Charity Registration No. 1094130 Company Registration No. 04481304 {England and Wales REUBEN FOUNDATION la company limltcd by guarantee) ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
REUBEN FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees J A Reuben S D Reuben R Stone D L Reuben E Sawyer R D Reuben Charlty number 1094130 Company number 04481304 Registered office 4th Floor Millbank Tower 21-24 Millbank London SW1P 4QP IndependentAuditors Gerald Edelman LLP 73 Cornhill London EC3V 3QQ Bankers Barclays Bank 1 Churchill Place London E14 SHP Investment advlsors UBS Weallh Management 5 Broadgate London EC2M 2AN Solicitors Reed Smith LLP l Blossom Yard London EI 6RS Property Advisors Motcomb Estates 4th Floor Millbank Tower 21-24 Millbank London SW1P4QP
REUBEN FOUNDATION CONTENTS Page Group TTuslees' report Statement of Trustees, responsibililies Independent auditorfs report 7-10 Consolidated Slatement of financial activities 11 Consolidated and Ch8rily balance sheet 12 Consolidated Slalem8nl of cash flows 13 Notes to consolidated financial stalements 14-34
REUBEN FOUNDATION GROUP TRUSTEES, REPORT (INCLUDING TRUSTEES, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee5 present their annual report and financial statements for the year ended 31 December 2023. The financial slalements slatemenls comply with Ihe Charities Act 2011, the Companies Ad 2006, the Memorandum and Articles of Association arKI Accounting and Reporting by Charities Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporling Standards applicable in Ihe UK and Ireland (FRS102) (Effeciive 1 January 2019), Objectives and activities The aims and objedives of the charity as set out in the governing document are.. l. To promote and further the education of persons bul in particular young persons., 2. To relieve persons who are in need, hardship or distress as a result of or by reason of their social or economlc circumslances, their infirmity or age. 3. To relieve persons who are in need. hardship or distress as a result of local, national or International unrest or dlsorder., 4. To facililate medical research and the development of medical facilities worfdwide; 5. To support, procure or further such objects, which are exclusively charitable according lo the law. For further details regarding regarding our charity, please visil our website al wJw.reubenfoundalion.com. Publlc Benefit Sn order lo achieve ils objectives the charily makes grants for the public benefit lo both charitable institutions and worthy individuals both in the UK and abroad. In setting our programmes and strategy going foward we have regard to both the general guidance on public benefit and prevenlion and relief of poverty published by the Charily Commission. The Trustees always ensure that the programmes we undertake are in line with the charity's aims and with their powers and responsibilities as detailed in the governing document and under ¢harily law. Charlty Aims The charily delivers ils tharitable aims as follows: 1) Identification of suilabl8 projects and causes through the exisling Trustees contacts and by building new relationships wilh a range of charilable organisations and intemiediaries. 2) The careful review of, with external advice where nessary, relevant applications taking a¢wunt, inter alia, of the importance of the charitable work undertaken, Ihe financial slabilily of Ihe organisalion and the competence of ils management. 3) The monitoring of the applicalion of all granls made by the Foundation in the hands of the recipienl lo ensure that these have been used for the purpose for which they were made in an effiGient and cost effective way. 4) The monitoring of the investments of Ihe Foundalion and, when deeTned necessary, the making of changes in the portfolio with a view lo maintaining and. wherever possible. improving the market value and income of the underlying assets. The Trustees welcome applications from any institution or individual which meets the crilerta sel oul above wilhout geographical reslriclion. Grant making policy The Trustees have a formal process by which grant applications are processed. All requests for funds are discussed at the Trustee meetings and the merits of each application considered, ensuring that these meel the aims and objectives sel out above. UnsucSsfUl applicants are notified in writing of the Trustees, decision. Grants are approved having regard lo the current reserves and thé long-lem policy of the Foundation. Details of the major grants made for the public benefit during Ihe year are sel out in note 9.
REUBEN FOUNDATION GROUP TRUSTEES, REPORT (INCLUDING TRUSTEES. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees all take an active role in the management of the charÉty to ensure its aims are fulfilled. Regular contact is made with many beneficiaries in order to establish the needs of charities and the level of financial assistance that may be appropriate. Achievement and pérformance During the year the charity distributed £6.773.479 {2022: £3,129.600) in conlinuing lo support charitable initiatives in healthcare. education and the community. After adjustment for movements in commitments the lolal included in the accounts was £7.255,189 (2022- £3,718,617). Highliglits of the year include (i) the opening of Reuben House, the Cenlrepoinl housing projecl in Peckham (subsequently officially opened by HRH The Prince of Wales in 2023)., {ii) the awarding by University of Oxford of The Sheldon Medal lo David and Simon Reuben lo recognise the Reuben Foundalion's substantial support for students,. (iii) a Gommitmenl lo support The Design Museum's Ai Weve1 exhibilion., (iv) conlinued donations lo foodbanks both in the UK and inlernalionally, supporting the homeles5, children and low-income families., (v) ongoing donations lo the Universilies of Oxtord and Cambridge and ARK Schools towards the continued expansion of the Reuben Scholarship Programme. One of the major proje¢ts which came to fruition in 2023 was in connection with Cenlrepoint, the youth homelessness ch8rity. Reuben House, a new housing development in Peckham, forms a key part of the organisalion's new Independent Living Programme to combat youth homelessness. Reuben House provides 33 new modular homes built lo house young people allowing Ihem to have a home while Iliey enter employment or apprenliceshlp roles Ihat lead to full time employment. The Reuben Foundation has conlinued to support food banks lo help support children and low-income families across the UK and internationally. Donations were made lo the Newcaslle W8St End Foodbank, who provlde he81thy meals and help the most vulnerable in the community. The Foundation continued ils support of the Nancy Reuben Primary School during the year with a donalion of £33Q.000 {2022'. £500,000). The Reuben Foundation also supported a large number of other charilies as well as individuals in need with smaller grants in line with ils slated objectives. Since year end December 2023, the Reuben Foundation continued ils support of the Universities of Oxford and Cambridge wilh new funding agreements to extend the Reuben Scholarship programme,
REUBEN FOUNDATION GROUP TRUSTEES, REPORT {INCLUDING TRUSTEES. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review These accounts record Ihe financial posilion of the group for the year ended 31 December 2023, with appropriate comparatives for the year ended 31 December 2022. The group's net expenditure before investment returns was £6,119,931 (2022.. Net expenditure of £779,198). The available gross investment income was £4.974,723 {2022: £4,464,066) comprising rental income of £3,447,113 (2022.. £3,254,871) and interest re1vable on fixed interest bonds and bank deposits of £1,527,610 (2022.. £1,209,195). The net property expenditure after deduction of management costs was £2,195,108 (2022.. Income £960,369). The reason for Ihe reduction of income was expenses increased in the sum of £2,210,209. The largest element of this was the sum of £1,880,536 which was incurred duè to cladding costs in prior years which were expected to be recovered bul havé now been provided for in full to be conseNative. Total expenditure was £11,094,654. (2022.. £5,333.264) wilh the largest expense of £7,255.189 (2022: £3,718,617) for grants paid. The fixed asset investments retained were valued at the balance sheet date at £108,715,548 (2022: £85,728,653) as detailed in notes 17 and 18 and include the Freehold and Leasehold property interests as well as the the quote.d investment Portfolio. The investment balance increased by the sum of £19,235,953 in the year due lo a fair value adjuslmenl in RF Finco Limited. In the year under review gains on investment assets were £1,708,047 12022: losses £3.148,3861 (see note 13 for delaill. Also included in Ihe balance sheet of the charitable company are the investments held in subsidiary companies which are included in the accounts at a value of £14.6 million (2022.. £6.2 million). The increase of £8.4 million represents the value of shares iSSLÈed as part of the consideration for the transfer of the beneficial inleresl in one of the properties to Townley Propertl8S Limited who already held the legal interest. As detailed in note 28 there are now three main subsldiary companies being Concorde Sixth (Ulster TeTrace No 1) Ltd, Townley Properties Limited and Spicerile Limited (the activities of each are detail8d in note 4 to the accounts). The purpose of these investments is to provide a capil21 return in the long term. Reserves Policy The strategy of the charily has been to pursue an inveslmenl policy which would result in continuing and sustainable growth to maximise Ihe income funds available for charitable distribution. This policy has until now enabled the level of distributions lo increase whilsl maintaining the capital asset base. As detailed earlier in this report the Trustees have made major charitable commitments in both this and prior years which will be funded both out of future income and current resources retained. However the Truslees relained reserves of £27,346,972 as at the year end which they believe continue to place the charity in a slrong financial position to enable it to deal with any unforesèen effects of the cuTrenl economic and financial climate whilst continuing to meet its planned expendtture and lo ensure that the chaiity can meel its ongoing and future commilments. Princlpal risks and uncertaintles The Truslce5 have assessed the major risks to which the Foundation faces, in particular those related to ils operations and finances and hav8 developed a risk management slralegy which involve5 the following.. an annual review of the principal risks and uncertainties Ihat the charity and ils subsidiaries face the establishment of poliaes, systems and procedures to mitigate risks idenlified the implementation of procedures designed to minimise or manage any polenlial impact on Ihe charity should those risks malerialise Investment Policy The investment policy of Ihe Foundalion is diversified to reduce any potential risks. The policy in relation to cash reserves has been lo purchase varying yielding bonds of mixed currencies.. Sterling and US Dollars. The average yields on the existing bonds is approximately 5.WA (2022: 5.9tsA) whilst the property yields being achieved average 4.60h {2022'. 40A). structure, governance and management The charity is a company limited by guarantee and was set up by memorandum and artides of association dated 9 July 2002. It was originally registered as the Reuben Brolhers FoLFndation and changed its name lo the current title by way of special resolution daled 23 October 2006.
REUBEN FOUNDATION GROUP TRUSTEES, REPORT (INCLUDING TRUSTEES, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also the directors for the purpose of company law, who served during the year were: J A Reuben S D Reuben R Stone D L Reuben E Sawyer R D Reuben In accordancé with the Artides of Association R Stone and D L Reuben retire and offer themselves for re- appoinlmenl at the next AGM. The charitable company must have a minimum of two Trustees, and a maximum of fifteen, The power of appointmenl of new Trustees is vested in the SeIng Trustees. 11 is the policy of the charitable company lo provide any new Trustees appointed with background information regarding its affairs, including accounts, in order that they can obtain a sufficient level of knowledge to enable them to perform their roles effectively. Further training will be provided as this is considered appropriate. None of the Truslees has any beneficial interest in Ihe company. All of the Trustees are members of the company and guarantee lo contribute £1 in the event of a winding up. Decisions regarding the company are made at Trustee meetings which take place every month or on a morè regular informal telephonic basis. Majority voles are required lo agree any proposals put before the Iruslees at these meetings. The day lo day administration is undertaken by the Trustee E Sawyer and Ihe financial administration by R.Slone. The TrLA51ees have the power, given lo them under the Memorandum and Artides of Association, lo make any inveslmenl which they determine is in the best interests of the charity subject to oblaining appropriate professional advice and having regard lo the suitability of investments and the need for diversification. The charity has three active wholly owned subsidiary cx)mpanies, Concorde Sixth {Ulsler Terrace No 1) Limited, Townley Propertics Limired and Spicerile Limited. which are all property investmenl companies that gift their profits to Ihè charity under deed of covenant. Please refer to note 5 to the aGcounts for further information including the results for the year under review. Going concern Having reviewed the charity's financial forecast and expected future cash flows . the Trustees have a 8$Onable expectation that the Ghatity ha5 adequate resources lo continue in operalional existence for the foreseaable future, a period of not less than 12 months from the dale of approval of these financial slatements. Accordingly, the Trustees continues to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2023. Further details regarding adoplion of the going concem basis can be found in note 1.2 to the financial statements. Auditor In accordance with the company's articles, a resolulion proposing that Gerald Edelman LLP be reappointed as auditor of the company will be put at a General Meeting. Disclosure of information to auditor Each of the Trustees has confirmed Ihat there is no information of which Ihey are aware which is relevant to the audit, but of which the auditor is unaware. They have further confimed Ihal they have taken approprtate steps lo identify such relevant information and to establish Ihat the auditor is aware of such infomalion.
REUBEN FOUNDATION GROUP TRUSTEES, REPORT (INCLUDING TRUSTEES, REPORT) FOR THE YEAR EAIDED 31 DECEMBER 2023 On behalf of IhL board of Triisloès R Stane Trustee Dated.. 2511012024
REUBEN FOUNDATION STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Tnjstees are responsible for preparing the accounls in accordance with applicable law and Uniled Kingdom Generally Accepted Accounling Practi. Company law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the stale of affairs of the company and of its incoming resources and application of resources, including ils nel income and expenditure for the year. In preparing Ihese accounts, the Trustees are required to.. select suitable accounling policies and then apply them consislenlly. make judgements and estimates thal are reasonable and prudent- state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the accounts,. and prepare the accounts on the going concern basis unless il is inappropriate to presume that the company will continue in operation, The Trustees are also responsible for keeping proper accounting records that disclose with reasonable accuracy at any tirne the financial position of the company and group and which enable them lo ensure that the a¢¢ounls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and group and hence for taking reasonable Steps for the ptEvention and detedion of fraud and olher irregularili8s. The Trustees are responsible for the maintenance and integrity of Ihe charity and financial information induded on the ¢harily's website. Legislation in the Uniled Kingdom governing ihe preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
REUBEN FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REUBEN FOUNDATION Opinion We have audited the financial statements ol Reuben Foundation (the 'charity') and ils subsidiaries {the 'group') for the year ended 31 Dember 2023 which comprise Ihe consolidated slalement of financial aclivities, the consolidaled and chaiily balance sheets, the consolidaled stalement of cash flows and the notes to the consolidaled firiancial slalemenls, including a summary of significant accounting policies. The financial reporting framework Ihat has bean applied in their preparation is applicab5e law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Slandard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the group and the Charilable company's affairs as al 31 Decembe 2023 and of its incoming resources and applicalion of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Acceptad Accounting Practlce; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in acttjrdance with Internatlon21 Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Audilofs responsibilities for fh8 audit of lh8 financial slat8m8nts section of our report. We are independenl of the charity in accordance with the elhical requirements that are relevant to our audil of the financial statements in the UK, including the FRC'S Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe that the audll evidence we have obtsined is sufficient and appropriale to provide a basls for our opinion. Conclusions relatlng to going concern In auditing the financial slalements, we have conduded thal the Trustees, use of the going concern basis of accounting in the preparallon of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability lo continue as a going conrn for a period of at least Iwelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are dèscrib8d in the relevant sections of this report. other Snfomiation The other information cJ)mprises the information included in the annual report other than the financial slalements and our audilor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on Ihe financial stalemenls does not cover the olher information and, except to the extent otheiSe explicitly staled in our report, we do nol express any fonn of assurance conclusion thereon. Our responsibility Is to read the other Information and, in doing so. consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo be male¥ially misstaled. If we identify such malerial inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise lo a material misslatement in the financial statements themselves. If, based on the work we have perfomed, we conclude Ihat there is a malerial misstatement of this other information, we are required to report thal fact. We have nolhing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in Ihe Gourse of our audit- the informalion given in the Trustees, report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements,. and the direclors, report included within the Trustees. report has been prepared in accordance with applicable legal requiremenls.
REUBEN FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF REUBEN FOUNDATION Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not idenlified material misstatements in the directors, report included wilhin the Trustees, report. We have nolhing lo report in respect of the following matters in relation lo which the Companies Act 2006 requireg us to report lo you if, in our opinion= adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or Ihe financial slalemenls are not in agreement wilh Ihe accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit: or Ihe Trustees were not enlilled to prepare the finanaal statements in accordance with the small companies reglme and take advantage of the small companies, exemptions in preparing Ihe Trustees, report and from the requirement lo prepare a strategic report. Re8ponslbilities of Trustees As explained more fully in the statement of Trustees, responsibilities. the Trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparalion of the financial statements and for bèing satisfied that they give a Irue and fair view, and for such internal control as the Trustees determine is necessary lo enable the preparalion of financial slalemenls that are free from rnalerial misslatement, whether due to fraud or error. In preparing the financial slatemenls, the TnJstees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. malters related lo going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or la cease operations, or have no realistic altemative but to do so. Auditorf9 responsibilities for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charilies Act 2011 and report in accordanc8 Wlth the Act and relevant regulalions made or having effecl Ihereunder. Our objectives are to oblain reasonable assurance about whelher the financial statements as 8 wholè are free from material misstatement, whether due to fraud or error. and to issue an audilofs report that includes our opinion. Reasonable assurance is a high level of assurance but is nol a guaTantoo that an audit conducled in accordanco with ISAS (UK) will always detect a material misslatemenl when il exists. Misstatemenls can arise from fraud or error and are considered malerial if, individually or in Ihe aggregate, they could roasonably be expected lo influence the economic decisions of users taken on the basis of thes8 financial statements. Irregularities, including fraud, are instances of non-complian wilh laws and regulations. We design procedures in line wilh our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud, is detailed below.
REUBEN FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF REUBEN FOUNDATION Our audit procedures were primarily directed towards tesling Ihe accounling systems in operation upori which we have based our assessment of the financial statements for Ihe year ended 31 December 2023. We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial slalements resulting from irregularilies, fraud or non-mplian¢e wilh law or regulations. Extei)t to which the audit was considered capable of detecting irregularities including fraud We planned our audit so that we have a reasonable expectation of detecting malerial misslalemenls in the financial statements resulting from irregularilies, fraud or non-compliance with law or regulations. In identifying and assessing risks of material misstalemenl in respect of irregularities, including fraud and non-compliance wilh laws and regulations, our procedures included the following.. The engagement partner ensured that the engagemenl team colle¢tively had the appropriate competence, capabilities and skills lo identify or recognise non-compliance wilh applicable laws and regulations. Enquiring of management of whether they are aware of any non-compliance wilh laws and regulations. Enquiring of management whether they have knowledge of any actual, suspected or alleged fraud. Enquiring of management their internal conlrols established to mitigate risk related lo fraud or non- compliance with laws and regulations. Discussions amongst the engagement team on how and where fraud might occur in the financial slatemenls and any potential indicators of fraud. As part of this discusslon. we identified potential for fraud in the following areas- posting of unusual journals. Obtaining understanding of the legal and regulatory framework the company operates in focusing on those laws and regulations that had a direcl effect on the financial slatemenls or Ihal had a fundamenlal effect on the operations. The key laws and regulalions we considered in this contexi included UK Companies Act and UK Charity Act, lax legislalion,data protection, anli-bribery, employment and health and safely. Audit response to risks Identified Fraud due lo manag8menl override To address the risk of fraud through management bias and override of controls, we: Performed analytical procedures to idenlify any unusual or unexpected relationships Auditing the risk of managemenl override of cK)nlro15, including through testing journal entries for appropriateness. Assessed whethei judgements and assumptions made in determining the accounting estimates sel out in note 2 were indicative of polential bias. Investigated the rationale behind significant or unusual Iransaclions. Irregularities and non-complianc8 wilh18ws and gulaIl0nS In response lo the risk of irregularities and non-compliance with laws and gulations, we designed procedures which included, but are not limited lo.. Agreeing financial slalemenls disclosures lo underlying supporting documentation. Reviewing minutes of meetings of those charged with govemance. Enquiring of management as to actual and potenlial litigation Glaims The lest nature and other inherent limitations of an audit, logelher with the inherenl limitations of any accounting and internal control system. mean thal there is an unavoidable risk that even some malerial misstatemenls in respeci of irregularities may remain undiscovered even Ihough the audil is properly planned and perfomied in accordan with ISAS (UK). Furthermore. the more removed that laws and regulalions are from financial transactions, the less likely Ihat we would becAime aware of non-compliance. Our examination should therefore not be relied upon lo disdose all such malerial misslatemenls or frauds, errors or instances of non-compliance thal mighl exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors of Reuben Foundation. A ftjrther description of our responsibililies is available on the Financial Reporting Council's website at.. https'.11 ww.frc.org.uklauditorsresponsibililies. This description fomis part of our auditorfs report.
REUBEN FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF REUBEN FOUNDATION other matters Your allenlion is drawn to the fact Ihal Ihe chariiy has prepared financial slalements in accordance with "Accounting and Reporting by Charities.. Stalemenl of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicabte in the UK and RepubliG of Ireland {FRS 102)" las amended) in preference lo the Accounting and Reporting by Charities= Slatement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for Ihe financial stalements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. This report is made solely to the charity's Irustees, as a body, in accordance with part 4 of the Charilies {Accounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's Iruslees Ihose mallers we are required lo slate lo them in an auditors, report and for no olher purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as 8 body, for our audit work, for this report, or for the opinions we have fomied. Talha Fayrukh FCCA, ACA (Senior Statutory Auditor) for and on behalf of Gerald Edelman LLP 21 October 2024 Charterad Accountsnts Statutory Audltor 73 Cornhill London EC3V 3QQ 10-
REUBEN FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Designated funds funds Totsl 2023 Total 2022 Notes Income from: Donations and legacies Investmen15 90.000 4,974,723 4,464,066 4,974.723 Totsl income 4,974.723 4,974,723 4,554,066 endlture on: Raising funds Charitable activities Other expenses 3.806,673 7.277,189 10.792 3,806,673 1,596,646 7,277,189 3,736,618 10,792 Total èxpendlture 11.094.654 11,094,654 5,333,264 Net expendlture before gains and losses on investménts (6,119,931) (6.119,931) (779,198) Net gains on investments 13 1.708,047 1,708,047 {3,148,386) Net expendlture before transfer6 (4.411,884) (4,411.8841 {3,927.584) Gross transfers between funds (23,8171 23,817 Net incomel {expendlture) <4,435,701) 23.817 {4,411,884) (3,927,584) other recognised galns and losses Other gains or losses 16 19,235,953 19,235,953 Net movement In funds 14,800,252 23,817 14.824,069 (3,927,584) Fund balances al 1 January 2023 12,546.720 259,683 12.806.403 16.733.987 Fund balances at 31 December 2023 27.346.972 283,500 27,630,472 12,806,4Q3 The stalemenl of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 11
REUBEN FOUNDATION CONSOLIDATED AND CHARITY BALANCE SHEET AS AT31 DECEMBER 2023 Group 2023 Group 2022 Charity 2023 Charity 2022 Notas Fixed assets Tangible assets Inveslmenl8 17 18 72,131,861 36,583.687 70.683,149 15,045,504 26,192,361 31,919.242 58,579,500 21,210,770 108,715,548 85,728,653 58,111,603 79,790,270 Gurreiit assets Debtors Cash al bank and In hand 20 1.660,966 5,404,348 3,712,773 8,890.915 2,257,546 5,314,409 4,021,495 8,715,338 7,065,314 12,603,688 7,571,955 12,738,833 Credllors: amouiits falllng due wlthln one year 21 {23.901,1181 (3,370.393) (23,770,878) {3,120,968) Net current {Ilabllltlesllassets (18.835,804) 9,233,295 (16.198,923) 9,615,865 Total assets less currènt Ilabllltle$ 91,879.744 94,961,948 41,912.e80 89,406,135 Creditors: amounts falllng due after moro than OTie year 22 (62,918,658) {80.835,723) <37,679,180) (80,835,723) Prov181on8 for Ilabllltles Def6Tred lax Ilablllly 25 (1.330.614) (1,319.622) Net assets 27,630,472 12,806,403 4,233,500 8,570.412 Income funds Unreslrlcled funds Deslgnaled funds G8n8ral unreslricled funds 28 283,500 27.346.972 259,683 12,546,720 283.500 3.950.000 259,683 8,310,729 27,630,472 12.806,403 4,233.500 8,570,412 The Truslees have prepared group accounts in accordance wllh Section 398 of the Companles Act 2006 and secllon 138 of Ihe Charltlès Aot 2011. These aOuntS ar8 prepared In accordance wllh speG131 provlsions of part 15 01 the Companies Act relating lo small companies and conslilule Ihe annual accounts requlred by the Companies Acl 2006 and are for clrculalion lo the members of the Gompany. The financial slatemenls were approved by the Board and authorised for Issue on ..2511012024 and were slglled on Ils behalf by,. R Stone Trustee Company Registration No. 04481304 12-
REUBEN FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flov from operating aGtivitles Cash absorbed by operations (3.012.505) <26,827,055) Investing activities Proceeds from disposal of tangible fixed assets Purchase of inveslmenl property Purchas& of investments Proceeds from investments Inveslment income received 107,668 (103,182) (4.446.739) 2,507,027 1,461,164 (3,679,267) (5,928,725) 12,953,883 1,209,195 Net cash (used in)Igenerated from investing activities (474,062) 4,555,086 Flnanclng actlvltles Receipt of loan 16,666,667 Net cash {used inllgenerated from financing actlvllles 16,666,667 Net decrease in Gash and cash equivalents {3,486,567> (5,605,302) Cash and cash equivalents at beginnlng of year 8,890,915 14,496.217 Cash and cash equlvalents at end of yèar 5,404,348 8,890,915 13-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Company information Reuben Foundation is a private company limtted by guarantee incorporated in England and Wales. The regislered office is 4th Floor. Milbank Tower, 21-24 Millbank, London. SW1 P 4QP. 1.1 Accounting convention The accounts have been prepared in accA)rdanca with the charity's governing documenl, the Companies Act 2006 and "Accounting and Reporting by Charilies: Slatement of Recommended Practice applicable lo charitios preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for a¢¢ounting periods commencino from 1 January 2019), The charity is a Public Benefit Entity as defined by FRS 102. The accounls are prepared in sterling. which is the funciional currency of the charity. Monetary amounts in Ihese financial slalemenls are roundod lo the nearest £. The financial statements have been prepared under the hislorical cosl convention, modified lo include the revaluation of freehold properties and to include investment properties and cetlain financial inslrumenls at fair value. The principal accounting policies adopted are sel out below. Basls of Consolidatlon The consolidated financial slalemenls incorporate the results, both of Reuben Foundation and of ils wholly owned subsidiaries detailed in Note 29, whose accounts are made up to the same accountin9 da18 on a line by line basis. 1.2 Golng concern Al the lime of approving the financial statements. Ihe Trustees have a reasonable expectation Ihal the charity has adequate resources to continue in operational existence for the foreseeable future. The group hold good cash reserves and has the ability lo draw down further funds on a loan faclility. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Trustees in furtherance of their charitable objectives. 1.4 Intoming resources Income is recognised when the charily is legally entitled to il after any performance conditions have been met. the amounts can be measured reliably. and il is probable that incorne will be received. Donations, legacies and other forms of voluntary income are recognised as incoming resour$ when receivable, except insofar as they are incapable of financial measurement. Assets donated to thè chariiy are recognised upon receipt and included in the accounts at estimated market value. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the time of the donalion. 14-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Resources expended Liabililies are recognised as resources expended as soon as there is a legal or conslruclive obligation committing the charity to the expenditure. All resources expended are accounted for on an accruals basis. Irrecoverable vat is charged to the expense to which il relates. Charitable expenditure includes grants made to individuals and inslilutions which are included in the accounts when paid or when a firm commitrnenl is given to a charity prior to Ihe balance sheet dale which is a construclive obligation. The costs of raising funds are represented by expenses attributable to the managemenl and lelling of the property interests owned as well as bank interest on loans ulilised for Iheir acquisilion. 1.6 Investment properties Inveslment property, which is property held to earn rental income andlor for capital appreciation, is measured using Ihe fair value model and slated al its fair value as al the reporting dale. The surplus or deficit on revaluation is recognised in net incomel{expendilure) for the year. Gains or losses arising from changes in the fair value of investment woperty are included In the statement of financial acliviles for the period in which they arise. It is the policy of the charily lo capitalise expenditure of a capital nature only where Ihe sum involv8d 8xc8eds £1,000. 1.7 Flxed as6et investments Investments are a form of basic financial instrument and are initially recognised at their Iransaction value and subsequently measured at Iheir fair value as al the balance sheet dale using the closing quoted markel price. The statement of financial activilies inGlude ihe net gains and losses arising on revalualion and disposals throughout Ihe year. The Gharily does not acquire put oplions. derivatives or other complex financ4al instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of inveslors lo investment risk, and changes in sentirnenl concerning equities and within particular sectors or sub sectors. Reallsed Galns and Losses All gains and losses are taken lo the Stalement of Financial Aclivilies as they arise. Realised gains and losses on investments are calculated as the difference belween sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised inveslment gains and10sses are combined in the Slatement of Financial Activities. Subsidiaries Included in fixed asset investments are subsidiaries. A subsidiary is an enlily conlrolled by the charily. Conlrol is the power to govern the financial and operating policies of the entity so as lo obtain benefits from ils activities. Associates Included in fixed ass6t investments are associates. An associate is an enlity in which the charily holds a substantial interest but which is not controlled by Ihe charity. 15-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.8 Impalrment of fixed assets Al each reporting end date, the charily reviews the carrying amounts of its tangible and intangible assets lo determine whether there is any indication that those assets have suffered an impaifmenl loss. If any such indication exists, Ihe recoverable amount of Ihe asset is estimated in order lo determine Ihe extent of the impairment loss (if any). Recoverable amounl is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to Iheir present value using a pre-tax discount rale that reflects current market assessments of the lime value of money and the risks specific lo the asset for which the eslimale5 of future cash flows have nol been adjusted. If the recoverable amount of an assel is estimated lo be le5S than its carrying amount, the carrying amounl of the asset is reduced to its recoverable amount. An impairmenl loss is recognised immediately in incomel lexpendilure) for the year, unles5 the relevant asset is carried al a revalued amount, in which case the imp£iirment loss is treated as a revaluation decrease. Recognlsed impairment losses are reversed if, and only if. Ihe reasons for Ihe impairment loss have ceased lo apply. Where an impairment loss subsequently reverses, the carrying amounl of the asset is increased lo the revised estimate of its recoverable amount. but so Ihat the increased carrying amount does not exceed the carrying amount that would have been detemiined had no impairrnenl loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried at a r8valued amount, in which case Ihe reversal of the impairment loss is Irealed as a revaluation increase. 1.9 Cash and cash equivalènts Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-lerm Ilquld investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charity has elected lo apply the provisions of Seclion 11 '8asi¢ Financial Instruments, and Section 12 'Olher Financial Inslruments Issues. of FRS 102 lo all of its financial inslrumenls. Financial instruments are recognised in the charity's balanc£ sheet when the charity becomes party lo the contractual provisions of the inslrumenl. Financial assets and liabilities are offset. with the net amounls presented in the financial slatemenls. when Ihere is a legally enforable right to sel off Ihe recognised amounts and there is an intention to settle on a net basis or to reallse the assel and sellle the liabilily simultaneously. Basic financlal assets Basic financial assets. which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carfied al amortised cosl using the effective interest method unless the arrangement constilules a financing transaction, where the transaclion is measured al the present value of the fulure receipts discounted al a markel rale of interest. Financial assets lassified as receivable within one year ale not amortised. 16-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities. including creditors. are initially recognised at transaction price unless the arrangement conslitutes a financing Iransaclion, where the debt instrument is measured at the presenl value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are nol amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate melhod. Trade creditors are obligalions to pay for goods or services that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities, Trade creditors are recognised inilially at transaction price and subsequently measured at amortised ¢ost using Ihe effective interest method. Derecognitlon of financlal Ilabilities Financial liabilities ale derewgnised when the charitS contraclual obligations expire or are discharged or cancelled. 1.11 Leases Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a slraighl line basis over the term of Ihe relevant lease. 1.12 Forelgn exchange Transactions denominated in forelgn currency are recorded at Ihe rate ruling al the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling al Ihe rates of exchange ruling at the balance sheet date. All differences are incjuded in olher recognised gains and losses in the Slatemenl of Financial Activities. 1.13 Taxal(on As a reglslered charity the Foundation is exempl from taxation on its aclivilies which fall within the scope of section 50.5 ol Taxes Acl 1988 and seclion 252 of the Taxalion of Chargeable Gains Act 1992. Crltlcal accounting estimates and Judgements In the applicalion of the charily's accounting policies, the Trustees are requlred lo make judgements, eslimatcs and assumptions about the carrying amount of assets and liabilities that are nol readily apparent from other sources. Tho estimales and associated assumptions are based on hislorical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo a¢counting eslimales are recognised in Ihe period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. -17-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accountlng estimates and judgements (Continued Key sources of estlmation yncertalnty The estimates and asstjmptions which have a significant risk of causing a material adjustment to the carrying amounl of assets and liabilities are as follows. Investment properties The investment properties in the group, which are properties held lo earn rentsls andlor capital appreciation, are measured using Ihe fair value model and staled at Iheir fair value as al Ihe reporting dale. The Trustees have used their experience of the property market and with referen lo informal advi from Chartered Surveyors and market eviden of transaction prices of similar properties, have assessed an appropriate value as al the reporting date, which they feel is reliable. Charity SOFA Summary Th8 consolidated statement of financial aclivities includes the results of th8 charity's wholly owned subsidiaries whose principal actiwty is propety inveslmenl. The summary financial performance of the charity alone is.. Totsl 2023 Total 2022 Gift aid receipts from subsidiaries Other donalions received Other incoming resources Costs of raising funds Grants paid Other expenditure 222,184 205,388 90,000 4,259,081 3,837,671 (3,205,857) {1,032,698} (7,255,189) (3,718,618) (22,000) (18,000) Net expenditure for the year {6,001,781) (636,277) (Losses)Igains on inveslment assets 1,664,869 (3,148,386) Nel movement in funds (4,336.912) (3,784,663) Fund balanGes at 1 January 2023 8,570.412 12,355,075 Fund balances at 31 December 2023 4,233.500 8.570,412 18-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income earned from other activitles The charity has a number of subsidiary companies all of which are incorporaled in the United Kingdom. The majority of these companies are donnant with the excepiion of Concorde Sixth (Ulster Terrace No 1) Ltd, Spicerile Ltd and Townley Properties Ltd. The profits generated by the companies are paid to the charity by Deed of Covenant. Below shows a summary of the trading results of the active subsidiaries.. Concorde Sixth (Ulster Teace No 1) Ltd Total 2023 Total 2022 Profit and Loss Account Turnover Management expenses 44,758 55,863 (97,154) {101,851) Gross profil Adminslralive expenses Fair value gain on investment properties {52.396) (133,724) 43,169 {45,988) {96,933> Retained in subsidiary <142,951) (142,921) At 31 December 2023 the net assets and reserves ol the Company were as follows.. Assels and Liabilities Fixed assets Current assets Current liabilities Provisions 7,250,CI01 7,103,650 88,726 22,980 (3,805,857) (3.450,808) (451,038) (451,038) 3,081,832 3,224,784 Nel Assels Represented by.. Share capilal Reserves 3,031,831 3,224,783 3,031.832 3,224,784 19-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income earned from other actlvities (Continued) Total 2023 Total 2022 Spicerite Ltd Profil and Loss Account Turnover Management expenses 579,441 (323,732) 570.531 {323,732) Gross profil Adminslrative expenses Amount gift aided lo panI undertaking 255.709 (33,525) (222,184) 246,799 <41,431) (205,368) Retained In subsidiary At 31 December 2023 the net assels and reserves of the company were as follows.. Assets and Liabilitles Fixed assets Current assets Current liabilities Provisions 5,000,000 5,000,000 525,805 557,358 {1,092.114) {1,123,667) (868,784> 1868,784) 3,564,907 3,564,907 Nel Assets Represented by.. Share capital ReseNes 3.564.904 3,564,904 3,564,907 3,564,907 Totsl 2023 Total 2022 Townley Properties Limlted Profil and Loss Account Turnover Management expenses 24,996 (10,0001 Gross profit Interest payable 14,996 {20,728) (5,732) -20-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income earned from other activltles (Continued) Townley Properties Limited Al 31 December 2023 the net assets and reserves of the rx)mpany were as follows.. Assets and Liabilities Fixed assets Current assets Current liabilities Other loan 33,625,000 64,188 (49,190) {25,239,478) Nel Assets 8,400,520 Represented by.. Share capital Reserves 8,406.252 (5,732) 8,400,520 Income from investments 2023 2022 Rental income Income from listed investments Interest receivable 3,447,113 1,232,233 295,377 3,254,871 1,096,315 112,880 4,974,723 4,464,066 21
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds 2023 2022 Investment property managemenl Ground rents Management fees Rates Legal & professional fees Loan interest and charges other expenses Bad debt provision 412.650 159.883 54.318 95,110 740,902 463,274 1,880,536 413,253 186,936 37,064 36,987 581,363 341,C143 3,806,673 1,596.64S Charltable actlvltles 2023 2022 Grant funding aclivilies (see note 9) Support costs including governance costs {see note 10) 7,255,189 22,000 3,718,617 18,001 7,277,189 3,736,818 Other expenses 2023 2022 Deferred tax charge 10,792 10,792 22-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Totsl 2023 Total 2022 Paid during the year Grants lo inslilutions Grants to individuals 3,428,830 127,795 26,870.640 65,877 3,556,625 26.936,517 Commltted amounts Total brought foNard Tolal carried foNard (see note 23) (35,892,200) (59,699,117) 39,109,054 35,892.200 6,773,479 481,710 3,129,6QO 589,017 Discount applied persuanl to FRS102 7,255,189 3,718,617 -23-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable {Contlnuedl 2023 2022 AirAmbulance Service ARK Schools Anti Slavery Collective ATALEF FoLJndation Bede Foodbank BFC Foundation BICOM Brothers & Slsters For Israel Brain Circle UK British Film Instilute British Heart Foundation Camp Simcha Campaign Againsl Antisemilism Carers Trusl Cenlrepoint Chabad Community Security Trust Criminal Justice Reform Foundalion CW* DEC Turk8y-Syria Earthquake Appeal Diabelos UK Dunham House Fashion East Fashion Trust US Global Greengrants Funds Gabriellès Angel Foundation Grcat Ormond Street Hospital Greenhouse Sports Hammer Museum Holocaust Educational Trust Injured Jockeys Fund Juvenile Diabetes Research Foundation Jewish Care LACMA Keshel Diversily UK Latet- Israeli Humanitarian Aid Make a Wish Foundalion Medison Aid Nancy Reuben PTimary School National Horse Racing College Newcastle Wesl End Foodbank Nowood Others Policy Exchange Ltd Polo for Life Princess Grace Hospital Monaco Reichrnan University Racing lo School Royal Foundation 10,000 22,250 10,000 24,663 10,000 180,000 47,152 15,000 5,0(10 80.257 5,000 6.127 53,333 5,000 20,000 10,000 38,244 5,000 105,000 7,969 10.000 528,000 5,000 25,000 625.000 10,000 53,333 8.118 6.763 12,583 12,103 5,C(JO 8,777 35,000 10,000 38,887 6,211 75,000 8,000 5.000 25,000 25,000 11,262 3,000 82,727 8,097 150.000 330.000 5,000 500,000 8,000 59,284 100,000 174,555 202,069 20.000 7,450 21,186 200,916 5,000 10,000 -24-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Icontinuedl Royal Free Charity Royal Marsden Cancer Charity Serpentine Trust Temple of the Arts Thames Hospice The Association for Israel's Soldiers Ukraine donations University of Cambridge University of Oxford United Halzalah University of Miami Variety. The Children's Charily Yad Vashem 10,000 17,000 5,000 38,736 53,333 1.425,032 80,379 755,488 23,361.150 463.737 3,359,156 7,998 39,548 6,750 19.622 20,754 6,773,479 26,986,518 10 Analysls of governance and support costs Governance costs 2023 2022 Audil fees 22,000 22,000 18,001 22,000 22,000 18,001 11 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the charity durin9 the year. No expenses were refunded to the Trustees in the year. 12 Nèt movement in funds 2023 2022 Net movemenl in funds is slated after chargingl(crediting) Fees payable to the company's auditor for Ihe audit of Ihe company's financial slalements (Loss)Igain on investment revalualion Gain on sale of investments 22,000 362,516 43,169 18.001 (2,175,591) -25-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 13 Net gains on investments 2023 2022 Gainl(loss) on investment revaluation Gainl(loss) on sale of investments Revalulion of inveslmenl properties 362,516 (2,175,591) 43.169 (1,572,795) 1,302,362 600.OOQI 1,708,047 {3,148,386) 14 Employeès The were no employees during the year. 15 Taxation The charity is exempt from tax on income and gains falling wilhin section 505 of the Taxes Acl 1988 or section 252 of Ihe Taxation of Chargeable Gains Act 1992 to the extenl that these are appli8d to ils charitable objects. 16 Other gains or losses 2023 2022 Fair value 2djuslmenl of an unquoled investment 19,235,953 -26-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Investment Properties Group Freehold Investment prop6rtl&s Leasehold Investment propgrtles Total Cost At 1 January 2023 Additions Revaluation 60,045.590 10,837,559 103,182 1,345,530 70,683,149 103,182 1,345,530 At 31 December 2023 61.494.302 10.637,559 72,131,861 Carrying amount At 31 December 2023 61,494,302 10,637,559 72,131,861 At 31 Dernber 2022 60,045,590 10,637,559 70,683,149 Hlstorlc Cost Historic cost of the properties are as per below: Al 31 December 2023 30,187,520 5,642,044 Charity Froahold Inveslmont proportl•s Lgasohold lrtvostmont proport195 Total Cost At 1 January 2023 Disposals Revaluation Transfer to Townley Properties Ltd 58,141,941 437,559 (437,559) 58,579,500 (437.559) 1.302,362 (33,251,941) 1.302,362 (33,251,941) Al 31 December 2023 26.192.362 26.192,362 Carrying amount At 31 December 2023 26,192,362 26,192.362 Al 31 December 2022 58,141.941 437,559 58,579,500 Hisloric Cost Historic cost of the properties are as per below= Al 31 December 2023 15,259,173 The properties were valued by a MRICS qualified SueYOr at 31 Decernbèr 2023 on an open market basis. -27-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Fixed asset investments Group 2023 Group 2022 Charity 2023 Charity 2022 Notes Investments in subsidiaries Unquoted inveslmenls Lisled investments 29 14,571,517 6,165,266 19,235,962 17.347.725 15,045,504 17,347,725 15,045,504 36,583,687 15,045.504 31,919,242 21,210,770 The quoted instruments are primarily represented by UK fixed interest stocks. The unquoted inveslmenl is represenled by ihe non controlling interest of RF Finco Limited in RF Finco Limited Partnership. Movements in fixed asset investments Group Bonds and Equltl88 Valuation At 1 January 2023 Additions al cost Net change in value in Ihe year Capital repayment and disposals 15,045,504 4.446,739 362,516 (2,507,034) At 31 December 2023 17,347,725 Carrying amount Al 310ecember 2023 17,347,725 Al 31 December 2022 15,045,504 Group 2023 Group 2022 Charlty 2023 Charlty 2022 19 Financial instruments Carrylng amount of financial assets Instruments measured at fair value through profit or loss 36,583,687 15.045,504 17,347.725 15,045,504 -28-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Debtors Group 2023 Group 2022 Charity 2023 Charity 2022 Amounts falling due within one year: Trade debtors Amounts due from subsidiary undertakings Olher debtors Prepaymenls and accrued income 462.470 535.551 383,758 1.149,357 377.141 347,290 518,807 713,483 2,152,912 636,293 714,113 484,383 2,511,330 665,892 1.660,966 3,712,773 2.257,546 4,021,495 With regard to the Charity only Incltjded wilhin debtors is an amount due lo Ihe charitable company from the subsidiaries Spicerile Limited of £335.120 (2022: £282.936), Concorde Sixth (Ulster Terrace No. 1) Limited of £775,047 (2022.. £430,537) and Townley Propertie5 Limited of £39,190 (2022: £nil). These loans are interest free and with no sel terms for repaymcnl. 21 Credltors: amounts falling due withln one year Group 2023 Group 2022 Charity 2023 Charity 2022 Other12xation and social security Trade creditors Grant ¢ommilments Other creditors Accruals and deferred income 15.618 154,706 23,424,710 221,007 85.077 96.807 51,625 96,807 399,102 60,701 394,992 2,099,034 23,424.710 2,099,034 392.553 14Q,387 149,008 382,897 93,475 381,129 23,901,118 3.370,393 23,770,878 3,120,968 22 Credltors: amounts falllng due after more than one year Group 2023 Group 2022 Charfty 2023 Charity 2022 Loans and overdrafts Grant commitments 47,234,314 15,684,344 47,042.557 33.793.166 21,994,836 15,684,344 47,042,557 33,793,166 24 62.918.658 80.835,723 37,679,180 80,835,723 -29-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Loans and overdrafts 2023 2022 other loans 47,234,314 47,042,557 Payable after one year 47,234,314 47,042,557 Loans calry varying maturity dates, all due belween 1 10 5 years. Interest is charged on these loans at the rale of 1.5% per annum. All loans are secured on investm6nl property owned by the group 24 Grant Commitments 2023 2022 ARK Schools Holocaust Educational Trust Cambridge University Unlversiiy of Oxford 135,000 50,000 50,000 723,420 259,883 36,974,833 33,900,334 F ij Community Security Trusl Nancy Reuben Primary School Norwood CW* The Design Museum Princess Grace Hospilal Monaco Jewish Care Carers Trust Others 50,000 580,000 100,000 1,250,000 25,000 500,000 100,000 1,875,000 150,000 21,186 50,000 20,000 3,165 50,000 20,000 24,490 39,822,743 37,089,368 {713,689) (1,197,168) Discount applied per FRS102 39,109,054 35,892,200 Comprised as follows: Due in less than one year Due in more than one year 23,424,710 2,099,034 15,684,344 33,793,166 39,109,054 35,892,200 -30-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Provisions for liabilities 2023 2022 Deferred lax liabilities 1,330,614 1,319,822 Movements in provisions.. Total Al 1 January 2023 Additional provisions in the year (1,319,822) (10,792) At 31 December 2023 (1,330,614) The deferred tax provision relates to Ihe potential tax payable on the future profits in the evenl of the disposal of the investment properties of the subsidiary Companies. 26 Share ¢apStal The Gharilable company is limited by guaranlee and has no share ¢apltal. Each member guaranlees to conlribute £1 in the event of a winding up. 27 Movement in unrestrlcted funds General and Revaluation Designated reserve funds Total as at Total as at 31.12.2023 31.12.2022 Balance at 1 January 2023 {22.724,616) 35,531.019 12,806,403 16,733,987 Income 4,974,723 4,974,723 4,554.066 Expenditure (11,094,654) <11,094,654) {5,333,264) Revaluation in Ihe year: Investment property 1.302,369 1.302,369 600,000 On investment acquisitions 19.235,953 19,235,953 On inveslmenl disposals Quoted investments 43,169 362,509 43,169 362,509 (3,748,386) Balance at 31 Dember 2023 (28.844,547) 56.475,019 27,630,472 12,806.403 31
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 28 Designated funds Movement in funds Transfers Resources Balance at 31 expendedDecember 2023 Balance at 1 January 2023 Oxford University 259.683 23,817 283,500 The designated funds are held to represent ongoing funding commitments regarding scholarship programmes. 29 Subsidlarles The charity holds more than 20•A of Ihe share ¢apilal of Ihe following companies.. Name of undertaking and country of incorporation or res(dency Nature of business Class of shareholdlng Dlrect Concorde Sixth (Ulster Terrace No 1) England & Wales Lld Concorde Sixth (Ulster Terrace No 2) England & Wales Ltd Concorde Sixih Regents Park Ltd Spicerile Limited Townley Properties Limited Property investment Ordinary 100 Domant Ordinary 100 England & Wales England & Walcs England & Wales Dormant Ordinary Property investment Ordinary Property investment Ordinary 100 100 100 The company also owns the enti issued ¢apilal of the following dormanl nominee ¢ompanies: Amberdene Properties Limiled Berrymist Properties Limited Edengrange Investments Limiled Faye Properties Limited Gradecourt Limiled Millpond Properties Limited PTairie Limiled RF Finco Limiled lincorporaled 20 October 2023) RF (Genoral Partner) Limited (incorporated 28 October 2023) The charity subscribed for addits'orbal shares in Townley Properties Limited in the year at a cost of £8,406,251. -32-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 30 Analysis of net assets tseleen funds General Designated unrestricted funds funds Totsl Fund balances at 31 December 2023 are represenled by: Tangible assets Investments Current asselsllliabililiesl Long term liabilities 72,131,861 36,583,687 (17,119.304) (64,249.272) 72,131,861 36,583,687 (16,835,804) {64,249,272) 283,500 27,346.972 283,500 27,630,472 31 Operating lease commltments Lessor At the reporting énd date the charity had contracted with tenants for the following minimum lease payments.. 2023 Within one year Between two and five years In over five years 2,707,349 8,122,048 10,880,937 21,710,334 32 Related party transactions The sum of £85,000 {2022.' £124,041) was paid lo MolGomb Eslales Lld. a Gompany in whiGh the Trustee, E Sawyer has an interest. Included in investmenls is a holding of bonds with a value of £13,898,080 (2022.. £14.352,971) issued by Wellinglon Pub Company PLC, a company in which the Trustees S D Reuben and R D Reuben have a material interest. Inlerest of £1.051.183 (2022.. £1,008,565) was recognised on these bonds in the year. During the year, donalions of £330,000 {2022= £500.000) have been paid lo Nancy Reuben Primary School, a charity in which the Foundation is a Trustee. As at 31 December 2023, the charity was committed lo fillure donations of £580,000 (2022: £500.000) lo Nancy Reuben Primary School. During the year the beneficial ownership of freehold properly wa5 transferred from the charity to ils subsidiary Townley Properties Limited at a market value of £33,625.000. Reuben Foundation received £nil {2022= £.[K)0) in donations from European Land & Property Limiled, a company in which Ihe trustees S D Reuben and R D Reuben have a material interest. -33-
REUBEN FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 33 Analysis of Changes in net (debtllfunds At 1 January 2023 Ca8h flow8 Ai 31 Dacèmbèr 2023 Cash al bank and in hand 8,8).915 (3,486.5671 5,404.348 Loans falling due after more than one year {47.042.557) {191,7571 (47,234,314) {38,151,642) {3,678,324) (41,829,966) 34 Cash generated from operatlons 2023 2022 Surplusl(deficit) for the year {4.435,701) {3,927,584) Adjuslmenls for.. Investment income recognised in profit or loss Profil on disposal of investment Fair value gains on investment properties Fair value gains on Investments {1,461,164) (1,209,195) {43,169) 1,572,795 (1,302,362) 1600,000) (362.5161 2,175,791 Movements in working capital- Decreasel{increase) in deblors Increasel(decrease) in creditors 2,032,454 (1,729,758) 2,559,953 {23,109,1041 Cash absorbed by operatlons (3,012,505) <26,827,055) -34-