Registerod number: 04481304 Charlty number: 1094130 REUBEN FOUNDATION (a company limited by guarantee) TRUSTEES. REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 REUBEN FOUNDATION CONTENTS Page Réfarenca and adminlstrallve detalls of the Charfty? Its Trusteeg and advisers Trustee$. report Trustees. responslbllllles statement Independent audltor3' r8POrt on the flnanGlal 8tatsm8nt8 Con801idated statement of Ilnanclal actlvltles 8-11 12 Consolldated balance ghaal 13-14 Charlty balancè sheet Consolldated statamont of cash flows 15-16 17 Note8 to tho financlal 8tatements 18-39 REUBEN FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustaos J A Reuben S D Reuben R Stone D L R8ub8n E Sawyer {reslaned 11 November 2024) R D Reuben J H Reuben (appolnted 11 November 2D24> Company reglstered number 04481304 Charfty roglstored number 1094130 Reg19ter•d offl¢o 4th Floor, Millbank Tower, 21-24 Millbank, London, SW1 P 4QP Independent auditor8 Adler Shine LLP, Aston House, Cornwall Avenue, London, N3 1 LF Banker8 Barclays Bank. 1 Churchlll Place, London, E14 5HP Solicitors Reed Smtth LLP, I Blossom Yard, London, E16RS Investment Advlsors UBS Wealth Management, 5 Bro8dgale, London, EC2M 2AN Proparty Advlsorg Molcomb E8t8tes, 4th Floor, Millbank Tower, 21-24 Millb8nk, London, SW1 P 4QP Page 1 REUBEN FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees pres8nt their annual report together wlth the audited financial statements of the Reuben Foundation for the year 1 January 2024 to 31 December 2024. Oblecllvas and actlvltle8 a. Policles and obJ6ctlves The alms and objectlves of the charily 85 sel out In tha governing document are: 1) lo promote and further the education of persons but in particular young peTson8', 2) to relieve persons who are in need. hard6hlp or dlstress as a re8uII of or by reeson of their soclal or econ￿lIe clrcumstancas, their infirmily or age., 3) to r81i8ve per8on8 who ara in need, hardshlp or distress 88 a result of local. national 01 International unrest or disorder., 4) to facllllate medical research and thg davelopment of medical facililles worldwlde; 5) to support, procure or furth8r such objects, whlch are exclustvely charitable according to the law. For further details regardlng our charity, pl8a88 Vi8il our website at www.r8ubenfoundatk)n.com b. Publlc Beneflt In order lo achleve Its objectives the charlty md(es grant8 for the publlc b8n8lil to both charitable institutions and worthy indivKlual8 bolh In the UK and abroad. In selllng our programmes and 8lr8le9y going fonNard we have regard lo both the general guidance on public b8n8fit and pravenllon and rellef of povety pub118hed by the Charlly Commission. The Trustees 8hNays ensure IhHI the programmes we undertake 8re in line wlth the charltgs aims and with their powers and respons5bililies as delailed in the governlng document and under charity law. c. Charlty Alms The charlty delivers ils charllable alms 88 follows: 1) idanliflcallon of sultable projects and causes through the existlna Trust8e8 contads and by building new relationships w6th a ranoè of charitable work undertak8n, the financial stability of the org8nisgtions and inlermediaries; 2) the careful review of, wlth external advice vA)ere necessary, relevant appllcatlons laklng 8ccounl, Inter alia, of the importance of the ch8rilable worf( undertaken, the financlal stability of the organigalkon and the competence of its management., 31 the monitoring of the applicatlon of all grants made by the Foundatlon in the hands of the recipient to ensure that these have been used for the purpose for which they wére made in an efficienl and cost effective way, 4) th8 monitoring of the inveslmenls of the Foundatlon and, where deemed necessary, the making of change6 Sn the portfolio with a view to maintainino and, wherever possible, improving the markel value and income of the underlying assets. The Truslee5 welcome applications from any institution or individual whKh me8ts the crlleria set out above Ihout geographlcBI reslrlcllon. Page 2 REUBEN FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Objectives and actlvltlès (contlnuedl d. Grant maklng pollcy The Trustees have a formal process by which grant appllc8tions are proce83ed. All requests lor funds are di8CU8sed at the Trustee meetlngs and the merits of each application consldered, ensuring that these meet th8 alms and obl@ctives set out above. Unsuccessful applicants are notilied in writing of the Trusie8s' decision. Grants 8re approved having regards to the current reseNes and the long-teim policy of the Foundation. Detai18 of th8 major grants made for th8 public benefit during the year are 8et out in note 8. The Trustees all take an aclfve role in the management of th8 charity to on8ure Ils alms are fuifill8d. Regular contact is made with many beneficiaries Sn order io e8tabllsh the needs of charilies and the level of finan¢lal assistance that may be appropriate. Achlevements and performanca a. Hlghllghts Durlng the year, the charrty dlslrlbuted £5.81 m (2023: £7.26m) in continLJlng to 8UPPOrt charltable Inlllativ88 in healthc8ra, educatlon and the communSly as detailed In note 8. Highlights of the year Include.. 1) completion of The Rauban Young People's Centre al Chelsea and Westminslar Hospllal, London. 2) thé ongoing support of Cenlrepoint, the charity focused on combating youth homelessness, with th8 n8wIy opened Reub8n House in Peckham,. 3) conlinuad donallons lo foodbanks both in the UK and Internatlonally, supporting the homeles8, chlldren and low-income families,, 4) ongolng donations lo the Universities of Oxford and Cambridge and ARK Schools towards the continued expansion of the Reuben Schol8r8hlp Programma, including discussions around Internallonal expansion to universities OLblside of the UK Ona of the major proiecls of 2024 was The Reuben Young People's Centre at Chelsea and W8Stminsler H08Pital, London. Set lo open in 2025. the facllity will provide a best-in-class envlronment for young people to acc6s8 hollstic care, regardless of th8 reason they are at the hospital, and includes purpose designed facilities to allow staff lo better support young people wlth mental healih need$. The Foundatlon continued 118 SUPPOrt of the Nancy Reuben Primary School during the year with donations of £510,000 (2023.- £300,000). The Reuben Foundation also supported a large number of other charilias as well as Individuals in need wlth smaller grants in line with its slated objeclives. Durlng 2024, the Reuben Foundalion ha8 continued lo support the Universities of Oxford and Cambridge wtth new funding agreement8 to 8Xtend the Reuben SGholar8hip programme. Financlal revlew a. Performance These accounts record the financial position of the group for the year ended 31 December 2024, wlth appropriate comparatives for the year ended 31 December 2023. The group's net Income before Inveslmenl returns was £58.60m (2023.. nel expendlture £8,32m). The available gross investment income was £63.47m (2023.. E4.98m) comprising of mainly rental income of £3.58m (2023: £3.45m) and Intere8t receivable on fixed interest bonds, bank deposits and inv6stment8 of £59.89m 12023: £1.23m). Total expenditure was £7.19m {2023'. £11.09rn) with the largest expense of £5.61 m12023= £7.26m) for grants paid. Page 3 REUBEN FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 b. Inv88tmenls The fixed assèt investments reiained value at the balance Sheet date at £176.73m (2023.. £108.72m) as detailed In notes 14 and 15 8nd include the freehold and lessehold properly interests as well as the quoted investment portfolio. In the year under review, gains on inve8tmenl assets were £1.44m (2023.. £1.71m). Also included in tha balance sheet of the charitable company are the investments held in subsidlary companies whlch are held al a value of £14.57m (2023.. £14,57m}. As delalled In note 31, there are five main subsidiary compani88 belng Concorde Sixth (Ulster Terrace No 1) Limlt8d, Townl8y Propertle8 Limited, Spicerite Llmlted, RF Finco Limited and RF (Gen8ral Partner) Limiled, c. R8s&Nes pollcy The strategy of the ch8rlly h88 been to pursue an Investment pollcy whlch wauld re3uII In continulng $u$t8inable gr0￿h lo maxlmlse the income funds available for charitable distribution. Th18 polScy has untll now enabled the level of distributions lo increase while malntalning the capltal as8el ba88. AS delailed earlier in thi8 report the Trustees have made malor charitable commllmenls in both thls year and prior years whlch will ba funded both out of futur8 Income and current resources retalned. Howgver the Trustees relained fre8 r868Nes of £81.97m as al the year end which they believe continue to place the charlly In a strong fln8ncS8l positlon to enable il to deal with any unforéseen effects of the current ecor￿MiC and flnancial climate whilst coniinuing lo meet its planned exr￿nd1ture and to ensure that the charSly can meat its ongoing and future commitments. d. Prlnclpal rlsks and uncartalntles The Truslees have assessad the major ri8ks lo whlch the Foundation face8, partkul8r those related to It8 operBtion8 and finances and have developed a Tisk management strategy whlch Involv88 the followlng.. an annual review of the prlnclpal risk8 and uncertalnlles that the charity and its 8ub8ldiaries face . th8 e6tablishment of policies, systems and procedures to mitigate rlsks identSfled th8 impl8menlallon of proGedure8 designed to minlmise or manage any potentlal Imp8Ct on the charty should those risks malerialtse e. Investment pollcy The investment policy of th8 Foundation is diver8lfl8d lo reduce any potèntial ri8ks. Tha policy in relatlon to cash reseNe$ has been to purchas8 varying yielding bond$ of mixed currencies-. Sterllng and US Dollars. Structure. governance and management a. Trustees The Trustees, who ar8 also the directors for th8 purposes of company law, wha served during the y8ar were: J A Reuben S D Reuben R Stone D L Reuben E Sawyer (resigned 11 November 2024) R D Reuben J H Reuben (appoint￿ 11 November 2024) Pa9e 4 REUBEN FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management (contlnued) b. Methods of appolntment or election of Trustèés In accordance with lh8 Articles of Association, R Stone and D L Reuben retire and offer Ihems81ves for reapwintmenl at the next AGM, Th8 charitable company must have a minimum of Trustees and a maxlmum of fifteen. The power of appointment cf new Trustees 18 vested In the sèNing Trustegs. It 18 the policy of the charitsble company lo provide any new Trustees appoinled ￿th background information regarding ils affairs, including accounts, In order that they ablain a sufficient level of knowledge to enable them to perform Iheir rol88 8ffeclively. Furthar Iralnlng will be provlded as this is considered appropriate, c. Organlsatlonal structure and dec151on-maklng pollclo9 The charfjly is g compBny limited by lluarantee and was sel up by Memorandurn and Articles of Associallon dated 9 July 2002. It was originally r8gisl8r8d as Ihe Reuben Brothers Foundallon and changed 11$ name lo Ihe currenl lit[8 by way of 8peclal resolution dated 23 October 2006. Decisions regarding the charity are made at Trustee meetings whlch take place every month or on a more regular Informal lelephonlc baBlS. Malorlly votes are required to agree any Proposals put before the trustees at these meetings. The day to day adminislrallon Is undertaken by 8 member af 5enlor management and the financlal adminlslrallon by R Stcne. The Tru8lees have the power, given lo tham under the Memorandum and Artlcles of Assoclalion. lo make any Investment whlch they determlne Is in the best interests of the charity subject lo obtaining appropriate professlonal advice and having regard to the 8ultabllily of investments and the need for dlver8ificalion. The charity has three actlve wholly owned subsidiary companies, Concorde Sixth (Ulster T8fTace No.1) Llmlled. Townley Properties Limited and Spicerite Limi18d, whlch are all property Investment companies that glfl th8ir proli181o Ihg charlty under a deed of covenant. The charity also has two further subsldlarles, RF Finco Limited and RF IG8neral Partner) Limlted, which hold US loan investment8 for the purposes of geneTatlng financing returns to enhance the ultimate amount of Incomé 8vai18ble ta the charlty lo expand il charitab18 giving and phllanlhroplc mls810n. Plans for future perlods Looklng ahead at 2025 and beyond will Tepre$enl a contlnuation of th8 Reuben Foundation's aims and objectives lo promote and further the education of young persong, lo help persons in need, hardship and distress due to social and economic circumstances or internalional unrest and dlsord8r and lo support medical research and medical f8¢ililies worldwide. The Reuben Foundation will continue lo achieve these objectives by maklng grants for the public benefit to both charitable instilulions and worthy individu915 both in the UK and abroad. In particular th8 Charity intends ta make significant contributions both In continuing 115 SUPPOrt of eduGatlonal inslilulions via the Reuben Scholarship Programme and a130 by way of making a grant to a m8jor new prolect In the community and cultural space. delails lo be announced later in 2025. The future direction of the Reub8n Foundallon is to continue to conrnntr8te on fulfilling its aims and objectives. The experience and lessons learned from currenl support of Th8 Reub8n Young People'5 Centre at Chelse8 and Weslmin81er Hospital, providing a hlgh-quality environment for sUPPOrting young people with mental haalth needs has given the Charity the ciS1i¢al know how to deploy r880urces more effectively in this area going fotward. Page 5 REUBEN FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Plan5 for future pertods {contlnu8d) The past and ongoing support and success of Centrepolnt, supporting foodbanks, homele85 chiklren and low- Income families is also key lo lh8 future direction of the charity 8nd ils allocation of resources. Th8 success of the continued support of the Universities of Oxford and Cambridge ￿th naw fundlng agreemenls to extend the Reuben Scholarshlp programme has also influenced the Charity to continue to 8llocate resources lo these inslilution8 and look to expand these efforts lo olher educatlonal e8tablishmenls in th8 UK and abroad. Members, Ilabilily Nonè of the Trustèes has any beneflclal Interest in the charllable company. All of the Truste86 are member8 of the ¢harilable company and guarantee to contribute £1 in the evenl of a winding up. Dlsclosur8 of Information to audltor• Each of the persons who are Truslees 81 thè tlma when thls Tru8tee¥' report is approv&J has confirmed Ihal: so far 88 Ihal Trus18e is aware, th6re Is no relevant audll Information of whtch the charit8ble group's audilor8 are unaware, aryj that TTuslee has taken ell th8 8teps that ought to have been taken ay 8 Trustee In order lo be aware of any relevant audit Informatlon and lo establish that the charltabla group's audltor8 are aware of that information. Golng concern After making enqulries, the general partner has a reasonable expectation th81 Ihe charity has adequat8 resourc88 to conllnu8 in operational exlstenc8 and meet 118 Ilabllities as they fall due for the foreseeablè future, being a period of at least Iwelve months from the date Ihese financial slalemenl$ were approved. Accordlngly, thay conllnue to adopt tha golng con¢ern basis in pr8parlng the financlal gtalemenlg, Approved by order of th8 members of Ihe board of Tru8teas and slgned on thelr behalf by.. R Stone Trus18e Dale: d4/q12L72.5 Page 6 REUBEN FOUNDATION ST ATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees (who ar8 also the directors of the Charity for the purposes of company law) are responsible for preparlng the TnJsle88' report and thé financial ststemenls In accordance with applicable law and Unitgj Kingdom Accounllng Standard5 (United Kingdom Gener811y Accepted Accounting Practice). Cunpany law requlres th8 Trust88S to prepare financial statements for each financial year. Under company law, the Trustees musl not approv8 the finanGial stat8m8nts unless Ihey are 3alisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their Incoming resources end application of resources. includlng Ihelr income and expendilure, for that period. In preparing these fin8nGlal 818lemenls, the Trustees are required to.. Salecl 8ullable accounting policies and then appty them cons18tenlty: ob8erve the methods and princip18s of the Charitles SORP {FRS 102),. make judgments and accounllng eslim81es that are reasonable and prudent., stala whether appllcable UK Accounllng Standards (FRS 102> have been followed, sublecl lo any malarial departures disclosed and explained Sn thé flnanclal statement8', prepare the financial 8lalem8nt8 on the goSrKJ concern ba31s unless ills Inapproprlate lo presum8 Ihat the Group wlll Continue in bu8lness. The Trustees are r88ponsible for k8eplng adequate accountlng records th3t are suffici8nt to show and 8xplaln the Group and Ihe Charity's Iransactioris and disclos8 wilh reasonabl8 accuracy al any Ilme the financial poslllon of the Group and th8 Charity and enable Ihem to ensure that the flnancial statements comply wllh the Companies Act 2006. They are also responsible for 88feguardlng the assets of the Group and the Charlty and hence for taking reasonable steps for the prevention 8nd detectlon of fraud and other irregularltles. Approved by order of the members of the board of Trustees and 8lgnad on its behalf by., R Stona Truslee Dale.. ts/ffl20 23 Page 7 REU8EN FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF REUBEN FOUNDATION Oplnlon W8 have audlted the fin8ncial statements of Reuben Foundation (the 'parent charitable companl) and Its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated slalemenl of flnancial activities, the consolklatad balance sheet. the charily balance sheel, the consolidated statement of cash flows and the related noles, including a summary of significant accounllng policie3. The finan¢ial reporting framewofk that has baen applied in their preparallon is applic8ble law and Uni18d Kingdom Accountlng Standards, including Financlal Reportlng Standard 102 'The Financial Reporting Slandard applicabl8 in Ihe UK and Republic of Ireland, (Unlted Kingdom Gen8rally Accepted Accounting Practice). In our opinlon tha financial slalem8nis'. glve a Irue 8nd fair view of the stale of the Group'8 and of the parent charitable companys 8ffairs as a131 December 2024 and of the Group's Incoming resources and appltcatlon of resources, Including Its income and exp8ndilure for the year then ended: have been properly prapared in Bccordance wllh United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance wilh the requirements of the Companles Act 2006, Basls for oplnlon W8 conducted our audit in accordance with Intem81ional St8ndard8 on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibililles under Ihose standards are further described in the Auditors. respon8iblllli8s for the aLKIIt of the financial statements section of our report. We are Independent of the Group In accordance ￿th the ethical requirements that are relevant to our audit of the financlal slolemenls in the United Klngdom, Including the Financlal Reportlng Councifs Ethical Standard, and we have fulfilled our other elhlcal responsibllllies in accordance with the88 requirements. We belleve that the audlt evldence wa have oblalnad is sufficient arKI appropriate to provide a basis for our opiniDn. Conclu8lons relatlng to golng Goncern In auditing the financlal statements. we have concluded that the Truste88' use of the golng concern basis of accounting in the praparalion of the flnancial statements is 8pproprlate, Based on the work we have performed. w8 have not idenlified any materi81 uncertaintles relating to events or conditions that, indivldu8lly or collectively. may cast signlficant doubt on the Group's or the parent charitable company's ability to continue as a golng concern for a period of al least twolve months from when the financi81 slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees wlth respecl to going concem are described in the relevant sectsons of this reporL Page 8 REUBEN FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEM8ERS OF REUBEN FOUNDATION (CONTINUED Oth8r Informatlon Tha oth8r infcmiation wmprises the inforrnation included in the annual reporl other than the financial statements our audilors, report thereon, The Trustees are r8sponslble for the other informatlon contalned within the annual roporl. Our opinion on the financial statements does not cover the olher 5nformation and, except to the extent Oth8￿lse explicitly ¥taled in our report, we do not express any form of asgurance conclusion Ihereon. Our reswnsibility is lo read Ihe other information arKI, In doing so, consid8r whelher the other Information is materially Inconsislenl wilh Ihe financial statements or our knth￿edge ob18ined In the course of the audil, or olh8TWIS6 appears lo be materially misstated. If we identlfy such material Inconsistencies or apparent material mis51atemenls, we are required lo determine whether this gives rise to a material misstatement in the financial 61alernenls themselves. If. based on the work we have performed, we conclud8 that thare 1$ a material rnisslatemenl of Ihis other infomialion, we are required to report that fact. We have nothlng to report in this regard, Oplnlon on other matters pr8scrlb6d by the Companles Act 2008 In our oplnlon, based on the work undertaken in the course of the audit: the informallon glven In the Trustees. report for the flnan¢i81 year for whlch the flnanclal statements are prepared is consistent with Ihe Ilnancial slatements. the Tru8lees' report has been prepared In accordance wlth applicable legal requlr8ment8. Matters on whlch we are raqulred to report by exceptlon In the light of our knol￿edge and underslandlng of the charitable company and Its environment obtalned in the course of the audit, wa have not identified material rnlsstalements in the Trustee8' report. We have nothing to raport in respect of Ihe following matters In relation to which Companle8 Act 20C6 requires us to report to you if, In our oplnlon., the parent charitable company has not kept adequate and sufflclenl accounling records, or return8 adequate for our audrt have not been received from branches not vlsited by us; or the parent charitab18 company financial statements are not in agreement with the accounting records and returns., or certain d18¢1osures of Tru$tee8' r8muneration specified by law are nol made., or w8 have not received all the information and explanallons we require for our audit. Responslbllltles of truste83 As explained more fully In the tru8t888' responsibilllies 8tatement, the Trustees (who are a180 the directors of the charitable company for the purposes of company law) 8r8 responsible for the ptsparation of the flnancial statements and for belng satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whelheT due to fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing Ihe Group's and the parent charitable compar)Vs ability to continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accountlng unl8S8 the Trustees either intend lo liquidate the Group Dr the parent chariiable company 01 lo cease operalion8, or have no realistic alternative but to do so. Page 9 REUBEN FOUNDATION INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF REUBEN FOUNDATION (CONTINUED) Auditois, r68ponslbllltles for the audll of the flnanclal statements Our objectiV8s are to obtain reasonable assurance about whether the financial 8lalements as a whole are free from materi81 misstatement. whether due to fraud or error, and to issue an auditors, feport Ihal Includes our opinion. Reasonable assurance is g high level of assurance, bul is nol 8 guarantee that an audlt conduGted in accordance with ISAS (UK) wlll always delecl a material misslalemant when il exists. Misslalemenls can arlse from fraud or error and are considered materlal If, indlvidually or in the aggregate, they could reasonably be expected lo influ8nce tha economic deci¥ion8 of users taken on the basis of these financlal stslements, Irregularitles, including fraud, are instances of non-compliance wilh18ws and regulations. We deslgn procedures in line wllh our responsibilili8s, outlined above. to detecl ma18rlal mlsstatements In respect of irregularities, Including fraud. The extent to whlch our PTocedures are capable of dete¢ling irregularities, including fraud is detailed below. We identify and assess the rlsks of material mS$statement of th6 flnanciel statements, whether du8 to fraud or error, and then design and perform audit procedures responsive to those risks, Including obtalnlng audit evidence that is sufficient and appropriate lo provide a basis for our oplnlon. In Idanlifying and assessing rlsks of mat8ri81 mlsstatemenl In respect of Irregularit188, IrKludlng freud and non- complianc8 wllh laws and regulatlons, we have.. considered the n8tur8 of the Industry and sectors, control 8nvironment and buslne8s performance; made enquires of management abotst ihelr own identification and assessrnenl of the rigk of irregularllies., performed audll work over the rlsk of management override of controls, including testing of Journal entries and other adjuslments for appropriaten8ss and reviewing accounting estimates for bias; undertaken appropriate sample based testing of bank transaclion8', idenllfied and evalualed compliance wllh UK Companias Act, UK Charltles Act, tax legislatlon, dats protectlon, anli-bribery, employrnenl and health and safety and made enquirles of any instances of non-compliance,. discussed matters among the audit engagemont leam regardlng how and where fraud might occur in Ihe linancial 81atomenls and potential indicators of fraud. Because of the inherant limitatlons of 8n audll, Ihare is a risk that we will not detect all Irregulariti8s, including those leading lo a material mlsslatement in the financial slalement8 or non-compliance wilh regulation. Thls rlsk increases the MO￿ thal compli8nce with a law or re,gulalion is removed from the events and tran8actlons reflected in the financlal slalements, as we will be leBS Ilkely to become aware of instanc6s of non-campliance. The risk is also greater regarding irregularities occuriing due lo fraud rather than error, as fraud involves Intantional concealmant, forgery. Collusion, omission or misrepresentation. A further de￿ription of our responsibilities for the audit of the financial statements is located on th8 Financial Reporlin9 Councll's website at.. .ukla ditorsre This description forms part of our auditors, report. Page 10 REUBEN FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF REUBEN FOUNDATION (CONTINUED Use of our report This report is made sol8ly to the charltable companws members, as a body, in accoréance wlth Chapter 3 of Part 16 of Ihe Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable Gompanl6 members those rnallers we are required to state to them in an audilors, report and for no other purpose. To the fullest ext8nl permitted by law, we do not accept or assumé responslblllty lo anyone other than th8 charitable com ny and ils members, as a body. for our audit work, for Ihis report, or for the opinion8 W8 have formed. Sonla Yes n FCA Isonior Statutory Audltor) for and on behalf of Adler Shlne LLP Chartered Accountants Statutory Auditor Aston House Comwall Avenue London N3 ILF Date. aq. oq.21 Page 11 REiI8EN FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INGQNIE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted funds 2024 £000 Total Total funds funds 2024 2023 r8Sta18d £000 Note Income from: Donation8 and legacle8 Investments 817 63,472 817 63,472 4,975 Total Income 64,2B9 64,289 4,975 Exp&ndltura on: Ral¥lng funds Charitable a¢ll￿tieS other expenditure 1,830 6,639 1298) 1,850 5,639 (298) 3.806 7,277 Total expendlture 7,191 7,191 11,094 Nat Incomal{exp8ndlturel before nel gains on investments Nèt galns on Investments 57.098 1,436 57.098 1,436 (6,119} t, 708 Net Incomellexpendlture) before lax8tlon Taxation Not movement In funds b¥for8 other reGognl8ed galnsl(108se81 Other recogn188d gainslllosses): other galn$ 58,533 58,633 (4,411) (3.907) 58,533 58,533 {8,318) 68,652 68,552 19,236 Nat movement In fund8 127,086 127,085 10,918 Reconclllatlon of funds: Total funds brought forward Net movemanl in funds 23,724 127,085 23,724 127,085 12,806 10,918 Total funds carrled foNard 150,8Q9 150,809 23, 724 The Consolidated statement of financlal activille8 includ8s all gain8 and losses recognised in the year. Page 12 REUBEN FOUNDATION REGISTERED NUMBER: 04481304 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2023 rostat8d 2024 £000 Note Flxed assets Investments Investment property 15 14 102,936 73,796 36.584 72, t32 176,731 108,716 Current asset8 D8btor8 Ca8h at bank and In hand 16 6,816 14,947 1,661 5,404 21.663 7,065 Current Ilablllt109 Credltors,. amounts falllng dua wlthin one year 17 12,485) (23,900) Net current 888ets l (Ilabllltes) 18,078 (16,835) Total a58et81oss curront Ilabilitles Credltors: amounts falling due after more than on8 year Provi8lon8 for Ilabililles 195,B09 91.881 18 140,0601 (4,9401 (62,919) (&238) Not a858ts excluding pgn8lon agset 15D,809 23, 724 Total net a888t8 160,809 23, 724 Charlty fund8 Designated fund8 General funds 22 22 68,836 81,573 284 23,440 Total unrestricted fund8 22 160,809 23, 724 Total funds 150,809 23,724 Page 13 REUBEN FOUNDATION REGISTERED NUMBER: 04481304 CONSOLIDATED BALANCE SHEEf (CONTINUED) AS AT 31 DECEMBER 2024 Th8 Trustees acknowledge thelr resp3nsibilities for complylng with the requirements of Ihe Act with respect to ounting records and preparation of financb318lalement6. The financial statements Were approved and authorh88d for Issue by the Trustees and Signed on Iheir beh81f by.. R Slone Trustee Pag8 14 REUBEN FOUNDATION REGISTERED NUMBER: 04481304 CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 £000 2023 £000 Note Flxed assets Investment8 Imieslmenl property 15 14 29,397 27,448 31,919 26,192 56,843 58,111 Curront assets Debtors Cash at bank and in hand 16 9,346 4,470 2,258 5,314 23,815 7,572 Current Ilabllltlas Cr8ditor8: amounts falling due wlthln one year 17 (2,352) 123, 770) Net current as8ets I Illablllt85) 21,463 (16.198) Total assats lass current Ilabllltle8 78.308 41,913 Creditors.. amounts falling due after more than one year 18 (14,866) (37,679) Not a88Ot8 excludlng pen8lon 3888t 63,450 4,234 Totsl net a88ets 63,460 4,234 Charlty funds Designated funds Generdl funds 284 69,216 284 3,950 Total unre8trlcted funds 83,460 4.234 Total funds 63,460 4,234 Page 15 REUBEN FOUNDATION REGISTERED NUMBER: 04481304 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Charitvs net movement in funds for the year was £59,216,000 (2023- £(4,337,000)). The Trustees acknowlèdge their responsibilities for comptying with the requirements of the Act wlth respect to 8ccounting records 8nd preparation 01 financlal slatemenls. The finan¢ial stalamenls were approved and authorlsed for issue by the Trustees and signad on thalr behalf by,. R Slone Trustse Dalé.. *4h1202 Page 16 REUBEN FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 £000 2023 £ooD Cash flowg from operatlng actlvltles N8t cash used in operating acti￿11e$ 24 (54,202) {5,678) Cash flowJ from Investlng actlvltlas Investment incomè r8celved Proceeds from investrnent8 Purchase of inve8tmanls Purchase of Inv8Stment PfOP8rty 63,472 14,268 111,569) (1,666) 4,975 2,507 (4,447) (103) Net cash provldod by Investing actlvltlas 64,496 2.932 Cash Ilow8 from flnonclng actlvltle$ Loan Int8re8t and charga8 17611 (74 lj N8t cash used In flnanGlng actlvltleg 17511 (741) Change in cash and cash equlvalents In the year C88h and cash equivalents at the b8glnning of the year gN3 {3,487 8,891 5.404 Cash and cash èqulvalenls at thè ond of the yèar 14,947 5,404 The notes on pages 18 to 39 form part of the88 financial Statements Page 17 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General informatlon Reuben Foundation is a prlvatè ccmpany limited by guaranlee, incorporated in England and Wales. The registered offlce address is 4th Floor, Millbank Towar, 21-24 Millbank, London SW1 P 4QP. A¢countlng pollcles 2.1 B881s of preparatlon of flnanclal statements The financial statements have been prepared In accordance with Ihe Cknarities SORP (FRS 102) Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparlng their accounls In accordanc6 with tha FinancSal Reportlng Standard appllcÈble In the UK and Republlc of Ireland IFRS 102) (effecllve 1 January 2019), the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) and the Compan16s Act 2006. Reuben Foundation meets the d8finStlon ol a public benelit entity under FRS 102. Assels and liabilities are inillally recagnised al historical cost or trar18action value un1888 olharwse slated In the relevant accounllng policy. Tha consolldated statement of fIna￿l81 activilles (SOFA) and consolidated balance 8heel consolidato the flnanclal statements of Ihg Charity and ils sub31dlary undertakingss. The re8ulls af the subsidiartes are consolKlated on a Ilne by Ilna basis. The Charliy has taken advantage of the exemptlon allowed under 88Ction 408 of the Companle8 Act 20CE and has not presented its own stalement of financial activitles in these financlal statements. The financial statements are presented in 8terling which Is the functional currency of the enllty. 2.2 Income All Income Is recognised once the Charlly ha3 entillernent lo the income, it Is probable that the incom8 wll be received and the amount of income receivable can be m8asured reliably. Income tax recoverable sn relation to inv8slment Ineome 13 reGognised at Ihe tlme the Investment Income is receivable. 2.3 Exp8ndlture Expend51ure Is recognised once there is a lepal or constructive obligation to transfer economic benefit to a third party, it 16 probable Ihal a transfer of e¢onomic benefits wlll be required in setllemenl and the amount of the obligation can be measured raliably. ExpendiluY8 is classified by activity. The costs of each activity are made up of the total of diract costs and shared cosls, including support cosls Involved in undertaking each actI1￿ty. Direct costs attributable to a single activily are alkjcated directly to that activlty- Shared costs which Contribute to more Ihan one activity and support cosis which are not atlribulable to a sing16 actimty are apportioned between those activities on a basis consisterbt with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Page 18 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies Icontlnuod) 2.3 Expondlture (contlnu8d) Expenditure on rai8lng funds includes all expenditure incurred by Ihe Group to rais8 funds for Its charitable purposes 8nd includes costs of all fundraising adivities events and non-¢h8rilable tradin9. Expenditure on charitable actlvilles is incurred on direclty undertaklng th8 8Ctlvlties which further the Group's oble¢lives, as well 8s any associated support costs. Grants payable are charged in th8 year ￿en the off8r Is made except In those cases where the offer 18 condilional, such grants being recognised as expenditure when Ihe conditions allaching are fulfilled. Grant$ offèréd 8ubject to conditions thlch have not been met al the year end are noted a8 commitmenl, bul not accrued as expenditure. All 8xpendlture18 Snclu$ive of Irrecoverable VAT unle88 St can be recovered. 2.4 Intorest reGelvabl8 Interest on funds held on deposit is included wh8n receivable and the amount can be measured rellably by the Group., Ihls Is normally upon notificatlon of the inl8rast paid or payable by the In8tilutio with whom the funds are depo8lted. 2A Taxatlon The Charity is considered to pass the tests Set out In Paragraph 1 Schedule 6 of the Finance Acl 2010 and therefore it meets the dafinition of a charltabl8 company for UK corporation tax purposes. Accordingly. the Charlly is Potentially exempl from taxation in réspect of incom8 or oapllal gains recelved within calegorws covered by Chapter 3 Part 11 of the Corporalion Tax Act 2010 or Section 256 of the Taxallon of Chergeable Galns Act 1992, to the exlenl Ihal 8uch incoma or gain6 ar8 applled exdu8ively to charitable purposes. 2.8 Investments Fixed a88el investments are a fomi of financial Instrument and ere initially recogn18ed at Iheir trdnsaclion cost and subs8quenlly measured at falr value al the balance sheel date, unless the value annot be measured reliably In which case il is measured at cost less impalyment. lrnvestmenl gains end losses, whether reallsed or unrealised, are cc*nbined and presented 88 'Gainsl(Losses) on investments, in the consolidated statement of financial activities. Investments in subsidiarles are valued at cosl less provision for impairment. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade dls¢ount offared. Prepayments ar8 valu8d at tha amount prepaid nel of any trJJe discounts due. 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investments with 8 short maturity of three months or kss from the date of acquisltion or opening of tha deposit or similar accounL Page 19 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2024 Accounllng pollcles (contlnued) 2.9 Llabllltles Liabilitie5 and provisions are recognlsed when there is an obligallon at the balance sheet dale as a result of a pa31 event, it is probable that a Iransfer of economic benefit will be required In selllement, and the amount of the selllemenl can be estimatad reliably. LlabililieB are rocognised at the amount that the Charity anlicipales it will pay to 8etll8 the debt or the amount it has received as advanced payments for th8 goods or services 5t must provlde. Proirisions ara measured at the b88I estimate of the amounts requlred to settle the obligatlon. Where Ihe effect of the lim8 value of money Is materlal, the provisk)n is based on Ihe present value of Ihose amounts, discounted al the pre-tax discount Tala that rèflects the rlsks Specific to the liabillty. The unwinding of the discount Is recognised in the con801idated stalement of financial activllies as a linance cost, 2.10 Deferred taxatlon Full provision is made for deferred lax asset8 and liabililies arising from all tlming differances betW8en the recognillon of gains and k)sses in the financial slalemenls and recognitlon In the lax compulatlon. A nel d6ferred tax as8et is recognlsed only If11 can be regarded as more likely than not that Ihere wll be 8uilabl8 taxable surpluses from whi¢h the future r8versal of the underlying timlng dlfferences can be deducted. Deferred 18x as6e18 and liabilitle8 ore calculated 8t the tax rates exp8cted to be effectlv8 at the tlme the tlmlng dlfferences 8re expected to reverse. 2.11 Flnanclal In8trum8nts The Group only has financial assets and financial Ilabililies of a kind that qualify 88 ba3lc fin8nclal instruments. Baslc financlal instruments are initially recognised al transaction value and subsequentty me8sured al their 6etllemenl value with th8 ex¢eptlon of bank loans which are subsequently measured at amorti88d cost using the effective Intere8t method. 2.12 Operatlnu18ases: as lessor Rental income from operating1888es is credited to proflt or loss on a str8ight-lirne basis over the lease term. Amounts pald and payable as an incentive to sign an operating lease are re¢ognised as a reduction lo income over the lease term on a slraight-line basis, unless another systernati¢ basis is represenlalive of the Ilm8 pattern over which the lessorfs benefll from the leased asset is diminished. 2.13 Fund accountlng General funds ar8 unrestricted funds which are available for use at the discretion of the Truslees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Page 20 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Accounting pollcles {contlnued) 2.13 Fund accountlng (contlnugd) DesvJnated funds comprise unreslricled funds that havé been set aside by the Truslees for particular purposes. The alm and use of each de51gnated fund is set out in the notes to the financial 8tatsments. Investmanl Income, gains and losses are allocated to the appr¢Jprial8 fund. Crltlcal accountlng 8Stlmata8 and areas of Judgment E8llmatas and judgm8nls are continually evalualed and are ba8ed Dn historical experience and other factor5, Including expeclalbn8 of future events that are beli8v8d lo be reasonable under the circumstances. Crltical accountlng e8llmates and assumptlons-. The Charity makes estlmales and 888umpllons ¢oncernlng the future. The resultlng accounllng 8Stlmales and assumptions will, by deflnition, seldom equal the relaled actual results. The e5limales and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of as$et8 and Ilabllilies within the next finandal year are discu88ed b810w. Investment prop8rty The a5sumplions on whlch the investment property valuation has been based includes, bul Is not limited lo, mallers such as th6 tenure and len8ncy details for the property and prevailing market yields. If the assumpllons upon which the Trustees have based their valuation proves to bo ina¢curale, thls may have an impact on lh8 value of th8 charity's Investment PfOP8rty, which coukl In turn have an effect on the charity's financial position and results. Incoma from donatlons and18gael88 Unrestrlcted funds 2024 £000 Total funds 2024 £000 Total funds 2023 Donations 817 817 Incomo earned from other actlvile8 The chailty has a number of subsidiary companies all of which ar8 incorporated in the Unlted Kingdom. The majority of these companies are dormant with the ex￿ptIOn of Concorde Slxth {Ulster Terrace No 1) Limited, Spicerite Limlted, RF (General Partner) Limited, RF Finco Limited and Townley Properties Limiled. The profits génerated by the companies are paid lo the charlty by Deed of Caven8nt, Page 21 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Below ghow8 a summary of the trading resulis of the active subsidiaries.. Con¢orda Slxth (Ul*er Terrace No 1) Ltd 2024 2023 Profit and Lo8e Account TUm0￿r Management expense8 149,349 (108.620) 44758 {97,1541 Gross profit AdmlnlstratlKe expense5 Olher operating Income Fair value galn on In￿$tment propertles hterest receiwble Deferred tax 40,729 (52,396) (117,6921 (133,724) 56,348 (1,455,343 43,169 363,836 110.792) Retslned In sub81diary (1,112,113) 1153,743) Al 31 Oecember 2024 the nét assets and resenR8 of the Gompany were as followg: 2024 2023 A896ts and Llabilltl8• Fixed assets Current assets Currenl liablllties PrO￿S1On¥ 7,460,001 7,250,001 469,323 B&726 (6,872,403) 13,805,8S7) 197,9941 <461,830) 1,958,927 3,071,040 Nat AssalB Represented by.. Share capital Reser￿5 1,958,926 J,071,039 1,958,927 3,074,040 Page 22 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Spicerlts Lld 2024 202J Proflt and Lox Account TumoNBr Management 8xpeng¢8 734,943 545,666 1323,732) 1321732) Gro89 profit Admlnl8tratI￿ expen8e8 oth￿ operatlng Income Interest receI￿ble Falr ￿lue gain on In￿Stment propertle8 Deferred lax Deed of cokenanl 411,211 163,004) 29,803 1,991 264,000 (66,000) 1578,0011 1222,184) 221,924 135.472) 33,786 1,946 Retalned In sub81dlary At 31 Dacember 2024 Ihe nel asse18 and re8èndes of the campany We￿ a8 follow8: 2024 2023 Assets and Liabllltle8 Fixad ass8ls cU￿ent assets CuThent li8È411tles Pro￿$10n8 5,264,000 5,000,000 762,486 525,806 11,518,774) 11,092,114) (934,7841 1868,784) J,604,907 3,664,907 Nat As88ts Represented by.. Share caplt81 ReserKes 3,564,904 3,564,904 3,564,907 3,564,907 Page 23 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RF {Ganeral Partn&rl Limltsd 2D24 Proflt and Loss Account Turnoler 57,904 Gross profit Admini¥tratlke 8xpenses Deejj of Co￿nant 67,904 112,945) 144,9691 Rotslned In 6ubsldlary At 31 December 2024 the net assets and re8eMiS oflhe company were 88 follo￿,. A88ai8 and Llabllltl•A Flxad as86tg Current aBset8 Current Ilabllltles 2024 46,744 148,743) Net A￿1• Represented by.. Share capltal Re8eries Page 24 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RF FlnGo Llmltsd 2024 Proflt and Logj Account Tumowr Management expenses 67.846,586 GFQS$ proflt AdmInlstrali￿ expénses Interest recal￿ble Falr value galn on in%RBtmenl Oèed of covènant Rotslnod In gub81dlary 67,848,585 1191 603,678 68,847,773 (58,450,242) 68,647,773 At 31 December 2024 the net asset8 ond resents ol the company were a8 follows.. 2024 A•8ets and Llabllltl08 Flxad assets Current assets Current Ilabllltleg 88,110,38 q11.323 <91 88,221,700 Not As80ts Reprèsented by: Share caplt81 other reseties Proffit and10gs account 68,B47,77J 19,673,926 88,221,700 Page 25 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEM8ER 2024 T•)wnloy Proporlles Llmltsd 2023 ro8tsted 2024 Proflt and Los8 Account TUm0￿r Management 8xpen8es 1,300,942 {6,268) 24,996 (10,000) Gross profit other opératlng Income Inlarest receilobla Interest payable Deed of cownant Retaln8d In 8ub8idlary At 31 December 2024 the net assels and re8er4e8 of the C*Jnpany vRre 88 knllows., 1,294,674 15,649 188 (379,318) {931,093} 14,598 (8,218) {8.7781 2023 rnztsted 2024 Awtsand Llabllltloj Flxed a8set8 Current assels Current liablllties Non cutrent li8bllltle8 P￿￿510n$ 33,625,000 33,825,000 111.014 64,187 1125,477) 157,9671 <25,204,285) 125,224,068) {3,907,391) (3,907,391) 4,498,861 4498,861 N8t Assois Repr•sentéd by: Share Gapltal Re69rnes 8,406,262 8,406,252 13,907,391) (3,907.391) 4,498,861 4,498,861 Page 28 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 Invasimont income Unre8trlct8d fund8 2024 £000 Total funds 2024 £000 Total funds 2023 £000 Rental Income Incom8 from listed Investments Income from unquoted Investment Interest receivable Loan Inleresl receivable 3,584 1,023 57,905 357 803 3,584 1,023 57,905 357 603 3,448 1,232 295 63,472 63,472 4,975 Ra181ng funds Unra8trlcted fund8 2024 £000 Total funds 2024 £000 Total funds 2023 Ground rant Management fee8 Rates Legal and professlonal fees Loan Interest and charges Other éxpen88S Bad debt provisio 413 180 (241 114 751 429 (131 413 180 1241 114 761 429 113) 413 160 54 95 741 462 1,881 1,850 1,850 3,806 Page 27 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Analysls of gvants Grants to Grant3 to Institutions Indlviduals 2024 2024 £000 £000 Total lunds 2024 £000 Tol81 funds 2023 Grant funding actlvltle8 5,519 95 6,614 7,25S Total 2023 7, 127 128 7,255 The Group has mad8 the followlng material grants to inslitutions durlng the year: 2024 £000 2023 Grants payabla to Ingtltution8 ARK Schools Brother8 & Sisters for Israel Centrepoint Communlty Security Tw81 Juv8nlle Dlabete8 Research Foundation Latet-lsrael Humanltarlan Aid Medi8on Aid Nancy Reuben Prlmary School Newcastle Wast End Foodbank NoTwood OU￿ard Bound Monaco Penn State University Reichman University Royal Academy Trust Tg1 Avlv Unlvetsity The Assoclatlon for18r881's Soldiers UnI￿rsItY of Cambridge University ol Oxford 0th8r grants less Ih8n £50,000 Discount applied persuant lo FRS102 423 80 83 105 106 150 510 98 so 60 58 201 110 169 2,193 676 1,425 464 3,359 479 481 607 396 5,519 7,127 5,519 7, 127 Page 28 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Other expendltur8 Unre8trlcted funds 2024 £000 Total funds 2024 £000 Tot81 funds 2023 £000 Deferred tax movement (298) {298) 10. Analysls of éxpendltur6 by actlvltles Grant fundlng of activitles 2024 £000 Support costs 2024 £000 Total fund6 2024 £000 Tot81 funds 2Q23 Charltable actlvltleB 5,814 25 6,63 7,277 Tolal 2023 7,255 22 T,277 Analysls of Support CO8t8 Charltable aGtivitle$ 2024 £000 Total funds 2024 £000 Totsl funds 2023 £000 Govemance cost8 25 25 22 11. Analy61s of governanc8 costs 2024 £000 2023 £Ob)9 Fe8s payable lo the Charity's auditor 8nd its aSS￿lat&S for the audil of the Charivs annual accounts 25 22 Page 29 REUBEN FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 12. Trustaes, remunaratlon and expenses During the year, no Trustee8 recelved any ramunerat￿n or other benefits (2023- £AIIL). Durlng the year ended 31 December 2024, no Trustee expenses have been Incurred (2023- £NIL). 13. Employees Th8re wore no amployeas durlng Ihe yaar. 14. Investment property Group Invegtmant prop8rty £DOO Valuation At 1 January 2024 Addltions R8valu8tton 72,132 1,665 (2) Al 31 Dec8mber 2024 73.796 Charlty Investment property £000 Valuatlon At 1 January 2024 Revaluation 26,192 1.264 At 31 Dec8mber 2024 27.446 The properties were valueLI by a MRICS qualified surveyor at 31 DeGernber 2024 on an open market basis. Included In the nel book value of property disp18yed above are tha following 8maunls gscribable to land: Group 2024 £o¢)o 36,1QO Group 2023 £000 34,434 Charity 2024 £000 17,525 Clyarily 2023 £000 17.525 Historic cost Page 30 REUBEN FOUNOATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Flxed asset Invostmènts Llsted Unquoted Invostments Inve8tments £000 £000 Tolal £000 Group Cost or valuation At 1 January 2024 Additions Disposa18 Revaluauons 17,348 11,669 114,268) 166 19,236 ,584 11,669 {14,258) 69,041 68.875 At 31 December 2024 14,825 88,111 102,938 Invostmants sub8ldlary Ll8ted companles Investments £000 £000 Total £000 Charlty Cost orvaluatlon Al 1 January 2024 Additions Disposal8 Revaluallong 14.572 17,348 11,669 114,2581 168 31,920 11,569 (14.258) 166 At 31 December 2024 14,572 14,826 29,397 The quoted investments are prlmari5y repre8ented by UK fixed Inlere818tock$. The unquot8d investment 18 represented by the rbon