2021-12-31-accounts - Reuben Foundation

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Trustees			J A Reubsn
			S D Rsuben
			R Stone
			D L Reuben
			E Sawyer
			R D Reuben
Charity number			1094130
Company	number		04481304
Registered		office	4th Floor
			Millbank Tower
			21-24 Millbank
			London
			SW1P4QP
Independent		Auditors	Gerald Edelman		LLP
			73 Cornhill
			London
			EC3V 3QQ
Bankers			Barclays Bank
			1 Churchill	Place
			London
			E145HP
Investment		advisors	tJBSWealth	Management
			5 Broadgats
			London
			EC2M 2AN
Solicitors			Reed Smith	LLP
			Broadgate Tower
			20 Primrose	Street
			London
			EC2A2RS
Property	Advisors		Motcomb Estates
			4th Floor
			Millbank Tower
			21-24 Millbank
			London
			SW1P 4QP

		Page
Trustees' reporl		1-4
Statement of	Trustees' responsibilities
Independent	auditor's report	6-8
Consolidated	Statement offinancial activities
Consolidated	and Charity balance sheet	10
Consolidated	Statement ofcash flows
Notes to consolidated financial statements		12-30

			Unrestricted	Designated	Total	Total
			funds	funds	2021	2020
		Notes	F	f	f	f
Income from:
Donations and legacies						2,000,000
investments		5	4,195,472		4,195,472	4,764,948
Total income			4,195,472		4,195,472	6,764,948
~EdIt
Raising funds			1,677,327		1,677,327	1,011,968
Charitable activities			7,168,252	17,471	7,185,723	89,741,346
Other expenses			316,757		316,757	955,995
Total expenditure			9,162,336	17,471	9,179,807	91,709,309
Net expenditure	before
gains and losses investments	on		(4,966,864)	(17,471)	(4,984,335)	(84,944,361)
Net gains on investments		12	3,997,985		3,997,985	13,929,258
Net expenditure	for the year		(968,879)	(17,471)	(986,350)	(71,015,103)
Fund balances at	1 January 2021		17,435,415	284,922	17,720,337	88,735,440
Fund balances at 31 December 2021			16,466,536	267,451	16,733,987	17,720,337

				Group	Group	Charity	Charity
				2021	2020	2021	2020
			Notes
Fixed assets
Tangible assets Investments			15 16	66,403,882 25,816,248	66,390,000 33,527,028	54,390,000 31,981,514	54,390,000 39,692,294
				92,220,130	99,917,028	86,371,514	94,082,294
Current assets
Debtors				1,983,015	1,953,762	2,012,471	1,836,168
Cash at bank and	in	hand		14,496,217	5,605,428	14,004,354	5,579,804
				16,479,232	7,559,190	16,016,825	7,415,972
Creditors: amounts one year		falling due within	20	(28,268,179)	(4,283,035)	(27,655,891)	(4,135,538)
Net current (liabilities)/assets				(11,788,947)	3,276, 155	(11,639,067)	3,280,434
Total assets less	current liabilities			80,431,183	103,193,183	74,732,448	97,362,728
Creditors: amounts more than one year		falling due after	21	(62,377,374)	(84,469,781)	(62,377,374)	(84,469,781)
Provisions for liabilities
Deferred tax liability			23	(1,319,822)	(1,003,065)
Net assets				16,733,987	17,720,337	12,355,074	12,892,947
Income funds
Unrestricted funds
Designated funds General unrestricted		funds	26	267,451 16,466,536	284,922 17,435,415	267,451 12,087,623	284,922 12,608,025
				16,733,987	17,720,337	12,355,074	12,892,947

		2021		2020
	Notes	f	E	E
Cash flows from operating activities Cash generated from operations	32		(4,042,525)		(3,595,843)
Investing activities Purchase of tangible fixed assets		(13,882)		(77,672)
Purchase ofother investments		(10,391)		(10,000,000)
Proceeds on disposal of other investments Interest received		11,718,070 1,239,517		3,999,594 1,741,103
Net cash generated from/(used in) investing activities			12,933,314		(4,336,975)
Net Increase/(decrease) In cash and cash equivalents			8,890,789		(7,932,818)
Cash and cash equivalents at beginning	ofyear		5,605,428		13,538,246
Cash and cash equivalents at end ofyear			14,496,217		5,605,428

The summary fi	nancial performa	nce ofthe charity alone is:
			Total	Total
			2021	2020
			f.
Gift aid receipts from subsidiaries Other incoming resources Costs of raising funds Grants paid Other expenditure			159,514 3,456,110 (965,760) P,181,724) (3,998)	291,672 6,064,912 (561,563) (89,708,346) (33,000)
Net expenditure	for the year		(4,535,858)	(83,946,325)
Gains/(losses)	on investmsnt	assets	3,997,985	8,079,258
Net movement	in funds		(537,873)	(75,867,067)
Fund balances	at 1 January	2021	12,892,947	88,760,014
Fund balances	at 31 December 2021		12,355,074	12,892,947

Below shows a summary of the trading results ofths two subsidiaries;	Below shows a summary of the trading results ofths two subsidiaries;	Below shows a summary of the trading results ofths two subsidiaries;
Concorde Sixth (Ulster Terrace No 1) Ltd Turnover			Total 2021	Total 2020
			f	f.
Profit and Loss Account			18,254	117,220
Management expenses Tax provisions			(99,908) (108,249)	(88,717) (342,789)
Gross profit Adminstrative expenses			(189,903) (50,067)	(314,286) (70,539)
Amount gift aided to parent undertaking Fair value gain on investment properties				2,650,000
Retained in subsidiary			(239,970)	2,265,175
At 31 December 2021 ths	net	assets and reserves ofthe company were as
follows:
Assets and Liabilities
Fixed assets Current assets			7,013,883 81 964	7,000,001 57549
Current liabilities			(3,277,104)	(3,107,086)
Provisions			(451,038)	(342,789)
			3,367,705	3,607,675
Net Assets
Represented by;
Share capital Reserves			1 3,367,704	1 3,607,674
			3,367,705	3,607,675


4	Income earned			from other activities			(Continued)
						Total	Total
						2021	2020
	Spicerite Ltd					6	6
	Profit and Loss Account
	Turnover					570,854	582,816
	Management Tax provisions	expenses				(531,307) (208,508)	(240,319) (613,406)
	Gross profit					(168,961)	(270,909)
	Adminstrative		expenses			(30,288)	(50,824)
	Amount gift aided to parent undertaking					(159,514)	(291,673)
	Other income
	Fair value gain		on investment		properties	150,255	3,200,000
	Retained in subsidiary					(208,508)	2,586,594
	At 31 December			2021 the net assets and reserves ofthe company were as
	follows:
	Assets and Liabilities
	Fixed assets					5,000,000	5,000,000
	Current assets					753,925	603,370
	Current liabilities					(1,320,234)	(1,169,679)
	Provisions					(868,784)	(660,276)
						3,564,907	3,773,415
	Net Assets
	Represented Share capital Reserves	by;				3 3,564,904	3 3,773,412
						3,564,907	3,773,415
5	Income from		Investments
						2021	2020
	Rental income					2,805,700	3,023,845
	Other income					1,389,772	1,741,103
						4,195,472	4,764,948

6	Raising funds
						2021	2020
	Investment property		management
	Ground rents					620,222	329,498
	Management	fees				122,560	121,189
	Rates					517	254
	Legal 8, professional		fees			23,760	34,978
	I oan interest					432,243	241,647
	Other expenses					478,025	284,402
						1,677,327	1,011,968
7	Charitable activities
						2021	2020
						6	6
	Grant funding	activities		(sse note 9)		7,181,723	89,708,346
	Support costs	including		governance	costs (see note 10)	4,000	33,000
						7,185,723	89,741,346

Other ex	pen	ses
			Tots I	Total
			f
			2021	2020
Deferred	tax	charge	316,757	955,995
			316,757	955,995

Grants payable
					Total	Total
					2021	2020
Paid during the year Grants to institutions Grants to individuals Donation Covid 19	(see below) (see below)			33	6 4,427,791 75,506 1,046,386	f 33,193,642 86,793 2,686,778
					5,549,683	35,967,213
Committed amounts
Total brought forward Total carried forward	(see note 22)				(58,067,077) 59,699,117	(4,325,944) 58,067,077
					7,181,723	89,708,346
					2021	2020
					E	8
ARK Schools					135,000	225,000
Art ofWishes					10,000
Bede Foodbank					11,184
British Friends Of Boys		Town	Jerusalem		22,995	17,968
British Academy of Film British Film Institute		and Television Arts			120,000	300,000 20,000
Cambridge University Carers Trust					70,000 10,000	424,876 10,000
Community Security	Trust				25,000	25,000
Centrepoint					472,390
Design Museum Great Ormond Street	Hospital				50,000	35,000
Fauna &Flora International					10,000
Holocaust Educational		Trust			25,000	25,000
illuminated River Foundation						1,500,000
Jewish Care					25,000	25,000
Juvenile Diabetes Research			Foundation		20,000
National Horse Racing		College			8,000	8,000
Injured Jockeys Fund Lync Institute Mayo Clinic Monaco Hospital Nancy Reuben Primary Norwood		School			8,000 42,706 7,310 21,186 255,000 50,000	8,000 7,768 280,000 50,000
Sephardic Academy University of Oxford	of Manhattan (Reubsn College)				1,323,821 1,457,500	30,000,000
Others					323,204	318,824
					4,503,297	33,280,436

Grants payable			Total	Total
Paid during the year Grants to institutions (see below) Grants to individuals (see below) Donation Covld 19		33	2021f 4,427,791 75,506 1,046,386	2020 f. 33,193,642 86,793 2,686,778
			5,549,683	35,967,213
Committed amounts
Total brought forward Total carried forward (see note 22)			(58,067,077) 59,699,117	(4,325,944) 58067 077
			7,181,723	89,708,346
			2021	2020
			f	f
ARK Schools			135,000	225,000
Art ofWishes			10,000
Beds Foodbank			11,184
British Friends Of Boys Town Jerusalem British Academy of Film and Television Arts British Film institute			22,995 120,000	17,968 300,000 20,000
Cambridge University Carers Trust			70,000 10,000	424,876 10,000
Community Security Trust Csntrepoint Soho Fundraising			25,000 472,390	25,000
Design Museum Great Ormond Street Hospital			50,000	35,000
Fauna & Flora International			10,000
Holocaust Educational Trust			25,000	25,000
illuminated River Foundation				1,500,000
Jewish Cars			25,000	25,000
Juvenile Diabetes Research	Foundation		20,000
National Horse Racing College			8,000	8,000
Injured Jockeys Fund Lync Institute Mayo Clinic Monaco Hospital Nancy Reuben Primary School Norwood			8,000 42,706 7,310 21,186 255,000 50,000	8,000 7,768 280,000 50,000
Sephardic Academy of Manhattan University ofOxford (Rsuben College) Others			1,323,821 1,457,500 323,204	30,000,000 318,824
			4,503,297	33,280,436

10	Analysis o	f	go	vernance		and s	upport costs
								Support		Governance	2021		2020
								costs		costs
									8	f		0	6
	Bank charges							2,160			2, 160		195
	Audit fees									4,000	4000		33000
								2,160		4,000	6,160		33,195
11	Net movement			in funds							2021		2020 f
	Net movement			in funds	is	stated	after charging/(crediting)
	Fees payable statements		to the company's				auditor for the audit of the	company's	financial		15,000		33,000
	Investment	revaluation			gains					(3,997,985)		(13,929,258)
12	Net gains	on investments
											2021		2020
	Revaluation		of investments								3,997,985		(169,547)
	Revalution	of investment				properties							14,098,805
											3,997,985		13,929,258

investment Properties
Group	Freehold Investment	Leasehold Investment	Plant and machinery	Total
	properties	properties
	6	8
Cost
At 1 January 2021	55,836,963	11,646,877	270,688	67,754,528
Additions	13,882			13,882
At 31 December 2021	55,850,845	11,646,877	270,688	67,768,410
Depreciation and impairment At 1 January 2021		1,093,840	270,688	1,364,528
At 31 December 2021		1,093,840	270,688	1,364,528
Carrying amount At 31 December 2021	55,850,845	10,553,037		66,403,882
At 31 December 2020	55,836,963	10,553,037		66,390,000

Charity
Cost
At 1 January 2021
At 31 December 2021
Depreciation and impairment
At 1 January 2021
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020

Freehold	Leasehold	Plant and	Total
Investment	Investment	machinery
properties 6	properties f
54,036,963	1,446,877	270,688	55,754,528
54,036,963	1,446,877	270,688	55,754,528
	1,093,840	270,688	1,364,528
	1,093,840	270,688	1,364,528
54,036,963	353,037		54,390,000
54,036,963	353,037		54,390,000

Fixed asset	Investments
			Group	Group	Charity	Charity
			2021	2020	2021	2020
		Notes	E	E	E	E
Investments	in subsidiaries	27			6,165,266	6,165,266
Listed investments			25,816,248	33,527,028	25,816,248	33,527,028
			25,816,248	33,527,028	31,981,514	39,692,294

Movements in fixed asset investments
Group	Bonds and Equities
	E
Cost or valuation
At 1 January 2021 Additions at cost	33,527,028 10,391
Net change in value in the year	4,069,147
Capital repayment and disposals	(11,790,317)
At 31 December 2021	25,816,248
Carrying amount At 31 December 2021	25,816,248
At 31 December 2020	33,527,028

							Group	Group	Charity	Charity
17	Financial	Instruments					2021 6	2020 f	2021 f	2020 E
	Carrying	amount of	financial assets
	Instruments measured loss		at	fair	value through	profit or	25,816,248	33,627,028	25,816,248	33,257,026
18	Debtors						Group	Group	Charity	Charity
	Amounts	falling due	within		one year:		2021 F	2020f	2021f	2020f
	Trade debtors						478,948	870,053	404,203	438,459
	Amounts	dus from subsidiary			undertakings				373,483	478,925
	Other debtors						1,186,380	693,800	940,994	616,154
	Prepayments and accrued			income			317)687	389,909	293,791	302,630
							1,983,015	1,953,762	2,012,471	1,836,168

Loans and overdrafts
	2021	2020
	F	E
Other loans	28,515,226	30,016,030
Payabls aRer one year	28,515,226	30,016,030

Creditors: amounts	falling due within one year	falling due within one year	Group	Group	Charity	Charity
			2021	2020	2021	2020
					6	6
Other taxation and social security			67,070	184,229	64,900	164,179
Trade creditors			75,201	177,050	5,731	107,762
Grant commitments		22	25,836,970	3,613,326	25,836,970	3,613,326
Amounts due to subsidiary		undertakings				38,777
Other creditors			1,824,606	239,332	1,695,937	163,517
Accruals and deferred	income		474,332	69,098	62,353	47,977
			28,268,179	4,283,035	27,655,891	4,135,538

Credit	ors: amounts falling	due after more t	han one year
			Group	Group	Charity	Charity
			2021	2020	2021	2020
			6	5		6
Loans	and overdrafts		28,515,226	30,016,030	28,515,226	30,016,030
Grant	commitments	22	33,862,148	54,453,751	33,862,148	54,453,751
			62,377,374	84,469,781	62,377,374	84,469,781

22	Grant Commitments
					2021	2020
					E	E
	ARK Schools				315,000	450,000
	Holocost Educational	Trust			25,000
	Friends of Israel				5,000
	Cambridge University				337,451	424,922
	University of Oxford (Reuben College)				48,213,816	47,501,780
	Community Security Trust				25,000	25,000
	Nancy Reuben Primary		School		250,000	250,000
	Norwood Foundation				50,000	50,000
	CW+				2,500,000
	University of Oxford				7,920,500	9,308,000
	Monaco Hospital				21,186	22,375
	Jewish care				25,000	25,000
	Others				1,165
	Carers Trust				10,000	10,000
					59,699,118	58,067,077
	Comprised as follows:
	Due in less than one	year			25,836,970	3,613,326
	Due in more than one year				33,862,148	54,453,751
					59,699,118	58,067,077
23	Provisions for liabilities			Notes	2021 f	2020 E
	Deferred tax liabilities			23	1,319,822	1,003,065
					1,319,822	1,003,065
	Movements in provisions:
						Totalf
	At 1 January 2021					(1,003,065)
	Additional provisions	in	the year			(316,757)
	At 31 December 2021					(1,319,822)

			General and	Revaluation	Revaluation	Revaluation	Total as at	Total as at
			Designated			reserve	31.12.2021	31.12.2020
			funds
			f
	Balance at	1 January 2021	(16,961,083)		34,681,420		17,720,337	88,735,440
	Income		4,195,472				4,195,472	6,764,948
	Expenditure		(9,179,807)				(9,179,807)	(91,709,309)
	Revaluation	in the year:
	Investment	property						14,098,805
	Quoted investments					3,997,985	3,997,985	(169,547)
	Balance at	31 December 2021	(21,945,418)		38,679,405		16,733,987	17,720,337
26	Designated	funds
						Movement	ln funds
			Balance	at	1	Transfers	Resources	Balance at 31
			January				expended December 2021
				2021
					f
	Cambridge	University - Postgraduates	284,922				(17,471)	267,451
			284,922				(17,471)	267,451

The charity	holds more	holds more	than 20%ofthe	than 20%ofthe	share capital ofthe following	share capital ofthe following	share capital ofthe following	companies;
Name ofundertaking			and country of			Nature ofbusiness		Class of	% Held
incorporation		or residency
								shareholding	Direct
Concorde	Sixth	(Ulster	Terrace	England	&Wales	Property	investment	Ordinary	100
No 1) I td Concorde	Sixth	(Ulster	Terrace	England	&Wales	Dormant		Ordinary	100
No 2) Ltd Concorde	Sixth	Regents Park		England	&Wales	Dormant		Ordinary	100
Ltd
Spicerite Limited				England	&Wales	Property	investment	Ordinary	100

Analysis	of net assets between funds
			General	Designated	Total
			unrestricted	funds
			funds
			6
Fund balances at 31 December 2021 ars represented		by:
Tangible assets Investmsnts			66,403,882 25,816,248		66,403,882 25,816,248
Current	assets/(liabilities)		(12,056,398)	267,451	(11,788,947)
Long term liabilities			(63,697,196)		(63,697,196)
			16,466,536	267,451	16733987

					At 1 January	Cash flows	At 31 December
					2021f		2021 f.
	Cash at bank and in	hand			5,605,428	8,890,789	14,496,217
	Loans falling due after		more than ons year		(30,016,030)	1,500,804	(28,515,226)
					(24,410,602)	10,391,593	(14,019,009)
32	Cash generated from		operations			2021	2020
						8	6
	Deficit for the year					(986,350)	(71,015,103)
	Adjustments for:
	Investment income	recognised		in profit or loss		(1,239,517)	(1,741,103)
	Fair value gains on	investments				(3,997,985)	(13,929,258)
	Deferred tax movement					316,757	955,995
	Movements in working		capital:
	(Increase)/decrease	in	debtors			114,967	(1,188,924)
	Increase in creditors					1,749,603	83,322,550
	Cash absorbed by	operations				(4,042,525)(3,595,843)

Covid Donations
		2021	2020
		6	6
University of London Chelsea &Westministsr	Hospital		25,000 49,981
Royal Marsden Hospital Cannes Hospital Csntrepoint Imperial College University of Cambridge University of Oxford NHS Charities			25,000 34,848 25,000 25,000 25,000 25,000 150,000
Magen David Emergency Food Boxes Jewish Care			25,000 238,827 25,000
Greyhound Welfare Feeding the Frontlines Latet Humanitarian Aid		960,543	181,516 150,000 400,000
Nancy Reuben Primary School Great Ormond Street Hospital			450,000 25,000
Newcastle City Council Others		85,843	806,606
		1,046,386	2,686,778