxed asset investrnents comW￿e share in F&C RET Club Deals 5 LP valued by the Tnjstees at their falr vallte based on the underlying value of assets le55 liabllities. 15. INVESTMENT PROPERTY FAIR VALue At I july 2024 Additions Disposals Revaluation 46,500,000 208,376 (750,000} 1,256,624 At 30 June 2025 47,215,000 NET BOOK VALLIE At 30 June 2025 47,215,000 At 30 June 2024 46,500,000 All Investment protErties are stated at fair value as at 30 June 2025. An Independent profe5&0nal revalUa￿On of some ￿ the Charity'5 Investment propert*s were carrled out In the year ended 30 June 2025 by Rl(5 Reglstered Valuers. The valuatlon ftgures are based on open market value aSSe￿ed in attOrdan￿ with the RICS Valuadon Current Glo￿1 Standards ( incorp(waling the Internatlorsal Valuation Standards). The hlstorfcal cost of the Charity's Investment Propertie5 at 30 June 2025 is £45,091,162 (2024.'£46,905,5091. 16. DEBTORS. AMOUNTS FALLING OUE WITHIN ONE YEAR 2025 2024 Trade debtors Other det*ors 398,079 1,389,294 159,622 1,186,751 1,787,373 1,346,373 Page 20 contlnued... RACYEL CHARThABLE TRUST NOTESTO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 30 JUNE 2025 17. CURRENT Ass￿ INVESTMENTS 2025 2024 Other investments 1,995,000 1,995,000 Other current assets investnrnts cornpri5e5 shares In Quay LP (Edinburghl which are short-term In nature and are held for short-term gains. 18. CREDITORS: AMOUNTS FALLXNG DUE WITHIN ONE YEAR 2025 2024 Bank loans alld overdrafts (see note 20) Trade credltors Taxation and soch31 securlty other Cfedltors 7,753,500 234,931 140,372 2,077,430 400,000 32,328 2,126,631 10,206,233 2,558,959 Other credllors Include charltable commitfflents of £1,043,203 12024'.£1,271,8231 pledged to be pakl wsthln orte Induded in charltable commltments of £1,043,203 payable withln one year are £71,00012024:£1&1,fA)O) payable to chaE1t1￿ wlth comrnon trustees. 19. aiEDITORS: AMOUNTS FALLING DUE A￿ER MORE THAN ONE YEAR 2025 2024 Bank loans {see note 201 Other creditors 12,960,138 422,393 20,632,319 657,250 13,382,531 21,289,569 Other credEtors Indude tharitable commltments of £422,393 12024'.£657,250) pledged to be pald after more tha one year. LOANS An analysis of the matunty of loan5 15 gwen ￿low.. 2025 2024 Amounts falllng due within one year on d￿and. BaThk loans 7,753,500 400,000 Amounts falllng due betbveen Iwo and flve years.. Bank IDans- 2-5 years 4,604,239 8,306,839 Arn￿nts falllng due In more than five yeats.. Repayable Other￿￿ than by Instslments, Bank loans more 5 yrs non-lnst 8,355,899 12,325,480 Page 21 continL¢ed... RACHEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENT5- continued FOR THE YEAR ENDED 30 JUNE 2025 SECURED DEBTS The followlng Secu￿ debt5 are Included within creditors.. 2025 2024 Bank loans 20,713,638 21,032,319 Bank loans are secured by charges over the Charity's Investment properties bear Interest at Variab￿ rat 22. MOVEMENT IN FUNDS Net vement in funi At 30.6.25 At 1.7.24 Unrestrirtetl funds General fund 27,299,038 1,568,521 21867,559 TOTAL FUNDS 27,299,038 ¥568,521 28,867,559 Net movement ln fuTKls, included In the above are as folkjws.. ITrcgming resources Re*jur￿$ expended Galns and losses Movement In funds Unrestricted funds General fund 5,357,838 (5,033,534) 1,244,217 568,521 TOTAL FUNDS 5,357,838 (5,033,534} ¥244,217 1,568,521 Comparatives foi movement In funds Net tnoVetll￿t In funds At 1.7.23 30.6.24 Unrestricted funds General fund 25,517,251 1,781,787 27,299,038 TOTAL FUNDS 25,517,251 1,781,787 27,299,038 ComparatNe net nv)vefflent in fund5, Included In the above are as follows.. Incoming resources Resour￿$ expended Galns and Novement In funds Unrestrlcted funds General fund 8,337,488 13,771,270) (2,784,431> 1,781,787 TOTAL FUNDS 8,337,488 (3,771,270) (2,784,431) 1,781,787 Page 22 contlnued... RACHEL CHARITABLE TRUST NOTES TO THE FINANCIAL STATEM£NTS- continued FOR THE YEAR ENDED 30 JUNE 2025 23. RELATED PARTY DISCLOSURES Durlng the year the charity was charged £96,3L412024.. E133,2361 for Wal servi￿5 charged by Fladgate LLP, flrm in which Mr S Kanter, tr￿tee of the charity, Is a pather. The partnershlp [￿vided their seMce% at a dlgcounted charitable rate. The dets115 a￿ Bs folk)ws: 2025 2024 Investment Managernentcosts Property 5alelpurchase 19,880 76,434 29,569 103,669 96,314 133,238 During the year, the charity Pa￿ grants to charitslle or9anlsations that have some trustees in common ￿th PAchel Charitatle Trust ￿ follows.. 2025 2024 The Kemach Foundatlon KEtrEch Kldum Miktzoe Charedi Kishaion The Center for Social Justi Kanter Jules Charitable Trust The CSJ Fouvdation Unlted Jewish Israel Appeal London Schts￿ of Jewish Studles 767,000 726,375 66,610 69,695 34,950 1,5(K> 18,023 17,500 3,500 120,000 16,100 105,5(X> 7,900 942,123 1,012,530 During the year, the trustee, Mr L Noe repald £nil (2024'.£nlll of hls loan to the charlty, further to vthlch he iknnated £nll12024.'£nil} to the charlty. At the year end amounts owing to the tNstee was £5,QW12024'.£5,000). Included Ir Donatlons and Legacies income In the year a￿ £NII 12024.. £4m) r￿1Ved from an organisa￿an related to the charity trust&s. 24. EVENTsA￿ER THE BALANCE SHEET DATE In November 2025, Rachel tharitable Trust transfe￿￿ approxlmately 50% of its investment propety Portfolfo to the 5ubsFdhry cotnpany, Streamdale Propertles Llmlted, based on market values, and repald £7.6 rnlllion of its bank b(￿rOW￿rIjs. 25. FINANCIAL INSTRUMENTS The cairylng amount for each category of ftnancki5 instrument is ￿ follows.. 2025 2024 Financlal assets measured at amortlsed cost Flnancial assets measured at am0￿sed c05t 2,818,243 2,514,547 Flnanaal liabllities measured at amortised ¢ott Financlal liabilitES measured at arnorbsed cost 22,830,612 23,257,062 Financlal assets measured at armrtised cost aE cL¥Mprlsed of trdde, other debtors and cath at bank. nanclal liabllitses measured at amortlsed cost are (x)rnw£s￿ of trade credltors, other credltors and loans. Page 23 continued... RACHEL CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- tontlnued FOR THE YEAR ENDED 30 JUNE 2025 OPERATING LEASE COMMrrMENTS As Lèssor The total future mlnitnum lease payments recelvable undei non-can￿]1atAe operating leases are as fdbws.. There are no contingent rents. 2025 2024 Not later than l year Later than l year and kter than 5 years Later than 5 years 2,833,399 5,861791 2,205,504 2,434,453 6,706,403 2,492,543 10,901,694 11,633,399 The Charity has also entered Into a numlkr of n0n-cantr1lat￿e opefttln9 leases as lessor for which the totsl future minimum lease payments are £5,450,847 (2024..£5,430,962). Lea* Incotrr have not tEen discounted or adjustaj for future kncreases. Page 24