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 ne￿ssary, 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. Unsuc￿SsfUl 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 We￿ve1 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 re￿1vable 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 Se￿Ing 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 De￿mber 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
con￿rn 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
othe￿iSe 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 a￿OuntS 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 enfor￿able 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 charit￿S 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 Te￿ace 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 pa￿nI 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 De￿rnber 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 Su￿eYOr 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 De￿mber 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 tsel￿een 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-