2022-12-31-accounts - Reuben Foundation

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Trustees			J A Reuben
			S D Reuben
			R Slone
			D LReuben
			ESawyer
			R D Reuben
Chadity number			1094130
Company	number		04481304
Registered		office	4th Floor
			Millbank Tower
			2'I-24 Millbank
			Landon
			SW1P4QP
Independent		Auditors	Gerald Edelrnan	LLP
			73 Carnhill
			Londan
			EC3V3QQ
Bankers			Barclays Bank
			1 Churchill Plass
			London
			E145HP
Investment		advisors	UBSWealth Management
			5 Broadgale
			London
			EC2M 2AN
Solicitom			Reed Smith LLP
			Broadgaie Tower
			20 Primrose Street
			London
			EC2A2RS
Property	Advisors		Motcomb Estates
			4th Floor
			Migbank Tawer
			21-24 Millbank
			London
			SW1P4QP

		Page
Group Trustees' report		1-4
Statement of	Trustees' responsibilities
Independent	auditor's report	6-8
Consolidated	Statement offinancial activities
Consolidated	snd Charity balance sheet	10
Consolidated	Statement ofcash flaws
Notes to consolidated financial statements		12-31

		Unrestdicted Designated	Unrestdicted Designated	Total	Tote I
		funds	funds	2022	2021
	Notes	8	E	6	8
I N Donations and legacies Investments	5	90,000 4,464,066		90,000 4,484,066	4,195,472
Totalincome		4,554,066		4,554,066	4,195,472
gxxgg~iture Raising funds Charitable activities Otherexpenses		1,596,646 3,728,850	7,768	1,596,646 3,736,618	1,677,327 7,185,723 316,757
Total expenditure		5,325,496	7,768	5,333,264	9,179,807
Net expenditure before
gains and losses on investments		(771,430)	(7,765)	(779,198)	(4,984,338)
Net gains on investmenis	13	(3,148,386)		(3,148,386)	3,997,985
Net expenditure for the year		(3,919,816)	(7,768)	(3,927,584)	(986,350)
Fund balances ai 1 January 2022		16,466,536	287,451	16,733,987	17,720,337
Fund balances at 31 December 2022		12,546,720	259,683	12,806,403	16,733,987

			Group	Group	Charity	Charity
			2022	2021	2022	2021
		Notes
Fixed assets
Tangible assets Investments		t6 17	70,683,149 15,045,504	86,403,882 25,816,248	58,579,500 21,210,770	54,390,000 31,981,514
			85,728,653	92,220,130	79,790,270	86,371,514
Current assets
Debtors			3,712,773	1,983,015	4,021,495	2,012,471
Cash at bank and in	hand		8,890,915	14,496,217	8,715,338	14,004,354
			12,603,688	16,479,232	12,736,833	16,016,825
Creditors: amounts one year	falling due within	20	(3,370,393)	(28,268,179)	(3,120,968)	(27,655,591)
Net current (liabilities) Iassets			9,233,295	(11,788,947)	9,615,865	(11,639,066)
Total assets less current liabilities			94,961,948	80,431,183	89,406,135	74,732,448
Creditors: amounts more than ons year	falling due after	21	(80,835.723)	(62,377,374)	(80,835,723)	(62,377,374)
Provisions for llabiiities
Deferred tax liability		24	(1,319,822)	(1,319,822)
Net assets			12,806,403	16,733,987	8,570,412	12,355,074
Income funds
ttnrse)go~a~ad Designated funds General unrestricted	funds	27	259,683 12,546,720	267,451 16,466,536	259,683 8,310,729	267,451 12,087,623
			12,808,403	16,733,987	8,570,412	12,355,074

		2022	2021
	Notes		6	f.
Cash flows from operating activities Cash absorbed by operations	32	(26,827,055)		(2,542,525)
Investing activities Purchase oftangible fixed assets			(13,882)
Purchase ofinvestment property		(3,679,267)
Purchase of investments Purchase ofother investments Proceeds from disposal of other inveslments investment income received		(5,928,725) 12,953,883 1,209,195	(10,391) 11718070 1,239,517
Net cash generated from investing activities		4,555,086		12,933,314
Financing activities Receipt ofloan Repayment ofbcrrowings		16,666,667	(1,500,000)
Net cash generated froml(used in) financing activities		16,666,667		(1,500,000)
Net (decrease)/increase in cash and cash equivalents		(5,605,302)		a,a90,fag
Cash and cash equivalents at beginning	ofyear	14,496,217		5605428
Cash and cash equivalents at end of	year	8,890,915		14,496,217

The summary n	nandal perfor	mance ofthe charity alone is;
			Total	Total
			2022	2021
			E	E
Gift aid receipts Other donaiions	fram subsidiaries received		205,368 90,000	159,514
Other incoming resources Costs of raising funds Grants paid Other expenditure			3,837,671 (1,032,698) (3,718,618) (18,000)	3,456,110 (965,760) (7,181,724) (3,998)
Net expenditure	for the year		(636,277)	(4,535,858)
(Losses)/gains	on Investment	assets	(3,148,386)	3,997,985
Net movement	in funds		(3,784,663)	(537,873)
Fund balances	at 1 Januaty	2022	12,355,074	12,892,947
Fund balances	at 31 December 2022		8,570,411	12,355,074

Below shaws a summary ofthe Irading results ofthe two subsidiaries:
Concorde Sixth (Ulster Terrace No 1)Ltd	Total 2022	Tats l 2021
	8	5
Profit and Loss Account Turnaver Management expenses Tax provisions	55,863 (101,851)	18,254 (99,908) (108,249)
Gross prafit Adminstrative expenses	(45,988) (96,933)	(189,903) (50,067)
Retained in subsidiary	(142,921)	(239,970)
At 31 December 2022 the net assets and reserves ofthe company were as
follows:
Assets and Liabilities Fixed assets Current assets Current liabilities Provisions	7 103650 22,980 (3,450,808) (451,038)	7013883 81,964 (3,277,104) (451,038)
	3,224,784	3,367,705
Net Assets
Represented by.	1	1
Share capital Reserves	3,224,783	3 367704
	3,224,784	3,367,705


4	Income earned from other activities			(Continued)
			Total	Total
			2022	2021
	Spicerlte Ltd		8	5
	Profit and Loss Account
	Turnover		570,531	570,854
	Management expenses		(323,732)	(531,307)
	Gross profit Adminstrative expenses Amount gift aided lo parent undertaking Fair value gain on investment properties		246,799 (41,431) (205,368)	39,547 (30,288) (159,514) 150,255
	Retained in subsidiary
	At 31 December 2022 the nel assets and reserves ofthe company '	were as
	follows.
	Assets and Liabilities
	Fixed assets Current assets		5,000,000 557,358	5,000,000 753,925
	Current liabilities		(1,123.667)	(1,320,234)
	Provisions		(868,784)	(868,784)
			3,564,907	3,564,907
	Net Assets
	Represented by'. Share capital Reserves		3 3,564,904	3 3,564,904
			3,564,907	3,564,907
5	Income frominvestments
			2022	2021
	Rental income		3,254,871	2,805,700
	Other income		1,209,195	1,389,772
			4,464,066	4,195,472

6	Raising funds
					2022	2021
	Investment property Ground rents	management			413,253	620,222
	Management fees Rates Legal tt professional Loan interest	fees			186,936 37,064 36,987 581,363	122,560 517 23,760 432,243
	Olher expenses				341,043	478,025
					1,596,646	1,677,327
7	Charitable activities
					2022	2021
					E	E
	Grant funding activities Support costs Including		(see note 9) governance	costs (see note 10)	3,718,617 18,001	7,181,723 4,000
					3,736,618	7,185,723
8	Other expenses
					2022f	2021 E
	Deferred Iax charge					316,757
						316,757

Grants payable		Total	Total
		2022	2021
Paid duding the year Grants lo Inslituilons		27,459,657	9 4,427,791
Grants to individuals		85,877	75,506
Donations Could 19	33		1,046,386
		27,525,534	5,549,683
Committed amounts
Total brought forward Total carried forward (see note 23)		(59,699,117) 35,892,200	(56,067,077) 59,699,117
		3,718,617	7,181,723

Grants payable				(Continued)
			2022	2021
			8	8
salem dation Air Ambulance Service ARK Schools Arl of Wishes Bede Foodbank BFC Foundation BICOM Brain Girds UK British Friends Of Boys Town Jeru British Film Institute British Heart Foundation Cambridge University Carers Trust Centrepoint Chabad Community Security Trust CW+ Diabetes UK Design Museum Fashion East Fashion Trust Fauna 8 Flora International Gabrielles Angel Foundation Great Ormond Street Hospital Greenhouse Sports Halacaust Educational Trust Injnmd Jockeys Fund Jewish Care Juvenile Diabetes Research Foun			10,000 180,000 47,152 15,000 5,000 5,000 53,333 755,488 10,000 528,000 5,000 25,000 625,000 53,333 6,763 12,583 8,777 35,000 10,000 75,000 8,000 25,000 11,262	135,000 10,000 11,184 22,995 120,000 70,000 10,000 472,390 25,000 50,000 10,000 25,000 8,000 25,000 20,000
LAC MA Lync Institute Make a Wish Foundation Mayo Clinic Nancy Reuben Primary School National Horse Racfng College Newcastle West End Foodbank Noiwccd Others Palo for Life Princess Grace Hospital Monaco Racing ta School Royal Foundation Royal Free Charity Royal Marsden Cancer Charity Serpentine Trust Sephardic Academy of Manhattan Temple of the Arts Thames Hospice Ukraine donations University ofOxford (Reuben Coll	ege)		5,000 500,000 8,000 59,284 100,000 174,555 7,450 21,186 5,000 10,000 10,000 17,000 5,000 38,736 53,333 80,379 23,950,167	42,706 7,310 255,000 8,000 50,000 323,204 21,186 1,323,821 1,457,500
		-21-

9	Granbr payable										(Continued)	(Continued)
	Yad Vashern								20,754
									27,575,535		4,503,297
10	Analysis ofgovernance		and support			costs
									Governance	2022		2021
									costsf		f	f
	Audit fees								18,000	18,000		4,000
									18,000	18,000		4,000
	Trustees
	Nane af the Trustees (or		any persons			connected	with them) received		any remuneration	or benefits		from the
	charily during the year. No			expenses were refunded			to lhe Trustees	in	the year,
12	Net movement	in funds								2022 f		2021 f
	Net movement	in funds Is	stated after			charging/(crediting)
	Fees payable to ihe company's statements				auditor	for the audit af the company's		finanaal		18,000		4,000
	(Loss)/gain an	investment		revaluation					(1,575,591)			3,997,985
13	Nst gains on Investments
										2022		2021
	Revaluation of	investments							(2,175,591)			(169,547)
	Loss on sale ofInvestmenls								(1,572,'795)
	Revalulion ofInvestment		properties							600,000	14,098,805
									(3,148,386)			3,997,985

	252ofthe Taxation ofChargeab	le Gains Act 1992to	the extent that t	hese ars applie	d to its charita	le objects.
16	investment Properties		Freehold	Leasehold	Plant end	Total
	Group		Investment	Invesiment	machinery
			prcpskies	properties
			E	E
	Cost At 1 January 2022 Additions Dtsposals Revaluation		55,766,323 3,679,267 600,000	10,637,559	270,688 (270,688)	66,674,570 3,679,267 (270,688) 600,000
	Al 31 December 2022		60,045,590	10,637,559		70683149
	At 1 January 2022 Eliminated in reaped of disposals				270,688 (270,688)	270,688 (270,688)
	Carrying amount At 31 December 2022		68,045,590	10,637,659		70,683,'l48
	At 31 DeCember 2021		55,766,323	10,637,659		66,403,882
	Ittstoric Cos(
	Historic cost of the properties	are as per below:
	A'I31December2022		30,290,705	5,642,044

	705	5642044
A'I 31 December 2022	30,290,	,,
Charity	Freehold	Leasehold	Plant snd	Tetel
	Inveshnent	Investment	machinery
	prcperass	properties
		E
Cost At I January 2022 Additions Revaluation	53,952,441 3,589,500 600,000	437,559	270,688	54,660,688 3,589,500 600,000
At 31 December 2022	58,141,941	437,559	270,688	58,850,188
At 1 January 2022 At 31 December 2022			270,688	270,688 270,688
Carrying amount At 31 December 2022	S8,141,941	437,559	270,688	68,679,500
At 31 December 2021	53,952,441	437,559		54,390,000

Fixed asset	investments
			Group	Group	Charity	Charity
			2022	2021	2022	2021
		Notes		8	6	8
Investments	in subsidiaries	28			6,165,266	6 165266
Listed investments			15,045,504	25,816,248	15,045,504	25,816,248
			15,045,504	25,816,248	21,210,770	31,981,514

Movements in fixed asset investments
Gra up	Bonds and Equities
	8
Vsluagon At1 January 2021 Additions at cost	25,816,248 5,928,725
Net change in value in the year	(2,175,791)
Capital repayment and dispose)a	I14,523,678)
At 31 December 2022	15,045,504
Carrying amount At 31 December 2022	15,045,504
At 31 December 2021	25,816,248

		Group	Group	Charity	Charity
18	Financial instruments	2022 f.	2021 6	2022 f	2021 f
	Carrying amounl offinancial assets
	inslrumenls measured at fair value through loss	profit or 15,045,504	25,816,248	15,045,504 25,816,248
19	Debtors	Group 2022	Group 2021	Charity 2622	Charity 2021
	Amounts falling due within one year:	6	f.	f	f.
	Trade debtors Amounts due from subsidiary undcnakings Other debtors Prepayments and accrued income	535,551 2,511,330 665,892	478,948 1,186,380 317,687 518,807 713,483 2,152,912 636,293		404,203 373,483 940,994 293,791
		3,712,773	1,983,015 4,021,495		2,012,471
	included within debtors ls an amount duu f282,936(2021;f187,936)and Concorde These loans are interest free and with no	lu lhe charitable company Sixth (Ulster Terrace No. set lerms for repayment.	from the subsidiaries Splcerlte 1) Limited off430,547 (2021.		1 imilud of 6185,546).
20	Creditors: amounts falling due within one year Group 2022		Group 2021	Charity 2022	Charity 2021
		6	f.	f
	Other taxation and social security Trade creditors Grant commitments Qlher creditors Accruals and deferred income	23 96,807 399,102 2,099,034 392,553 382,897	57,070 75,200 25,836,970 1,824,606 474,333	96,807 394,992 2,099,034 149,006 381,129	54,900 5,730 25836 970 1,695,937 62,354
		3,370,393	28,268,179	3,120,968	27,655,891

21	Cmdttors: amounts fsging d	us a1ter more th	an one year
			Group	Group	Charity	Charity
			2022	2021	2022	2021
			E	E	E	E
	Loans and overdrafls		47,042,557	28,515,226	47,042,557	28,515,226
	Grant commitments	23	33,793,166	33,862,148	33,793,166	33,862,148
			80,835,723	62,377,374	80,835,723	62,377,374
22	Loans and overdrafts
					2022	2021
					E	E
	Other loans				47,042,557	28,515,226
	Paysbte alter one year				47,042A87	28,515,226

23	Grant Commitments
			2022	2021
			8	8
	ARK Schools Holocausl Educational Trust		135,000 50,000	315,000 25,000
	Friends ofisrael			5,000
	Cambridge University University ofOxford (Reuben College) Community Security Trust Nancy Reuben Primary School Norwood		259,683 32,703,166 25,000 5Oa,aoo 100,000	337,451 56 134316 25,000 250,000 50,000
	CW+		1,875,000	2,500,000
	The Design Museum Pdncess Grace Hospital Jewish care Others	Monaco	150,000 21,186 50,000 3,165	21,186 25,000 1,165
	Carers Trust		20,000	10,000
			35,892,200	59,699,118
	Compttssd as follows: Due in less than ane year Due in mare than ane year		2,099,034 33,793,166	25,836,970 33,862,148
			35,892,200	59,699,118
24	Provisions for liabilities		2022	202'I
			5	E
	Deferred tax liabilities		1,319,822	1,319,822
	Movements in provisions'.
				Total
				8
	At 1 January 2022			(1,319,822)
	At 31 December 2022			(1,319,822)

		General and	Revaluation	Revaluation	Revaluation	Total as at	Total as at
		Designated			reserve	31.12.2022	31.12.2021
		fundsf
Balance at	'i January 2022	(21,945,418)		38,679,405		16,733,987	17,720,337
Income		4,554,066				4554,066	4 195472
Expenditure		(5,333,264)				(5,333,264)	(9,179,807)
Revaluagon	in the year;
Investment	property				600,000	600,000
Quoted investments				(3,748,388)		(3,748,386)	3,997,985
Balance at	31 December 2022	(22,724,616)		35,531,019		12,806,403	16,733,987
Designated	funds
					Movement	in funds
		Balance	at	1	Transfers	Resources	Balance at 31
		January				expended December 2022
		2022 f			f	f	f
Cambridge	Liniversity - Postgraduates	267,451				(7,768)	259,683
		267,451				(7,768)	259,683

Subsidiaries	Subsidiaries
The charity holds more		than 20%ofthe		share capital ofthe		following	companies
Name of undertaking		and country of			Nature ofbusiness		Class of	% Held
incorporation	or residency
							shareholding	Direct
Concorde Sixth	(Ulster	Terrace	England	&Wales	Property	investinent	Ordinary	100
No 1) Lld 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	Properly	Investmenl	Ordinary	100

Analysis ofnet assets between funds
		General	Designated	Total
		unrestricted	funds
		funds
Fund balances at 31 December 2022 ars represented	by:
Tangible assets		70,683,149		70,683,149
Investments		15,045,504		15,045,504
Current assets/(liabigiies)		8,973,612	259,683	9,233,295
Long term liabilities		(82,155,545)		(82,155,545)
		12,546,720	259,663	12,806,403

Covtd Donations	Covtd Donations
			2022	2021
			6
Latet Humanltadan		Aid		960,543
Newcastle	City Council			85,843
				1,046,386