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← Reading Real Estate Foundation

2024-07-31-accounts

Reading Real Estate Foundation Charity Number 1092627

Company Number 04347140 Annual Report and Financial Statements For the Year Ended 31 July 2024

1

Reading Real Estate Foundation

Contents

For the Year ended 31 July 2024

Page
Charity information 3
Directors’ and Trustees’ Report 4-8
Statement of trustees’ responsibilities 9
Independent auditor’s report 10-13
Statement of fnancial activities 14
Balance sheet 15
Notes to the fnancial statements 16-27

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Reading Real Estate Foundation Charity information

For the Year ended 31 July 2024

Trustees Professor K Akrivou Mr P Allen Mr D Atkins Professor A Chettiparambil Rajan Ms S Clayton (until November 2023) Mr S Lancaster Mr B Laxton (until June 2024) Professor V Gibson Professor G Marcato (until August 2024) Professor PM Miskell Ms K S Norton Mr J M Ridley Mr C M Taylor Professor R Tranter Mr JP Choulet (from January 2024) Professor E D’Arcy (from October 2024)

Registered & Principal office

University of Reading G11 Whiteknights House Whiteknights Reading Berkshire RG6 6AH

Charity registered number 1092627 Company registered number 04347140

Country of incorporation United Kingdom

Auditor Forvis Mazars 90 Victoria Street Bristol, BS1 6DP United Kingdom

Bankers Lloyds Bank 25 Gresham Street London EC2V 7AE

Reading Real Estate Foundation

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Directors and Trustees’ Report

The trustees of Reading Real Estate Foundation (‘the charity’) present their report and the audited financial statements of the charity for the year ended 31 July 2024.

Structure and legal status

The charity is registered with the Charity Commission and is also a private company limited by guarantee. It was registered on 4 January 2002 in England and is governed by its memorandum and articles of association. The exemptions for small companies have been taken in relation to the strategic and trustees’ report. Each member of the charity’s liability is limited to £1 in the event of winding up. The sole member is currently the University of Reading (‘the University’). The names of the members of the Council of the University can be obtained from its financial statements. Details about the trust are disclosed on page 3.

The trustees, who are also directors for company law purposes, are listed on page 3. As set out in the articles of association, new trustees may be appointed by an ordinary resolution of members or by a decision of the trustees. They have no fixed term of appointment. They receive a copy of ‘The Essential Trustee: What you need to know’ and receive a copy of the charity’s memorandum and articles of association. The University has the right to nominate a majority of the trustees. None of the trustees held any disclosable interest in the charity.

The combined annual report includes the Directors’ Report as required by company law and the Trustees’ Report.

Objectives and aims

The objective of the charity is the advancement of education in the art and science of real estate at the University.

The aims of the charity are:

The strategic approach to achieving these aims is led by the Board of Trustees made up of representatives from the real estate industry, Henley Business School and the University of Reading. Through close collaboration with the

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Department of Real Estate & Planning and through the Board of Trustees’ subcommittees, which are run by volunteers who are leaders in the industry, the charity develops and delivers activities that serve the purpose of enhancing education and research and strengthening links with the industry.

Reading Real Estate Foundation Directors and Trustees’ Report (continued)

Operation of the charity

The Board of Trustees meets three times per year to oversee the running of the charity. The Management Group meet more regularly to conduct the business of the charity. The Management Group comprises the Executive Director to November 2023, Jean-Pierre Choulet, who has general oversight of the charity and Kerry Johnston who leads the charity on a day-to-day basis, and who took on the role of Executive Director in November 2023.

A budget is set for each academic year setting out the income and expenditure targets for the charity, including specific targets for certain projects. The income budget is broken down by type of income (i.e., fundraising and events), whilst the expenditure budget includes specific targets for areas such as bursaries & awards, student activities, research and academic support and events. These targets are presented to the Board of Trustees at the start of the academic year with progress updates provided at each meeting.

The Management Group meets regularly to:

The Management Group keeps overheads and expenses not directly related to a particular event or educational activity to a minimum.

Policy for awarding grants, scholarships and bursaries

The charity awards grants, scholarships, and bursaries to students of the Department of Real Estate and Planning at the University. The Disbursement Committee meets at least twice a year to review applications and to award funds. Applications are carefully reviewed according to agreed guidelines. Awards adhere to levels for each individual agreed with the Board of Trustees. In academic year 2023/24 the Committee was chaired by Kerry Johnston and key staff from the Department of Real Estate & Planning.

Political donations

The charity made no political donations in the current or previous year.

Sources of funding

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The charity receives funding from corporate sponsors and patrons as well as individual donors including alumni. It also generates income from fundraising events.

Reading Real Estate Foundation Directors and Trustees’ Report (continued)

Review of activities and financial performance

The charity recorded a net loss of £140,383 for the year to 31 July 2024 (2023: gain of £172,727) against a forecast deficit of £70k, which was primarily attributable to a payment to HMRC of approximately £42k, and lower than forecast donation income.

Total income for the year was £629,501 (2023: £756,501) which included a donation of £104,886 from the University (£91,361 in respect of staff salaries and £13,525 in respect of rent).

Income from grants and donations decreased by £170k. This is due to a one-off donation from Barton Wilmore in the previous year (£35k), reduced support to the Pathway to Property project by approx. £60k, and a number of other donations ending year 2022/23 (approx. £60k).

There was low income (£385) received from activities for generating funds, such as events in the period (2023: nil). A review of engagement activities is currently underway by the Management Group, the review has been launched in response to the change in individual behaviours following the pandemic. An Engagement Manager has been appointed (June 2024) to focus on increasing engagement with the charity.

Total expenditure for the year was £769,884 (2023: £583,774). The increase was primarily attributed to a planned increase in charitable activities (research £18k, student funding £50k, Pathways to Property £53k) and a VAT payment to HMRC of approximately £42k.

The Management Group constantly review activity in the real estate industry in order to assess any potential risks and are able to adjust expenditure/commitments as appropriate.

To further the objectives of the charity as outlined on page 4, the charity continued to deliver on key initiatives such as the Mentoring Programme with support from alumni and professionals in the real estate and planning industry. The charity also continued to support activities such as Mock Assessment Days, alongside the annual Real Estate and Planning Careers Fair and evening lecture series. This has contributed to the continuing development of the curriculum and the ongoing ability of the University to produce highly employable Real Estate and Planning graduates. During the year, the charity continued to

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support an initiative focused on resilience to support students in the area of mental health.

The charity continues to build on the successful Pathways to Property project in partnership with over 30 real estate firms, with the objective of widening access to the Real Estate industry and raising awareness of Real Estate as a profession and subject of study. In July 2024, 141 students (2023: 109 students) participated in the twelfth Pathways to Property Summer School. The face-to- face Summer School took place at the University of Reading, and included taster lectures, site visits, a meet the industry event, careers advice and university life sessions as well as a group project and final presentations to industry supporters. In addition to the Summer School, the Foundation delivered 5 regional Insight Days for students looking to understand this future career path.

Reading Real Estate Foundation Directors and Trustees’ Report (continued)

Financial position and reserves

The charity had net current assets of £1,277,281 at 31 July 2024 (2023: £1,417,664). The amount owed to the charity by the University at 31 July 2024 was £1,375,370 (2023: £1,450,646).

The trustees aim to retain a reserve for committed costs, such as the ongoing provision of bursaries and awards, and for protection against fluctuations in income. A period of twelve months has been adopted as an appropriate minimum level of reserves.

The total reserves of the charity at 31 July 2024 were £1,277,281 (2023: £1,417,664). This included restricted funds of £945,958 (2023: £1,058,518) in respect of Pathways to Property, the George Fiennes Bursary and other restricted donations. Unrestricted funds totalled £331,323 (2023: £359,146).

Public benefit

The trustees of the charity have due regard to the Charity Commission’s public benefit guidance. All charities must have charitable purposes and apply them for the public benefit. The charity’s core charitable purpose is to support and develop the quality of real estate education and research at the University. Key activities in the year to ensure the delivery of core objectives included:

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prevailing market issues;

Fundraising

The charity has a fundraising strategy aimed at delivering its fundraising targets through different streams of income, mainly corporate fundraising and individual fundraising. Funds raised during the year (excluding donations from the University) totalled £452,496 against a target of £592,400 and the previous year’s total of £602,639.

Fundraising activities are carried out by professional fundraisers within the charity and by volunteers managed by the charity. No commercial participators are engaged. The charity does not undertake any mass fundraising activities aimed at the general public. Individuals approached for fundraising purposes are typically already engaged with the charity and are under no undue pressure to donate. During the year over 451 volunteers (2023: 439) assisted the charity in its fundraising and mentoring efforts by providing generally several hours of service each.

Reading Real Estate Foundation Directors and Trustees’ Report (continued )

The individual heading the charity’s fundraising function in 2023/24, under the management of the charity’s Executive Director, was a member of the Institute of Fundraising and holds a Certificate in Fundraising awarded by the Institute of Fundraising.

The internal fundraising function of the charity is under the management of the charity’s Executive Director.

No complaints were received by the charity in respect of fundraising during the year.

Risk management

The trustees give due consideration to the major risks to which the charity is exposed, in particular those related to operations and finances. The trustees are satisfied that systems are in place to mitigate exposure to the major risks.

The loss of funding from major corporate patrons is the main risk which would reduce the charity’s income. To alleviate this risk, the charity continually uses the alumni sub-boards and committees to drive activities forward and to recruit supporters and sponsors. The charity continues to improve its engagement

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activity in order to continue drawing in funding, and sponsorships.

Plans for future periods

The charity plans to continue with the current student initiatives and bursary funding. Alongside this, the management team is currently reviewing potential areas of future support and funding in the areas of teaching & learning, research initiatives and international opportunities for students.

The Pathways to Property Project Board is currently reviewing the impact of project activity following the expansion of the reach of the project through Regional Insight Days and an enhanced online programme. A focus for the project is to increase the number of students going on to study or work in property after attending the Summer School and Insight Days, and to develop a community of students who have been through the programme in order that they may support each other as they enter the industry.

More broadly, the charity is developing opportunities to engage with smaller organisations and start-ups, both financially and through volunteering, in order to ensure it can adapt its activities and stay relevant to a changing industry.

Going Concern

The charity has significant unrestricted reserves accumulated from historical surpluses and it has net current assets. The trustees do not believe that any material uncertainties exist as to the ability of the charity to continue as a going concern for the foreseeable future.

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Reading Real Estate Foundation Statement of trustees’ responsibilities

The trustees (who are also directors of Reading Real Estate Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure of information to auditor

The trustees who held office at the date of approval of this report confirm that, so far as they are each aware, there is no relevant audit information of which the charity’s auditor is unaware; and each trustee has taken all the steps that he/she ought to have taken as a trustee to make him/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. Pursuant to Section 487 of the Companies Act 2006, the auditor will be deemed to be reappointed and Forvis Mazars will therefore continue in office.

Approved for issue by the Board of Trustees.

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Professor Peter Miskell Director and Trustee (Chair) 5 December 2024

Reading Real Estate Foundation Independent auditor’s report to the members of Reading Real Estate Foundation

Opinion

We have audited the financial statements of Reading Real Estate Foundation (the ‘charity’) for the year ended 31 July 2024 which comprise the Statement of Financial Activities (including income and expenditure account), the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going

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concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report and Financial Statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

Reading Real Estate Foundation

Independent auditor’s report to the members of Reading Real Estate Foundation (continued)

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of charity law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Reading Real Estate Foundation

Independent auditor’s report to the members of Reading Real Estate Foundation (continued)

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the charity and its industry, we considered that non-compliance with the following laws and regulations might have a material

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effect on the financial statements: employment regulation, health and safety regulation, pensions regulations and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Charities’ SORP, the Charities Act 2011 and the Companies Act 2006.

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in

Reading Real Estate Foundation

Independent auditor’s report to the members of Reading Real Estate Foundation (continued)

significant accounting estimates, in particular in relation to, revenue recognition (which we pinpointed to the cut-off assertion).

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery,

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intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Richard Bott (Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP Chartered Accountants and Statutory Auditor 90 Victoria Street, Bristol BS1 6DP

Date 5 December 2024

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Reading Real Estate Foundation Statement of financial activities (including income and expenditure account)

For the Year ended 31 July 2024

Note
Income
Grants and donations
3
Charitable activities
4
Interest receivable
5
Total income
Expenditure
Raising funds
6
Charitable activities
7
Other expenditure
8
Total expenditure
Net income/(expenditure) and
net
movement in funds for the
year
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricte
d funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
(Note 17)
£
£
£
£
306,775
250,607
557,382
727,740
385
-
385
-
71,734
-
71,734
28,761
378,894
250,607
629,501
756,501
833
-
833
108
330,435
339,666
670,101
547,603
75,449
23,501
98,950
36,063
406,717
363,167
769,884
583,774
(27,823)
(112,560)
(140,383)
172,727
359,146
1,058,518
1,417,664
1,244,937
331,323
945,958
1,277,281
1,417,664

The statement of financial activities includes all gains and losses recognised in the year. All items of income and expenditure derive from continuing activities.

The accompanying accounting policies and notes form part of these financial statements.

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Reading Real Estate Foundation Company Number 04347140

Balance sheet as at 31 July 2024

Note 2024 2023
£ £
Current assets
Debtors 10 1,417,093 1,453,835
Cash at bank and in hand 700 14,020
1,417,793 1,467,855
Creditors:
Amounts falling due within one year 11 (140,512) (50,191)
Net current assets being total assets 1,277,281 1,417,664
less current liabilities, being net assets
The funds of the charity:
Restricted income funds 12 945,958 1,058,518
Unrestricted funds 13 331,323 359,146
Total charity funds 1,277,281 1,417,664

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A – small entities.

The accompanying accounting policies and notes form part of these financial statements.

The financial statements on pages 14 to 27 were approved by the Board of Trustees and signed on its behalf by:

Professor Peter Miskell Director and Trustee (Chair)

5 December 2024

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Reading Real Estate Foundation

Notes to the financial statements

1. Accounting policies

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) effective from 1 January 2019, The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 .

The charity meets the definition of a public benefit entity under FRS 102, is incorporated in England and Wales as a company limited by guarantee not having a share capital. There are currently thirteen Trustees. The sole member of the company is the University. Each member’s liability in the event of winding up is limited to £1. The charity is a registered charity. The registered office is given on page 3.

Assets and liabilities are initially recognised at historical cost or transaction value. The financial statements have been prepared on the going concern basis which the trustees believe to be appropriate.

A summary of the primary accounting policies is set out below:

a. Income

Income is recognised when the charity is entitled to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Grant income is recognised when the charity is entitled to the funds and any performance-related conditions have been met. Income received in advance of performance-related conditions is deferred on the balance sheet and released in line with such conditions being met.

Donation income is a type of non-exchange transaction without performance-related conditions. Donations are recognised as income when the charity is entitled to the funds. Where donations have donorimposed restrictions, they are recognised as income when the charity is entitled to the funds and the income is retained within a restricted reserve until such time as it is utilised in line with the restrictions. The charity takes an exemption from providing the names of grant recipients, and the amounts of such grants, during the lifetime of the settlor who donated the funds from which the grants are paid, or during the lifetime of any spouse or civil partner of the settlor.

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic

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benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. A corresponding amount is then recognised in expenditure in the period of receipt. In accordance with the Charities SORP (FRS 102), time given by volunteers is not recognised as income.

Reading Real Estate Foundation Notes to the financial statements (continued)

1. Accounting policies (continued)

Income received in advance for specific events is deferred until the time of the event.

Interest receivable is credited to the statement of financial activities on a receivable basis.

b. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Where possible, expenditure is allocated to the fundraising or charitable activity to which it relates. Staff costs are included within expenditure on charitable activities since most of their time is spent on these activities. Other support costs which assist the work of the charity but do not directly relate to identifiable charitable activities are classified as other expenditure.

Short-term employment benefits such as salaries and compensated absences are recognised as an expense in the period in which the employees render service to the charity. Any unused benefits are accrued and measured as the additional amount the charity expects to pay as a result of the unused entitlement.

Contributions to defined contribution pension schemes are recognised as an expense in the period during which services are rendered by employees. Differences between contributions payable in the year and contributions actually paid are shown as accruals in the balance sheet.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

c. Tax

The charity is considered to pass the tests set out in Paragraph 1 of Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the

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Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The charity is partially exempt in respect of Value Added Tax, so that it can only recover a minor element of VAT charged on its inputs. Irrecoverable VAT on inputs is included in the costs of such inputs.

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Reading Real Estate Foundation Notes to the financial statements (continued)

1. Accounting policies (continued)

d. Fund accounting

Unrestricted funds are funds which are available to spend on activities that further the objectives of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by either the donor or by the terms of an appeal for funds. The costs of raising and administering such funds are charged against the specific fund.

e. Financial instruments

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

f. Liabilities

A liability is recognised where the charity has a present obligation to act or perform in a particular way. The obligation may be either a legal obligation or a constructive obligation. Where there is uncertainty over the amount or timing of a liability, it is classified as a provision. All other liabilities are classified as creditors.

2. Critical accounting judgements and key sources of estimation uncertainty

In preparing financial statements, judgements have to be made in determining the most appropriate methods of applying the charity’s accounting policies to the economic transactions which arise during the year. It is also necessary to make assumptions about the future in determining the values of assets and liabilities at the balance sheet date. The trustees believe there are no areas where critical accounting judgements are required and there are no areas of estimation uncertainty.

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Reading Real Estate Foundation

Notes to the financial statements (continued)

3.
Income from grants and donations
Corporate gifts
Pathways to Property
George Fiennes bursaries
P Byrne Fund
David Robins Town & Country Planning
Research
Barton Willmore Bursary
Derwent Bursary
Helical Bursary
Keith Elliot Bursary
Michael Keidan Bursary
The John Miles Memorial Scholarship
Fund
Donations from the University
Other donations
Awards and grant contributions
Corporate gifts
Pathways to Property
George Fiennes bursaries
P Byrne Fund
David Robins Town & Country Planning
Research Barton Willmore Bursary
Derwent Bursary
Helical Bursary
Keith Elliot Bursary
Michael Keidan Bursary
The John Miles Memorial Scholarship
Fund
Donations from the University
Other donations
Awards and grant contributions		 Unrestricte
d
funds
Restricted
funds
Total
funds
2024
2024
2024
£
£
£
500
-
500
-
222,641
222,641
-
-
-
-
300
300
-
-
-
-
-
-
-
-
-
-
5,000
-
5,000
-
17,666
-
5,000
-
5,000
-
17,666
104,886
-
104,886
200,389
-
200,389
1,000
-
1,000
306,775
250,607
557,382
Unrestricte
d
funds
Restricted
funds
Total
funds
2023
2023
2023
£
£
£
13,500
-
13,500
-
286,426
286,426
-
-
-
-
-
-
-
-
-
37,422
323
6,250
35,000
10,000
5,000
5,000
5,000
21,909
37,422
323
6,250
35,000
10,000
5,000
5,000
5,000
21,909
125,101
-
125,101
175,298
-
175,298
1,511
-
1,511
315,410
412,330
727,740

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Reading Real Estate Foundation

Notes to the financial statements (continued)

3. Income from grants and donations (continued)

More information on these is provided in note 12. Income from grants and donations includes restricted income in relation to the Pathways to Property initiative and other donations. The charity has not received any government grants (2023: nil).

The charity benefits greatly from the involvement and support of its volunteers. In accordance with the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements.

4. Income from charitable activities

Breakfast forums
5.
Interest receivable
Interest received from the University		 Unrestrict
ed
funds
Unrestrict
ed
funds
2024
2023
£
£
385
-
385
-
Unrestrict
ed
funds
Unrestrict
ed
funds
2024
2023
£
£
71,734
28,761

The charity operates a pooled banking arrangement with the University and receives interest on the funds held on its behalf by the University. The interest rate is based on the return achieved by the University on shortterm deposits.

6. Expenditure on raising funds

Breakfast forums Unrestricted
funds
Unrestrict
ed
funds
2024
2023
£
£
833
108
833
108

23

Reading Real Estate Foundation

Notes to the financial statements (continued)

7. Expenditure on charitable activities

Grant awards and bursaries to
individuals
Student and graduate events
Research funding
Pathways to Property
George Fiennes bursaries
P Byrne Fund
David Robins Town & Country Planning
Research
Keith Elliot Bursary
Michael Keidan Bursary
The John Miles Memorial Scholarship
Derwent Bursary
Staf costs
Grant awards and bursaries to
individuals
Student and graduate events
Research funding
Pathways to Property
George Fiennes bursaries
P Byrne Fund
David Robins Town & Country Planning
Research
Keith Elliot Bursary
The John Miles Memorial Scholarship
Pathways to Property staf costs
David Robins Town & Country Planning
Research
Fund		 Unrestricte
d
funds
Restricted
funds
Total
funds
2024
2024
2024
£
£
£
148,360
-
148,360
4,672
-
4,672
19,761
-
19,761
-
132,211
132,211
-
5,000
5,000
-
2,006
2,006
-
-
-
-
-
157,642
1,475
5,000
5,000
7,392
10,000
171,582
1,475
5,000
5,000
7,392
10,000
329,224
330,435
339,666
670,101
Unrestricte
d
funds
Restricte
d
funds
Total
funds
2023
2023
2023
£
£
£
114,886
-
114,886
7,805
-
7,805
1,494
-
1,494
-
94,783
94,783
-
10,502
10,502
-
-
-
-
1,008
993
(4)
4,166
1,008
993
(4)
4,166
-
-
151,185
364
151,185
364

25

Staf costs
Other		 157,939
-
157,939
2,482
-
2,482
284,606
262,997
547,603

Reading Real Estate Foundation

Notes to the financial statements (continued)

7. Expenditure on charitable activities (continued)

Grant awards and bursaries to students in financial need are a key part of the activities of the charity and aim to widen access to learning and research in real estate and planning at the University.

The support and governance costs of the Charity are borne by the University, and it is not practical to allocate these costs across the activities of the Charity.

8. Other expenditure

Finance charge from the University
Auditor’s remuneration – auditing of fnancial
statements
Rental charge
Other		 Total
2024
Total
2
023
£
£
35,284
27,550
3,951
13,525
46,190
3,828
13,525
(8,840)
98,950
36,063

9. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

nalysis of staf costs, trustee remuneration
he cost of key management personnel		 and expenses, and
Staf costs
Salaries and wages
Social security costs
Pension costs		 2024
2023
£
£
277,383
254,121
23,873
22,759
27,970
32,608
329,226
309,488

No employees had employee benefits in excess of £60,000 (2023: nil employees).

The average staff headcount was 19 (2023: 21).

The average staff FTE was 8 (2023: 9).

The trustees were not paid and did not receive any other benefits from employment with the charity in the year (2023: £nil). There was one reimbursement of travel expenses (£101.70) during the year (2023: £nil). No trustee received payment for professional or other services supplied to the charity (2023: £nil). The trustees are considered to be the key management personnel of the charity.

26

Reading Real Estate Foundation

Notes to the financial statements (continued)

10. Debtors

ebtors
Trade debtors
Other debtors
Amounts due from the University
Taxation and social security		 2024
2023
£
£
37,219
4,504
3,189
-
1,375,370
-
1,450,646
-
1,417,093
1,453,835

All debtors are due within one year. The amounts due from the University are repayable on demand and attract interest at the rate the University obtains for short term deposits.

11. Creditors: Amounts falling due within one year

Accrued expenditure
Deferred income
Taxation and social security		 2024
2023
£
£
76,980
63,308
224
8,441
41,750
-
140,512
50,191

The movements in deferred income during the period were as follows:

At 1 August
Utilised
Income received in advance
At 31 July		 2024
2023
£
£
41,750
10,000
(22,750)
44,307
(10,000)
41,750
63,307
41,750

Both the prior year and current year balances relate to donations received.

28

Reading Real Estate Foundation Notes to the financial statements (continued)

12. Analysis of movements in restricted funds

Pathways to Property
George Fiennes Bursary
REP Innovation Fund
David Robins Town & Country
P Byrne Fund
The John Miles Memorial
Scholarship
Barton Willmore Bursary
Derwent Bursary
Helical Bursary
Keith Elliot Bursary
Michael Keidan Bursary
Pathways to Property
George Fiennes Bursary
REP Innovation Fund
David Robins Town & Country
P Byrne Fund
The John Miles Memorial
Scholarship
Barton Willmore Bursary
Derwent Bursary
Helical Bursary
Keith Elliot Bursary
Michael Keidan Bursary		 Balance
at 1
August
2023
Incomin
g
resourc
es
Resourc
es
expende
d
Balance
at 31
July
2024
£
£
£
£
882,725
222,64
0
(320,19
8)
785,167
28,243
-
(5,000)
23,243
28,110
-
(246)
27,864
38,429
-
(8,326)
30,103
3,266
17,745
35,000
10,000
5,000
5,000
5,000
300
17,667
-
5,000
-
5,000
-
(2,006)
(7,391)
-
(10,000)
-
(5,000)
(5,000)
1,560
28,021
35,000
5,000
5,000
5,000
-
1,058,51
8
250,60
7
(363,16
7)
945,958
Balance
at 1
August
2022
Incomin
g
resourc
es
Resourc
es
expende
d
Balance
at 31
July
2023
£
£
£
£
864,073
286,42
6
(267,77
4)
882,725
1,321
37,422
(10,500)
28,243
28,110
33,535
3,952
-
-
-
-
-
-
-
6,250
322
21,910
35,000
10,000
5,000
5,000
5,000
-
(1,356)
(1,008)
(4,165)
-
-
-
.-
-
28,110
38,429
3,266
17,745
35,000
10,000
5,000
5,000
5,000
930,991
412,33
0
(284,80
3)
1,058,51
8

Pathways to Property is an initiative which aims to encourage Year 12

29

students in UK state schools and colleges to find out more about a career in the property sector. The initiative is supported by many leading organisations in the Real Estate industry including British Land, Savills, SEGRO and other charitable trusts.

The George Fiennes Bursary is used to recognise academic excellence and provide financial support for Real Estate & Planning students.

The REP Innovation Fund has been set up to foster innovation in teaching & learning and

Reading Real Estate Foundation

Notes to the financial statements (continued)

research in Real Estate at Henley Business School, University of Reading.

The Barton Willmore Bursary is used to provide support to students joining a Royal Town Planning Institute accredited Master’s Programme at the Department of Real Estate & Planning.

The David Robins Town and Country Planning Research Fund has been set up in the memory of alumnus David Robins, to support the development of outstanding research in Town and Country Planning at the School of Real Estate & Planning, Henley Business School, University of Reading.

13. Analysis of movements in unrestricted funds

General fund
General fund		 Balance
at
1 August
2023
Incoming
resource
s
Resource
s
expende
d
Balance
at
31 July
2024
£
£
£
£
359,146
378,895
(406,718
)
331,323
359,146
378,895
(406,718
)
331,323
Balance
at
1 August
2022
Incoming
resource
s
Resource
s
expende
d
Balance
at
31 July
2023
£
£
£
£
313,946
344,171
(298,971
)
359,146
313,946
344,171
(298,971
)
359,146

14. Analysis of net assets between funds

General Restricte funds d funds Total

30

Current assets
Creditors due within one year
Current assets
Creditors due within one year		 2024
2024
2024
£
£
£
459,453
958,339
1,417,79
2
(128,130
)
(12,381)
(140,511
)
331,323
945,958
1,277,28
1
General
funds
Restricte
d funds
Total
2023
2023
2023
£
£
£
401,232
1,066,62
3
1,467,85
5
(42,086)
(8,105)
(50,191)
359,146
1,058,51
8
1,417,66
4

Reading Real Estate Foundation Notes to the financial statements (continued)

15. Ultimate parent undertaking

These financial statements have been presented in respect of an individual company, Reading Real Estate Foundation, a wholly owned subsidiary undertaking of the University of Reading. The smallest and largest group to consolidate these results is the University of Reading.

The consolidated financial statements of the University of Reading can be obtained from the University of Reading, incorporated in England and Wales, G11 Whiteknights, Reading, RG6 6AH, which is the registered office address, or on the University's website.

Since the company meets the definition of a qualifying entity under FRS 102 and is included in the consolidated financial statements of the University, the company has taken certain disclosure exemptions available under FRS 102 including:

16. Related party transactions

The charity has taken advantage of the exemption available under

31

paragraph 33.1a of the provisions of FRS 102 Related Party Disclosures, on the grounds that it is a wholly owned subsidiary of a group headed by the University of Reading, whose financial statements are publicly available.

All transactions involving related party organisations are conducted in accordance with the University’s Financial Regulations and usual procurement procedures. Transactions outside of the University’s Financial Regulations should be disclosed as a related party transaction. There were no transactions that met these criteria in the year.

The Trust did not have any employees in the year and there were no remunerations paid to the members of the Trust Committee.

Reading Real Estate Foundation Notes to the financial statements (continued)

17. Statement of financial activities for the previous year

Income
Grants and donations
Charitable activities
Interest receivable
Total income
Expenditure
Raising funds
Charitable activities
Other expenditure
Total expenditure
Movement in funds for the year
Reconciliation of funds:
Total funds brought forward		 Unrestrict
ed funds
Restricte
d funds
Total
funds
2023
2023
2023
£
£
£
315,410
412,330
727,740
-
-
-
28,761
-
28,761
344,171
412,330
756,501
108
-
108
284,606
262,997
547,603
14,257
21,806
36,063
298,971
284,803
583,774
45,200
127,527
172,727
313,946
930,991
1,244,93

32

7

Total funds carried forward

359,146 1,058,51 1,417,66 8 4

33